West Virginia Banks Pretax Earnings Consistently on Fire From 2011 to 2017, The Entire 7 Years West Virginia US Senator Joe Manchin Has Served So Far in the US Senate .......................................................................................

Current West Virginia US Senator Joe Manchin has served in the US Senate from November 2010 to now.

From a review of SEC filings, there are 7 West Virginia headquartered Companies with stock market caps above $100 mil recently which have filed their annual audited financial statements consecutively from Fiscal Year End (FYE) 2011 through FYE 2017.

Nearly all Republicans, a high percentage of Independents and even many perceptive Democrats all agree as a starting point that for US capitalism to work properly, Companies must generate in the aggregate reasonably healthy profits.

Of these 7 Cos, 6 are Banks, all with stock market caps above $200 Mil.

And did these West Virginia Banks ever post healthy profits while Joe Manchin has served in the US Senate.

The 6 largest West Virginia Banks, which dominate the West Virginia earnings landscape, generated Audited US GAAP Total Pretax Earnings of $581 Mil in 2017, up an incredible 174% during Joe Manchin’s current US Senate term.

And these 6 West Virginia Banks have shown very consistently strong total earnings growth which ranged from 7% to 22% annually in all years from 2011 to 2017 with an average annual earnings growth of an exceptional 16%.

From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for annual years 2010 through 2017 for these 6 West Virginia Banks.

				2017	2016	2015	2014	2013	2012	2011	2010
				Audited	Audited	Audited	Audited	Audited	Audited	Audited	Audited
				Pretax	Pretax	Pretax	Pretax	Pretax	Pretax	Pretax	Pretax
West Virginia Banks	City		Most	Income	Income	Income	Income	Income	Income	Income	Income
Stock Market Caps > $200 Mil	Headquarters		Recent	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)
			FYE	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils
United Bankshares Inc	Charleston	WV	Dec 17	285	223	203	195	125	121	110	104
WesBanco Inc	Wheeling	WV	Dec 17	148	118	109	94	85	63	54	40
City Holding Company	Charleston	WV	Dec 17	91	77	83	77	73	59	61	57
Premier Financial Bancorp	Huntington	WV	Dec 17	23	19	19	20	21	16	11	13
Summit Financial Group	Moorefield	WV	Dec 17	22	25	23	16	11	7	5	(5)
MVB Financial Corp	Fairmont	WV	Dec 17	12	13	9	2	5	6	4	3
Total all 6 Banks				581	475	446	404	320	272	245	212
Pretax Income % Increase Over Preceding Year				22%	7%	10%	26%	18%	11%	16%
Average Annual Earnings % Growth 2010 to 2017				16%
Pretax % Increase From 2010 to 2017				174%

MDU Resources Group Has Done Well During Heidi Heitkamp’s Term as North Dakota US Senator .......................................................................................

North Dakota Large Co MDU Resources Group (MDU) headquartered in Bismark, ND is very key to the economic success of the entire State of North Dakota.

North Dakota has a history of excellent US Senators including Quentin Burdick, Kent Conrad, Byron Dorgan and John Hoeven.

Like every other US State, North Dakota was hammered by the 2008/2009 US financial meltdown.

From a review of SEC filings, for the year ended December 2009, MDU posted an Audited US GAAP Pretax Loss of a huge $219 Mil.

Then MDU posted remarkable recoveries in 2010 and 2011, generating Audited US GAAP Pretax Income of $367 mil for the year ended Dec 2010 and of $336 mil for the year ended Dec 2011.

So, who were the two North Dakota US Senators in 2010 and 2011 when MDU had this incredible earnings recovery?

Democrats Byron Dorgan and Kent Conrad, who were probably the most effective twosome of US Senators of any US State serving then.

Heidi Heitkamp started serving as a North Dakota US Senator at the very beginning of 2013.

Also from a review of MDU’s SEC filings, for the year ended December 2012, MDU posted an Audited US GAAP Pretax Loss of $45 mil.

Then MDU posted additional remarkable recoveries in 2013 and 2014, generating Audited US GAAP Pretax Income of $416 mil for the year ended Dec 2013 and of $411 mil for the year ended Dec 2014.

Then in 2015, MDU made the decision to exit its Subsidiary Fidelity Exploration and Production Business, which going forward was then treated as Discontinued Operations in its Audited Financial Statements.

In the most recent three years, MDU has also done really well.

MDU reported Audited US GAAP Pretax Income From Continuing Operations of $233 mil in 2016, an increase of 32% from the $176 mil posted in 2015.

This was followed by Audited US GAAP From Continuing Operations of $285 mil in 2017, an increase of another 22% from that in 2016 of $233 mil.

