- Susquehanna Bancshares reported net income of $1.9 million for Q1 2009, down significantly from $28 million in Q1 2008, due to a rise in loan loss provisions and FDIC insurance costs.
- Loans grew 10% year-over-year led by increases in commercial and real estate loans. Deposits grew 3% while net interest margin declined.
- Non-performing assets rose to 1.73% of total loans and OREO from 1.03% a year earlier as charge-offs increased and credit quality deteriorated in the economic downturn.
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 $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
1st Quarter 2011 Market Commentary from the National Investment Fund for Cred...NAFCU Services Corporation
Recent Federal Reserve Board member comments, plus improving economic readings, may mean this period of ultra-low interest rates is nearing an end. Higher oil prices have put a damper on consumer sentiment and should affect spending in the second quarter of 2011. Read more from NIFCU$ Fund Manager, Hillary Elder in this downloadable report. Learn more about the National Investment Fund for Credit Unions (NIFCU$) at http://www.nafcu.org/nifcus
National Investment Fund for Credit Unions (NIFCU$) 2nd Quarter 2011 Market C...NAFCU Services Corporation
The U.S. economic recovery slowed in the second quarter of 2011, with GDP growth declining. Inflation remains a concern although wage growth remains weak. Gasoline prices have fallen but housing continues to struggle. The Federal Reserve has maintained interest rates near zero and ended its bond-buying program. There is uncertainty around raising the U.S. debt ceiling and the fiscal health of European countries continues to cause investor reluctance in European markets. The portfolio has maintained a short average maturity as extension opportunities provide little compensation for potential rising yields.
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.
- Community Bank System reported net income of $10.5 million for the first quarter of 2009, a 4.0% decrease from the first quarter of 2008. Earnings per share were $0.32, down 11.1% from $0.36 in the first quarter of 2008.
- Net interest income grew 12.9% to $40.2 million due to loan and deposit growth from acquisitions and organic growth. However, additional operating costs from acquisitions and higher FDIC insurance assessments reduced earnings.
- Asset quality remained stable with nonperforming loans at 0.49% of total loans and net charge-offs of 0.30%, reflecting the bank's disciplined underwriting
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.
The document discusses New York Community Bancorp's business model and financial results for the first quarter of 2009. It focuses on multi-family and commercial real estate lending, which make up over 90% of the loan portfolio. Asset quality remains strong, with low levels of non-performing loans and net charge-offs compared to industry peers. Conservative underwriting and active board involvement help maintain credit discipline.
Shock waves, natural and man-made, rocked global economies in the first six months of 2011. Economic growth faced headwinds from severe storms, floods, earthquakes, higher oil prices and a manufacturing disruption of the global component supply chain from Japan. Most of those issues have now passed, however the European sovereign and banking sector debt crisis remains unresolved. Learn more at http://www.nafcu.org/nifucs
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 $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
1st Quarter 2011 Market Commentary from the National Investment Fund for Cred...NAFCU Services Corporation
Recent Federal Reserve Board member comments, plus improving economic readings, may mean this period of ultra-low interest rates is nearing an end. Higher oil prices have put a damper on consumer sentiment and should affect spending in the second quarter of 2011. Read more from NIFCU$ Fund Manager, Hillary Elder in this downloadable report. Learn more about the National Investment Fund for Credit Unions (NIFCU$) at http://www.nafcu.org/nifcus
National Investment Fund for Credit Unions (NIFCU$) 2nd Quarter 2011 Market C...NAFCU Services Corporation
The U.S. economic recovery slowed in the second quarter of 2011, with GDP growth declining. Inflation remains a concern although wage growth remains weak. Gasoline prices have fallen but housing continues to struggle. The Federal Reserve has maintained interest rates near zero and ended its bond-buying program. There is uncertainty around raising the U.S. debt ceiling and the fiscal health of European countries continues to cause investor reluctance in European markets. The portfolio has maintained a short average maturity as extension opportunities provide little compensation for potential rising yields.
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.
- Community Bank System reported net income of $10.5 million for the first quarter of 2009, a 4.0% decrease from the first quarter of 2008. Earnings per share were $0.32, down 11.1% from $0.36 in the first quarter of 2008.
- Net interest income grew 12.9% to $40.2 million due to loan and deposit growth from acquisitions and organic growth. However, additional operating costs from acquisitions and higher FDIC insurance assessments reduced earnings.
