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Factoids Yahoo Banks Excite Banks Banking News Bankstocks.com 2009 Updates Sept Aug July June May Apr Mar Feb Jan 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 Q4-09 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 $0.76 vs. $1.00 in Q3-08 Business Wire 10-26 Honolulu's Bank of Hawaii reported Q3-09 net income of $36.471 million [$0.76/share] compared with $47.409 million [$1.00/share] in Q3-08. ROA was 1.21%. ROE was 16.44%. Book Value per share [from Yahoo] was $17.67 [and the calculated book was $880.003 million in shareholders equity divided by 48.046 million shares = $18.31]. Tier 1 Capital Ratio was 13.43%. Total Capital Ratio was 14.70%. Leverage Ratio was 6.67%. Tangible Common Equity to Total Assets ratio was 7.11%. Tangible Common Equity to Risk-Weighted Assets 14.56%. FTE Net interest income [before provision] was $108.887 million compared with $103.575 million in Q3-08 and $102.851 million in Q2-09. Income after provision was $81.387 million compared with $83.217 million in Q3-08 and $74.161 million in Q2-09. The net interest margin was 3.85% compared with 4.33% in Q3-08 and 3.73% in Q2-09. Total Earning Assets of $11.237 billion proudced income of $128.728 million at an average yield of 4.54%. Total Interest-Bearing Liabilities of $8.645 billion produced an expense of $19.841 million at an average yield of 0.91%. Noninterest income was $56.800 million compared to $56.986 million in Q3-08 and $59.832 million in Q2-09. Q2-09 Noninterest income included a gain of $2.8 million related to the sale of its equity interest in an aircraft lease and $0.9 million due to the sale of the retail insurance brokerage business. Non-accrual loans and leases were $48.335 million compared with $5.634 million at June 30, 2008, and $38.616 million at June 30, 2009. As a percentage of total loans and leases, non-accrual loans and leases were 0.81% at June 30, 2009. Non-Performing Assets were $48.536 million [$48.335 million in NALs + $0.201 million in OREO] compared with $39.054 million in Q2-09 and $5.927 million in Q3-08. [Excluded from BOH's calculation of non-performing assets are non-accrual loans held for sale of $7.7 million.] With total assets of $12.208 billion, NPAs were 0.40% of assets. Net Charge-offs were $22.258 million or 1.46% of average loans. BOKF Reports $0.75 vs. $0.84 in Q3-08 Business Wire 10-28 Tulsa, Oklahoma's BOK Financial reported for Q3-09 net income of $50.660 million [$0.75/share] compared with $56.685 million [$0.84/share] in Q3-08. ROA was 0.87%. ROE was 9.41%. Book Value was $32.27. The Tier 1 ratio was 10.56%. Tier 1 common equity ratio was 10.45%. The leverage ratio was 8.16%. Tangible common equity ratio was 7.78%. Net interest revenue totaled $180.461 million compared with $164.348 million in Q3-08, while after provision revenues were $125.341 million and $111.637 million in Q3-08. Net interest margin was 3.63% compared with 3.55% in Q2-09 and 3.48% in Q3-08. Total FTE yield on earning assets was 4.54% compared with 4.65% in Q2-09 and 5.55% in Q3-08. Total cost of interest-bearing liabilities was 1.09% compared with 1.31% in Q2-09 and 2.41% in Q3-08. Fees and commissions revenue totaled $119.956 million compared with $126.658 million in Q3-08. Gains and losses on sales of assets, derivative, securities, OTI costs and other items resulted in 'total other operating revenue' of $131.770 compared with $132.286 million in Q3-08. Net loans charged off were $35.987 million [1.21% of average loans] compared with $47.120 million [1.13%] in Q2-09 and $20.214 million [0.64%] in Q3-08. Non-accruing loans of $382.801 million plus renegotiated loans of $17.426 million (including $11 million of residential mortgage loans guaranteed by U.S. government agencies) plus $89.507 million of OREO resulted in Non-performing assets of $489.734 million [4.19% of outstanding loans + OREO] compared to $445.715 million [3.67%] at the end of Q2-09 and $252.239 million [1.98%] at the end of Q3-08. With total assets of $23.876 billion, NPAs were 2.05% of assets. BXS Reports $0.26 vs. $0.34 in Q3-08 PRNewswire 10-22 Tupelo, Mississippi's BancorpSouth for Q3-09 net income of $21.5 million [$0.26/share] compared with $28.3 million [$0.34/share] for Q3-08. ROA was 0.65%. ROE was 6.75%. Book Value per share was $15.41. Shareholders' equity to asset ratio was 9.69%. Net interest revenue [before provision] was $111.736 million compared with $109.602 million for Q2-08. NII after a provision of $22.514 million was $89.222 million compared with a provision of $16.306 million and NII of $93.296 million, FTE net interest margin was 3.77%, up from 3.67% for Q3-08. Total interest earning assets of $12.132 billion produced revenus of $175.059 million at an average yield of 5.74%. Total interest bearing liabilities of $10.218 billion produced expenses of $63.022 million at an average yield of 2.45%. Why so high? Time deposits [CDs} of $3.762 billion produced expenses of $33.660 million at an average yield of 3.56%. Noninterest revenue was $59.5 million compared with $63.4 million for Q3-08. This decrease reflected, in part, a $4.1 million decline in the value of the mortgage servicing rights for Q3-09 compared with a $1.0 million decline for Q3-08. Net charge-offs were $16.470 million compared with $10.637 million in Q3-08. Net charge-offs to average loans ratio was 0.68% compared with 0.35% in Q3-08. Non-performing loans and leases increased