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Community bank earnings: Heartland notes higher QOQ card revenues; Washington Trust sees insurance income jump

In this feature, S&P Global MarketIntelligence takes a look at a handful of community banks from around thecountry. Those on today's list reported on July 25 their earnings results forthe three months ended June 30.

Midwest

Sioux Falls,S.D.-based Meta Financial GroupInc.'s fiscal third quarter brought innet income of $8.9 million, or $1.04 per share. It was $4.6 million, or 66 cents pershare, a year ago. The recent quarter's bottomline included $1.2 million ofmerger-related expenses, pretax, and a $2.1 million provision for loan losses,largely from the charge-off of an agriculture relationship. On the other hand,card fee income rose 36% year over year, thanks in part to businesspartnerships.


Dubuque,Iowa-based Heartland Financial USAInc. posted net income available tocommon stockholders of $20.9 million, or 84 cents per share, up from the year-ago period's $15.0million, or 72 cents per share. The S&P Capital IQ consensusnormalized EPS estimate for the recent quarter was 77 cents. Heartland Chairmanand CEO Lynn Fuller noted amore-than-10% quarter-over-quarter increase in commercial card services anddebit card revenues.

Northeast

Pittsfield,Mass.-based Berkshire HillsBancorp Inc. reported net income of $16.0million, or 52 centsper share, up from the year-ago quarter's $10.0 million, or 35 cents per share.Core income, which excludes acquisition and restructuring charges, was peggedat $16.5 million, or 54 cents per share, matching the S&P Capital IQconsensus normalized EPS estimate. In the three months to June 30, Berkshireannounced it would acquire First Choice Bank of New Jersey and the purchase of 44 BusinessCapital.


Westerly,R.I.-based Washington TrustBancorp Inc. recorded net incomeavailable to common shareholders of $11.0 million, or per share, compared with $11.5million, or 68 cents per share, in the second quarter of 2015. Income frombank-owned life insurance amounted to $1.1 million, up by $591,000, fromthe previous quarter.

Washington Trust also noted that its residential loan portfoliobalance as of June 30 included the $16.1 million purchase of whole loans onJune 28. Provision for loan losses, however, was lowered to $450,000 from thefirst quarter's $500,000.

Southeast

Davenport,Fla.-based CenterState BanksInc. posted net income allocated tocommon shares of $15.7 million, or 32 cents per share. In the year-ago period, it was $9.8million, or 21 cents per share, and the S&P Capital IQ consensus normalizedEPS estimate for the recent quarter was 28 cents. CenterState noted it hadachieved cost saves from its Homestead, Fla., sooner than expected.

West

And Billings,Mont.-based First InterstateBancSystem Inc. reported netincome of $25.6 million, or 57cents per share, compared with the $22.2 million, or 49 cents pershare, it had posted a year ago. During the quarter, First Interstate recordeda $3.8 million recovery oflitigation costs. Excluding that item, core net income was pegged at $23.2million, or 52 cents per share. The S&P Capital IQ consensus normalized EPSestimate for the recent quarter was 51 cents.