|
Factoids Yahoo Banks Excite Banks Banking News Bankstocks.com 2007 Updates Mar Feb Jan 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 Reports Q1 EPS of $0.57 vs. $0.60 in Q1-06 PRNewswire 4-19 Associated Banc-Corp earned $73.4 million [$.57/share] in Q1-07. Net income was $81.7 million [$.60/share] in Q1-06. ROA was 1.46% and ROE was 13.35%, compared to 1.52% and 14.16% in Q1-06. Book value per share rose to $17.54 at the end of Q1-07, compared to $17.44 at the end of Q4-06 and up 3% over a year earlier. Net interest income for first quarter 2007 was $159.0 million on average earning assets of $18.4 billion, versus net interest income for first quarter 2006 of $166.9 million on average earning assets of $19.9 billion. The cost of funding stock repurchases (on approximately 10 million shares repurchased over the past five quarters) explains approximately $3.6 million of the decrease in net interest income between the first quarter periods. Net interest margin and net interest income were impacted by ASBC's reduction of higher-costing wholesale borrowings by nearly $2 billion and the reduction of lower-yielding assets by more than $1 billion during 2006. The restructuring of the balance sheet, coupled with the growth in average deposits (up 2% between first quarter periods), improved the net interest margin to 3.62%, compared to 3.48% for Q1-06. The net interest margin was down 2 basis points from Q4-06, due in large part to the seasonal outflow of net free funds (notably noninterest-bearing demand deposits). Noninterest income of $82.7 million for Q1-07 was up $11.9 million or 17% over Q1-06, and up $8.2 million or 11% over Q4-06. BBT Reports Q1 EPS of $0.77 vs. $0.79 in Q1-06 PRNewswire 4-19 BB&T Corporation reported net income for Q1-07 totaling $421 million [$.77/share] compared with $431 million [$.79/share] earned during Q1-06. These results reflect decreases of 2.3% and 2.5%, respectively, compared to the first quarter last year. Cash basis operating earnings totaled $441 million for the first quarter of 2007, an increase of 2.6% compared to the first quarter of 2006. Cash basis operating diluted earnings per share totaled $.81 for the first quarter of 2007, an increase of 2.5% compared to $.79 earned during the same period in 2006. BB&T's first quarter net income produced annualized ROA of 1.41% compared to 1.60% in Q1-06 and ROE of 14.81% compared to 15.72% in Q1-06. Book value per share was $21.48 at the end of Q1-07, $21.69 at the end of Q4-06, $21.70 at the end of Q3-06, $20.79 at the end of Q2-06 and $20.48 at the end of Q1-06. Net interest income in Q1-07 was $963 million compared to $919 in Q1-06. Net interest margin was down 21 basis points from last year, falling from 3.82% in Q1-06 to 3.61% in Q1-07 and 3.70% in Q4-06. Total noninterest income was $652 million for the current quarter, an increase of 7.2% compared with the same period in 2006. Nonperforming assets, as a percentage of total assets, were .30% at 3-31 and .29% at 12-31-06, compared to .27% at 3-31-06. Conference Call DDA's were down 2% from last year while total deposits up 7.9%. In total we had healthy growth in deposits. In Q1 we were less price competitive on CDs - and there was less price competition in our markets for CDs. But still there is migration away from non-interest bearing DDA into CDs. In the subprime markets - we are mainly in loans for autos and low in dollars in residential. We saw no deterioration in auto subprime during Q1. The main drivers in subprime autos: [1] new car prices were holding up well - and there are always some repos, so this factor is important in profitability; [2] unemployment is low. In Alt-A's we had $3.3 billion or 3.9% of our portfolio. LTV averaged 67%. Average FICOs were 734. The 60 day delinquencies were .065%. The average loss ratio was .0027%. Nancy Bush with NAB Research wanted more color on residential development - conditions look good in Atlanta - but where are you finding conditions getting worse? BBT: Residential activity has slowed. Our client builders are not doing as well in 2007 - but they were doing great in 2006. We do not see a back up in inventory. In Metro DC and Florida the conditions are worse. The price corrections are at the high end of the market. There is a problem with condo markets in resort areas where builders thought they had pre-sales, but the presales were to speculators. But we are not a big condo lender. Mortgage activity overall remains strong. The problem areas are where the ratio of incomes to real estate values is out of line. Example: the average person can buy the average house in Atlanta - that is not the case in Virginia. We are not located in many of those problem markets. In Winston-Salem and Raleigh - we see no problems. And even where we see problems, they are no where close to like in the early 90s. In our footprint the economy is healthy. Most housing markets have in-migration of population - and that takes care of any slight over-building. We see mid price ranged markets like Myrtle Beach benefiting. Since there is no state income tax in Florida, that attribute which draws high income persons, but it not much of a benefit to the middle market, where the higher property taxes offset that benefit. So Myrtle Beach is drawing more middle income folks with its lower property values. BBT stated that they were looking for a 'merger of equals' and was asking why are you looking there? BBT got where we were with our 1995 merger with Southern National. At that time there were major cost savings. We also took advantage of combining or strengthening our product lines. And there are areas where scale matters. On-line banking is a good example. This area is rapidly growing -- and the customers all want the best - the newest bells and whistles. We compete with Banc America - and it does not cost them more than it does us. So there are scale issues - specifically in back room technology. Matt O'Connor with UBS asked if BBT was anything different in the market place with their competition. BBT: Wachovia has improved its service quality. It has gone from low to better. And both BAC and Wachovia maybe more price competition than they were traditionally. David West with Davenport and Co. asked about deposit growth. BBT net new branches were up 13 year to date. Was BBT seeing the performance for the new branches that they expected? BBT: We opened 39 branch last year - 35 to open this year to open. De-Novos as group are on target. We are getting better results than expected in Atlanta - are we are struggling in Florida. The 2006 de-novo's have created $25 million in dilution to earning so far this year. In February 2008, as a group, they will be accretive to earnings. Matt asked if BBT is pulling back on branch openings in Florida. BBT said 'some'. Since BBT has done some M&A with insurance agencies, Matt asked if private equity deals had disturbed the insurance business with their M&As. BBT: The