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ASBC Reports $0.52 vs. $0.57 in Q1-07 Bussiness Wire 4-17 Associated Banc-Corp reported net income of $66.5 million [$.52/share] compared with $73.4 million [$.57/share] for Q1-07. Noninterest revenue included a $5 million gain recorded related to the Visa IPO, and a $3 million loss related to other-than-temporary impairment on net investment securities gains. ROA was 1.25% compared with 1.46% in Q1-07. ROE was 11.34% compared with 13.35% in Q1-07. Book value per share rose to $18.71. Net interest income was $165 million, up from $159 million for Q1-07. The net interest margin was 3.58% compared to 3.62% for Q1-07. Earning assets yielded 6.33% compared with 7.03% in Q1-07. Interest-bearing liabilities cost 3.19% compared with 4.02% in Q1-07. Core fee-based revenues were $61.3 million, up 2% over $60.1 million for Q1-07, led by a 3% increase in deposit service charges and a 4% increase in retail commissions. Total nonperforming assets were $234.255 million [1.07% of assets and 1.48% of loans] compared with $169.459 million [0.83% and 1.03%] in Q1-07. Net charge offs were $15.970 million [0.41% of loans] compared with $5.068 million [0.14%] in Q1-07. BBT Reports $0.78 vs. $0.77 in Q1-07 Bussiness Wire 4-17 BB&T Corporation reported net income of $428 million [$.78/share] compared with $421 million [$.77/share] for Q1-07. Operating earnings [which excluded $30 million in income associated with the Visa IPO and $3 million in net after-tax merger-related and restructuring charges] were $401 million [$.73/share] compared with $425 million [$.78/share] in Q1-07, which excluded $4 million in net after-tax merger-related and restructuring charges. ROA was 1.29% compared to 1.14% in Q1-07. ROE was 13.30% compared to 14.81% in Q1-07. Book value per share at the end of Q1-08 was $ 23.49. The Tier 1 leverage ratio was 7.3%. BB&T's FTE net interest income totaled $1.0 billion, an increase of 7.4% compared to Q1-07. The net interest margin was 3.54%, up 8 basis points from 3.46% in Q4-07. The increase reflects benefits realized from BB&T's liability sensitive balance sheet, as short-term interest rates have decreased this quarter, and effective control of liability costs. Noninterest income was $737 million compared to $652 million in Q1-07. Insurance commissions were $212 million; Service charges on deposits 154 million; and Investment banking and brokerage fees and commissions were $86 million. Nonperforming assets were $989 million [or 0.73% of total assets] at 3-31-08, compared to $696 million [.52%] at 12-31-07, and $367 million [.30%] at 3-31-07. [$989 million divided by Total loans and leases of $93,951 million generates a self calculated NPA to loan percentage of 1.052%] Annualized net charge-offs were $141 million [.54% of average loans and leases], up from $125 million [.48%] in Q4-07, and $82 million [.29%] in Q1-07. Excluding losses incurred by BB&T's specialized lending subsidiaries, annualized net charge-offs were .32% of average loans and leases compared to .28% in Q4-07 and .13% in Q1-07. CHCO Reports $0.80 vs. $0.76 in Q1-07 PRNewswire 4-25 City Holding Company reported net income of $13.0 million [$0.80/share], a decrease of 1.5% from $13.2 million [$0.76/share] in Q1-07. CHCO recognized a $3.3 million gain from the Visa IPO and incurred charges of $1.2 million for the early redemption of all of the CHCO's 9.15% trust preferred securities in the amount of $16.0 million. ROA was 2.09% compared with 2.10% in Q1-07. ROE was x.xx%. Book Value per share was $18.92 compared with $17.62 at the end of Q1-07. The Tier I Capital ratio is 13.96%. FTE net interest income decreased 2.2%, from $24.7 million during Q1-07 to $24.1 million during Q1-08. This decrease is attributable a decrease of income from securitized loans partially mitigated by an increase in the yield and a decrease in income from loans as investment yields decreased more quickly than the interest expense on deposits. The net interest margin was 4.40% as compared to 4.41% in Q1-07. Total Non-Interest Income was $17.035 million compared with $14.371 million in Q1-07. CHCO's non-performing assets to total loans and other real estate owned increased slightly from 1.20% at December 31, 2007 to 1.21% at March 31, 2008. CHCO's had net charge-offs of $0.6 million [0.14% of average loans outstanding]. Net charge-offs on commercial and residential loans were $0.4 and $0.2 million, respectively. CMA Reports $0.73 vs. $1.19 in Q1-07 PRNewswire 4-17 Comerica Incorporated reported income from continuing operations of $110 million [$0.73/share] compared to $117 million [$0.77/share] for Q4-07 and $189 million [$1.19/share] for Q1-07. Q1-08 included a $159 million provision for loan losses, compared to $108 million for Q4-07 and $23 million for Q1-07.ROE was 8.51% compared to 14.86% in Q1-07. ROA was 8.42% compared to 14.89% in Q1-07. Book value was $34.93. Net interest income was $476 milion compared to $489 million in Q4-07 and $502 million in Q1-07. Net interest margin was 3.22% compared to 3.43% in Q4-07 and 3.82% in Q1-07. Noninterest income was $237 million compared to $203 million for Q1-07. Noninterest income included the $21 million gain on the sale of Visa shares. Net credit-related charge-offs were $110 million [85 bps as a percent of average total loans] compared to $64 million [50 bps] for Q4-07. Charge-offs were high due to real estate loans, and most ofthe problems real estate loans were in California. In California, the median sales price of existing single family homes declined almost 14% from Q4-07 (and declined 30% from one year ago). Nonperforming assets were $560 million [1.07% of total loans and foreclosed property] compared