The Domestic Commercial Banking Business

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The Domestic Commercial
Banking Business
Session 4: 1/17/14
J. V. Rizzi
The Domestic Commercial Banking Business
Introduction
• Population
• Why it is different
• Financial Crisis
The Domestic Commercial Banking Business
2
The Domestic Commercial Banking Business
Economics
Business Model – Exhibit I - Spread Illusion
-Leveraged Yield Curve Carry Trade –
Credit and Mismatch Risks
-Other – Credit, Rates, Trading and
Services
Valuation – Exhibits II and III
-Opaque
-Shared Cost Base
-Cross Subsidies
-Government Subsidies
Governance
Regulation
The Domestic Commercial Banking Business
3
The Domestic Commercial Banking Business
What Happened – Banks Think With Their Capital
Eroding Core Spread Model
Increased Risk, Leverage and Assets, To Cover
Eroding Profitability
Nominal ROE Focus
Insufficient Capital to Absorb Eventual Losses
Failure of Risk Management – Peso Risk – The
Original Black Swan
Result
Catastrophe
Re-Regulation
Quantitative Easing – Depressed NIM, Search for
Yield
The Domestic Commercial Banking Business
4
The Domestic Commercial Banking
Business
Conclusion and Observations
Trapped Capital
Activists
Post QE
Return of Deposit Value
Consolidation
Technology Based Models
Issues
Governance / Incentive Compensation
Regulation
The Domestic Commercial Banking Business
5
The Domestic Commercial Banking Business
Exhibit I – Economic Model of a Bank
Customers
Pooled Resources
Interest Income
<Interest Expense>
NII
+
Fees
-
Operating Costs
Shared Expenses
• Overhead
• Distribution
• Operations
• Interest
• Total Expenses
+NII
-Expenses
- PLL
NIBT
-Taxes
Capital Pool
LLR
Equity
Shareholders
NI
Retained Earnings
Dividends
The Domestic Commercial Banking Business
6
The Domestic Commercial Banking Business
Exhibit II – Value Creation
ROE = NI × S × A
S A E
Ke = Rf + Bf(MRP)
= DDM
= ff
CF = NI – ∆A (TCR)
EVA = NI - Cc
The Domestic Commercial Banking Business
7
The Domestic Commercial Banking Business
Exhibit III - Relationships
V = NOPAT + TD +/- (FD, Subsidies….)
WACC
= NOPAT + I(ROA-WACC)T
WACC + WACC (1+WACC)
M=
B
ROE – g
Ke – g
P = M ÷ ROE
E B
The Domestic Commercial Banking Business
8
The Domestic Commercial Banking Business
Relationships
Crisis Pricing Distressed Banks
TBV
<LL Years 1-2>
+Earns Years 1-2
ATBV
÷ # Shares
Warranted Value Per Share
× Discount
Offer
The Domestic Commercial Banking Business
9
Decoder Sheet
NII Net Interest Income
LLR
Loan Loss Reserves
NIBT
Net Income Before
Taxes
NI
Net Income
S
Sales
A
Assets
Eq
Equity
DDM
Dividend Discount
Model
Rf
Risk Free Rate
BT
Beta
MRP
Market Risk
Premium
FF
Fama French 3
Factor Model
CF Cash Flow
TCR
Target Capital Ratio
EVA
Economic Value
Added
Exp
Non Interest
Expense
Cc
Cost of Capital
NOPAT Net Operating
Profit After Taxes
TD Tax Benefits of
Debt
FD Financial Distress
