|
Factoids Yahoo Banks Excite Banks Banking News Bankstocks.com 2008 Updates Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan 2007 Updates Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan 2006 Updates Dec Nov Oct Sept Aug July Jun6 May April Mar Feb Jan 2005 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 2004 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 2003 Updates Dec Nov Oct |
The Q1-09 div is used for yield calculations while not all Q1 dividends have been declared Using the Forecaster Model In 2006, geography was destiny - and the metrics were misleading. It was a winning strategy to 'avoid' California and Oregon and 'buy' Texas and Oklahoma. The stocks that the analyst liked did not out-'total return' the stocks the analysts did not like. The low yielders failed to out-return the high yielders. Nor was buying the high P/E stocks or high Price/Book stocks a winning strategy. In a sector where the dividend payout ratio varies from 21% to 80%, it is not a surprise that the dividend discount model fails to be predictive. This sector sells at a fairly consistent P/E ratios despite wide variations in CAGRs. That is not logical. And the CAGRs also fail to be predictive of the stocks with high price to book ratios. That is not logical. I am not giving up hope that this sector can be forecasted. But my readers should be pessimestic about the predictions in the forecaster spreadsheet until it shows more signs of some success. This is the link to the 2006 stats for this sector, showing the projections based on 2006 begining of the year stats - along with the 2006 returns in the 'forecasting' spreadsheet which is the last of five spreadsheet posted - or roughly in the middle of the long page. This is the link to the 2007 stats page. BOKF Reports $0.53 vs. $0.76 in Q4-07 Business Wire 1-26 Tulsa, Oklahoma's BOK Financial reported Q4-08 net income of $35.4 million [$.53/share] compared with x million [$0.76/share] for Q4-07. [2008 EPS was $2.27]. ROA was 0.63%. ROE was 7.46%. Book value per share was $27.36. Tier 1 capital ratio was 9.42%. the Total capital ratio was 12.84%. The Leverage ratio was 7.89%. The tangible common equity ratio was 6.64%. Net interest revenue totaled $176.447 million compared with $141.289 million in Q4-07 while the provisions for credit losses was $73.001 million compared with $13.200 million in Q4-07 resulting in revenues after provisions of $103.446 million compared with $128.089 million in Q4-07. Net interest margin was 3.57%. The widening of the spread between LIBOR and the federal funds rate, which began in Q3-08 continued into Q4. LIBOR is the basis for interest earned on many of our loans. The federal funds rate is the basis for interest paid on many of our interest-bearing liabilities. The widening spread increased NIM by approximately 15 bps in Q4 and 8 bps in Q3. This spread has largely narrowed to a historically normal level by the end of the fourth quarter. The FTE yield on earning assets was 5.28% while the yield on interest-bearing liabilities was 2.02%. Fees and commissions revenue totaled $109.9 million, $126.7 million for Q3-08, and $113.4 million for Q4-07. The $16.8 million reduction in fees and commissions from Q3-08 was due primarily to a $7.3 million decrease in brokerage and trading revenue, a $3.0 million decrease in trust fees and a $1.6 million decrease in fees earned on margin assets. Net loans charged off were $33.659 million or 1.05% of average loans. Non-performing assets totaled $342 million [2.65% of outstanding loans + OREO] compared with $252 million [1.98%] in Q3-08. Non-performing assets included $10 million of restructured residential mortgage loans guaranteed by agencies of the U.S. government. Non-accruing commercial loans totaled $135 million or 1.82% of total commercial loans. Non-accruing commercial real estate loans totaled $137 million or 5.08% of outstanding commercial real estate loans. Non-accruing permanent residential mortgage loans totaled $26 million or 2.06% of outstanding residential mortgage loans. Approximately 3.36% of the indirect automobile loan portfolio is past due 30 days or more. OREO totaled $29 million. With Total Assets of $22.734 billion, NPAs were 1.50% of assets. BOH Reports $0.82 vs. $0.83 in Q4-07 Business Wire 1-26 Honolulu's Bank of Hawaii reported Q4-08 Net income of $39.3 million [$0.82/share] compared with $40.9 million [$0.83/share] in Q4-07. [2008 EPS was $3.99] ROA [Net Income to Average Total Assets] was 1.52%. ROE [Net Income to Average Shareholders' Equity] was 19.56%. Book Value Per Common Share was $16.56. The Tier 1 leverage ratio was 7.30%. FTE Net interest income was $106.1 million compared with $99.7 million in Q4-07. The net interest margin was 4.43% compared with 4.12% in Q4-07. Total Earning Assets of $9.577 billion earned $134.4 million at an average yield of 5.60%. Total Interest-Bearing Liabilities of $7.539 billion cost $28.3 million at an average yield of 1.49%. Of BOH's $134,186 million in total interest income, $95.598 million came from Interest and Fees on Loans and Leases, and $38.239 million came from Income on Investment Securities. Noninterest income was $54.5 million compared $60.3 million in Q4-07 and $57.0 million in Q3-08. The decrease compared to the previous quarter was largely due to a charge of $7.1 million due to the change in fair value of mortgage servicing rights offset by a $2.6 million increase in the fair value of trading securities, and a reduction of $1.9 million in trust and asset management fees. Q4-07 noninterest income included a gain of $3.1 million on the sale of unused real estate. Non-accrual loans were $14.5 million at December 31, 2008, up from $5.1 million at December 31, 2007, and up from $5.6 million at September 30, 2008. As a percentage of total loans and leases, non-accrual loans were 0.22 percent at December 31, 2008. The increase in non-accrual loans was primarily in the commercial segment. Total Commercial NPLs of $9.003 million plus Total Consumer NPLs of $5.518 million plus OREO 0.428 million resulted in Total Non-Performing Assets of $14.949 million. With Total Assets of $10.763 billion, NPAs were 0.14% of assets. Net charge-offs were $10.6 million or 0.64% annualized of total average loans and leases compared to $5.4 million in Q4-07 and $7.4 million in Q3-08. BXS Reports $0.20 vs. $0.39 in Q4-07 PRNewswire 1-22 Tupelo, Mississippi's BancorpSouth reported Q4-08 Net income of $16.8 million [$0.20/share] compared with $32.2 million [$0.39/share] for Q4-07. Fair value adjustments driven by market conditions related to the valuations of our mortgage servicing asset and certain investment securities and reduced Q4-08 net income by $15.3 million [$0.18/share]. [2008 net income was $1.45/share] ROA was 0.50%. ROE was 5.39%. Book value was $14.92. Tier 1 risk-based capital was 10.79% at year end and total risk based capital was 12.04%. Net interest revenue increased 1.5% to $111.3 million from $109.7 million for Q4-07. The FTE net interest margin increased to 3.74% from 3.72% in Q4-07. BXS' asset/liability management strategies are designed to increase interest revenue and decrease interest expense by funding loan growth with the proceeds of maturing lower yielding investment securities, short-term borrowings from the Federal Home Loan Bank and growth in demand deposits. Because of the decline in interest rates during Q4-08, the comparable quarter interest expense on these short-term borrowings declined significantly. In addition, demand deposits increased by 14.0% at year-end 2008 compared with the end of 2007, while higher cost time deposits decreased by 20.4%. Total interest earning assets of $12.109 billion earned [FTE?] $169.074 million at an average yield of 5.55%. Total interest bearing liabilities of $10.172 billion cost $55.247 million at an average yield of 2.16%. Of BXS' $166.568 million in Total interest revenue, $141.216 million came from loans and leases while $25.238 million came from securities. Noninterest revenue was $39.5 million compared $55.3 million for Q4-07. These results included the pre-tax write down of the mortgage servicing asset of $16.3 million in Q4-08 and $4.5 million for Q4-07. They also included