Research Desk Line-up: Huntington Bancshares Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Community Bank System, Inc. (NYSE: CBU), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CBU, following the Company's posting of its financial results on October 23, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Syracuse, New York-based Company's diluted EPS grew on a year-over-year basis to outshine market forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
http://protraderdaily.com/register/
Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected Huntington Bancshares Incorporated (NASDAQ: HBAN) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Huntington Bancshares when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CBU; also brushing on HBAN. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=CBU
http://protraderdaily.com/optin/?symbol=HBAN
Earnings Reviewed
During Q3 FY17, Community Bank's operating revenues were $137.85 million, rising from $109.32 million in Q3 FY16. In the reported quarter, total revenues grew to $28.9 million, or 26.7% y-o-y to $137.3 million. The Company attributed higher revenues to a 23.0% rise in average earning assets and continued growth in noninterest income, partially offset by a three basis-point y-o-y decline in the net interest margin. However, total revenues numbers fell short of market expectations of $141.5 million.
Total interest income rose to $88.49 million during Q3 FY17 from $71.32 million in Q3 FY16. The Company's total interest expense also increased to $4.09 million in Q3 FY17 from $2.86 million in Q3 FY16. Moreover, the Company reported net interest income on $84.40 million in Q3 FY17 compared to $68.46 million in Q3 FY16. Additionally, total non-interest income grew to $52.94 million in Q3 FY17 from $39.95 million in the year-ago same quarter.
The bank holding Company reported net income of $35.24 million, or $0.68 per diluted share, in Q3 FY17 versus $27.16 million, or $0.61 per diluted share, in Q3 FY16. The Company's adjusted net income for Q3 FY17 came in at $37.75 million, or $0.73 per diluted share, up from $34.80 million, or $0.62 per diluted share, in the year-ago corresponding quarter. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.67 per diluted share in Q3 FY17.
Earnings Metrics
During the reported quarter, the Company's return on assets was 1.29% versus 1.24% in the prior year's comparable quarter. The Company provided 8.81% return on equity during Q3 FY17, up from 8.71% during Q3 FY16. Furthermore, return on average tangible equity came in at 16.74% in Q3 FY17 compared to 13.52% reported in the year-ago same period. However, the Company's tangible book value fell $16.70 per share in Q3 FY17 from $18.06 per share in Q3 FY16. Additionally, net tangible equity-to-assets ratio was 8.37% at the end of Q3 FY17 versus 9.66% a year ago.
Net interest margin on a fully tax equivalent (FTE) basis for the reported quarter was 3.64% compared to 3.67% in Q3 FY16. In Q3 FY17, average total interest-earning assets improved to $9.45 billion from $7.68 billion in the previous year's quarter. However, yield on earning asset fell marginally to 3.81% in Q3 FY17 from 3.82% in Q3 FY16.
As on September 30, 2017, the Company's tier 1 leverage ratio was 9.54% compared to 10.35% in Q3 FY16. Furthermore, efficiency ratio during Q3 FY17 was 56.8% compared to 59.3% in Q3 FY16.
Balance Sheet Analyzed
Community Bank's average loans balance was $6.34 billion during Q3 FY17 compared to $4.91 billion in Q3 FY16. The yield on loan came in at 4.37% during Q3 FY17, up from 4.36% in Q3 FY16. Average total interest-bearing liabilities amounted to $6.77 billion during Q3 FY17 versus $5.73 billion recorded in Q3 FY16. Meanwhile, the Company's interest-bearing deposit rate stood at 0.14% in Q3 FY17 compared to 0.13% in Q3 FY16.
The Company had total non-performing assets of $25.24 million as on September 30, 2017, compared to $25.38 million as on September 30, 2016. Furthermore, non-performing assets to total assets ratio stood at 0.23% as on September 30, 2017, versus 0.29% as on September 30, 2016.
Acquisition
On December 05, 2016, the Company had entered into a definitive agreement to acquire Northeast Retirement Services, Inc. for approximately $148.6 million in company stock and cash. The acquisition was completed on February 03, 2017.
Earlier on October 24, 2016, the Company had entered into a definitive agreement to acquire Merchants Bancshares, Inc., parent Company of Merchants Bank, for approximately $345.2 million in company stock and cash, which was completed on May 12, 2017.
Stock Performance
At the closing bell, on Monday, October 30, 2017, Community Bank System's stock slightly slipped 0.60%, ending the trading session at $54.22. A total volume of 347.11 thousand shares have exchanged hands, which was higher than the 3-month average volume of 182.30 thousand shares. The Company's stock price surged 17.06% in the previous twelve months. The stock is trading at a PE ratio of 25.93 and has a dividend yield of 2.51%. The stock currently has a market cap of $2.74 billion.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
ReleaseID: 479718