WACC Weighted Average
Cost of Capital
I
Investment
T
Competitive
Advantage Period
g
Growth
M
Market Price
B
Book Value
ROE
Return on Equity
Ke
Cost of Equity
E
Earnings
P
Price
NIM
Net Income Margin
PLL
Provision for Loan
Losses
The Domestic Commercial Banking Business
10
The Domestic Commercial Banking Business
Case Studies – Exhibit IV
SIFI/TBTF
Traditional Banks
JPMC (JPM)
Wells (WFC)
Citigroup (CIT)
Investment Banks
Goldman (GS) – 2005 Annual,
2013
Changes
Morgan Stanley (MS)
Community Banks – TSTS
PACW
JAXB
The Domestic Commercial Banking Business
11
The Domestic Commercial Banking Business
SIFI/TBTF – Traditional Banks
J P Morgan
JPMorgan Chase & Co. (NYSE: JPM)
SNL Inst. Key: 100201
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
57.70
As Of 12/20/2013 Close
Shares Outstanding
3,759,189,280
As Of
9/30/2013
Market Capitalization ($M)
216,905.2
Government Program Participation:
TARP - Redeemed
TDGP - Participated
More >>
12/20/2013 Exclusive SNL Energy's 10 most influential people of 2013
12/20/2013 Exclusive Data Dispatch: Big banking sector investors go for small
names
12/19/2013 Exclusive Research Roundup: Thursday
12/19/2013 Exclusive Hires and Fires: Wall Street moves through Dec. 18
12/19/2013 Exclusive Data Dispatch: Common stock draws the most attention
12/19/2013 Exclusive Data Dispatch: CRE loan growth intensifies as regional
banks take charge

12/18/2013 Former JPMorgan exec avoids jail time in bond bid-rigging case
12/18/2013 JPMorgan lowered to 'neutral' on valuation by SunTrust Robinson
Humphrey
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
2,463,309,000
Tangible Common Equity/ Tangible Assets (%)
6.04
Regulatory Leverage Ratio (%)
6.93
Book Value ($)
52.01
Tangible Book Value ($)
38.78
LTM ROAA (%)
0.78
LTM ROAE (%)
8.91
LTM ROATCE (%)
11.89
LTM Efficiency Ratio (%)
72.35
LTM Net Int Margin (%)
2.28
NPAs/Assets (%)
0.93
NPA Excl. Rest/ Assets (%)
0.42
LTM NCOs/Loans (%)
0.84
Reserves/Loans (%)
2.41
Depository Rates
Savings
52 Week
Price Change ($)
0.47
13.70
Price Change (%)
0.82
31.14
Avg. Co. Rate (%)
Nat'l Rate (%)
Regular Savings - $1k
0.01
0.13
Interest Checking - $5k
0.01
0.10
6 Mo CD - $10k
0.02
0.24
1 Yr CD - $10k
0.02
0.37
3 Yr CD - $10k
0.05
Consumer Loans
One Day
More >>
Avg. Co. Rate (%)
0.77
Nat'l Rate (%)
New Car - 60 Mo
3.08
4.08
Home Equity - LOC
5.26
4.30
Credit Card Platinum
12.99
High ($)
58.00
58.14 (11/25/2013)
Low ($)
57.20
42.90 (12/27/2012)
5/1 ARM
3.230
3.450
22,001,671
21,312,660
15 Yr Fixed
3.670
3.570
30 Yr Fixed
4.550
4.480
Avg Daily Volume
Current
Year Ago
Price/Book (%)
110.9
88.8
Price/Tangible Book (%)
Avg. Co. Rate (%)
9.94
Mortgage
Earnings Per Share*
Nat'l Rate (%)
More >>
148.8
120.7
Year
EPS ($)
Year-over-year Growth (%)
Price/LTM EPS (x)
13.1
9.5
2011
4.48A
13.13
Price/Current Yr Est EPS (x)*
12.6
8.8
2012
5.20A
16.07
Dividend Yield (%)
2.63
2.69
2013 Est.
4.58
(11.96)