to $111.636 million [1.14% of net loans and leases] from $65.174 million [0.68%] at Sept 30, 2008. NPLs plus an OREO of $62.072 million resulted in Total non-performing assets of $173.708 million. With total assets of $13.272 billion, NPAs were 1.31% of assets. CATY Reports - $0.43 vs. $0.14 in Q3-08 PRNewswire 10-08 Los Angeles' Cathay General reported for Q3-09 a net loss [available to common stockholders] of $21.765 million [- $0.43/share] compared to net income of $6.891 million [$0.14/share] in Q3-08, due primarily to increases in the provision for credit losses [$76.0 million 2009 compared to $15.8 million], lower net interest income and higher provision for OREO write-downs. Q3-09 contained a $4.086 million added expense for dividends on preferred stock. ROA was - 0.60%. ROE was - 5.58%. Book Value per share was $19.09. Total risk-based capital ratio was 14.49%. Tier 1 risk-based capital ratio was 12.63%. Tier 1 leverage capital ratio was 9.29%. Net interest income before provision for credit losses was $72.5 million compared to $73.6 million during Q3-08. The provision for credit losses was $76.0 million compared with $15.8 million in Q3-08. Net interest income after provision for credit losses was - $3.485 million compared with $57.801 million in Q3-08. FTE net interest margin was 2.65% compared with 2.49% in Q2-09 and 2.88% in Q3-08. The FTE yield on average interest-earning assets of $10.850 billion was 4.82%, while the cost of funds on average interest-bearing liabilities of was 2.48%, and the cost of interest bearing deposits of $6.791 billion was 1.80%. Non-interest income $10.3 million compared to a loss of $8.4 million for Q3-08 primarily due to net securities losses in Q3-08 of $15.3 million. In Q3-09, net gains on sales of agency mortgage-backed securities were $2.9 million compared to a $27.8 million oti impairment charge on agency preferred stock which was partially offset by net gains of $12.5 million from sales of agency mortgage-backed securities in Q3-08. The ratio of non-performing assets to total assets was 4.0% compared to 4.2% at June 30, 2009. Total non-performing assets increased to $464.8 million compared with $251.8 million at December 31, 2008, primarily due to a $180.4 million increase in non-accrual loans and a $25.7 million increase in OREO. Total non-performing assets decreased from $473.7 million at June 30, 2009, primarily due to a $21.5 million decrease in non-accrual loans offset by a $12.9 million increase in OREO. Total charge-offs of $58.5 million included $13.1 million of charge-offs on twelve residential construction loans, $3.1 million of charge-offs on commercial property construction loans, $9.2 million of charge-offs on commercial real estate loans, $27.7 million on 25 commercial loans, $1.5 million charge-offs on residential mortgage loans, and $3.9 million of charge-offs on land loans. Net Charge-offs were $56.993 million compared with $9.127 million in Q3-08. CBSH Reports $0.66 vs. $0.32 in Q3-08 PRNewswire 10-14 Kansas City's Commerce Bancshares reported Q3-09 net income of $51.464 million [$0.66/share] compared to $24.673 million [$0.32/share] in Q3-08. During Q3-08 CBSH recorded a loss on the purchase of auction rate securities totaling approximately $21 million or $0.27/share. ROA was 1.16%. ROE was 11.49%. Book Value per share was $23.45. The ratio of tangible common equity to total assets was 9.60%. Tier I leverage ratio was 9.65%. FTE Net interest income was $168.408 million compared to $155.458 million in Q3-08. The FTE net yield on earning assets was 4.02%, compared with 3.91% in Q2-09 and 4.04% in Q3-08. Total interest earning assets of $16.622 billion produced income before provision for losses of $201.647 million at an average yield of 4.93% while Total interest bearing liabilities of $14.760 billion produced expenses of $38.108 million at an avereage yield of 1.02%. NII after provision was $128.178 million. Total non-interest income was $102.135 million compared with $95.593 million in Q3-08. Non-Accrual Loans of $121.698 million [$41.600 million in Q3-08] plus OREO of $7.535 million [$4.622 million in Q3-08] resulted in Total Non-Performing Assets of $129.233 million [$46.222 million in Q3-08]. The ratio of Non-Performing Assets to Loans was 1.26% [0.42% in Q3-08] and the ratio of Non-Performing Assets to Total Assets was 0.72% [0.27% in Q3-08]. Net total loan charge-offs were $30.9 million compared to $18.7 million in Q3-08. The ratio of annualized net loan charge-offs to total average loans was 1.17%. CFR Reports $0.75 vs. $0.83 in Q3-08 PRNewswire 10-21 San Antonio's Cullen/Frost reported Q3-09 net income of $44.7 million [$0.75/share] compared to $49.0 million [$0.83/share] in Q3-09. ROA was 1.11%. ROE was 9.70%. Book Value per share was $31.80. Tier 1 Risk-Based Capital Ratio was 11.49%. Total Risk-Based Capital Ratio was 13.72%. The tangible common equity ratio was 8.70%. FTE net interest income was $144.9 million compared to the $139.7 million in Q3-08. The net interest margin was 4.12% compared to the 4.74% in Q3-08. Non-interest income $69.5 million compared to $77.3 million in Q3-08. Trust fee income was $16.8 million, compared to $19.7 million a year earlier. Most of this decrease relates to lower oil and gas trust management fees, down $1.9 million from Q3-08. Other non-interest income was $11.0 million compared to the $15.9 million for Q3-08 with most of this decrease is due to income of $2.2 million recognized