- Asset quality remained stable with nonperforming loans at 0.49% of total loans and net charge-offs of 0.30%, reflecting the bank's disciplined underwriting
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.
The document discusses New York Community Bancorp's business model and financial results for the first quarter of 2009. It focuses on multi-family and commercial real estate lending, which make up over 90% of the loan portfolio. Asset quality remains strong, with low levels of non-performing loans and net charge-offs compared to industry peers. Conservative underwriting and active board involvement help maintain credit discipline.
Shock waves, natural and man-made, rocked global economies in the first six months of 2011. Economic growth faced headwinds from severe storms, floods, earthquakes, higher oil prices and a manufacturing disruption of the global component supply chain from Japan. Most of those issues have now passed, however the European sovereign and banking sector debt crisis remains unresolved. Learn more at http://www.nafcu.org/nifucs
Pinnacle Financial Partners reported earnings of $0.03 per share for Q1 2009, down from $0.26 per share in Q1 2008. Loan growth continued with $119 million in new loans, similar to Q1 2008 levels. Credit quality deteriorated with nonperforming assets rising to 1.54% of total loans from 0.86% in the previous quarter. Provisions for loan losses increased to $13.61 million from $1.59 million in Q1 2008 reflecting higher charge-offs and weaker economic conditions, particularly in residential construction. The company continued investing in future growth by expanding into new markets and hiring additional bankers.
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
Terrence Wittman is a financial advisor at LPL Financial located in Bloomingdale, Illinois. The document discusses the performance of domestic and global markets for the week ending July 27, 2012. It notes that encouraging words from the European Central Bank president helped the Dow industrials return above 13,000. Housing and durable goods data from the US were mixed. The article previews upcoming economic reports and Federal Reserve meeting.
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
- 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.
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
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.
Prosperity Bancshares reported strong second quarter earnings for 2009, with net income of $26.51 million (up 13.1% from the second quarter of 2008) and earnings per share of $0.57 (diluted). Key highlights included an increase in net interest margin to 4.04% and growth in tangible common equity to 4.84%. Non-performing assets remained low at 0.26% of average earning assets.
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.
Sovereign Bancorp reported a net loss of $982 million or $1.48 per share for Q3 2008. This included impairment charges of $575 million on preferred stock and $602 million loss from selling its CDO portfolio. Excluding these losses, net income was $41.3 million. Key highlights included remaining well capitalized, $11.8 billion in unused borrowing capacity, stable net interest margin, and increased allowance for credit losses to 1.79% of total loans.
This document provides an overview of TCF Financial Corporation's Specialty Finance Group. Some key details:
- TCF is a $18 billion financial holding company headquartered in Minnesota and is the 34th largest U.S. bank by assets.
- It has a diverse portfolio including lending, leasing, inventory financing and deposit services.
- TCF emphasizes credit quality over growth and has no subprime exposures or risky assets.
- It has experienced stable growth across its businesses while maintaining strong credit quality metrics relative to peers.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
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%.
- The document summarizes Vectren Corporation's 2009 1st quarter earnings conference call.
- Vectren reported 1st quarter 2009 earnings of $72.8 million, or $0.90 per share, compared to $64.0 million, or $0.84 per share in 2008.
- Earnings were driven by strong utility performance despite lower customer usage from economic conditions, and increased nonutility earnings from energy marketing, coal mining, and infrastructure services.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
In the last past months we at RockeTier were working with several large organizations in three aspects: 1) boosting existing software performance (lean projects); 2) design new systems which are capable process billions of events per day based on commodity hardware and software and 3) establishing processes in large organization that support the life cycle of performance from event management, problem management to establishing a continues performance boosting to the organization systems from RFI to production. This presentation was presented to a large telecommunication industry company. This company is considering implementing a 360 degrees performance boosting project along its main product lines.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
This document is Schawk Inc's quarterly report filed with the SEC for the quarter ending March 31, 2009. It includes the company's consolidated financial statements and notes. It discusses the company's balance sheet, reporting a decrease in total assets from $440 million at the end of 2008 to $435 million at the end of the first quarter of 2009. It also reports a decrease in total liabilities from $239 million to $243 million over the same period. The report provides Management's Discussion and Analysis of the company's financial condition and results.
