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The Q2-09 div is used for yield calculations. CATY, CYN, UCBH & WTNY have lowered their Q2-09 divs - CATY, RF and ZION have reduced their Q3-09 divs and PCBC and UBCH have eliminated their divs. Negative EPS estimates will crash this javascript. The lowest EPS estimate that I use is $0.10. So the Div/EPS ratios are inaccurate for banks with negative EPS estimates [CNB, EWBC, FHN, PCBC, RF, UCBH, ZION]. Book values are still the Q2-09 ending values. 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. BOH Reports $0.65 vs. $1.00 in Q2-08 Business Wire 7-27 Honolulu's Bank of Hawaii reported Q2-09 net income of $31.0 million [$0.65/share] compared with $48.3 million [$1.00/share] in Q2-08. Q2-09 included FDIC insurance expense of $9.0 million compared with $0.2 million in Q2-08, and a provision for credit losses of $28.7 million compared to a $7.2 million in Q2-08. ROA was 1.06%. ROE was 14.49%. Book Value per share [from Yahoo] was $16.5x [and the calculated book was $845.885 million in shareholders equity divided by 47.882 million shares = $17.67]. Tier 1 Capital Ratio was 12.56%. Total Capital Ratio was 13.82%. Leverage Ratio was 6.66%. Tangible Common Equity to Total Assets ratio was 6.65%. Tangible Common Equity to Risk-Weighted Assets 13.02%. FTE Net interest income [before provision] was $102.851 million compared with $107.168 million in Q2-08 and $97.062 million in Q1-09. Income after provision was $74.161 million compared with $99.996 million in Q2-08 and $72.175 million in Q1-09. The net interest margin was 3.73% compared with 4.41% in Q2-08 and 3.76% in Q1-09. Total Earning Assets of $11.083 billion proudced income of $124.673 million at an average yield of 4.52%. Total Interest-Bearing Liabilities of $8.531 billion produced an expense of $21.822 million at an average yield of 1.02%. Noninterest income was $59.8 million compared to $60.5 million in Q2-08 and $70.4 million in Q1-09. Q2-09 Noninterest income included a gain of $2.8 million related to the sale of its equity interest in an aircraft lease to a cargo carrier and $0.9 million due to the sale of the retail insurance brokerage business. Results for Q1-09 included a gain of $10.0 million related to the disposition of leveraged leases for two watercraft. Non-accrual loans and leases were $38.6 million compared with $6.5 million at June 30, 2008, and $40.0 million at March 31, 2009. As a percentage of total loans and leases, non-accrual loans and leases were 0.63% at June 30, 2009. Non-Performing Assets were $39.054 million [$38.616 million in NALs + $0.438 million in OREO] compared with $40.329 million in Q1-09 and $6.680 million in Q2-08. With total assets of $3.229 billion, NPAs were 1.21% of assets. NPA churn stats: NPAs had $22.459 million in additions during the quarter while the $23.734 million in reductions came from $15.593 million in payments, $0.230 where laons returned to accrualt status, and $7.911 million in charge-offs and write-downs. Net charge-offs $25.7 million compared to $4.7 million in Q2-08 and $14.0 million in Q1-09. Q2-09 charge-offs included $6.9 million for a commercial loan sold during the quarter, $4.4 million as a result of the lease restructuring, and $2.3 million related to a syndicated credit that was sold. BOKF Reports $0.77 vs. - $0.02 in Q2-08 Business Wire 7-29 Tulsa, Oklahoma's BOK Financial reported for Q2-09 net income of $52.1 million [$0.77/share] compared with a loss of $1.2 million [$0.02/share] in Q2-08. Q2-08 was impacted by BOKF's loan and energy derivative credit exposure related to the bankruptcy of SemGroup which reduced net income by $57.0 million or $0.84/share. Q2-09 included a $11.8 million special assessment by the FDIC and gains on available for sale securities of $15.2 million. ROA was 0.91%. ROE was 10.42%. Book Value per was $30.30. The Tier 1 ratio was 9.86%. Tier 1 common equity ratio was 9.77%. The leverage ratio was 7.97%. Tangible common equity ratio was 7.55%. Net interest revenue totaled $175.6 million, up $5.7 million over Q1-09. Net interest margin was 3.55%, up 8 bps due largely to higher loan yields and lower funding costs. Total FTE yield on earning assets was 4.65%. Total cost of interest-bearing liabilities was 1.31%. Fees and commissions revenue totaled $123.1 million compared with $63.749 million in Q2-08. Brokerage and trading revenue was $21.794 million compared to a loss of $35.462 million in Q2-08. Net loans charged off were $34.9 million. Non-accruing loans of $353 million plus renegotiated loans of $17 million (including $11 million of residential mortgage loans guaranteed by U.S. government agencies) plus $75 million of OREO resulted in Non-performing assets of $446 million [3.67% of outstanding loans + OREO] compared to $414 million [3.26%] at March 31, 2009. With total assets of $22.768 million, NPAs were 1.96% of assets. Approximately $106 million or 20% of loans in the Arizona market were non-accruing, down from $112 million at March 31, 2009. Non-accruing loans in Oklahoma totaled $108 million or 1.96% of outstanding loans. Texas had $52 million or 1.49% of outstanding loans. Non-accruing commercial loans totaled $127 million or 1.88% of total commercial loans. Non-accruing commercial real estate loans totaled $190 million or 7.26% of outstanding commercial real estate loans. Non-accruing residential mortgage loans totaled $36 million or 1.96% of outstanding residential mortgage loans. BXS Reports $0.41 vs. $0.49 in Q2-08 PRNewswire 7-22 Tupelo, Mississippi's BancorpSouth for Q2-09 net income of $33.9 million [$0.41/share] compared with $40.1 million [$0.49/share] for Q2-08. ROA was 1.02%. ROE was 10.86%. Book Value per share was $15.30. Shareholders' equity to asset ratio was 9.59%. Net interest revenue was $110.9 million compared with $109.8 million for Q2-08. FTE net interest margin was 3.75%, down from 3.79% for Q2-08. Noninterest revenue was $79.7 million compared with $73.3 million for Q2-08. Q2-09 results included a $2.9 million increase in the value of the mortgage servicing rights; $2.8 million in interest on tax refunds; a $2.0 million gain on the sale of student loans; a $1.8 million gain on the sale of the remaining shares of MasterCard stock; and $1.3 million related to insurance recovery on a casualty loss. Net charge-offs were $13.479 million compared with $7.060 million in Q2-08. Net charge-offs to average loans ratio was 0.55% compared with 0.30% in Q2-08. Non-performing loans and leases increased to $97.672 million [1.00% of net loans and