to $423 million [0.83%] in Q4-07 and $233 million [0.49%] in Q1-07. CRBC Reports $0.15 vs. $0.41 in Q1-07 PRNewswire 4-17 Citizens Republic Bancorp reported net income of $11.1 million [$0.15/share] compared with $31.5 million [$0.41/share] in Q1-07. Citizens recorded a gain of $2.1 million due to the receipt of proceeds from the partial redemption of its Visa shares and reversed the liability of $0.9 million recorded in Q4-07 in connection with Visa's recent litigation. ROA was 0.33% compared with 0.94% in Q1-07. ROE was 2.83% compared with 8.23% for Q1-07. Book value at the end of Q1-07 was $20.82. Net Interest Income was $88.312 million compared with $98.341 million in Q1-07 while the Provision for loan losses was $30.619 million compared with $3.500 million in Q1-07. this resulted in Net interest income after provision for loan losses of $57.693 million compared with $94.841 million in Q1-07. Net interest margin was 3.12% compared with 3.44% for Q1-07. The decrease was primarily the result of deposit price competition resulting in lower spreads and longer deposit repricing lag-time, a shift in funding mix, continued pricing pressure on commercial loan spreads, and the movement of loans to nonperforming status, partially offset by a shift in asset mix from investment securities to higher yielding commercial loans and an increase in the investment portfolio yield. Noninterest income was $30.9 million, a decrease of $0.5 million from Q1-07. The decrease from was primarily due to lower mortgage and other loan income ($2.8 million), partially offset by higher other income ($1.3 million), bankcard fees ($0.6 million) and brokerage and investment fees ($0.4 million). Nonperforming assets totaled $326.6 million at March 31, 2008, an increase of $75.1 million or 29.8% over December 31, 2007 and an increase of $211.9 million over March 31, 2007. Nonperforming assets at March 31, 2008 represented 3.39% of total loans plus other repossessed assets acquired compared with 2.64% at December 31, 2007 and 1.25% at March 31, 2007. Net charge-offs totaled $17.4 million [0.74% of average portfolio loans] compared with $19.7 million [0.84%] in the Q4-07 and $3.4 million [0.15%] in Q1-07. FITB Reports $0.55 vs. $0.65 in Q1-07 PRNewswire 4-22 Fifth Third Bancorp reported Q1-08 earnings of $292 million [$0.55/share] compared with $359 million [$0.65/share] for Q1-07. Q1-08 results include a gain of $273 million [$0.33/share] related to Visa, a reversal of $152 million in expenses [$0.19/share] in Visa litigation reserves, a charge of $144 million [$0.21/share after-tax, to further reduce the current cash surrender value of one of our Bank-Owned Life Insurance policies, and expenses related to acquisitions/mergers of $8 million and severance expenses of $9 million. ROA was 1.06% compared with 1.47% in Q1-07. ROE was 12.5% compared with 14.6% in Q1-07. Book value per share was $17.59 compared with $17.82 at the end of Q1-07. Tier I capital = 7.71%. Net interest income was $826 million compared with $742 million in Q1-07. The net interest margin was 3.41% compared with 3.44% in Q1-07. The increase in net interest income reflected earning assets growth and 28 bps widening in the net interest rate spread. The growth in assets and lower free funding offset the benefits of wider spreads in the net interest margin. Noninterest income of $872 million compared with $608 million in Q1-07. Growth included the $273 million gain from the Visa IPO, partially offset by $144 million charge from a BOLI policy. Payments processing income was up 15%, Deposit service revenue was up 17%, and Corporate banking income was up 30%. Total nonperforming assets were $1.592 billion [1.96% of total loans, leases and ORE] compared with $494 million [0.66%] in Q1-07. Total net losses charged off were $276 million [1.37% of average loans and leases] compared with $71 million [0.39%] in Q1-07. FMBI Reports $0.52 vs. $0.58 in Q1-07 Marketwire 4-23 First Midwest Bancorp reported Q1-08 net income of $25.0 million [$0.52/share] as compared to $29.0 million [$0.58/share] in Q1-07. ROA was 1.25% and ROE was 13.75%. Book value per share was $15.20. Tier 1 Risk Based Capital ratio was 9.19%. Net interest income was $58.500 million compared with $60.370 million in Q1-07 while the provision for loan losses was $9.060 million compared with $2.960 million. Net interest income after provision for loan losses were $49.440 million compared with $57.410 million in Q1-07. Net interest margin remained unchanged 3.53%. With approximately one-half of the loan portfolio tied to floating indices, the 200 basis point decline during Q1-08 in the Fed's discount rate resulted in a decline of 58 bps in average loan yields from Q4-07. This was offset by a decline in our short-term wholesale borrowing rates, a decline in the rates paid on portions of our retail deposits, a widening of loan spreads, and expanded spreads on a portion of our investment portfolio as the yield curve steepened. The cost of liabilities over the quarter decreased 48 bps, which offset total earning asset declines of 38 bps. Fee-based revenues were $23.3 million, up 4.6% as compared to Q1-07. In Q4-07 FMBI ceased originating traditional residential mortgages, which produced fee income that was virtually offset by the cost of those mortgage originations. If revenues from mortgage sales are excluded from Q1-07, the fee-based revenues would be up 8.5% centered in growth in service charges on deposits of 8.7% and growth in annuity sales and trust advisory services of 7.9%. The net loan charge-offs as a percent of average loans was 0.49%. This was an increase from FMBI's historic lows of the past 2 years. Nonperforming assets plus loans past due 90 days as