- SupportSoft reported financial results for Q1 2009 with total revenue of $10.5 million, down from $12.8 million in Q4 2008 and $11.6 million in Q1 2008.
- On a GAAP basis, net loss was $7.4 million or $0.16 per share for Q1 2009, compared to a net loss of $6.8 million or $0.15 per share for Q4 2008.
- On a non-GAAP basis, net loss was $5.3 million or $0.11 per share for Q1 2009, compared to a net loss of $3.4 million or $0.07 per share for Q4 2008
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
Pinnacle Financial Partners reported earnings of $0.03 per share for Q1 2009, down from $0.26 per share in Q1 2008. Loan growth continued with $119 million in new loans, similar to Q1 2008 levels. Credit quality deteriorated with nonperforming assets rising to 1.54% of total loans from 0.86% in the previous quarter. Provisions for loan losses increased to $13.61 million from $1.59 million in Q1 2008 reflecting higher charge-offs and weaker economic conditions, particularly in residential construction. The company continued investing in future growth by expanding into new markets and hiring additional bankers.
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
Terrence Wittman is a financial advisor at LPL Financial located in Bloomingdale, Illinois. The document discusses the performance of domestic and global markets for the week ending July 27, 2012. It notes that encouraging words from the European Central Bank president helped the Dow industrials return above 13,000. Housing and durable goods data from the US were mixed. The article previews upcoming economic reports and Federal Reserve meeting.
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
- 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.
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
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.
Prosperity Bancshares reported strong second quarter earnings for 2009, with net income of $26.51 million (up 13.1% from the second quarter of 2008) and earnings per share of $0.57 (diluted). Key highlights included an increase in net interest margin to 4.04% and growth in tangible common equity to 4.84%. Non-performing assets remained low at 0.26% of average earning assets.
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.
Sovereign Bancorp reported a net loss of $982 million or $1.48 per share for Q3 2008. This included impairment charges of $575 million on preferred stock and $602 million loss from selling its CDO portfolio. Excluding these losses, net income was $41.3 million. Key highlights included remaining well capitalized, $11.8 billion in unused borrowing capacity, stable net interest margin, and increased allowance for credit losses to 1.79% of total loans.
This document provides an overview of TCF Financial Corporation's Specialty Finance Group. Some key details:
- TCF is a $18 billion financial holding company headquartered in Minnesota and is the 34th largest U.S. bank by assets.
- It has a diverse portfolio including lending, leasing, inventory financing and deposit services.
- TCF emphasizes credit quality over growth and has no subprime exposures or risky assets.
- It has experienced stable growth across its businesses while maintaining strong credit quality metrics relative to peers.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
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%.
- The document summarizes Vectren Corporation's 2009 1st quarter earnings conference call.
- Vectren reported 1st quarter 2009 earnings of $72.8 million, or $0.90 per share, compared to $64.0 million, or $0.84 per share in 2008.
- Earnings were driven by strong utility performance despite lower customer usage from economic conditions, and increased nonutility earnings from energy marketing, coal mining, and infrastructure services.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
In the last past months we at RockeTier were working with several large organizations in three aspects: 1) boosting existing software performance (lean projects); 2) design new systems which are capable process billions of events per day based on commodity hardware and software and 3) establishing processes in large organization that support the life cycle of performance from event management, problem management to establishing a continues performance boosting to the organization systems from RFI to production. This presentation was presented to a large telecommunication industry company. This company is considering implementing a 360 degrees performance boosting project along its main product lines.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
This document is Schawk Inc's quarterly report filed with the SEC for the quarter ending March 31, 2009. It includes the company's consolidated financial statements and notes. It discusses the company's balance sheet, reporting a decrease in total assets from $440 million at the end of 2008 to $435 million at the end of the first quarter of 2009. It also reports a decrease in total liabilities from $239 million to $243 million over the same period. The report provides Management's Discussion and Analysis of the company's financial condition and results.
- SupportSoft reported financial results for Q1 2009 with total revenue of $10.5 million, down from $12.8 million in Q4 2008 and $11.6 million in Q1 2008.
- On a GAAP basis, net loss was $7.4 million or $0.16 per share for Q1 2009, compared to a net loss of $6.8 million or $0.15 per share for Q4 2008.