leases] from $46.0 million [0.49%] at June 30, 2008 and from $73.8 million [0.76%] at March 31, 2009. NLs plus an ROEO of $51.477 million resulted in Total non-performing assets of $149.149 million. With total assets of $13.261 billion, NPAs were 1.12% of assets. CATY Reports - $0.31 vs. $0.39 in Q2-08 PRNewswire 7-29 Los Angeles' Cathay General reported for Q2-09 a net loss [available to common stockholders] of $15.5 million [- $0.31/share] compared to net income of $19.2 million [$0.39/share] in Q2-08. Q2-09 contained a $4.1 million added expense for dividends on preferred stock. FDIC and State assessments increased $6.6 million to $8.1 million in Q2-09 from $1.5 million in Q2-08 of which $5.5 million was from the special assessment based on total assets as of June 30, 2009. Due to a large provision for loan losses, net interest income was $57.8 million lower. Non-interest income improved by $23 million. ROA was - 0.40%. ROE was - 3.55%. Book Value per share was $19.93. Total capital ratio was 14.23%. Tier 1 risk-based capital ratio was 12.39%. Total risk-based capital ratio was 14.23%. Tier 1 leverage capital ratio was 9.48%. Net interest income before provision for credit losses was $65.997 million compared to $72.114 million during Q2-08. The provision for credit losses was $70.200 million compared with $20.500 million in Q2-08. Net interest income after provision for credit losses was - $4.203 million compared with $51.614 million in Q2-08. FTE net interest margin was 2.49% compared with 2.69% in Q1-09 and 2.94% in Q2-08. The decrease in net interest income from the prior year primarily resulted from increases in non-accrual loans and the increase in the borrowing rate on our long term repurchase agreements and other borrowed funds compared to the decreases in the prime rate. The FTE yield on average interest-earning assets was 4.88% while the cost of funds on average interest-bearing liabilities equaled 2.75%. Total interest-earning assets of $10.633 billion produced income of $129.252 million at an average yield 4.88%. Total interest-bearing liabilities of $9.215 billion produced expenses of $63.255 million at an average yield of 2.75%. Liability costs were high due to CATY having Time deposits of $5.064 billion yielding 2.50%, 'Securities sold under agreements to repurchase' of $1.559 billion yielding 4.12%, and Other borrowed funds of $0.962 billion yielding 4.40%. Non-interest income [depository fees, letters of credit commissions, securities gains, gains on loan sales, wire transfer fees, etc] was $32.4 million, compared to the non-interest income of $9.2 million for Q2-08. The increase in non-interest income was primarily due to increases in net gains on sale of available-for-sale securities of $24.6 million. Net Charge-offs were $56.021 million compared with $2.485 million in Q2-08. Total non-performing loans of $400.031 million plus OREO of $73.715 million resulted in Total non-performing assets of $473.746 million. With Total assets of $11.409 billion, NPAs were 4.15% of assets. CBSH Reports $0.48 vs. $0.74 in Q2-08 PRNewswire 7-16 Kansas City's Commerce Bancshares reported Q2-09 net income of $36.968 million [$0.48/share] compared to $55.979 million [$0.74/share] in Q2-08. The loan charge-off expense rose $21.542 million and FDIC insurance expense increased $12.4 million over Q2-08 as a result of higher insurance rates and a one time special assessment. ROA was 0.84%. ROE was 8.9%. Book Value per share was $22.04. The ratio of tangible common equity to total assets was 8.85%. Tier I leverage ratio was 9.08%. Net interest income was $157.445 million compared to $144.779 million in Q2-08. The FTE net yield on earning assets was 3.91%, compared with 3.83% in Q1-09 and 3.90% in Q2-08. Total interest earning assets of $16.648 billion produced income of $198.992 million at an average yield of 4.91%. Total interest bearing liabilities of $14.687 billion produced expenses of $41.547 million at an average yield of 1.21%. FTE Interest income on loans decreased by $3.4 million this quarter due to lower average balances, especially in consumer and consumer credit card loans, but was offset by an increase of $1.0 million due to higher yields on business, construction and credit card loans this quarter. FTE Interest income on investment securities increased $8.9 million as a result of a $1.1 billion increase in average balances, mainly in mortgage-backed, other asset-backed and municipal investments, but offset by lower rates earned on many of the new investments purchased this quarter. Non-interest income was $98.562 million compared to $102.733 million in Q2-08. Non-interest income in Q2-08 included a pre-tax gain of $6.9 million on the sale of a small branch in Kansas. Non-Accrual Loans of $122.648 million [$29.184 million in Q2-08] plus OREO of $9.039 million [$7.525 million in Q2-08] resulted in Total Non-Performing Assets of $131.687 million [$36.709 million in Q2-08] The ratio of Non-Performing Assets to Loans was 1.23% [0.33% in Q2-08] and the ratio of Non-Performing Assets to Total Assets was 0.74% [0.22% in Q2-08]. Net total loan charge-offs were $36.033 million compared to $14.491 million in Q2-08. The ratio of annualized net loan charge-offs to total average loans was 1.33%. CFR Reports $0.63 vs. $0.89 in Q2-08 PRNewswire 7-22 San Antonio's Cullen/Frost reported Q2-09 net income of $37.9 million [$0.63/share] compared to $52.5 million [$0.89/share] in Q2-09. An industry-wide FDIC special assessment impacted CFR's earnings by $7.3 million [$.08/share]. The provision for possible loan losses increased to $16.6 million from $6.3 million for Q2-08. ROA was 0.98%. ROE was 8.35%. Book Value per share was $30.12. Tier 1 Risk-Based Capital Ratio was 10.91%. Total Risk-Based Capital Ratio was 13.34%. The tangible common equity ratio was 8.19%. FTE net interest income was $144.3 million compared to the $136.2 million in Q2-08. The net interest margin was 4.28% compared to the 4.33% in Q2-08. Non-interest income $68.0 million compared to $70.6 million in Q2-08. Trust fees were $16.9 million compared to $19.0 million in Q2-08. Most of this decrease relates to lower oil and gas trust management fees and lower investment fees. Net charge-offs were $8.268 million [0.38% of average loans] compared to $4.306 million [0.21%] in Q2-08. Non-accrual loans of $168.805 million [$40.485 million in Q2-08] plus Foreclosed assets of $21.478 million [$9.146 million] resulted in total nonperfroming assets of $190.283 million [$49.631 million in Q2-08]. NPAs were 2.20% of