Topic

2Q '10 Bank Earnings

With the second-quarter earnings season underway, expect a conversation shift. Chief executives in recent quarters could satisfy analysts and investors with evidence of improvements in (i.e., less bad) loan losses and vague forecasts for the future. Not this time. Executives will be pressed to calculate the probable bottom-line impact of financial reform and consumer protection rules. Meanwhile, given that earnings are generally expected to be weak because of anticipated declines in trading revenues as well as stubborn asset and unemployment trends, executives will have to answer tougher questions about where profits are going to come from the rest of the year. Even J.P. Morgan Chase & Co., which unofficially kicked off the season July 15 with a better-than-expected bottom line, raised questions about the near future for itself and the rest of the industry because of lower revenue, fee income and net interest income. Observers will also pay close attention to the credit front to see if improvements continue or if there is any backsliding among the biggest banks and their regional counterparts.

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2Q Results

CIT Reports Profit, Talks with FDIC

CIT Group reported on Tuesday a profitable quarter (its second since emerging from bankruptcy) and progress toward paying down debt.

2Q RESULTS

Time to Sell Sour Loans? BB&T and PNC Say 'Yes'

BB&T and PNC Financial Services Group were among those discussing how they are purging such assets at an accelerated rate, citing improved buyer interest and better pricing.

2Q Results

Banks Find Ways to Make Up for Weak Corporate Loan Demand

Be it the pickup in merger advisory fees paid to PNC, Fifth Third's increased forex volumes or U.S. Bank's improved syndicated loan pricing, some regional banks are finding ways ...

2Q Results

Paydowns Are Cutting Credit Costs But Trimming Lending Volume

Loan repayments surged at a handful of midsize banks last quarter, improving credit quality but exacerbating the banking industry's biggest headache — sluggish lending.

2Q Results

SunTrust 2Q Results Surprise Street

SunTrust Banks Inc. surprised analysts Thursday by reporting a $56 million, 11-cents-a-share loss, far better than its $229 million loss a quarter earlier.

2Q Results

American Express, Capital One Reports Further Trend

Signs of improvements in the credit card industry continued Thursday with American Express and Capital One reporting significant improvements in delinquencies and chargeoffs.

2Q RESULTS

Wells Fargo Keeps Mining Gains from Wachovia

Wells Fargo's $3.1 billion of earnings in the second quarter handily outpaced analyst expectations, and its unchanged revenue outdid many of its peers' performance.

2Q Results

U.S. Bancorp Breaks from the Pack — Credit Picture, Core Earnings Solid

It had to spend money to make money, but U.S. Bancorp earned enough in the second quarter to put more distance between itself and rivals that are struggling ...

2Q Results

Loan Demand Is Disappointing at Midtier Banks

Banks that do business from coast to coast said Wednesday that static business borrowing last quarter has dampened hopes that loan demand could pick up by as soon as yearend.

2Q RESULTS

Marshall & Ilsley Shows Regionals' Revenues Are Weak Too

The Milwaukee lender lost more money than expected as bad construction loans to Arizona and Florida home builders kept plaguing the $53.9 billion-asset company.

2Q Results

Zions Reports Loss, Credit Improvements

Zions Bancorp. reported a loss of $135 million, or 84 cents a share, on Monday, though it continued to slim down its nonperforming assets.

2Q Results

Citi's New 'Global Bank' Model Offsets Sluggishness in U.S.

It has only been a few months since CEO Vikram Pandit started referring to the company as "America's global bank," and already the numbers are cooperating with the image.

2Q Results

Bank of America Tepid About Prospects for Core Profit Growth

Bank of America raised almost all the same questions as its fellow megabanks did last week and got no closer to resolving them.

2Q Results

JPMorgan Chase Squeezes a Profit Out of Its Soft Core

Improved credit quality belies declines in lending, fee income and other areas

The good news in JPMorgan Chase & Co.'s blow-out second-quarter results: Banks may finally be done bleeding money. The bad: It could be a while before they really start ...