a percent of total loans plus foreclosed real estate was 1.17% at March 31, 2008 and 0.92% at December 31, 2007. Total nonperforming loans were $17.213 million compared with $17.582 million in Q1-07. FMER Reports $0.39 vs. $0.39 in Q1-07 PRNewswire 4-22 FirstMerit Corporation announced Q1-08 net income of $31.4 million [$0.39/share] compared with $31.4 million [$0.39/share] for Q1-07. Q1-08 included a $7.9 million gain from Visa. ROE was 13.56% compared with 14.91% in Q1-07. ROA was 1.22% compared with 1.24% for Q1-07. Book value per share was $11.59 compared with $11.00 at the end of Q1-07. FTE Net interest income was $85.7 million compared with $83.2 million in Q1-07. Net interest margin expansion and average earning asset growth led to increase. Net interest margin was 3.60% compared with 3.58% for Q1-07. Total earning assets were $9.581 billion earning $146.920 million at an average yield of 6.17% [compared with 6.80% in Q1-07]. Total interest bearing liabilities werwe $7.812 billion costing $61.225 million at an average yield of 3.15% [compared with 3.87% in Q1-07]. Noninterest income net of securities transactions $52.3 million, an increase of $3.5 million [7.07%] from Q1-07. Included in Q1-08 is a $7.9 million gain from Visa shares. The primary changes: trust department income was $5.5 million, down 2.61% primarily due to declines in the equity markets; service charges on deposits was $14.7 million, down 9.31% primarily attributable to fewer overdraft items and customer preferences to hold larger balances; credit card fees were $11.2 million, an increase of 3.80%; loan sales and servicing income was $1.4 million, a decrease of $0.3 million, primarily attributable to the current mortgage market environment; and bank owned life insurance income was $3.2 million, up 1.04% due to a tax free exchange of policies resulting in higher yields. Net charge-offs were $11.315 million compared with $7.945 million in Q1-07. Nonperforming assets were $35.301 million [0.65% of average loans] compared with $34.199 million [0.45%] in Q1-07. FULT Reports $0.24 vs. $0.24 in Q1-07 Market Wire 4-22 Fulton Financial Corporation reported Q1-08 net income of $41.496 million [$0.24/share] compared with $41.128 million [$.24/share] in Q1-07. ROA was 1.05% compared with 1.12% in Q1-07. ROE was 10.53% compared with 11.06% in Q1-07. Book Value per share at the end of Q1-08 was $9.28. Net interest income was $125.899 million compared with $121.775 million in Q1-07. Net interest margin was 3.58% compared with 3.74% for Q1-07 and 3.56% for Q4-07. During Q1-007, interest recoveries on loans and other nonrecurring items added approximately 13 bps to net interest margin, compared to two basis points in Q1-07. Total Interest-earning Assets were $14.557 billion earning $232.919 million at an avereage yield of 6.43%. Total Interest-bearing Liabilities were $12.489 billion costing $103.321 million at an average yield of 3.32%. Non interest income was $36.434 million compared with $37.283 million in Q1-07. Gains on sales of mortgage loans decreased $3.1 million, or 57.1%, and investment management and trust services income declined $1.1 million, or 10.7%. Non-performing assets were $145.3 million [0.90% of total assets] at March 31, 2008, compared to $58.0 million [0.40%] at March 31, 2007. [$145.3 million divided by Total loans and leases of $11,388 million generates a self calculated NPA to loan percentage of 1.276%] Annualized net charge-offs were 0.15% of average total loans, compared to net recoveries of less than one basis point for the quarter ended March 31, 2007 and annualized net charge-offs of 0.15% for the quarter ended December 31, 2007. HBAN Reports $0.35 vs. $0.40 in Q1-07 PRNewswire 4-15 Huntington Bancshares reported net income of $127.1 million [$0.35/share] compared to $95.7 million [$0.40/share] in Q1-07. Earnings were positively impacted by $37.5 million pre-tax [$0.07/share] related to the Visa® IPO and a $11.1 million [$0.03/share] benefit to provision for income taxes. Negative impacts included a $20.0 million pre-tax [$0.04/share]net market-related losses from primarily from MSRs; $11.0 million pre-tax [$0.02/share] of asset impairment primarily in Skybus Airlines, and a $7.1 million pre-tax [$0.01/share] of Sky Financial merger-costs. ROA was 0.93% compared to 1.11% in Q1-07. ROE was 8.7% compared to 12.9% in Q1-07. Book value per common share at end of Q1-08 was $16.13 compared to $16.24 at the end of Q4-07 and $12.95 at the end of Q1-07. Huntington also revised its 2008 full-year reported earnings target to $1.45-$1.50/share, down from the previously targeted amount of $1.57-$1.62/share. The reduction primarily reflected a combination of assumption changes including a lower net interest margin, a higher provision for loan and lease losses, and the impact of a planned issuance of capital securities. Huntington declared a quarterly dividend of $0.1325/share payable July 1, 2008, to shareholders of record on June 13, 2008 - a 50% reduction from the previous quarterly cash dividend of $0.265/share. Fully taxable equivalent net interest income was $382.326 million compared to $259.602 million in Q1-07 - with the increase primarily being Sky Financial merger-related. The net interest margin was 3.23%, down from 3.26% in Q4-07. This reduction primarily reflected the asset-sensitive nature of our balance sheet with a more rapid downward repricing of loans compared with funding costs, primarily deposits, as interest rates declined throughout Q1-08. Non-interest income was $235.752 million compared to $145.177 million in Q1-07. There was a 1% increase in non-performing assets to $1.678 billion from $1.660 billion at the end of the fourth quarter, primarily