Sovereign Bancorp reported first quarter 2008 results with net income of $100.1 million, up from $48.1 million in the first quarter of 2007. Key highlights included an increase in net interest margin to 2.88% and loan growth of 1.9%. Non-performing loans increased to $417.8 million due to higher non-performing commercial loans related to the housing market. The allowance for credit losses was increased to 1.36% of total loans. Sovereign's President and CEO stated that results demonstrate progress reducing risk and improving earnings quality, but that turbulent financial markets provide a challenging credit environment.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
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.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
Genworth MI Canada Inc. reported its first quarter 2018 results. Key highlights included:
- Premiums written decreased 9% year-over-year due to lower portfolio insurance premiums, but transactional premiums increased 22% from a higher average premium rate.
- Net income increased 20% year-over-year to $128 million.
- Operating earnings per share increased 12% year-over-year to $1.31.
- The mortgage insurer maintained a strong capital position with an MCT ratio of 170%.
Genworth MI Canada Inc. reported its second quarter 2018 results. Key highlights included:
- Premiums written increased modestly year-over-year due to higher average premium rates, partly offset by lower portfolio insurance premiums.
- The loss ratio was 14%, reflecting a stable macroeconomic environment.
- Net operating income was consistent quarter-over-quarter as higher investment income offset higher losses on claims.
- Book value per share grew 7% year-over-year to $44.40, demonstrating ongoing capital strength.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
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.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
Genworth MI Canada Inc. reported its first quarter 2018 results. Key highlights included:
- Premiums written decreased 9% year-over-year due to lower portfolio insurance premiums, but transactional premiums increased 22% from a higher average premium rate.
- Net income increased 20% year-over-year to $128 million.
- Operating earnings per share increased 12% year-over-year to $1.31.
- The mortgage insurer maintained a strong capital position with an MCT ratio of 170%.
Genworth MI Canada Inc. reported its second quarter 2018 results. Key highlights included:
- Premiums written increased modestly year-over-year due to higher average premium rates, partly offset by lower portfolio insurance premiums.
- The loss ratio was 14%, reflecting a stable macroeconomic environment.
- Net operating income was consistent quarter-over-quarter as higher investment income offset higher losses on claims.
- Book value per share grew 7% year-over-year to $44.40, demonstrating ongoing capital strength.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
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.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period last year. Net income for the fourth quarter totaled $423 million, a 10% increase over fourth quarter 2001. For the full year 2002, earnings per share increased 48% over 2001. The bank experienced strong customer and deposit growth, solid revenue and loan growth, and consistent credit quality. Looking ahead to 2003, the bank expects continued positive growth while remaining prepared for economic challenges.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
Union Bankshares announced first quarter 2009 earnings of $1.27 million, down from $1.41 million in the first quarter of 2008. Earnings declined due to increases in FDIC insurance premiums, pension expenses, and a decrease in the prime interest rate. However, noninterest income increased due to higher mortgage refinancing and sales. The bank remains well capitalized but decreased its quarterly dividend to $0.25 per share to maintain capital strength in light of current economic uncertainty. Total assets grew 8.6% to $421.8 million compared to $388.2 million a year ago.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Genworth MI Canada Inc. reported its fourth quarter and full year 2017 results. Key highlights included:
- Premiums written decreased 13% year-over-year for the full year to $663 million.
- The loss ratio decreased 12 points year-over-year to 10% for the full year.
- Net operating income increased 20% year-over-year and operating EPS increased 21% for the full year.
- The MCT ratio remained strong at 168% as of December 31, 2017.
Sprint Nextel reported financial results for the first quarter of 2008, with consolidated revenues declining 8% year-over-year to $9.3 billion due to lower contributions from Wireless. Wireless revenues fell 9% to $8 billion as average revenue per user and subscriber numbers declined. Wireline revenues grew 2% to $1.6 billion on strong demand for IP services. The company reported a net loss of $505 million for the quarter and saw post-paid subscriber losses of over 1 million. Sprint focused on improving the customer experience and reducing costs, while making progress on wireless integration goals.
- Discover Financial Services reported financial results for 3Q16 with diluted EPS up 13% year-over-year to $1.56 per share.
- Revenue was $2.3 billion, up 5% year-over-year, driven by higher net interest income partially offset by higher rewards expenses.
- Operating expenses increased 1% to $895 million due to investments in marketing and regulatory compliance staff, while credit quality remained stable.
- The company repurchased $582 million in stock and remains well capitalized with a Common Equity Tier 1 Capital Ratio of 13.8% under fully phased-in Basel III rules.
Morgan Stanley reported record quarterly and six-month financial results for fiscal year 2007. Net revenues for the quarter were a record $11.5 billion, up 32% from the previous year. Income from continuing operations for the quarter was also a record at $2.6 billion, up 41% compared to the prior year. All business segments achieved record or near record results, with Institutional Securities seeing a 39% increase in net revenues. The company also announced it will spin off Discover Financial Services on June 30, 2007.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
Visa inc. Q3 2017 financial results conference call presentationvisainc
Visa reported strong fiscal third quarter 2017 financial results, with net income of $2.1 billion and net operating revenue growth of 26%. Payments volume grew 25% nominally, driven by inclusion of Europe and continued growth. Visa returned $2.1 billion to shareholders in the form of share repurchases and dividends. For fiscal full-year 2017, Visa expects net revenue growth of approximately 20% and operating margin in the mid-60s.
Southern Company reported strong financial results for 2007. Earnings for the full year were $1.73 billion, or $2.29 per share, up from $1.57 billion, or $2.12 per share in 2006. For the fourth quarter, earnings were $204.1 million, or 27 cents per share, compared to $188.4 million, or 25 cents per share for the same period in 2006. The company benefited from a resilient Southeastern economy, customer growth of over 55,000, and record high electricity demand during summer heat waves that the company was able to reliably meet. Looking forward, the company expects continued customer and economic growth in its service region to provide a solid foundation.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
The document summarizes questions from investors about Pitney Bowes and provides responses. It discusses:
1) Why Pitney Bowes retained its management services business and growth drivers.
2) Restructuring initiatives are on target to achieve $150 million in savings.
3) The company's capital allocation priorities including increasing the dividend and reducing shares through buybacks.
This annual report summarizes Pitney Bowes' performance in 2006. It discusses the passage of significant postal reform legislation in the US, which creates opportunities for Pitney Bowes to help customers leverage the mailstream. It also details how Pitney Bowes has transformed itself through acquisitions and restructuring to expand beyond mail finishing and into other areas like software, mail services, and marketing services. The report introduces Pitney Bowes' new seven-segment business structure and discusses how the company is well-positioned to support the emerging "Mailstream 2.0" environment through its technologies and services.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
Pitney Bowes is a global mailstream technology company that has been in business since 1920. It offers hardware, software, and services for mail and document management to over 2 million customers in 130 countries. The company has 35,000 employees and generates over $6 billion in annual revenue from its mailstream solutions and services segments. Pitney Bowes continues to grow through strategic acquisitions, having spent over $2.6 billion on acquisitions since 2001 to expand its technology and service offerings.
Lexmark's annual report summarizes its strategy and performance in 2004. The company focuses exclusively on printing and develops its own printing technologies. It sells printers and supplies, with supplies driving the majority of profits. Lexmark aims to expand into growth segments, differentiate through easy-to-use products and services, and build its brand as a printing solutions company. The report highlights double-digit revenue and earnings growth in 2004 and strategic investments to support future growth.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
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.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period last year. Net income for the fourth quarter totaled $423 million, a 10% increase over fourth quarter 2001. For the full year 2002, earnings per share increased 48% over 2001. The bank experienced strong customer and deposit growth, solid revenue and loan growth, and consistent credit quality. Looking ahead to 2003, the bank expects continued positive growth while remaining prepared for economic challenges.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
Union Bankshares announced first quarter 2009 earnings of $1.27 million, down from $1.41 million in the first quarter of 2008. Earnings declined due to increases in FDIC insurance premiums, pension expenses, and a decrease in the prime interest rate. However, noninterest income increased due to higher mortgage refinancing and sales. The bank remains well capitalized but decreased its quarterly dividend to $0.25 per share to maintain capital strength in light of current economic uncertainty. Total assets grew 8.6% to $421.8 million compared to $388.2 million a year ago.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Genworth MI Canada Inc. reported its fourth quarter and full year 2017 results. Key highlights included:
- Premiums written decreased 13% year-over-year for the full year to $663 million.
- The loss ratio decreased 12 points year-over-year to 10% for the full year.
- Net operating income increased 20% year-over-year and operating EPS increased 21% for the full year.
- The MCT ratio remained strong at 168% as of December 31, 2017.
Sprint Nextel reported financial results for the first quarter of 2008, with consolidated revenues declining 8% year-over-year to $9.3 billion due to lower contributions from Wireless. Wireless revenues fell 9% to $8 billion as average revenue per user and subscriber numbers declined. Wireline revenues grew 2% to $1.6 billion on strong demand for IP services. The company reported a net loss of $505 million for the quarter and saw post-paid subscriber losses of over 1 million. Sprint focused on improving the customer experience and reducing costs, while making progress on wireless integration goals.
- Discover Financial Services reported financial results for 3Q16 with diluted EPS up 13% year-over-year to $1.56 per share.