total loans and OREO and 1.21% of total assets. From the conference call: The weakened economy has hurt CFR in ways we can not control - but economy is showing signs of bottoming out. Loan demand has leveled out. CFR's capital ratios remain strong. On credit quality - there has been a $10 million improvement in NPAs that have been resolved since quarter's end. Key issues with NPAs: [1] One energy credit of $18 million; [2] manufacturing credit of $9 million; [3] $9.5 million of home building related borrowing [Loans to Retail centers have not been a problem]; [4] Commercial loans to Mexico of $3.2 million. The peso devalued and Mexican economy is slumping. Total new problem loans from Mexico of $36 million of which $25 million is backed by insurance. We have done business with Mexico for 90 years. We may have paid too much importance to the fact the loans were insured. CFR has generated 141 new business relationships since the beginning of the year. CFR considers this growth strong. Loan requests are down 22% and customer requests down 38% - less capital expenditures means fewer loans. CFR has had $1 billion less in loan requests than in last year. Texas was among the last to enter the recession, and could be one of the first to exit. Texas has had 264,000 is job losses so far this year. Deposits were up 25% [annualized - this being record growth] while loan demand was flat - so we had excess deposits and this put pressure on the margin. Loans only used 30% of the deposit increase. CFR has kept more liquidity. Fed funds at a rate of 0.25% while the average cost of new deposits is 0.50%. CFR has been buying ladders of one and two year treasuries - combined yield 70 bps. CFR has had $1.6 billion in new investments - with $900 million invested in Texas munis at FTE yield of 7%. Guidance is difficult to do due to uncertainty of future FDIC fees. EPS estimate of $2.90-$3.00/share. Question: Demand for loans is falling - how can pricing improve? We are loosing less in prospective loans due to structure or pricing. We are not dipping in quality to get new loans. If we saw more deals lost to price, then we would know we are out of sync with pricing. CFR is a relationship bank - so it is less of a numbers game for us. CFR has switched to prime based from LIBOR based pricing. Question: How granular is the increase in NPAs? CFR: 7 credits represent 90% of the increase. One petroleum credit, they spent last year focused on selling the company and did not increase its hedging reserves - and thus is having problems. The NPAs included only one new real estate loan problem. One air plane bought to lease out - and demand for plane leases fell. So problems are all over the board. So problem is moving from real estate to CNI? CFR: It is more [1] too much leverage on those new problem loans and [2] bad management. There is not that much change in real estate or retail centers. CFR's price deck on energy is conservative [$37.50 for oil and $3.75 for gas]. We try to capture 100% of loan paid back by the half life of the property. We are conservative on estimates for the reserves in the ground. Our energy customers are 50% hedged for 2009 and 25% hedged for 2010. CFR has a 38 bps estimate for charge-offs guidance for full year 2009. NPAs are falling some. OREO is churning [or moving] well. The business person is building cash and paying down loans. We have got to get their confidence up. With EPS of $0.76 and $0.63 in the first half of the year - what are the drivers to get you to $3.00? CFR: Reserve was built up in Q2-09, and should not be a trend. We will watch expenses and move the business forward. So NPAs will not increase? CFR: We see the details of the new NPAs, and that gives us some confidence is saying things will improve. Will NPAs be resolved - Will new NPAs fall off - what generates the NPA decrease? CFR: We push hard to get resolution. It is just blocking and tackling - hard work. We have a great resolution staff that [mostly] has gone through the 80s - along with new staff that is being trained. CNB Reports - $3.02 vs. $0.05 in Q2-08 Business Wire 7-31 Montgomery, Alabama's Colonial BancGroup reported for Q2-09 a loss of $606 million [- $3.02/share] compared to a loss of $9 million [- $0.05/share] in Q2-08. [CNB did not give ROA and ROE - so these stats are self calculated.] ROA was [four times $0.606 billion divided by assets of $25.496 billion] - 9.51%. ROE was [four times $0.606 billion divided by shareholders equity of $1.,115 billion] - 217.40% [the anualized loss was more than twice the amount of shareholders equity]. Book Value per share was $3.12. Tier I Risk-Based Capital was 5.44%. Total Risk-Based Capital was 9.43%. Tier I Leverage Ratio was 3.49%. Net interest income was $117.473 million compared to $174.424 million in Q2-08. The provision for loan loss was $294.092 million compared with $79.000 million in Q2-08. The Net interest margin was 1.97% compared to 2.3x% in Q2-08. Total interest earning assets of $24.369 billion produced income of $279.722 million at an average yield of 4.60%. Total interest bearing liabilities of $21.169 billion produced expenses of $160.070 at an average yield of 3.03%. Liability costs was high due to CNB have Time deposits of $9.709 billion costing $82.222 million at an average yield of 3.40% and Long-term debt of $3.957 billion costing $48.215 million at an average yield of 4.88%. Core noninterest income was $53.254 million compared with $50.449 million in Q1-09. Net charge-offs $244 million, or 7.02% annualized of average loans, compared to $132 million, or 3.72% annualized of average loans, in Q1-09. Nonaccrual loans $1,475.349 million; plus Renegotiated loans of $13.301 million; plus OREO of $174.009 million; plus Nonaccrual loans transferred to held for sale of $25.905 million; resulted in Total Nonperforming assets of $1.688 billion [12.29% of net loans + OREO]. With total assets of $25.496 billion, NPAs were 6.62% of assets. CYN Reports $0.02 vs. $0.73 in Q2-08 Globe Newswire 4-23 Los Angeles' City National reported for Q2-09 net income available to common shareholders of $1.3 million [$0.02/share]. Excluding after-tax charges of $5.5 million for City National's share of the FDIC's special assessment levied against all banks that hold insured deposits, as well as after-tax securities gains of $1.0 million, the company's second-quarter 2009 net income available to common shareholders totaled $5.8 million [$0.11/share]. Q2-08's net income was $35.5 million [$0.73/share]. ROA was 0.16%. ROE was 0.29%. Book Value was $33.80. CYN's