reflecting an 18% increase in non-accrual loans to $377.4 million from $319.8 million at the end of the fourth quarter, with most of the increase in middle market commercial real estate loans. Period-end NALs represented 0.92% of total loans and leases, up from 0.80% at December 31, 2007. Net charge-offs were $48.4 million or 0.48% of average loans and leases. MBFI Reports $0.17 vs. $0.46 in Q1-07 Business Wire 4-25 MB Financial reported Q1-08 net income from continuing operations of $5.8 million [$0.17/share] compared to $17.2 million [$0.46/share] for Q1-07. Two frauds discovered which resulted in $5.9 million in partial charge-offs and downgraded due to potential problem status three additional commercial loans totaling $42.5 million. There was an additional $17.0 million provision for loan losses, as well as the impact of non-core other income and non-core other expenses was to reduce net income from continuing operations by $10.3 million [$0.29/share]. ROA was 0.30% compared with 0.93% in Q1-07. ROE was 2.66% compared with 8.63% in Q1-07. Book value per share was $25.15 compared with $23.46 at the end of Q1-07. Tier 1 capital to average assets was 8.29%. Net interest income was $53.463 million compared with $51.897 million in Q1-07. The Provision for loan losses increased to $22.540 million compared with $3.813 million in Q1-07, resulting in Net interest income after provision for loan losses was $30.923 million compared with $48.084 million in Q1-07. FTE Net interest margin was 3.22% compared with 3.35% in Q1-07. Total interest earning assets were $6.939 billion earning $109.872 million at an avereage yield of 6.37% compared with 6.85% in Q1-07. Total interest bearing liabilities were $6.042 billion costing $54.339 million at an avereage yield of 3.62% compared with 4.09% in Q1-07. Non interest income was $24.537 million compared with $22.944 million in Q1-07. Deposit service fees were $6.530 million; Merchant card processing $4.530 million; Lease financing $3.867 million; Loan service fees $2.470 million; and Trust and asset management fees $2.220 million. Excluding the fraud issues, charge-offs were $3.0 million. Net charge-offs were $8.879 million [0.63% of average loans] compared with $4.091 million [0.33%] in Q1-07. During Q1-08 MBFI experienced a $20.5 million increase in non-performing loans. Total non-performing assets were $52.879 million [0.87% of total loans] compared with $23.602 million [0.46%] in Q1-07. MI Reports $0.56 vs. $0.65 in Q1-07 PRNewswire 4-15 Marshall & Ilsley reported net income of $146.2 million [$0.56/share] as compared to $168.8 million [$0.65/share] in Q1-07. M&I recognized pre-tax income of $39 million due to the redemption of 39% of MI's VISA shares and a related litigation reserve adjustment and also recorded a $20 million tax benefit related to positive developments in the U.S. tax court. Loan charge-offs were up $116.4 million. Based on income from continuing operations, ROA was 0.94% as compared to 1.24% for Q1-07. ROE was 8.4% as compared to 10.9% for Q1-07. Book Value at the end of Q1-08 was $27.09 compared to $24.90 at the end of Q1-07. FTE net interest income was $437.5 million compared to in Q1-07. The net interest margin was 3.09%, down 4 basis points on a linked quarter basis, and down 11 basis points from Q1-07. NIM was negatively impacted by non-performing assets, the cash acquisition of First Indiana Corporation, and share repurchase activity. Interest Earning Assets had an average yield of 6.25% compared to 7.15% in Q1-07. Interest Bearing Liabilities had an average cost of 3.72% compared to 4.60% in Q1-07. Total Non-Interest Revenues were $211.2 million compared to $155.6 million in Q1-07. Wealth Management incomes was $71.9 million compared to $60.7 million in Q1-07; Service Charge on Deposits were $35.7 million vs. $27.7 million; and Net Investment Securities Gains were $25.7 million vs. $1.6 million. Net charge-offs were $131.1 million [1.08% of total average loans and leases] compared to $14.7 million [0.14%] in Q1-07. Non-performing loans and leases were $787.0 million [1.60% of total loans and leases] at March 31, 2008, compared to 2.00% at December 31, 2007, and $351.7 million [0.83%] at March 31, 2007. MTB Reports $1.82 vs. $1.57 in Q1-07 PRNewswire 4-15 M&T Bank Corporation reported Q1-08 net income of $202 million [$1.82/share] compared with $176 million [$1.57/share] in Q1-07. Results for Q1 reflect $29 million [$.26/share] resulting from M&T Bank's status as a member bank of Visa. GAAP-basis ROA was 1.25% compared with 1.25% in Q1-07 and ROE was 12.49% compared with 11.38% in Q1-07. Book value was $58.92. FTE net interest income totaled $485 million compared with $456 million in Q1-07. Higher average loan balances outstanding were the most significant contributor to the increase, partially offset by lower net interest margin, or FTE net interest margin declined to 3.38% from 3.64% in Q1-07. The decline was attributable to higher loan balances which were funded in part by wholesale borrowings, the full quarter impact of the Q4-07 acquisition transactions, the full quarter impact of the Q4 subordinated note issuance and the recent quarter's issuance of Enhanced Trust Preferred Securities. Total earning assets in Q1-08 were $57.713 million yielding 6.20% compared with $50.693 million yielding 6.93%. Total interest-bearing liabilities were $49.987 million costing 3.26% compared with $42.704 million costing 3.90%. Noninterest income totaled $312.663 million, compared with $236.483 million in Q1-07. That increase was due to a $26 million rise in mortgage banking revenues, higher deposit account service charges of $9 million and the $33 million gain realized from the mandatory liquidation