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Banking earnings roundup: Zions, Flagstar Q1 earnings go up YOY

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Banking earnings roundup: Zions, Flagstar Q1 earnings go up YOY

Salt Lake City-based Zions Bancorp.reported first-quarternet income applicable to common shareholders of $78.8 million, or 38 cents per share,compared to $75.3 million, or 37 cents per share, a year earlier. The S&P CapitalIQ consensus estimate for normalized EPS for the company's 2016 first quarter was39 cents.

The Salt Lake City-based bank's nonperformingassets were up to $552.2 million for the period, compared to $357.0 million fromthe previous quarter, and $399.3 million in the same period of 2015, driven by credit-quality deteriorationin its oil-and-gas related portfolio.

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San Juan, Puerto Rico-based first-quarter net income attributableto common shareholders of $23.3 million, or 11 cents per share, compared to $25.6million, or 12 cents per share, in the year-ago period.

Nonperforming assetsincreased for the quarter by $127.3 million, to $737.2 million, primarily due to$128.6 million in exposure to commercial loans guaranteed by the Puerto Rico TourismDevelopment Fund, which were on nonaccrual status in the first quarter. Excludingthat exposure, nonperforming assets decreased by $1.2 million compared to the priorquarter. The provision for loan and lease losses decreasedby $12.6 million to $21.1 million, compared to $33.6 million in the previous quarter,and $32.9 million in the year-ago period.

For more information, see:

First BanCorp. to remain cautiousin Puerto Rico, pursue growth in Florida


Troy, Mich.-based FlagstarBancorp Inc. reportedfirst-quarter net income of $39 million, or 54 cents per share, compared to $32million, or 43 cents per share, in the same period of 2015.

Net interest margin decreased 3 basis points sequentiallyto 2.66% for the period, compared to 2.69% for the prior quarter of 2015, and 2.75%for the year-ago period, driven primarily by higher-cost funding to support loangrowth at the end of the prior quarter and partially offset by increased interestincome on loans held-for-investment, mostly commercial loans.

For more information, see:

Flagstardetails new builder finance initiative


Akron, Ohio-based FirstMeritCorp. first-quarter net incomeof $54.1 million, or 31 cents per share, compared to $57.1 million, or 33 centsper share, in the year-ago period.

Thecompany's first-quarter adjusted net income used to calculate diluted EPS was $55.8million, or 34 cents per share. This excludes merger-related charges of $5.5 million before taxes, or $3.5million after taxes.

The S&P CapitalIQ consensus estimate for normalized EPS for the first quarter was 33 cents.

Nonperformingassets totaled $112.3 million for the period, an increase of $17.8 million, or 18.83%,from the previous quarter, and an increase of$43.7 million, or 63.68%, from the year-ago period.


WallaWalla, Wash.-based Banner Corp.reported first-quarternet income of $17.8 million, or 52 cents per share, compared to $12.1 million, or61 cents per share, for the same period in 2015.

Thecompany's first-quarter net income was reduced by 13 cents per share due to acquisition-relatedcosts of $6.8 million.

The S&P CapitalIQ consensus estimate for normalized EPS for the first quarter was 62 cents.

Nonperforming assets for the quarter stoodat $23.0 million, compared to $27.1 million from the previous quarter, and $29.7million in the year-ago period.