Thursday, January 19, 2012
Fitch Accounting & Financial Report--2012 Global Outlook
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Snow--Rain Hits NorthWest Leasing Companies
"Financial Pacific shut down at noon as Federal Express suspended delivery. Worst snowfall is over, but black ice is worse. We will see today, Thursday...but please, send apps anyway!!!"
Sent from my Verizon Wireless BlackBerry
Paul J. Menzel, CLP
(These ads are “free” to those seeking employment or looking
Free Posting for those seeking employment in Leasing:
((Please Click on Bulletin Board to learn more information))
U.S. Bancorp Loan Products Up, but Not Lease Financing
U.S. Bancorp reported net income of $1,350 million for the fourth quarter of 2011 and while new lending activity saw a $17.6% increase on a quarter basis, $70.0 billion, Leasing Financing saw a 3% decline compared to the previous 4th quarter and 4.5% decline for the full year:
In the total allowance for credit losses the fourth quarter 2011 was $5,014 million compared to the previous fourth quarter of 2010 at $5,531 million.
Tier 1 capital ratio 10.8%. The Tier 1 common equity ratio was 8.6% at December 31, 2011, compared with 8.5% at September 30, 2011, and 7.8% at December 31, 2010.
In a conference report U.S. Bancorp Chairman, President, and Chief executive Officer Richard K. Davis said the bank will continue to build loans in 2012, but at a slower pace than in the fourth quarter. "I think the fact that there is loan growth at all says that the economy is doing pretty well," he said in the conference call with analysts.
The bank's increase in loans was "broad-based geographically and by size of business," Chief Financial Officer Andrew Cecere told Reuters. But anything related to housing is "certainly not growing," he said.
Stock analysts refer to the bank as a "regional bank" although the bank has 3,012 branches and 5,323 bilingual ATM (http://www.usbank.com/locations/) and at least would be a “Super Regional Bank.” The definition mayh ang up on not being in the top 5 or a world wide presence.
USB stock closed at $29.08 although Seeking Alpha has opinions it should be selling for $40.00 a share.
Fourth Quarter 8-K:
Please send Leasing News to a colleague and ask them to subscribe.
More Branches Closed but also More Opened in 4th Quarter
There has been a sudden sale of branches and look for a number of them to also be closed or merged with existing branches as banks shift to better economic areas.
Overall, banks slowed the pace of branch closures in the fourth quarter, even though they still closed more branches than opened. There were 345 closings nationwide in the fourth quarter of 2011, which is 8% less than the 375 closings in the third quarter of 2011. At the same time, 329 branches opened in the fourth quarter, 6.13% more than the 310 openings in the third quarter.
Going against the trend of consolidation and cost cutting is JPMorgan Chase & Co., according to SNL Financial, who reports JP Morgan Chase has continued its branch-opening binge, opening 62 locations in the third quarter of 2011 and 116 in the fourth quarter. Eighty of those locations were in California and another 27 were in Florida. The bank now plans to open about 175 branches in 2012, down from previously quoted 250 to 300, to fulfill Community Reinvestment Act requirements. The majority of them will open in Florida and California."
The failure of Evansville, Ind.-based Integra Bank NA and purchase by an in-market competitor Old National Bancorp gave Indiana the distinction of having the most branch closings in the fourth quarter of 2011, according to SNL Data.
"The average branch when it is fully mature makes $1 million, and it's also critical for credit cards, small business, mortgage and middle market and private banking," Chairman, President and CEO Jamie Dimon said in a December investor presentation, according to SNL Financial. "You can't build those businesses without branches. So, when we look at the value of the branch system, it's still very high."
Comparatively, competitor Bank of America Corp. had a net negative of 36 branches in the second half of 2011, opening five branches and closing 41. Two-thirds of the closures happened in the third quarter.
Leasing Industry Help Wanted
For information on placing a help wanted ad, please click here:
Please see our Job Wanted section for possible new employees.
This Day in History
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.
Editorials (click here)
Ten Top Stories each week chosen by readers (click here)