of a portion of MTB's holdings of Visa. The largest items in this category were Service charges on deposit accounts were $103 million; Trust income of $40 million; Mortgage banking revenues of $40 million; and a Gain on bank investment securities of $33 million. Loans classified as nonperforming totaled $495 million [1.00% of total loans], up from $273 million [.63% of loans] in Q4-07. Loans past due 90 days or more and accruing interest were $81 million compared with $118 million at 3-31-07. Net charge-offs of loans during the recent quarter were $46 million, compared with $17 million in Q1-07. NAL Reports $0.13 vs. $0.09 in Q1-07 Business Wire 4-29 NewAlliance Bancshares announced Q1-08 net income of $12.9 million [$.13/share] compared to $9.3 million [$.09/share] for Q1-07. ROE increased 92 bps to 3.66% from 2.74% in Q1-07. Book value per share increased to $13.03. Tier 1 leverage capital ratio was 11.20%. Net interest income after provision for loan losses was $44.306 million compared with $42.405 million in Q1-07. Net interest margin was 2.56% compared to 2.50% for Q1-07. Total interest-earning assets were $7.179 billion earning $102.214 million at an average yield of 5.70%. Total interest-bearing liabilities were $6.174 billion costing $56.208 million at an average yield of 3.64%. Non-interest income was $15.666 million compared to $14.229 million in Q1-07 - and increased due to marked increase in investment management, brokerage and insurance fees due to the sales of fixed annuity products resulting from a favorable yield curve and strong marketing efforts. Nonperforming loans were $18.989 million [0.40% % of total loans] compared with $18.502 million [0.41%] in Q1-07. Nonperforming assets as a % of total assets was 0.24% compared with 0.23% in Q1-07. [$19.546 million divided by Total loans and leases of $4,758.954 million generates a self calculated NPA to loan percentage of 0.411%] Net charge-offs were $0.099 million [0.01% of average loans] compared with $0.217 million [0.02%] in Q1-07. NBTB Reports $0.43 vs. $0.41 in Q1-07 Business Wire 4-29 NBT Bancorp reported net income of $13.7 million [$.43/share] compared with $14.1 million [$.41/share] in Q1-07. ROA was 1.07% compared with 1.13% in Q1-07 and ROE was 13.68% compared with 14.06% in Q1-07. Book Value per share was $12.65 compared with $11.99 at the end of Q1-07. Tier 1 Capital Ratio was 9.75%. Net interest income was $44.1 million compared with $40.6 million in Q1-07. FTE net interest margin was 3.84% compared with 3.63% for Q1-07. Although the yield on interest earning assets decreased 22 bps, the yield on interest bearing liabilities declined 49 bps, which contributed to the increase. The yield on money market deposit accounts declined from 3.45% for the three months ended 3-31-07 to 2.37% for the three months ended 3-31-08, while the yield on time deposits decreased 30 bps for the same periods. The yield on short term borrowings declined 163 bps for the three months ended 3-31-08 as compared to the three months ended 3-31-07, as a result of the 300 bps drop in the Fed Funds Target Rate. Noninterest income was $16.1 million compared with $12.7 million for Q1-07. The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards. Nonperforming loans at March 31, 2008 were $30.4 million or 0.87% of total loans and leases compared with $30.6 million or 0.88% at December 31, 2007. Net charge-offs totaled $4.2 million [0.48% of average loans and leases], down from $14.1 million [1.63%] for the three months ending December 31, 2007, and up from $2.1 million [0.25%] for the three months ended March 31, 2007. NCC Reports - $0.27 vs. $0.50 in Q1-07 PRNewswire 4-21 National City reported Q1-08 net income [loss] of $171 million [$.27/share] compared to a net loss of $333 million [$.53/share] in Q4-07, and net income of $319 million [$.50/share] for Q1-07. The Q1-08 loss principally reflects a provision for loan losses of approximately $1.4 billion [compared with $122 million in Q1-07], partially offset by a gain on Visa shares of $532 million and a release of Visa indemnification liabilities of $240 million. ROA and ROE were not given due to being negative - but Yahoo gave them as being -0.12 and -1.33%. Book value was $20.61. FTE net interest income was $1.1 billion, down about 4% compared to both Q4 and Q1-07. Average earning assets were $134.6 billion, about equal to Q4, and an increase of 11% compared to Q1-07, largely due to a September 2007 acquisition. Net interest margin was 3.18%, 3.30% in Q4-07, and 3.69% in Q1-07. The lower margin reflects lower loan yields driven by decreases in the Fed Funds rate, while funding costs have declined less. Noninterest income was $1.1 billion, $597 million for Q4-07, and $621 million in Q1-07. Net securities gains were $515 million, which included a $532 million gain on the Visa IPO. Net charge-offs were $538 million, $275 million in Q4, and $147 million in Q1-07. The higher charge-offs are concentrated in the previously identified residential real estate portfolios. Nonperforming assets were approximately $2.3 billion, up from $1.5 billion at December 31, 2007, with the increase primarily driven by higher levels of nonprime mortgage, residential construction and formerly held-for-sale mortgage loans. Loans 90 days past due were $1.8 billion at March 31, 2008, compared to $1.9 billion at December 31, 2007. Nonperforming assets to period-end portfolio loans and other nonperforming assets was 1.95%. NTRS Reports $1.71 vs. $0.82 in Q1-07 PRNewswire 4-15 Northern Trust Corporation reported Q1-08 net income of $385.2 million [$1.71/share] compared with $186.7 million [$0.84/share] in Q1-07. earnings included $244.0 million [$0.68/share] from the Visa