Q4-08 pre-tax write down of $8.6 million of other than temporary impairment of certain investment securities. These securities remain current as to interest payments but their fair value has been negatively impacted by current market conditions. Comparable quarter insurance commission revenue increased 15.9% to $18.8 million and mortgage lending revenue, excluding the decline in the value of the mortgage servicing asset, rose 20.2%. Also included in noninterest revenue in Q4-08 were security gains totaling $2.4 million. Non-accrual loans and leases of $28.168 million [$9.789 million in Q4-07] plus Loans and leases 90+ days past due of $33.373 million [$18.671 million in Q3-07] plus OREO of $46.317 million [$24.281 million in Q4-07] resulted in Total non-performing assets of $107.858 million [$52.741 million in Q4-07]. With Total Assets of $13.480 billion, NPAs were 0.80% of assets. Annualized net charge-offs of $13.8 million were 0.57% of average loans and leases. CATY Reports - $0.08 vs. $0.62 in Q4-07 PRNewswire 1-27 Los Angeles' Cathay General Bancorp reported for Q4-08 a net loss available to common stockholders of $4.0 million [- $0.08/share], which was after the deduction of $1.1 million for dividends on preferred stock, compared to net income of $30.9 million [$0.62/share] in Q4-07. [2008 EPS was $1.00/share] ROA was - 0.10%. ROE was - 1.05%. Book value per share was $20.90. The Tier 1 risk-based capital ratio was 12.07%, total risk-based capital ratio was 13.88%, and Tier 1 leverage capital ratio was 9.79%. Net interest income before provision for credit losses decreased to $74.2 million compared to the $80.4 million during Q4-07. The decrease was due primarily to the decline in NIM which was partially offset by strong growth in loans and investment securities compared to the prior year. The FTE net interest margin was 2.85% compared with 2.88% in Q3-08 and 3.43% in Q4-07. The decrease from the prior year primarily resulted from the lag in the downward repricing of certificates of deposit following the decreases in the prime rate, the increase in the borrowing rate on our long term repurchase agreements and smaller decreases in rates paid on core deposits and other borrowed funds compared to the decreases in the prime rate. The majority of our variable rate loans contain interest rate floors, which help limit the impact of the recent decreases in the prime interest rate. The FTE yield on average interest-earning assets was 5.57% and the cost of funds on average interest-bearing liabilities equaled 3.10%. Non-interest income was $11.6 million compared to $6.6 million for Q4-07. The increase in non-interest income was primarily due to increases in gains on sale of available-for-sale securities of $8.2 million. Offsetting the increase were a $1.7 million other-than-temporary charge on agency preferred stock, a $1.0 million other-than-temporary impairment write-down of CATY's investment in the common stock of Broadway Financial Corporation, and a $270,000, or 16.9% decrease in letters of credit commissions. Net Charge-offs were $30.518 million compared with $2.418 million in Q4-07. With average loans and leases of $7.500 billion, charge-offs were 0.40% of those. Total non-performing loans of $180.596 million plus OREO of 63,892 resulted in Total non-performing assets of $244.488 million. Non-performing assets to total assets was 2.1% at December 31, 2008, compared to 0.8% at December 31, 2007. Total non-performing assets increased $160.8 million, to $244.5 million at December 31, 2008, compared with $83.7 million at December 31, 2007. CBSH Reports $0.58 vs. $0.58 in Q4-07 Business Wire 1-20 Kansas City's Commerce Bancshares announced Q4-08 earnings of $43.8 million [$0.58/share] compared to $43.7 million [$0.58/share] in Q4-07. ROA was 1.04% while ROE was 10.84%. Book value was $20.80. Net interest income amounted to $156.289 million compared to $151.564 million in Q3-08 and $137.467 million in Q4-07. FTE net interest income was $160.133 million. Net interest income after provision for loan losses was $114.956 million compared to $121.997 million in Q3-08 and $123.405 million in Q4-07. The FTE net yield on earning assets was 4.04%, compared with 4.02% in Q3-08 and 3.76% in Q4-07. The increase of $4.7 million in net interest income over Q3-08 was primarily the result of lower rates paid on deposits and other borrowings, coupled with higher average investment securities balances and higher rates earned on these securities. FTE Interest income on loans decreased by $4.1 million due to lower average balances of overall loans coupled with lower loan rates, which have re-priced quickly this quarter given the recent Fed actions to lower rates. Interest expense on deposits declined $2.7 million compared with Q3-08 as a result of lower rates paid on all deposit products, but was partly offset by growth in average certificates of deposit balances. Of CBSH's $209.464 million in Total interest revenue, $165.590 million came from loans and leases while $41.749 million came from securities and $2.125 million came from fed funds sold. Non-interest income was $85.226 million compared with $98.101 million in Q4-07. The decline in non-interest income resulted mainly from lower deposit and trust fee income, coupled with a $9.0 million impairment charge taken on certain held for sale loans mentioned above. Bank card fees increased 2.0% over Q4-07, primarily due to growth in fees earned on corporate card transactions, which grew by 27.7%, but were negatively impacted by lower retail sales this quarter affecting both merchant and credit card fees. Trust fees decreased 5.0% from Q4-07 and reflected the impact that lower markets have had on trust assets. Deposit account fees declined 11.2% from the Q4-07 as a result of an 18.7% decline in overdraft fee income, which was partly offset by growth in corporate cash management fees of 12.5%. Non-performing assets, consisting of non-accrual loans [$72.9 million] and foreclosed property [$6.2 million], grew this quarter from $46.2 million to $79.077 million. The increase in non-performing assets was mainly the result of placing one large residential construction loan relationship within our geographical footprint on non-accrual status. CBSH expects continuing weak economic conditions and deteriorating credit in 2009. With total assets of $17.5 billion, NPAs were 0.45% of assets. Non-Performing Assets to Loans were .70% compared with .32% in Q4-07. Net loan charge-offs amounted to $24.745 million, compared with $18.7 million in Q3-08 and $14.064 million in Q4-07. The increase was mainly the result of continued higher consumer and credit card loan losses, higher losses on construction loans, and an increase in personal real estate loan losses. The ratio of annualized net loan charge-offs to total average loans was .90% in the current quarter compared to .68% in the previous quarter. CFR Reports $0.89 vs. $0.93 in Q4-07 PRNewswire 1-28 San Antonio's Cullen/Frost Bankers reported Q4-08 net income of $53.0 million [$.89/share] compared to $54.7 million [$.93/share] for Q4-07. ROA was 1.47%. ROE was 12.79%. Book value was $29.68. Tier 1 Risk-Based Capital Ratio was 10.30%. Total Risk-Based Capital Ratio was 12.58%. The Leverage Ratio was 8.80%. FTE Net interest income was $143.7 million compared with $135.3 million reported for Q4-07. This increase was impacting by a 6.5% increase in average deposits to $10.9 billion. The net interest margin was 4.60% compared to 4.70% in Q4-07 and 4.74% for Q4-08. Nine pbs of the 14 bps drop from Q3-08 was due to expansion of balance sheet which temporarily went to purchase low yielding fed funds. Non-interest income was $69.2 million compared with $66.4 million in Q4-07. Trust income was $17.5 million, compared to $18.0 million for Q4-07, primarily from lower investment fees resulting from declines in the equities market. Investment fees are assessed based on the market value of trust assets, which totaled $21.7 billion at the end of the year 2008. The drop in investment fees was partly offset by higher oil and gas fees compared to Q4-07. Service charges on deposits were $23.7 million compared to $21.0 million for Q4-07. A decrease in the earnings credit