2014 Est.
5.99
Institutional Ownership (%)
76.44
Number of Institutions
2,134
More >>
Credit Ratings - Long-term Rating
The Domestic Commercial Banking Business
30.84
More >>
12
The Domestic Commercial Banking Business
SIFI/TBTF – Traditional Banks
Wells Fargo
Wells Fargo & Company (NYSE: WFC)
SNL Inst. Key: 100382
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
44.96
As Of 12/20/2013 Close
Shares Outstanding
5,267,598,642
As Of
Market Capitalization ($M)
Government Program Participation:
More >>
12/20/2013 Wells Fargo Advisors increases deferred bonus for brokers in 2014
12/20/2013 Miami sues Citi, BofA, Wells on discriminatory lending accusations
10/31/2013
12/19/2013 Exclusive Data Dispatch: Common stock draws the most attention
236,831.2
12/19/2013 Exclusive Data Dispatch: CRE loan growth intensifies as regional
banks take charge
TARP - Redeemed
TDGP - Participated
12/18/2013 Exclusive Fixed-Income Focus: ResCap lawsuit deluge targets
correspondents that sold nearly $22B in mortgages
12/18/2013 Exclusive Data Dispatch: Volcker raises questions about banks'
exposure to TruPS CDOs

12/18/2013 Exclusive Data Dispatch: Profitability analysis of the US banking
sector, Q3'13
12/17/2013 Exclusive Out West: Online, mobile banking reduce need for
branches in California
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
1,488,055,000
Tangible Common Equity/ Tangible Assets (%)
8.32
Regulatory Leverage Ratio (%)
9.76
Book Value ($)
28.98
Tangible Book Value ($)
22.98
LTM ROAA (%)
1.54
LTM ROAE (%)
13.47
LTM ROATCE (%)
18.46
LTM Efficiency Ratio (%)
55.39
LTM Net Int Margin (%)
3.47
NPAs/Assets (%)
2.51
NPA Excl. Rest/ Assets (%)
1.27
LTM NCOs/Loans (%)
0.67
Reserves/Loans (%)
1.81
Depository Rates
Savings
More >>
Avg. Co. Rate (%)
Nat'l Rate (%)
Regular Savings - $1k
0.01
0.13
Interest Checking - $5k
0.05
0.10
Money Market - $10k
0.03
0.17
6 Mo CD - $10k
0.05
0.24
1 Yr CD - $10k
0.05
0.37
3 Yr CD - $10k
0.25
0.77
One Day
52 Week
Price Change ($)
(0.06)
10.48
Consumer Loans
Price Change (%)
(0.13)
30.39
New Car - 60 Mo
3.53
4.08
High ($)
45.20
45.20 (12/20/2013)
Home Equity - LOC
5.62
4.30
Low ($)
44.80
33.66 (12/27/2012)
Credit Card Platinum
10.15
29,401,363
20,055,149
Avg Daily Volume
Mortgage
Avg. Co. Rate (%)
Nat'l Rate (%)
Avg. Co. Rate (%)
9.94
Nat'l Rate (%)
5/1 ARM
3.360
3.450
Current
Year Ago
15 Yr Fixed
3.840
3.570
Price/Book (%)
155.1
129.4
30 Yr Fixed
4.660
Price/Tangible Book (%)
195.7
168.4
Earnings Per Share*
Price/LTM EPS (x)
11.8
11.0
Price/Current Yr Est EPS (x)*
11.6
10.3
Dividend Yield (%)
2.67
2.51
The Domestic Commercial Banking Business
4.480
More >>
13
The Domestic Commercial Banking Business
SIFI/TBTF – Traditional Banks
Citigroup
CIT Group Inc. (NYSE: CIT) SNL Inst. Key: 102820
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
50.74
As Of 12/20/2013 Close
Shares Outstanding
200,164,479
As Of
10/31/2013
Market Capitalization ($M)
10,156.3
Total Enterprise Value ($M)
26,685.6
Government Program Participation:
TARP - Acquired or Defunct
TAGP - Participated

More >>
12/20/2013 Exclusive Data Dispatch: TARP deferral tide subsides