- On a non-GAAP basis, net loss was $5.3 million or $0.11 per share for Q1 2009, compared to a net loss of $3.4 million or $0.07 per share for Q4 2008
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
- Zions Bancorporation reported a net loss of $832.2 million or $7.29 per share for Q1 2009, driven largely by a $634 million non-cash goodwill impairment at Amegy Bank and $249 million in impairment and valuation losses on securities.
- Key factors contributing to the loss included building loan loss reserves by $146 million, a decline in net interest margin to 3.93%, and acquiring failed bank Alliance Bank's assets.
- However, the company extended $3.8 billion in new credit in Q1, loan charge-offs declined from Q4, and its capital ratios remained above regulatory requirements despite the reported loss.
City National Corp reported first quarter 2009 net income of $7.5 million, down from $44 million in first quarter 2008. Earnings per share were $0.04 compared to $0.91 in first quarter 2008. Total deposits reached a record high of $13.7 billion, up 16% from first quarter 2008. However, revenue was down 16% from first quarter 2008 due to declines in wealth management fees and securities losses. The board approved a quarterly dividend of $0.10 per share, down from the previous $0.25, reflecting current economic conditions. Credit quality continued to weaken in the first quarter as real estate values declined and unemployment rose in key markets.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
- 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
- Columbia Banking System reported net income of $419,000 for Q1 2009, down significantly from $11.0 million in Q1 2008, due to a higher provision for loan losses from economic deterioration.
- Non-performing assets increased to $121.7 million from $15.0 million in Q1 2008, primarily in residential construction and commercial real estate loans.
- The company remains well-capitalized and focused on expense control while navigating challenging economic conditions.
Bank of America may be international leader in wealth management, company and investment banking and commerce across a broad vary of plus categories, serving companies, governments, establishments and people round the world.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
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.
Hudson City Bancorp reported record quarterly earnings of $127.7 million for Q1 2009, a 44% increase from Q1 2008. Earnings per share increased 44.4% to $0.26. The company also increased its quarterly dividend by 7.1% to $0.15 per share. Key factors contributing to increased earnings included a 46.8% rise in net interest income to $283.8 million, driven by an increase in interest-earning assets and a lower cost of funds. Total assets grew 4.5% to $56.57 billion, with increases in loans, mortgage-backed securities, and investment securities.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
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%.
Similar to Q1 2009 Earning Report of Susquehanna Bancshares, 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.
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.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
South Dakota State University degree offer diploma Transcriptynfqplhm
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Detailed power point presentation on compound interest and how it is calculated
Q1 2009 Earning Report of Susquehanna Bancshares, Inc.
1. Susquehanna Bancshares, Inc. Announces First Quarter 2009 Results
Company Release - 04/22/2009 14:00
LITITZ, Pa.--(BUSINESS WIRE)-- Susquehanna Bancshares, Inc. (Susquehanna) (NASDAQ:SUSQ) today announced net income available to
common shareholders for the quarter ended March 31, 2009 was $1.9 million, or $0.02 per diluted share, compared to $28.0 million for the first
quarter of 2008, or $0.33 per diluted share.
First Quarter Financial Results:
-- Net loans and leases grew 10% to $9.8 billion from March 31, 2008.
o Commercial loans increased 17% from March 31, 2008.
o Real estate secured-commercial loans increased 12% from March 31,
2008.
o Real estate secured-residential loans increased 6% from March 31,
2008.
-- Total deposits increased 3% to $9.1 billion from March 31, 2008.
o Non-interest bearing demand deposits increased 1% from March 31, 2008.
-- Net interest margin for the quarter decreased 31 basis points to 3.40%
compared to 3.71% for first quarter of 2008.
-- Net charge-offs as a percentage of average loans and leases for the
first quarter of 2009 were 0.70% compared to 0.25% for the first quarter
of 2008. Non-performing assets as a percentage of loans, leases and
other real estate owned were 1.73% at March 31, 2009 compared to 1.03%
at March 31, 2008.
-- Provision for loan and lease losses increased to $35.0 million for the
first quarter ended March 31, 2009 compared to $9.8 million for the
first quarter of 2008. The increase was due primarily to a decline in
loan quality as well as a continued deterioration in general economic
conditions.
-- FDIC insurance premiums increased from $0.2 million for the first
quarter of 2008 to $6.0 million for the first quarter of 2009.