in Q3-08 for the collection of loan interest and other charges written off in previous years. Also impacting the decrease was a $1.0 million gain on sale of assets recorded in Q3-08. Net charge-offs were $16.319 million [0.75% of average loans] compared to $6.351 million [0.30%] in Q3-08. Non-accrual loans of $191.754 million [$45.475 million in Q3-08] plus Foreclosed assets of $29.112 million [$9.683 million] resulted in total nonperfroming assets of $220.866 million [$55.158 million in Q3-08]. NPAs were 2.58% of total loans and OREO and 1.37% of total assets. CYN Reports $0.05 vs. $0.34 in Q3-08 Globe Newswire 10-22 Los Angeles' City National reported for Q2-09 net income of 8.0 million and income available to common shareholders [after 5.5 million in dividends of preferred stock] of $2.5 million [$0.05/share] compared to Q3-08's net income of $16.6 million [$0.34/share]. ROA was 0.18%. ROE was 0.56%. Book Value was $34.99. CYN's ratio of Tier 1 common shareholders' equity to risk-based assets was 9.22%. The tangible common shareholders' equity to tangible assets ratio was 7.10%. The ratio of total equity to total assets was 12.06%. FTE net interest income was $164.9 million. The net interest margin was 3.94%, down from 4.23% in Q3-08. Interest-earning assets of $16.588 million produced income of $187.623 million at an average yield of 4.40%. Interest-bearing liabilities of $8.308 billion produced expenses of $38.864 million at an average yield of 0.91%. Noninterest income totaled $68.845 million compared with $50.078 million in Q3-08, with the increase largely due to Q3-08's loss of $32.472 million in securitiy losses. Brokerage and mutual fund fees in Q3-09 were $6.041 million compared with $19.470 million in Q3-08. Net charge-offs were $76.9 million [2.0x% of total loans and leases]. Nonaccrual loans totaled $408.3 million, up from $150.9 million at Sept 30, 2008 and $378.3 million at June 30, 2009. Total nonperforming assets (nonaccrual loans + OREO of $43.9 million) were $452.2 million, or 3.70% of total loans and OREO, or 2.46% of assets. EWBC Reports - $0.91 vs. - $0.56 in Q3-08 Business Wire 10-21 Pasadena, California's East West Bancorp reported for Q2-09 a net loss of $68.531 million and a net loss available to common shareholders of $79.151 million [- $0.91/share] compared with a loss of $35.295 million [-$0.56/share] in Q3-08. The net loss was primarily driven by a $159.2 million provision for loan losses and $24.2 million impairment loss on investment securities. ROA was - 2.17%. ROE was - 27.12%. Book Value per share was $12.58. Tier 1 risk-based capital ratio was 13.08%. Total risk-based capital ratio was 15.13%. Tier 1 leverage capital ratio was 10.62%. Tangible common equity to risk weighted assets ratio was 7.98%. Net interest income totaled $95.9 million, a 9% increase over Q2-09. The net interest spread was 2.78% [the FTE net interest margin was 3.20%], an increase from 2.52% [FTE NIM of 2.98%] in Q2-09. Total interest-earning assets of $11.911 billion produced income of $148.006 million at an average yield of 4.93%. Total interest-bearing liabilities of $9.625 billion produced expenses of $52.004 million at an average yield of 2.15%. After a Provision for loan losses of $159.224 million, the Net interest (loss) income was - $63.364 million. Noninterest (loss) income was - $11.880 million compared to a loss of $26.199 million in Q2-09 and $43.550 million in Q3-08. Excluding the non-cash charge for impairment of investment securities of $24.249 million, noninterest income was $12.369 million. Nonaccrual loans of $205.995 million plus OREO of $24.185 million resulted in Total nonperforming assets of $230.180 million. Nonperforming assets to total assets was 1.84% while Nonaccrual loans to total loans was 2.43%. Net charge-offs were $151.243 million [2.74% of outstanding loans]. EWBC ontinued to actively sell problem loans and REO assets and sold a total of $206.3 million during the quarter, which accelerated charge-offs by $60.1 million for the quarter. FHN Reports - $0.24 vs. - $0.58 in Q3-08 Globe NewsWire 10-16 First Horizon reported a Net loss of $52.859 million [- $0.24/share] compared to - $125.095 million [a loss of $0.58/share] in Q3-08. ROA was - 0.52%. ROE was - 9.02%. Book Value per share at the end of Q3-09 was $10.43. Tier 1 common ratio was 9.88%. Tier 1 capital to total assets ratio was 13.47%. Tangible common equity to tangible assets ratio was 7.85%. the leverage ratio was 13.35%. The shareholders equity to assets ratio was 12.73%. Net interest income was $190.901 million compared to $199.086 million in Q2-09 and $223.147 million in Q3-08. Total earning assets/interest income ratio was 3.89%. Total interest-bearing liabilities/interest expense ratio was 1.00%. The Net interest spread 2.89% plus the Effect of interest-free sources used to fund earning assets of 0.25% resulted in the Net interest margin of 3.14%. The NIM from 'regional banking' was 4.80%, from mortgage banking was 2.66%, from specialty lending was 1.83%, and from Capital Markets was 2.41%. Noninterest income was $303.753 million compared to $284.513 million in Q2-09 and $296.283 million in Q3-08. Income from Mortgage banking fell to $129.043 compared with $15.483 million in Q2-09 and 106.817 million in Q3-08 while capital market income rose to $129.043 million compared with $179.384 million in Q2-09 and $86.845 million in Q3-08. With Total nonperforming assets of $1.220 billion and