prices have been off the wall - they have had a big impact. But we may get them back in two year at cheaper prices. CBH Reports Q1 EPS of $0.40 vs. $0.41 in Q1-06 PRNewswire 4-18 Commerce Bancorp report net income totaled $77.9 million for Q1-07, compared to net income of $77.3 million for Q1-06. On a diluted per share basis, net income for the first quarter of 2007 was $.40 compared to $.41 for the first quarter of 2006. ROE was 10.87% in Q1-07 compared to 9.05% in Q4-05 and 13.00% in Q1-06. ROA was 0.68% in Q1-07 compared to 0.57 % in Q4-06 and 0.79% in Q1-06. Book value per share grew 15% to $14.54. Net interest income for the first quarter totaled $333.0 million, an 8% increase over the $307.9 million recorded a year ago, despite the impact of the inverted yield curve. The increase in net interest income during the first quarter was due to volume increases in interest earning assets resulting from the Company's continued deposit growth. The net interest margin for Q1-07 increased slightly to 3.27%, compared to 3.25% for Q4-06, and was down 26 basis points from the 3.53% margin for Q1-06. Excluding net investment securities gains, non-interest income for Q-07 increased to $156.6 million from $131.0 million a year ago, a 20% increase. The increases in non-interest income are primarily attributable to the increase in deposit charges and service fees of 28% for Q1-07. Non-performing assets and loans past due 90 days at 3-31-07 totaled $52.4 million or .11% of total assets, versus $53.8 million, or .12% of total assets, at 12-31-06 and $33.9 million, or .08% of total assets, at 3-31-06. CMA Reports Q1 EPS of $1.19 vs. $1.18 in Q1-06 PRNewswire 4-18 Comerica reported Q1-07 income from continuing operations of $189 million [$1.19/share] compared to $185 million [$1.16/share] for Q4-06 and $207 million [ $1.26/share] for Q1-06 [Q1-06 EPS was $1.18]. Q4-06 income from continuing operations included income of $47 million ($31 million after-tax, or $0.19 per diluted 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, or $(0.19) per diluted share. ROE from continuing operations in Q1-07 was 14.83% compared to 14.03% in Q4-06 and 16.31% in Q1-06. ROA in Q1-07 was 1.33% compared to 2.07% in Q4-06 and 1.41% in Q1-06. Book value per share at the end of Q1-07 was $32.84 compared to $32.70 at the end of Q4-06 and $32.79 at the end of Q1-06. Net interest income in Q1-07 was $502 million compared to $502 million in Q4-06 and $479 million in Q1-06. Net interest margin in Q1-07 was 3.82% compared to 3.75% in Q4-06 and 3.80% in Q1-06. Noninterest income was $203 million for Q1-07, compared to $262 million for Q4-06 [pushed up by the lawsuit] and $195 million for Q1-06. CRBC Reports Q1 EPS of $0.41 vs. $0.48 in Q1-06 PRNewswire 4-26 Citizens Republic Bancorp reported diluted net income per share of $0.41, compared with $0.02 for Q4-06 and $0.48 for Q1-06. CRBC reported net income of $31.5 million for Q1-07, which includes restructuring and merger-related expenses associated with the Republic Bancorp Inc. merger. The results for Q1-07, which include the effects of Republic revenue and expenses for the first time, represent an increase of $30.8 million over Q4-06 net income of $0.7 million and an increase of $10.7 million over Q1-06 net income of $20.8 million. Annualized ROA during Q1-07 was 0.94% compared to 0.04% in Q4-06 and 1.10% in Q1-06. ROE was 8.23% compared to 0.40% for Q4-06 and 12.86% in Q1-06. Book value at the end of Q1-07 was $20.78 compared to $20.58 at the end of Q4-06 and $15.23 at the end of Q1-06. Net interest income was $98.3 million for Q1-07 compared with $64.0 million for the fourth quarter of 2006 and $67.5 million for the first quarter of 2006. Net interest margin was 3.44% for Q1-07 compared with 3.67% for Q4-06 and 3.97% for Q1-06. The decreases from both prior periods were primarily due to the merger with Republic and, to a lesser extent, funds migrating within the deposit portfolio from lower cost savings and transaction accounts to higher cost savings and time deposits, pricing pressure on loans, and the continued effects of the interest rate environment, partially offset by a shift in asset mix from investment securities to higher yielding commercial loans. Noninterest income for Q1-07 was $31.4 million, an increase of $13.6 million over Q4-06 and an increase of $5.8 million over Q1-06. Nonperforming assets at 3-31-07 represented 1.25% of total loans plus other repossessed assets acquired compared with 1.10% at 12-31-06 and 0.65% at 3-31-06. FITB Reports Q1 EPS of $0.65 vs. $0.65 in Q1-06 PRNewswire 4-19 Fifth Third Bancorp reported Q1-07 earnings of $359 million [$0.65/share] compared with $66 million [$0.12/share] in Q4-06 and $363 million [$0.65/share] for Q1-06. ROA was 1.47% in Q1-07 compared to 0.25% in Q4-06 and 1.41% in Q1-06. ROE was 14.60% in Q1-07 compared to 2.60% in Q4-06 and 15.30% in Q1-06. Book value at the end of Q1-07 as reported at Yahoo was $17.81. Net interest income of $742 million on a taxable equivalent basis was down $2 million from the fourth quarter. The impact of FSP FAS 13-2 related to accounting for leveraged leases reduced net interest income by $7 million. Fewer days in the quarter reduced net interest income by $4 million, and we incurred incremental funding costs of $2 million related to share repurchases. Net interest margin in Q1-07 was 3.44% compared to 3.16% in Q4-06 and 3.08% in Q1-06. Noninterest income of $648 million increased $429 million sequentially as a result of the $415 million in losses incurred in the fourth quarter on the sale of securities and termination of financing agreements associated with the previously disclosed balance sheet actions. Otherwise, noninterest income rose $14 million sequentially, or two percent, on higher mortgage banking revenue, investment advisory revenue and service charges on deposits, partially offset by seasonally lower electronic payment processing revenue. Compared with Q1-06, noninterest income grew five percent. Nonperforming assets at quarter end were $494 million, or 66 bps of total loans and leases and other real estate owned, up from 61 bps last quarter and 51 bps in Q1-06. The sequential increase in NPAs of $39 million, or 9 percent, occurred primarily in the commercial mortgage portfolio. Commercial NPA growth was concentrated in Florida, driven by a single large NPA, and in Michigan. Outlook: [1] Net interest income growth in the mid-to-high single digits [2] Net interest margin 3.35-3.45% [3] Noninterest income growth in the high single digits and [4] Noninterest expense growth in the mid single digits. Conference Call Notes: NPAs trend is upwards and yield curve creates a tough environment. We can do better at getting new customers and building relationships. FITB ranks second in large banks from Univ. of Michigan survey. Net new DDAs were 36,000 accounts in the quarter. We have 15% wallet penetration of our cards in our banking customers - we can do