12/16/2013 Exclusive The Storm Center: An element of déjà vu in AerCap's
ILFC deal
12/12/2013 CIT Group names head of investor relations
12/4/2013
Exclusive The Daily Dose: Wednesday, Financials edition
12/3/2013
CIT Group makes changes to organizational structure, operating
segments
11/26/2013 Exclusive Data Dispatch: Basswood Capital increased financial
industry investments in Q3'13
11/20/2013 Exclusive Data Dispatch: Top 50 US banks, thrifts in Q3'13
11/14/2013 CIT Bank closes $750M equipment lease securitization
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
46,224,000
Tangible Equity/Tangible Assets (%)
18.52
Book Value ($)
44.16
Tangible Book Value ($)
42.36
LTM ROAA (%)
1.70
LTM ROAE (%)
8.89
LTM ROAMR (%)
2.19
Recurring Exp/Avg Assets (%)
3.45
NCOs/Avg Loans (%)
0.38
NCOs/Avg Managed Loans (%)
0.24
Managed Receivables ($000)
35,522,000
LTM Originations ($000)
10,450,800
Depository Rates
Savings
More >>
Avg. Co. Rate (%)
Regular Savings - $1k
0.85
0.13
6 Mo CD - $10k
0.45
0.24
1 Yr CD - $10k
1.02
0.37
3 Yr CD - $10k
1.27
Earnings Per Share*
Price Change ($)
Price Change (%)
High ($)
Low ($)
Avg Daily Volume
One Day
52 Week
0.31
12.61
0.61
33.07
50.97
51.52 (8/2/2013)
50.30
37.66 (12/31/2012)
1,420,411
1,282,426
Year Ago
Price/Book (%)
114.9
95.4
Price/Tangible Book (%)
119.8
100.0
Price/LTM EPS (x)
13.6
NM
Price/Current Yr Est EPS (x)*
13.9
N/A
Dividend Yield (%)
0.79
0.00
0.77
More >>
Year
EPS ($)
Year-over-year Growth (%)
2011
0.14A
(94.57)
2012
(2.95)A
NM
2013 Est.
3.66
NM
2014 Est.
4.08
11.41
Credit Ratings - Long-term Rating
More >>
Moody's
Ba3
1/8/2013
S&P
BB-
2/12/2013
Document Highlights
Current
Nat'l Rate (%)
Investor Presentation (IP)
Transcript (CPT)
10-Q
Earnings Release (ER)
Supplement (FIN SUPP)
Proxy (DEF 14A)
10-K
Annual Report (AR)
The Domestic Commercial Banking Business
More >>
12/12/2013
11/7/2013
11/6/2013
10/22/2013
9/30/2013
4/4/2013
3/1/2013
12/31/2012
14
The Domestic Commercial Banking Business
SIFI/TBTF – Investment Banks
Goldman Sachs
Goldman Sachs Group, Inc. (NYSE: GS) SNL Inst. Key: 4039450
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
175.16
As Of 12/20/2013 Close
Shares Outstanding
453,231,366
As Of
10/25/2013
Market Capitalization ($M)
79,388.0
Total Enterprise Value ($M)
243,805.0
Government Program Participation:
TARP - Redeemed
TDGP - Participated
More >>
12/20/2013 Exclusive Data Dispatch: Big banking sector investors go for small
names
12/20/2013 Dynasty Financial Partners names 2 VPs, moves headquarters to NY
12/19/2013 Exclusive Hires and Fires: Wall Street moves through Dec. 18
12/19/2013 Judge allows IPO suit to target Facebook, banks
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
923,223,000
Tangible Common Equity/ Tangible Assets (%)
7.18
Book Value ($)
153.58
Tangible Book Value ($)
143.86
LTM ROAA (%)
0.91
LTM ROAE (%)
11.14
LTM ROATCE (%)
12.98
Net Income/Revenues (%)
24.81
EBITDA/Pretax Income (x)
1.67
Debt/Equity (x)
5.03
Cash & Inv/Assets (%)
56.29
Assets Under Mgmt ($000)
878,000,000
Recurring EBITDA/Int Exp + Pref Divs (x)
Earnings Per Share*
2.82
More >>
Year
EPS ($)
Year-over-year Growth (%)
2011
4.51A
(65.78)