-- The quarter ended March 31, 2009 includes a $6.9 million gain resulting
from the sale of Susquehanna's merchant processing business.
-- The Capital Purchase Program provided Susquehanna with $300 million of
funds in December 2008. These funds facilitated Susquehanna's loan
growth and resulted in a first quarter 2009 preferred stock dividend and
accretion of $4.2 million.
-- Common equity was $1.6 billion, or $19.04 per common share, at March 31,
2009 compared to $1.7 billion, or $20.16 per common share, at March 31,
2008.
-- Susquehanna's regulatory capital ratios are as follows:
At March 31, 2009 Well-Capitalized
Threshold
Leverage Ratio 9.76% 5.0%
Tier 1 Capital Ratio 11.13% 6.0%
Total Risk-Based Capital 13.65% 10.0%
Ratio
2. -- Return on average assets and average tangible equity(1) for the quarter
ended March 31, 2009 finished at 0.18% and 3.60%, respectively. This
compared to results of 0.87% and 16.35% for the same measurements,
respectively, for the first quarter of 2008.
(1)A non-GAAP-based financial measure. The most comparable GAAP-based measurement for return on average tangible equity is return on
average equity. A reconciliation of the differences between non-GAAP-based and GAAP-based measurements can be found at the end of this
release under the heading quot;Supplemental Reporting of Non-GAAP-Based Financial Measures.quot;
Linked Quarter Results (First Quarter 2009 vs. Fourth Quarter 2008)
-- Net loans and leases grew 1% from December 31, 2008.
o Commercial loans increased 2% from December 31, 2008.
o Real estate secured - commercial loans increased 1% from December 31,
2008.
o Leases increased 3% from December 31, 2008.
-- Total deposits increased 1% to $9.1 billion from December 31, 2008.
o Non-interest bearing demand deposits increased 3% from December 31,
2008.
-- Net interest margin decreased 12 basis points to 3.40% compared to the
fourth quarter of 2008.
-- Net charge-offs as a percentage of average loans and leases increased 10
basis points to 0.70% compared to the fourth quarter of 2008.
Non-performing assets as a percentage of loans, leases and other real
estate owned increased 51 basis points to 1.73% at March 31, 2009.
quot;Our results for the first quarter were impacted by a number of issues related to the recession, including the industry-wide increase in FDIC
insurance payments, a reduction in net interest margin, and the need to set aside a larger amount for loan losses,quot; said William J. Reuter,
Chairman and Chief Executive Officer of Susquehanna Bancshares, Inc. quot;During the quarter, we were pleased to see growth in our core deposit
base. We have initiated a focused effort to increase our net interest margin while enhancing key customer relationships.quot;
quot;On the loan side, we achieved loan growth of more than $112 million during the quarter and $879 million year-over-year. First quarter results
included a strong showing from the bank's residential mortgage division,quot; Reuter said. quot;As expected in this environment, we saw further
deterioration in credit quality, with an increase in net charge-offs and non-accrual loans. Susquehanna has strong liquidity, and our capital ratios
are well in excess of the bank regulators' benchmarks to be ranked as well-capitalized.quot;
Susquehanna will broadcast its first quarter 2009 results conference call over the Internet on April 23, 2009 at 11:00 a.m. Eastern time. The
conference call will include management's discussion of first quarter 2009 results. The discussion may also include forward-looking information
and financial goals. Investors will have the opportunity to listen to the conference call through a live broadcast on Susquehanna's Web site. The
event may be accessed by selecting quot;Investor Relationsquot; near the top right of the home page then quot;Overviewquot; and clicking on the first quarter
webcast link. To listen to the live call, please go to the Web site at least fifteen minutes prior to the scheduled start time to download and install any
necessary audio software. For those who are unable to listen to the live broadcast, an archived replay and podcast will be available on the Web site
shortly after the call concludes.
Susquehanna Bancshares, Inc. is a financial services holding company with assets of approximately $14 billion. Headquartered in Lititz, Pa., the
company provides banking and financial services at more than 230 branch locations in the mid-Atlantic region. Through Susquehanna Wealth
Management, the company offers investment, fiduciary, brokerage, insurance, retirement planning, and private banking services, with
approximately $5 billion in assets under management and administration. Susquehanna also operates an insurance brokerage and employee
benefits company, a commercial finance company and a vehicle leasing company. Investor information may be requested on Susquehanna's Web
site at www.susquehanna.net.