rate for commercial accounts, compared to a year earlier, impacted treasury management fees. When average market interest rates are lower, customers earn less credit for their deposit balances, which, in turn, increases the amount of fees required to pay for services. Non-accrual loans of $65.174 million plus Foreclosed assets of $12.866 million resulted in Non-performing assets of $78.040 million [0.88% of loans + OREO or 0.52% of Total assets]. Non-performing assets were $55.2 million In Q3-08 and $29.8 million at year-end 2007. Net charge-offs were $5.415 million [0.25% of average loans]. From the Conference Call: CFR had a $507 million gain in new deposits for the quarter - the largest increase CFR has ever had without an acquisition - and a credit to CFR being seen as a safe haven in this enviroment. FDIC fees are projected to be up from $4 million in 2008 to $15 million in 2009 [$0.12/share]. We also projected higher loan loss provisions in 2009. During Q4-08 CFR purchased $400 million of AAA Texas shcool fund munis which had a tax equivalent yield of 8.2%. CFR will benefit with higher credit spreads in loan pricing - with less LIBOR based assets and more prime based assets. CFR's $1.2 billion Interest rate swaps is paying us $52 million/year. Past dues of 30 days up were $121 million with those loans 90 days and up being $19 million of the $121 million. While EPS projection for CFR were all over the place, CFR was comfortable with the current 2009 consensus est of $3.42. CFR's potential problem loans totaled $50.8 million, up from $42.4 million in Q4-07. This increase was primarily due to two borrowers. The first was a $19 million loan to an all you cut eat Pizza franchise that was going to be sold, but sale fell through. At one point it was 30 days past due, but it is now current but still in potential problems. The second loan of $11 million was a collection agency - which also planned to sell and the sale fell through. It is CFR's preception that the home building problems appear to be starting to slow. CFR has spent a lot of time looking at the energy portfolio due the volatility in energy pricing. CFR has $590 million in production loans - 63 of which are advanced [or have lots of liquidity]. CFR's loan portfolio is 30% oil and 70% gas. Break even [or liquidity value] pricing on these production laons are at $33.75 for oil $3.75 for gas. Oil loans are 54% hedged at $84.57/barrel while natural gas is 42% hedged at $7.75/MMBTU. There are credit that are 99% hedged and some not hedged at all. The highest price deck on which CFR based a loan was $60 for crude and $6.50 for gas. All loans are for domestic production, very little on the Gulf coast and none is off shore. Loan charge-offs for 2009 are projected at 0.29%. While NPAs are increasing and problems loans are increasing, but charge-offs are not projected. In the bad times in the past, 29 bps is about as high as it has run. When asked for more color on some of the NPAs, CFR repied that the largest NPA was for $11 million, everything else was $2 - $3 million range. Homebuilders dominate the list, with some land, one with an Ike problem [but it was a week sister before the storm], and a loan of $7 million to an insurance company. Take home building sector out - and all you have are managment issues. Weak management shows up faster during recessions. As for Galveston - the post-Ike clean up continues. Insurance checks still coming in. Delinquencies are not as high as expected. CFR has had $7 million in charge-offs related to Ike, with $10 million earlier provisioned. CNB Reports - $4.11 vs. - $0.35 in Q4-07 Business Wire 1-20 Montgomery, Alabama's Colonial BancGroup reported for Q4-08 a net loss of $825 million [- $4.11/share] compared with a loss of $71.210 million [- $0.35/share] in Q4-07. [2008 EPS was -$4.71/share] With assets of $26.036 bilion, ROA was a calculated -12.67%. With Shareholders' equity of $1.564 billion, ROE was a calculated -210.99%. Book value per common share was $7.73. Tier I risk-based capital ratio was 8.88% Total risk-based capital ratio was 13.16%. Tangible capital ratio was 5.38%. Net interest income was $140.716 million compared with $195.201 million in Q4-07 while the Provision for loan losses was $455.000 million compared with $93.295 million in Q4-07, resulting in NII after provision of -$314.284 million compared with $101.906 million in Q4-07. The Net interest margin was 2.37%. Total interest earning assets of $23.995 billion earned $320.217 million at an average yield of 5.32%. Total interest bearing liabilities of $20.922 billion cost $177.418 million at an average yield of 3.37%. [Why so high? Time deposits were 8.815 billion of liabilities and had an avereage yield of 3.90%. Long-term debt was $4.038 billion of liabilities and had an averaege yield of 5.09%] Total noninterest income was $44.786 million compared with $57.316 million in Q4-07. As a result of the asset sales and continued declines in collateral values, Colonial charged-off $415 million in Q4-08. Total nonperforming assets $709.872 million. With total assets of $26.263 billion, NPAs were 2.70% of assets. CYN Reports $0.13 vs. $0.50 in Q4-07 Globe Newswire 1-22 Los Angeles' City National Corporation reported Q4-08 Net income available to common shareholders of $6.5 million [$0.13/share} compared with $46.9 million [$0.96/share] in Q4-07. Excluding after-tax charges of $15.6 million [$0.32/share] for securities and intangible asset impairments, as well as $2.4 million [$0.05/share] for the dividends on preferred stock related to the Capital Purchase Program, Q4-08 net income amounted to $24.5 million [$0.50/share]. [2008 net income was $2.11/share] ROA was 0.22%. ROE was 1.55%. Book value was $34.33. Total risk-based capital was 13.4% and Tier 1 risk-based capital ratio was 11.7%, compared with the minimum regulatory standards of 10.0% and 6.0% for 'well-capitalized' institutions. City's Tier 1 leverage ratio at December 31, 2008 was 10.4%, well above the regulatory minimum ratio of 5.0%. FTE net interest income amounted to $152.6 million, down 4.0% from Q4-07. The net interest margin averaged 4.09% compared with 4.23% in Q3-08. Total interest-earning assets of $14.844 billion had an average yield of 5.13% [6.36% in Q4-07] while Total interest-bearing liabilities of $8.171 billion had an average yield of 1.89% [3.42% in Q4-07]. Noninterest income totaled $55.6 million, down 32% from Q4-07 but up 11% from Q3-08. Excluding securities impairment charges, noninterest income was down 10% from Q4-07. Total net charge-offs were $24.681 million compared with only $12.794 million in Q3-08 and $3.863 million in Q4-07. Loans to homebuilders for residential land acquisition, development and construction accounted for 46 percent of the 2008 net charge-offs. Total nonaccrual loans of $211.142 million plus OREO of $11.388 million resulted in Total nonperforming assets of $222.530 million [compared with $75.561 million or 0.48% of assets in Q4-07]. Nonperforming assets as a percentage of Total loans + OREO was 1.79% while NPAs to Total assets was 1.35%. EWBC Reports - $0.05 vs. $0.59 in Q4-07 Business Wire 1-28 Pasadena's East West Bancorp reported Q4-08 net income of $2.4 million, but after increased preferred stock dividends, the Net income available to common stockholders was - $3.019 million [-$0.05/share] compared with $37.245 million [$0.59/share] in Q4-07. Due to having a bottom line positive income while having a loss of income available to common, the ROA was a positive 0.08% while the ROE was a negative 1.12%. [2008 EPS was - $0.94/share] Q4-08 included a provision for loan loss of $43.0 million and impairment write-down of securities of $9.7 million. Book value per common share was $16.94. The Leverage Capital Ratio was 12.36%. Tier 1 Capital Ratio was 13.85%. Total Risk-Based Capital Ratio was 15.83%. Net interest income before provision for loan losses was $76.854 million compared with $106.608 million in Q4-07 while Provision for loan losses was $43 million compared with $9 million in Q4-07 resulting in Net interest income after provision for loan losses of $33.854 million compared with $97.608 million in Q4-07. The net interest margin was 2.72%. Total