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Saturday, May 27, 2017

Bank Failures 2017 - FDIC Closes Fayette County Bank, Saint Elmo, Illinois



Bank Failures 2017 continue with the FDIC closing Fayette County Bank, Saint Elmo, Illinois on Friday, May 26, 2017. This is the sixth bank failure of the year. Banks have now been closed in New Jersey, Illinois 2, Utah, Louisiana, and Wisconsin in 2017.

#6 Fayette County Bank, Saint Elmo, IL
* Fidelity Bank, fsb, Evansville, Indiana assumed all of the deposits.
* As of March 31, 2017, Fayette County Bank had approximately $34.4 million in total assets and $1.0 billion in total deposits.
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $10.0 million
* In addition to assuming all of the deposits of the failed bank, Fidelity Bank agreed to purchase $28.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
* The last FDIC-insured institution closed in the state was Seaway Bank and Trust Company, Chicago, on January 27, 2017.

USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. Closings have continued to decrease through 2016. The total 2017 closings are currently estimated at 15. The 2017 annual bank failures are extrapolated from the weeks reported and failures year-to-date.


Cost of Failed Banks 2017 The total estimated losses to the FDIC Deposit Insurance Fund for 2017 bank closures year-to-date are $1.24 billion.


Losses to the Deposit Insurance Fund (DIF) in 2017 year-to-date:
6 Fayette County Bank, Saint Elmo, Illinois, 5-26-17, $10.0M
5 Guaranty Bank, Milwaukee, Wisconsin, 5-5-17, $146.4M
4 First NBC Bank, New Orleans, Louisiana, 4-28-17, $996.9M
3 Proficio Bank, Cottonwood Heights, Utah, 3-3-17, $11.0M
2 Seaway Bank and Trust Company, Chicago, Illinois, 1-27-17, $57.2M
1 Harvest Community Bank, Pennsville, New Jersey, 1-13-17, $22.3M

FDIC Press Release: United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Fayette County Bank, Saint Elmo, Illinois
FDIC Failed Bank List



Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 3 credit unions in conservatorship in 2017:

Placed In Conservatorship
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Friday, May 12, 2017

Bank Failures 2017 - FDIC Closes Guaranty Bank, Milwaukee, WI



Bank Failures 2017 continue with the FDIC closing Guaranty Bank, Milwaukee, WI on Friday, May 5, 2017. Guaranty Bank did business as BestBank in Georgia and Michigan. This is the fifth bank failure of the year. Banks have now been closed in New Jersey, Illinois, Utah, Louisiana, and Wisconsin in 2017.

#5 Guaranty Bank, Milwaukee, WI
* First-Citizens Bank & Trust Company, Raleigh, NC assumed all of the deposits.
* As of March 31, 2017, Guaranty Bank had approximately $1.0 billion in total assets and $1.0 billion in total deposits.
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $51.6 million
* In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase $892.6 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
* The last FDIC-insured institution closed in the state was North Milwaukee State Bank, Milwaukee, on March 11, 2016.

USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. Closings have continued to decrease through 2016. The total 2017 closings are currently estimated at 11. The 2017 annual bank failures are extrapolated from the weeks reported and failures year-to-date.


Cost of Failed Banks 2017 The total estimated losses to the FDIC Deposit Insurance Fund for 2017 bank closures year-to-date are $1.23 billion.


Losses to the Deposit Insurance Fund (DIF) in 2017 year-to-date:
5 Guaranty Bank, Milwaukee, Wisconsin, 5-5-17, $146.4M
4 First NBC Bank, New Orleans, Louisiana, 4-28-17, $996.9M
3 Proficio Bank, Cottonwood Heights, Utah, 3-3-17, $11.0M
2 Seaway Bank and Trust Company, Chicago, Illinois, 1-27-17, $57.2M
1 Harvest Community Bank, Pennsville, New Jersey, 1-13-17, $22.3M



Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 3 credit unions in conservatorship in 2017:

Placed In Conservatorship
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

Saturday, May 6, 2017

A Long-Term View Of AIG Earnings

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AIG reported QE March 2017 financial results on May 3




Summary

● Non-GAAP earnings per share of +$1.36 reverse the prior quarter loss of -$2.72 and soundly beats the analysts’ average estimate of +$1.08. Likewise, GAAP EPS returned to a positive +$1.18.

● The current QE 3-31-17 earnings rebound is likely more cyclical and a similar financial performance expected for QE 6-30-17.

● AIG has a number of corporate issues, including restructuring and hiring a new CEO. Investors await the announcement of a replacement for CEO Peter Hancock.


Read more analysis and see the financial charts at Seeking Alpha!


About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG’s core businesses include Commercial Insurance and Consumer Insurance, as well as Other Operations. Commercial Insurance comprises two modules – Liability and Financial Lines, and Property and Special Risks. Consumer Insurance comprises four modules – Individual Retirement, Group Retirement, Life Insurance and Personal Insurance. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.


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Thursday, May 4, 2017

MetLife Earnings Improve, Uptrend Begins?

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MetLife reported QE March 2017 financial results on May 3




Summary

● Non-GAAP earnings per share of $1.41 solidly beat the analysts’ estimate of $1.27. GAAP EPS returned to a positive +$0.75, after the prior quarter disastrous loss of -$1.94.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017. Will this positive earnings report reverse the downtrend?

● Additional solid quarterly financial performances are needed, but a base and possibly an uptrend has been established for the stock price.


Read more analysis and see the financial charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.


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Monday, May 1, 2017

MetLife Earnings Preview: A Tale Of Two Companies

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MetLife reports QE March 2017 financial results on May 3




Summary

● Another average financial performance of $1.27 Non-GAAP earnings per share is expected by MetLife for the quarter ended March 2017. GAAP financial performance has been volatile and created investor uncertainty.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017.

● CEO Steven Kandarian continues as Chairman and CEO after his mandatory retirement was waived by the Board of Directors in 2016.


Read more and see the charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.


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Wednesday, April 19, 2017

U.S. Bancorp Earnings Review: Exceptional, Not Typical

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US Bancorp reported QE March 2017 financial results on April 19




Summary

● U.S. Bancorp reported $0.82 earnings per share, beating analysts’ estimates by $0.02 with an excellent 7.9% EPS increase year over year.

● Earnings performance continues at exceptional levels as outgoing CEO Richard Davis has posted quarter after quarter of maximizing shareholder wealth.

● Andrew Cecere begins his tenure as CEO with this new quarter ending June 2017.


Read more and see the charts at Seeking Alpha!


About US Bancorp

Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in assets as of December 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,106 banking offices in 25 states and 4,842 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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Tuesday, April 18, 2017

US Bancorp Earnings Preview: Diminishing Returns

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US Bancorp reports QE March 2017 financial results on April 19




Summary

● US Bancorp has posted solid quarterly financial position and performance since the 2008 - 2009 financial crisis.

● Andrew Cecere, President and Chief Operating Officer, succeeds Richard Davis as Chief Executive Officer on Tuesday, April 18 at the annual shareholders’ meeting.

● The financial statements show a conservative, traditional banking approach, which has been called “cautious, plain vanilla banking.

Read more and see charts at Seeking Alpha!


About US Bancorp

Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in assets as of December 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,106 banking offices in 25 states and 4,842 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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