Nara Bancorp reported a net loss of $3.2 million for Q1 2009, compared to net income of $5.8 million in Q1 2008. Elevated charge-offs and loan loss provisions due to the recession negatively impacted results. Deposits increased $274 million in Q1 2009 through successful marketing programs. Non-performing loans rose to $41.3 million due to higher classified and impaired loans, while the allowance for loan losses increased to $50.5 million.
Progressive Corporation had a successful first quarter of 2004, with net income increasing 58% over the first quarter of 2003 to $460 million. Premiums written grew 14% due to continued low levels of automobile accidents. While investment income was slightly lower due to falling yields, realized security gains contributed to higher profits. The company expects slower growth rates than recent years as market conditions have stabilized, but growth remains strong and margins are higher than anticipated, allowing Progressive to build competitive advantages through retention strategies.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
Frontier Financial Corporation announced its financial results for the first quarter of 2009, reporting a net loss of $33.8 million compared to a net loss of $89.5 million in the previous quarter and net income of $15.5 million in the first quarter of 2008. Nonperforming assets increased significantly due to continued pressure from the uncertain economy and housing market. In response, the company is taking steps to strengthen its capital position and reduce expenses while continuing to recognize loan quality deterioration and charge offs.
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
Regions Financial reported a loss of $9.01 per share for the 4th quarter of 2008 due to a $6 billion goodwill impairment charge. Excluding this charge, earnings were $0.35 per share. Credit quality improved as non-performing assets declined by $3.1 billion from aggressive management. However, net charge-offs increased to 3.19% and the net interest margin declined. Regions remains well capitalized and has strong liquidity with customer deposits funding most assets.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Cascade Financial reported a net loss of $4.8 million for Q1 2009 compared to earnings of $2.6 million in Q1 2008, due to increasing its provision for loan losses to $13.9 million.
- Checking deposits grew 83% year-over-year to a record level, while total loans increased 8% to $1.25 billion despite a slowdown in new loan originations.
- Nonperforming loans rose to represent 4.05% of total loans as the weak housing market continued to present challenges, leading to a higher allowance for loan losses.
- The company remained well capitalized with strong capital ratios, while continuing to focus on residential and small business lending to
Progressive Corporation had a successful first quarter of 2004, with net income increasing 58% over the first quarter of 2003 to $460 million. Premiums written grew 14% due to continued low levels of automobile accidents. While investment income was slightly lower due to falling yields, realized security gains contributed to higher profits. The company expects slower growth rates than recent years as market conditions have stabilized, but growth remains strong and margins are higher than anticipated, allowing Progressive to build competitive advantages through retention strategies.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
Frontier Financial Corporation announced its financial results for the first quarter of 2009, reporting a net loss of $33.8 million compared to a net loss of $89.5 million in the previous quarter and net income of $15.5 million in the first quarter of 2008. Nonperforming assets increased significantly due to continued pressure from the uncertain economy and housing market. In response, the company is taking steps to strengthen its capital position and reduce expenses while continuing to recognize loan quality deterioration and charge offs.
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
Regions Financial reported a loss of $9.01 per share for the 4th quarter of 2008 due to a $6 billion goodwill impairment charge. Excluding this charge, earnings were $0.35 per share. Credit quality improved as non-performing assets declined by $3.1 billion from aggressive management. However, net charge-offs increased to 3.19% and the net interest margin declined. Regions remains well capitalized and has strong liquidity with customer deposits funding most assets.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Cascade Financial reported a net loss of $4.8 million for Q1 2009 compared to earnings of $2.6 million in Q1 2008, due to increasing its provision for loan losses to $13.9 million.
- Checking deposits grew 83% year-over-year to a record level, while total loans increased 8% to $1.25 billion despite a slowdown in new loan originations.
- Nonperforming loans rose to represent 4.05% of total loans as the weak housing market continued to present challenges, leading to a higher allowance for loan losses.
- The company remained well capitalized with strong capital ratios, while continuing to focus on residential and small business lending to
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
U.S. Bancorp reported record net income for the third quarter of 2005 of $1,154 million, an 8.3% increase from the third quarter of 2004. Earnings per share increased 10.7% year-over-year to $0.62. The results reflected continued growth in fee income and lower credit costs. Net interest income was relatively flat compared to the prior year despite a lower net interest margin, as growth in average earning assets offset the margin decline. Credit quality remained stable with a decrease in net charge-offs and nonperforming assets remaining steady.
- The company held an earnings conference call to discuss its third quarter 2012 results
- Revenue was unchanged from the prior year, while operating revenue increased 2% driven by organic lease revenue growth
- Earnings per share from continuing operations were $1.26 compared to $1.10 in the prior year
- Fleet Management Solutions saw earnings growth of 21% due to lower costs and lease revenue growth
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
U.S. Bancorp reported lower net income for Q3 2008 compared to Q3 2007 and Q2 2008. Earnings per share were down 48.4% from Q3 2007 due to challenging market conditions, including $411 million in securities losses and higher credit costs. However, the company's core banking business performed well, with growth in average loans, deposits, and fee income. Credit costs increased as expected due to stresses in the housing market and broader economy. The company maintained a strong capital position to support future growth.