- Revenue was $2.3 billion, up 5% year-over-year, driven by higher net interest income partially offset by higher rewards expenses.
- Operating expenses increased 1% to $895 million due to investments in marketing and regulatory compliance staff, while credit quality remained stable.
- The company repurchased $582 million in stock and remains well capitalized with a Common Equity Tier 1 Capital Ratio of 13.8% under fully phased-in Basel III rules.
Morgan Stanley reported record quarterly and six-month financial results for fiscal year 2007. Net revenues for the quarter were a record $11.5 billion, up 32% from the previous year. Income from continuing operations for the quarter was also a record at $2.6 billion, up 41% compared to the prior year. All business segments achieved record or near record results, with Institutional Securities seeing a 39% increase in net revenues. The company also announced it will spin off Discover Financial Services on June 30, 2007.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
Visa inc. Q3 2017 financial results conference call presentationvisainc
Visa reported strong fiscal third quarter 2017 financial results, with net income of $2.1 billion and net operating revenue growth of 26%. Payments volume grew 25% nominally, driven by inclusion of Europe and continued growth. Visa returned $2.1 billion to shareholders in the form of share repurchases and dividends. For fiscal full-year 2017, Visa expects net revenue growth of approximately 20% and operating margin in the mid-60s.
Southern Company reported strong financial results for 2007. Earnings for the full year were $1.73 billion, or $2.29 per share, up from $1.57 billion, or $2.12 per share in 2006. For the fourth quarter, earnings were $204.1 million, or 27 cents per share, compared to $188.4 million, or 25 cents per share for the same period in 2006. The company benefited from a resilient Southeastern economy, customer growth of over 55,000, and record high electricity demand during summer heat waves that the company was able to reliably meet. Looking forward, the company expects continued customer and economic growth in its service region to provide a solid foundation.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
The document summarizes questions from investors about Pitney Bowes and provides responses. It discusses:
1) Why Pitney Bowes retained its management services business and growth drivers.
2) Restructuring initiatives are on target to achieve $150 million in savings.
3) The company's capital allocation priorities including increasing the dividend and reducing shares through buybacks.
This annual report summarizes Pitney Bowes' performance in 2006. It discusses the passage of significant postal reform legislation in the US, which creates opportunities for Pitney Bowes to help customers leverage the mailstream. It also details how Pitney Bowes has transformed itself through acquisitions and restructuring to expand beyond mail finishing and into other areas like software, mail services, and marketing services. The report introduces Pitney Bowes' new seven-segment business structure and discusses how the company is well-positioned to support the emerging "Mailstream 2.0" environment through its technologies and services.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
Pitney Bowes is a global mailstream technology company that has been in business since 1920. It offers hardware, software, and services for mail and document management to over 2 million customers in 130 countries. The company has 35,000 employees and generates over $6 billion in annual revenue from its mailstream solutions and services segments. Pitney Bowes continues to grow through strategic acquisitions, having spent over $2.6 billion on acquisitions since 2001 to expand its technology and service offerings.
Lexmark's annual report summarizes its strategy and performance in 2004. The company focuses exclusively on printing and develops its own printing technologies. It sells printers and supplies, with supplies driving the majority of profits. Lexmark aims to expand into growth segments, differentiate through easy-to-use products and services, and build its brand as a printing solutions company. The report highlights double-digit revenue and earnings growth in 2004 and strategic investments to support future growth.
Sovereign Bancorp is the parent company of Sovereign Bank, a $85 billion financial institution as of 2007. Sovereign Bank operates 750 community banking offices across the Northeast U.S. and offers retail banking, business banking, and various financial services. In 2007, Sovereign focused on building its core businesses and exiting non-core businesses to improve capital levels, reduce earnings volatility, and position itself for sustainable earnings growth going forward. Key strategies included reducing expenses by over $100 million, improving productivity, and restructuring the balance sheet by selling over $8 billion in non-core assets.
The Tribune Company saw a decline in operating revenues and profits in Q3 2007 compared to 2006. However, net income was boosted by $66.95 million in income from discontinued operations. Several non-operating items impacted net income, including $84.97 million in losses on derivatives and investments, but this was offset by $90.7 million in tax benefits. Earnings per share increased significantly year-over-year due to lower outstanding shares.
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
This document is The Hershey Company's annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2006. It provides an overview of The Hershey Company, including that it is the largest manufacturer of chocolate and confectionery products in North America. It details the company's reportable segment, selling and marketing organization, principal product lines in various geographic regions, customers, marketing strategy, product distribution, pricing changes, and raw materials used.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
lemark international ShareholderProposalDiscussionfinance47
The document discusses a shareholder proposal regarding Lexmark International adopting a policy for annual advisory votes on executive compensation. The board recommends voting against the proposal for three reasons: 1) It could put Lexmark at a competitive disadvantage for attracting and retaining talent compared to its peers who do not have such votes. 2) Advisory votes are not an effective mechanism for shareholders to convey their views to the board, as shareholders already have direct access to the board. 3) Lexmark's compensation practices, including its peer group benchmarking, alignment of pay with performance, and use of independent consultants, are in the best interests of shareholders.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
Pitney Bowes is a global mailstream technology company that has been in business since 1920. It offers hardware, software, and services for mail and document management to over 2 million customers in 130 countries. The company has 35,000 employees and generates over $6 billion in annual revenue from its mailstream solutions and services segments. Pitney Bowes continues to grow through strategic acquisitions, having spent over $2.6 billion on acquisitions since 2001 to expand its technology and service offerings.
Lexmark saw continued revenue, operating income, and earnings per share growth in 2003 despite challenging market conditions. Revenue was $4.8 billion, up 9% from 2002, operating income grew 16% to $594 million, and earnings per share increased 20% to $3.34. Lexmark introduced numerous new products replacing its entire product line which helped fuel the growth. Supplies revenue, which represents over 50% of Lexmark's revenue and gross profit, provides stability especially during economic downturns as it tracks the growing installed base of products.
The annual report discusses Pitney Bowes' focus on using technology and process improvements to help customers transform their mail, documents, invoices and other materials into powerful tools to advance their business. It highlights customer stories and provides financial highlights and selected financial data for the year.
Sovereign Bancorp Inc. announced its second quarter 2008 results, reporting net income of $127.4 million compared to $100.1 million in Q1 2008 and $147.5 million in Q2 2007. Key highlights included expanding its net interest margin to 3.06%, increasing its allowance for credit losses, and strengthening its capital ratios through a common stock offering. While asset quality deteriorated, with non-performing loans rising, the company stated it was on solid financial footing to manage through the uncertain economic environment.
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.
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.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
- 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
This document provides financial results and an outlook for TRW Automotive Holdings Corp. for the second quarter and first half of 2008. It includes a press release summarizing key financial figures, as well as supplementary financial summaries and presentation slides. For the second quarter, TRW reported sales of $4.4 billion, an 18.4% increase from the prior year, and net earnings of $127 million. For the first half, sales were $8.6 billion, up 17.3%, and net earnings were $221 million. The company increased its full year 2008 sales and earnings guidance but noted deteriorating conditions in North America and expectations of a softening European market.
PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
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.
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.
Sovereign Bancorp reported earnings for the first quarter of 2007. Net income was $48.1 million, down from $141 million in the first quarter of 2006. Expenses related to cost cutting initiatives and balance sheet restructuring totaled $52.3 million after-tax. Credit quality remained within expected levels despite additional charges related to the correspondent home equity portfolio. Core loan growth was strong during the quarter while non-interest expenses declined due to expense reduction efforts.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
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.
Yahoo reported financial results for Q4 2008 and full year 2008. Revenues for Q4 2008 were $1.8 billion, a 1% decrease from the prior year. For the full year, revenues were $7.2 billion, a 3% increase. The company reported a Q4 operating loss of $278 million compared to operating income of $191 million in the prior year. However, adjusted for restructuring and other charges, operating income was $542 million for Q4 2008. Yahoo also saw declines in cash flow from operating activities but ended the year with $3.5 billion in cash and marketable securities.
United Community Banks reported a net operating loss of $32 million for Q1 2009, driven by a $65 million provision for loan losses and a $22 million increase in allowance for loan losses. The company also reported a $70 million non-cash goodwill impairment charge and $2.9 million in severance costs. Total net loss was $103.8 million. Credit quality continued to deteriorate due to weakness in Atlanta housing and construction markets, with non-performing assets up to $334.5 million. However, net interest margin improved to 3.08% due to actions to improve loan pricing and reduce deposit costs.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Sovereign Bancorp reported third quarter 2007 earnings of $58.2 million, down from $184 million in the third quarter of 2006, due to disruptions in the mortgage and credit markets. Net interest income was $457 million and the net interest margin was 2.74%. Non-interest income fell to $141 million due to losses from capital markets and mortgage banking. The provision for credit losses increased to $162.5 million due to higher reserves for home equity and auto loans. Capital ratios declined slightly but remained strong.
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
western unionRelated Person Transactions Policy finance47
The policy establishes guidelines for approving related person transactions between the company and its directors, executive officers, or significant shareholders. It requires that all related person transactions be approved or ratified by the Corporate Governance Committee or disinterested members of the Board. The committee must consider factors like the transaction's size, the related person's interest, potential conflicts, and whether comparable terms could be obtained from an unaffiliated third party. Ongoing related person transactions are also subject to annual review. All approved transactions must be disclosed as required by securities laws.