This press release contains certain financial information determined by methods other than in accordance with GAAP. Susquehanna's
management uses these non-GAAP measures in its analysis of the company's performance. These non-GAAP financial measures require
management to make judgments about the exclusion of certain items, and if different judgments were made, the amounts reported would be
different. These measures typically exclude the effects of intangibles and related amortization and include the tax benefit associated with revenue
items that are tax-exempt. Disclosures regarding these non-GAAP financial measures are included in the accompanying financial information.
The presentation of these non-GAAP financial measures is intended to supplement investors' understanding of Susquehanna's core business
activities. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
3. Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per common share data)
1Q09 1Q08
Balance Sheet (EOP)
Investments $ 1,851,155 $ 2,043,217
Loans and leases 9,766,063 8,887,005
Allowance for loan & lease losses (ALLL) 132,164 92,995
Total assets 13,733,200 13,093,107
Deposits 9,139,800 8,863,477
Short-term borrowings 898,198 510,648
FHLB borrowings 1,060,626 1,289,999
Long-term debt 448,182 421,669
Shareholders' equity 1,933,263 1,733,308
Stated book value per common share 19.04 20.16
Tangible book value per common share 6.65 8.47
Average Balance Sheet
Investments $ 1,949,559 $ 2,039,170
Loans and leases 9,675,242 8,784,067
Total earning assets 11,747,424 10,947,394
Total assets 13,668,549 12,949,666
Deposits 9,142,790 8,753,218
Short-term borrowings 834,395 542,433
FHLB borrowings 1,054,131 1,244,179
Long-term debt 447,817 418,599
Shareholders' equity 1,943,280 1,731,466
Income Statement
Net interest income $ 95,270 $ 98,181
4. Provision for loan and lease losses 35,000 9,837
Noninterest income 42,220 42,902
Noninterest expense 94,828 91,961
Income before taxes 7,662 39,285
Income taxes 1,637 11,265
Net income 6,025 28,020
Net income available to common shareholders 1,860 28,020
Basic earnings per common share 0.02 0.33
Diluted earnings per common share 0.02 0.33
Cash dividends paid per common share 0.26 0.26
Asset Quality
Net charge-offs (NCO) $ 16,584 $ 5,411
Nonaccrual loans & leases 153,527 74,462
Restructured loans 2,493 2,582
OREO 13,216 14,947
Total nonperforming assets (NPA) 169,236 91,991
Loans & leases 90 days past due 26,620 10,821
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
RATIO ANALYSIS 1Q09 1Q08
Credit Quality
NCO / Average loans & leases 0.70 % 0.25 %
NPA / Loans & leases & OREO 1.73 % 1.03 %
ALLL / Nonperforming loans & leases 84.71 % 120.70 %
ALLL / Total loans & leases 1.35 % 1.05 %
Capital Adequacy
Equity / Assets 14.08 % 13.24 %
5. Long-term debt / Equity 23.18 % 24.33 %
Profitability
Return on average assets 0.18 % 0.87 %
Return on average equity 1.26 % 6.51 %
Return on average tangible equity (1) 3.60 % 16.35 %
Net interest margin 3.40 % 3.71 %
Efficiency ratio 67.38 % 63.95 %
(1)Supplemental Reporting of Non-GAAP-based Financial Measures
Return on average tangible equity is a non-GAAP-based financial measure
calculated using non-GAAP-based amounts. The most directly comparable measure is
return on average equity which is calculated using GAAP-based amounts. We
calculate return on average tangible equity by excluding the balance of
intangible assets and their related amortization expense from our calculation of
return on average equity. Management uses the return on average tangible equity
in order to review our core operating results. Management believes that this is
a better measure of our performance. In addition, this is consistent with the
treatment by bank regulatory agencies, which excludes goodwill and other
intangible assets from the calculation of risk-based capital ratios. A
reconciliation of return on average equity to return on average tangible equity
is set forth below.