U.S. Bancorp reported a 14% increase in earnings per share for the third quarter of 2004 compared to the same period in 2003, driven by strong fee revenue and improved credit quality. Net income was $1.065 billion for Q3 2004, up 12.1% from Q3 2003. Returns on average assets and equity were also up from the prior year. Fee income growth of 11.7% helped offset weakness in commercial lending. Credit costs declined 46.7% from a year ago due to lower net charge-offs and nonperforming assets.
U.S. Bancorp reported net income of $330 million for the fourth quarter of 2008, a decrease from $942 million in the fourth quarter of 2007. Diluted earnings per share were $0.15, down from $0.53 in the prior year. Results were impacted by higher credit costs, with a $635 million provision for credit losses exceeding net charge-offs. Total revenue grew due to a 22.6% increase in net interest income from loan and deposit growth, though this was offset by securities impairments and lower noninterest income as consumers reduced spending. The company also acquired assets from Downey Savings and PFF Bank & Trust through the FDIC, adding $12.2 billion in loans
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
U.S. Bancorp reported record net income for the second quarter of 2005 of $1.121 billion, an 8.1% increase from the second quarter of 2004. Key factors contributing to increased earnings included strong growth in fee-based revenue across most categories, lower credit costs, and reduced tax expenses. However, net interest income declined slightly due to margin compression from tighter credit spreads and changes in asset/liability management. Overall, the results demonstrated continued strong performance and returns, with loan growth, improving credit quality, and investments positioned to further enhance the business.
u.s.bancorp3Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported record net income for the third quarter of 2003 of $984.9 million, up 14.5% from the third quarter of 2002. Earnings per share increased 13.3% to $0.51. The results reflected growth in net interest income and fee-based revenue, as well as lower operating expenses and credit costs. The company also achieved several strategic goals such as improved credit quality, increased its tangible common equity ratio, completed integration efforts, and announced a large expansion of its in-store branch network in the western U.S. Going forward, the company will continue focusing on organic growth, risk management and efficient use of capital.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
U.S. Bancorp reported record net income for the third quarter of 2005 of $1,154 million, an 8.3% increase from the third quarter of 2004. Earnings per share increased 10.7% year-over-year to $0.62. The results reflected continued growth in fee income and lower credit costs. Net interest income was relatively flat compared to the prior year despite a lower net interest margin, as growth in average earning assets offset the margin decline. Credit quality remained stable with a decrease in net charge-offs and nonperforming assets remaining steady.
- The company held an earnings conference call to discuss its third quarter 2012 results
- Revenue was unchanged from the prior year, while operating revenue increased 2% driven by organic lease revenue growth
- Earnings per share from continuing operations were $1.26 compared to $1.10 in the prior year
- Fleet Management Solutions saw earnings growth of 21% due to lower costs and lease revenue growth
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
U.S. Bancorp reported lower net income for Q3 2008 compared to Q3 2007 and Q2 2008. Earnings per share were down 48.4% from Q3 2007 due to challenging market conditions, including $411 million in securities losses and higher credit costs. However, the company's core banking business performed well, with growth in average loans, deposits, and fee income. Credit costs increased as expected due to stresses in the housing market and broader economy. The company maintained a strong capital position to support future growth.
U.S. Bancorp reported a 14% increase in earnings per share for the third quarter of 2004 compared to the same period in 2003, driven by strong fee revenue and improved credit quality. Net income was $1.065 billion for Q3 2004, up 12.1% from Q3 2003. Returns on average assets and equity were also up from the prior year. Fee income growth of 11.7% helped offset weakness in commercial lending. Credit costs declined 46.7% from a year ago due to lower net charge-offs and nonperforming assets.
U.S. Bancorp reported net income of $330 million for the fourth quarter of 2008, a decrease from $942 million in the fourth quarter of 2007. Diluted earnings per share were $0.15, down from $0.53 in the prior year. Results were impacted by higher credit costs, with a $635 million provision for credit losses exceeding net charge-offs. Total revenue grew due to a 22.6% increase in net interest income from loan and deposit growth, though this was offset by securities impairments and lower noninterest income as consumers reduced spending. The company also acquired assets from Downey Savings and PFF Bank & Trust through the FDIC, adding $12.2 billion in loans
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
U.S. Bancorp reported record net income for the second quarter of 2005 of $1.121 billion, an 8.1% increase from the second quarter of 2004. Key factors contributing to increased earnings included strong growth in fee-based revenue across most categories, lower credit costs, and reduced tax expenses. However, net interest income declined slightly due to margin compression from tighter credit spreads and changes in asset/liability management. Overall, the results demonstrated continued strong performance and returns, with loan growth, improving credit quality, and investments positioned to further enhance the business.
u.s.bancorp3Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported record net income for the third quarter of 2003 of $984.9 million, up 14.5% from the third quarter of 2002. Earnings per share increased 13.3% to $0.51. The results reflected growth in net interest income and fee-based revenue, as well as lower operating expenses and credit costs. The company also achieved several strategic goals such as improved credit quality, increased its tangible common equity ratio, completed integration efforts, and announced a large expansion of its in-store branch network in the western U.S. Going forward, the company will continue focusing on organic growth, risk management and efficient use of capital.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
SunTrust reported third quarter earnings of $0.88 per share, down from $1.18 per share in the third quarter of 2007. The challenging credit environment continued to impact financial performance through higher net charge-offs, nonperforming loans, and credit-related expenses. While profitability declined, SunTrust's capital position improved and the company believes it is well positioned to manage through the current challenges. Noninterest income increased driven by securities gains and valuation gains, but was offset by expected losses on auction rate securities and mark-to-market losses on trading assets.