Total assets $26.466 billion, NPAs were 4.61% of assets. Net charge-offs were $201.718 million [4.24% of average loans] compared with $239.449 million [4.77%] in Q2-09 and $154.693 million [2.84%] in Q3-08. OREO's at the beginning of the period were $106.1 million and had valuation adjustments of $10.4 million resulting in an adjusted balance of $95.7 million. There were $65.2 million in new OREO and $4.0 million in capitalized expenses as additions with $64.1 million in sales and auctions resulting in a new OREO balance of $100.8 million. FNB Reports $0.04 vs. $0.1x in Q3-08 PRNewswire 10-23 Hermitage, Pa's F.N.B. Corporation reported for Q3-09 Net income available to common shareholders of $4.809 million [$0.04/share] compared to $23.505 million [$0.27/share] for Q3-08. Q3-09 included $5.5 million in costs for the redemption of Capital Purchase Program preferred stock and $3.3 million ($2.1 million on an after-tax basis) in non-cash OTI impairment charges primarily for pooled trust preferred securities. These expenses reduced net income by $7.6 million [$0.07/share]. ROA was 0.47%. ROE was 3.62%. Book value per share was $9.23. The leverage capital ratio was 8.7%. The tier 1 risk-based capital ratio was 11.7%. The total risk-based capital ratio was 13.1%. FTE Net interest income totaled $69.118 million compared with $70.474 million in Q3-08. The provision for loan losses was $16.445 million compared with $6.514 million in Q3-08. The NII after provision was $52.733 million compared with $63.960 million in Q3-08. The net interest margin equaled 3.78% compared to 3.73% in Q2-09 and 3.97% in Q3-08. The FTE Yield on earning assets was 5.36% while the Cost of funds was 1.76%. Non-interest income totaled $23.962 million, compared to $28.450 million for Q2-09 and $28.233 million for Q3-08. The decrease in non-interest income was partially due to the Net impairment losses on securities resulting in a charge of $3.291 million compared with 0.025 million in Q3-08; Securities commissions and fees falling to $1.451 million from $2.010 million in Q3-08; and Trust income falling to $2.856 million from $3.215 million in Q3-08. Non-accrual loans of $125.630 million [$73.903 million in Q3-08] plus Restructured loans of $8.282 million [$3.189 million in Q3-08] plus OREO of $19.741 million [$14.338 million in Q3-08] plus Non-performing investments of $5.755 million [$0 in Q3-08] resulted in total Non-performing assets of $159.411 million [$91.430 million in Q3-08]. Non-performing loans / total loans ratio was 2.29% compared with 1.31% in Q3-08. With Total assets of $8.702 billion, NPAs were 1.83% of assets. Net loan charge-offs were $9.978 million [0.68% of average loans] compared with $4.323 million [0.30%] in Q3-08. GBCI Reports - $0.03 vs. $0.24 in Q3-08 PRNewswire 10-16 Kalispell, Montana's Glacier Bancorp reported for Q3-09 a net loss of $1.531 million [- $0.03/share] compared with $12.785 million [$0.24/share] for Q3-08. ROA was - 0.11%. ROE was - 0.88%. Book value was $11.18. Stockholders' equity to total assets ratio was 12.07%. Tangible stock-holders' equity to total tangible assets ratio was 9.50%. Net interest income was $60.629 million compared with $53.576 million in Q3-08. FTE net interest margin was 4.80%. Total Earning Assets of $5.211 billion produced income of $74.430 million at an average yield of 5.67%. Total Interest Bearing Liabilities of $4.136 billion produced expenses of $13.801 million at an average yield of 1.32%. Total non-interest income was $21.700 million compared with $11.754 million in Q3-08. Q3-09 contained a Gain on investments of $2.667 million compared to a loss of $7.593 million in Q3-08. OREO of $54.537 million [$9.506 million in Q3-08] plus Accruing loans 90 days or more overdue of $2.891 million [$4.924 million] plus Non-accrual loans of $185.577 million [$56.322 million] resulted in Total non-performing assets of $243.005 million [$70.752 million in Q3-08]. Non-performing assets as a percentage of total bank assets was 4.10% compared with 1.30% in Q3-08. Net Charge-offs were $40.991 million or 0.972% of total loans. HBHC Reports $0.47 vs. $0.50 in Q3-08 Globe Newswire 10-19 Gulfport, Mississippi's Hancock Holding Company announced Q3-09 net income of $15.218 million [$0.47/share] compared with $16.005 million [$0.50/share] in Q3-08. ROA was 0.87%. ROE was 9.38%. Book value per share was $20.54. Leverage (Tier I) ratio was 8.33%. Tangible common equity ratio was 8.71%. FTE Net interest income was $47.258 million [$60.753 million before provision] compared to $49.353 million [$57.417 million before provision] in Q3-08. The net interest margin was 3.78%. Average earning assets of $6.266 billion produced income of $82.757 million an an average FTE yield of 5.26%. Total interest bearing liabilities of $5.285 billion produced expenses of $22.004 million at an average yield of 1.65%. Noninterest income [excluding securities transactions] was $30.347 million compared with $30.194 million in Q3-08. Service charges on deposit accounts were up $687 thousand (6.2%), secondary mortgage market operations income was up $665 thousand (81.4%), and ATM fees were up $144 thousand (8.4%) while investment and annuity fees were down $414 thousand (17.1%), other income was down $354 thousand (11.1%), trust fees were down $322 thousand (7.4%), and insurance fees were down $293 thousand (7.7%). Non-accrual loans of $35.558 million [$21.875 million in Q3-08] plus Foreclosed assets of $9.775 