better. FITB has a new initiative in Health Care - HIPA compliant images - to speed up collections. NIM was 3.44% - up 28 basis points due to actions we took on the balance sheet. NIM was up 45 basis points. Expense growth was 8% - which we will take actions to control. In total there was $40-$50 million in expense reductions. NPAs were up due to problems in Michigan and in commercial real estate - one large loan in Florida caused the increase. Net interest income - November balance sheet actions - NIM to go down 5 or 6 basis points in Q2 - March hybrid issuance - change in leverage lease accounting - funding costs of share buy backs. We had higher consumer deposits but lower commercial deposit growth. C&I lending remains solid. Loans - growth has slowed - softer commercial real estate loans. Construction loans down. Credit line utilization was down. Strong growth in auto loans - spreads the best we have seen in years. Credit card debt growth was 33% over Q1-06. DDAs were down 4% from Q1-06. We see opportunity on the consumer side. Savings account balances were up 18% - they were priced to be competitive with CDs and money market accounts. FITB had 3.43% cost of interest rate bearing deposits. FITB began doing Alt A in the fall of 2006 - FITB has a small exposure here - the entire product was designed to be saleable. FITB took an impairment charge when demand fell off. We have stopped originating Alt-A. Charge offs for Q1-07 was lower than expected, but NPAs were up. We sold $39 million in NPA with $5 million in losses. NPAs grew to 66 basis points from 61 basis points. The NPA growth came from $19 million in Florida on one commercial loan that has a high degree of collateral. And there was a $17 million increase in NPAs in Michigan from real estate loans - this is a continuation of the current trend. QnA Session: John McDonald with Banc of America wanted to know the trend in consumer home equity loans. FITB: The changes in credit quality were not bad - there was not much growth in loans or deterioration of quality. The average FICOs are strong - with averages in the 700s range - and LTVs are good. Mike Mayo with Deuthce Bank - trade offs with de novos vs. having higher operating leverage today. FITB: We are focused on operating leverage while having de novo investments - we do not want to cut back there. We are accelerating new branches due to the returns we are getting. We do not see a slow down on the horizon. Chris Mestopholow with Stifel Nicolaus wanted to know about the secondary market for problem loan - with the current rate at 89 cents on the dollar - how did that compare with the past. FITB: For NPAs - pretty much the same - if pricing fell off then we would not take the sale. Ed Nagarian with Merrill Lynch noted that FITB projects a fall of 5 or 6 basis points in NIM in Q2. But stable after that given that the yield curve will stay invested, why you are confident it will be stable. FITB: Competition is tough, but pricing is not irrational. We do not see that changing - for good or bad. FULT Reports Q1 EPS of $0.24 vs. $0.25 in Q1-06 Marketwire 4-17 Fulton Financial Corporation earned $41.1 million for Q1-07, a 6.3% decrease from Q1-06. Diluted net income per share for the quarter decreased to 24 cents, a 4.0 % decrease from the 25 cents reported in Q1-06. FULT recorded a $5.5 million contingent loss during Q1-07 related to losses that may be incurred due to the repurchase of residential mortgage loans and home equity loans that had been originated and sold in the secondary market. In addition, FULT recorded a $3.4 million interest income recovery related to a previously charged off commercial mortgage loan. The net effect of these two items was a $0.01 decrease in diluted net income per share. ROA in Q1-07 was 1.12% compared to 1.32% in Q1-06. ROA in Q1-07 was 11.06% compared to 12.83% in Q1-06. Shareholders' equity at the end of Q1-07 was $8.79 compared to $8.32 at the end of Q1-06. Net Interest Income in Q1-07 was $121.775 million compared to $115.043 million in Q1-06. Net interest margin was 3.74% for Q1-07, 3.68% for Q4-06 and 3.88% for Q1-06. In Q1-07 Total Interest-earning Assets were $13.532 billion and paid $233.814 million at an average rate of 6.99% while Total Interest-bearing Liabilities were $11.413 billion costing $108.881 million at an average rate of 3.85%. In Q1-06 Total Interest-earning Assets were $12.257 billion and paid $195.287 million at an average rate of 6.45% while Total Interest-bearing Liabilities were $10.166 billion costing $77.609 million at an average rate of 3.10%. Non-interest income in Q1-07 was $39.065 million compared to $36.607 million in Q1-06. Non-performing assets were 0.40% of total assets at 3-31-07, compared to 0.39% at 12-31-06 and 0.35% at 3-31-06. FMER Reports Q1 Net Income of $0.39 vs. $0.37 in Q1-06 PRNewswire 4-24 FirstMerit Corporation announced Q1-07 net income of $31.4 million [$0.39/share] compared to $30.0 million [$0.37/share] for Q1-06. ROE in Q1-07 was 14.91% compared to 13.67% in Q1-06. ROA in Q1-07 was 1.24% compared to 1.20% for Q1-06. Book value/common share at the end of Q1-07 was$10.78 compared to $10.56 at the end of Q4-06, $11.28 at the end of Q3-06, $10.88 at the end of Q2-06 and $10.91 at the end of Q1-06. Net interest income (FTE) was $83.2 million in the first quarter of 2007 compared with $84.5 million in the fourth quarter of 2006 and $86.6 million in the first quarter of 2006. Net interest margin FTE in Q1-07 was 3.58% compared to 3.58% in Q4-06 and 3.80% in Q1-06. In Q1-07 Total earning assets were $9.437 billion and earned $158.147 million at an average rate of 6.80% while Total interest bearing liabilities were $7.845 billion and cost $74.929 million at an average rate of 3.87%. In Q-06 Total earning assets were $9.246 billion and earned $143.662 million at an average rate of 6.30% while Total interest bearing liabilities were $7.579 billion and cost $57.099 million at an average rate of 3.06%. Noninterest income net of securities transactions for Q1-07 was $48.9 million, an increase of $0.5 million or 1.13% from Q4-06 and an increase of $3.5 million or 7.70% from Q1-06. Nonperforming assets at March 31, 2007 represented 0.47% of period-end loans plus other real estate compared with 0.93% at December 31, 2006 and 1.09% at March 31, 2006. HBAN Reports Q1 EPS of $0.40 vs. $0.45 in Q1-06 PRNewswire 4-19 Huntington Bancshares reported Q1-07 earnings of $95.7 million [$0.40/share] compared to $104.5 million [$0.45/share] in Q1-06. Current quarter results were negatively impacted by significant items, including equity investment losses of 8.5 million ($0.02/share), a negative net MSR mark-to-market net of hedge-related trading activity of $2 million ($0.01/share), and litigation losses of $1.9 million ($0.01/share). ROA in Q1-07 was 1.11% compared to 0.98% in Q4-06 and 1.26% in Q1-06. ROE in Q1-07 was 12.9% compared to 11.3% in Q4-06 and 15.5% in Q1-06. Book value per common