The Bank Said What? Surprises from 1Q
April 26, 2013 8:00 AM
Disappointments, turnarounds and shocking comments -- banks offered plenty of them in their first-quarter results and executive conference calls.
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A Step Backward
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A Step Forward
It's hard to remember the last time Citigroup (NYSE:C) was the bright spot in earnings, but it led the big banks with 6% revenue growth and beat earnings expectations under new CEO Michael Corbat.
Are You Kidding Us?
You could hear analysts' jaws dropping in disbelief after Synovus (SNV) CEO Kessel Stelling insisted the Columbus, Ga., bank could start buying banks this year even though he had just reported shrinking revenue, loans and earnings in the first quarter .
Moving On
First Niagara (FNFG) overcame the gloom, and a $6.3 million charge related to the exits of CEO John Koelmel and vice president Oliver Sommer , by reporting a 12% increase in profits on strong fee income.
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Momentum Killer
TCF Financial (TCB), led by CEO William Cooper, seemed to be on a roll early this year, but a steep decline in quarterly banking fees and other revenue "diminished" its prospects, Sandler O'Neill analysts wrote .
Comeback Kid?
M&A Snafu
A few days before its release of first-quarter results, M&T Bank (MTB) delayed until Jan. 31 the deadline for completing its purchase of Hudson City Bancorp (HCBK). M&T blamed concerns raised by regulators about its compliance with anti-laundering rules.
Bearer of Bad News ... Again
It's rare that BB&T (BBT), led by CEO Kelly King, has back-to-back negative announcements, but it took a tax-related hit that cut earnings in half in the first quarter just weeks after the Federal Reserve rejected its capital plan .
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Bucking the Mortgage Blues
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