Shares of Greater Bay Bancorp gained 4.4% Wednesday after the East Palo Alto, Calif., company reported that fourth-quarter net income rose 8% from a year earlier, to $22.8 million.
Earnings per share rose 6 cents, to 39 cents.
David Haas, an analyst at Swiss Reinsurance Co.'s Fox-Pitt, Kelton Inc., wrote in a report issued Wednesday afternoon that the results were "a bit weak," but management's 2006 projections for loan growth, deposit growth, credit quality, and the net interest margin "are slightly more favorable than our current expectations."
Hancock Holding Co. gained 4.1%. The Gulfport, Miss., company reported late Tuesday that fourth-quarter net income rose 21%, to $19.1 million. Earnings per share rose 10 cents, to 58 cents.
In a report issued Wednesday, Peyton N. Green, an analyst at First Horizon National Corp.'s FTN Midwest Research Securities Corp., reiterated his "buy" rating for the stock and wrote that last quarter "the deposit flood was larger than modeled" for Hancock, which was hit hard by Hurricane Katrina in the third quarter.
Harleysville National Corp. of Pennsylvania fell 12.1% Wednesday after gaining 24.8% Tuesday. Gregg J. Wagner, Harleysville's president and chief executive officer, told American Banker on Tuesday afternoon that there was no pending news and no apparent reason for Tuesday's surge.
"We can't see a reason" for it, Mr. Wagner said.
Sterling Bancorp of New York fell 10.1% Wednesday after gaining 20.3% Tuesday. The New York Stock Exchange asked Sterling to reveal if corporate activities that might explain Tuesday's rally. A spokesman for the company said Wednesday that its policy is to not comment on stock movements.
The American Banker index of 225 banking stocks fell 0.18%, and the Standard & Poor's 500 gained 0.19%.