- SunTrust reported a net loss of $379.2 million for Q4 2008 compared to a profit of $3.3 million in Q4 2007, due to higher credit costs from the deteriorating economy. For the full year 2008, SunTrust reported a profit of $746.9 million, down 53.4% from 2007.
- Revenue increased 8.8% in Q4 2008 versus Q4 2007, driven by lower market valuation losses on loans and securities carried at fair value. However, higher credit costs led to a net loss for the quarter.
- Noninterest income rose 24.6% in Q4 2008 versus Q4 2007 mainly due to lower mark-to-market losses, but
Bank of America reported record earnings of $16.9 billion for 2005, up 19% from 2004. Revenue grew 9% to $57.6 billion driven by a 19% increase in noninterest income. Earnings were driven by strong consumer growth and commercial lending recovery, despite higher provision costs and fewer securities gains. For the fourth quarter of 2005, earnings were $3.8 billion, down 9% from the previous quarter due to an 8% decline in noninterest income and a 21% rise in provision for credit losses.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
Popular, Inc. reported a net loss of $52.5 million for the quarter ended March 31, 2009, compared to a net loss of $702.9 million in the previous quarter and net income of $103.3 million in the same quarter of the prior year. The company's continuing operations reported a net loss of $42.6 million for the quarter, an improvement from a net loss of $627.7 million in the previous quarter, driven by gains on the sale of investment securities and lower operating expenses. However, credit quality continued to deteriorate with non-performing assets increasing to $1.5 billion and the provision for loan losses remaining high at $372.5 million despite a decrease in
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
Similar to Q1 2009 Earning Report of Nara Bancorp Inc. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
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1. Nara Bancorp Reports First Quarter Financial Results
Company Release - 04/20/2009 17:28
LOS ANGELES--(BUSINESS WIRE)-- Nara Bancorp, Inc. (the quot;Companyquot;) (NASDAQ: NARA), the holding company of Nara Bank (the quot;Bankquot;) reported a net loss of $3.2 million, or ($0.16) per diluted share, for first quarter 2009,
compared to net income of $5.8 million, or $0.22 per diluted share, for first quarter 2008, and net loss of $9.9 million, or ($0.39) per diluted share, for fourth quarter 2008.
Min Kim, President and Chief Executive Officer, said, quot;As expected, we continued to see elevated levels of charge-offs and provision for loan losses, as the recessionary conditions are having a negative impact on both commercial
business and commercial real estate borrowers. We are aggressively managing our problem assets and have allocated increased resources to our credit administration department to help bring about satisfactory resolutions
more quickly. Despite the credit losses we have incurred, we continue to have strong capital levels and a substantial allowance for loan losses, which position us well to absorb any inherent losses without impairing the
fundamental health and soundness of the bank.
quot;Very positively, we increased our core deposits by $274 million during the first quarter, partially due to successful marketing programs targeting non-Korean-American customers. As a result, our loan-to-deposit ratio declined
significantly to under 100 percent at first quarter end. Not only are we very pleased with the substantial progress we have made to improve our liquidity, the growth in deposits provides the Company with much greater financial
flexibility going forward.
quot;While the current environment remains challenging, we are committed to investing in the business to enhance our position as a leader in the Korean-American banking industry. With the additions of Bonnie Lee as Chief
Operating Officer and Mark Lee as Chief Credit Officer, we have substantially strengthened the depth and quality of our management team, quot; said Ms. Kim.
Financial Highlights
2009 First Quarter 2008 First Quarter 2008 Fourth Quarter
(Dollars in thousands)
Net Income (Loss) $ (3,180 ) $ 5,773 $ (9,853 )
Diluted Earnings $ (0.16 ) $ 0.22 $ (0.39 )
(Loss) Per Share
Net interest income $ 20,421 $ 24,610 $ 22,702
Net interest margin 3.19 % 4.15 % 3.71 %
Non-interest income $ 4,383 $ 4,599 $ 2,058
Non-interest $ 15,248 $ 14,431 $ 13,747
expense
Net Loans $ 2,037,724 $ 2,050,735 $ 2,055,024
receivable
Deposits $ 2,098,312 $ 1,854,349 $ 1,938,603
Non-performing $ 41,337 $ 19,080 $ 37,580
loans
ALLL to total loans 2.42 % 1.11 % 2.07 %
ALLL to
non-performing 122 % 121 % 116 %
loans
Provision for loan $ 15,670 $ 4,993 $ 28,000
losses
Efficiency ratio 61.47 % 49.41 % 55.52 %
Operating Results for First Quarter 2009
Net Interest Income and Net Interest Margin. First quarter 2009 net interest income before provision for loan losses was $20.4 million, a decrease of 17% from first quarter 2008. The decline in net interest income was due to the
decline in net interest margin and a shift in asset allocation from loans to investment securities and liquid assets. The change in asset mix was part of a plan to improve liquidity and strengthen the balance sheet. First quarter 2009
net interest margin (net interest income divided by average interest-earning assets) decreased 96 basis points to 3.19% from 4.15% in the first quarter of 2008, due to the fed fund rate cuts by the Federal Reserve of 200 basis
points during the twelve months ended March 31, 2009.