The conclusion is clear.  MDU has done well economically during the time Heidi Heitkamp has served as one of its two US Senators.

New Jersey Companies Total Pretax Earnings Growth in 2016, Obama's Last Year in Office, Was 4.0% and Then Reversed Course to a Decline of 9.2% in 2017, Trump's First Year in Office .......................................................................................

The 69 Largest New Jersey Cos, All With Stock Market Caps Above $1 Bil,  Generated Audited Total Pretax Income of a huge $51.898 Bil For the Fiscal Year 2016 in Obama's Last Year in Office, Up 4.0% From That in Annual 2015 of $49.919 Bil. 

Then In 2017, Trump's First Year in Office, These Same 69 New Jersey Cos Reversed Course and Posted Audited Total Pretax Income of $47.131 Bil For the Fiscal Year 2017, a Decline of 9.2% From That in Annual 2016 of $51.898 Bil.

My Focus is on Pretax Income Rather Than 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.

However, Audited After-Tax Net Income was substantially worse in the 2017 year, due to the Trump Toll Tax.

The 3 largest New Jersey Cos all with stock market caps above $100 Bil generated 66% of the Total Pretax Income of all of these 69 New Jersey Cos.

These 3 posted Audited Total After-Tax Net Income in 2017 which was a massive 79% below that in 2016, while their Total Pretax Income in 2017 increased by 1% above that in 2015.

The following chart below here show the 2017 and 2016 earnings numbers for these 3 largest New Jersey Cos:

				Trump
				First				Trump
				Year				First
				Audited	Year			Year
				2017	2016			Audited	Year
				After-Tax	After-Tax			2017	2016
				Net	Net			Pretax	Pretax
				Income	Income			Income	Income
			Most	(Loss)	(Loss)			(Loss)	(Loss)
			Recent	From	From			From	From	%
New Jersey Companies	City	State	2017	Continuing	Continuing	%		Continuing	Continuing	Better
Stock Market Caps Above $100 Bil	HQs	HQs	FYE	Operations	Operations	Worse		Operations	Operations	(Worse)
				$ mils	$ mils			$ mils	$ mils
Johnson & Johnson	New Brunswick	NJ	Dec 17	1,300	16,540	-92%		17,673	19,803	-11%
Honeywell	Morris Plains	NJ	Dec 17	1,698	4,846	-65%		6,904	6,447	7%
Merck	Kenilworth	NJ	Dec 17	2,418	3,941	-39%		6,521	4,659	40%
Total all 3 Largest New Jersey Cos				5,416	25,327	-79%		31,098	30,909	1%

When you get crazy results like the above, it shows that the Trump Administration and the Republicans in the US Congress were flat out incompetent in their design of the Trump Tax Cuts Act.  The country deserves much better.


From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended 2017, 2016 and 2015 for the 69 New Jersey Companies with stock market caps above $1 bil recently.

