ST. PAUL, Minn. - (04/29/05) -- Deluxe Corp. said it continues to beplagued by the fall-off in its core check printing business, asfirst quarter net income fell 19% to $39 million, or 78 cents ashare. The contributed the fall in fist quarter earnings to theloss of a large financial institution client and higher interestexpenses related to last year's acquisition of New England BusinessServices. But the combination with NEBS helped boost first quarterrevenues by 41% to $437 million, with $160 million of the increaseattributed to NEBS. Still, revenues for the company's checkprinting operations, the largest in the country, continued to drop,with sales in the company's financial services operations,representing checks sold to financial institutions, declining 14%for the period to $145 million, and checks sold directly toconsumers dipping 13$ to $67 million, for the quarter.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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