ratio of Tier 1 common shareholders' equity to risk-based assets was 9.31%. The tangible common shareholders' equity to tangible assets ratio was 7.35%. The ratio of total equity to total assets was 12.31%. FTE net interest income was $148.x million. The net interest margin averaged 3.98%, down 2 bps from Q1-09. Interest-earning assets of $16.003 million produced income of $175.876 million at an average yield of 4.49%. Interest-bearing liabilities of $8.219 billion produced expenses of $20.300 million at an average yield of 0.49%. Noninterest income totaled $64.3 million, down 21% from Q2-08, largely due to a decline in wealth management fee income as a result of market conditions. Net charge-offs were $56.7 million [2.06% of total loans and leases]. At June 30, 2009, nonaccrual loans totaled $378.3 million, up from $106.2 million at June 30, 2008 and $313.6 million at March 31, 2009. Total nonperforming assets (nonaccrual loans and foreclosed assets) were $396.3 million, or 3.19% of total loans and OREO compared with $115.3 million [0.95%} at June 30, 2008, and $326.3 million [2.65%} at the end of Q1-09. With total assets of $17.661 billion, NPAs were 2.24% of assets. EWBC Reports - $1.83 vs. - $0.41 in Q2-08 Business Wire 7-15 Pasadena, California's East West Bancorp reported for Q2-09 a net loss of $115.714 million [- $1.83/share] compared with a loss of $25.887 million [-$.41/share] in Q2-08. ROA was - 2.92%. ROE was - 43.81%. Book Value per share was $16.56. Tier 1 risk-based capital ratio was 12.25%. Total risk-based capital ratio was 14.28%. Tier 1 leverage capital ratio was 10.38%. Net interest income totaled $88.3 million, a 11% increase over Q1-09. The net interest spread was 2.52% [the FTE net interest margin was 2.98%], an increase from 2.22% [FTE NIM of 2.50%] in Q1-09. Total interest-earning assets of $11.909 billion produced income of $146.455 million at an average yield of 4.93%. Total interest-bearing liabilities of $9.665 billion produced expenses of $58.073 million at an average yield of 2.41%. After a Provision for loan losses of $151.422 million (compared with $85 million in Q2-08), the Net interest (loss) income after provision was - $63.162 million. Noninterest (loss) income was - $26.199 million compared to a gain of $13.794 million in Q1-09 and $3.438 million in Q2-08. Excluding the non-cash charge for impairment of investment securities [there was a $37.4 million write-down on EWBC's trust preferred securities] and gains on sales of investment securities, noninterest income was $9.6 million. Nonaccrual loans of $162.2 million plus Modified or restructured loans of $12.3 million plus A/B notes of $77.2 million plus Total modified or restructured loans of $89.5 million plus OREO of $27.2 million resulted in Total nonperforming assets of $278.9 million. Nonperforming assets to total assets was 2.19% while Nonaccrual loans to total loans was 1.90%. net chargeoffs were $133.9 million, largely resulting from land and construction loans. The A/B notes are en EWBC construction of loans restructured into two notes where the A note represents the portion of the original loan which allows for an acceptable LTV and debt coverage on the collateral and is expected to be collected in full. The B note represents the portion of the original loan which was the shortfall in value and was fully charged off. The A/B notes balance of $77.2 million as of June 30, 2009 is comprised of the A note balances only. The A notes are required to be disclosed as troubled debt restructurings in the year in which they are restructured, but under GAAP will no longer be considered troubled debt in the year 2010. FHN Reports - $0.58 vs. - $0.10 in Q2-08 Business Wire 7-17 First Horizon reported a Net loss of $105.482 million [- $0.58/share] compared to - $16.237 million [a loss of $0.10/share] in Q2-08. ROA was - 1.46%. ROE was - 20.96%. Book Value per share at the end of Q2-09 was $10.73. Tier 1 common ratio was 9.48%. The leverage ratio was 12.49%. Tier 1 capital to total assets ratio was 12.50%. Tangible common equity to tangible assets ratio was 7.27%. Net interest income was $199.086 million compared to $196.587 million in Q1-09 and $238.895 million in Q2-08. Consolidated net interest margin improved to 3.05% compared to 2.89% in Q1-09 driven by higher loan and deposit spreads and a decline in earning assets. Total earning assets/interest income was 3.91%. Total interest-bearing liabilities/interest expense was 1.14%. The Net interest spread 2.77% plus the Effect of interest-free sources used to fund earning assets of 0.28% resulted in the Net interest margin of 3.05%. The NIM from 'regional banking' was 4.71%, from 'specialty lending' was 1.80%, and from Capital Markets was 2.70%. Noninterest income was $292.605 million compared to $407.871 million in Q1-09 and $400.018 million in Q2-08. Income from Mortgage banking fell to 15,483 compared with 115,749 in Q1-09 and 172,418 million in Q2-08. With Total nonperforming assets of $1.233 billion and Total assets $28.929 billion, NPAs were 4.26% of assets. The beginning OREO balance was $119 million with $51.9 million in dispositions during the quarter and $39 million in additions resulting in an ending balance of $106.1 million. Non-performing loans began the quarter with a balance of $1.064 billion and had $232 million in additions, $19 million in 'principal increase', $113 million in payments, $155 million in charge-offs, $25 million transfered to OERO and $1 million upgraded to accruals - resulting in an ending MPLs balance of $1.021 billion. Total net charge-offs were $239.449 million and were 4.77% of total loans. FNB Reports $0.10 vs. $0.17 in Q2-08 PRNewswire 7-23 Hermitage, Pa's F.N.B. Corporation reported for Q2-09 Net income available to common shareholders of $9.1 million [$0.10/share] compared to $14.5 million [$0.17/share] for Q2-08. ROA was 0.49%. ROE was 4.05%. Book value per share was $9.26. The tangible common equity ratio was 10.84%. The leverage capital ratio was 10.11%. The tier 1 risk-based capital ratio was 13.22%. The total risk-based capital ratio was 14.63%. Net interest income totaled $66.8 million compared with $65.557 million in Q2-08. The provision for loan losses was $13.909 million compared with $10.976 million in Q2-08. The net interest margin equaled 3.73% compared to 3.70% in Q1-09 and 3.92% in Q2-08. the FTE Yield on earning assets was 5.55% while the Cost of funds was 2.05%. Non-interest income totaled $28.5 million, compared to $28.2 million for Q1-09 and $27.5 million for