IPO. Excluding the Visa transaction, net operating earnings per common share was $1.03. ROE was 33.63% compared with 19.21% in Q1-07. ROA was 2.28% compared with 1.33% in Q1-07. Book Value was $21.62. Tier 1 Capital risk ratio was 9.6%. FTE Net interest income totaled $266.1 million compared with $214.4 million in Q1-07. Average earning assets of $59.6 billion were 17% higher than a year ago driven by growth in short term money market assets and loans. The net interest margin was 1.79%. Total Noninterest Income [which included $167.9 million from Visa] was $879.9 million compared with $609.4 million in Q1-07. Trust, Investment and Other Servicing Fees were $526.8 million compared with $488.9 million in Q1-07 - up 8%. Foreign Exchange Trading Income was $113.2 million compared with $67.2 million in Q1-07 - up 69%. Net charge-offs totaled $2.4 million compared with $2.2 million in Q1-07. Nonperforming loans totaled $27.7 million [.10% of total loans and leases] at March 31, 2008, compared with $23.2 million at December 31, 2007 and $35.1 million at March 31, 2007. ONB Reports $0.29 vs. $0.16 in Q1-07 Prime Newswire 4-28 Old National Bancorp reported Q1-08 net income of $19.3 million [$0.29/share] compared with [$0.16/share] in Q1-07. Q1-08 was impacted by an additional $17.0 million in provision for loan losses relating to the misconduct of a former Indianapolis loan officer. In an unrelated matter, ONB benefited from a $6.6 million reversal of income tax liability related to previous accruals for uncertain tax positions and Q1-08 contained gains of $4.5 million on calls and sales of securities and $1.5 million related to VISA shares, along with a loss of $0.7 million on derivatives. ONB reaffirm 2008 EPS outlook $1.13 to $1.19/share. ROA was 1.01% while ROE was 11.51%. Book Value was $10.20. FTE net interest income was $64.2 million with a net interest margin of 3.68% compared with $62.2 million and a margin of 3.56% for Q4-07 and 3.00% in Q1-07. Total fees, service charges and other revenue totaled $43.052 million compared to $37.410 million for Q1-07. Non-Performing Loans were $104.6 million compared with $70.2 million in Q1-07. Non-Performing Loans to Ending Loans were 1.50%.Net Charge-Off Ratio 1.21% compared with .52% in Q1-07. SNV Reports $0.24 vs. $0.30 in Q1-07 Business Wire 4-24 Synovus reported Q1-08 net income of $81.0 million [$0.24/share] compared to income from continuing operations of $100.4 million [$0.30/share] for Q1-07. ROA was 0.99% compared with 1.33% in Q1-07. ROE was 9.43% compared to 10.91% in Q1-07. Shareholders’ equity on 3-31-08 was $3.53 billion or 10.45% of quarter-end assets. Book value per share was $10.69. Net interest income was $278.6 million compared to $282.9 million in Q1-07. Total loans grew 9.4%. The net interest margin was 3.71%, compared to 3.86% in Q4 and 4.05% in Q1-07. Of the 15 basis point decrease in margin from Q4, 3 basis points were related to increased credit costs. Total Interest Earning Assets were $30.336 billion at an average yield of 6.69%. Total Interest Bearing Deposits were $21.771 billion at an average rate of 3.46%. Total non-interest income was $139.976 million compared with $87.503 million in Q1-07. Excluding the $34.2 million from the Visa IPO, Synovus’ non-interest income was up 15.9% over Q1-07 with increases in brokerage and investment banking revenue of 13.9%, mortgage banking income of 12.9%, service charges of 7.7%, bankcard fees of 2.9%, and fiduciary and asset management fees – which include trust, financial planning, and asset management fees of 1.2%. Nonperforming Assets were $679.325 million [2.49% of loans and ORE] compared with $170.500 million [0.68%] at the end of Q1-07. Of the $173 million increase in nonperforming loans, 84% was in the Atlanta area. The net charge-offs were $63,813 million [0.95% of loans] compared to $8.148 million [0.13%] in Q1-07. SUSQ Reports $0.33 vs. $0.40 in Q1-07 Business Wire 4-23 Susquehanna Bancshares announced net income of $28.0 million [$0.33/share] compared to $20.7 million [$0.40/share] for Q1-07. ROA was 0.87% compared with 1.03% in Q1-07. ROE was 16.35% compared with 14.70% in Q1-07. Equity capital was $1.7 billion at 3-31-08 [$20.16/share] compared to $950.7 million [$18.23/share] at 3-31-07. Net interest income was $98.181 million compared with $63.048 million in Q1-07 while the Provision for loan and lease losses was $9.837 million compared with $2.000 million in Q1-07 resulting in Net interest income after provision of $88.344 million compared with $61.048 million in Q1-07. Total interest-earning assets were $10.947 billion earnings $181.219 million at an average yield of 6.66% compared with 6.98% in Q1-07. Total interest-bearing liabilities were $9.779 billion costing $80.312 million at an average yield of 3.30% compared with 3.81% in Q1-07. The Net interest margin was 3.71% compared to 3.67% for Q1-07. Total noninterest income was $42.902 million compared with $34.280 million in Q1-07 with the increase being led by an almost $5 million gain in Service charges on deposit accounts. Net charge-offs were $5.411 million [0.25% of average loans and leases] compared with $2.854 million [0.21%] in Q1-07. Total nonperforming assets were $91.991 million [1.03% of loans, leases and ORE] compared with $35.451 million [0.66%] in Q1-07. USB Reports $0.62 vs. $0.63 in Q1-07 Business Wire 4-15 U.S. Bancorp reported Q1-08 net income of $1.090 billion [$0.62/share] compared with $1.130 billion [$0.63/share] for Q1-07. Several significant items were reflected in the quarterly results, including a $492 million gain related to the Visa IPO and $253 million of impairment charges on structured investment securities purchased in Q4-07 from certain