The document summarizes Western Union's 2006 annual report. It highlights that Western Union has a 150-year history of connecting people around the world through money transfers, with its brand synonymous with speed, trust, reliability and convenience. It processes nearly 150 million consumer-to-consumer transactions annually, accounting for over 80% of its revenue. It is also expanding its consumer-to-business services to allow bill payments, having recently acquired a company in Argentina, as it looks to increase diversification and growth opportunities.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
This document provides an analysis of Hershey Foods Corporation's financial condition and results of operations. It discusses increases in net sales and gross margin from 1999 to 2000 primarily due to lower raw material costs. Selling and administrative expenses also increased from 1999 to 2000 due to higher marketing and staffing costs. In 2000, Hershey acquired Nabisco's mint and gum businesses for $135 million. The acquisition increased assets but did not materially impact 2000 results. Cash flow from operations and prior asset sales exceeded capital expenditures, share repurchases and dividends. Liquidity remains strong with continued capital investments planned.
1) Net sales for Hershey Foods Corporation increased 6% from 1999 to 2000 due to higher core confectionery and grocery product sales in North America, new product introductions, and lower returns and discounts. Net sales decreased 10% from 1998 to 1999 primarily due to the sale of the pasta business.
2) Gross margin increased from 40.7% in 1999 to 41.5% in 2000 due to lower raw material costs and returns/discounts, but was partially offset by higher distribution costs. Gross margin decreased from 40.8% in 1998 to 40.7% in 1999 due to product mix and higher distribution costs.
3) Net income decreased 27% from 1999 to 2000 due to the 1999
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. Net sales decreased in 2002 due to increased promotion costs, divestitures, and sluggish retail conditions. Cost of sales decreased due to lower raw material costs and supply chain efficiencies. In late 2001, the company approved a business realignment plan to improve efficiency, including outsourcing manufacturing, rationalizing product lines, improving supply chain, and workforce reductions, generating $75-80 million in annual savings. Charges of $312 million were recorded for these initiatives.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and net income compared to 2002 through strategies focusing on key brands, gross margin expansion, and earnings growth per share.
- The company's strategies over a three-year period resulted in increased sales, gross margins, and returns through price increases, improved sales mix, lower costs, and share repurchases. However, challenges remain in driving profitable core confectionery growth and portfolio evolution.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and income compared to 2002 through strategies focused on key brands, gross margin expansion, and earnings growth per share.
- Primary challenges for 2004 and beyond include profitable sales growth in core confectionery and broader snacks, evolving the product portfolio to meet consumer trends, and balancing growth and profit in seasonal and packaged candy businesses. The company expects continued revenue growth, margin expansion, and earnings growth per share through focus on these strategies.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, marketing strategies, distribution networks, raw material costs, and price increases. Key details include that Hershey manufactures and sells over 50 brands of confectionery, snack, refreshment and grocery products in North America and other countries. It sources cocoa beans, its primary raw material, from various global regions.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, distribution, raw materials, and pricing. Key details include: Hershey manufactures and sells confectionery, snack, refreshment and grocery products worldwide; its major brands include Hershey's, Reese's, and Kit Kat; cocoa beans are its primary raw material; and it announced price increases on half its domestic confectionery line in late 2004 and early 2005.
The document is The Hershey Company's annual report filed with the SEC for the fiscal year ended December 31, 2005. It provides information on Hershey's business operations including that it manufactures, distributes and sells confectionery, snack, refreshment and grocery products. It operates in the United States, Canada and Mexico and markets over 50 brands. The report lists the company's principal product groups and brands of confectionery, snack and refreshment products sold in the US. It also discusses the acquisitions of Joseph Schmidt Confections and Scharffen Berger Chocolate Maker in 2005.
This document is The Hershey Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2005. It provides an overview of The Hershey Company's business including its principal product groups, brands, manufacturing and distribution operations, marketing strategies, raw material sourcing, and recent acquisitions. It also discloses that over 20% of its total net sales in 2005 were to McLane Company, one of the largest wholesale distributors in the US, and that cocoa is a significant raw material used in chocolate production which is imported from various regions including West Africa.
This document is a Form 10-K annual report filed by The Hershey Company with the United States Securities and Exchange
Commission for the fiscal year ended December 31, 2006. The report provides an overview of The Hershey Company, including that
it is the largest manufacturer of chocolate and confectionery products in North America. It operates as a single reportable segment and
markets over 50 brands. Key products include Hershey's, Reese's, and Kisses brands. It has a global sales and marketing organization
and distribution network. Cocoa is a significant raw material and prices of products are occasionally adjusted.
This document is The Hershey Company's annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2008. It provides an overview of The Hershey Company as the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. It describes the company's principal product groups and brands, customers, marketing strategy, product distribution, and history of price changes. The report indicates that Hershey operates as a single reportable segment across five geographic operating segments and had net sales of approximately 26% to McLane Company, Inc. in 2008.
This document is The Hershey Company's annual report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ended December 31, 2008. It provides an overview of The Hershey Company as the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. It operates as a single reportable segment manufacturing, marketing, selling and distributing various package types of chocolate, confectionery, food and beverage enhancers, and gum and mint products under more than 80 brand names in approximately 50 countries worldwide. Key products sold in the United States under brands like HERSHEY'S include chocolate bars, cookies and creme bars, miniatures, and
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
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.
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.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Detailed power point presentation on compound interest and how it is calculated
sovereignbank Q1_2008
1. DATE: April 23, 2008 FINANCIAL CONTACTS:
Kirk Walters 617-346-7346 kwalter1@sovereignbank.com
Stacey Weikel 610-320-8428 sweikel@sovereignbank.com
MEDIA CONTACT
Ed Shultz 610-378-6159 eshultz1@sovereignbank.com
Sovereign Bancorp, Inc. Announces First Quarter 2008 Results
PHILADELPHIA, PA…Sovereign Bancorp, Inc. (quot;Sovereign or the Companyquot;) (NYSE: SOV), parent
company of Sovereign Bank (quot;Bankquot;), today reported net income for the quarter ended March 31, 2008 of
$100.1 million or $.20 per share as compared to $48.1 million or $.09 per share a year earlier. Net income
in the first quarter of 2007 included charges related to an expense reduction initiative and balance sheet
restructuring of $128.7 million (after-tax) or $.25 per share.
Highlights of the first quarter of 2008 results were as follows:
• Net interest margin increased to 2.88% in the first quarter, an increase of 11 basis points from the
fourth quarter of 2007 and 18 basis points from the similar quarter in 2007.
• The Company experienced loan growth of 1.9% from December 31, 2007, which was driven by solid
growth in commercial loans partially offset by a 3% linked-quarter decline in auto loans.
• Deposit growth and deposit mix continued to improve driven by retail and commercial deposit
growth of $942 million offset by seasonal declines in government deposits and planned runoff in
wholesale deposits in the first quarter of 2008.
• Sovereign’s allowance for credit losses as a percentage of total loans increased to 1.36% at March
31, 2008, compared to 1.28% at December 31, 2007 and .90% at March 31, 2007.
• The Company’s tangible equity to tangible assets excluding other comprehensive income expanded
38 basis points to 4.97% at March 31, 2008 compared to 4.59% for the similar period in 2007.
Commenting on the results for the first quarter of 2008, Joseph P. Campanelli, Sovereign’s President and
CEO, stated, “Sovereign’s results for the first quarter demonstrate that we are continuing to make progress
on our goals to reduce risk and improve the quality of our earnings stream. The current turbulent financial
markets provide a challenging credit environment which has resulted in elevated levels of non-performing
assets and provisions for credit losses.”
Net Interest Income and Margin
For the first quarter of 2008, Sovereign reported net interest income of $482 million as compared to $466
million last quarter and $488 million in the first quarter of 2007. The Company’s net interest margin
expanded 18 basis points during the first quarter of 2008 to 2.88% from the similar quarter a year ago. The
2. steepening of the yield curve in recent quarters coupled with solid retail deposit growth in the first quarter
of 2008 and the impact of balance sheet restructurings in 2007 have been the main drivers of this
expansion.
Sovereign’s average loan balances decreased $3.0 billion from the first quarter of 2007 primarily as a result
of the prior years’ balance sheet restructurings and a focused discipline in 2008 on originating loans within
the Company’s footprint. Average loan balances increased $700 million on a linked quarter basis to $58.2
billion, reflecting growth in commercial loans and direct home equity loans partially offset by runoff in
residential mortgage and auto loans.
Sovereign’s average deposits decreased $3.0 billion from the first quarter of 2007 as the Bank continued to
focus on retail and commercial deposit growth and reduced its reliance on wholesale deposit sources by
$4.3 billion. On a linked quarter basis, average deposits decreased $1.4 billion primarily due to reductions
in wholesale deposits of $1.5 billion. The Company experienced growth in retail deposits of $459 million
with seasonal declines in government and commercial deposits.
Non-Interest Income
Consumer and commercial banking fees increased $10.2 million or 8.7% from a year ago and decreased
$6.5 million on a linked quarter basis. The variance from the fourth quarter of 2007 primarily related to a
securitization loss of $2.7 million in the first quarter of 2008 and a $2.6 million loan syndication gain in the
fourth quarter of 2007. In relation to the variance from the first quarter of 2007, the Company incurred the
aforementioned securitization loss of $2.7 million which was offset by increases in consumer and
commercial deposit fees.