2012
14.13A
213.30
2013 Est.
14.98
6.05
2014 Est.
15.28
1.98
Credit Ratings - Long-term Rating
More >>
Moody's
Baa1
11/14/2013
S&P
A-
11/29/2011
Fitch Ratings
A
5/16/2013
Document Highlights
More >>
One Day
52 Week
Transcript (CPT)
11/12/2013
Price Change ($)
0.39
46.72
Investor Presentation (IP)
11/12/2013
Price Change (%)
0.22
36.37
10-Q
175.79
175.80 (12/19/2013)
Earnings Release (ER)
173.75
124.57 (12/27/2012)
Supplement (FIN SUPP)
9/30/2013
3,763,862
3,627,117
Proxy (DEFA14A)
4/12/2013
High ($)
Low ($)
Avg Daily Volume
10-K
Current
Year Ago
Price/Book (%)
114.1
92.3
Price/Tangible Book (%)
121.8
100.0
10.6
12.5
Price/LTM EPS (x)
Price/Current Yr Est EPS (x)*
Enterprise Value/LTM EBITDA (x)
Dividend Yield (%)
11.7
10.9
11.71
14.59
1.26
1.54
Annual Report (AR)
11/7/2013
10/17/2013
3/1/2013
12/31/2012
Annual Regulatory Filing: Bank (Y-6)
3/31/2012
Electric Regulatory Filing (Misc) (PEMT)
1/28/2009
The Domestic Commercial Banking Business
15
The Domestic Commercial Banking Business
SIFI/TBTF – Investment Banks
Morgan Stanley
Morgan Stanley (NYSE: MS)
SNL Inst. Key: 103042
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
30.93
As Of 12/20/2013 Close
Shares Outstanding
1,951,340,420
As Of
10/31/2013
Market Capitalization ($M)
60,355.0
Total Enterprise Value ($M)
201,167.3
Government Program Participation:
TARP - Redeemed
TDGP - Participated
More >>
12/20/2013 Morgan Stanley selling global oil merchanting unit
12/19/2013 Judge allows IPO suit to target Facebook, banks
12/18/2013 Report: Banks urging Ares Management to go for an IPO soon
12/17/2013 Exclusive Data Dispatch: Comp ratio a pressure point at large banks
12/17/2013 Exclusive Data Dispatch: Industry tries to untangle Volcker Rule
12/16/2013 Exclusive The Daily Dose: Monday, Financials edition
12/16/2013 Exclusive Data Dispatch: Big banks provide steady or increased
Basel III estimates
12/13/2013 Report: SAC Capital could cut back on Wall Street relationships,
change name
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
832,223,000
Tangible Common Equity/ Tangible Assets (%)
32.07
Tangible Book Value ($)
26.90
LTM ROAA (%)
0.52
LTM ROAE (%)
6.40
LTM ROATCE (%)
6.70
Net Income/Revenues (%)
13.40
EBITDA/Pretax Income (x)
2.15
Debt/Equity (x)
4.60
Cash & Inv/Assets (%)
46.52
Assets Under Mgmt ($000)
1,007,000,000
Recurring EBITDA/Int Exp + Pref Divs (x)
Earnings Per Share*
One Day
52 Week
0.07
12.01
Price Change (%)
0.23
63.48
High ($)
31.19
31.85 (12/2/2013)
Low ($)
30.82
18.50 (12/27/2012)
14,922,674
16,877,136
Avg Daily Volume
Year
EPS ($)
Year-over-year Growth (%)
2011
1.26A
(48.36)