Q2-08. Non-accrual loans of $116.720 million [$57.965 million in Q2-08] plus Restructured loans of $5.278 million [$3.086 million in Q2-08] plus OREO of $18.145 million [$9.291 million in Q2-08] plus Non-performing investments of $7.768 million [$0 in Q2-08] resulted in total Non-performing assets of $147.911 million [$70.342 million in Q2-08]. With Total assets of $8.604 billion, NPAs were 1.72% of assets. Net loan charge-offs were $17.621 million [1.22% of average loans] compared with $4.132 million [0.30%] in Q2-08. GBCI Reports $0.17 vs. $0.34 in Q2-08 PRNewswire 4-23 Kalispell, Montana's Glacier Bancorp reported for Q2-09 net earnings of $10.652 million [$0.17/share] compared with $18.459 million [$0.34/share] for Q2-08. ROA was 0.77%. ROE was 6.18%. Book value was $11.21. Stockholders' equity to total assets ratio was 12.23%. Tangible stock-holders' equity to total tangible assets ratio was 9.71%. Net interest income was $60.481 million compared with $52.300 million in Q2-08. FTE net interest margin was 4.87%. Total Earning Assets of $5.192 billion produced income of $74.420 million at an average yield of 5.75%. Total Interest Bearing Liabilities of $4.121 billion produced expenses of $13.939 million at an average yield of 1.36%. Total non-interest income was $21.318 million compared with $17.381 million in Q2-08. Non-accrual loans of $116.362 million [$19.674 million in Q2-08] plus Accruing Loans 90+ days overdue of $10.086 million [$3.700 million in Q2-08] plus OREO of $47.424 million [$6.523 million in Q2-08] resulted in Total non-performing assets of $173.872 million [$29.897 million in Q2-08]. NPAs assets as a percentage of total bank assets was 3.06% compared to 0.58% in Q2-08. Net charge-offs as a percentage of total loans was 0.490% compared with 0.030% in Q2-08. HBHC Reports $0.43 vs. $0.67 in Q2-08 Globe Newswire 4-21 Gulfport, Mississippi's Hancock Holding Company announced Qx-09 net income of $13.7 million [$0.43/share] compared with $20.x million [$0.67/share] in Q2-08. ROA was 0.78%. ROE was 8.67%. Book value per share was $19.82. Leverage (Tier I) ratio was 8.13%. Tangible common equity ratio was 8.06%. FTE Net interest income was $56.390 million [$59.640 million before provision] compared to $52.882 million in Q1-08. The net interest margin was 3.78%. Average earning assets of $6.326 billion produced income of $83.053 million at an average yield of 5.26%. Interest bearing liababilities of $5.326 billion produced as expense of $23.413 million at an average yield of 1.76%. Noninterest income [excluding securities transactions] was $34.504 million compared with $31.412 million in Q2-08. Non-accrual loans of $34.189 million [$18.106 million in Q2-08] plus Foreclosed assets of $8.884 million [$1.693 million in Q2-08] resulted in Total non-performing assets of $43.073 million [$19.799 million in Q2-08]. With Total assets of $7.047 billion, NPAs were 0.61% of assets. Net charge-offs were $16.019 million or 1.50% of average loans. PCBC Reports - $7.77 vs. - $0.13 in Q2-08 Business Wire 7-30 Santa Barbara, California's Pacific Capital Bancorp reported for Q2-09 a net loss of $362.6 million [- $7.77/share] compared to loss of $5.9 million [- $0.13/share] in Q2-08. [PCBC did not give ROA and ROE - so these stats are self-calculated.] ROA was [four times $0.363 billion divided by assets of $7.314 billion] - 19.85% while ROE was [four times $0.363 billion divided by equity of $0.414 billion] - 350.72%. Book value per share was $5.10. Tier 1 leverage ratio was 5.6%. Total risk based capital ratios was 11.1%. FTE Net interest income was $53.4 million compared with $64.4 million in Q2-08. The FTE Net interest margin was 2.68% compared with 3.82% in Q2-08. Total interest-earning assets of $7.991 billion produced income of $96.089 million at an average yield of 4.82%. Total interest-bearing liabilities of $6.561 billion produced expenses of $42.651 million at an average yield of 2.61%. Liability costs were high due to PCBC having Time certificates of deposit of $2.804 billion costing $20.020 million at an average yield of 2.86% and 'Other borrowings' of $1.375 billion costing $15.799 million at an average yield of 4.61%. With a Q2-09 provision for loan losses of $192.481 million, the Net interest loss after provision was $139.043 million. Non-interest income was $20.9 million compared with $22.2 million in Q2-08. Total non-performing assets were $348.3 million compared to $271.1 million at 3-31-09. Approximately 27% of the Bank’s total non-performing assets at June 30, 2009 were still current on interest and principal payments. These credits have been placed on non-performing status due to the identification of some form of impairment, such as a decline in collateral value. With Total assets of $7.314 billion, NPAs were 4.76% of assets. Net charge-offs were $77.1 million an the annualized net charge-offs/total average loans ratio was 5.40%. PRSP Reports $0.57 vs. $0.52 in Q2-08 PRNewswire 7-17 Prosperity Bancshares reported net income of $26.510 million [$0.57/share] compared with $23.437 million [$0.52/share] for Q2-08. PRSP's FDIC insurance premium cost for 2008 was $1.4 million. The expected full year 2009 FDIC insurance premium (excluding any one-time assessments) is currently projected to be between $8.0 million and $9.0 million based upon deposit balances at June 30, 2009. Additionally, the FDIC imposed an emergency special assessment as of June 30, 2009, which for Prosperity will total approximately $4.2 million in pre-tax expense or $0.06 per diluted common share after tax. ROA was 1.20% while ROE was 8.18%. Book value per share was $28.17. Tier 1 risk-based capital was 11.24%. Total risk-based capital was 12.28%. Tier 1 leverage capital was 5.81%. Net interest income before provision for credit losses was $75.521 million compared to $53.971 million reported for Q2-08. The increase was attributable primarily to a 40.8% increase in average earning assets primarily due to the Franklin transaction. The FTE net interest margin decreased to 4.04% compared with 4.10% for Q2-08. Non-interest income increased 15.8% to $15.133 million compared with $13.066 million for Q2-08. The increase was mainly attributable to an increase in service charges on deposit accounts related to accounts assumed from the FDIC as part of the Franklin Bank transaction. Non-performing assets were $19.587 million [0.26% of average earning assets and 1.57% of loans] compared with $12.525 million [0.16% of average earnings assets] at 3-31-09. While there was a 56% increase in NPAs, the 