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Factoids Yahoo Banks Excite Banks Banking News Bankstocks.com 2006 Updates Dec Nov Oct Sept Aug July Jun6 May April 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 |
Using the Forecaster Model In 2006, geography was destiny - and the metrics were misleading. It was a winning strategy to 'avoid' California and Oregon and 'buy' Texas and Oklahoma. The stocks that the analyst liked did not out-'total return' the stocks the analysts did not like. The low yielders failed to out-return the high yielders. Nor was buying the high P/E stocks or high Price/Book stocks a winning strategy. In a sector where the dividend payout ratio varies from 17% to 77%, it is not a surprise that the dividend discount model fails to be predictive. This sector sells at a fairly consistent P/E ratios despite wide variations in CAGRs. That is not logical. And the CAGRs also fail to be predictive of the stocks with high price to book ratios. That is not logical. I am not giving up hope that this sector can be forecasted. But my readers should be pessimestic about the predictions in the forecaster spreadsheet until it shows more signs of some success. This is the link to the 2006 stats for this sector, showing the projections based on 2006 begining of the year stats - along with the 2006 returns in the 'forecasting' spreadsheet which is the last of five spreadsheet posted - or roughly in the middle of the long page. ALAB Q4-06 Net Income $1.07 vs. $1.02 in Q4-05 PRNewswire 1-23 Alabama National BanCorporation announced Q4-06 earnings of $22.5 million, up 25.7% from Q4-05. Diluted earnings per share of $1.07 were up 4.9% from Q4-05. Diluted cash earnings per share were $1.12, up 6.2% from Q4-05. Total revenue grew to $85.2 million in Q4-06, up 19.9% from $71.1 million in Q4-05. ROA was 1.18% in Q4-06 compared to 1.21% in Q4-05. ROE for Q4-06 was 10.57% in Q4-06 compared to 12.55% in Q4-05. Book value per common share was $41.51 at the end of Q4-06 compared to $33.40 at the end of Q4-05. For the full year, ANB reported diluted earnings per share of $4.17 compared to $3.82 recorded for 2005. Diluted cash earnings per share of $4.34 were up 10.0% over 2005's $3.95. Total revenue for 2006 was $312.4 million, up 15.0% from 2005's $271.6 million. Net interest income for Q4-06 was $64.394 million compared to $52.496 million in Q4-05, up 22.7%. Net interest margin was 3.81% for Q4-06, down 10 basis points from Q4-05. Noninterest income in Q4-06 was $20.842 million compared to $18.613 million in Q4-05, up 12.0%. BOH Q4-06 EPS $1.01 vs. $.86 in Q4-05 Businesswire 1-22 Bank of Hawaii reported diluted 2006 EPS of $3.52 up $0.11 from diluted EPS of $3.41 in 2005. Net income for the year was $180.4 million, down $1.2 million from net income of $181.6 million in the previous year. ROA in 2006 was 1.76%, down from 1.81% in 2005. The ROE for the year was 25.90%, up from 24.83% in 2005. Diluted EPS for Q4-06 was $1.01, up $0.15 or 17.4% from $0.86 per diluted EPS in Q4-05 and up $0.09 or 9.8% from Q3-06. Net income in Q4-06 was $50.9 million, up $6.1 million or 13.7% from net income of $44.8 million in Q4-05 and up $4.0 million or 8.5% from net income of $46.9 million in Q3-06. The return on average assets for the fourth quarter of 2006 was 1.94%, up from 1.76 percent in Q4-05 and up from 1.81% in Q3-06. The return on average equity was 28.56% during Q4-06, up from 25.19% in Q4-05 and up from 27.09% in Q3-06. Book Value Per Common Share $ 14.45 at the end of Q4-06, $13.72 at the end of Q3-06 and $13.52 at the end of Q4-05. FTE Net interest income for Q4-06 was $100.4 million, down $3.2 million from $103.6 million in Q4-05 and down $0.1 million of $100.5 million in Q3-06. FTE Net interest income for 2006 was $403.3 million, down $4.2 million from $407.5 million in 2005. The net interest margin was 4.15% for Q4-06, a 28 basis point decrease from 4.43% in Q4-05 and a 5 basis point decrease from 4.20% in Q3-06. The net interest margin for 2006 was 4.25%, a 13 basis point decrease from 4.38% in 2005. Noninterest income was $53.5 million for Q4-06, an increase of $2.7 million or 5.3% compared to noninterest income of $50.8 million in Q4-05 and down $3.4 million or 5.9% compared to $56.9 million in Q3-06. The decrease compared to the previous quarter was largely due to a seasonal reduction in insurance commissions. Noninterest income for the full year of 2006 was $216.2 million, up $6.9 million or 3.3 percent from noninterest income of $209.3 million in 2005. Noninterest expense was $81.6 million in Q4-06, down $1.6 million or 1.9% from noninterest expense of $83.2 million in Q4-05 and up $1.8 million or 2.2% from $79.8 million in Q3-06. Noninterest expense for the full year of 2006 was $321.0 million, down $6.7 million or 2.0% from noninterest expense of $327.6 million in 2005. BXS Q4-06 EPS $.27 vs. $.44 in Q4-05 PRNewswire 1-18 BancorpSouth's net income was $21.3 million, or $0.27/share, for Q4-06, compared with $34.8 million, or $0.44/share, for Q4-05. BXS's earnings for Q4-06 included a pre-tax negative impact of $4.0 million, or $0.03/share after tax, related to a decline in value of its mortgage servicing asset while earnings for Q4-05 included a pre-tax negative impact of $1.1 million, or $0.01/share after tax, as a result of a decline in the value of the mortgage servicing asset. ROA was 0.71% compared to 1.22% in Q4-05. ROE was 8.35% compared to 14.38% in Q4-05. Book value per share was $12.93 at the end of Q4-06 compared to $12.33 at the end of Q4-05. Interest revenue for the fourth quarter of 2006 increased 19.6%, or $29.4 million, to $179.4 million from $150.0 million for Q4-05 and increased 2.4% from $175.2 million for Q3-06. Interest expense increased 44.0%, or $25.4 million, to $83.1 million for Q4-06 from $57.7 million for Q4-05 and 5.4% from $78.8 million for Q3-06. The average taxable equivalent yield on earning assets increased to 6.70% for Q4-06 from 5.86 percent for Q4-05 and 6.58% for Q3-06. The average rate paid on interest bearing liabilities was 3.67% for Q4-06, compared with 2.69% for Q4-05 and 3.49% for Q3-06. Net interest revenue increased 4.3% to $96.3 million for Q4-06 from $92.3 million for Q4-05 and declined 0.2% from $96.4 million for Q3-06. Net interest margin was 3.64% for Q4-06 compared with 3.64% for Q4-05 and 3.66% for Q3-06. Noninterest revenue was $50.5 million for Q4-06 compared with $53.7 million for Q4-05. These results include the impact of a $2.9 million net decline in mortgage revenue related to changes in the value of BancorpSouth's mortgage servicing asset for Q4-06 compared with Q4-05, as well as the $6.9 million gain in Q4-05 from insurance proceeds related to Hurricane Katrina. Noninterest expense increased 8.5% to $100.1 million for Q4-06 from $92.3 million for Q4-05 and increased 2.5% from $98.7 million for Q3-06. The growth in noninterest expense primarily resulted from additional salaries, employee benefits and occupancy expense associated with the acquisition of American State Bank Corporation in Q4-05, the opening of seven new loan production offices and seven new full-service branch bank offices since the start of Q4-05 and the launch of insurance operations in Mobile, Alabama. CBSH Q4-06 EPS $.80 vs. $.77 in Q4-05 Businesswire 1-16 Commerce Bancshares announced record earnings of $3.09 per share in 2006 compared to $3.01 per share in 2005, an increase of 3%. Net earnings for 2006 amounted to $219.8 million and compared to $223.2 million in 2005 which included non-recurring tax benefits of $13.7 million or $.18 per share. For the year ROA was 1.54% and ROE was 16.0%. For Q4-06, earnings per share totaled $.80, an increase of 4% compared with $.77 in Q4-05. Net income amounted to $57.0 million compared with $56.2 million in the same period last year. ROA for Q4-06 was 1.51% and the ROE was 15.5%. Book value per share was $20.55 in Q3-06, rose to $20.62 at the end of Q4-06, and was $18.85 at the end of Q4-05. Compared to the prior quarter, net interest income increased 4.3%, chiefly driven by continued strong loan growth and a modest increase in the net interest margin. Excluding securities gains, non-interest income increased 3%, while non-interest expense remained controlled, growing only 1%. Net yield on interest earning assets (tax-equivalent basis) was 3.84% in Q3-06 and rose to 3.89% in Q4-06, and was 3.97% in Q4-05. Taxable equivalent net interest income was $130.621 million in Q4-06 compared to $136.605 million in Q4-05. Non-interest income which was $90.656 million in Q3-06, fell to $90,054 million in Q4-06. Non-interest expense which was $132.304 million in Q3-06 rose to $133.610 million in Q4-06. CBSS Q4-06 EPS $.90 vs. $.81 in Q4-05 Businesswire 1-22 Compass Bancshares reported record earnings of $460.4 million for 2006, a 15% increase over the $401.8 million earned during 2005. For the same time