2012
1.59A
26.19
2013 Est.
1.93
21.24
2014 Est.
2.51
30.10
More >>
Moody's
Baa2
11/14/2013
S&P
A-
11/29/2011
Fitch Ratings
A
5/16/2013
Document Highlights
Price/Tangible Book (%)
Price/LTM EPS (x)
Price/Current Yr Est EPS (x)*
Enterprise Value/LTM EBITDA (x)
Dividend Yield (%)
Current
Year Ago
96.4
63.2
115.0
76.7
19.0
NM
16.0
20.4
16.85
69.13
0.65
1.04
More >>
Transcript (CPT)
12/10/2013
Investor Presentation (IP)
11/14/2013
10-Q
Price/Book (%)
2.40
More >>
Credit Ratings - Long-term Rating
Price Change ($)
6.39
Book Value ($)
Earnings Release (ER)
Supplement (FIN SUPP)
Proxy (DEFA14A)
10-K
Annual Regulatory Filing: Bank (Y-6)
Annual Report (AR)
Recent Research Reports
The Domestic Commercial Banking Business
11/4/2013
10/18/2013
9/30/2013
5/3/2013
2/26/2013
3/31/2012
11/30/2006
More >>
16
The Domestic Commercial Banking Business
SIFI/TBTF – Community Banks - TSTS
Pacific West
PacWest Bancorp (NASDAQ: PACW) SNL Inst. Key: 4053613
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
41.66
As Of 12/20/2013 Close
Shares Outstanding
46,078,152
As Of
12/4/2013
Market Capitalization ($M)
1,919.6
Government Program Participation:
TDGP - Participated
TAGP - Participated
More >>
12/21/2013 PacWest/CapitalSource amend merger agreement
12/18/2013 Exclusive Data Dispatch: Profitability analysis of the US banking
sector, Q3'13
12/17/2013 Exclusive Data Dispatch: Highest CRE concentrations among banks
and thrifts, Q3'13
12/17/2013 Exclusive Out West: Online, mobile banking reduce need for
branches in California
12/17/2013 Exclusive The Short Report: Shorts dip for Enterprise Financial
Services
12/12/2013 KBW releases 2014 outlook for small-to-mid-cap, large-cap banks
12/10/2013 Exclusive Data Dispatch: Bank M&A 2013 deal tracker
12/6/2013
Exclusive Research Roundup: Friday
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
6,616,855
Tangible Common Equity/ Tangible Assets (%)
9.12
Regulatory Leverage Ratio (%)
11.16
Book Value ($)
17.71
Tangible Book Value ($)
12.62
LTM ROAA (%)
1.06
LTM ROAE (%)
9.38
LTM ROATCE (%)
12.30
LTM Efficiency Ratio (%)
59.59
LTM Net Int Margin (%)
5.50
LTM NCOs/Loans (%)
0.22
Reserves/Loans (%)
1.91
Depository Rates
Savings
One Day
52 Week
Price Change ($)
(0.21)
16.60
Price Change (%)
(0.50)
66.24
High ($)
42.24
42.69 (12/9/2013)
Low ($)
41.62
24.27 (12/27/2012)
1,231,385
366,145
Avg Daily Volume
More >>
Avg. Co. Rate (%)
Nat'l Rate (%)
Regular Savings - $1k
0.01
0.13
Interest Checking - $5k
0.01
0.10
Money Market - $10k
0.05
0.17
6 Mo CD - $10k
0.10
0.24
1 Yr CD - $10k
0.15
0.37
3 Yr CD - $10k
0.35
0.77
Consumer Loans
Avg. Co. Rate (%)
Credit Card Platinum
Nat'l Rate (%)
9.99
Earnings Per Share*
9.94
More >>
Year
EPS ($)