30-90 day past due dropped $7 million from Q1-09's end - so total NPAs over 30 days have dropped. NPA Commercial real estate had 5 credits last quarter and 9 credits this quarter. One credit is now perfroming. One credit is a hotel that is now under contract to sell [$3 million price with only a $1.5 million loan]. One is a $2.5 million medical development that was foreclosed and put in OREO. The slower rate of commercial sales is slowing the period of time it takes to clear OREO from the portfolio. Is this growth in NPAs a trend? Our portfolio is very granular. Growth [minus the one that is now performing] is only three credits. So we feel good about things going forward. NPAs consisted of $8.143 million in loans, $343 thousand in repossed assets, and $11.101 million in OREO. As of 6-30-09 PRSP had $2.900 million of NPAs are under contract for sale. With total assets of $8.834 billion, NPAs were 0.21% of assets. Net charge offs were $3.956 million compared with $3.857 million in Q1-09. From the conference call: PRSP's average monthly new loan production was $76 million vs. $64 million in Q1-09. Total loans outstanding were $3.451 billion compared with $3.501 billion in Q1-09. Of these loans there were 41% at fixed rates, 27% at floating rates and 32% at variable that reset at specific times. There was 6.9% unemployment in Texas for May. Longer term prospects remain healthy. We expect higher charge-offs going forward. Franklin's hot money on high rate CDs is leaving as expected. We are not afraid of loaning to commercial development. PRSP recently made a $30 million loan to one of the hottest residential development projects in Texas. What is selling depends on quality. We are cautious and moving forward with out eyes open - but we do not see any immediate problems. Mostly - the subdivisions that we are in are moving their land. One analyst asked about the opportunities for acquisitions. PRSP: They are out there today. Some out of stats banks are looking to sell. We are ready for those opportunities. We make more money for our share holders on acquisitions that on day to day banking. We would want an FDIC deal to protect ourselves from loan problems. Will you raise equity first? No, the deal comes first. There are a lot of banks that are closed to making loans in certain categories, like commercial real estate. We are taking advantage of those opportunities. The increase in 90 days - why not non-accrual? If it is over 90 days and still accruing, then there is not a loss in the credit. The hotel example, it is over 90 days but is under contract at a price that covers the debit. So it is over 90 days past day but it is accruing. Analyst: Freddie and Fannie are effectively closed. PRSP: If Freddie and Fannie fail to stand behind their guarantees, then we will all be eating beans under the bridge. Why are Fed Funds up so much? PRSP: We are dragging our feet on some things - looking for yield. We expected a bigger run off of the Franklin CDs. Franklin had 46 last year - and the closings that happened took place last year. The remaining 33 from Q1 are still open. Analyst asked about potential forward economic problems for Texas. PRSP: With oil at $60, the energy companies are still making money. They are healthy. And they are not laying off a bunch of people - because it was hard for then to gear back up in the 80s - so they are responding to that lesson. They are not as busy and not doing as much drilling. There are a lot of political cross winds [like "cap and trade"] - causing people to sit on their hands - in oil and in commercial real estate and other areas. RF Reports - $0.28 vs. $0.4 in Q2-08 Business Wire 7-21 Birmingham, Alabama's Regions Financial reported for Q2-09 loss available to common shareholders of $244 million [- $0.28/share] compared with $26 million [$0.04/share] in Q2-08. ROA was - 0.67%. ROE was - 6.96%. Book Value was $7.58. Stockholders' equity to total assets ratio was 13.12%. Tangible common stockholders' equity to tangible assets ratio was 6.59%. Tier 1 Capital was 12.2%. Total Risk-Based Capital was 16.30%. The Net interest income before the provision for loan losses was $840 million compared with $979 million in Q2-08. The Provision for loan losses was $912 million compared with $425 million in Q1-09 and $309 million in Q2-08. The Net interest income after the after provision for loan losses was - $81 million compared with $670 million in Q2-08. Total interest-earning assets of $128.616 billion produced income of $1.360 billion at an average yield of 4.24%. Total interest-bearing liabilities of $104.604 billion produce expenses of $0.520 billion at an average yield of 2.00%. FTE net interest margin was 2.62%. Total non-interest income was $1.119 billion compared with $0.744 billion in Q2-08. Net loan charge-offs increased to $491 million or an annualized 2.06% of average loans. Non-performing loans, excluding loans held for sale, increased $977 million to $2.6 billion, reflecting continued economic pressure. Non-performing assets to loans + OREO ratio was 3.55%. Total Non-performing assets were $3.428 billion compared with $2.328 billion in Q1-09 and $1.629 billion in Q2-08. With total assets of $142.811 billion, NPAs were 2.40%. TRMK Reports $0.23 vs. $0.31 Q2-08 Business Wire 7-28 Jackson, Mississippi's Trustmark Corporation reported for Q2-09 net income available to common shareholders of $13.443 million [$0.23/share] compared with $17.552 million [$.31/share] in Q2-08. The special FDIC deposit insurance assessment reduced Trustmark’s net income by $2.7 million [$0.05/share]. ROA was 0.69%. ROE was 5.51%. Book Value was $17.35. Total equity/total assets ratio was 12.49%. Tangible common equity/tangible assets ratio was 7.34%. Tier 1 leverage ratio was 10.38%. Tier 1 risk-based capital ratio was 9.66%. Total risk-based capital ratio was 15.45%. FTE Net interest income was $90.816 million compared with $79.865 million in Q2-08. With the FTE yield on earning assets at 5.30% and the cost of interest paying liabilities at 1.10%, the FTE Net interest margin was 4.20%. Total noninterest income was $40.816 million compared with $48.466 million in Q2-08. Mortgage banking income fell to $2.543 million from $6.708 million in Q2-08. Total nonaccrual loans of $132.990 million [1.94% of total loans] plus OREO of $55.196 million resulted in Total nonperforming assets of $188.186 million [2.72% of total loans + OREO]. With total assets of $9.627 billion, NPAs were 1.22% of assets. Net charge-offs totaled $25.4 million, or 1.48% of average loans. UMBF Reports $0.47 vs. $0.58 in Q2-08 Business Wire 4-21 Kansas City's UMB Financial reported Q2-09 earnings of $19.027 million [$0.47/share] compared with $23.724 million [$0.58/share] in Q2-08. 