NCO Archives - Bartle Doo Article Archives

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/

gi bill stamp SC Obama Guts More Military Benefits

Suspension of military tuition assistance; Obama’s budget cut retaliation up-close and personal

This week the Air Force joined with the Army and Marines in cutting tuition assistance due to “sweeping” federal budget cuts. When faced with a budget crisis—whether real or imagined like Obama’s sequestration—too many politicians will threaten first responders before they cut their own bloated, nonproductive programs. The Armed forces is one of the few constitutionally mandated functions that exists today. Of course, Obama plans to make budget cuts personal so he and Organizing for America can manufacture sob stories making any opposition to his massive spending programs appear cruel. Big Government will not be denied.

Impact

Education in today’s all-volunteer military is a major factor in considering promotions. An unnamed recruiter stated that “College benefits are the absolute main reason they do it, it’s going to be pretty hard,” he said. “You start wondering what else will be cut.” An education will help the service member find a decent job when he leaves the military. Without higher education many troops will have a difficult time starting out as anything more than a Walmart greeter.

The military education benefit cuts are projected to save $600 million, about what the Obamas spent on their vacations over the last couple of years. The current Commander-in-Chief is not setting a good example. With all of the deployment commitments already borne on the shoulders of this all volunteer force, they are now expected to sacrifice even more so low information voters can have their Obamaphones. The main benefit of tuition assistance is to allow service members to obtain a college degree without incurring debt.

No Leadership

Obama never served in the military and has never been in charge of anything until low information voters and the national media put him in the White House. Needless to say, such a dearth of experience makes for an inept leader. Outside of campaigning what is he good at? Clearly he has no concern for subordinates. The Benghazi fiasco and cover-up make that palpably obvious. One lesson you learn as a front line supervisor…don’t screw or abandon your troops. No Senior Non Commissioned Officer would put up with a junior NCO who behaves the way this President does.

Bartle Doo Article Archives

Tag Archives: NCO

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

Obama Guts More Military Benefits

Articles Archive