million [$2.197 million] resulted in Total non-performing assets of $45.333 million [$24.072 million in Q3-08]. With total assets of $6.805 billion, NPAs were 0.66% of assets. Net charge-offs were $13.495 million [1.24% of average loans] compared with $16.019 million [1.50%] in Q2-09 and $4.164 million [0.42%] in Q3-08. PCBC Reports - $0.87 vs. - $1.03 in Q3-08 Business Wire 11-03 Santa Barbara, California's Pacific Capital Bancorp reported for Q3-09 a net loss of $40.7 million [- $0.87/share] compared to loss of $47.5 million [- $1.03/share] in Q3-08. [PCBC did not give ROA and ROE - so these stats are self-calculated.] ROA was [four times $0.041 billion divided by assets of $7.904 billion] - 2.07% while ROE was [four times $0.041 billion divided by equity of $0.398 billion] - 41.21%. Book value per share was $4.73. Tier 1 leverage ratio was 5.6%. The Tier 1 capital ratio was 7.9%, Total risk based capital ratios was 10.8%. FTE Net interest income was $50.7 million compared with $60.8 million in Q3-08. The FTE Net interest margin was 2.68% compared with 3.46% in Q3-08. Total interest-earning assets of $7.490 billion produced income of $86.516 million at an average yield of 4.61%. Total interest-bearing liabilities of $6.101 billion produced expenses of $35.862 million at an average yield of 2.33%. Liability costs were high due to PCBC having Time certificates of deposit of $2.563 billion costing $17.454 million at an average yield of 2.70% and 'Other borrowings' of $1.481 billion costing $13.832 million at an average yield of 3.70%. With a Q3-09 provision for loan losses of $42.363 million, the Net interest income after provision was $8.291 million. Non-interest income was $12.747 million compared with $16.701 million in Q3-08. Total non-performing assets were $348.8 million compared to $348.3 million at 6-30-09. Approximately 21% of the Bank’s total non-performing assets at June 30, 2009 were still current on interest and principal payments. NPAs were 5.14% of assets. Net charge-offs were $35.1 million an the annualized net charge-offs/total average loans ratio was 2.5%. PRSP Reports $0.63 vs. $0.33 in Q3-08 PRNewswire 10-16 Houston's Prosperity Bancshares reported net income of $29.322 million [$0.63/share] compared with $15.447 million [$0.33/share] for Q3-08. Earnings for Q3-08 included a $14.025 million pre-tax impairment charge on Fannie Mae and Freddie Mac preferred securities. Excluding the impairment charge, net income Q3-08 would have been $24.563 million [$0.53/share]. ROA was 1.32% while ROE was 8.93%. Book value per share was $28.75. Tier 1 risk-based capital was 11.85%. Total risk-based capital was 13.01%. Tier 1 leverage capital was 6.09%. Tangible equity to tangible assets ratio was 5.13%. Net interest income before provision for credit losses was $77.413 million compared to $57.806 million reported for Q3-08. The increase was attributable primarily to a 35.7% increase in average earning assets primarily due to the assumption of deposits and assets of Franklin Bank from the FDIC. The FTE net interest margin was 4.08% compared with 4.15% for Q3-08. Total interest earning assets of $7.601 billion produced income of $101.695 million at an average yield of 5.31%. Total interest bearing liabilities of $5.800 billion produced an expense of $24.282 million at an average yield of 1.61%. Non-interest income was $15.236 million compared with $13.117 million for Q3-08. The increase was mainly attributable to an increase in service charges on deposit accounts related to the Franklin Bank transaction. Total non-performing loans of $8.816 million plus Repossessed assets of $0.366 million plus OREO of $12.738 million resulted in Non-performing assets totaled $21.920 million [0.29% of average earning assets] compared with $14.536 million [0.26%] at September 30, 2008 and $19.587 million [0.26%] at June 30, 2009. With total assets of $8.957 billion, NPAs were 0.245% of assets. Net Charge-offs were $2.549 million [0.07% of average loans] compared with $1.804 million [0.05%] in Q3-08. The FDIC has adopted a proposed rule to require depository institutions to pre-pay, on December 30, 2009, estimated quarterly risk-based assessments for the fourth quarter of 2009 and all of 2010, 2011 and 2012. PRSP's FDIC deposit insurance assessments for 2008 were $1.4 milliona and expected full year 2009 FDIC assessment (excluding any one-time assessments) is between $8.0 million and $9.0 million. RF Reports - $0.37 vs. $0.11 in Q3-08 Business Wire 10-20 Birmingham, Alabama's Regions Financial reported for Q3-09 loss available to common shareholders of $437 million [- $0.37/share] compared with $79 million [$0.11/share] in Q3-08. The loss was driven by increased loan loss provisioning and increased non-interest expenses which include $41 million of branch consolidation costs, as well as higher professional fees and other real estate costs. ROA was - 1.24%. ROE was - 19.48%. Book Value was $12.53 compared to $12.74 in Q2-09 and $28.48 in Q3-08. Stockholders' equity to total assets ratio was 13.21%. Tangible common stockholders' equity to tangible assets ratio was 6.56%. Tier 1 Capital was 12.1%. Tier 1 common ratio was 7.8%. Total Risk-Based Capital was 16.2%. The Net interest income before the provision for loan losses was $845 million compared with $922 million in Q3-08. The Provision for loan losses was $1.025 billion compared with $912 million in Q2-09 and $417 million in Q3-08. The Net interest income