The weighted average yield on the loan portfolio for first quarter 2009 decreased 184 basis points to 6.01% from 7.85% for the same period last year. The decrease was the result of the prime rate-based portion of the loan portfolio
repricing downward as market interest rates continued to decline due to further reductions in interest rates by the Federal Reserve throughout 2008. The prime rate decreased 200 basis points, consistent with the fed funds rate
cuts. This was partially mitigated by the 49% of fixed rate loans in the portfolio at March 31, 2009. At March 31, 2008, fixed rate loans were 55% of the loan portfolio. The weighted average yield on the variable rate and fixed rate
portfolios (excluding loan discount accretion) at March 31, 2009 was 4.52% and 7.63%, respectively, compared to 6.63% and 7.69% at March 31, 2008.
The weighted average yield on securities available for sale for first quarter 2009 decreased 94 basis points to 4.08% from 5.02% for the same period last year. The decrease was primarily due to variable rate agency CMO
investment securities repricing downward as one month LIBOR rates declined. The variable rate agency CMO portfolio was $96.4 million at March 31, 2009, compared to $78.9 million at March 31, 2008.
The weighted average cost of deposits for first quarter 2009 decreased 101 basis points to 2.42% from 3.43% for the same period last year. The cost of time deposits decreased 175 basis points to 2.81% from 4.56%. Due to the
lag in repricing deposits, the year over year decline in loan yield exceeded the year over year decline in the cost of deposits by 83 basis points during first quarter 2009.
The weighted average cost of FHLB advances for first quarter 2009 decreased 26 basis points to 3.51% from 3.77% for first quarter 2008, reflecting the decline in market interest rates for short-term advances.
Following are the weighted average data at March 31, 2009 and 2008:
March 31,
2009 2008
Weighted average loan portfolio yield (excluding discounts) 6 .06% 7 .21%
Weighted average securities available-for-sale portfolio yield 4 .25% 4 .89%
Weighted average cost of deposits 2 .42% 3 .09%
2. Weighted average cost of total interest-bearing deposits 2 .83% 3 .82%
Weighted average cost of FHLB advances 3 .70% 3 .62%
Sequentially, first quarter 2009 net interest income before provision for loan losses decreased $2.3 million, or 10%, from fourth quarter 2008. The decrease was attributable to a decline in net interest margin resulting from the
repricing of quarterly adjusting variable rate loans, after the 175 basis points in rate cuts by the Federal Reserve during the fourth quarter of 2008. The net interest margin decreased 52 basis points to 3.19% for first quarter 2009
from 3.71% for fourth quarter 2008. In addition, the build up of short-term liquidity, supported by the growth in core deposits affected both the net interest margin as well as net interest income.
Non-accrual loan interest income recognized or (reversed) was ($394) thousand, $159 thousand, and ($283) thousand for first quarter 2009, first quarter 2008, and fourth quarter 2008, respectively. Excluding this effect, the net
interest margin for first quarter 2009, first quarter 2008, and fourth quarter 2008 was 3.26%, 4.12% and 3.75%, respectively.
Prepayment penalty income for first quarter 2009, first quarter 2008 and fourth quarter 2008 was $147 thousand, $221 thousand and $433 thousand, respectively. Excluding the effects of both non-accrual loan interest income and
prepayment penalty income, the net interest margin for first quarter 2009, first quarter 2008 and fourth quarter 2008 was 3.23%, 4.09% and 3.68%, respectively.
Non-interest Income. First quarter 2009 non-interest income was $4.4 million, a decrease of $216 thousand, or 5% compared to first quarter 2008. The decrease is due to a decline in net gains on sales of SBA and other loans and
losses on sales of OREO, offset by an increase in net gains on sales of securities available-for-sale.
Net gains on sales of SBA and other loans were $450 thousand for first quarter 2009, a decrease of 44% from $800 thousand for first quarter 2008. Included in the results for first quarter 2009 was a net gain of $387 thousand
recognized from the sale of a non-SBA problem loan that had been written down during fourth quarter 2008 and $63 thousand due to loan discounts recognized on loans that were paid off. During first quarter 2008, the Company
had net gains of $715 thousand on the sales of SBA loans, and net gains of $85 thousand from the sale of other loans.
There were no sales of SBA loans during first quarter 2009 compared to $24.4 million during first quarter 2008.
