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Business, Finance, Occupation & Industry

Fifth Third Announces First Quarter 2013 Net Income to Common Shareholders of $413 Million or $0.46

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By Business Wirevia The Motley Fool

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Fifth Third Announces First Quarter 2013 Net Income to Common Shareholders of $413 Million or $0.46 Per Share

  • 1Q13 net income available to common shareholders of $413 million, or $0.46 per diluted common share, vs. $390 million or $0.43 per share in 4Q12, up 7% and $421 million or $0.45 per share in 1Q12, up 2%
  • 1Q13 results included a benefit of $34 million pre-tax (~$22 million after-tax, or ~$0.02 per share) on the valuation of the warrant Fifth Third holds in Vantiv
    • Significant items in 4Q12 included a positive net pre-tax impact related to Vantiv shares and warrants of $138 million (~$90 million after tax, or ~$0.10 per share) and pre-tax expense for FHLB debt extinguishment of $134 million (~$87 million after-tax, or ~$0.09 per share); significant 1Q12 items included a positive net pre-tax impact related to Vantiv shares and warrants of $127 million (~$83 million after-tax, or ~$0.09 per share)
    • Excluding these items, earnings per diluted common share of $0.44^ increased $0.08, or 22%, from 1Q12
  • 1Q13 return on assets (ROA) of 1.41%; return on average common equity of 12.5%; return on average tangible common equity** of 15.4%
  • Pre-provision net revenue (PPNR)** of $653 million in 1Q13
    • Net interest income (FTE) of $893 million, down 1% sequentially due primarily to lower day count; net interest margin 3.42%; average portfolio loans up 2% sequentially driven by 6% sequential growth in C&I loans
    • Noninterest income of $743 million included $34 million gain on Vantiv warrant and $17 million in investment securities gains; compared with $880 million in prior quarter which included net gains of $138 million related to Vantiv shares and warrant
    • Noninterest expense of $978 million, down 16% from 4Q12 which included FHLB debt termination charge
  • 1Q13 effective tax rate of 30.4% compared with 26.8% in 4Q12 and 28.6% in 1Q12; 1Q13 income taxes included seasonal increase of $12 million related to expiration of stock options; 4Q12 income taxes included $10 million benefit from the termination of certain leases
  • Credit trends remain favorable
    • 1Q13 net charge-offs of $133 million (0.63% of loans and leases) vs. 4Q12 NCOs of $147 million and 1Q12 NCOs of $220 million; lowest NCO level since 2Q07; 1Q13 provision expense of $62 million compared with 4Q12 provision of $76 million and 1Q12 provision of $91 million
    • Loan loss allowance decreased $71 million sequentially reflecting continued improvement in credit trends; allowance to loan ratio of 2.08%, 147% of nonperforming assets, 187% of nonperforming loans and leases, and

      From: http://www.dailyfinance.com/2013/04/18/fifth-third-announces-first-quarter-2013-net-incom/

Business, Finance, Occupation & Industry

Provident Community Bancshares Reports Fourth Quarter Results

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By Business Wirevia The Motley Fool

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Provident Community Bancshares Reports Fourth Quarter Results

ROCK HILL, S.C.–(BUSINESS WIRE)– Provident Community Bancshares, Inc. (OTCBB: PCBS) (the “Corporation”) recorded a net loss to common shareholders of $409,000 for the three months ended December 31, 2012 compared to a net loss to common shareholders of $428,000 for the same period in 2011. The decrease in loss in 2012 was primarily due to a lower provision for loan losses for the period ended December 31, 2012, due to a net reduction in loans of $7.1 million along with a reduction in loan charge-offs and in other real estate owned expense. These decreases were partially offset by a reduction in net interest income due primarily to lower loan balances due to economic conditions and higher underwriting standards along with a $260,000 charge to income tax expense for a write-down of the deferred tax asset. Net loss per common share was $0.23 (diluted) for the three months ended December 31, 2012, versus a net loss of $0.24 per common share (diluted) for the same period in 2011. The net loss to common shareholders for the twelve months ended December 31, 2012 was $598,000, or $0.33 per share (diluted), compared to a net loss to common shareholders of $665,000 or $0.37 per share (diluted), for the same period in 2011.

At December 31, 2012, assets totaled $349.9 million, a decrease of $26.7 million, or 7.1%, from $376.6 million at December 31, 2011. Investment securities at December 31, 2012 increased $3.3 million to $169.2 million from $165.9 million at December 31, 2011 as excess loan proceeds were used to purchase securities. Federal funds sold at December 31, 2012 increased $5.5 million to $20.3 million from $14.8 million at December 31, 2011 as a result of sales and maturities of securities. Net loans receivable decreased 20.9% to $123.4 million at December 31, 2012 as a result of lower demand and more stringent underwriting standards. Deposits decreased $5.8 million to $277.5 million at December 31, 2012. The decrease in deposits was due primarily to a reduction in funding needs. FHLB advances decreased $22.0 million to $37.5 million at December 31, 2012 due primarily to the maturation of borrowings. Shareholders’ equity decreased $262,000, or 2.1%, to $12.2 million at December 31, 2012 from $12.5 million at December 31, 2011 primarily due to unrealized holding losses on securities available for sale arising during the period of $641,000 less reclassification adjustment for gains in net loss of $781,000 along with a net operation loss of $122,000.

Non-performing loans, which are primarily commercial real estate properties, were $13.2 million as of December 31, 2012, or 10.7% of total …read more
Source: FULL ARTICLE at DailyFinance