after the after provision for loan losses was - $8x million compared with -$8x million in Q3-08. Total interest-earning assets of $124.055 billion produced income of $1.322 billion at an average yield of 4.23%. Total interest-bearing liabilities of $97.283 billion produce expenses of $0.469 billion at an average yield of 1.91%. FTE net interest margin was 2.73% - 11 bps higher than Q2-09 due to low-cost deposit growth. Total non-interest income was $1.243 billion compared with $1.119 billion in Q2-09 and $1.128 billion in Q3-08. Net loan charge-offs were $37 million [2.86% of average net loans compared with 2.06% in Q2-09 and 1.68% in Q3-08]. Non-accrual loans of $3.216 billion plus OREO of 0.503 billion plus NPLs held for was of $0.380 billion resulted in total Non-performing assets of $4.099 billion. With Total Assets of $139.986 billion, NPAs were 2.93% of assets. Non-performing assets as a percent of loans + OREO was 4.40%. TRMK Reports $0.39 vs. $0.41 Q3-08 Business Wire 10-27 Jackson, Mississippi's Trustmark Corporation reported for Q3-09 net income available to common shareholders of $22.370 million [$0.39/share] compared with $23.354 million [$.41/share] in Q3-08. ROA was 1.07%. ROE was 8.32%. Book Value was $17.67. Total equity/total assets ratio was 13.04%. Tangible common equity/tangible assets ratio was 7.76%. Tier 1 leverage ratio was 10.70%. Tier 1 risk-based capital ratio was 14.11%. Total risk-based capital ratio was 16.09%. FTE Net interest income was $91.294 million compared with $81.638 million in Q3-08. Net interest income after provision was $75.524 million compared with $67.165 million in Q3-08. With the FTE yield on earning assets of $8.464 million produced income of $111.765 million at an aerage yield of 5.24% while interest paying liabilities of $6.578 billion produced expenses of $20.471 million at an average yield of 0.96%. The FTE Net interest margin was 4.28%. Total noninterest income was $44.139 million compared with $41.950 million in Q3-08. Total noninterest expense was $79.234 million compared with $72.734 million in Q3-08. Total nonaccrual loans of $138.504 million [2.09% of total loans] plus OREO of $71.689 million resulted in Total nonperforming assets of $210.193 million [3.14% of total loans + OREO]. With total assets of $9.438 billion, NPAs were 2.22% of assets. Net charge-offs totaled $14.505 million [or 0.86% of average loans] compared to $10.161 million [0.58%] in Q3-08. UMBF Reports $0.59 vs. $0.53 in Q3-08 Business Wire 10-27 Kansas City's UMB Financial reported Q3-09 earnings of $23.998 million [$0.59/share] compared with $21.769 million [$0.53/share] in Q3-08. Q3-09 contained a $1.1 million pre-tax gain on the sale of the securities transfer product. ROA was 0.97%. ROE was 9.43%. Book Value was $25.08. Tier 1 Capital ratio was 13.50%. Tangible equity to tangible assets ratio was 8.42%. Equity to assets ratio was 9.90%. Net interest income was $75.896 million [$67.596 million after provision] compared with $66.298 million [$61.798 million after provision] in Q3-08. Net interest margin was 3.51% compared to 3.57% in Q3-08. The NIM decrease was a result of a 25 bps reduction in the benefit of interest-free funds offset by a 19 bps increase in net interest spread over Q3-08. Total earning assets of $9.066 billion produced income of $88.926 million at an average yield of 4.08%. Total interest-bearing liabilities of $6.406 billion produced expenses of $12.223 million at an average yield of 0.81%. Non-interest income was $80.518 milion compared with $79.121 million in Q3-08. Trust and securities processing income was $32.630 million compared to $31.530 million in Q3-08. Service charges on depositis were $20.598 million compared to $22.624 million in Q3-08. Bankcard fees were $11.671 million compared to $10.456 million in Q3-08. The gains on the sale of securities were $3.306 million compared to $2.829 million in Q3-08. Nonperforming loans increased to $22.392 million [0.52% of loans] from $6.937 million [0.16%] at Sept 30, 2008. OREO was $4.666 million compared with $1.557 million in Q3-08. Nonperforming Assets were $27.058 million while total assets were $10.235 billion, resulting in a NPAs to total Assets ratio of 0.26%. Net charge-offs were $4.596 million or 0.42% of total loans. UMPQ Reports - $0.14 vs. $0.20 in Q3-08 Business Wire 10-15 Portland, Oregon's Umpqua Holdings announced for Q3-09 net income [loss] applicable to common shareholders of - $10.376 million [- $0.14/share] compared to net income of $12.350 million [$0.20/share] for Q3-08. ROA was - 0.45%. ROE was - 3.19%. Book value per share was $16.16 compared to $21.00 at the end of last quarter. In August UMPQ completed a public offering of 26,538,461 shares at a price of $9.75/share - which is partly responsible for the fall in book value. Total risk based capital ratio rose from 14.35% to 17.52%. The ratio of tangible common equity to tangible assets was 8.88%. Net interest income was $81.762 million compared to $73.708 million in Q3-08. FTE Net interest margin was 4.05% compared with 4.20% in Q2-09 and 4.12% in Q3-08. The average yield on earning assets was 5.29% while the average cost of interest bearing liabilities was 1.62%. Total non-interest income was $17.925 million compared to $36.664 million in Q3-08. Q3-08 had a Gain on junior subordinated debentures of $25.311 million compared with a gain of $0.982 million in Q3-09. Non-performing assets were $156.0 million [1.70% of