period, earnings per share increased 11% to $3.53 from $3.18 in 2005. ROA and ROE for the full-year of 2006 were 1.39% and 17.68%, respectively. Earnings for Q4-06 increased 16% to $118.3 million compared to $102.1 million earned during the fourth quarter of 2005. Earnings per share for Q4-06 increased 11% to $0.90 from $0.81 in Q4-05. ROA and ROE for Q4-06 were 1.38% and 16.73%, respectively. Book value per common share was $21.71 at the end of Q4-06 compared to $18.10 at the endof Q4-05. D. Paul Jones, Jr., Compass chairman and CEO, stated, "Solid balance sheet growth, coupled with a higher base of low-cost transaction accounts resulted in our percent net interest margin increasing to 3.69% from 3.58% a year ago. However, the impact of a protracted inverted yield curve and continued pressure from rising funding costs resulted in a Q4-06 net interest margin more consistent with Q4-05 levels. Given the uncertainty over interest rates, our focus has remained on generating high-quality loans and growing our base of low-cost transaction account deposits, which resulted in a $146.2 million increase in net interest income." Compass' record financial performance was fueled by a 12% increase in revenue, driven by a 15% increase in net interest income. Net interest income was $280.615 million in Q4-06 compared to $253.825 million in Q4-05. Noninterest income increased 8% from prior year levels as most of our major fee-based businesses generated solid growth. While noninterest expense increased from prior year levels, a large part of this increase can be attributed to the expansion of the distribution network through the acquisition of TexasBank and its 22 banking centers as well as the 14 new banking centers opened in 2006. CFR Q4-06 Net Income $0.84 vs. $0.81 in Q4-05 PRNewswire 1-24 Cullen/Frost Bankers reported net income for Q4-06 of $48.4 million [$.84/share], a 7.7% increase over Q4-05 earnings of $44.9 million [$.81/share]. For Q4-06, ROA and ROE were 1.59% and 16.04% respectively, compared to 1.63% and 18.52% for Q4-05. Included in Q4-06 results were $2.0 million in conversion expenses relating to the December acquisition of Summit Bancshares, Inc. CFR reported record annual earnings for 2006 of $193.6 million [$3.42/share], up 17.0% from 2005 earnings of $165.4 million [$3.07share]. For the year, ROA and ROE 1.67% and 18.03% respectively, compared to the 1.63% and 18.78% reported in 2005. Book value at end of Q4-06 was $23.01 compared to $18.03 at the end of Q4-05. Net interest income increased 12.8% to $124.0 million from the $110.0 million in Q4-05. This increase in net interest income was impacted by a $1.0 billion increase in the average volume of earning assets, combined with an improvement in the earning asset mix, as average loans for the quarter rose to $6.7 billion, 11.2% higher than the $6.0 billion in Q4-05. A rising rate environment during the first half of 2006 also had a positive impact on CFR's net interest income and net interest margin compared to the fourth quarter a year ago. The net interest margin was 4.62% for Q4-06 compared to 4.54% for Q4-05 and 4.69% in Q3-06. For Q4-06, non-interest income was $58.4 million, compared to the $56.6 million in Q4-05. Trust fees rose 6.3% to $16.0 million, compared to $15.1 million for Q4-05. Insurance commissions and fees were $5.9 million. Service charges on deposits were $19.1 million. Other non-interest income was $11.3 million. For Q4-06, non-interest expense was $105.6 million, up $10.5 million or 11.1 percent from the $95.1 million for Q4-05. CNB Q4-06 EPS $.43 vs. $.40 in Q4-05 PRNewswire 1-17 The Colonial BancGroup announced earnings for 2006 of $1.72/share, a 13% increase over the $1.52 earned in 2005. Net income for the year was a record $266 million, a 16% increase over 2005 net income. Diluted earnings per share were $0.43 in Q4-06 compared to $0.40 per share in Q4-05, an 8% increase. Net income for Q4-06 was $66 million, an 8% increase over net income for Q4-05. ROA was 1.16% in Q4-06, 1.19% in Q3-06, 1.21% in Q2-06, 1.23% in Q1-06 and 1.16% in Q4-05. ROE was 12.85% in Q4-06, 13.51% in Q3-06, 13.58% in Q2-06, 13.44% in Q1-06 and 12.75% in Q4-05. Book value per share was $13.46 at the end of Q4-06 compared to $12.53 at the end of Q4-05. Colonial's net interest income increased 6% over 2005, driven by a strong increase in average loans, excluding mortgage warehouse, of 12%. This increase was offset partially by a $386 