Mortgage banking revenues for the quarter were a loss of $5.1 million, compared to a gain of $9.2 million
on a linked quarter basis and a loss of $107.2 million in the same quarter a year ago. The first quarter loss
was attributed to mortgage and multi-family servicing right impairments of $23.6 million which were
driven primarily by lower interest rates and higher market prepayment speed assumptions. Excluding the
aforementioned impairments, the Company’s mortgage banking revenues were relatively robust in the first
quarter primarily due to higher spreads on secondary sales. The loss in the first quarter of 2007 included
the lower of cost or market adjustment of $120 million related to the portion of correspondent home equity
loans not sold as part of the balance sheet restructuring.
Capital markets revenues for the first quarter of 2008 were $10.4 million compared to a loss of $18.3
million in the fourth quarter of 2007 and revenues of $5.7 million in the first quarter of 2007. The fourth
quarter of 2007 included $27.4 million of losses on repurchase agreements provided to mortgage
companies.
Net investment gains of $14.1 million in the first quarter of 2008 were due to the mandatory partial
redemption of the VISA IPO shares. The net securities loss of $179.2 million in the fourth quarter of 2007
related to the other-than-temporary impairment charge on FNMA and FHLMC preferred stock.
Non-Interest Expense
General and administrative expenses were $359 million for the first quarter of 2008, as compared to $337
million in the fourth quarter of 2007 and $329 million in the similar quarter a year ago. The fourth quarter
of 2007 included an $18.7 million reversal of incentive compensation accruals as a result of corporate
objectives not being achieved. In addition, the first quarter of 2008 included the normal seasonal increase
in payroll taxes of $6.5 million, higher deposit insurance premiums of $4.7 million, and increased
3. marketing expense of $2.4 million which was partially offset by a reduction in legal expense of $6.4
million related to the release of reserves established in the fourth quarter of 2007 for the Visa litigation.
The increase in general and administrative expenses from the first quarter of 2007 of $29 million was
primarily due to increased compensation expense of $13.7 million, which included $5 million of reversals
of incentive accruals in the first quarter of 2007, higher deposit insurance premiums of $7.6 million, and
increased marketing expense of $7.4 million offset by the above mentioned reduction in legal expense of
$6.4 million in the first quarter of 2008.
Asset Quality
Sovereign's provision for credit losses was $135 million in the first quarter of 2008, compared to $148
million in the fourth quarter of 2007 and $46.0 million in the first quarter of 2007. Sovereign increased its
allowance for credit losses to $798 million, a $60.7 million increase from December 31, 2007, primarily
due to growth in commercial loans and continued deterioration in the Bank’s commercial construction
portfolio. This raises Sovereign’s allowance for credit losses to total loans at March 31, 2008 to 1.36% up
from 1.28% at December 31, 2007 and .90% at March 31, 2007.
Net charge-offs were $74.3 million this quarter versus $60.5 million in the prior quarter and $24.1 million a
year ago. Annualized net charge-offs were .51% of average loans for the current quarter, compared to .42%
linked quarter and .16% a year ago. Sovereign ceased originating correspondent home equity loans in the
first quarter of 2006 and auto loans in the Southeast and Southwest in the first quarter of 2008.
Approximately 43% of net charge-offs this quarter related to losses on the indirect auto portfolio outside
the Company’s footprint of $28.3 million and correspondent home equity loans of $4.0 million.
Non-performing loans increased to $417.8 million at March 31, 2008 compared to $304.3 million at
December 31, 2008 and $242.0 million at March 31, 2007. This increase is driven primarily by higher non-
performing commercial loans, a significant portion of which related to the housing market. Non-
performing loans to total loans increased 18 basis points to .71% at March 31, 2008 compared to .53% at
December 31, 2007 and .43% at March 31, 2007.
Capital
Sovereign’s tangible equity to tangible assets excluding other comprehensive income (“OCI”) was 4.97%
at March 31, 2008 compared to 4.67% at December 31, 2007 and 4.59% a year ago. Tangible common
equity to tangible assets excluding OCI was 4.72% at the end of the first quarter of 2008 compared to
4.43% on a linked quarter basis and 4.34% a year ago. Sovereign’s Tier 1 leverage ratio was 6.21% at
March 31, 2008, as compared to 5.89% at December 31, 2007. The increase in the aforementioned capital
ratios were primarily due to higher earnings and the suspension of the common stock dividend.
Sovereign Bank’s Tier 1 leverage ratio was 6.85% compared to 6.80% at March 31, 2007. The Bank’s
total risk-based capital ratio was 10.24% at March 31, 2008 down slightly from 10.48% a year ago
primarily due to the mix of risk weighted assets.
About Sovereign
Sovereign Bancorp, Inc., (quot;Sovereignquot;) (NYSE: SOV), is the parent company of Sovereign Bank, a
financial institution with principal markets in the Northeastern United States. Sovereign Bank has 750
community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers
a broad array of financial services and products including retail banking, business and corporate banking,
4. cash management, capital markets, wealth management and insurance. For more information on Sovereign
Bank, visit <http://www.sovereignbank.com> or call 1-877-SOV-BANK.
Investors, analysts and other interested parties will have the opportunity to listen to a live web-cast of
Sovereign's First Quarter 2008 earnings call on Wednesday, April 23, 2008 beginning at 10:30 a.m. ET at
http://www.sovereignbank.com/companyinfo/investor_relations/events_webcasts/default.asp.
International parties are invited to dial into the conference call at 706-679-7706. The webcast can be
accessed at 10:30 a.m. ET on Wednesday, April 23, 2008. Questions may be submitted during the call via
email accessible from Sovereign Bancorp’s broadcast and Investor Relations sites. A webcast replay will
remain available via Sovereign’s Investor Relations site. A telephone replay will be accessible from 12:30
p.m. ET on Wednesday, April 23, 2008 through 12:00 a.m. ET (midnight) on Wednesday, April 30, 2008
by dialing 1-800-642-1687 in the U.S., international 706-645-9291, confirmation id # 42743102.
--END--
Note:
This press release contains statements of Sovereign's strategies, plans, and objectives, as well as estimates of financial condition, operating and cash efficiencies and
revenue generation. These statements and estimates constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995),
which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might
cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and
competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; Sovereign’s ability in connection with any acquisition to
complete such acquisition and to successfully integrate assets, liabilities, customers, systems and management personnel Sovereign acquires into its operations and to
realize expected cost savings and revenue enhancements within expected time frame; the possibility that expected one time merger-related charges are materially greater
than forecasted or that final purchase price allocations based on the fair value of acquired assets and liabilities and related adjustments to yield and/or amortization of the
acquired assets and liabilities at any acquisition date are materially different from those forecasted; other economic, competitive, governmental, regulatory, and
technological factors affecting the Company's operations, integrations, pricing, products and services; and acts of God, including natural disasters. Sovereign does not
intend to update any forward-looking information and statements, whether written or oral, to reflect any change.
Sovereign Bancorp is followed by several market analysts. Please note that any opinions, estimates, forecasts, or predictions regarding Sovereign Bancorp’s performance
or recommendations regarding Sovereign’s securities made by these analysts are theirs alone and do not represent opinions, estimates, forecasts, predictions or
recommendations of Sovereign Bancorp or its management. Sovereign Bancorp does not by its reference to any analyst opinions, estimates, forecasts regarding
Sovereign’s performance or recommendations regarding Sovereign’s securities imply Sovereign’s endorsement of or concurrence with such information, conclusions or
recommendations.