Net gains on sales of securities available-for-sale were $785 thousand for first quarter 2009, an increase of 68% from $467 thousand for first quarter 2008. During first quarter 2009, a total of $43 million in available-for-sale MBS
securities were sold, compared to $54 million during first quarter 2008. The securities sold during the quarter had faster prepayment characteristics, and the proceeds were reinvested into securities with slower prepayment
characteristics.
Sequentially, non-interest income increased 113% from fourth quarter 2008. The increase was primarily due to the net gains recognized from the sale of a non-SBA problem loan and securities available-for-sale as discussed
above, as well as a decrease in the loss recognized from the mark-to-market valuation adjustment on interest rate swaps. Net losses recognized from the mark-to-market valuation adjustment and amortization on interest rate
swaps was $117 thousand during first quarter 2009, compared to $800 thousand during fourth quarter 2008.
Non-interest Expense. First quarter 2009 non-interest expense was $15.2 million, an increase of 6% from $14.4 million for the same period last year. Salaries and employee benefits expense decreased by 16% over the same
quarter of the prior year, primarily due to decreases in bonus expense and in the number of full-time equivalent employees to 367 at March 31, 2009 from 409 at March 31, 2008.
Occupancy expense increased by 12% due to higher depreciation and amortization costs for the new branches opened in 2008. Professional fees increased by 27% over the same quarter of the prior year, primarily due to higher
legal fees.
Other non-interest expense increased 81% to $3.6 million for first quarter 2009, compared to $2.0 million for the same period last year. The increase is primarily due to a 143% increase in FDIC insurance premiums to $750
thousand for first quarter 2009, and credit related expenses of $1.5 million, which included expenses related to OREO.
Sequentially, non-interest expense for first quarter 2009 increased by 11% from $13.7 million in fourth quarter 2008, due to increased credit related expenses, including an allowance for doubtful SBA receivables, and legal fees,
offset by lower compensation costs.
Income Taxes. The effective income tax benefit was 48% for first quarter 2009 compared to the effective income tax rate of 41% for first quarter 2008 and tax benefit of 42% for fourth quarter 2008. The higher tax benefit of 48% for the
first quarter 2009 was due to higher tax credits in that period.
Balance Sheet Summary
At March 31, 2009, total assets were $2.83 billion, an increase of 23% (annualized) from $2.67 billion at December 31, 2008, and an increase of 11% from $2.55 billion at March 31, 2008. The increases in liquid assets and
investments accounted for the asset increases.
Gross loans receivable were $2.09 billion at March 31, 2009, a slight decrease from $2.10 billion at December 31, 2008. Loan growth was impacted by management's strategy to reduce the loan to deposit ratio as well as to stricter
loan underwriting criteria. New loan production was $62.8 million during first quarter 2009, compared to $81.3 million during fourth quarter 2008 and $176.4 million during the first quarter 2008. Loan pay-offs, paydowns,
amortization and other changes totaled $73.1 million during first quarter 2009, compared to $80.2 million during fourth quarter 2008 and $84.0 million during first quarter 2008.
SBA loan originations were $570 thousand during first quarter 2009 compared to $8.0 million during fourth quarter 2008 and $21.4 million during first quarter 2008. There were no sales of SBA loans during first quarter 2009 and
fourth quarter 2008, compared to $24.4 million of SBA loan sales during first quarter 2008.
Total deposits were $2.10 billion at March 31, 2009, an increase of 33.0% (annualized) from $1.94 billion at December 31, 2008 and a 13% increase from $1.85 billion at March 31, 2008. During first quarter 2009, core deposits
increased $274 million, which was offset by a $78 million decrease in brokered deposits and a $36 million decrease in retail jumbo CDs. The growth in core deposits was the result of successful marketing to non-Korean
customers.
FHLB advances were $350.0 million at both March 31, 2009 and December 31, 2008 and $393.0 million at March 31, 2008. Advances are primarily long-term advances with an expected average remaining term to maturity of 3.2
years.
Provision and Allowance for Loan Losses
The Company recorded a provision for loan losses of $15.7 million in first quarter 2009, compared to $5.0 million for the same period of the prior year and $28.0 million in fourth quarter 2008. Although net charge-offs for first
quarter 2009 declined to $8.6 million from $12.5 million for fourth quarter 2008, an increase in impaired loans, additional loan downgrades and higher loss migration factors resulted in an increase in the allowance for loan losses.
Total watch list loans, defined as special mention and classified assets, increased to $174.1 million at March 31, 2009, from $136.7 million at December 31, 2008. Special mention loans decreased to $68.4 million at March 31,
2009, from $71.2 million at December 31, 2008. Substandard loans increased to $98.4 million at March 31, 2009, from $55.6 million at December 31, 2008.
Non-performing loans at March 31, 2009 were $41.3 million, or 1.98% of total loans, compared to $37.6 million, or 1.79% of total loans at December 31, 2008. Inflows to non-performing loans during first quarter 2009 included eight
loans totaling approximately $8.0 million.
Non-performing assets at March 31, 2009 were $77.3 million, or 2.74% of total assets, compared to $43.8 million, or 1.64% of total assets at December 31, 2008. The increase was due to higher levels of accruing troubled debt
restructurings and other real estate owned.
