Thursday, May 23, 2019

The 37 Smaller New York State Financial Cos (Market Caps of $2-10 Bil) Saw Their Total Pretax Income Increase By 75% or By $1.8 Bil in the 3Q 2018 and Then Totally Collapse With Declines of 89% or of $4.0 Bil in the 4Q 2018 and of 10% in the 1Q 2019


Democratic Presidential Candidate Pete Buttigieg Has Been Very Active Campaigning in the Financially-Savvy and Politically Astute New York Area.  Thus, I Think It Might Be Helpful to Research Just How the Smaller New York Area Financial Companies Have Performed on the Pretax Earnings Front in the Most Recent Three Quarters
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From a review of SEC filings, Google Finance and MSN Money, I found 37 New York State Financial Companies with stock markets caps of $2-10 bil recently and which reported their 1Q 2019, 4Q 2018 and 3Q 2018 full quarterly earnings with the SEC.

My Focus is on Pretax Income rather than on After-Tax Net Income because Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with company operating performance.

From SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Quarters of both 2019 and 2018, the Fourth Quarters of both 2018 and 2017 and the Third Quarters of both 2018 and 2017 for each of these 37 smaller New York Area Financial Companies.

US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
New York Smaller Financial Companies First First Fourth Fourth Third Third
Reporting 1Q 2019, 4Q 2018 and 3Q 2018 Earnings New York Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps $2-10 Bil City HQs 2019 2018 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $
Investment-Related Activities Cos
Ares Capital Corp New York            214            242            153            232            209            139
Apollo Global Mgt LLC New York            335           (101)           (338)            732            382            451
Lazard Ltd New York            120            186            156            359            139            144
Evercore New York              86            115            253            187              77              89
Alliance Bernstein Holding LP New York              53              66              67              86              73              49
Prospect Capital New York              89              52             (67)            122              84              12
BGC Partners New York            117              94             (24)             (71)            219            142
Cohen & Steers New York              50              37              31              44              40              43
Focus Financial Partners New York               (4)             (11)             (12)              21             (35)             (37)
Moelis & Co New York              12              57              68            187              55              58
Banks
Signature Bank New York            194              47            215            177            205            197
New York Community Bancorp Westbury            129            144            133            145            137            178
Sterling Bancorp Montebello            130            128            145               (5)            147              66
Community Bank System DeWitt              51              52              51              48              55              51
Real Estate Investment Trusts (REITs)
VICI Properties Inc New York            153            114            145              43            132               -  
Kimco Realty New Hyde Park            117            144              91              86            100            122
SL Green Realty New York              53            114             (58)              38              99              46
New Residential Investment New York            202            607             (59)            347            199            272
Brixmor Property Group New York              63              61              78              70            147              83
Blackstone Mortgage Trust New York              77              61              74              58              78              58
Life Storage Williamsville              35              34              93              21              41              36
Outfront Media New York                5                2              60              40              48              53
Chimera Investment Corp New York            118            239           (103)            108            157            139
Two Harbors Investment Corp New York             (36)            339           (548)            173              73              88
Paramount Group New York                8                3              10               (6)              46             (26)
MFA Financial New York              89              83              61            101              87              64
Apollo Commercial RE Finance New York              68              49              53              41              62              68
Empire State Realty Trust New York                9              18              41              35              31              38
Acadia Realty Trust Rye                3               (4)               (7)              25               (7)                1
Lexington Realty Trust New York              29             (14)              26              32            221                6
FinTechs
Virtu Financial New York             (16)            469            149            131              29             (46)
Insurance Cos
Alleghany New York            556            209           (891)            211            350           (522)
Voya Financial New York            177              21            162            220            186              40
Assurant New York            217            137              43            158              76           (108)
Assured Guaranty Ltd New York              58            217            101            156            175            313
National General Holdings New York            108              72              34              20              72              77
MBIA Inc Purchase
Ambac Financial Group New York
Other Financial Cos
Triton Intl Ltd Purchase            101              93            106              87            105              71
Total all 37 Smaller New York Financial Cos         3,770         4,176            492         4,459         4,294         2,455
Total Pretax Income % Change From Prior Year's Qtr -10% -89% 75%




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