interest-earning assets of $11.219 billion earned $149.907 million at an average yield of 5.30%. Total interest-bearing liabilities of $9.144 billion cost $73.053 million at an average yield of 3.17%. Noninterest income was - $0.863 million compared with $13.978 million in Q4-07, with the decrease mainly due to an impairment writedown on investment securities of $9.653 million. Total Nonaccrual Loans over 90 days past due $182.151 million plus Total Nonaccrual Loans under 90 days past due $32.456 million plus Modified or Restructured Loans of $10.992 million plus OREO of $38.302 million resulted in Total Non-Performing Assets of $263.901 million [compared with $200.574 million in Q3-08 and $193.076 million in Q3-08]. Nonperforming assets to total assets ratio was 2.12%. Net charge-offs were $41.5 million compared to $39.7 million in Q3-08. Some 63% or $26.2 million of the charge-offs were from land and residential construction loans. Net chargeoffs to average loans was 2.02%. From the Conference Call: One of the main things that is hurting margins is the deposit shift to CDs. This is a different time that requires differnt strategies. We are seeking $250K jumbo CDs. We want small retail accounts and checking accounts too. It is easier to get good loans at good rates than it is to get deposits because no-one wants loan while everyone wants more deposits. Big banks, which use to have loan to deposit ratios of 150-160%, now want more deposits. Investment banks are becoming retail banks and wants deposits. So margin was a victim of the competivie market for deposits. But - old CDs are going to be re-pricing down. And the funds that we will be borrowing from the Federal Home Loan Bank is going down 40 to 50 basis points. We are competitive on money market accounts, which are lower costing than DCs. So we see NIM increasing in 2009. What are your expectations on rent roll trends in 2009 - and how will that affect your commercial real estate loans? EWBC: Some borrowers are experiencing challenges from vacencies. But our borrowers have an average debt coverage ratio over two. So we do not see them walking away from their properties. An analyst wanted more NPA color due to their increase in the quarter. EWBC: There were three big loans were added to NPAs: two in northern California and one in the Inland Empire and they were two hotels and one office property. We have new appriasals and the LTV is fine and we see no loss content on two of those. Commerical loans were not industry specific - two large and some small loans. FNB Reports - $0.21 vs. $0.28 in Q4-07 PRNewswire 1-26 Hermitage, Pa's F.N.B. Corporation reported for Q4-08 a net loss of $18.9 million [- $0.21/share] compared to $17.1 million [$0.28/share] for Q4-07. [2008 EPS was $0.44] Q4-08 included an increase in the provision for loan losses, and $20.1 million (pre-tax) of non-cash impairment charges related to certain investments, which in total reduced Q4-08 earnings by $0.47/share. The higher provision for loan losses related primarily to building the allowance for loan losses in recognition of a weaker economic environment and higher net charge-offs for FNB's Florida and Pennsylvania loan portfolios. The impairment charges consisted of $16.0 million related to investments in pooled trust preferred securities, $3.4 million related to investments made by FNB Capital and $0.7 million related to investments in bank stocks. ROA was -0.89% while ROE was -7.74%. Book value was $10.32. The leverage capital ratio was 7.34%. The estimated total risk-based capital ratio was 11.1%. FTE Net interest income totaled $70.0 million, a decrease of 0.7%, or 2.9% on an annualized basis, reflecting a lower NIM partially offset by higher average earning assets compared to Q3-08. The net interest margin narrowed to 3.88%, compared to 3.97% in Q3-08, primarily due to a 6 bps effect from non-accrual loans, in addition to the effect of competitive deposit pricing following two separate 50 bps federal funds rate cuts in October 2008. The non-accrual effects included a 3 bps negative impact from interest income reversals on new non-accrual loans in Q4-08, while Q3-08 included a 3 bps benefit from interest recognized on previously non-accruing loans returned to accrual status due to sustained payment performance. The FTE Yield on earning assets was 6.25% while the Cost of funds was 2.66%. Total deposits were $6.054 billion while CDs were $2.318 billion or 38% of deposits. Non-interest income, which includes the $20.1 million impairment charges, decreased $20.0 million for Q4-08 from $28.2 million for Q3-08. Strong growth in securities commissions and fees partially offset seasonal decreases in insurance commissions and fees and service charges as well as lower trust income driven by lower market valuations. Securities commissions and fees benefited from annuities being more attractive for customers as interest rates declined. Net charge-offs totaled $21.1 million, a $16.8 million increase from Q4-08. As a percentage of average loans, annualized net charge-offs equaled 1.44% of average loans, compared to 0.30% for Q3-08. Net charge-offs related to Florida totaled $13.7 million or 18.6% of average loans on an annualized basis. Net charge-offs related to FNB's Pennsylvania loan portfolio equaled $7.4 million or 0.53% on an annualized basis. Non-performing assets totaled $152.9 million at year-end, an increase of $60.6 million compared to September 30, 2008. Essentially all of the increase in non-performing assets is attributed to Florida ($59.2 million or 97.6% of the total increase), with FNB's remaining NPAs only up $1.4 million or 2.5%. NPAs to total loans + OREO were 2.62%, up from 1.57% at the end of Q3-08. Florida NPAs as a percentage of Florida loans + OREO equaled 31.91% as of year-end 2008, compared to 11.16% at September 30, 2008. Non-performing assets as a percentage of loans and OREO for the Pennsylvania portfolios increased only 3 bps to 1.06%. With Total assets of $8.365 billion, NPAs were 1.83%. FHN Reports - $0.27 vs. - $1.88 in Q4-07 Globe Newswire 1-16 Memphis' First Horizon National reported a net loss of $55.7 million [-$0.27/share]. an improvement over the net loss of $125.1 million [- $0.61/share] in Q3-08 and a loss of $2483652 million [- $1.88/share] in Q4-07. ROA was (.71)% while ROE was (7.14)% Book value was $12.13. Capital ratios improved to 14.9% percent for Tier 1 and 7.3% for Tangible Common Equity to Tangible Assets. Net interest income was $204.948 million compared with $225.987 million in Q4-07 while the Provision for loan losses was $280 million compared with $156.519 million in Q4-07 resulting in Net interest income/(loss) after provision of -$75.052 million compared with $69.468 million in Q4-07. The Net interest margin was 2.96%. Total noninterest income was $338.018 million compared with $305.173 million in Q3-08 and $92.987 million in Q4-07. Q4-07 contained almost a $114 million loss from mortgage banking while Q4-08 contained an $80 million gain. The net charge-offs were $191.246 million while the charge off ratio was 361 bps compared to $154.7 million [284 bps] in Q3-08. Net charge-offs were driven by weakness in the residential commercial real estate portfolio, in commercial and industrial loans affected by the housing market and in the consumer real estate portfolios. Total nonperforming assets were $1.158 billion while Total assets were $31.022 billion resulting in NPAs to assets of 3.73%. The nonperforming asset ratio [to loans and leases?] increased to 538 bps from 463 bps in Q3-08. The national construction portfolios accounted for the majority of this linked-quarter increase. GBCI Reports $0.29 vs. $0.34 in Q4-07 PRNewswire 1-27 Kalispell, Montana's Glacier Bancorp reported Q4-08 net earnings of $17.014 million [$0.29/share] compared with $1.132 million [$0.34/share] for Q4-07. [2008 EPS was $1.19] ROA was 1.27%. ROE was 11.02%. Book value was $11.04. Net interest income was $58.108 million compared with $48.199 million in Q4-07. FTE net interest margin was 4.81% compared with 4.52% in Q4-07. Total Earning Assets of $4.948 billion earned $76.707 million at an average yield of 6.20%. Total Interest Bearing Liabilities of $3.934 billion cost $18.599 million at an average yield of 1.88%. Total non-interest income was $15.637 million compared with $16.237 million in Q4-07. Net charge-offs as a percentage of total loans was 0.213% compared with 0.060% in Q4-07. Non-accrual loans of $64.301 million [$8.560 million in Q4-07] plus Accruing Loans 90 days or more overdue of $8.613 million [$2.685 million in Q4-07] plus OREO of $11.539 million [$2.043 million in Q4-07] resulted in Total non-performing assets of $84.453 million [$13.288 million in Q4-07]. Non-performing assets as a percentage of total bank assets at December 31, 2008 were at 1.46%, up from .27% a year ago. Most of GBCI's NPAs are secured by real estate. Based on the most current information, including updated appraisals, GBCI believes the value of the underlying real estate collateral is adequate to minimize significant charge- offs or loss to GBCI. But GBCI still expects 'credit quality to remain a challenge'. HBHC Reports $0.26 vs. $0.53 in Q4-07 Globe Newswire 1-20 Gulfport, Mississippi's Hancock Holding Company announced Q4-08 net income of $8.3 million [$0.26/share] compared with $16.4 million [$0.53/share] in Q4-07. ROA was 0.48%. ROE was 5.49%. Book value was $19.18. The Leverage (Tier I) ratio was 8.06%. HBHC's tangible equity ratio at year end was 7.62%, still among the highest in Hancock's peer group and without the aid of government assistance. FTE Net interest income was $54.999 million compared with $53.948 million in Q4-07 while the Provision for loan losses was $17.116 million compared with $3.590 million in Q4-07. The FTE Earning asset yield was 5.60% while the Total cost of funds was 2.08%, resulting in a FTE Net interest margin of 3.51%. Loans were 66.99% of earning assets, Securities were 26.33%, and Short-term investments were 6.68%. Of the $87.276 million in gross interest income, $64.542 million at an average yield of 6.14% came from loans, $21.196 million at an average yield of 5.15% came from securities, and $1.988 million at a 1.90% yield came from short-term investments. Total noninterest income was $29.404 million compared with $32.158 million in Q4-07. Service charges on deposit accounts were $11.467 million, Insurance fees were $4.136 million and Trust fees were $3.777 million. Non-accrual loans of $29.976 million [$13.067 million in Q4-07] plus Foreclosed assets of $5.360 million [$2.297 million in Q4-07} resulted in Total non-performing assets of $35.336 million [0.83% of total loans + OREO] compared with $15.364 million [0.43%] in Q4-07. The increases in non-accrual loans and ORE were related to two separate real estate development projects in Louisiana. Loans 90 days past due or greater (accruing) as a percent of period end loans increased 11 bps from September 30, 2008, to 0.26% at December 31, 2008. With Total assets of $7.167 billion, NPAs were 0.49% of assets. Net charge-offs were $12.6 million, or 1.20% of average loans and were up $8.4 million compared to Q3-08. Of the $8.4 million increase, over 70% or about $5.9 million, were reflected in HBHC's construction and land development loan segments. These weakening economic conditions also impacted HBHC's allowance for loan losses, which increased to 1.45% of period-end loans at December 31, 2008, from the 1.40% recorded at September 30, 2008. The quarter's higher level of provision for loan losses impacted diluted earnings per share by $0.18. PCBC Reports - $0.92 vs. + $0.26 in Q4-07 Business Wire 1-29 Santa Barbara, California's Pacific Capital Bancorp reported for Q4-08 a net loss of $41.8 million [- $0.92/share] compared to net income of $12.2 million [$0.26/share] in Q4-07. Financial results for Q4-08 includes a provision for loan losses of $68.8 million. With total assets of $7.871 billion and shareholder's equity of $727.298 million, the calculated ROA was -2.13 while reported ROA was -2.03% and the calculated ROE was -22.98% while reported ROE was -23.17%. [This was a test of the simple formulas I used to calculated the R's when the stats were not reported] Book value was $16.91. Tier 1 tangible asset ratio was 11.8% and the total risk weighted capital ratio was 14.6%. The net interest income was $54.1 million compared with $59.0 million in Q4-007. Net interest income for the Core Bank was $57.6 million compared with $60.2 million in Q4-07. The decrease in Core Bank net interest income is primarily attributable to a decline in net interest margin. The net interest margin was 2.87% compared with 3.62% in Q4-07. NIN for the Core Bank was 3.05% compared to 3.61% for Q3-08. The sequential quarter decline in NIM was primarily attributable to a decline in loan interest rates that could not be fully offset by reductions in interest expense on deposits and borrowings. Total interest-earning assets of $7.728 billion earned $103.917 million at an average yield of 5.35% while Total interest-bearing liabilities of $6.508 billion cost $48.067 million at an avereage yield of 2.94%. {Why so high? Savings and interest-bearing transaction accounts of $1.887 billion had an average cost of 1.03% while all other sources - CDs, Fed Funds and other borrowings - had costs of 3%.] The non-interest income was $11.8 million compared with $14.2 million in Q4-07. The decline is due to lower interest rates which caused a decline in the value of mortgage servicing rights, and lower service charges and fees. Net charge-offs were $50.9 million and they were 3.50% of total average loans. Nonaccrual loans of $186.610 million plus Loans past due 90 days or more on accrual status of $14.045 million plus Troubled debt restructured loans of $33.737 million resulted in Total non-performing loans of $234.392 million. And NPLs plus the OREO of $7.100 million resulted in Total non-performing assets of $241.492 million [compared with $76.674 million in Q4-07. Non-performing loans to Core Bank total loans held for investment were 4.07% and Non-performing assets to Core Bank total assets was 2.65%. PRSP Reports $0.49 vs. $0.38 in Q4-07 PRNewswire 1-27 Houston's Prosperity Bancshares reported Q4-08 net income of $22.685 million [$0.49/share] compared with $17.081 million [$0.38/share] for Q4-07. [08 EPS was $1.86] ROAwas 1.09%. ROE was 7.30%. Book value was $27.24. Total Risk Based Capital was 10.31%. Tier 1 Leverage Capital was 5.66%. Total risk-Based capital was 11.21%. On November 7, 2008, Prosperity assumed $3.6 billion of deposits as receiver for Franklin Bank, and has also acquired in 2008 assets from 1st Choice Bancorp and the Houston branches of Banco Popular North America. Net interest income before provision was $63.957 million compared with $51.634 million during Q4-07. The increase was attributable primarily to a 39.6% increase in average earning assets. The FTE net interest margin decreased to 3.65% compared with 4.12% for Q4-07, primarily impacted by the Franklin Bank transaction. Of PRSP's Total interest income of $96.588 million, $56.073 was interest on loans at an average yield of 6.33%, $39.713 million was interest on securities at an average yield of 4.92%, and $0.802 was from interest on federal funds sold at an average yield of 0.71%. Total interest earning assets of $7.047 billion earned $96.588 million at an average yield of 5.45%. Total interest bearing liabilities of $5.623 billion cost $32.631 million at an average yield of 2.31%. Non-interest income was $13.508 million compared with $13.248 million for Q4-07. The increase was mainly due to increased service charges on deposit accounts from Franklin, 1st Choice and Banco Popular acquisitions, which was partially offset by an increase in losses on the sale of ORE. $13.204 million of non-interest income came from service charges on deposit accounts. Total non-performing loans of $9.736 million plus Repossessed assets of $0.182 million plus OREO of $4.450 million resulted in total Non-performing assets totaled $14.368 million or 0.20% of average earning assets compared with $15.390 million [0.30%] at December 31, 2007 and $14.536 million or 0.26% of average earnings assets at September 30, 2008. With Total assets of $8.344 billion, NPAs were 0.167% of assets. Non-performing assets to Loans and OREO was 0.40%. Net charge-offs were $3.011 million or 0.09% of average