7.2 million special assessments. ROA was 0.76%. ROE was 7.66%. Book Value was $24.42. Tier 1 Capital ratio was 13.4%. Net interest income was $74.174 million [$67.874 million after provision] compared with $66.011 million [$61.161 million after provision] in Q2-08. Net interest margin was 3.42%. Total earning assets of $9.170 billion produced income of $87.707 million at an average yield of 4.01%. Total interest-bearing liabilities of $6.459 billion produced expenses of $13.533 million at an average yield of 0.84%. Non-interest income was $77.323 milion compared with $78.988 million in Q2-08. Trust and securities processing fell to $28.635 million from $33.132 million in Q2-08. This fall was partially offset by an increase in gains on the sale of securities of $1.849 million compared to $0.029 million in Q2-08. Nonperforming loans increased to $14.1 million from $8.2 million at June 30, 2008. As a percentage of loans, nonperforming loans increased to 0.33% as of June 30, 2009 compared to 0.20% at June 30, 2008. By comparison, the industry average for nonperforming loans as of March 31, 2009 was 2.44%. Nonperforming Assets to total Assets ratio was 0.18%. Net charge-offs were 0.47% of total loans. UMPQ Reports $0.07 vs. $0.17 in Q2-08 Business Wire 7-16 Portland, Oregon's Umpqua Holdings announced for Q2-09 net income applicable to common shareholders was $4.4 million [$0.07/share] compared to net income of $10.126 million [$0.17/share] for Q2-08. ROA was 0.20%. ROE was 1.40%. Book value per share was $21.00. Total risk based capital ratio was 14.35%. Net interest income was $78.989 million compared to $73.535 million in Q2-08. FTE Net interest margin was 4.20%. The average yield on earning assets was 5.56% while the average cost of interest bearing liabilities was 1.75%. Total non-interest income was $27.050 million compared to $19.979 million in Q2-08. Mortgage banking revenue was $6.259 million compared to $3.687 million in Q2-08. The Gain on junior subordinated debentures was $8.611 million compared to $3.199 million in Q2-08. Loans past due greater than 90 days and still accruing interest of $9.2 million plus non-accrual loans of $104.7 million plus OREO of $36.0 million resulted in Non-performing assets of $150.0 million [1.71% of total assets]. Non-performing loans ended the quarter at 1.87% of total loans. Total net charge-offs were $26.0 million, which represented 1.71% of average loans on an annualized basis. WABC Reports $0.75 vs. $0.47 in Q1-08 Business Wire 7-14 San Rafael, California's Westamerica Bancorporation reported net income of $22.1 million [$0.75/share] compared to $26.8 million [$0.92/share] for Q1-07. Q2-09 results include FDIC insurance assessments of $3.2 million [$0.06/share increase], compared to $157 thousand in the prior quarter. Q2-08 results include a $18.2 million of "other than temporary impairment charges" related to FHLMC and FNMA preferred stock which reduced net income $10.5 million [$0.35/share]. Westamerica intends to redeem a portion of the preferred stock issued to the United States Treasury this month, which will increase returns to common shareholders. ROA was 1.68%. ROE was 19.0%. Book Value was $16.31. Tier I Capital/Total Assets was 8.11%. Tier I Capital/Risk-Adjusted Assets ratio was 16.31%. FTE Net interest income $62.3 million compared to $59.4 million for Q1-09 and $49.7 million reported for Q2-08. The improved net interest income is attributable to earning asset growth from the County Bank acquisition and a higher net interest margin. The net interest margin has increased in the first half of 2009 relative to the first half of 2008 as lower short-term interest rates caused funding costs to decline at a faster pace than earning asset yields. The interest margin was 5.34% - stable with Q1-09's margin of 5.35%. Total Earning Assets (FTE) of $4,678 billion proudced income of $68.063 million at an average yield of 5.83%. Total Interest-Bearing Liabilities of $3.311 billion produced expenses of $5.745 million at an average yield of 0.70%. Why was the cost of liabilities so low? WABC had Time Deposits under $100K of $0.530 billion costing $1.381 million at a low average yield of 1.04% and Time Deposits over $100K of $0.629 billion costing $1.735 million at a low average yield of 1.11% and Long-Term Debt of only $0.026 billion costing $0.421 million at an average yield of 6.35%. Noninterest income was $16.4 million compared to $64.0 million in Q1-09 which included the $48.8 million FAS 141R gain. Service charges on deposit accounts, ATM fees and debit card fees have increased following the assumption of County Bank deposit accounts. Total Non-Covered Nonperforming Assets were $34.958 million while Total Covered Nonperforming Loans were $91.433 million. With Total Assets of $5.193 billion, total NPA's were 1.75% of assets while non-covered NPAs were 0.37% of assets. Covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. Covered assets were recorded at estimated fair value at the time of purchase. WTNY Reports - $0.38 vs. $0.20 in Q2-08 Globe Newswire 7-23 New Orleans' Whitney Holding Corporation reported for Q2-09 a net loss of $21.3 million with earning available to common share of - $25.4 million [- $0.38/share] compared with income of $12.9 million [$0.20/share] for Q2-08. The provision for credit losses was $39 million high in Q2-09 than in Q2-08. ROA was - 0.70%. ROE was - 8.30x%. Book value per share was $17.63. The regulatory leverage ratio was 9.21%. The tangible common equity ratio was 6.42%. FTE Net interest income was $111.820 million compared with $112.924 million in Q1-09 and $112.334 million in Q2-08. FTE net interest margin compressed by 8 bps to 4.05% from 4.13% in Q1-09. The provision for credit losses was $74 million compared with $65 million in Q1 and $35 million in Q2-08. FTE Net interest income as a percentage of average earning assets was 4.05%. Interest expense as a percentage of average interest-bearing liabilities plus interest-free funds was 0.74%. Noninterest income was $32.431 million compared with $29.266 million in Q1 and $26.174 million in Q2-08. Fee income from Whitney's secondary mortgage market operations grew 68% [or $1.3 million] from Q1-09 on continued strong refinancing activity. Net loan charge-offs were $46.7 million [2.09% of average loans] compared to $31.9 million [1.41% of average