2Q Results

Flagstar's 2Q Loss Widens by 26%

Flagstar Bancorp said its 2Q loss expanded by 26% from a year earlier, to $97M. The Troy, Mich., company's net interest income totaled $42.4M, up 12% from the first quarter, but down ...

2Q Results

Wider 2Q Loss for Whitney Holding

After announcing preliminary results on credit-quality issues, Whitney Holding Corp. of New Orleans posted an $18 million net loss for the second quarter.

2Q Results

PrivateBancorp Reports Loss

The $12.8 billion-asset company posted a loss of $818,000, or 1 cent a share, for the second quarter. The analyst estimate called for a 22-cent loss.

2Q RESULTS

Mainland Diet Helps Popular Trim Second-Quarter Loss

Popular, Puerto Rico's largest banking company, said Friday that its net loss narrowed sharply in the second quarter on improving credit trends in the mainland United States.

2Q Results

Community Banks' 2Q Reports Encouraging, But Outlook Remains Guarded

Profits grew faster than credit problems among the first batch of community banks to post 2Q results — another tentative sign the sector is recovering.

2Q Results

Citizens Republic (Michigan) Narrows Loss

Citizens Republic Bancorp in Flint, Mich., reported a considerably slimmer second-quarter loss, compared to a year earlier, when it released its results late Thursday.

2Q Results

Synovus Posts 8th Consecutive Quarterly Loss

Synovus reported its eighth straight quarterly loss despite lower credit costs. The Columbus, Ga., company lost $229M in the second quarter, compared with a loss of $215.7M ...

2Q Results

Wisconsin's Associated Banc-Corp Posts Narrower 2Q Loss

Associated Banc-Corp announced Thursday a $10.2 million loss for the second quarter, down from a $33.8 million loss a year earlier.

2Q Results

First Niagara Posts 75% Earnings Rise

First Niagara Financial reported a 75% increase in 2Q net income Thursday. The $20.5B-asset company boosted earnings to $20M, or 10 cents a share, from $11.4M in the ...

2Q Results

Improved 2Q Results for Valley National

Valley National Bancorp said Thursday that 2Q net income more than tripled from a year earlier. The company earned $33M compared with $9.2M, exceeding analysts' expectations.

2Q Results

MB Financial Reports 180% 2Q Earnings Increase

MB Financial's earnings were driven primarily by a $51M gain stemming from a failed bank acquisition completed in the quarter, the Chicago holding company said Thursday.

2Q RESULTS

Iberiabank Posts Gain, But Lower EPS

Iberiabank Corp. reported that its 2Q net income rose 5% from a year earlier, to $8.7M. Earnings per share fell 37%, to 33 cents a share, from 52 cents a share a year earlier ...

2Q Results

First Horizon Back in the Black, Ending 8-Quarter Slide

It wasn't pretty, but First Horizon National Corp. returned to profitability after eight consecutive quarters of losses.

2Q Results

Earnings for Connecticut's Webster Drop 24%

Webster Financial on Friday said 2Q earnings declined 24.2% from a year earlier. The company had net income of $12.7 million for the quarter, dropping from $16.8 million.

2Q Results

TCF Reports $45M Quarterly Profit

TCF Financial on Thursday reported a 2Q profit of $45M, nearly double a year earlier. Total revenue rose by $15M year over a year, a 5% increase.

2Q Results

Sun Bancorp of New Jersey Posts $81.2M Loss

Sun Bancorp in Vineland, N.J., reported a second-quarter loss of $81.2 million, which it attributed primarily to a goodwill impairment charge of $89.7 million.

2Q Results

Chargeoffs Hurt Nara Results

Nara Bancorp Inc. of Los Angeles reported that its loss more than doubled in the second quarter as a result of significant chargeoffs.