million, or 11%, reduction in average investment securities. The net interest margin for 2006 was 3.71% compared to 3.75% for 2005. Net interest margin was 3.53% in Q4-06, 3.64% in Q3-06, 3.81% in Q2-06, 3.86% in Q1-06 and 3.85% in Q4-05. Noninterest income for 2006 grew 8% over 2005 with strong increases in retail banking fees, up 10%, and mortgage warehouse fees, up 58%. The Company also had continued improvement in fees from financial planning services and mortgage banking which increased 6% and 11%, respectively, over 2005. Noninterest income in Q4-06 grew 12% over Q4-05 and 8% over Q3-06. Noninterest expenses were well controlled and increased less than 1% over 2005. Colonial's efficiency ratio improved to 55.39% in 2006 compared to 57.06% in 2005. On 1-17 Colonial declared a dividend of $.1875/share, a 10% increase over the $0.17 paid to shareholders in 2006, payable 2-09 to shareholders on 1-26. CNY Q4-06 Net Income $1.19 vs. $1.21 in Q4-05 Prime Newswire 1-23 City National Corporation reported 2006 net income of $233.5 million [$4.66/share] compared to $4.60/share or $234.7 million in 2005. Net income in Q4-06 amounted to $58.6 million [$1.19/share] compared with $61.8 million [$1.21/share] in Q4-05. City National Corporation also announced that its Board of Directors has increased the company's annual common stock cash dividend to $1.84 per share, up 12 percent from the $1.64 previously paid. A dividend of $0.46 per share will be payable on February 21, 2007 to stockholders of record on February 7, 2007. ROA in Q4-06 was 1.58% compared to 1.69% in Q4-05. ROE was 15.77% in Q4-06 compared to 17.15% in Q4-05. ROE in 2006 was 15.99% compared with 16.89% in 2005. ROA in 2006 was 1.59% compared with 1.66% in 2005. Book Value at the end of Q4-06 was $ 31.18, at the end of Q3-06 was $ 30.61, at the end of Q206 was $29.26 and $29.87 at the end of Q1-06. Fully tax-equivalent net interest income amounted to $154 million, down 5% from Q4-05 but up 1% from Q3-06. The company's net interest margin averaged 4.51% in Q4-06 compared with 4.53% in Q3-06. Noninterest income totaled $64 million, up 20% from Q4-05 but down 1% from Q3-06. Noninterest expense increased 11 percent from Q4-05 and 5% from Q3-06. FHN Q4-06 Net Income $.60 vs. $.81 in Q4-05 PRNewswire 1-18 First Horizon National Corporation announced Q4-06 earnings of $76.5 million or $.60/share compared to $105.9 million or $.81/share for Q4-05. Results for fourth quarter 2006 continue to reflect the negative impact of the interest rate environment and housing slow-down on the mortgage segment. Return on average shareholders' equity and return on average assets were 12.1 percent and .77 percent, respectively, for fourth quarter 2006. Return on average shareholders' equity and return on average assets were 18.4 percent and 1.11 percent, respectively, for Q4-05. Book Value at the end of Q4-06 was $19.61, $ 20.06 at the end of Q3-06, $19.59 at the end of Q2-06, $19.36 at the end of q1-06 and $18.46 at the end of Q4-05. For the twelve months ended December 31, 2006, earnings were $462.9 million or $3.62 diluted earnings per share compared to $424.7 million or $3.28 diluted earnings per share for the same period in 2005. For the twelve months ended December 31, 2006, return on average shareholders' equity and return on average assets were 19.1 percent and 1.19 percent, respectively. For the same period in 2005, return on average shareholders' equity and return on average assets were 19.5 percent and 1.16 percent, respectively. Net interest income was $228.0 million in Q4-06 compared to $227.6 million in Q4-05. Loans grew 8% or $1.7 billion while loans held for sale decreased 76 percent or $1.2 billion and deposits increased 7 percent or $766.1 million over fourth quarter 2005. The Retail/Commercial Banking net interest margin was 4.13% in Q4-06 compared to 4.22 percent in Q4-05. Noninterest income was $112.8 million in Q4-06 compared to $113.7 million in Q4-05. Q4-05 included a divestiture gain of $7.0 million from the sale of three financial centers. Noninterest income from insurance commissions decreased $4.2 million compared to Q4-05 due to the sale of a subsidiary in 2006. Also impacting noninterest income in Q4-06 was an increase of $3.3 million related to revenue from loan sales and securitizations as the execution of this quarter's deals improved. Noninterest expense was relatively stable, increasing 3 percent to $209.2 million in