money market funds managed by an affiliate. Also included incremental provision for credit losses of $192 million, the adoption of a new accounting standard which resulted in a $62 million reduction to pretax income, a $25 million contribution to the U.S. Bancorp Foundation and accrued $22 million for certain litigation matters. These items taken together had an approximate impact of ($.02) per diluted common share. ROA was 1.85% compared with 2.09% in Q1-07. ROE was 21.3% compared with 22.4% for Q1-07. Book value at the end of Q1-08 was $11.55 compared with $11.60 at the end of Q4-07 and $11.37 at the end of Q1-07. Net interest income was $1.830 billion compared to $1.666 billion in Q1-07. The net interest margin increased to 3.55% compared with 3.51% in Q1-07 due to growth in higher spread assets, the benefit of USB's current asset/liability position in a declining interest rate environment and related asset/liability re-pricing dynamics, short-term funding rates were marginally lower, and by an increase in yield-related loan fees. Earning assets yield was 6.32% compared with 6.81% in Q1-07. Rate paid on interest-bearing liabilities were 3.20% compared with 3.88% in Q1-07. Noninterest income was $2.044 billion compared to $1.723 billion in Q1-07. Trust and investment management fees were $335 million vs. $322 million in Q1-07; Merchant processing service fees were $271 million vs. $252 million; Deposit service charge fees were $257 million vs. $247 million; and Credit and debit card revenue was $248 million vs. $206 million. Nonperforming assets totaled $845 million [0.53% of loans and other real estate] compared with $582 million in Q1-07 [0.40%]. Total net charge-offs were $293 million compared with $177 million in Q1-07. Conference call: A higher level of provision for credit losses is expected to continue in 2008. Geographies with greatest stress are the real estate stressed areas of California, Arizona, Nevada and Florida, and the auto industry stressed areas of Michigan and Ohio. Conditions continue to get worse, 'but it is not Amergedeon'. Stronger banks are gaining market share in every single category - there is a flight to quality for both deposit security [above FDIC levels] and the ability to supply loans in the corporate and middle market side, but not so much from consumers. USB is not distracted by downsizing or reconstructing the company, which is a problem for some other banks, and should result in superior performance over the long term. No stock buy-backs projected in Q2, but expect some in the second half of the year. USB is a bit liability sensitive, which helped margins. Capital is king - and USB is generating capital. The dividend must be protected and is our first concern. Delinquencies are up, but income tax refunds are coming along with the stimulus package checks. Those who are going 90 days delinquent are having harder times getting out of delinquency. During the last stimulus package, those funds tended to go into higher checking account balances, higher loan paydowns and credit card paydowns and lower NSF fees. NPAs are up, but those will not be total losses. USB's reserves [1.5% of loans] are up and are one of the highest in the business. Restructured loans are not included in NPAs. VLY Reports $0.25 vs. $0.39 in Q1-07 PRNewswire 4-24 Valley National Bancorp reported Net income of $31.6 million [$0.25/share] compared to $49.4 million [$0.39/share] for Q1-07. The decline was mainly attributable to an after tax one-time gain of $10.3 million ($16.4 million pre-tax) recognized on the sale of a Manhattan office building in Q1-007 and an after tax decline of $5.3 million ($8.5 million pre-tax) in net gains on the change in the fair value of trading assets and liabilities from Q1-07. Q1-08 results contained $1.6 million pre-tax gain from redemption of Visa and $3.2 million in net losses before income taxes on the change in fair value of trading assets and liabilities. ROA was 1.00% compared with 1.63% in Q1-07. ROE was 13.25% compared with 21.57% in Q1-07. Book value was $7.61 compared with $7.36 at the end of Q1-07. The tier 1 leverage ratio was 7.58%. FTE Net interest income was $97.0 million, a $742 thousand decrease from Q1-07 and an increase of $235 thousand from Q4-07. The linked quarter increase was mainly a result of a decline in funding costs of $5.6 million, or 33 bps, mostly offset by a 31 bps decrease in yield on interest earning assets. Both of the declines resulted mainly from a decrease in interest rates as the average target Federal funds rate decreased 131 basis points from the linked quarter in response to three rate cuts by the Federal Reserve totaling 200 bps during Q1-08. The FTE net interest margin 3.35%, a decrease of 6 bps from 3.41% for Q4-07 and a decrease of 10 bps from 3.45% for Q1-07. The cost of average interest bearing liabilities decreased 33 basis points from Q4-07, mainly due to a decrease in the cost of deposits. The yield on average interest earning assets decreased by 31 bps from Q4-07 due to a 36 bps decrease in yield on average total loans as compared to Q4-07. VLY's cost of total deposits remained relatively low by industry standards at 2.18% compared to 2.49% for Q4-07. The decrease of 31 bps was primarily due to lower rates on savings, NOW and money market accounts, and normal repricing of time deposit maturities at lower interest rates during Q1-08. Non-interest income decreased $19.0 million from $41.1 million for Q1-07 mainly due to the $16.4 million gain on the sale of a Manhattan office building during Q1-07. Net loan charge-offs were $3.9 million compared to $1.1 million for Q1-07. Total non-performing assets totaled $33.3 million [0.38% of loans], relatively unchanged