Thursday, March 7, 2013

US Big National/Regional Bank Corps 2012 Annual Earnings Up 29%

Other than Wells Fargo and US Bancorp, both of which I included in with the Big 8 US Financial Corps in an earlier recent post, I found 9 additional US National/Regional Bank Corps filing with the SEC, which generated Non-GAAP Adjusted After-tax Net Income or Net Loss of over $1 bil each in either annual 2012 or annual 2011.

Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income. 

How did these 9 Big US National/Regional Banks do on the earnings front in 2012?  Just fantastic.

The Total Non-GAAP Adjusted After-tax Net Income of these 9 US Big National/Regional Banks was $19.3 bil in annual 2012, up an exceptionally strong 29% over 2011.

The two main drivers of this extremely robust total earnings growth of 29% in 2012 were SunTrust Banks, which benefited from substantially higher Gains on Sales of Securities in 2012, and Regions Financial, which benefited from substantially lower Provisions for Loan Losses in 2012.

Below here is the Non-GAAP Adjusted After-tax Net Income for both annual 2012 and 2011 for each of these 9 US Big National/Regional Bank Corps:

Annual Annual

2012 2011


Adjusted Adjusted Increase Increase

Net Net (Decrease) (Decrease)
Company Income Income Amount %

mils of $s mils of $s mils of $s
US Big National/Regional Banks

PNC Financial (PA)
3,682 3,399 283 8%
Capital One Financial (VA)
3,734 3,253 481 15%
Bank NY Mellon (NY)
2,427 2,516 (89) -4%
SunTrust Banks (GA)
1,931 495 1,436 290%
1,916 1,289 627 49%
State Street Corp (MA)
1,898 1,852 46 2%
Fifth Third Bancorp (OH)
1,541 1,094 447 41%
Regions Financial (AL)
1,088 211 877 416%
M&T Bank (NY)
1,073 884 189 21%

Total all 9
19,290 14,993 4,297 29%