Q4-06 compared to $202.6 million last year. FNB Q4-06 Net Income $.29 vs. $.08 in Q4-05 PRNewswire 1-18 F.N.B. Corporation reported Q4-06 net income of $17.6 million, or $.29/share. These results were equal to Q3-06 and compare to net income of $4.7 million, or $.08/share for Q4-05. The Q4-05 results included after-tax charges of $11.0 million, or $.19/share, related to FNB's balance sheet restructuring, efficiency initiatives and merger costs. Excluding these items from Q4-05 results in a 6.9% increase in diluted earnings per share for Q4-06. FNB's ROE for Q4-06 was 12.88% compared to 13.01% in Q3-06 and 3.96% in Q4-05. ROA was 1.16% in Q4-06, 1.15% in Q3-06 and 0.33% in Q4-05. Book value per common share at the end of Q4-06 was $8.90, $8.94 at the end of Q3-06 and $8.31 at the end of Q4-05. For the full year 2006, net income was $67.6 million, or $1.14/share, compared to $55.3 million, or $.98/share for 2005. ROE for the full year 2006 was 13.2% and its return on assets was 1.2%. Net interest income, on a fully tax equivalent basis, was down slightly in Q4-06 compared to Q3 due to lower balances of investment securities, but it surpassed net interest income for Q4-05 by 2.7%. While period-end total loans were relatively flat on a sequential quarter basis, commercial loans were up 9.2% annualized. The commercial loan growth was offset by seasonal declines in the consumer loan portfolios. The yield on earning assets for Q4-06 increased 9 basis points compared to the previous quarter, which was matched by the same increase in the cost of funds. The net interest margin for Q4 was 3.67%, an increase of 2 basis points over Q3. This increase reverses a trend of net interest margin declines experienced over the past three quarters. For the full year 2006, net interest income on a fully tax equivalent basis increased 1.4% over 2005. Average earning asset growth of 5.1% more than offset the 15 basis point narrowing of FNB's net interest margin. The net interest margin for the year 2006 was 3.71%. Year-over-year average loan growth of 10.2% led the earning asset expansion, with commercial loans increasing 21.8%. Non-interest income for the fourth quarter of 2006 was $19.3 million, a seasonal decrease of 3.6% from the prior quarter. On a full year basis, non- interest income totaled $79.3 million for 2006 compared to $57.8 million for 2005, an increase of 37.1%. Results for 2005 were negatively impacted by charges of $15.4 million related to balance sheet restructuring transactions and the write down of an equity security, which accounted for 28.6% of the year-over-year increase. Non-interest income was 29% of net revenue for 2006. Non-interest expense for Q4-06 totaled $39.4 million, compared to $40.6 million in Q3 and $40.1 million for Q4-05. On a linked quarter basis the decrease was primarily due to lower self-insured medical benefit costs. In comparison to Q4-05, FNB benefited from lower costs associated with the modernization of its pension and postretirement plans. PRSP Q4-06 Net Income $0.50 vs. $0.45 in Q4-05 PRNewswire 1-24 Prosperity Bancshares reported net income for Q4-06 of $16.602 million or $0.50/share, an increase in net income of $3.975 million or 31.5%, compared with $12.627 million or $0.45/share for Q4-05. ROA and ROE for Q4-06 were 1.47% and 10.08%. Book value per share was $20.26 at the end of Q4-06 compared to $16.70 at the end of Q4-05. Net interest income before provisions for credit losses for Q4-06 increased 25.4%, to $36.406 million compared with $29.021 million during Q4-05. The increase was attributable primarily to an 25.1% increase in average earning assets. Net interest margin in Q4-06 was 3.79% compared to 3.77% in Q4-05. Non-interest income increased 9.7% to $8.241 million for Q4-06 compared with $7.515 million for Q4-05. The increase was attributable primarily to deposit service charges on the increased number of deposit accounts as a result of the additional banking centers acquired in December 2005 and April 2006. Linked quarter non-interest income decreased $677,000 or 7.6%. Non-interest expenses increased $1.951 million or 11.3% to $19.192 million for the fourth quarter of 2006 compared with $17.241 million for Q4-05. The increase was attributable primarily to the increased operating costs associated with the additional banking centers acquired as a part of the acquisitions completed in December 2005 and April 2006. RF Q4-06 Net Income $.56 vs. $.61 in Q4-05 