from $32.7 million [0.38% of loans] at December 31, 2007. WL Reports $0.62 vs. $0.62 in Q1-07 Business Wire 4-18 Wilmington Trust reported Net income of $41.4 million [$0.62/share] compared to $43.0 million [$0.62/share] for Q1-07. Approximately $4.9 million was recorded in other noninterest income for WL'S share of the proceeds from Visa's IPO. ROE was 14.79% compared with 16.42% in Q1-07. ROA was 1.47% compared with 1.59% in Q1-07. Book value at the end of Q1-08 was $16.99 compared with $15.90 at the end of Q1-07. Net interest income was $86.9 million compared with $90.8 million in Q1-07. Total earning assets had an average yield of 6.27% compared with 7.22% in Q1-07. Total interest-bearing liabilities had an average yield of 3.28% compared with 4.05% in Q1-07. Due to the FOMC’s rate reductions since September 2007, short-term market interest rates at the end of Q1-08 were 200 bps lower than at the end of Q4-07, and 300 basis points lower than at the end of Q1-07. During Q1-08, this translated into a 65 bps decrease in the yield on WL's interest-earning assets, but only a 46 bps decrease in the cost of funds to support earning assets. Between the ends of March 2007 and March 2008, the yield on earning assets fell 95 bps, but the cost of funds declined only 65 bps. As a result, the net interest margin fell to 3.37%. This was 19 basis points lower than for Q4-07 and 30 bps lower than for Q1-07. Noninterest income was $102.8 compard with $91.4 million in Q1-07. Wealth Advisory Services fees were $55.7 million; Corporate Client Services fees $26.0 million; and Service charges on deposit accounts 7.6 million. Total nonperforming loans were $77.7 million [0.88% of loans] at the end of Q1-08 compared with $32.6 million [0.40% of loans] at the end of Q1-07. Net loans charged off were $4.7 million [0.05% of average loans] compared with $3.3 million [0.04%] in Q1-07. Delinquent Auto Loans Are on the Rise Ylan Q. Mui, Washington Post 4-20 Although auto loans have fixed interest rates -- many consumers are finding that they have taken on more debt than they can handle to purchase their cars as well. Delinquencies on indirect auto loans, which are made through a third party and constitute roughly 90% of car loans, reached more than 3% in Q4-07, the highest rate in at least 17 years, according to the American Bankers Association. Delinquencies are defined as payments that are more than 30 days past due. The reasons for that rapid rise are varied, and anecdotal evidence suggests that the delinquencies affect a broad swath of economic classes. Some are the result of homeowners with ballooning mortgages making tough decisions about which bills they can afford to pay. Other car owners succumbed to repayment plans of as long as seven years, compared with the traditional maximum of five years. As a result, Edmunds.com estimates, more than a quarter of auto loans are "upside down," meaning the borrower owes more than the car is worth. The average negative equity was $4,305.05 in March, up 32% from March 2002. According to Edmunds.com, about 1.6 million autos will be repossessed this year, about a 10% growth over last year. Ratings & Dividend Changes On 4-01 B. Riley & Co Initiated WL at Neutral. On 4-02 Morgan Keegan Upgraded FITB from Underperform to Market Perform. On 4-03 Bear Stearns Upgraded NCC from Underperform to Outperform. On 4-16 Sterne Agee Initiated BBT at Sell. On 4-18 Fox Pitt Upgraded BBT from Underperform to In Line. On 4-23 BMO Capital Markets Upgraded FITB from Market Perform to Outperform. On 4-25 Bernstein Upgraded SNV from Market Perform to Outperform. On 4-18 Fitch Ratings announced that it is considering downgrading CRBC after the bank reported a sharp slowdown in profit for Q1 because of bad credit. The beleaguered real estate market in Michigan is hamstringing a lot of the bank's borrowers. About 3.39% of CRBC's $9.6 billion in loans are not being repaid. The bank wrote off $17.4 million in Q1-08. Fitch is considering cutting Citizens Republic's "BBB-" issuer-default rating. On 4-18 Punk, Ziegel analyst Richard Bove upgraded CMA to "Market Perform" from "Sell". Comerica's earnings are now "more in line with economic events," as the company has been adding to a reserve account that was traditionally low, Bove said. "The past and the future of this bank is commercial lending and now it appears that commercial lending is recovering across the nation," Bove said in a note to clients. Bove cut his 2008 earnings outlook to $2.96/share from $3.08/share while the consensus Thomson Financial expect average estimate is $3.06/share. Bove kept a $38 price target, implying he expects the stock to rise about 12% over Friday's $34.02 close. Goldman Sachs analyst Brian Foran removed Comerica from the "Conviction Sell List" Sunday. Foran still kept a "Sell" rating on the company. On 4-15 NTRS declared a dividend of $0.28/share payable on July 1, 2008, to stockholders of record on its transfer books at 5:00 p.m. CDT on June 10, 2008. On 4-17 NAL declared a dividend of $0.07/share to be paid on May 16, 2008 to shareholders of record on May 6, 2008. On 4-18 WL declared a dividend of $0.345/share to be paid on May 15, 2008, to shareholders of record on May 1, 2008. On 4-22 FULT declared a dividend of $0.15/share payable on July 15, 2008 to shareholders of record as of June 20, 2008. On 4-24 ONB declared a dividend of $0.23/share payable June 16, 2008, to shareholders of record June 2, 2008. On 4-25 MBFI declared a dividend of $0.18/share to shareholders of record as of May 16, to be paid on May 30. On 4-24 MBTB declared a dividend of $0.20/share to be paid on June 15, 2008 to shareholders of record as of June 1, 2008. Home Page Factoids Previous Update |