total assets] compared to $150.0 million [1.73% of total assets] as of June 30, 2009. Of this amount, $5.6 million represented loans past due greater than 90 days and still accruing interest, $123.7 million represented non-accrual loans, and $26.7 million was OREO. Non-performing loans to total loans increased on a sequential quarter basis from 1.87% to 2.13%. Total net charge-offs were $47.3 million. WABC Reports $0.81 vs. $0.00 in Q3-08 Business Wire 10-14 San Rafael, California's Westamerica Bancorporation reported net income of $23.8 million [$0.81/share] compared to $0.044 million [$0.00/share] for Q3-08. During Q3-09, Westamerica redeemed $42 million in preferred stock requiring accelerated discount accretion of $538 thousand, which reduced EPS $0.02 and Westamerica eliminated $587 thousand in tax reserves due to a lapse in the statute of limitations, which reduced tax provisions and increased EPS $0.02. ROA was 1.86%. ROE was 19.7%. Book Value was $16.93. Tier I Capital/Total Assets was 7.93%. Tier I Capital/Risk-Adjusted Assets ratio was 13.75%. Total caital to risk adjusted assets ratio was 15.07%. FTE Net interest income $61.593 million compared to $62.318 million for Q2-09 and $48.693 million reported for Q3-08. The interest margin was 5.48% compared with last quarter's 5.34% and Q3-08's margin of 5.19%. Average Earning Assets (FTE) of $4.471 billion produced income of $66.093 million at an average yield of 5.83%. Total Interest-Bearing Liabilities of $3.094 billion produced expenses of $4.500 million at an average yield of 0.44%. Noninterest income was $15.961 million compared to $16.386 million in Q2-09 and a loss of $27.499 million in Q3-08. Non-covered Non-performing assets were $36.334 million. With total assets of $4.971 billion, NPAs were 0.72% of total assets. Total net charge-offs were $x.x million. WTNY Reports - $0.50 vs. $0.11 in Q3-08 Globe Newswire 10-19 New Orleans' Whitney Holding Corporation reported for Q3-09 a net loss of $30.0 million with earning available to common share of - $34.1 million [- $0.50/share] compared with income of $7.0 million [$0.11/share] for Q3-08. The provision for credit losses was $39 million high in Q2-09 than in Q2-08. ROA was - 1.01%. ROE was - 11.36%. Book value per share was $17.30. The regulatory leverage ratio was 8.99%. The tangible common equity ratio was 6.42%. the tier 1 ratio was 10.55%. the total capital ratio was 13.37% FTE Net interest income was $110.975 million compared with $111.620 million in Q2-09 and $112.600 million in Q3-08. FTE net interest margin was 4.11% compared with 4.05% in Q2-09. The lost interest on nonaccruing loans reduced the net interest margin by approximately 20 bps in both Q3 and Q2-09. The rates on 28% of the loan portfolio at September 30, 2009 vary based on LIBOR and 27% vary based on prime rate benchmarks. The provision for credit losses was $80.5 million compared with $74.0 million in Q2. Noninterest-bearing demand deposits comprised 34% of total average deposits and funded approximately 29% of average earning assets for the period. The percentage of funding from all noninterest-bearing sources totaled 34%. Interest-bearing funds, which include time deposits and borrowings, funded 31% of average earning assets. Total interest-earning assets had an average yield of 4.81% while Total interest-bearing liabilities had an average yield of 1.05%. Noninterest income was $29.227 million compared with $32.431 million in Q2 and $25.472 million in Q3-08. Net loan charge-offs were $61.9 million [2.86% of average loans] compared to $46.7 million [2.09% of average loans] in Q2-09. Approximately 76% of the charge-offs came from credits in the Florida market. WTNY did not give the raw numbers for OREO or NPAs. Nonperforming loans of $405.852 million plus OREO of $49.737 million resulted in Total Non-performing assets of $455.589 million. NPAs to loans + foreclosed assets and OREO was 5.34% compared with 5.17% in Q2 and 3.15% in Q3-08. With total assets of $11.656 billion, NPAs were 3.90% of assets. ZION Reports - $1.41 vs. $0.31 in Q3-08 Globe Newswire 10-19 Salt Lake City's Zions Bancorporation reported for Q3-09 a loss of $179.491 million [- $1.41/share] compared with income of $33.351 million [$0.31/share] in Q3-08. During Q2-09 ZION recognized earnings impairment and valuation losses on CDOs of $56.5 million [$0.27/share]. ROA was - 1.13%. ROE was - 17.19%. Book value per share was $29.16. The tangible common equity ratio was 5.43%. The estimated Tier 1 common to risk-weighted assets ratio was 6.10% at September 30, 2009 and was 6.08% at June 30, 2009. Tier 1 risk-based capital ratio was 9.74%. Total risk-based capital ratio was 12.91%. FTE Net interest income was $476.050 million compared to $493.688 million for Q2-09, and $492.003 million for Q3-08. The net interest margin was 3.91% compared with 4.13% for Q3-08. Total interest-earning assets of $48.950 billion resulted in income of $637.757 million at an average yield of 5.17%. Total interest-bearing liabilities of $35.974 billion produced expenses of $155.752 million at an avereage yield of 1.72%. Noninterest income was $270.7 million compared to $585.3 million for Q2-09 and income of $89.6 million for Q3-08. Net loan charge-offs were $381.3 million compared to $347.5 million in Q2-09. Nonperforming lending related assets were $2.171 billion ($2.770 billion including FDIC-supported assets) compared to $1.923 billion at June 30, 2009 and $922.3 million