Businesswire 1-19 Regions Bank reported Q4-06 net income was $361.6 million, or 56/share, which included $59.3 million in after-tax merger-related expenses (9 cents/share). Excluding the impact of merger-related expenses in both years, per share earnings were 65 cents, or 7% above Q4-05's 61 cents. The fourth quarter was also impacted by an after-tax mortgage servicing rights (MSR) impairment charge of approximately $16.8 million (3 cents/share). For the full year 2006, Regions earned a record $1.4 billion, or $2.67/share, including $60.3 million of after-tax merger-related charges (12 cents/share). In 2005, Regions reported net income totaling $1.0 billion, or $2.15/share, including $110 million (23 cents/share) in after-tax merger-related charges. Excluding merger-related charges, annual per share earnings increased 17% to $2.79 from $2.38. ROA was 1.15% and ROE was 8.35%, 12.83% in Q3-06, 12.98% in Q2-06, 11.18% in Q1-06 and 9.55% in Q4-05. Stockholders' equity per share [book value] was $28.36 at the end of Q4-06, $24.27 at the end of Q3-06, $23.56 at the end of Q2-06, $23.33 at the end of Q1-06 and $23.26 at the end of Q4-05. Net interest income for Q4-06 was $1,070.481 million compared to $777.699 million in Q3-06, $762.535 million in Q2-06, $742.727 million in Q1-06 and $725.913 million in Q4-05. Total non-interest income was $635.327 million in Q4-06, $465.949 million in Q3-06, $490.711 million in Q2-06, $470.117 million in Q1-06 and $422.785 million in Q4-05. Net interest margin (FTE) was 4.10% in Q4-06, 4.21% in Q3-06, 4.24% in Q2-06, 4.18% in Q1-06 and 4.01% in Q4-05. TRMK Q4-06 Net Income $.50 vs. $.50 in Q4-05 Businesswire 1-16 Trustmark announced net income of $29.4 million in Q4-06, which represented EPS of $0.50 compared to net income of $27.7 million in Q4-05 [also an EPS of $0.50]. Trustmark's fourth quarter net income produced a ROE of 21.22% and a ROA of 1.32%. For year 2006, Trustmark's net income totaled $119.3 million or EPS of $2.11. The 2006 ROE was 20.78% and ROA was 1.42%. Book value of stock at the end of Q4-06 was $15.19 compared to $13.29 at the end of Q4-05. Average deposits in Q4-06 increased $1.1 billion, or 18.2%. Average noninterest-bearing deposits during Q4-06 increased $111.4 million, or 7.9%, while interest-bearing deposits rose $967.5 million, or 21.5%, when compared to figures one year earlier. During Q4-06, average noninterest-bearing deposits represented 21.8% of Trustmark's total deposit base. Net interest income in Q4-06 was $75.229 million compared to $70.117 million in Q4-05. As the relatively flat yield curve diminished the profitability of holding longer-term investment securities, TRMK continued to reduce their investment securities portfolio as well as balances of higher-cost funding sources. At December 31, 2006, TRMK's investment securities portfolio comprised 12.3% of total assets and had an average duration of approximately 2 years. As a consequence of reducing their investment portfolio and maintaining a historically short duration, their spread has been constrained as investment yields remain low. As such, TRMK has foregone current earnings in an effort to enhance the interest rate risk profile of the organization. The decline in the investment securities portfolio, coupled with significant loan growth, has resulted in a richer mix of earning assets and a 'stable' net interest margin of 3.84% in 2006. Total noninterest income in Q4-06 was $38.987 million compared to $34.408 million in Q4-05. UMPQ Q4-06 Net Income $0.42 vs. $0.42 in Q4-05 PRNewswire 1-24 Umpqua Holdings Corporation announced full year 2006 operating earnings of $87.3 million [$1.65/share] compared to $69.9 million [$1.55/share] for 2005. For Q4-06, operating earnings were $24.8 million [$0.42/share] compared to $18.8 million [$0.42/share] for Q4-05. Operating earnings exclude merger related expenses, net of tax. ROA 1.35% 1.27% 1.42% ROE 8.47% 8.06% 10.20% Book value per share $19.91 $19.67 $16.57 Net interest income 73.289 million in Q4-06, 73.799 million in Q3-06 and 54.549 million in Q4-05 Non-interest income 14,113 13,476 11,474 Non-interest expense 49,040 50,686 38,117 Umpqua Bank, Umpqua Holdings' bank subsidiary, reported on a tax equivalent basis a net interest margin of 4.99% for the full year 2006, compared to 5.07% for 2005. For Q4-06, Umpqua Bank reported a net interest margin of 4.97%, compared to 5.06% for Q4-05 and 5.08% for Q3-06. The decrease in