3 Bank Stocks Losing Market Cap Value After Earnings Reports
Zions Bancorporation (NASDAQ:ZION) reported its results for the fourth quarter. Reported a profit of $89 million (24 cents per diluted share) in the quarter. The bank had a net loss of $72.2 million or a loss of 62 cents per share in the year earlier quarter. ZION reported adjusted net income of 30 cents per share. By that measure, the company fell short of mean estimate of 33 cents per share.
“We are again pleased with the significant improvement in credit quality this quarter, which we expect to continue and to result in lower net charge-offs in 2012,” said Harris H. Simmons, chairman and chief executive officer. Mr. Simmons continued, “We also are pleased with the somewhat stronger loan growth this quarter and with signs of strengthening loan pipelines, particularly for business loans. Revenue growth was a challenge for us, as it was for the whole industry, in 2011.”
Competitors to Watch: Glacier Bancorp, Inc. (NASDAQ:GBCI), CoBiz Financial Inc (NASDAQ:COBZ), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), First State Bancorp., NM (FSNM), U.S. Bancorp (NYSE:USB), TCF Financial Corporation (NYSE:TCB), Western Alliance Bancorporation (NYSE:WAL), and JPMorgan Chase & Co. (NYSE:JPM).
F.N.B. Corporation (NYSE:FNB) reported its results for the fourth quarter. Net income for F.N.B. Corporation rose to $23.7 million (19 cents per share) vs. $23.5 million (21 cents per share) in the same quarter a year earlier. This marks a rise of 0.9% from the year earlier quarter. FNB fell in line with the mean analyst estimate of 19 cents per share.
Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation commented, “The fourth quarter of 2011 proved to be a strong finish to a successful year for FNB, with financial results demonstrating our consistent positive momentum. The fourth quarter includes continued strong loan growth, solid deposit growth, a stable net interest margin and credit quality reflecting further improvement from previous good levels. We are very pleased to deliver these results for our shareholders.”
Competitors to Watch: Univest Corp. of PA (NASDAQ:UVSP), Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), National Penn Bancshares, Inc. (NASDAQ:NPBC), ACNB Corporation (NASDAQ:ACNB), Regions Financial Corp. (NYSE:RF), Wells Fargo & Company (NYSE:WFC), Pinnacle Financial Partners (NASDAQ:PNFP), M&T Bank Corporation (NYSE:MTB), VIST Financial Corp. (NASDAQ:VIST), and Old National Bancorp (NYSE:ONB).
Northwest Bancshares Inc. (NASDAQ:NWBI) reported its results for the fourth quarter. Net income for the savings and loan company rose to $15.2 million (16 cents per share) vs. $12.7 million (12 cents per share) in the same quarter a year earlier. This marks a rise of 19.3% from the year earlier quarter. NWBI fell short of the mean analyst estimate of 17 cents per share.
In making this announcement, William J. Wagner, President and CEO, noted, “We were pleased with most areas of our operations for the most recent quarter and the 2011 calendar year. Compared to prior year periods, net interest income remained at historically strong levels and all other sources of income remained relatively consistent as a reduction in service charges on deposits was offset by an increase in fee income from trust and insurance services. Increases in operating expense resulted primarily from additional compensation expense and professional fees that were incurred in conjunction with initiatives to strengthen our compliance management system. Although delinquency continues to improve, loan loss provisions and loan charge-offs remain at elevated levels as we continue to work through the credit challenges that have accumulated over the past three years. Stock repurchases were curtailed in the most recent quarter with only 170,000 shares purchased, as the market value of our stock increased substantially. Given our strong capital position, the Board of Directors elected to increase the dividend by $0.01 per quarter for the third consecutive year, resulting in a dividend yield of approximately 3.8%.”
Competitors to Watch: New York Community Bancorp, Inc. (NYSE:NYB), Parkvale Financial Corp. (NASDAQ:PVSA), Prudential Bancorp, Inc. of PA (NASDAQ:PBIP), Malvern Federal Bancorp, Inc. (NASDAQ:MLVF), WVS Financial Corp. (NASDAQ:WVFC), Oneida Financial Corp. (NASDAQ:ONFC), Hudson City Bancorp, Inc. (NASDAQ:HCBK), Berkshire Hills Bancorp, Inc. (NASDAQ:BHLB), and Harleysville Savings Financial Corp. (NASDAQ:HARL).