share at end of Q1-07 was $12.95 compared to $12.80 at the end of Q4-06 and $12.56 at the end of Q1-06. Net interest income in Q1-07 was $259.602 million compared to $247.516 million in Q1-06, reflecting the favorable impact of a $1.1 billion, or 4%, increase in average earning assets, and an increase in the fully taxable equivalent net interest margin of 4 basis points to 3.36%. Non-interest income in Q1-07 was $145.177 million compared to $159.534 million in Q1-06, with a $22.7 million decline in other income primarily related to a $14.2 million decrease in automobile operating lease income as that portfolio continued its run off since no automobile operating leases have been originated since April 2002. Also contributing to the decline was an $8.5 million loss on equity investments in Q1-07. NPAs were $206.7 million at 3-31-07, and represented 0.79% of related assets. This represented a $51.8 million, or 33%, increase from $154.9 million, or 0.59% of related assets, at the end of Q1-06, and a $13.1 million, or 7%, increase from $193.6 million, or 0.74% of related assets, at 12-31-06. MI Reports Q1 Net Income of $0.83 vs. $0.72 in Q1-06 PRNewswire 4-12 Marshall & Ilsley Corporation reported Q1-07 core operating income of $218.1 million [$0.83/share] as compared to $186.8 million [$0.78/share] in Q1-06, an increase of 16.8%. MI's Q1-07 net income was $216.8 million [$0.83/share] compared to $173.1 million [$0.72/share] in Q1-06. ROA based on core operating income for Q1-07 was 1.56% compared to 1.62% for Q1-06. ROE based on core operating income was 14.13% in Q1-07 compared to 15.67% for Q1-06. Book value per share was $24.90 at the end of Q1-07 compared to $20.75 for Q1-06. Net Interest Income (FTE) in Q1-07 was $397.4 million compared to $333.0 million in Q1-06. Net Interest Margin in Q1-07 was 3.23% compared to 3.26% in Q1-06. Interest Earning Assets had an average yeild of 7.20% compared to 6.62% in Q1-06. Interest Bearing Liabilities had an average yeild of 4.60% compared to 3.94% in Q1-06. Total Non-Interest Revenues in Q1-07 was $507.1 million compared to $472.2 million in Q1-06. Non-Performing Loans & Leases to Period-End Loans & Leases was 0.83% in Q1-07 compared to 0.42% in Q1-06. MTB Reports Q1 EPS of $1.57 vs. $1.77 in Q1-06 PRNewswire 4-19 M&T Bank Corporation reported diluted earnings per share for Q1-07 were $1.57, compared with $1.77 in Q1-06. GAAP-basis net income in the recent quarter totaled $176 million, down 13% from $203 million in Q1-06. ROA in Q1-07 was 1.25% compared to 1.49% in Q1-06. ROE in Q1-07 was 11.38% compared with 13.97% in Q1-06. Book value as reported at Yahoo was 57.36. Common stockholders' equity per share was $57.32 and $53.11 at March 31, 2007 and 2006, respectively. Tangible equity per common share was $28.77 at 3-31-07, compared with $26.41 in 2006. Taxable-equivalent net interest income totaled $456 million in Q1-07, compared with $452 million in Q1-06. Net interest margin declined to 3.64% in the recent quarter from 3.73% in Q1-06. Noninterest income in the initial quarter of 2007 totaled $236 million, compared with $253 million in Q1-06. Nonperforming loans to total net loans in Q1-07 was .63% compared to .35% in Q1-06. NAL Reports Q1 EPS of $0.09 vs. $0.11 in Q1-06 Businesswire 4-26 NewAlliance Bancshares announced net income of $9.3 million, or 9 cents per diluted share, for the first quarter ended March 31, 2007. Exclusive of merger related charges, first quarter earnings were 10 cents per share. The Company's assets increased to just under $8 billion from $7.2 billion as a result of its acquisition of Westbank Corporation, providing the Company's first entry into Massachusetts, just after the start of the year. ROA in Q1-07 was 0.47% compared to 0.65% in Q1-06. ROE in Q1-07 was 2.74% compared to 3.31% in Q1-06. Book value per share at the end of Q1-07 was $12.62 compared to $12.07 at the end of Q1-06 and $12.43 at the end of Q4-06. Net interest income after provision for loan losses in Q1-07 was $42.405 million compared to $44.619 million in Q1-06. Interest and dividend income was $96.806 million compared to $77.778 million in Q1-06 while Interest expense rose to $53.401 million from $33.159 million, NAL's net interest margin improved from 2.48% in the fourth quarter of 2006 to 2.50% in the first quarter of 2007 but was substantially below the margin of 2.96% in the first quarter of 2006. Total non-interest income rose to $14.229 million from $12.233million in Q1-06. The ratio of nonperforming loans to total loans at 3-31707 was 0.41% as compared to 0.33% at 12-31-06. The ratio of nonperforming assets to total assets at 3-31-07 was 0.23% as compared to 0.17% at 12-31-06. NCC Reports Q1 EPS of $0.50 vs. $0.74 in Q1-06 PRNewswire 4-30 National City Corporation reported Q1-07 net income of $319 million [$.50/share] compared to $459 million [$.74/share] for Q1-06. Q4-06 earnings were $842 million [$1.36/share] including a nonrecurring gain of $1.00 per diluted share from the sale of First Franklin nonconforming mortgage origination and servicing platform, partially offset by charges associated with the retained First Franklin portfolio. Q1-07 results included further charges associated with the retained First Franklin portfolio. ROE in Q1-07 was 8.98% compared to 24.93% in Q4-06 and 14.91% in Q1-06. ROA in Q1-07 was 0.94% compared to 2.44% in Q4-06 and 1.33% in Q1-06. Book value at the end of Q1-07 was $22.12 compared to $23.06 at the end of Q4-06 and $20.69 at the end of Q1-06. Tax-equivalent net interest income was $1.1 billion for Q1-07, approximately equal to the preceding quarter, and down about 6% from the first quarter a year ago. Net interest margin for Q1-07 was 3.69%, compared to 3.73% in Q4-06 [Florida acquisitions cut NIM by four basis points] and 3.81% in Q1-06. Noninterest income for Q1-07 was $621 million, compared to $1.7 billion in Q4-06, and $656 million in Q1-06. The Q4-06 included a $984 million gain on the sale of the First Franklin origination and servicing platform. Nonperforming assets to period-end portfolio loans and other nonperforming assets was 0.80% compared to 0.76% in Q4-06 and 0.63% in Q1-06. Conference call notes Alt-A was about 20% of mortgage initiations. Alt-A's were not made to be held in NCC's portfolio, but are made for sale. NCC's balance sheet will be smaller, more efficient, and lower risk balance sheet in the coming quarters. This gives us a lower capital requirement. First Franklin lost four cents in Q1-07 vs. a 14 cent contribution in Q1-06. NCC's goal is organic household growth and growth in the number of products per existing households. National City Rewards program - Free Swithcing - free use of foriegn ATMS - these programs are producing results. NTRS Reports Q1 EPS of $0.84 vs. $0.74 in Q1-06 Businesswire 4-18 Northern Trust Corporation reported record net income of $.84/share for Q1-07, an increase of 14% from $.74 per share a year ago. Net income increased 