loans. RF Reports - $9.01 vs. + $0.10 in Q4-07 Business Wire 1-20 Birmingham, Alabama's Regions Financial Corporation reported a loss of $6.244 billion [$9.01/share] (largely driven by a $6 billion non-cash charge for impairment of goodwill) compared to a gain of $70.6 million [$0.10/share] in Q4-07. Excluding goodwill impairment, Regions’ loss totaled $0.35/share for the quarter. The results of goodwill impairment testing at the end of the fourth quarter indicated that the estimated fair value of Regions’ banking reporting unit was less than its book value, requiring a $6 billion non-cash charge. With Total Assets of $146.248 billion, ROA was a calculated -4.25%. With Total Stockholders' Equity of $16,813 billion, ROE was a calculated -37.02%. Book value was $19.53. Issuance of preferred stock, as a participant in the Treasury’s Capital Purchase Program, strengthened the Tier 1 capital ratio to an estimated 10.39%, $5 billion above well-capitalized level. Total Risk-Based Capital was 14.65%. FTE Net interest income was $933.1 million compared to $930.6 million in Q3-08 and $1,050.4 million in Q4-07. The FTE Net interest margin was 2.96% compared to 3.10% in Q3-08 and 3.61% in Q4-07. Regions’ margin has been pressured by falling short-term interest rates, as approximately 55% of RF's loan portfolio is tied to prime or LIBOR and immediately reprices downward upon a rate change; whereas, deposit pricing must remain at competitive levels. Total interest-earning assets of $125.384 billion earned $1.590 billion at an average yield of 5.05%. Total interest-bearing liabilities of $106.547 billion cost $0.657 billion at an average yield of 2.45%. Non-interest income was $701.8 million compared to $719.3 million in Q3-08 and $733.0 million in Q4-07. Non-interest revenues were lower than in Q3-08, largely due to a drop in service charge and trust income. Broader economic weakness is negatively affecting customer transaction volumes and, in turn, service charge income. Trust income was impacted by lower asset valuations. Non-performing assets (including 90+ past due) as % of loans and other real estate was 2.33% compared to 2.25% in Q3-08 and 1.28% in Q4-07. Total non-performing assets declined $53 million linked quarter to $1.718 billion. With Total Assets of $146.248 billion, NPAs were 1.17% of assets. Net charge-offs as % of average net loans was 3.19% compared to 1.68% in Q3-08 and 0.45% in Q4-07. During the fourth quarter, Regions either sold or transferred to held for sale approximately $1 billion of non-performing loans and foreclosed properties. Losses on those transactions, most of which was included in net-charge-offs, totaled $479 million, driving the linked-quarter increase in net loan charge-offs. Regions’ most stressed portfolios continue to be residential homebuilders; home equity, mainly second liens in Florida; and condominiums. RF's Residential Homebuilder portfolio was $4.402 billion, of which $1.044 billion was from Florida. RF's Consumer Real Estate portfolio was $32 billion. Home Equity Lending totaled at $16.130 billion with a weighted average LTV of 74%, an average FICO of 737, and an average loan size of $74,296. Residential 1st Mortgages totaled at $13.289 billion with a weighted average LTV of 66%, an average FICO of 726, and an average loan size of $176,202. Alt-A loans totaled $2.549 billion with a weighted avereage LTV of 71%, an average FICO score of 704, and an average loan size of 179,654. TRMK Reports $0.42 vs. $0.42 in Q4-07 Business Wire 1-27 Jackson, Mississippi's Trustmark Corporation reported Q4-08 net income available to common shareholders of $23.979 million [$0.42/share] compared with $23.829 million [$0.42/share] in Q4-07. [2008 EPS was $1.59] ROA was 1.07%. ROE was 9.89%. Book value per share was $16.98. Tier 1 leverage ratio was 10.42%. Tier 1 risk-based capital ratio was 13.01%. Total risk-based capital ratio was 14.95%. FTE Net interest income was $89.723 million compared to $82.298 million in Q4-07 while the Provision for loan losses was $16.684 million compared to $17.001 million in Q4-07 resulting in FTE Net interest income after provision of $73.039 million compared to $65.297 million in Q4-07. Declining funding costs more than offset lower yields on earning assets, resulting in a 19 bps increase in the net interest margin to 4.20%. This expansion in the net interest margin is attributable to an increased level of fixed rate securities primarily funded by shorter, floating rate liabilities as well as to the abnormal spread between LIBOR and the overnight Federal Funds rate during the quarter that has since dissipated. Total Earning Assets had an average yield of 5.68% while Total Interest-bearing Liabilities had an average yield of 1.83%. Total noninterest income fell to $38.326 million from $42.257 million in Q4-07 due to small declines innsurance commissions and 'general banking' revenues. Total nonaccrual loans of $114.038 million plus OREO of $38.566 million resulted in total nonperforming assets of $152.604 million, or 2.18% of total loans + OREO. With Total assets of $9.424 billion, NPAs were 1.62%. Net charge-offs were $12.7 million or 0.73% of average loans. On November 21, 2008, Trustmark issued a total of 215,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, (no par) liquidation preference $1,000 per share, (Senior Preferred) to the United States Department of the Treasury. The Senior Preferred pays cumulative dividends at the rate of 5.00%. Prior to November 21, 2011, unless Trustmark has redeemed the Senior Preferred or the Treasury has transferred all of its shares of the Senior Preferred to a third party, the consent of Treasury will be required for Trustmark to pay any dividend or make any distribution on its common stock other than regular quarterly cash dividends of not more than $0.23/share of common stock. UCBH Reports - $0.51 vs. + $0.15 in Q4-07 Business Wire 1-22 San Francisco's UCBH Holdings [United Commercial Bank] reported a net loss of $56.528 million [- $0.51/share] compared to income of $16.242 million [$.15/share] in Q4-07. The loss in the quarter reflects a loan loss provision of $112.1 million and a $10.7 million write-down related to three pooled bank trust preferred securities, partially offset by a $50.1 million tax benefit. ROA was -1.62%. ROE was -16.59%. Book value per share was $8.74. The Tier 1 Leverage Ratio was 10.07%, the Tier 1 Risk-based Capital Ratio was 12.98%, the Total Risk-based Capital Ratio was 15.49%, and the Tangible Equity Ratio was 7.67%. Net interest income, before provision for loan losses, decreased 16.04% to $72.3 million, from $86.1 million in Q4-07. The decrease was primarily due to the decrease in the net interest margin resulting from the Fed Funds rate cuts since Q3-07 and the reversal of $9.3 million, equal to 31 bps, in loan interest income for nonaccrual loans during Q4-08. The FTE net interest margin was 2.44%, a 61 bps decrease from 3.05% for Q3-08, and a 95 bps decrease from 3.39% for Q4-07. Total interest-earning assets of $12.217 billion earned $160.617 million at an average yield of 5.23% [7.12% in Q4-07]. Total interest-bearing liabilities of $10.962 billion cost $88.328 million at an average yield of 3.21% [4.26% in Q4-07]. Of UBCH's Total interest and dividend income of $160.617 million, $122.463 million came from loans at an average yield of 5.52%, $37.891 million for securities, $0.613 million from fed funds at an average yield of 0.83%, with a loss of $0.350 million in FHLB stock. Noninterest income was $3.1 million compared with a noninterest loss of $2.1 million for Q4-07. Included in Q4-08 was a $2.2 million foreign exchange gain and a $10.7 million OTTI on three pooled bank trust preferred securities. The loss in Q4-07 was primarily attributable to an $11.6 million write-down on two REIT-backed CDOs. Net loan charge-offs were $43.6 million [1.98% annualized] compared with $31.1 million [1.40%] in Q3-08, and $3.9 million [0.20%] in Q4-07. Nonperforming assets were $433.8 million [3.21% of total assets] at December 31, 2008, compared with $251.6 million [1.93% of total assets] at September 30, 2008, and $57.0 million [0.48% of total assets] at December 31, 2007. From the Conference Call: The LA-China Trade activity down is reported as being down 20%. Is that hurting your business? UCBH: Our market share is very small but growing - some are slowing down, but most of our loans are to stable business. On China loans - how much is for export? UCBH: 65% of China financing for export and the rest is for domestic consumption. Domestic consumption is being stimulated - and if export demand goes down, products can be re-directed for domestic use. For your commercial real estate reviews - besides doing an updated appraisals, what more are you doing? UCBH: There are a number of things - senior management meets weekly and is mostly focused on construction - but look at all loans. We look at industry risks. Collateral support. We look at absorption rates and prices on new home sales when looking at the construction portfolio. Same kind of things done for China loans. Look at all loans over $5 million. There are stress tests for vacency rates on commercial portfolios - and we going to extreme levels on those test. Vacencies in teens in some commercial markets - but we had high vacencies not that many years ago. Tangible common ratios are an investor focus - how would you do an equity raise to improve that ratio? UCBH: All ratios are important. In our view the two critcal ratios are total risk based capital and tier one ratio. teir one x% and risk based cap x%. We do not plan to issue common. Plan for margin improvement? UCBH: CDs from last year [which were heavily promoted] will be re-priced - and that will lower cost of deposits. CDs last year were at 3.5% to 3.6% while we offer 2.5% today - and about $300 million of CDs came from that period. We also have a focus on generating low cost deposits - focus on US community banking activities and low cost deposit products - focus in China to grow core deposits. And there were NIM mark-downs on non-accrual loans being charge back - and we do not anticipate that repeating. Your migration of properties out of the OREOs looks to be slow - what we should look at property sales and NPLs/NPAs for next year? UCBH: We have done property sales - and we have sold notes on those properties.We expect high levels in 2009. And construction loans take longer to move off the balance sheet. What price are you getting on those notes? UCBH: 15 cents on the dollar to 90 cents on the dollar on note sales. Land - values much lower. Near complete projects - esp condos - we get high bids. Good news, we do not have much land exposure. Are covenants on TARP funds effected by share price value? UCBH: No UMBF Reports $0.49 vs. $0.37 in Q4-07 Business Wire 1-27 Kansas City, Missouri's UMB Financial Corporation announced Q4-08 earnings of $20.2 million [$0.49/share] compared to $15.3 million [$0.37/share] for Q4-07. [Earnings for 2008 were $2.38/share] ROA was 0.83%. ROE was 8.43%. Book value per share was $23.81. Tier 1 capital ratio remained strong at 13.20%. Net interest income after provision was $72.865 million compared with $57.858 million in Q4-07. UMBF had average deposit growth of 21.2% over Q4-07. Average earning assets increased by $1.7 billion [24.4%] compared to Q4-07. This increase was due to a $429.0 million [11.0%] increase in average loans and a $1.2 billion [38.8%] increase in total securities, including trading securities. Net interest margin increased 12 bps to 3.66%. Total earning assets of $8.920 billion had an average yield of 4.58% while Total interest-bearing liabilities of $6.609 billion had an avereage yield of 1.25%. Noninterest income decreased $3.2 million [4.4%] compared to Q4-07. Trust and securities processing income decreased $4.1 million [13.4%] primarily due to a $2.2 million [23.5%] decrease in fee income from UMB Scout Funds and a $1.2 million [11.7%] decrease in fund administration and custody services. Service charges on deposits increased $0.9 million [4.7%] compared to Q4-07 due mostly to a $0.6 million increase in corporate service charges. Nonperforming loans increased to $8.8 million at December 31, 2008 from $6.6 million at December 31, 2007. As a percentage of total loans, nonperforming loans increased to 0.20% of loans compared to 0.17% at December 31, 2007. NPLs of $8.816 million plus Other real estate owned of $1.558 million resulted in a calculated total nonperfroming assets of $10.374 million, and with total assets of $10.977 billion, NPAs were 0.09% of assets. Net loan charge-offs quarter-to-date were $3.848 million or 0.35% of average loans. UMPQ Reports $0.04 vs. $0.16 in Q4-07 Business Wire 1-27 Portland, Oregon's Umpqua Holdings announced Q4-08 net earnings of $2.2 million [$0.04/share] compared to $9.5 million [$0.16/share] for Q4-07. [2008 EPS was $0.82] ROA was 0.10%. ROE was 0.70%. Book value per share was $21.36. Total regulatory risk based capital was 14.61% and the Tangible common equity ratio was 6.72%. Net interest income was $73.044 million compared with $71.453 million in Q4-07 while the Provision for loan and lease losses was $31.955 million compared with $17.814 million in Q4-07. The Net interest spread was 3.51% and the FTE Net interest margin was 4.02%. The yield on earning assets was 5.85% while the Total cost of interest bearing liabilities was 2.34%/ Total non-interest income was $18.223 million compared with $16.387 million in Q4-07. Total net charge-offs of $30.0 million, or 1.94% of average loans. $5.5 million of accruing loans past due greater than 90 days, $127.9 million of non-accrual loans, and $27.9 million of OREO resulted in Non-performing assets of $161.3 million or 1.88% of total assets. Approximately 70% of non-performing assets are from the residential development loan segment of the portfolio. Non-performing loans ended the quarter at 2.18% of total loans. Loans past due 30-89 days ended the year at $59.1 million, a decrease of 18% from September 30, 2008. On November 14, 2008, in exchange for an aggregate purchase price of $214.2 million, Umpqua sold to the United States Department of the Treasury under the TARP Capital Purchase Program 214,181 shares of Fixed Rate Cumulative Perpetual Preferred Stock that will bear cumulative dividends at a rate of 5% per annum for the first 5 years and 9% per annum thereafter. The purchase agreement limits on common stock dividends to $0.19/share, and places limits on UMPQ's ability to repurchase its common stock. WABC Reports $0.71 vs. $0.74 in Q4-07 Business Wire 1-15 San Rafael, California's Westamerica Bancorporation reported Q4-08 net income $20.8 million [$0.71/share] compared with $21.8 million [$0.74/share]. Q4-08 results include OTTI securities losses of $1.9 million net of tax, which reduced EPS by $0.07. Q4-07 results included a $2.3 million litigation expense Visa litigation and a $700 thousand income tax refund, which when combined reduced net income by $590 thousand [$0.02/share]. [2008 EPS was $2.04] ROA was 2.04%. ROE was 20.60%. Book value per share was $14.19. Tier I Capital/Total Assets ratio was 7.16%. Tier I Capital/Risk-Adjusted Assets ratio was 10.47%. Total Capital/Risk-Adjusted Assets ratio was 11.76%. FTE Net interest income was $49.9 million compared to $48.7 million in Q3-08 and $46.8 million in Q4-07. The FTE net interest margin was 5.44%, compared to 5.19% for Q3 and 4.53% for Q4-07. FTE Yield on Earning Assets was 5.94% while the Cost of Funds was 0.50%. With Total Interest-Bearing Deposits of $1.948 billion, Interest-Bearing Transaction accounts were $533 million with a 0.19% cost and "Savings" accounts were $743 million with a 0.41% cost. Time deposits under $100K were $192 million with a 2.20% costs and Time deposits over $100k were $479 million with a 1.24% cost. Non-interest income totaled $9.9 million, compared to $14.7 million for Q4-07. The reduction from the year ago quarter was due to $3.3 million in securities losses, lower merchant credit card fees, and lower official check fees. Total Nonperforming Loans of $10.781 million plus Repossessed Loan Collateral of $3.505 million resulted in Total non-performing assets of $14.286 million [0.35% of assets], compared to $13.382 million [0.33%] at September 30, 2008. There may have been zero in charge-offs because I did not find the word[s] mentioned. WTNY Reports $0.12 vs. $0.45 