at September 30, 2008. The ratio of nonperforming lending related assets excluding FDIC-supported assets to net loans, leases and other real estate owned was 5.40% at September 30, 2009 compared to 4.68% at June 30, 2009 and 2.19% at September 30, 2008. Nonaccrual loans of $1,812 billion plus OREO of $0.359 billion plus FDIC supported assets of $0.599 billion resulted in total non-performing assets of $2.770 billion. With total assets of $54.070 billion, NPAs were 5.12% of assets. Ratings & Dividend Changes - October On 9-30 GBCI declared a dividend of $0.13/share payable on October 15, 2009, to owners of record on October 6, 2009. On 10-15 RF declared a dividend of dividend of $0.01/share, payable January 4, 2010, to stockholders of record as of December 16, 2009. On 10-19 EWBC declared a dividend of $0.01/share payable on or about November 24, 2009 to shareholders of record as of November 10, 2009. On 10-21 EWBC declared a dividend of $0.01/share payable on or about November 24, 2009 to shareholders of record on November 10, 2009. On 10-22 CFR declared a dividend of $0.43/share payable December 15, 2009 to shareholders of record on December 1, 2009. On 10-22 WABC declared a dividend of $0.35/share payable November 13, 2009 to shareholders of record at the close of business on November 2, 2009. On 10-26 BOH declared a dividend of $0.45/share payable on December 14, 2009 to shareholders of record at the close of business on November 30, 2009. On 10-26 PRSP declared an increased dividend of $0.155 [up 12.7%] payable on January 4, 2010 to all shareholders of record as of December 18, 2009. On 10-27 BOKF declared a dividend of $0.24/share payable on or about December 2, 2009 to shareholders of record as of November 16, 2009. On 10-27 UMBF declared an increased dividend of $0.185/share payable on January 4, 2010 to shareholders of record at the close of business on December 11, 2009. On 10-27 TRMK declared a dividend of $0.23/share payable December 15, 2009, to shareholders of record on December 1, 2009. On 10-20 FHN declared a stock dividend of 1.4971%. The dividend will be distributed on Jan. 1, 2010, to holders of record on Dec. 11, 2009. The dividend rate means that 14.971 new dividend shares will be distributed for every 1,000 shares held on the record date. 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 First Horizon's volume-weighted average stock price on Oct. 15 of $13.3592 per share. On 10-01 Keefe Bruyette Upgraded EWBC from Market Perform to Outperform. On 10-08 UBS Initiated coverage of RF at Neutral. On 10-09 B. Riley Upgraded CATY from Neutral to Buy. Ratings & Dividend Changes - October On 9-04 Sun Trust Rbsn Humphrey Upgraded WTNY from Neutral to Buy. On 9-09 Soleil Initiated coverage of CYN and ZION at Hold. On 9-09 RBC Capital Downgraded UCBH from Sector Perform to Underperform. On 9-21 B. Riley Initiated coverage on CYN at Neutral. On 9-24 Sterne Agee Initiated coverage of CFR at Buy and RBC Capital Markets Initiated coverage of TRMK at Outperform. On 9-23 Collins Stewart Initiated CYN, FHN and RF at Hold, and ZION at Sell. On 9-23 Wells Fargo Initiated FHN at Market Perform. On 9-21 B. Riley Initiated CYN at Neutral. On 9-21 Bernstein Upgraded RF from Market Perform to Outperform. On 9-24 Sterne Agee Initiated coverage on CFR at Buy. On 9-24 RBC Capital Initiated coverage on TRMK at Outperform. On 9-29 FBR Capital Upgraded CYN from Underperform to Market Perform. On 9-15 UMPQ declared a dividend of $0.05/share payable on Oct. 15, 2009 to shareholders of record as of Sept. 30, 2009. On 9-11 Fox-Pitt Kelton analyst John Pancari downgraded ZION writing that Zions Bancorp is going to have to increase its reserve against loan losses, and will have to raise between $500 million and $800 million in equity capital, causing dilution. "We expect credit pressure to remain a severe earnings drag at Zions in coming quarters, particularly as the bank continues to work through real estate-related issues in highly challenged markets," Panacari wrote in a note to investors Friday. He said non-performing assets are going to keep rising, peaking at about 6.6% in 2010. Zions has realized only 25% of $3.7 billion in projected cumulative losses, he said, and is going to have to build up its loan loss reserves. Due to loan losses and write-downs of certain securities portfolios, Pancari foresees capital shortfalls and regulatory scrutiny of tangible common equity levels, or how much in losses a bank can take before shareholders' equity is wiped out. He thinks that Zions is going to have to raise between $500 million and $800 million in equity capital. That will dilute current stockholders' value and could depress shares, he said. He deepened his loss estimate for the year to a loss of $8.59/share from a per-share loss of $7.36; analysts polled by Thomson Reuters see a loss of $9.52 per share in 2009. He also set a price target of $15 on Zions shares, which implies downside of 5.9% from its closing price Thursday. On 9-15 shares of Regions Financial were up 9% in afternoon trade after the bank's chief executive said the company doesn't need to raise additional capital. "The answer is absolutely not; we think we have more than adequate capital," said Dowd Ritter at the Barclays Capital Global Financial Services Conference. The Regions CEO said the company expects its nonperforming loans to begin to see some decline late this year or early next year. Home Page Factoids Previous Update |