2011
1.37A
NM
2012
1.54A
12.41
13.54
Current
Year Ago
2013 Est.
1.75
Price/Book (%)
235.2
160.8
2014 Est.
2.32
Price/Tangible Book (%)
330.1
192.2
Price/LTM EPS (x)
26.9
18.3
Price/Current Yr Est EPS (x)*
23.8
13.4
Dividend Yield (%)
2.40
3.98
Document Highlights
The Domestic Commercial Banking Business
Year-over-year Growth (%)
32.54
More >>
17
The Domestic Commercial Banking Business
SIFI/TBTF – Community Banks - TSTS
Jacksonville Bancorp
Jacksonville Bancorp, Inc. (NASDAQ: JAXB) SNL Inst. Key: 4041254
Tools
Corporate Profile
Currency: USD
Market Data
Price ($)
Recent News
12.64
As Of 12/20/2013 Close
Shares Outstanding
5,795,095
As Of
10/31/2013
Market Capitalization ($M)
73.3
Government Program Participation:
TAGP - Participated
More >>
12/19/2013 Exclusive Data Dispatch: Common stock draws the most attention
12/12/2013 Exclusive Hires and Fires: Banking moves through Dec. 11
12/10/2013 Jacksonville Bancorp names CEO
11/11/2013 Exclusive The Daily Dose: Monday, Financials edition
11/8/2013
Jacksonville Bancorp regains compliance with NASDAQ listing rule
11/7/2013
Cecil Bancorp unit names CEO/president
10/23/2013 Jacksonville Bancorp to effect reverse stock split
10/18/2013 Exclusive Data Dispatch: Bank and thrift reverse splits since 2008
Financial Performance
More >>
Period Ended
9/30/2013
Assets ($000)
514,547
Tangible Common Equity/ Tangible Assets (%)
6.19
Regulatory Leverage Ratio (%)
8.44
Book Value ($)
6.06
Tangible Book Value ($)
5.89
LTM ROAA (%)
(4.03)
LTM ROAE (%)
(77.15)
LTM ROATCE (%)
NM
LTM Efficiency Ratio (%)
94.34
LTM Net Int Margin (%)
3.85
NPAs/Assets (%)
5.62
NPA Excl. Rest/ Assets (%)
4.66
LTM NCOs/Loans (%)
5.43
Reserves/Loans (%)
4.55
Depository Rates
Savings
One Day
52 Week
Price Change ($)
(0.21)
(4.56)
Price Change (%)
(1.64)
(26.51)
High ($)
12.97
72.00 (1/24/2013)
Low ($)
12.54
8.63 (5/16/2013)
Avg Daily Volume
9,957
4,688
More >>
Avg. Co. Rate (%)
Nat'l Rate (%)
Regular Savings - $1k
0.10
0.13
Interest Checking - $5k
0.10
0.10
Money Market - $10k
0.15
0.17
6 Mo CD - $10k
0.10
0.24
1 Yr CD - $10k
0.30
0.37
3 Yr CD - $10k
0.65
Consumer Loans
Avg. Co. Rate (%)
New Car - 60 Mo
3.75
Credit Card Platinum
14.24
Earnings Per Share*
0.77
Nat'l Rate (%)
4.08
9.94
More >>
Year
EPS ($)
2012
(146.20)A
Year-over-year Growth (%)
NM
Current
Year Ago
Price/Book (%)
208.6
58.1
Price/Tangible Book (%)
214.7
69.1
Earnings Release (ER)
11/8/2013
Price/LTM EPS (x)
NM
NM
10-Q
11/8/2013
Price/Current Yr Est EPS (x)
N/A
N/A
Proxy (DEF 14A)
3/29/2013
Dividend Yield (%)
0.00
0.00
10-K
3/26/2013
Investor Presentation (IP)
6/27/2011
Document Highlights
Annual Regulatory Filing: Bank (Y-6)
Annual Report (AR)
The Domestic Commercial Banking Business
More >>
3/31/2010
12/31/2009
18
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