15% to a record $186.7 million, up from $163.0 million earned in Q1-06. ROE in Q1-07 was 19.2% compared to 18.22% in Q1-06. ROA in Q1-07 was 1.33% compared to 1.33% in Q1-06. Book Value at the end of Q1-07 was $18.43 compared to $18.03 in Q4-06, $18.06 in Q3-06, $17.48 in Q2-06 and $16.98 in Q1-06. Northern Trust's first quarter consolidated revenues reached a record $823.8 million, up 11% from Q1-06. Trust, investment and other servicing fees increased 10% from last year to a record $488.9 million and represented 59% of first quarter revenues. Total fee-related income represented 74% of revenues. Net interest income rose 10% from a year ago to a record $210.3 million and foreign exchange trading income increased 20% to $67.2 million. Net interest income for the quarter, stated on a fully taxable equivalent basis, totaled $210.3 million, up 10% from $190.6 million reported in the prior year quarter. The net interest margin equaled 1.68%, down from 1.79% in the prior year quarter. The decline in the net interest margin reflects the significant growth in global custody-related deposits which have been invested primarily in short-term money market assets and securities. ONB Reports Q1 EPS of $0.16 vs. $0.31 in Q1-06 Prime Newswire 4-30 Old National Bancorp reported Q1-07 net income of $10.8 million, or $.16 per share. ONB had Charges of $3.7 million [$.04/share] related to balance sheet restructuring, Workforce reductions and process improvement costs of $1.4 million [$.01/share], Property write-downs and lease termination costs associated with branch closures totaling $2.0 million [$.02/share], and Conversion costs associated with St. Joseph and miscellaneous costs totaling $0.6 million [slightly under $0.01/share]. ROA in Q1-07 was .52% compared to 1.00% in Q1-06. ROE in Q1-07 was 6.74% compared to 12.68% in Q1-06. Book value at the end of Q1-07 was $9.65 compared to $9.53 at the end of Q1-06. Net interest income in Q1-07 was $56.031 million compared to $59.488 million in Q1-06. Net interest margin in Q1-07 was 3.00% compared to 3.18% in Q1-06. Total fees, service charges and other income during the first quarter of 2007 were $36.2 million, a decrease of $5.2 million from the first quarter of 2006 and a decline of $1.0 million from the fourth quarter of 2006. The first quarter of 2006 contained a $3.0 million gain from the sale of a financial center in O'Fallon, Illinois and $2.4 million in seasonal commission adjustments, or contingency income, from the insurance business. Non-Performing Loans to Ending Loans ratio in Q1-07 was 1.23% compared to 1.06% in Q1-06. SKYF Reports Q1 Net Income of $0.44 vs. $0.46 in Q1-06 PRNewswire 4-19 Sky Financial Group reported net income for Q1-07 of $51.6 million [$.44/share] compared to $50.6 million [$.46/share] for Q1-06. ROA in Q1-07 was 1.18% compared to 1.31% in Q1-06. ROE in Q1-07 was 11.03% compared with 13.07% for Q1-06. Book value at the end of Q1-07 as reported at Yahoo was $16.38. Net interest income for Q1-07 was $142.8 million, up 7.5% from $132.8 million in Q1-06. The net interest margin for Q1-07 was 3.64%, up 5 basis points from Q4-06 and down 14 basis points from Q1-06. The increase in the net interest margin performance from Q4-06 was primarily the result of mid-fourth quarter balance sheet restructuring activities. The decrease from Q1-06 was primarily the result of compressed interest rate spreads from an unfavorable interest rate environment and the effects of the addition of Union Federal Bank in Q4-06 that had a lower margin, which were partially offset by the fourth quarter balance sheet restructuring. Non-interest revenues were $68.8 million, up from $56.7 million in Q1-06. At 3-31-07, non-performing loans to total loans was 1.14% versus 1.07% at 12-31-06 and 1.16% at 3-31-06. SNV Reports Q1 EPS of $0.45 vs. $0.43 in Q1-06 Businesswire 4-23 Synovus' Q1-07 earnings grew 9.1% over Q1-06 to $146.8 million, which represented earnings per share growth of 4.7% to $.45 per share. ROA in Q1-07 was 1.86% compared to 1.96% in Q1-06. ROE in Q1-07 15.94% compared to 17.88% in Q1-06. Book value per common share at the end of Q1-07 was $11.74 compared to $11.39 at the end of Q4-06 and $10.02 at the endof Q1-06. Net interest income grew 8.4% over Q1-06 as total loans grew 12.5%, while loan growth excluding acquisitions was 11.0%. The net interest margin for the quarter was 4.10%, compared to 4.20% in Q4-06 and 4.32% in Q1-06. The linked quarter margin decline exceeded our expectations, primarily due to demand for, as well as continued growth in, higher cost deposit products and the impact of the inverted yield curve on fixed rate loan pricing. The average yield on earning assets in Q1-07 was 7.82% compared to 7.83% in Q4-06 and 7.81% in Q3-06. The average yild on interest bearing liabilities in Q1-07 was 4.41% compared to 4.32% in Q4-06 and 4.18% in Q3-06. Non-interest income was up 5.3% over the first quarter last year with increases in mortgage revenue of 23.0%, bankcard fees of 12.6%, fiduciary and asset management fees - which include trust, financial planning and asset management fees - of 4.7%, and brokerage and investment banking revenue of 7.2%. The ratio of nonperforming assets to loans and other real estate was 0.68%, up from 0.50% last quarter and 0.45% in Q1-06. Conference call notes The net interest margin [4.10% vs., 4.32% in Q1-06] compression exceeded our expectations. This was due to a [1] greater than expected decrease in DDAs; [2] growth in core deposits came from accounts that were at the highest end of cost range - in CDs and money market accounts; while [3] Growth in NPAs triggered NIM dilution. In Q2 and beyond that are opportunities - with maturities in assets and liabilities - that can improve NIMs. NPAs went to .68% from .45% in Q4 and .50% in Q1-06. This came from several banks and was mainly in real estate loans. But SNV has high LTVs. In Q1-07 there were .13% charge offs vs. .26% for all of 2006. Loans growth was $25.2 billion or 12.5% with growth in commercial, real estate, commercial and industrial (C&I), retail, and home equity while there was a decline in credit card loans. Deposits were up 12.3% - 10.8% excluding acquisitions - due to growth in CDs and money market accounts. Income was up 8.4% from Q1-06 and was driven by growth in the balance sheet. Non Interest income was up 5.3% from Q1-06 and was driven by NSFs [up 5%], mortgage revenue [up 23%] and card fees [up 12.6%]. SNV is not in sub prime of Alt-A. TYSY net income was up 13.7% vs. Q1-06. Processing fees from Sears and Banc of America were included in Q1-06 and that is now gone. Margins in the 25-26% range are expected for 2007. In last 12 months there were 132 million new accounts for TYSY. International revenues were up 47%. Priorities - [1] commercial banking strategy to increase C&I while CRE volumes are expect to decline. SNV has 1,000 machines in customer hands for remote deposits. [2] SNV retail strategy continues