loans] in Q1-09. Total nonperforming loans of $413.174 million plus OREO of $43.625 million resulted in NPAs of $456.779 million. Non-performing assets to loans + foreclosed assets and OREO was 5.17% compared with 4.50% in Q1 and 3.61% in Q2-08. With total assets of $11.975 million, NPAs were 3.45% of assets. ZION Reports - $0.35 vs. $0.65 in Q2-08 PRNewswire 7-20 Salt Lake City's Zions Bancorporation reported for Q2-09 a loss of $40.672 million [- $0.35/share] compared with earnings of $69.774 million [$0.65/share] in Q2-08. During Q2-09 ZION recognized earnings impairment and valuation losses on CDOs of $53.7 million [$0.28/share]. ROA was - 0.50%. ROE was - 4.06%. Book value per share was $32.50. The tangible common equity ratio was 5.66%. Tier 1 risk-based capital ratio was 9.64%. Total risk-based capital ratio was 12.84%. FTE Net interest income was $493.688 million compared to $474.775 million for Q1-09, and $484.473 million for Q2-08. The net interest margin was 4.09% compared with 4.18% for Q2-08. Noninterest income was $585.3 million compared to a loss of $145.3 million for Q1-09 and income of $72.4 million for Q2-08. Net loan charge-offs were $347.5 million (including one credit for $47.5 million on which a substantial recovery is expected) compared to $151.7 million in Q1-09. Charge-offs were 3.39% annualized of average loans excluding FDIC-supported assets compared with 1.47% for Q1-09 and $67.8 million [0.67%] for Q2-08. Nonperforming lending related assets were $2.059 billion ($1.923 billion excluding FDIC-supported assets) compared to $1.755 billion at March 31, 2009 and $695.3 million at June 30, 2008. The ratio of nonperforming lending related assets excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.68% at June 30, 2009 compared to 3.96% at March 31, 2009 and 1.66% at June 30, 2008. With Total assets of $54.070 billion, NPAs were 3.81% - and excluding FDIC supported assets, 3.55%. Ratings & Dividend Changes - July On 7-22 BXS declared a dividend of $0.22/share payable October 1, 2009 to shareholders of record at the close of business on September 15, 2009. On 7-22 ZION declared a dividend of $0.01/share payable August 26, 2009 to shareholders of record on August 12, 2009. On 7-23 CFR declared a dividend of $.43/share payable September 15, 2009 to shareholders of record on September 1. On 7-23 WABC declared a dividend of $0.35/share to shareholders of record at the close of business on August 3, 2009. The dividend is payable August 14, 2009. On 7-27 BOH declared a dividend of $0.45/share payable on September 15, 2009 to shareholders of record at the close of business on August 31, 2009. On 7-28 TRMK declared a dividend of $0.23/share payable September 15, 2009, to shareholders of record on September 1, 2009. On 7-28 BOKF declared a dividend of $0.24/share payable on or about August 28, 2009 to shareholders of record as of August 14, 2009. On 7-29 CATY declared a dividend of $0.01/share payable August 20, 2009, to stockholders of record at the close of business on August 10, 2009. On 7-14 UCBH announced an action plan to strengthen and preserve capital, aggressively manage its loan portfolio and nonperforming assets, and improve core business performance. The key elements of the plan include the suspension and/or deferral of the cash dividends on common and preferred stocks, and the deferral of interest payments on its trust preferred securities and execution of strategies to improve core business performance including execution of nonperforming asset disposition strategies. Fitch Downgrades UCBH On 7-15 Fitch Ratings pushed UCBH deeper into speculative territory as the bank said Tuesday that it will suspend dividends on its common and preferred stock. Fitch downgraded UCBH’s long-term issuer debt ratings to CCC from B-plus on Tuesday, citing the bank’s decision to defer dividend payments on hybrid securities. The deferral includes payments on its $298 million of preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program. “While the holding company presently has sufficient cash resources to pay these dividends, Fitch believes that future dividend payments would have likely been restricted,” Fitch said in a statement. “Given UCBH’s financial pressures, Fitch anticipates that the company will likely be subject to regulatory action, which would potentially weaken the parent company’s financial profile further,” Fitch said. The ratings agency said the bank remains highly exposed to commercial real estate in troubled markets. Fitch notes that UCBH remains in discussions with China Minsheng Bank, a major shareholder, about a capital injection. But beyond that, UCBH would have trouble raising substantial capital on Wall Street. “The challenging economic and operating environment calls for difficult decisions and a specific action plan that puts UCBH on a solid foundation for the future,” said Thomas Wu, chairman and CEO of UCBH. “We continue to work toward completing our financial restatements in the current quarter. “By conserving and building capital, focusing on our core banking businesses and continuing to provide exceptional service to our customers, we will be in a stronger position to realize our long-term growth potential,” Wu said. UCBH has been struggling with residential construction loans in Southern California. On 7-06 B. Riley Upgraded CATY from Neutral to Buy - and on 7-30 [after the earnings release and conference call] it Downgraded CATY from Buy back to Neutral. On 7-09 Sterne Agee Upgraded UMPQ from Sell to Neutral. On 7-21 Citigroup Downgraded ZION from Hold to Sell. Stifel Nicolaus Upgrades WABC On 7-07 Stifel Nicolaus analyst Brian Zabora upgrades WestAmerica Bancorp to "Hold". WABC's recent share price decline has put its value in line with what he believes is a fair price for the stock. Zabora has a price target of $47 on the stock. Over the past week, shares of WestAmerica have declined 5.3%. In downgrading the stock in early May, Zabora said analysts' average earnings estimates for the company were too high, and it would be challenging for the bank to reproduce strong first-quarter results later in the year. Zabora did not change his earnings estimates as he upgraded the stock. He predicts WestAmerica will earn $3.16 per share in 2009 and $3.25 per share in 2010. Analysts polled by Thomson Reuters, on average, forecast earnings of $3.13 per share for 2009 and $3.36 per share for 2010. A month ago, analysts forecast earnings of $3.17 per share for 2010 and $3.38 per share for 2010. Home Page Factoids Previous Update |