Net loan charge-offs during first quarter 2009 were $8.6 million, or 1.63% of average loans on an annualized basis, compared to $12.4 million, or 2.37% of average loans on an annualized basis, during fourth quarter 2008. First
quarter 2009 charge-offs included partial charge-offs, aggregating $4.1 million, on three loans.
The remaining $4.5 million of charge-offs in first quarter 2009 primarily consisted of loans to retail businesses and consumer auto loans, averaging approximately $64 thousand per loan.
The allowance for loan losses at March 31, 2009 was $50.5 million, or 2.42% of gross loans receivable, compared to $43.4 million, or 2.07% of gross loan receivable at December 31, 2008. The allowance for loan losses to non-
performing loans was 122% and 116% at March 31, 2009 and December 31, 2008, respectively. The allowance for loan losses reflects an increase in specific allowances for impaired loans, as well as general allowances, based
on quantitative and qualitative factors.
Impaired loans at March 31, 2009 were $82.9 million, compared to $50.3 million at December 31, 2008. The increase during the quarter included 4 loans aggregating $21.3 million. Specific reserves for impaired loans were $20.9
million, or 25.2% of the aggregate gross loan amount at March 31, 2009. Excluding specific allowances for impaired loans, the allowance coverage on non-impaired loans was 1.49%, compared to 1.41% at December 31, 2008.
Capital
At March 31, 2009, the Company continued to exceed the regulatory capital requirements to be classified as a quot;well-capitalized institution.quot; The Leverage Ratio was 11.94% at March 31, 2009 compared to 12.61% at December 31,
2008 and 10.56% at March 31, 2008. The Tier 1 Risk-based Ratio was 14.03% at March 31, 2009, compared to 14.32% at December 31, 2008 and 11.56% at March 31, 2008. The Total Risk-based Ratio was 15.30% at March 31,
2009, compared to 15.58% at December 31, 2008 and 12.59% at March 31, 2008.
At March 31, 2009, tangible common equity was 7.74% of tangible assets, slightly lower compared to December 31, 2008 due to a 6% increase in assets. Despite the net loss for the quarter, tangible common equity remained at a
3. high level due to the $3.2 million increase in the fair value of securities available-for-sale, net of tax, which is part of Other Comprehensive Income in stockholders' equity.
Outlook
Commenting on the outlook for the remainder of 2009, Ms. Kim said, quot;Although we expect that credit costs will remain elevated in the near-term, we believe we have positioned the Bank to generate improvements in pre-provision
earnings going forward. With the improved financial flexibility in our balance sheet, we intend to increase our loan production and fund this growth with core deposits. For the full year, we are targeting 5% loan growth. During the
second half of the year, we also expect an increase in our net interest margin, as deposits reprice lower and we see improvements in loan pricing.
quot;As mentioned before, we strengthened our senior management team with two highly regarded veterans of the banking industry. We believe these investments in top quality executives, as well as our commitment to providing top
quality service to our customers, will position Nara Bancorp for sustained growth and profitability as economic conditions improve,quot; said Ms. Kim.
Conference Call and Webcast
A conference call with simultaneous webcast to discuss the Company's first quarter 2009 financial results will be held tomorrow, April 21, 2009 at 9:30 a.m. Pacific / 12:30 p.m. Eastern. Interested participants and investors may
access the conference call by dialing 800-762-8779 (domestic) or 480-248-5081 (international). There will also be a live webcast of the call available at the Investor Relations section of Nara Bank's web site at www.narabank.com.
After the live webcast, a replay will remain available in the Investor Relations section of Nara Bancorp's web site. A replay of the call will be available at 800-406-7325 (domestic) or 303-590-3030 (international) through April 28,
2009; the passcode is 4055954.
About Nara Bancorp, Inc.
Nara Bancorp, Inc. is the parent company of Nara Bank, which was founded in 1989. Nara Bank is a full-service community bank headquartered in Los Angeles, with 21 branches and 4 loan production offices in the United States.
Nara Bank operates full-service branches in California, New York and New Jersey, with loan production offices in California, Nevada, Texas, Georgia, New Jersey, and Virginia. Nara Bank was founded specifically to serve the
needs of Korean-Americans, one of the fastest-growing Asian ethnic communities over the past decade. Presently, Nara Bank serves a diverse group of customers mirroring its communities. Nara Bank specializes in core
business banking products for small and medium-sized companies, with emphasis in commercial real estate and business lending, SBA lending and international trade financing. Nara Bank is a member of the FDIC and is an
Equal Opportunity Lender. For more information on Nara Bank, visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on NASDAQ under the symbol quot;NARA.quot;
Forward-Looking Statements
This press release contains forward-looking statements including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such forward looking statements, including, but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products,
services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with
the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussion of business considerations and certain factors that may affect results of
operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to
revise or publicly release the results of any revision to these forward-looking statements.
Nara Bancorp, Inc.
Consolidated Statements of Financial Condition
Unaudited (Dollars in Thousands)
Nara Bancorp, Inc.