margin over these time periods resulted from increases in short-term market interest rates, with the cost of deposits and borrowings increasing more than earning asset yields. The yield on earning assets for Umpqua Holdings increased 1 basis point on a sequential quarter basis to 7.50%, while the cost of interest bearing liabilities increased 16 basis points to 3.61% over the same period. UB Q4-06 ADjusted Net Income $1.06 vs. $1.26 in Q4-05 Businesswire 1-18 UnionBanCal reported Q4-06 net income of $226.4 million, or $1.61/share. Income from continuing operations was $227.7 million, or $1.61 per diluted common share, including $72.8 million [$0.51/share] in state income tax refunds, and $5.3 million [$0.04/share] in tax adjustments. Excluding these items, income from continuing operations for Q4 was $149.6 million [$1.06/share]. Income from continuing operations for Q4-05 was $162.2 million [$1.10/share] including a $22.9 million [$0.16/share] after-tax loss on the sale of securities related to the rebalancing of UB's securities portfolio. Adjusting for this item, income from continuing operations for Q4-05 was $1.26/share. ROA from continuing operations 1.33% in Q4-06, 1.34% in Q3-06 and 1.75% in Q4-05. ROA on net income was 2.53% in Q4-06, 1.33% in Q3-06 and 1.74% in Q4-05. ROE from continuing operations was 14.33% in Q4-06, 14.90% in Q3-06 and 19.48% in Q4-05. ROE on net income was 27.27% in Q4-06, 14.79% in Q3-06 and 19.37% in Q4-05. Book value per share at end of Q4-06 was $32.86, up 3.9% from a year earlier. For the full year 2006, UB reported net income of $5.24/share, and income from continuing operations of $5.31/share. For 2005 UB reported net income of $5.84/share, and income from continuing operations of $4.94/share. Income from continuing operations for 2006 included stock option expense of $0.10/share, versus none in 2005, and $0.51/share in state income tax refunds. Adjusting for these items, income from continuing operations for 2006 was $4.90/share, a decline of 0.8% versus prior year. Net interest income was $449 million in Q4-06, down $33.2 million [6.9&] from Q4-05, 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 $3.4 billion [7.8%] compared to 2005, primarily due to a $4.2 billion [12.7%] increase in average loans. Compared to Q4-05, average interest bearing deposits increased $4.2 billion [20.0%] while average noninterest bearing deposits decreased $3.1 billion [16.3%]. Average noninterest bearing deposits represented 39% of average total deposits in Q4-06. The annualized average all-in cost of funds was 2.31%, reflecting UB's strong average core deposit-to-loan ratio of 91 percent and the high proportion of noninterest bearing deposits to total deposits. The average yield on earning assets of $46.9 billion was 6.06%, up 55 basis points over Q4-05, with the average loan yield increasing 37 basis points. The average rate on interest bearing liabilities of $29.4 billion was 3.58%, up 153 basis points compared with Q4-05, reflecting higher short-term interest rates, an unfavorable change in deposit mix, and heightened competition for deposits. The net interest margin in Q4-06 was 3.81% compared with 4.42% in Q4-05. In Q4-06, noninterest income was $224 million, up $41 million [22.2%] from the same quarter a year ago. Noninterest expense for Q4-06 was $442 million, an increase of $12.5 million [2.9%] over Q4-05. WTNY Q4-06 Net Income $0.51 vs. $0.55 in Q4-05 PRNewswire 1-24 Whitney Holding Corporation earned $145 million [$2.20/share] for 2006 compared with annual net income of $102 million [$1.63] for 2005. Whitney saw a rapid build-up of deposits following the late-summer hurricanes of 2005 that impacted parts of Whitney's market area, and the funds retained from these deposits during 2006 were a major factor behind the significant growth in average earning assets and net interest income compared to 2005. Annual average deposits in 2006 were up 17%, or $1.3 billion, from 2005. The results for 2006 included approximately $16 million in expenses associated with the storms. Whitney earned $33.9 million [$0.51/share] in Q4-06, compared with net income of $35.1 million [$0.55/share] for Q4-05. ROA for Q4-06 was 1.34% compared to 1.46% in Q4-05. ROE was 11.93% in Q4-06 compared to 14.64% in Q4-05. Book value per share at the end of Q4-06 was $16.88 compared to $15.17 at the end of Q4-05 Whitney's net interest income for Q4-06 increased $10.6 million, or 10%, compared