the same. Retail deposits grew 13.6%. SNV opened 24,000 new checking accounts with goal of 100,000 for 2007. [3] SNV continues to expand into new markets. SNV opened 20 new branches in 2007. Eight opened in Q1-07, mainly in growth markets [Tampa, Savannah, Birmingham and Memphis]. [4] TYSY [a subsidiary that processes third party credit card accounts] spin off decision is coming. The QnA Session: Nancy Bush asked what part of rise in NPA came from Atlanta. SNV: 27% was from Atlanta, Florida was 36% [old condo loans] and 37% of increase was outside Florida and Atlanta. Neither Tennessee nor Alabama were sources of rising NPAs. Nancy asked when SNV spins off TYSY, will you have to restructure? Having TSYS has been powerful for growth and counter cyclical standpoint. Cap structure would need to be leveraged - tuff for another banks. Unlocking value would be good. Nancy observed that the TSYS ownership has allowed SNV to have higher CRE loans - so would that change if you spun off TYSY? SNV: We do not share that opinion. But we will probably use growth in C&I to replace earning assets from TYSY. Jennifer Demba asked for loan growth in Q1 by geography. SNV: Atlanta was up 6.92%. SNV's Coastal region was up 7.8. C&I was up 26% in coastal region. Outside of those two - 12.5% growth with C&I up 7.5%. Some 53% of loans are in Georgia, 13.8% in Florida, 14% in South Carolina, 14% in Alabama and 4.5% in Tennessee. Jennifer noted SNV's growth in residential and land loans and wanted more color. SNV: We had 33% annualized growth in loans to fund retail shopping centers. Land loan growth was up 14%. SNV noted that they have strong LTV ratios - with no losses in real estate segment due to them being conservative. Steve Applenapolis asked that since customer preference is causing CD deposits to rise - why did SNV think margins will be stable going forward. SNV: Some of the cause of the decline in DDAs account balances was seasonal. SNV has half billion dollars in CDs with yields north of 5.75% coming due in 2007, and they have the expectation that they can retain that business while replacing those CDs at a lower rate. Half of those CDs are yielding over 6%. So as SNV reprices those CDs, things will get better. Also, SNV has about $500 million of their securities portfolio rolling over in last 3 quarter of 2007 at rates averaging 3.97%. As those securities come due, we should be able to replace those with securities yielding in the 5% neighborhood. Tony Davis asked about SNV's opportunities that will come from the AmSouth-Regions merger. SNV: There is consolidation happening all around us - and there is a competitive opportunity due to some AmSouth customers being uneasy with the change. Other banks in the region are also trying to pick up business. Kevin Fitzsimmons asked about the M&A outlook - and would an acquisition wait until the TSYS deal is done. SNV: M&A will wait the TSYS deal is out of the way. North Carolina and Florida markets are the top two markets we have targeted for future expansion. Michael Rogers asked if SNV has had any recent dialogue with regulators on their Real Estate portfolio practices - or its high percentage of outstanding loans. SNV: We are consulted by the OCC, the FDIC, the Federal Reserve, state of Georgia and Florida. All these issue guidance - and we have done what the guidance says. But we are not getting pressure to change or decrease real estate loans. Nancy Bush noted that SNVs prior guidance on margin was at 4.20%. Is that no longer active? SNV: One of assumptions from Q4 was assumed Fed rate reductions and we no longer expect a rate reduction. Our current guidance is for NIMs 4.10%. David George asked about SNV's asset management business. SNV: We are building it one customer at a time. One of our strengths is in the family management group. It has a nice customer base and a sound reputation. The Capital Markets group out of FMS has room for improvement. In 2006 the brokers - 55 or so - were brought into the banks. The banks CEOs now manage the brokers, and that has caused volumes to jump dramatically now that the banks recognize that income. Jeff Davis asked are NPAs are expected to be up. SNV: In some of the markets, the NPA growth is slower. The 90 days past due group is only 11 basis points - and this would have been 8 basis point if we included loans that close past end of quarter. Our residential loans are staying in check. The lot inventory is up. So we could see some rise - but not a dramatic rise. Jeff asked are the processing volumes at TYSY telling you there is a slow down - or is that just media chatter? SNV: We have never been in same cycle as the national economy. And during previous slow downs, we continue to grow - just at slower rate. TYSY transactions continue to grow. Michael Rogers - what worries you the most over next 12 moths? SNV: Short term - two issues - margins and credit quality within real estate loans - especially residential. Long term - the issue is growth - to grow revenues at the higher end. SUSQ Reports Q1 Net Income of $0.40 vs. $0.38 in Q1-06 Businesswire 4-24 Susquehanna Bancshares announced net income for Q1-07 was $20.7 million [$0.40/share] compared to $17.7 million [$0.38/share] for Q1-06. ROA in Q1-07 was 1.03% compared to 0.96% in Q1-06. ROE for Q1-07 was 8.95% compared to 9.19% in Q1-06. Book Value per Share at the end of Q1-07 was $18.23 compared to $16.72 at the end of Q1-06. Net interest income in Q1-07 was $63.048 million compared to $59.737 million in Q1-06. Net interest margin for the first quarter decreased 9 basis points to 3.67% compared to 3.76% for Q1-06. Total interest- earning assets at the end of Q1-07 were $7.047 billion and earned $121.295 million or 6.98% compared to assets of $6.501 billion earning $104.459 million or 6.52%. Total interest-bearing liabilities at the end of Q1-07 were $6.115 billion earning $57.479 million or 3.81% compared to assets of $5.578 billion earning $44.225 million or 3.22%. Total noninterest income in Q1-07 was $34.280 million compared to $29.850 million in Q1-06. Total nonperforming assets at the end of Q1-07 was $35.451 million compared to $21.344 million in Q1-06. Conference Call Notes: SUSQ does have some subprime loans. But they represent a very small piece of total laon volume, and all of those loans are made for sale using underwriting by the purchasing third pary without recourse. We will decrease this going forward - still using non-recourse terms. SNV's targets for 2007: NIM of 3.67%; loan growth of 10%; deposit growth of 8%; noninterest inccome growth of 3%. We are conducting a direct mail campaigne. At the midpoint of that campaigne we have 77% of our new account goals. SNV launched its remote deposits program in Q3-06 and that is going well. SNV's 'ATM Freedom' feature - where customer with a $2,500 plus balance gets service charge rebates if they use non-SUSQ ATM - is going well. In response to questions, SNV replied that