5. Sovereign Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Quarter Ended
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars in thousands, except per share data) 2008 2007 2007 2007 2007
Interest and dividend income:
Interest on interest-earning deposits $ 2,964 $ 1,615 $ 7,117 $ 4,144 $ 6,236
Interest on investment securities
Available for sale 168,109 173,803 177,125 180,252 189,835
Other 9,820 14,279 11,886 11,179 14,301
Interest on loans 895,276 949,643 954,014 943,860 1,016,967
Total interest and dividend income 1,076,169 1,139,340 1,150,142 1,139,435 1,227,339
Interest expense:
Deposits and related customer accounts 315,103 395,768 408,680 409,616 413,251
Borrowings 278,886 277,548 284,701 276,435 326,235
Total interest expense 593,989 673,316 693,381 686,051 739,486
Net interest income 482,180 466,024 456,761 453,384 487,853
Provision for credit losses (2) 135,000 148,192 162,500 51,000 46,000
Net interest income after provision for credit losses 347,180 317,832 294,261 402,384 441,853
Non-interest income:
Consumer banking fees 73,219 77,420 73,113 77,268 68,014
Commercial banking fees (3) 54,425 56,695 44,155 52,046 49,408
Mortgage banking revenue (1) (5,133) 9,161 3,752 26,500 (107,205)
Capital markets revenue 10,393 (18,310) (12,627) 5,982 5,689
Bank owned life insurance income 19,424 20,633 24,439 20,274 20,509
Other 5,297 7,584 8,557 8,227 9,467
Total fees and other income before investment gains/(losses) 157,625 153,183 141,389 190,297 45,882
Net gain/(loss) on investments (4) 14,135 (179,209) 1,884 - 970
Total non-interest income 171,760 (26,026) 143,273 190,297 46,852
Non-interest expense:
General and administrative
Compensation and benefits (5) 185,112 155,856 172,319 171,557 173,796
Occupancy and equipment 78,013 77,325 75,217 75,637 80,519
Technology expense 24,498 25,177 23,940 23,812 23,336
Outside services 15,630 18,828 16,434 16,969 15,278
Marketing expense 16,246 13,881 16,296 17,092 8,832
Other administrative expenses 39,765 46,537 37,440 31,525 28,235
Total general and administrative 359,264 337,604 341,646 336,592 329,996
Other expenses:
Core deposit & other intangibles 29,122 30,141 31,066 32,257 33,253
Goodwill impairment - 1,576,776 - - -
Other minority interest expense and equity method expense 8,339 27,448 6,913 14,487 18,415
Proxy and related professional fees - - - (125) (391)
Restructuring, other employee severance and debt repurchase charges - - 6,029 35,938 20,032
ESOP expense related to freezing of plan - - - (3,266) 43,385
Merger-related and integration charges - - - 166 2,076
Total other expenses 37,461 1,634,365 44,008 79,457 116,770
Total non-interest expense 396,725 1,971,969 385,654 416,049 446,766
Income/ (loss) before income taxes 122,215 (1,680,163) 51,880 176,632 41,939
Income tax expense/ (benefit) 22,080 (77,180) (6,330) 29,180 (6,120)
Net income/ (loss) $ 100,135 $ (1,602,983) $ 58,210 $ 147,452 $ 48,059
(1) Mortgage banking activity is summarized below:
(Losses)/gains on sale of mortgage loans and related securities and home equity loans (6) $ 3,977 $ 4,560 $ 3,971 $ 3,317 $ (114,345)
Net gains/(losses) recorded under SFAS 133 1,370 (2,125) 1,781 783 (388)
Mortgage servicing fees, net of mortgage servicing rights amortization 3,848 1,948 972 2,224 247
Mortgage servicing right (impairments)/recoveries (18,703) (2,071) - 656 -
Net gains on sale of multifamily loans 9,231 7,515 2,383 5,748 10,557
Net gains/(losses) recorded on commercial mortgage backed securitization - (666) (5,355) 13,772 (3,276)
Multifamily servicing right impairments (4,856) - - - -
Total mortgage banking revenues $ (5,133) $ 9,161 $ 3,752 $ 26,500 $ (107,205)
(2) The first quarter of 2008 includes provisions in excess of charge-offs of approximately $57.7 million for our commercial loan portfolio and $7.2 million for our consumer and
residential loan portfolios. The fourth quarter of 2007 includes approximately $63 million of additional provisions for our consumer and residential loan portfolios. The third quarter of
2007 includes an additional provision of $47 million on our retained correspondent home equity portfolio as well as $37 million of additional reserves allocated to our indirect auto
portfolio due to increased losses experienced in the third quarter and higher projected losses in future periods.
(3) The third quarter of 2007 includes a LOCOM adjustment of $6.2 million on our loan syndication trading portfolio.
(4) The first quarter of 2008 includes a $14.1 million gain on our membership share allocation of VISA's IPO shares. Results for the fourth quarter of 2007 include a $180.5 million
other-than-temporary impairment charge on FNMA & FHLMC preferred stock.
(5) Fourth quarter of 2007 results include $18.7 million of incentive compensation accrual reversals due to corporate objectives not being achieved in 2007.
(6) First quarter of 2007 results include a LOCOM adjustment of $119.9 million on correspondent home equity loans that were not sold as of March 31, 2007.
A
6. Sovereign Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited)
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars in thousands) 2008 2007 2007 2007 2007
Assets
Cash and amounts due
from depository institutions $ 1,957,403 $ 3,130,770 $ 3,992,731 $ 1,867,294 $ 1,669,623
Investments:
Available-for-sale 10,958,419 13,941,847 14,307,929 13,303,432 13,640,209
Other investments 1,134,805 1,200,545 981,921 798,452 703,738
Total investments 12,093,224 15,142,392 15,289,850 14,101,884 14,343,947
Loans:
Commercial 32,181,592 30,912,972 29,912,883 29,547,839 29,852,212
Consumer 26,690,190 26,866,807 27,235,481 26,979,279 26,273,285
Total loans, net 58,871,782 57,779,779 57,148,364 56,527,118 56,125,497
Less allowance for loan losses (775,441) (709,444) (629,747) (503,685) (487,286)
Total loans, net 58,096,341 57,070,335 56,518,617 56,023,433 55,638,211
Premises and equipment, net 555,773 562,332 559,040 570,074 588,695
Accrued interest receivable 322,760 350,534 384,812 368,849 363,013
Goodwill 3,430,290 3,426,246 5,003,022 5,003,195 5,006,290
Core deposit and other intangibles 342,994 372,116 402,257 433,164 465,421
Bank owned life insurance 1,806,631 1,794,099 1,773,829 1,764,137 1,745,145
Other assets 3,307,303 2,897,572 2,683,170 2,605,061 2,373,220
Total assets $ 81,912,719 $ 84,746,396 $ 86,607,328 $ 82,737,091 $ 82,193,565
Liabilities and Stockholders' Equity
Liabilities:
Deposits and other customer related accounts:
Retail and commercial deposits $ 39,292,245 $ 38,350,632 $ 37,838,296 $ 37,578,525 $ 37,735,299
Government deposits 3,314,420 4,003,224 3,927,346 3,619,838 4,931,830
Wholesale deposits 6,390,064 7,562,049 8,332,406 8,646,272 9,895,828
Total deposits 48,996,729 49,915,905 50,098,048 49,844,635 52,562,957
Borrowings and other debt obligations 24,348,829 26,126,082 26,161,337 22,461,638 19,162,252
Other liabilities 1,743,380 1,565,654 1,475,954 1,504,788 1,616,574
Total liabilities 75,088,938 77,607,641 77,735,339 73,811,061 73,341,783
Minority interests 146,784 146,430 146,075 145,742 156,896
Stockholders' equity:
Preferred Stock 195,445 195,445 195,445 195,445 195,445
Common Stock 6,298,254 6,295,572 6,277,292 6,253,146 6,186,470
Warrants and employee stock options issued 348,878 348,365 347,630 346,278 344,979
Unallocated ESOP shares - - - - (19,019)
Treasury stock (11,438) (19,853) (20,359) (21,303) (22,257)
Accumulated other
comprehensive loss (749,556) (326,133) (218,155) (121,184) (13,177)
Retained earnings 595,414 498,929 2,144,061 2,127,906 2,022,445
Total stockholders' equity 6,676,997 6,992,325 8,725,914 8,780,288 8,694,886
Total liabilities and stockholders' equity $ 81,912,719 $ 84,746,396 $ 86,607,328 $ 82,737,091 $ 82,193,565
B
7. Sovereign Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(unaudited)
Quarter Ended
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
2008 2007 2007 2007 2007
(dollars in millions, except per share data)
Per Share Data
Basic earnings (loss) per share $ 0.20 $ (3.34) $ 0.11 $ 0.30 $ 0.09
Diluted earnings (loss) per share 0.20 (3.34) 0.11 0.29 0.09
Dividend declared per share - 0.08 0.08 0.08 0.08
Common book value per share (1) 13.43 14.12 17.76 17.92 17.87
Tangible common book value per share(2) 6.20 6.82 7.11 7.19 7.00
Tangible common book value per share excluding OCI 7.75 7.50 7.57 7.44 7.03
Common stock price:
High $ 13.07 $ 17.73 $ 21.94 $ 25.16 $ 26.42
Low 9.28 10.08 16.58 21.14 24.07
Close 9.32 11.40 17.04 21.14 25.44
Weighted average common shares:
Basic 482.2 481.2 480.2 478.3 475.1
Diluted (3) 482.2 481.2 480.2 512.6 475.1
End-of-period common shares:
Basic 482.4 481.4 480.4 479.1 475.7
Diluted 511.5 511.0 512.4 512.3 509.8
Performance Statistics
Bancorp
Net interest margin 2.88% 2.77% 2.74% 2.71% 2.70%
Return on average assets 0.50% -7.74% 0.28% 0.72% 0.22%
Return on average tangible assets 0.52% -8.25% 0.30% 0.77% 0.24%
Return on average equity 5.78% -72.92% 2.63% 6.71% 2.23%
Return on average tangible equity 11.67% -174.96% 6.34% 16.17% 5.48%
Annualized net loan charge-offs to average loans 0.51% 0.42% 0.24% 0.18% 0.16%
Efficiency ratio (4) 56.15% 54.52% 57.12% 52.29% 61.83%
NOTES:
(1) Common book value per share equals common stockholders' equity at period-end divided by common shares outstanding.
(2) Tangible book value per share equals common stockholders' equity at period-end excluding goodwill and core deposits and other intangibles, net of
any associated deferred tax liabilities divided by common shares outstanding.
(3) The conversion of warrants and equity awards and the after-tax add back of Sovereign's contingently convertible trust preferred interest expense wa
excluded from Sovereign's GAAP diluted earnings per share calculation for the majority of the periods above since the result would have been anti-
dilutive.
