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NTRS Reports Q4-06 Net Income of $0.77 vs. $0.67 in Q4-05 Northern Trust Corporation reported record net income per share of $3.00 for 2006, an increase of 14% from $2.64/share in 2005. Net income increased 14% to a record $665.4 million, up from $584.4 million last year. This performance resulted in a return on average common equity of 17.6%. For Q4-06, net income per common share was $.77, up 15% from $.67 reported in Q4-05. Net income was $170.8 million compared with $147.6 million earned in Q4-05 and resulted in a ROE of 17.1%. Northern Trust’s Q4 consolidated revenues reached $776.0 million, up 12% from Q4-05. Trust, investment and other servicing fees of $458.2 million increased 14% from last year and represented 59% of fourth quarter revenues. Total fee related income represented 73% of revenues. Net interest income was up 10% from a year ago to $206.6 million and foreign exchange trading income was up 23% to $54.3 million. Book value at the end of Q4-06 was $18.03 compared to $18.06 at the end of Q3-06, $17.48 at the end of Q2-06, $16.98 a the end of Q1-06 and $16.51 at the end of Q4-05. Net interest income for the quarter, stated on a fully taxable equivalent basis, totaled $206.6 million, up 10% from $187.3 million reported in the prior year quarter. The increase reflects higher levels of average earning assets. Average earning assets of $49.2 billion were 19% higher than a year ago driven by growth in loans and leases, short term money market assets and securities. The net interest margin equaled 1.67%, down from 1.80% in the prior year quarter. FITB Reports Q4-06 EPS of $0.12 vs. $0.68 in Q4-05 Fifth Third Bancorp reported 2006 earnings of $1.2 billion, or $2.13 per diluted share, compared with $1.5 billion or $2.77 per diluted share in 2005. Fourth quarter 2006 earnings were $66 million, or $0.12 per diluted share, compared with $377 million or $0.68 per diluted share in the third quarter of 2006 and $332 million or $0.60 per diluted share for the same period in 2005. ROA in Q4-06 was 0.25% compared to 1.41% in Q3-06. ROE was 2.6% in Q4-06 compared to 15.1% in Q3-06. Book value per share at the end of Q4-06 was $18.02 compared to $17.00 at the end of Q4-05. Net interest income of $744 million increased three percent from last quarter. The increase was primarily driven by the sale of available-for-sale securities and repayment of wholesale borrowings, a position that was being carried at a negative spread. Solid trends in loan growth and yields and greater stability in deposit pricing costs also contributed to the growth. The net interest margin increased 17 bps, reflecting the improvement in net interest income coupled with the reduction in earning assets resulting from the sale of securities. The margin result exceeded our original expectations due to better execution on the sales of securities, stronger than expected core deposit growth in the fourth quarter and improved loan yields. Noninterest income of $219 million was $443 million lower than the third quarter of 2006 and $417 million lower than a year ago. Total noninterest expense of $798 million increased four percent from third quarter 2006 levels and by five percent over the same quarter last year. FMER Reports Q4-06 Net Income of $0.07 vs. $0.34 in Q4-05 FMER announced Q4-06 net income of 6.1 million [$0.07/share] compared to Q4-05 net income of $27.7 million [$0.34/share]. The fall in income was due to accounting changes for some nonperforming assets it plans to sell in the first quarter of 2007. ROA was 0.24% compared to 1.07% in Q3-06. ROA was 0.24% in Q4-06 compared to 1.22% in Q3-06. ROE was 2.66% compared to 11.52% in Q3-06. Book value per share was $10.56 at the end of Q4-06 compared to $11.28 at the end of Q3-06 and $11.39 at the end of Q4-05. Net interest income was $84.502 million in Q4-06 compared to $85.850 million in q3-06 and $88.152 million in Q4-05. Net interest margin was 3.58% in Q4-06 compared to 3.68% in Q3-06 and 3.73% in Q4-05. Other income was $48.332 million in Q4-06 compared to 49.341 million in Q3-06 and 47.568 million in Q4-05. Other expenses in Q4-06 was $83.987 million compared to $76.983 in Q3-06 and $79.274 million in Q4-05. ASBC Accelerates Share Buyback Businesswire 2-06 Associated Banc-Corp has repurchased 2 million shares, or approximately 1.5 percent of its outstanding common stock, the company announced. The shares were purchased from Citibank under an accelerated share repurchase program at $34.12 per share for a total cost of approximately $68.2 million. The accelerated share repurchase program enabled Associated to purchase the shares immediately, while Citibank may purchase shares in the market over a period of approximately three months. After this period, the repurchased shares are subject to a purchase price adjustment such that Associated may receive, or be required to pay, a price adjustment based on an adjusted weighted average price as defined in its agreement with Citibank. Ratings & Dividend Changes On 2-01 Cohen Bros Downgraded FULT from Buy to Hold, reversing an upgrade from 1-23. On 2-22 JP Morgan Initiated coverage of MI at Underweight, Initiated CBH and CMA at Neutral and Initiated coverage of SNV at Overweight. 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 1-17 Ferris Baker Watts Downgraded FULT from Buy to Neutral. On 1-17 CIBC Wrld Mkts Downgraded CBH from Sector Outperform to Sector Perform. On 1-18 Friedman Billings Upgraded CBH from Market Perform to Outperform. On 1-26 Oppenheimer Upgraded CBH from Neutral to Buy. On 1-30 UBS Downgraded USB from Buy to Neutral. 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 |