2Q Results

Hanmi Triples Loss to $29.3M

Hanmi Financial Corp. announced Tuesday that its net loss more than tripled, to $29.3 million, in the second quarter from a year earlier.

2Q Results

Wilshire of Los Angeles in the Red

Wilshire Bancorp Inc. in Los Angeles on Tuesday reported a $4.6 million second-quarter loss after selling off $48 million of nonperforming and delinquent loans.

2Q Results

Maryland's Eagle Bancorp Has Record Profit

Eagle Bancorp said its second-quarter profit rose 52%, to $3.1 million, compared with earnings of $2.1 million, a year earlier.

2Q Results

Atlantic Southern Trims Loss

Atlantic Southern Financial Group Inc. reported a $4 million net loss for the second quarter, compared with a $23.8 million loss a year earlier.

2Q Results

Capital Bank's 2Q Loss Shrinks

Capital Bank reported a net second-quarter loss of $594,000, which was an improvement of 43% compared with a year earlier.

2Q Results

Community Banks' 2Q Reports Encouraging, But Outlook Remains Guarded

Profits grew faster than credit problems among the first batch of community banks to post 2Q results — another tentative sign the sector is recovering.

2Q Results

Ohio Bank Withdraws Offering

First Place Financial Corp. in Warren, Ohio, reported that it lost $13M in the last quarter and cited unfavorable market conditions in canceling a stock offering.

2Q Results

Exit from Florida Costs Encore

Encore Bancshares said Friday that it lost $12.7M in the second quarter. The 1.6B-asset company said the loss was driven by its exit from the Florida market.

2Q Results

Virginia's Cardinal Reports Surge in Earnings

Cardinal Financial Corp. of McLean, Va., posted a 120% jump in net earnings in the second quarter compared with a year earlier, outpacing analysts' expectations.

2Q RESULTS

Tax-Asset Trim Hurts Pinnacle

Pinnacle Financial Partners Inc. in Nashville said Wednesday that it lost $27.8 million in the second quarter after reducing the value of some deferred tax assets.

2Q Results

Earnings Fall Nearly a Third at Oklahoma Bank

Southwest Bancorp Inc. in Stillwater, Okla., posted a 31% decline in second-quarter net income compared with a year earlier.

2Q Results

Ohio Valley Posts 2Q Earnings Increase

Second-quarter earnings at Ohio Valley Banc Corp. rose 5.4% from a year earlier to $1.47M. The bank said Thursday the quarterly earnings were driven by an increase in average ...

2Q Results

Republic Profit Up 22%, Driven by Growth in Tax Business

Republic Bancorp reported Thursday a 22% jump in 2Q net income compared with a year earlier, and growth in its tax-refund business generated more than half its earnings.

2Q Results

Visa Revenue Up, Profit Off in Quarter

Higher purchase volumes and transaction-processing activity helped Visa Inc. increase its fiscal third-quarter revenue by 23% from the year earlier, to $2.03 billion.

2Q RESULTS

NCR Quarterly Profit Rises Nearly 30%

NCR Corp. reported that its second-quarter net income rose 29.9% year over year, to $31 million. Revenue rose 5.4%, to $1.18 billion.

2Q Results

Fidelity Benefits in 2Q on New Deals, Renewed Interest from Banks

Banks are further opening the spigot for technology spending, if Fidelity National Information Services Inc.'s earnings are any indication.

2Q RESULTS

Northern Trust Profit Plunges

Northern Trust Corp. said second-quarter profit tumbled as a result of declines in fee revenue and some nonperforming loans.

2Q Results

BNY Mellon, State Street Bounced Back in 2Q on Fees, Assets

Armed with stronger fee income and an increase in assets under management, State Street and Bank of New York Mellon bounced back in the second quarter.

2Q RESULTS

TD Ameritrade Profit Rises 5%

TD Ameritrade Holding Corp said Tuesday fiscal third-quarter profit increased 5%, to $179.4 million, or 30 cents per share, from a year earlier as trading volume increased.