to Q4-05, on a 7% increase in average earning assets and a wider net interest margin. The net interest margin was 5.14% for Q4-06, up 11 basis points from Q4-05. The overall yield on earning assets increased 78 basis points from Q4-05. The main factor behind this yield improvement was the rise in benchmark rates for the large variable- rate segment of Whitney's loan portfolio plus higher yields on investment securities and short-term liquidity-management investments. The cost of funds increased 67 basis points between Q4-05 and Q4-06. This increase was driven by higher competitive market rates as well as a shift in the funding mix to higher-cost sources which stemmed in part from the anticipated reduction in and reallocation of some of the post-storm deposit accumulations. Net interest income for Q4-06 was down $2.8 million, or 2%, from Q3-06, on a comparable percentage decrease in average earning assets and a 3-basis point decline in the net interest margin. Noninterest income increased 15%, or $2.7 million, from Q4-05. Improvements were noted in a number of income categories, reflecting internal growth, contributions from acquired operations and, for certain categories, the special post-storm conditions that affected performance in the year-earlier period. Deposit service charge income was up 17%, or $1.1 million, compared to the fourth quarter of 2005. Whitney's ability to generate deposit service charges had been severely limited in the fourth quarter of 2005 by a post-storm deposit build-up and storm-related disruptions to normal customer and bank activity. Bank card fees, both credit and debit cards, increased a combined 9%, or $.3 million, in Q4-06. Total transaction volume was up moderately compared to Q4-05 which had seen a post-storm surge in debit card activity by dislocated customers. The addition of 1st National's trust business, ongoing customer development efforts and improved market conditions helped increase trust service fees by 32%, or $.8 million, for Q4-6. The categories comprising other noninterest income increased a combined $.9 million compared to Q4-05. The 2005 results had been impacted by storm-related waivers of ATM transaction fees and the loss of revenue during the temporary closure of the main office parking facility in New Orleans. Noninterest expense in Q4-06 increased 15%, or $11.1 million, from Q4-05. ZION Q4-06 EPS $1.32 vs. $1.32 in Q4-05 PRNewswire 1-23 Zions Bancorporation reported Q4 net earnings applicable to common shareholders of $142.7 million, an increase of 11.4% over the $128.1 million for Q4-05. Net earnings per diluted common share of $1.32 for Q4-06 were unchanged from Q4-05. The ROE was 12.08% for Q4-06 compared to 13.41% for Q3-06. ROA in Q4-06 was 1.27% compared to 1.38% in Q4-05. Net earnings applicable to common shareholders for 2006 increased 20.7% to $579.3 million or $5.36/share compared to $480.1 million or $5.16/share for 2005. The ROE for 2006 was 12.89% compared to 15.86% for 2005. ROA was 1.32% compared to 1.43% for 2005. Book value per common share at the end of Q4-06 was $44.48 compared to $40.30 at the end of Q4-05. Net interest income for Q4-06 increased $12.5 million, or 11.1% annualized, to $459.0 million compared to $446.5 million for Q3-06, and increased $84.2 million, or 22.5%, compared to $374.8 million for Q4-05. Taxable-equivalent net interest income for Q4-06 was $465.3 million compared to $452.6 million for Q3-06 and $380.3 million for Q4-05. For Q4-06, the net interest margin was 4.60% compared to 4.58% for Q4-06 and 4.62% for Q4-05. In addition, the net interest spread for Q4-06 was essentially unchanged from Q3-06. For Q4-06, noninterest income was $139.9 million compared to $145.3 million for Q3-06 and $117.6 million for Q4-05. The decrease in Q4 is primarily due to the decrease from $12.9 million for Q3 to $6.3 million for the Q4 in gains on venture capital investments included in equity securities gains. Noninterest expense for Q4-06 was $342.9 million compared to $330.0 million for Q3-06 and $283.8 million for Q4-05. The increase is primarily due to the $7.3 million in debt extinguishment costs. Ratings & Dividend Changes On 1-04 BMO Capital Markets Downgraded BOKF from Outperform to Market Perform. On 1-23 Sterne Agee Downgraded CBSS from Buy to Hold. On 1-25 Cohen Bros Upgraded PRSP from Hold to Buy. On 1-26 Banc of America Sec Upgraded ZION from Neutral to Buy. Home Page Factoids Previous Update |