(4) Efficiency ratio equals general and administrative expense as a percentage of total revenue, defined as the sum of net interest income and total fees
and other income before security gains.
C
8. Sovereign Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(unaudited)
Quarter Ended
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
2008 2007 2007 2007 2007
(dollars in millions)
Financial Condition Data:
Asset Quality
Non-performing assets (1) $ 484.4 $ 361.6 $ 336.7 $ 282.4 $ 278.4
Non-performing loans (1) 417.8 304.3 282.4 239.9 242.0
Non-performing assets to total assets (1) (2) 0.59% 0.43% 0.39% 0.34% 0.34%
Non-performing loans to loans (1) (2) 0.71% 0.53% 0.49% 0.42% 0.43%
Allowance for credit losses $ 798.4 $ 737.7 $ 650.0 $ 521.1 $ 503.3
Allowance for credit losses
to total loans (2) 1.36% 1.28% 1.14% 0.92% 0.90%
Allowance for credit losses
to non-performing loans (1) 191% 242% 230% 217% 208%
Capitalization - Bancorp (3)
Tier 1 leverage ratio 6.21% 5.89% 6.03% 6.40% 6.29%
Tangible equity to tangible assets excluding OCI (4) 4.97% 4.67% 4.69% 4.84% 4.59%
Tangible equity to tangible assets including OCI (4) 4.06% 4.28% 4.43% 4.69% 4.58%
Tangible common equity to tangible assets excluding OCI (4) 4.72% 4.43% 4.45% 4.59% 4.34%
Tangible common equity to tangible assets including OCI (4) 3.81% 4.04% 4.19% 4.44% 4.32%
Capitalization - Bank (3)
Tier 1 leverage ratio 6.85% 6.54% 6.63% 6.93% 6.80%
Tier 1 risk-based ratio 7.49% 7.54% 7.66% 7.83% 7.77%
Total risk-based ratio 10.24% 10.40% 10.37% 10.45% 10.48%
(1) Non-performing loans and non-performing assets at March 31, 2008, December 31, 2007 and September 30, 2007 include $42.6 million, $39.4 million and $41.5 million of
loans related to our correspondent home equity portfolio that began to be included in these totals as a result of the additional provision for credit losses that was recorded in the
third quarter of 2007. Non-performing loans and assets at June 30, 2007 and March 31, 2007 exclude $51.6 million and $22.4 million, respectively, of correspondent home
equity loans that were written down to fair value at March 31, 2007 since credit losses related to these loans were considered in our lower of cost or market adjustment at March
31, 2007. See page F for a listing of our non-performing loans and non-performing assets by asset class.
(2) The calculation of these ratios at June 30, 2007 and March 31, 2007 exclude approximately $491 million and $574 million, respectively, of loans that were marked down to
fair value as of March 31, 2007.
(3) All capital ratios are calculated based upon adjusted end of period assets consistent with OTS guidelines. The current quarter ratios are estimated as of the date of this
earnings release.
(4) Effective January 1, 2008, tangible equity and tangible assets are defined as total equity and total assets less goodwill and other intangibles net of any deferred tax liabilities
consistent with industry practice. Prior period ratios have been restated to conform to the current period presentation. See calculation of ratios on page I.
D
9. Sovereign Bancorp, Inc. and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS
(unaudited)
Quarter Ended
March 31, 2008 December 31, 2007 March 31, 2007
Yield/ Yield/ Yield/
(dollars in thousands) Average Balance Interest (1) Rate Average Balance Interest (1) Rate Average Balance Interest (1) Rate
Earning assets:
Investment securities $ 13,034,150 $ 200,922 6.17% $ 13,647,483 $ 209,735 6.14% $ 15,175,372 $ 230,601 6.09%
Loans:
Commercial real estate 12,593,687 197,816 6.31% 12,139,086 209,282 6.85% 11,513,005 196,592 6.90%
Commercial and industrial loans (C&I) 12,760,425 193,990 6.11% 12,311,586 221,340 7.13% 11,566,055 214,480 7.52%
Other 1,754,382 30,604 6.98% 1,722,710 30,609 7.11% 1,520,732 27,085 7.12%
Total Commercial 27,108,494 422,410 6.26% 26,173,382 461,231 7.00% 24,599,792 438,157 7.21%
Multi-family 4,316,489 65,907 6.12% 4,154,457 63,449 6.10% 5,890,879 98,783 6.72%
Residential 13,272,189 187,088 5.64% 13,744,182 195,405 5.69% 15,592,954 223,023 5.72%
Home equity loans and lines of credit 6,217,574 96,072 6.21% 6,116,026 100,575 6.52% 9,497,940 165,351 7.04%
Total consumer loans secured by real estate 19,489,763 283,160 5.82% 19,860,208 295,980 5.94% 25,090,894 388,374 6.22%
Auto Loans 6,967,076 121,196 7.00% 6,996,034 125,840 7.14% 5,186,143 86,142 6.74%
Other 314,006 6,404 8.20% 312,253 7,092 9.01% 422,161 8,821 8.47%
Total Consumer 26,770,845 410,760 6.16% 27,168,495 428,912 6.29% 30,699,198 483,337 6.34%
Total loans 58,195,828 899,077 6.20% 57,496,334 953,592 6.60% 61,189,869 1,020,277 6.72%
Allowance for loan losses (721,543) (641,102) (474,518)
Total earning assets 70,508,435 $ 1,099,999 6.26% 70,502,715 $ 1,163,327 6.57% 75,890,723 $ 1,250,878 6.64%
Other assets 10,422,253 11,688,168 11,724,949
Total assets $ 80,930,688 $ 82,190,883 $ 87,615,672
Funding liabilities:
Deposits and other customer related accounts:
NOW accounts $ 5,319,562 $ 12,682 0.96% $ 5,297,687 $ 14,143 1.06% $ 5,994,720 $ 16,439 1.11%
Savings accounts 3,813,768 5,827 0.61% 3,889,735 6,562 0.67% 4,572,309 7,179 0.64%
Money market accounts 10,967,638 82,965 3.04% 10,530,726 94,979 3.58% 9,150,410 74,261 3.29%
Time deposits 11,927,984 134,980 4.55% 11,955,486 141,748 4.70% 11,243,730 127,506 4.60%
Total retail and commercial deposits 32,028,952 236,454 2.97% 31,673,634 257,432 3.22% 30,961,169 225,385 2.95%
Total government deposits 3,819,399 30,337 3.19% 3,955,764 47,482 4.76% 3,617,588 45,709 5.12%
NOW accounts- wholesale 88,574 743 3.38% 46,146 537 4.62% 485,875 6,409 5.35%
Money market accounts- wholesale 1,396,481 12,260 3.53% 1,764,249 21,228 4.77% 3,639,024 49,610 5.53%
Customer repurchase agreements 2,739,973 15,715 2.31% 2,877,569 26,779 3.69% 2,262,732 25,896 4.64%
Time deposits- wholesale 2,406,387 19,594 3.27% 3,466,108 42,310 4.84% 4,504,148 60,242 5.42%
Total wholesale deposits 6,631,415 48,312 2.93% 8,154,072 90,854 4.42% 10,891,779 142,157 5.29%
Total deposits and other customer related accounts 42,479,766 315,103 2.98% 43,783,470 395,768 3.59% 45,470,536 413,251 3.69%
Borrowings:
Wholesale borrowings 19,816,254 224,236 4.54% 18,145,623 220,972 4.85% 19,842,592 249,264 5.07%
Other borrowings 3,625,668 54,650 6.04% 3,621,933 56,576 5.94% 5,412,697 76,971 5.71%
Total borrowings 23,441,922 278,886 4.77% 21,767,556 277,548 5.08% 25,255,289 326,235 5.21%
Total funding liabilities 65,921,688 593,989 3.62% 65,551,026 673,316 4.08% 70,725,825 739,486 4.23%
Non-interest bearing DDA 6,342,945 6,399,359 6,335,301
Other liabilities 1,722,005 1,518,784 1,819,565
Total liabilities 73,986,638 73,469,169 78,880,691
Stockholders' equity 6,944,050 8,721,714 8,734,981
Total liabilities and stockholders' equity $ 80,930,688 $ 82,190,883 $ 87,615,672
Net interest income $ 506,010 $ 490,011 $ 511,392
Interest rate spread 2.64% 2.49% 2.41%
Contribution from interest free funds 0.24% 0.29% 0.29%
Net interest margin 2.88% 2.77% 2.70%
(1) Tax equivalent basis
E
10. Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)
NON-PERFORMING ASSETS
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars in thousands) 2008 2007 2007 2007 2007
Non-accrual loans:
Consumer:
Residential $ 108,802 $ 90,881 $ 79,909 $ 69,392 $ 62,864
Home equity loans and lines of credit (1) 60,287 56,099 53,974 12,875 12,131
Auto loans 876 1,359 730 620 416
Other consumer loans 1,541 2,087 2,076 1,714 1,504
Total consumer loans 171,506 150,426 136,689 84,601 76,915
Commercial real estate 95,363 61,750 63,975 69,345 82,835
Multi-family loans 10,367 6,336 3,002 4,732 5,061