Assets 3/31/2009 12/31/2008 % 3/31/2008 %
change change
Cash and due $ 44,705 $ 30,057 49 % $ 41,353 8 %
from banks
Federal funds 150,000 19,000 689 % 21,000 614 %
sold
Securities
available for 430,219 406,586 6 % 273,779 57 %
sale, at fair
value
Federal Home
Loan Bank and
Federal 22,255 22,255 0 % 26,419 -16 %
Reserve Bank
stock
Loans held
for sale, at
the lower of 10,965 9,821 12 % 7,571 45 %
cost or
market
Loans 2,088,228 2,098,443 0 % 2,073,851 1 %
receivable
Allowance for (50,504 ) (43,419 ) 16 % (23,116 ) 118 %
loan losses
Net loans 2,037,724 2,055,024 -1 % 2,050,735 -1 %
receivable
Accrued
interest 8,276 8,168 1 % 9,014 -8 %
receivable
Premises and
equipment, 11,749 11,987 -2 % 11,293 4 %
net
Bank owned
life 23,402 23,349 0 % 23,096 1 %
insurance
Goodwill 2,509 2,509 0 % 2,509 0 %
Other
intangible 1,474 1,627 -9 % 2,132 -31 %
4. assets, net
Other assets 82,259 81,671 1 % 77,212 7 %
Total assets $ 2,825,537 $ 2,672,054 6 % $ 2,546,113 11 %
Liabilities
Deposits $ 2,098,312 $ 1,938,603 8 % $ 1,854,349 13 %
Borrowings
from Federal 350,000 350,000 0 % 393,000 -11 %
Home Loan
Bank
Subordinated 39,268 39,268 0 % 39,268 0 %
debentures
Accrued
interest 9,273 8,549 8 % 10,182 -9 %
payable
Other 38,999 45,681 -15 % 21,920 78 %
liabilities
Total 2,535,852 2,382,101 6 % 2,318,719 9 %
liabilities
Stockholders'
Equity
Preferred
stock, $0.001
par value;
authorized
10,000,000
undesignated
shares;
issued and
outstanding
67,000,
67,000 and 0
shares of
Fixed Rate
Cumulative
Perpetual 67,000 67,000 0 % - 100 %
Preferred
Stock, Series
A with a
liquidation
preference of
$1,000 per
share at
March 31,
2009,
December 31,
2008 and
March 31,
2008,
respectively
Preferred
stock (4,434 ) (4,664 ) -5 % - 100 %
discount
Common stock,
$0.001 par
value;
authorized,
40,000,000
shares;
issued and
outstanding,
26,256,960,
26,246,560, 26 26 0 % 26 0 %
and
26,193,560
shares at
March 31,
2009,
December 31,
2008 and
March 31,
2008,
respectively
Common stock 4,766 4,766 0 % - 100 %
warrant
Capital 82,669 82,077 1 % 80,567 3 %
surplus
5. Retained 137,643 141,890 -3 % 147,544 -7 %
earnings
Accumulated
other
comprehensive 2,015 (1,142 ) -276 % (743 ) -371 %
income
(loss), net
Total
stockholders' 289,685 289,953 0 % 227,394 27 %
equity
Total
liabilities
and $ 2,825,537 $ 2,672,054 6 % $ 2,546,113 11 %
stockholders'
equity
Nara Bancorp, Inc.
Consolidated Statements of Income (Loss)
Unaudited (Dollars in Thousands, Except for Per Share Data)
Three Months Ended,
3/31/2009 3/31/2008 % 12/31/2008 %
change change
Interest income:
Interest and fees $ 31,672 $ 40,364 -22 % $ 35,308 -10 %
on loans
Interest on 4,320 3,668 18 % 3,819 13 %
securities
Interest on
federal funds sold 49 328 -85 % (36 ) -236 %
and other
investments
Total interest 36,041 44,360 -19 % 39,091 -8 %
income
Interest expense:
Interest on 11,825 15,206 -22 % 12,347 -4 %
deposits
Interest on other 3,795 4,544 -16 % 4,042 -6 %
borrowings
Total interest 15,620 19,750 -21 % 16,389 -5 %
expense
Net interest
income before 20,421 24,610 -17 % 22,702 -10 %
provision for loan
losses
Provision for loan 15,670 4,993 214 % 28,000 -44 %
losses
Net interest
(expense) income 4,751 19,617 -76 % (5,298 ) -190 %
after provision
for loan losses
Non-interest
income:
Service fees on 1,769 1,821 -3 % 1,940 -9 %
deposit accounts
Net gains on sales
of SBA and other 450 800 -44 % 87 417 %
loans
Net gains on sales
of securities 785 467 68 % - 0 %
available-for-sale
Net losses on (130 ) - 100 % (1,003 ) 100 %
sales of OREO
Other income and 1,509 1,511 0 % 1,034 46 %
6. fees
Total non-interest 4,383 4,599 -5 % 2,058 113 %
income
Non-interest
expense:
Salaries and 6,443 7,636 -16 % 6,840 -6 %
employee benefits
Occupancy 2,426 2,163 12 % 2,469 -2 %
Furniture and 695 709 -2 % 691 1 %
equipment
Advertising and 457 550 -17 % 360 27 %
marketing
Data processing 901 830 9 % 794 13 %
and communications
Professional fees 678 532 27 % 380 78 %
Other 3,648 2,011 81 % 2,213 65 %
Total non-interest 15,248 14,431 6 % 13,747 11 %
expense
Income (loss)
before income (6,114 ) 9,785 -162 % (16,987 ) -64 %
taxes
Income tax
provision (2,934 ) 4,012 -173 % (7,134 ) -59 %
(benefit)
Net income (loss) $ (3,180 ) $ 5,773 -155 % $ (9,853 ) -68 %
Dividends and
discount accretion $ (1,068 ) $- 100 % $ (474 ) 100 %
on preferred stock
Net income (loss)
available to $ (4,248 ) $ 5,773 -174 % $ (10,327 ) -59 %
common
stockholders
Earnings (Loss)
Per Common Share:
Basic $ (0.16 ) $ 0.22 $ (0.39 )
Diluted $ (0.16 ) $ 0.22 $ (0.39 )
Average Shares
Outstanding
Basic 26,250,258 26,193,672 26,213,085
Diluted 26,250,258 26,400,802 26,213,085
Nara Bancorp, Inc.