their loan loss provision was down in Q1 because they sold loans. Their average yield on loans were up due to the loan sales - and due to writing more variable rate loans at an average yield of 8.5% than fixed loans with an average yield of 7.5%. Q1-07's growth in insurance commissions was due to timing - there are more renewals in Q1. USB Reports Q1 EPS of $0.63 vs. $0.63 in Q1-06 Businesswire 4-17 U.S. Bancorp reported net income of $1,130 million for Q1-07, compared with $1,153 million for Q1-06. Diluted earnings per common share were $.63 for Q1-07 and for Q1-06. ROA was 2.09% compared to 2.23% in Q1-06. ROE was 22.4% compared with 23.3% in Q1-06. Book value per common share at the end of Q1-07 was $11.37 compared to $11.44 in Q4-06 and $10.80 in Q1-06. Total net revenue for Q1-07 was $3,362 million, $23 million (.7%) higher than Q1-06, primarily reflecting a 5.1% increase in noninterest income [$1.696 billion], partially offset by a 3.4% decline in net interest income [$1.666 billion compared with $1.725 billion in Q1-06] from a year ago. Noninterest income growth was driven by organic business growth and expansion in payment processing and trust businesses. Net interest margin was 3.51% [expected to decline 5 to 10 basis points over the next few quarters] compared to 3.56% in Q4-06 and 3.80% in Q1-06. The 29 basis point fall in margin can be broken down into an 11 point fall due to tighter spreads which was due to both-competive loan pricing and a change in mix of assets. Also the cost of funding was up due to a mix shift to higher cost deposits. Conference call notes: Lorrie Applebomb of Goldman Sachs asked for USB's sub prime stats and wanted to know if they saw any indication of future problems. The USB's stats were: $3.1 billion residential first mortgages 2.1% of loan portfolio - average FICOs of 622 - charge offs just above 1%. $0.9 billion home equity loans - .6% of portfolio - FICOs of 653 and charge offs 2.5%. $399 million auto sub prime - .3% of loans - FICOs of 570-575 range and change offs just over 3.4%. All sub prime - totaled $4.4 billion - 3% of portfolio - with 624 average FICOs and just over 1.5% in charge offs. Charge-offs compared to Q4 was changing slowly. For first mortgages charge off in Q1-06 was .78% year ago vs. 1% today. Home equity charge-offs were 1.5% compared to 2.5% today. Auto loans had 4.7% charge-offs last year falling to 3.4% today. USB projected that total loans in the sub prime segment will grow slightly over the year. We have capped ourselves on these kinds of loans. Gary Townsend of Freedman Billings Ramsey asked about USB's deposit growth given that they have a new team working on that issue along with new branches. USB: We do not pay the highest rates - we are on the lower end and have been that way for 13 years. The mix in businesses is more important. Gary asked on the credit quality front - why are you guys so confident you will not face deteriorization? USB: For the last couple of years our slower growth in loans was due to the fact that we did not take high risks. The actions that we did not take in the last few years will aid us in years to come in credit quality. David Hilder of Beare Sterns wanted more info of USB's new effort in New York - what is target? USB: we hired a senior manager to bring customers with her so that we would have some out of footprint corporate lending activities. We are expansive in 24 states in our footprint. Some of those existing customers needed NYC/east coast service. Nancy Bush of NAB Research stated that USB, in their Q4-06 outlook for net interest income, had projected margin stability. But that did not happen. Was that a function of the yield curve or due to other factors? USB: We are chagrined that we forecasted incorrectly. Inflection point has not hit. Loan yields are coming down - we did not think that possible. We incorrectly predicted corporate customers moving to higher yielding deposits. At end of 10 point fall we do see the inflection point. Management activities accentuated fall in NIM. USB accelerated its stock repurchases because, due to out Heritage Bank purchase, we were required to be out of the market for a set time period. That caused our accelerated repurchase of shares. Nancy noted that deposit service charges continue to decline - USB replied that was primarily was by actins in the commercial accounts. Half of the decline was due to seasonality [due to less days in the quarter] - and half of the decline was due to less in overdraft charges. Mike Mayo with Deuthche Bank noted the USB's average net interest margin, since the big merger five years ago, was averaging 4.20%, but last year it averaged 3.65% - and in 2007 the forecasted range is even lower. What changed? USB: The yield curve and credit spreads. Our risk profile was too high before, and as we became more conservative the margins fell. Also, we have had strong growth in our corporate payment business - and as that grew, that hurts margin. Our changing portfolio composition also hurt. Mike noted that in corporate banking, going from regional to national, USB will now compete against bigger players with more products to sell. Mike also noted that USB paid out 165% of earnings returned to shareholders in buyback and dividend. Why not do less buybacks and do more deals? USB: We are looking for small deals - but no attractive deals have come along. xxx with JP Morgan stated the USB had left the national condo financing - and now USB is going to national corporate lending. Why now? USB: In commercial real estate lending, we have exited the riskier markets. USB is still has the fourth largest real estate portfolio in the country. When USB's partners/clients left the higher risk markets, we left with them. USB is targeting selected national corporate clients - the triple A credit rated customers - and we will attempt to gain national corporate customers to generate more fee income. John McDonald with Banc of America asked specifically what the seasonal pressures in Q1 were. USB: [1] pressure on net interest income due to there being less days in the quarter. [2] Pressure on fee income due to lower deposit service charges and slower 'payment' business [payments segment is strong for USB in Q3 due to high government mix in USB's clientele]. Also, there are higher FICA taxes in Q1. Matt O'Conner with USB asked if USB expected earnings to be flat in 2007 because the comps were tough. USB: Since the slope of curve [which is seasonal] is historically strongest in Q2 and Q3 - and we expect that in 2007 - we expect some EPS increase. WL Reports Q1 Net Income of $0.62 vs. $0.64 in Q1-06 Businesswire 4-20 Wilmington Trust Corporation reported net income for Q1-07 of $43.0 million and EPS of $0.62/share. This was $0.02 less than for Q1-06. ROA for Q1-07 was 1.59% compared to 1.76% in Q1-06. ROE for Q1-07 was 16.42% compared to 17.42% in Q1-06. Book value at end of Q1-07 was $15.90 compared to $15.30 at the ned