C&I and other 140,270 85,406 78,251 80,706 76,668
Total non-accrual loans 417,506 303,918 281,917 239,384 241,479
Restructured loans 324 370 443 503 552
Total non-performing loans (1) 417,830 304,288 282,360 239,887 242,031
Real estate owned, net 49,668 43,226 43,517 34,724 29,655
Other repossessed assets 16,888 14,062 10,861 7,755 6,722
Total non-performing assets (1) $ 484,386 $ 361,576 $ 336,738 $ 282,366 $ 278,408
Non-performing loans as a percentage of loans (1) (2) 0.71% 0.53% 0.49% 0.42% 0.43%
Non-performing assets as a percentage of total assets (1) (2) 0.59% 0.43% 0.39% 0.34% 0.34%
Non-performing assets as a percentage of total loans, real estate owned and repossessed assets (1) (2) 0.82% 0.63% 0.59% 0.50% 0.50%
Allowance for credit losses as a percentage of non-performing loans (1) 191% 242% 230% 217% 208%
NET LOAN CHARGE-OFFS
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Commercial real estate $ 3,339 $ 4,591 $ 2,401 $ 2,766 $ 5,782
Multi-family loans - - - - -
C&I and other 11,789 13,647 8,387 6,820 6,089
Total commercial 15,128 18,238 10,788 9,586 11,871
Residential 4,853 3,631 1,715 1,558 564
Home equity loans and lines of credit 9,365 3,808 883 1,934 1,523
Total consumer loans secured by real estate 14,218 7,439 2,598 3,492 2,087
Auto loans - In market 14,488 14,918 10,162 7,953 8,867
Auto loans - Out of market 28,276 19,427 9,286 4,352 1,248
Other consumer loans 2,186 469 734 291 17
Total consumer 59,168 42,253 22,780 16,088 12,219
Total loan charge-offs $ 74,296 $ 60,491 $ 33,568 $ 25,674 $ 24,090
COMPONENTS OF THE PROVISION OF CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Provision for loan losses $ 140,293 $ 140,188 $ 159,630 $ 49,589 $ 45,239
Provision/(recoveries) for unfunded commitments (5,293) 8,004 2,870 1,411 761
Total provision for credit losses $ 135,000 $ 148,192 $ 162,500 $ 51,000 $ 46,000
Allowance for loan losses $ 775,441 $ 709,444 $ 629,747 $ 503,685 $ 487,286
Reserve for unfunded commitments 23,008 28,301 20,297 17,427 16,016
Total allowance for credit losses $ 798,449 $ 737,745 $ 650,044 $ 521,112 $ 503,302
(1) Non-performing loans and non-performing assets at March 31, 2008, December 31, 2007 and September 30, 2007 include $42.6 million, $39.4 million and $41.5 million of loans related to our
correspondent home equity loan portfolio that began to be included in these totals as a result of the additional provision for credit losses that was recorded in the third quarter of 2007. Non-performing loans
and non-performing assets exclude $51.6 million and $22.4 million of non-accrual loans at June 30, 2007 and March 31, 2007 related to correspondent home equity loans that had been previously classified
as held for sale since credit losses related to these loans were considered in our lower of cost or market adjustment at March 31, 2007.
(2) The calculation of these ratios at June 30, 2007 and March 31, 2007 exclude approximately $491 million and $574 million of loans that were marked down to fair value as of March 31, 2007.
F
11. Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)
Loan Composition- End of Period ($) Net Loan Charge-Offs ($) Total Past Dues Excluding Non-Accruals ($)
ADDITIONAL CREDIT QUALITY STATISTICS % of Total Loans Annualized Net Loan Charge-Offs to Average Loans (%) Total Past Dues to Total Loans (%)
Mar. 31 Dec. 31 Mar. 31 Mar. 31 Dec. 31 Mar. 31 Mar. 31 Dec. 31 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2008 2007 2007 2008 2007 2007
Commercial real estate $ 12,882,292 $ 12,306,914 $ 11,584,728 $ 3,339 $ 4,591 $ 5,782 $ 53,486 $ 66,710 $ 75,016
22% 21% 21% 0.11% 0.15% 0.20% 0.42% 0.54% 0.65%
Multi-family 4,331,075 4,246,370 4,806,028 - - - 27,769 5,034 11,917
7% 7% 9% 0.00% 0.00% 0.00% 0.64% 0.12% 0.25%
C&I and other commercial 14,968,225 14,359,688 13,461,456 11,789 13,647 6,089 57,635 68,531 66,222
25% 25% 24% 0.32% 0.39% 0.19% 0.39% 0.48% 0.49%
Residential 13,277,908 13,341,193 14,403,371 4,853 3,631 564 334,645 360,982 273,355
23% 23% 26% 0.15% 0.11% 0.01% 2.52% 2.71% 1.90%
Home equity loans and lines of credit 5,844,326 5,734,767 5,347,907 5,351 3,808 1,523 29,568 34,148 35,984
10% 10% 10% 0.37% 0.27% 0.11% 0.51% 0.60% 0.67%
Correspondent home equity loans (1) (2) 439,180 462,381 584,229 4,014 - - 60,072 55,428 76,205
1% 1% 1% 3.56% 0.00% 0.00% 13.68% 11.99% 13.04%
Auto loans - In Market 4,375,816 4,407,496 4,379,951 14,488 14,918 8,867 83,610 119,095 50,875
7% 8% 8% 1.32% 1.35% 0.81% 1.91% 2.70% 1.16%
Auto loans - Out of Market (2) 2,439,841 2,621,398 1,147,002 28,276 19,427 1,248 74,534 95,553 6,964
4% 5% 2% 1.10% 0.75% 0.16% 3.05% 3.65% 0.61%
Other consumer 313,119 299,572 410,825 2,186 469 17 8,820 11,547 7,581
1% 1% 1% 2.78% 0.60% 0.02% 2.82% 3.85% 1.85%
Total 58,871,782 57,779,779 56,125,497 74,296 60,491 24,090 730,139 817,028 604,119
100% 100% 100% 0.51% 0.42% 0.16% 1.24% 1.41% 1.08%
(1) At March 31, 2008, this portfolio has $321.5 million of first lien loans and $117.6 million of second lien loans which have reserves for credit losses of $59.4 million. Additionally, first quarter 2008 results include charge-offs of
$4 million related to this portfolio as the credit reserves that had been previously established in our lower of cost or market adjustment in the first quarter of 2007 were completely utilized.
(2) Note that Sovereign ceased originating correspondent home equity loans in the first quarter of 2006 and effective January 31, 2008 out of market indirect auto loans.
G
12. Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)
DEPOSIT AND OTHER CUSTOMER RELATED ACCOUNT COMPOSITION - End of period
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Demand deposit accounts $ 6,761,773 $ 6,444,338 $ 6,272,412 $ 6,313,408 $ 6,420,046
NOW accounts 5,462,791 5,546,280 5,352,228 5,950,960 6,159,701
Money market accounts 11,334,428 10,655,978 10,258,960 10,005,554 9,452,904
Savings accounts 3,841,083 3,831,636 3,984,551 4,312,492 4,558,367
Time deposits 11,892,170 11,872,400 11,970,145 10,996,111 11,144,281
Total retail and commercial deposits 39,292,245 38,350,632 37,838,296 37,578,525 37,735,299
Total government deposits 3,314,420 4,003,224 3,927,346 3,619,838 4,931,830
NOW accounts- wholesale 388,604 15,082 396,318 44,638 80,970
Money market accounts- wholesale 1,385,308 1,761,693 1,553,114 1,948,679 3,087,085
Customer repurchase agreements 2,633,112 2,754,680 2,726,686 2,525,932 2,310,290
Time deposits- wholesale 1,983,040 3,030,594 3,656,288 4,127,023 4,417,483
Total wholesale deposits 6,390,064 7,562,049 8,332,406 8,646,272 9,895,828
Total deposits and other customer related accounts $ 48,996,729 $ 49,915,905 $ 50,098,048 $ 49,844,635 $ 52,562,957
LOAN COMPOSITION - End of period
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Commercial real estate $ 12,882,292 $ 12,306,914 $ 11,821,651 $ 11,741,479 $ 11,584,728
C&I 13,209,614 12,594,652 12,355,754 12,186,379 11,922,506
Multi-family loans 4,331,075 4,246,370 4,038,333 4,000,527 4,806,028
Other 1,758,611 1,765,036 1,697,145 1,619,454 1,538,950
Total commercial loans 32,181,592 30,912,972 29,912,883 29,547,839 29,852,212
Residential 13,277,908 13,341,193 14,009,891 14,387,342 14,403,371
Home equity loans and lines of credit 6,283,506 6,197,148 6,058,143 5,954,925 5,932,136
Total consumer loans secured by real estate 19,561,414 19,538,341 20,068,034 20,342,267 20,335,507
Auto loans 6,815,657 7,028,894 6,853,381 6,320,010 5,526,953
Other consumer loans 313,119 299,572 314,066 317,002 410,825
Total consumer loans 26,690,190 26,866,807 27,235,481 26,979,279 26,273,285