Supplemental Data
Unaudited (Dollars in Thousands, Except for Per Share Data)
(Annualized)
At or for the Three Months Ended,
Profitability measures: 3/31/2009 3/31/2008 12/31/2008
ROA -0 .47% 0 .93% -1 .54%
ROE -4 .36% 10 .15% -15 .06%
Net interest margin 3 .19% 4 .15% 3 .71%
Efficiency ratio 61 .47% 49 .41% 55 .52%
7. Three Months Ended Three Months Ended Three Months Ended
3/31/2009 3/31/2008 12/31/2008
Interest Annualized Interest Annualized Interest Annualized
Average Income/ Average Average Income/ Average Average Income/ Average
Balance Expense Yield/Cost Balance Expense Yield/Cost Balance Expense Yield/Cost
(Dollars in thousands) (Dollars in thousands) (Dollars in thousands)
INTEREST EARNING
ASSETS:
Gross loans,
includes loans $ 2,107,685 $ 31,672 6.01 % $ 2,055,535 $ 40,364 7.85 % $ 2,092,641 $ 35,308 6.75 %
held for sale
Securities
available for 423,907 4,320 4.08 % 292,283 3,668 5.02 % 328,601 3,819 4.65 %
sale
FRB and FHLB
stock and other 22,880 48 0.84 % 22,940 316 5.51 % 22,705 (46 ) -0.81 %
investments
Federal funds 2,267 1 0.18 % 1,506 12 3.19 % 5,528 10 0.72 %
sold
Total interest $ 2,556,739 $ 36,041 5.64 % $ 2,372,264 $ 44,360 7.48 % $ 2,449,475 $ 39,091 6.38 %
earning assets
INTEREST BEARING
LIABILITIES:
Deposits:
Demand, $ 331,870 $ 2,265 2.73 % $ 246,120 $ 1,912 3.11 % $ 319,318 $ 2,413 3.02 %
interest-bearing
Savings 111,233 1,008 3.62 % 136,596 1,308 3.83 % 115,245 1,043 3.62 %
Time deposits:
$100,000 or more 579,333 3,544 2.45 % 606,746 7,515 4.95 % 661,172 4,844 2.93 %
Other 637,226 5,008 3.14 % 443,570 4,471 4.03 % 465,236 4,047 3.48 %
Total time 1,216,559 8,552 2.81 % 1,050,316 11,986 4.56 % 1,126,408 8,891 3.16 %
deposits
Total interest 1,659,662 11,825 2.85 % 1,433,032 15,206 4.24 % 1,560,971 12,347 3.16 %
bearing deposits
FHLB advances 368,584 3,237 3.51 % 401,148 3,783 3.77 % 371,038 3,385 3.65 %
Other borrowings 39,734 558 5.62 % 37,618 761 8.09 % 39,268 657 6.69 %
Total interest
bearing 2,067,980 $ 15,620 3.02 % 1,871,798 $ 19,750 4.22 % 1,971,277 $ 16,389 3.33 %
liabilities
Non-interest
bearing demand 291,324 338,043 240,142
deposits
Total funding
liabilities / $ 2,359,304 2.65 % $ 2,209,841 3.57 % $ 2,211,419 2.96 %
cost of funds
Net interest
income / net $ 20,421 2.62 % $ 24,610 3.26 % $ 22,702 3.05 %
interest spread
Net interest 3.19 % 4.15 % 3.71 %
margin
Net interest
margin,
excluding effect 3.26 % 4.12 % 3.75 %
of non-accrual
loan income
(expense)
Net interest
margin,
excluding effect
of non-accrual 3.23 % 4.09 % 3.68 %
loan income
(expense) and
11. Source: Nara Bancorp, Inc.
Contact: Investors and Financial Media: Financial Relations Board Tony Rossi, 213-486-6545
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