of Q1-06. Net interest income in Q1-07 was $ 90.9 million compared to $87.3 million in Q1-07. Effective January 1, 2007, the company changed the way it calculates the quarterly net interest margin to a day-weighted methodology more in line with industry standards. Net interest margin for Q1-07 was 3.67% comapred to 3.67% in Q4-06, 3.85% in Q3-06, 3.84% in Q2-06 and 3.82% in Q1-07. Noninterest income in Q1-07 was $91.4 million compared to $82.7 million in Q1-06. Ratio of nonperforming assets to loans was 40 bps in Q1-07, 44 bps in Q4-06 and 54 bps in Q1-06. WL increased its quarterly dividend, raising it by $0.02, from $0.315 per share to $0.335 per share, payable May 15, 2007, to stockholders of record as of May 1, 2007. VLY Reports Q1 EPS of $0.41 vs. $0.33 in Q1-06 PRNewswire 4-18 Valley National Bancorp reported net income of $49.4 million for Q1-007 compared to $40.9 million for Q1-06, an increase of 20.8%. Adjusting for a five percent stock dividend declared April 11, 2007, payable May 25, 2007 to shareholders of record on May 11, 2007, fully diluted earnings per common share were $0.41 for the first quarter of 2007 as compared to $0.33/share from Q1-06. Annualized ROA in Q1-07 was 1.63% compared to 1.34% in Q1-06. Annualized ROE in Q1-07 was 21.57% in Q1-07 compared to 17.40% in Q1-06. Book value at the end of Q1-07 was $7.74 compared to $7.63 at the end of Q1-06. Net interest income on a tax equivalent basis was $97.8 million for Q1-07, a $2.5 million decrease from Q1-06 and a decrease of $524 thousand from Q4-06. The moderate decline in net interest income during the quarter was mainly a result of a decrease in loan prepayment penalties and two less days during the first quarter of 2007 compared to Q4-06. The net interest margin was 3.45% for Q1-07, an increase of 3 basis points from Q4-06 and a decrease of 5 basis points from Q1-06. The cost of average interest bearing liabilities declined 13 basis points from the fourth quarter of 2006 as Valley continued its efforts to reduce higher cost funding sources. However, the yield on average interest earning assets decreased 5 basis points mainly due to a 16 basis point decline in the yield on average total loans from the three months ended December 31, 2006. Non-interest income for the first quarter of 2007 increased $21.7 million, or 112.0 percent from $19.4 million for the quarter ended March 31, 2006 mainly due to the $16.4 million gain on sale of the Manhattan office building. Stifel Nicolaus Analyst Cautions Against Hoping Lower Interest Rates Will Rescue Banks AP 4-13 Stifel Nicolaus analyst Christopher Mustacio has a message for people hoping for bad news on the economy, presuming that will prompt the Federal Reserve to cut interest rate targets: Be careful what you wish for. With economic growth slowing and the upheaval in mortgage lending threatening to spill into other parts of the economy, Mustacio said some investors are banking on lower interest rates to rekindle spending, credit quality, the housing market and bank profits. The clearest path to lower interest rates involves economic reports showing the dangers of a recession overshadowing risks of inflation. So some bank shareholders actually have their fingers crossed for bad news, he said. Mustacio cautioned against such thinking. If the economy were to fall into serious trouble, the fallout would more than offset the benefit of a more favorable interest-rate environment, he said. Squeezing a little more from the difference between borrowing costs and lending yields wouldn't compensate for loan defaults and credit deterioration, he said. In short, the prevailing hope that the Fed will rescue banks by cutting interest rates is misguided, he said. "Not only are we tired of trying to determine when/if the Fed will cut interest rates, we are starting to believe that it is irrelevant," he wrote in a client note. "Bank stocks may be more tied to the health of the consumer than the actual level of interest rates or the shape of the yield curve." Mustacio initiated coverage of a group of banks Friday with an "Underweight" rating. He said the only thing that can save banks from weaker profits is a "Goldilocks" economy with lower interest rates and steady credit, a scenario he sees as increasingly unlikely. Ratings & Dividend Changes On 4-24 M&I raised its quarterly dividend by 14.8% to 31 cents per share from 27 cents per share payable on June 8, to shareholders of record May 25. On 4-25 ASBC raised its dividend 7%, to 31 cents from 29 cents May 15 to shareholders of record as of May 7. On 4-17 FULT raisied its dividend to 15 cents per share, will be payable on July 15 to shareholders of record as of June 20. On 4-20 Citigroup Downgraded FITB from Buy to Hold. On 4-18 RBC Capital Upgraded CMA from Underperform to Sector Perform. On 4-18 Oppenheimer Upgraded MTB from Sell to Neutral. On 4-18 BMO Capital Markets Downgraded USB from Outperform to Market Perform. On 4-13 Stifel Nicolaus Initiated FITB at Hold, Downgraded NCC from Hold to Sell, and Downgraded USB from Buy to Hold. On 4-12 Deutsche Securities Initiated FITB at Sell, Initiated CBH at Hold, Initiated CMA at Sell, Initiated NCC at Sell, Initiated NTRS at Buy, Initiated USB at Sell, and Initiated WL at Hold. On 4-10 Morgan Keegan Initiated FITB at Market Perform. On 4-02 AG Edwards Downgraded NCC from Hold to Sell. On 3-21 Keefe Bruyette & Woods on Wednesday cut its rating on National City Corp. to underperform from market perform on higher anticipated credit costs and higher projected near-term capital requirements. "Although the recent mid-quarter update reflected relatively stable bank performance, we are becoming more cautious in our outlook regarding the performance of the First Franklin and home equity portfolios," KBW said in a note to clients. On 3-01 Stifel Nicolaus Initiated coverage of MI and SNV at Buy, and Initiated coverage of BBT, CMA, NCC, and VLY at Hold. On 3-05 Punk, Ziegel & Co Downgraded CMA from Market Perform to Sell. On 3-13 Boenning & Scattergood Upgraded CRBC from Market Perform to Market Outperform. On 3-16 Citigroup upgraded MTB to hold from sell, citing valuation. "We continue to view this as one of the premier management teams in banking, and our prior sell rating was simply based on our view that the valuation had gotten too rich," Citigroup said. "With the stock trading at our target price, we believe the risk/reward is slightly more favorable today than previously." On 3-27 Ryan, Beck & Co Downgraded FULT from Outperform to Market Perform and Sun Trust Rbsn Humphrey Downgraded FULT from Buy to Neutral. On 3-08 SNV announced a 5.1% increase in its quarterly cash dividend to $0.2050 per share, up from $0.1950 per share. On 3-15 STT announced a quarterly dividend of $0.21 per share, payable April 16, 2007, to stockholders of record as of April 2, 2007. State Street's quarterly dividend rate is 11% higher than a year ago. Home Page Factoids Previous Update |