Total loans $ 58,871,782 $ 57,779,779 $ 57,148,364 $ 56,527,118 $ 56,125,497
DEPOSIT AND OTHER CUSTOMER RELATED ACCOUNT COMPOSITION - Average
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Demand deposit accounts $ 6,342,945 $ 6,399,359 $ 6,403,572 $ 6,421,910 $ 6,335,301
NOW accounts 5,319,562 5,297,687 5,497,403 5,935,760 5,994,720
Money market accounts 10,967,638 10,530,726 10,224,580 9,687,237 9,150,410
Savings accounts 3,813,768 3,889,735 4,144,517 4,437,785 4,572,309
Time deposits 11,927,984 11,955,486 11,323,566 11,004,592 11,243,730
Total retail and commercial deposits 38,371,897 38,072,993 37,593,638 37,487,284 37,296,470
Total government deposits 3,819,399 3,955,764 3,691,557 4,040,559 3,617,588
NOW accounts- wholesale 88,574 46,146 137,919 133,590 485,875
Money market accounts- wholesale 1,396,481 1,764,249 1,858,681 2,521,820 3,639,024
Customer repurchase agreements 2,739,973 2,877,569 2,643,836 2,389,302 2,262,732
Time deposits- wholesale 2,406,387 3,466,108 4,068,060 4,425,195 4,504,148
Total wholesale deposits 6,631,415 8,154,072 8,708,496 9,469,907 10,891,779
Total deposits and other customer related accounts $ 48,822,711 $ 50,182,829 $ 49,993,691 $ 50,997,750 $ 51,805,837
LOAN COMPOSITION - Average
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Quarters ended (in thousands) 2008 2007 2007 2007 2007
Commercial real estate $ 12,593,687 $ 12,139,086 $ 11,746,854 $ 11,737,900 $ 11,513,005
C&I 12,760,425 12,311,586 12,049,755 12,146,382 11,566,055
Multi-family loans 4,316,489 4,154,457 3,975,580 4,637,577 5,890,879
Other 1,754,382 1,722,710 1,632,878 1,586,118 1,520,732
Total commercial loans 31,424,983 30,327,839 29,405,067 30,107,977 30,490,671
Residential 13,272,189 13,744,182 14,357,561 14,429,334 15,592,954
Home equity loans and lines of credit 6,217,574 6,116,026 5,974,643 5,933,285 9,497,940
Total consumer loans secured by real estate 19,489,763 19,860,208 20,332,204 20,362,619 25,090,894
Auto loans 6,967,076 6,996,034 6,616,774 5,926,390 5,186,143
Other consumer loans 314,006 312,253 320,848 388,325 422,161
Total consumer loans 26,770,845 27,168,495 27,269,826 26,677,334 30,699,198
Total loans $ 58,195,828 $ 57,496,334 $ 56,674,893 $ 56,785,311 $ 61,189,869
H
13. Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)
CALCULATION OF TANGIBLE EQUITY TO TANGIBLE ASSETS RATIOS
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars in thousands) 2008 2007 2007 2007 2007
Total Equity $ 6,676,997 $ 6,992,325 $ 8,725,914 $ 8,780,288 $ 8,694,886
Goodwill (3,430,290) (3,426,246) (5,003,022) (5,003,195) (5,006,290)
CDI and other intangibles (342,994) (372,116) (402,257) (433,164) (465,421)
Deferred tax liability on CDI 113,581 123,472 133,712 144,294 155,219
Deferred tax liability on other intangibles 6,265 6,489 6,719 6,892 7,126
Deferred tax liability on tax deductible goodwill 162,678 156,956 151,234 145,512 139,790
Total tangible equity including OCI $ 3,186,238 $ 3,480,880 $ 3,612,300 $ 3,640,627 $ 3,525,310
Total assets $ 81,912,719 $ 84,746,396 $ 86,607,328 $ 82,737,091 $ 82,193,565
Goodwill (3,430,290) (3,426,246) (5,003,022) (5,003,195) (5,006,290)
CDI and other intangibles (342,994) (372,116) (402,257) (433,164) (465,421)
Deferred tax liability on CDI 113,581 123,472 133,712 144,294 155,219
Deferred tax liability on other intangibles 6,265 6,489 6,719 6,892 7,126
Deferred tax liability on tax deductible goodwill 162,678 156,956 151,234 145,512 139,790
Total tangible assets including OCI $ 78,421,960 $ 81,234,951 $ 81,493,714 $ 77,597,430 $ 77,023,989
Tangible equity to tangible assets including OCI 4.06% 4.28% 4.43% 4.69% 4.58%
Total tangible equity including OCI $ 3,186,238 $ 3,480,880 $ 3,612,300 $ 3,640,627 $ 3,525,310
Accumulated other comprehensive loss 749,556 326,133 218,155 121,184 13,177
Total tangible equity excluding OCI $ 3,935,794 $ 3,807,013 $ 3,830,455 $ 3,761,811 $ 3,538,487
Total tangible assets including OCI $ 78,421,960 $ 81,234,951 $ 81,493,714 $ 77,597,430 $ 77,023,989
Accumulated other comprehensive loss 749,556 326,133 218,155 121,184 13,177
Total tangible assets excluding OCI $ 79,171,516 $ 81,561,084 $ 81,711,869 $ 77,718,614 $ 77,037,166
Tangible equity to tangible assets excluding OCI 4.97% 4.67% 4.69% 4.84% 4.59%
Total tangible equity including OCI $ 3,186,238 $ 3,480,880 $ 3,612,300 $ 3,640,627 $ 3,525,310
Preferred stock (195,445) (195,445) (195,445) (195,445) (195,445)
Total tangible common equity including OCI $ 2,990,793 $ 3,285,435 $ 3,416,855 $ 3,445,182 $ 3,329,865
Total tangible equity including OCI $ 78,421,960 $ 81,234,951 $ 81,493,714 $ 77,597,430 $ 77,023,989
Tangible common equity to tangible assets including OCI 3.81% 4.04% 4.19% 4.44% 4.32%
Total tangible common equity including OCI $ 2,990,793 $ 3,285,435 $ 3,416,855 $ 3,445,182 $ 3,329,865
Accumulated other comprehensive loss 749,556 326,133 218,155 121,184 13,177
Total tangible common equity excluding OCI $ 3,740,349 $ 3,611,568 $ 3,635,010 $ 3,566,366 $ 3,343,042
Total tangible equity excluding OCI $ 79,171,516 $ 81,561,084 $ 81,711,869 $ 77,718,614 $ 77,037,166
Tangible common equity to tangible assets excluding OCI 4.72% 4.43% 4.45% 4.59% 4.34%
CALCULATION OF TANGIBLE BOOK VALUE PER SHARE
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars and shares in thousands) 2008 2007 2007 2007 2007
Total tangible common equity including OCI $ 2,990,793 $ 3,285,435 $ 3,416,855 $ 3,445,182 $ 3,329,865
Common shares outstanding 482,443 481,404 480,436 479,150 475,658
Tangible common book value per share including OCI $ 6.20 $ 6.82 $ 7.11 $ 7.19 $ 7.00
Total tangible common equity excluding OCI $ 3,740,349 $ 3,611,568 $ 3,635,010 $ 3,566,366 $ 3,343,042
Common shares outstanding 482,443 481,404 480,436 479,150 475,658
Tangible common book value per share including OCI $ 7.75 $ 7.50 $ 7.57 $ 7.44 $ 7.03
I
14. Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)
CALCULATION OF RETURN ON AVERAGE TANGIBLE EQUITY AND RETURN ON AVERAGE TANGIBLE ASSETS
Quarter Ended
Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
(dollars in thousands) 2008 2007 2007 2007 2007
Total average equity $ 6,944,050 $ 8,721,714 $ 8,773,451 $ 8,816,108 $ 8,734,981
Average goodwill (3,427,259) (4,985,883) (5,003,137) (5,005,116) (5,005,119)
Average CDI and other intangibles (361,229) (391,628) (421,895) (453,528) (486,214)
Average deferred tax liability on intangibles 285,996 290,838 295,632 300,888 312,197
Total tangible average equity including OCI $ 3,441,558 $ 3,635,041 $ 3,644,051 $ 3,658,352 $ 3,555,845
Return on average equity 5.78% -72.92% 2.63% 6.71% 2.23%
Effect of goodwill 5.76% -100.02% 3.62% 9.18% 3.14%
Effect of CDI and other intangibles 0.61% -7.86% 0.30% 0.83% 0.30%
Effect of deferred tax asset -0.48% 5.83% -0.21% -0.55% -0.20%
Tangible return on average equity including OCI 11.67% -174.96% 6.34% 16.17% 5.48%
Total average assets $ 80,930,688 $ 82,190,883 $ 81,597,168 $ 81,940,921 $ 87,615,672
Average goodwill (3,427,259) (4,985,883) (5,003,137) (5,005,116) (5,005,119)
Average CDI and other intangibles (361,229) (391,628) (421,895) (453,528) (486,214)
Average deferred tax liability on intangibles 285,996 290,838 295,632 300,888 312,197
Total tangible average equity including OCI $ 77,428,196 $ 77,104,210 $ 76,467,768 $ 76,783,165 $ 82,436,536
Return on Average assets 0.50% -7.74% 0.28% 0.72% 0.22%
Effect of goodwill 0.02% -0.50% 0.02% 0.05% 0.02%
Effect of CDI and other intangibles 0.00% -0.04% 0.00% 0.00% 0.00%
Effect of deferred tax asset 0.00% 0.03% 0.00% 0.00% 0.00%
Tangible return on average assets including OCI 0.52% -8.25% 0.30% 0.77% 0.24%
J