1Q09 1Q08
Return on average equity (GAAP basis) 1.26% 6.51%
Effect of excluding average intangible assets
and related amortization 2.34% 9.84%
Return on average tangible equity 3.60% 16.35%
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
6. March 31, December 31, March 31,
2009 2008 2008
(in thousands, except share data)
Assets
Cash and due from banks $ 237,114 $ 237,701 $ 292,904
Unrestricted short-term 123,001 119,146 134,113
investments
Cash and cash equivalents 360,115 356,847 427,017
Restricted short-term 50 214 237
investments
Securities available for sale 1,842,063 1,870,746 2,033,924
Securities held to maturity
(fair values approximate 9,092 9,145 9,293
$9,092,$9,145, and $9,293)
Loans and leases, net of 9,766,063 9,653,873 8,887,005
unearned income
Less: Allowance for loan and 132,164 113,749 92,995
lease losses
Net loans and leases 9,633,899 9,540,124 8,794,010
Premises and equipment, net 172,186 173,269 180,306
Foreclosed assets 13,216 10,313 14,947
Accrued income receivable 41,307 40,486 44,273
Bank-owned life insurance 355,233 353,771 347,560
Goodwill 1,017,586 1,017,551 949,499
Intangible assets with finite 51,389 54,044 55,767
lives
Other assets 237,064 256,478 236,274
Total assets $ 13,733,200 $ 13,682,988 $ 13,093,107
Liabilities and Shareholders'
Equity
Deposits:
Demand $ 1,242,979 $ 1,201,416 $ 1,232,754
Interest-bearing demand 2,780,871 2,528,475 2,744,201
Savings 731,166 695,275 725,152
7. Time 2,976,434 3,045,653 2,739,256
Time of $100 or more 1,408,350 1,595,674 1,422,114
Total deposits 9,139,800 9,066,493 8,863,477
Short-term borrowings 898,198 910,219 510,648
Federal Home Loan Bank 1,060,626 1,069,784 1,289,999
borrowings
Long-term debt 176,255 176,284 150,298
Junior subordinated debentures 271,927 271,798 271,371
Accrued interest, taxes, and 57,116 55,126 63,673
expenses payable
Deferred taxes 90,851 87,695 133,307
Other liabilities 105,164 99,671 77,026
Total liabilities 11,799,937 11,737,070 11,359,799
Shareholders' equity:
Preferred stock, $1,000
liquidation value, 5,000,000
shares authorized. Issued: 291,115 290,700 0
300,000 at March 31, 2009;
300,000 at December 31, 2008;
and 0 at March 31, 2008
Common stock, $2.00 par value,
200,000,000 shares authorized;
Issued: 86,242,033 at March 31, 172,484 172,349 171,955
2009; 86,174,285 at December 31,
2008; and 85,977,455 at March
31, 2008
Additional paid-in capital 1,055,809 1,055,255 1,040,052
Retained earnings 493,503 512,924 525,454
Accumulated other comprehensive
loss, net of taxes of (79,648 ) (85,310 ) (4,153 )
$42,887;$45,936; and $2,236
Total shareholders' equity 1,933,263 1,945,918 1,733,308
Total liabilities and $ 13,733,200 $ 13,682,988 $ 13,093,107
shareholders' equity
Susquehanna Bancshares, Inc.