in Q4-07 Globe Newswire 1-28 New Orleans' Whitney Holding Corporation reported Q4-08 net income available to common shareholders totaled $8.2 million [$0.12/share] compared with $30.2 million [$0.45/share] in Q4-07. [2008 EPS was $2.23] Loans increased $1 billion during the quarter and deposits increased $1.2 billion. Approximately $605 million of the increase in loans and $635 million of the increase in deposits was related to the acquisition of Parish National Corporation. ROA was 0.30%. ROE was 2.67%. Book value per share was $18.29. WTNY's tangible equity ratio was 8.95%. Whitney’s regulatory leverage ratio was 9.87%. FTE Net interest income was $120.902 million compared with $117.782 million in Q4-07, while the Provision for credit losses was $45 million compared with $10 million in Q4-07. The Net interest margin was 4.49%. Total interest-earning assets had an average yield of 5.48% while the Total interest-bearing liabilities had an average yield of 1.43%. Noninterest income was $27.050 million compared with $24.080 million in Q4-07. Net loan charge-offs were $19.7 million or .91% of average loans on an annualized basis, compared to $24.5 million in Q3-08. Nonaccrual laons of $301.095 million plus Restructured loans of zero resulted in Total nonperforming loans of $301.095 million. NPLs plus OREO of $28.067 million resulted in Total nonperforming assets of $329.162 million. or 3.61% of total loans + OREO was 3.61%. With Total assets of $12.380 billion, NPAs were 2.66% of assets. ZION Reports - $4.36 vs. + $0.39 in Q4-07 PRNewswire 1-26 Salt Lake City's Zions Bancorporation reported for Q4-08 a loss from core banking operations of [$0.32/share], excluding noncash charges from goodwill impairment of $353.8 million [$2.97/share] and impairment and valuation losses on securities of $204.3 million [$1.07/share]. Including these charges, the loss applicable to common shareholders was $498.1 million or $4.36/share. Q4-07 net income was $45.541 million or $0.39/share. ROA was - 3.52%. ROE was - 38.77%. Book value per common share was $42.65. Tier 1 risk-based capital ratio was 10.52%. Total risk-based capital ratio was 14.71%. Net interest income was $508.4 million compared to $478.9 million for Q4-07, and $492.0 million for Q3-08. The net interest margin was 4.20% compared to 4.27% for Q4-07 and 4.13% for Q3-08. The increase compared to Q3-08 was driven primarily by the capital investment from the U.S. Treasury, reduced deposit rates, and significantly lower borrowing costs. Noninterest income was $(82.3) million compared to $(20.2) million for Q4-07 and $89.6 million for Q3-08. The Q4-08 loss includes impairment and valuation losses on securities of $204.3 million compared to $28.0 million for Q3-08. Nonaccrual loans of $946.583 million plus Restructured loans of $2.086 plus OREO of $191.792 million resulted in Nonperforming assets were $1,140.5 million compared to $283.9 million at December 31, 2007 and $924.4 million at September 30, 2008. The increase was driven primarily by deterioration in residential real estate acquisition, development and construction exposures in the Southwest, and by continued weakening in Utah residential construction and commercial and industrial portfolios. The ratio of NPAs to net loans and leases and OREO was 2.71% at December 31, 2008 compared to 0.73% at December 31, 2007 and 2.20% at September 30, 2008. With Total assets of $54.546 billion, NPAs were 2.09% of assets. Net loan and lease charge-offs were $179.7 million [1.71% annualized of average loans] compared with $26.7 million [0.28%] for Q4-07 and $95.3 million [0.91%] for Q3-08. Ratings & Dividend Changes - January On 1-05 Keefe Bruyette Downgraded BOH, CFR, PCBC and PRSP from Market Perform to Underperform. On 1-05 DA Davidson Downgraded GBCI and UCBH from Buy to Neutral. On 1-09 B. Riley Downgraded TRMK from Neutral to Sell. On 1-12 Barclays Capital Upgraded CBSH and CFR from Equal Weight to Overweight and Barclays Downgraded EWBC and UCBH from Overweight to Equal Weight. On 1-14 Sun Trust Rbsn Humphrey Upgraded PRSP from Neutral to Buy. On 1-22 Wunderlich Initiated FHN at Buy. On 1-27 Keefe Bruyette Upgraded BOH from Underperform to Market Perform. On 1-28 B. Riley & Co Upgraded PRSP from Neutral to Buy. On 1-28 Keefe Bruyette Downgraded CNB from Outperform to Market Perform. On 1-28 Morgan Keegan Downgraded CNB from Outperform to Market Perform. On 1-29 Wunderlich Initiated HBHC at Hold. On 1-30 Bernstein Downgraded RF from Outperform to Market Perform. On 1-14 Analysts at RBC Capital Markets cut their profit estimates on several banks, citing participation in the government's financial rescue and further anticipated credit deterioration. The analysts lowered their earnings forecasts on Bank of America, Wells Fargo, City National (CYN), Northern Trust (NTRS), Zions Bancorp (ZION) and Umpqua Holdings (UMPQ). On 1-02 CATY declared a dividend of $0.105/share payable on January 21, 2009, to stockholders of record on January 14, 2009. On 1-15 RF declared a dividend of $0.10/share, payable April 1, 2009, to stockholders of record as of March 18, 2009. On 1-22 WABC declared an increased dividend of $0.36/ share outstanding to shareholders of record at the close of business on February 2, 2009. The dividend is payable February 13, 2009. On 1-26 BOH declared a dividend of $0.45/share payable on March 13, 2009 to shareholders of record at the close of business on February 27, 2009. On 1-27 TRMK declared a dividend of $0.23/share payable March 15, 2009, to shareholders of record on March 1, 2009. On 1-26 FHN declared a distribution on April 1, 2009, to holders of its common stock, the regular quarterly dividend payable in common stock. The dividend rate will be 2.6673%, which means that 26.673 new dividend shares will be distributed for every 1,000 shares held on the record date of March 13, 2009. The dividend rate was determined to provide shareholders with new shares having a value of 20 cents for each share held on the record date, based on FHN's volume-weighted average stock price on Jan. 15 of $7.4983/share. On 1-22 CYN declared a reduced dividend of $0.25/share [as compared with $0.48 per share previously] payable on February 18, 2009 to stockholders of record on February 4, 2009. On 1-28 EWBC declared a reduced dividend of $0.02/share is payable on or about February 24, 2009 to shareholders of record on February 10, 2009. On 1-22 FNB's Board determined to reduce the dividend to $0.12/share, given the continued economic stress. The actual declaration of the dividend for the first quarter of 2009 typically occurs at the February Board of Directors meeting. On 1-29 PCBC declared a reduced dividend to $0.11/share from $0.22/share. PCBC also moved its dividend declaration date to the middle of the last month of each quarter, to be paid on the last business day of the quarter. The first quarter dividend will be paid March 31, 2009, to shareholders of record as of March 16, 2009. “In recognition of our [PCBC's] reduced profitability, the Board has determined that a reduction in our quarterly dividend payment is appropriate at this time." Ratings & Dividend Changes - December On 12-19 UMPQ declared a reduced dividend of $0.05/share payable on Jan. 15, 2009 to shareholders of record as of Dec. 31, 2008 compared to a prior dividend of $0.19. The div was reduced "in response to general economic conditions, and to reset our dividend payout ratio to be in line with our long-term historical average,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. On 12-01 Stifel Nicolaus Initiated CBSH at Hold. On 12-02 Stifel Nicolaus Initiated CYN at Hold. On 12-02 B. Riley & Co Initiated UMPQ at Neutral. On 12-03 Stifel Nicolaus Initiated CYN at Hold. On 12-08 B. Riley & Co Downgraded EWBC from Buy to Neutral. On 12-10 Sterne Agee Initiated PACW at Hold. On 12-11 Keefe Bruyette Downgraded CFR from Outperform to Market Perform. On 12-15 Sun Trust Rbsn Humphrey Downgraded EWBC and ZION from Buy to Neutral. On 12-18 Keefe Bruyette Upgraded CYN from Market Perform to Outperform and Sun Trust Rbsn Humphrey Upgraded WTNY from Reduce to Neutral. On 12-29 Dec-08 B. Riley & Co Downgraded UBCH from Buy to Neutral. Home Page Factoids Previous Update |