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In This List

Midday Tuesday: First NBC falls over 25%

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Midday Tuesday: First NBC falls over 25%

U.S. bank and thrift stocks, as well as the broader markets, continued to slide during morning trading Tuesday, Jan. 31. President Donald Trump's Jan. 27 executive order, which temporarily bans citizens of seven foreign nations from travelling to the U.S., continues to dominate headlines.

Meanwhile, the Federal Open Market Committee begins its first meeting in 2017 today.

First NBC Bank Holding Co. fell 26.05% to $4.40 after disclosing that it will record a material valuation allowance related to its deferred tax asset at the end of 2016. The company said it is unable to estimate the amount of the valuation allowance at this time.

Meta Financial Group Inc. slipped 13.35% to $87.00 after reporting fourth-quarter earnings after market close on Jan. 30. The bank reported earnings per share of 14 cents for the quarter, down from 49 cents in the year-ago quarter, due in part to increased noninterest expense.

The SNL U.S. Bank index dropped 0.74% to 528.84, and the SNL U.S. Thrift index slid 0.42% to 933.92. The Dow Jones Industrial Average declined 0.87% to 19,798.06, the S&P 500 was down 0.59% to 2,267.53 and the Nasdaq composite index fell 0.65% to 5,577.12.

In Pennsylvania, Bryn Mawr Bank Corp. has agreed to acquire Royal Bancshares of Pennsylvania Inc. in a deal valued at $127.7 million. Around noon, Bryn Mawr slid 0.74% to $40.05 and Royal Bancshares of Pennsylvania was up 1.80% to $3.96.

JPMorgan Chase & Co. was down 1.74% to $84.54, Bank of America Corp. declined 1.20% to $22.68, Wells Fargo & Co. retreated 0.04% to $56.06, and Citigroup Inc. fell 1.31% to $55.87.

Among thrifts, BofI Holding Inc. gained 1.78% to $28.58.

In economic news, the Conference Board Consumer Confidence Index, which had increased in December 2016, retreated in January. The Index now stands at 111.8, down from 113.3 in December 2016. The Present Situation Index increased from 123.5 to 129.7, but the Expectations Index decreased from 106.4 last month to 99.8.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.6% annual gain in November 2016, up from 5.5% the previous month.

Market prices and index values are current as of the time of publication and are subject to change