8. P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
March 31,
(In thousands, except per share data) 2009 2008
Interest Income:
Loans and leases, including fees $137,019 $150,757
Securities:
Taxable 19,620 22,447
Tax-exempt 3,682 2,762
Dividends 962 1,505
Short-term investments 287 1,022
Total interest income 161,570 178,493
Interest Expense:
Deposits:
Interest-bearing demand 6,818 11,239
Savings 720 1,542
Time 39,697 43,608
Short-term borrowings 1,065 3,325
FHLB borrowings 10,060 12,756
Long-term debt 7,940 7,842
Total interest expense 66,300 80,312
Net interest income 95,270 98,181
Provision for loan and lease losses 35,000 9,837
Net interest income, after provision for loan and lease 60,270 88,344
losses
Noninterest Income:
Service charges on deposit accounts 9,549 11,088
Vehicle origination, servicing, and securitization fees 2,086 3,428
9. Asset management fees 5,969 4,845
Income from fiduciary-related activities 1,725 2,294
Commissions on brokerage, life insurance and annuity sales 1,673 1,688
Commissions on property and casualty insurance sales 3,817 3,913
Income from bank-owned life insurance 1,637 3,526
Net gain on sale of loans and leases 1,697 1,325
Net realized gain on securities 24 88
Other 14,043 10,707
Total noninterest income 42,220 42,902
Noninterest Expenses:
Salaries and employee benefits 47,564 46,045
Occupancy 9,488 9,455
Furniture and equipment 3,751 4,080
Advertising and marketing 2,195 4,176
FDIC insurance 6,044 247
Amortization of intangible assets 2,655 2,507
Vehicle lease disposal 2,979 2,195
Other 20,152 23,256
Total noninterest expenses 94,828 91,961
Income before income taxes 7,662 39,285
Provision for income taxes 1,637 11,265
Net Income 6,025 28,020
Preferred stock dividends and accretion 4,165 0
Net Income Available to Common Shareholders $1,860 $28,020
Earnings per common share:
Basic $0.02 $0.33
Diluted $0.02 $0.33
Cash dividends per common share $0.26 $0.26
Average common shares outstanding:
Basic 86,152 85,922
10. Diluted 86,156 85,963
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
Interest rates and interest differential-taxable equivalent basis
For the Three-month Period For the Three-month Period
Ended Ended
March 31, 2009 March 31, 2008
Average Average
(Dollars in Balance Interest Rate Balance Interest Rate
thousands) (%) (%)
Assets
Short-term $122,623 $287 0.95 $124,157 $1,022 3.31
investments
Investment
securities:
Taxable 1,606,900 20,582 5.19 1,771,813 23,952 5.44
Tax-advantaged 342,659 5,665 6.70 267,357 4,249 6.39
Total investment 1,949,559 26,247 5.46 2,039,170 28,201 5.56
securities
Loans and
leases, (net):
Taxable 9,454,551 134,657 5.78 8,594,189 148,456 6.95
Tax-advantaged 220,691 3,634 6.68 189,878 3,540 7.50
Total loans and 9,675,242 138,291 5.80 8,784,067 151,996 6.96
leases
Total
interest-earning 11,747,424 $164,825 5.69 10,947,394 181,219 6.66
assets
Allowance for
loan and lease (118,005 ) (89,717 )
losses
11. Other
non-earning 2,039,130 2,091,989
assets
Total assets $13,668,549 $12,949,666
Liabilities
Deposits:
Interest-bearing $2,674,774 $6,818 1.03 $2,719,609 $11,239 1.66
demand
Savings 708,570 720 0.41 713,158 1,542 0.87
Time 4,568,870 39,697 3.52 4,140,762 43,608 4.24
Short-term 834,395 1,065 0.52 542,433 3,325 2.47
borrowings
FHLB borrowings 1,054,131 10,060 3.87 1,244,179 12,756 4.12
Long-term debt 447,817 7,940 7.19 418,599 7,842 7.53
Total
interest-bearing 10,288,557 $66,300 2.61 9,778,740 $80,312 3.30
liabilities
Demand deposits 1,190,576 1,179,689
Other 246,136 259,771
liabilities
Total 11,725,269 11,218,200
liabilities
Equity 1,943,280 1,731,466
Total
liabilities & $13,668,549 $12,949,666
shareholders'
equity
Net interest
income / yield $98,525 3.40 $100,907 3.71
on average
earning assets
1. Average loan balances include non accrual loans.
2. Tax-exempt income has been adjusted to a tax-equivalent basis using a
marginal tax rate of 35%.
For presentation in this table, average balances and the corresponding
3. average rates for investment securities are based upon historical cost,
12. adjusted for amortization of premiums and accretion of discounts.
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
LOANS AND LEASES
Loans and leases, net of unearned income, were as follows:
March 31, December 31, March 31,
2009 2008 2008
(in thousands)
Commercial, financial, and agricultural $2,222,518 $2,169,262 $1,896,425
Real estate - construction 1,308,187 1,313,647 1,289,252
Real estate secured - residential 2,303,210 2,298,709 2,167,903
Real estate secured - commercial 2,912,866 2,875,502 2,605,341
Consumer 315,663 314,051 394,364
Leases 703,619 682,702 533,720
Total loans and leases $9,766,063 $9,653,873 $8,887,005
Source: Susquehanna Bancshares, Inc.
Contact: Susquehanna Bancshares, Inc. Abram G. Koser, Vice President, Investor Relations 717-625-6305 ir@susquehanna.net
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