				Trump
				First
				Year	Year	Year
				2017	2016	2015
				Audited	Audited	Audited
				Pretax	Pretax	Pretax
				Income	Income	Income
			Most	(Loss)	(Loss)	(Loss)
			Recent	From	From	From
New Jersey Companies	City	State	2017	Continuing	Continuing	Continuing
Stock Market Caps Above $1 Bil	HQs	HQs	FYE	Operations	Operations	Operations
				$ mils	$ mils	$ mils
Johnson & Johnson	New Brunswick	NJ	Dec 17	17,673	19,803	19,196
Honeywell	Morris Plains	NJ	Dec 17	6,904	6,447	6,586
Prudential Financial	Newark	NJ	Dec 17	6,536	5,754	7,784
Merck	Kenilworth	NJ	Dec 17	6,521	4,659	5,401
Celgene	Summit	NJ	Dec 17	4,314	2,372	2,023
Cognizant Technology	Teaneck	NJ	Dec 17	2,655	2,357	2,164
Automatic Data Processing	Roseland	NJ	Jun 18	2,171	2,531	2,235
Zoetis	Parsippany	NJ	Dec 17	1,525	1,228	545
Newell Brands	Hoboken	NJ	Dec 17	1,429	815	338
Public Service Enterprise	Newark	NJ	Dec 17	1,268	1,298	2,680
Quest Diagnostics	Secaucus	NJ	Dec 17	1,065	1,125	1,126
Becton Dickinson	Franklin Lakes	NJ	Sep 17	976	1,074	739
American Water Works	Voorhees	NJ	Dec 17	912	770	782
PBF Energy	Parsippany	NJ	Dec 17	799	363	282
Bed Bath & Beyond	Union	NJ	Feb 18	696	1,066	1,327
Church & Dwight	Ewing	NJ	Dec 17	693	706	635
Verisk Analytics	Jersy City	NJ	Dec 17	691	654	684
Burlington Stores	Burlington	NJ	Jan 18	429	333	239
Everest Re Group Ltd	Liberty Corner	NJ	Dec 17	405	1,100	1,112
Realogy Holdings	Madison	NJ	Dec 17	333	337	266
Dun & Bradstreet	Short Hills	NJ	Dec 17	325	206	283
Investors Bancorp	Short Hills	NJ	Dec 17	281	299	281
Pinnacle Foods	Parsippany	NJ	Dec 17	279	341	336
Campbell Soup	Camden	NJ	Jul 18	272	1,293	849
Selective Insurance Group	Branchville	NJ	Dec 17	262	220	233
Wyndham Hotels & Resorts	Parsippany	NJ	Dec 17	255	287	249
Valley National Bancorp	Wayne	NJ	Dec 17	253	233	127
John Wiley & Sons	Hoboken	NJ	Apr 18	214	191	175
Avis Budget Group	Parsippany	NJ	Dec 17	211	279	382
CIT Group	Livingston	NJ	Dec 17	192	21	186
Childrens Place	Seacaucus	NJ	Jan 18	161	147	89
Catalent	Somerset	NJ	Dec 17	152	136	145
New Jersey Resources	Wall	NJ	Sep 17	150	155	241
Universal Display	Ewing	NJ	Dec 17	150	69	33
B&G Foods	Parsippany	NJ	Dec 17	148	177	121
AdvanSix	Parsippany	NJ	Dec 17	145	54	100
Cambrex	East Rutherford	NJ	Dec 17	142	128	90
Provident Financial Services	Jersey City	NJ	Dec 17	140	125	120
J&J Snack Foods	Pennsauken	NJ	Sep 17	122	117	112
Cantel Medical	Little Falls	NJ	Jul 17	106	94	76
Phibro Animal Health	Teaneck	NJ	Jun 18	88	81	77
Alexander's Inc	Paramus	NJ	Dec 17	81	87	77
Eagle Pharmaceuticals	Woodcliff Lake	NJ	Dec 17	73	53	3
Urban Edge Properties	Paramus	NJ	Dec 17	73	97	43
OceanFirst Financial	Toms River	NJ	Dec 17	65	35	31
Clearway Energy	Princeton	NJ	Dec 17	49	1	84
Columbia Financial	Fair Lawn	NJ	Sep 17	47	50	45
Vonage Holdings	Holmdel	NJ	Dec 17	46	31	43
Monmouth RE Investment Corp	Freehold	NJ	Sep 17	40	32	26
Suburban Propane Partners LP	Wippany	NJ	Sep 17	38	15	85
Kearny Financial	Fairfield	NJ	Jun 18	34	27	23
Mack-Cali Realty	Jersey City	NJ	Dec 17	34	130	(142)
Hudson Ltd	East Rutherford	NJ	Dec 17	32	16	22
South Jersey Industries	Folsom	NJ	Dec 17	25	(54)	(1)
Integra Lifesciences Holdings	Plainsboro	NJ	Dec 17	11	90	61
Tabula Rasa Health Care	Moorestown	NJ	Dec 17	5	(6)	(3)
Commvault Systems	Tinton Falls	NJ	Mar 18	(4)	(2)	4
Freshpet	Secaucus	NJ	Dec 17	(4)	(3)	(4)
Conduent	Florham Park	NJ	Dec 17	(16)	(1,227)	(574)
Pacira Pharmaceuticals	Parsippany	NJ	Dec 17	(42)	(38)	2
PTC Therapeutics	South Plainfield	NJ	Dec 17	(78)	(142)	(170)
Covanta Holding	Morristown	NJ	Dec 17	(134)	18	(15)
Insmed	Bridgewater	NJ	Dec 17	(193)	(176)	(120)
Immunomedics	Morris Plains	NJ	Jun 18	(274)	(153)	(64)
Amicus Therapeutics	Cranbury	NJ	Dec 17	(449)	(204)	(132)
Medicines Co	Parsippany	NJ	Dec 17	(704)	21	(165)
NRG Energy	Princeton	NJ	Dec 17	(1,540)	(978)	(4,986)
Bausch Health	Bridgewater	NJ	Dec 17	(1,741)	(2,435)	(155)
Allergan plc	Madison	NJ	Dec 17	(10,386)	(2,832)	(4,548)
Total all 69 New Jersey Cos				47,131	51,898	49,919
Pretax Income % Change vs Preceding Year				-9.2%	4.0%