| Union Bankshares Corporation Net Income Improves from the Most ...
BOWLING GREEN, Va., July 20 /PRNewswire-FirstCall/ -- Union Bankshares Corporation (the "Company") net income increased from the most recent quarter $493 thousand, or 9.6%, to $5.6 million for the quarter ended June 30, 2007. This represents an increase in earnings per share, on a diluted basis, of 10.8%, or $.04. The improvement was highlighted by an increase in interest income, driven largely by loan growth within the commercial, construction and indirect auto loan portfolios, partially offset by increased funding costs. "There have been a number of positive developments since the end of the first quarter," said G. William Beale, the Company's President and Chief Executive Officer. "The yield curve has not yet returned to its traditional slope, but it is no longer inverted.
Freedom Bank Expands Its Commercial Loan Department
He stated: "Consistent with the substantial amount of capital raised earlier in the year, this expansion follows the Board of Directors desire to expedite the growth of the Bank s loan portfolio.
Executive Vice President & Chief Lending Officer, Craig S.
Underhill, joined the bank in March.
He is now joined by Jeremiah D.
Behan, Senior Vice President, Real Estate Construction; Gregory Montgomery, Senior Vice President, Government Contracting and Henry L.
Finch, Senior Vice President and Relationship Management Officer." Each of these bankers has over 20 years in lending and they are committed in providing small businesses, professionals, developers, contractors, and local residential home builders, a convenient source of financing to include business loans and lines of credit, real estate acquisition, construction and development loans, and real estate mortgage loans.
Weak housing spreads woes
Texas-based Trussway Ltd. walked away from a skilled work force in Sparta because Michigan's construction industry is so weak. Heartwell Mortgage, one of the largest and most respected home lenders in the area, stunned nearly everyone by closing after 37 years. Independent Bank said it is being squeezed by developers who can't keep up their loan payments and cautioned shareholders it expects this quarter to have red ink. Mercantile Bank reported profits plummeted 57 percent in large part because of the home-building industry's problems. Home Depot and Sears, among the nation's largest retailers, fingered the same culprit for their lackluster sales. This slump, both in existing-home sales and home construction, is not news to builders or real estate companies.
Loan In Storeys, A Good Investment
If you are thinking of a loan in stages, its not the idea at all. What Im talking about is a mortgage loan as an investment that can be harnessed even if you are not a constructor, contractor or a building tycoon. Its the building that you will construct in stages. Want to see how? The Starting Point The cornerstone is as usual a mortgage loan, which is what we use for purchasing property. We must start with the equity of a home or any other real estate. This will need to be harnessed for the purchase of land and the further construction of a house. What I am suggesting from these humble lines is that the plans and layout of the building should be in such a way that construction can be resumed upwards and strong enough to support more storeys on top. The Whole Plan Have a building designed for three or four storeys, according to the local regulations and then execute the construction in stages, one storey at a time.
Zions Bancorporation Reports Record Earnings of $1.43 Per Diluted ...
SALT LAKE CITY, July 19 /PRNewswire-FirstCall/ -- Zions Bancorporation ("Zions" or "the Company") today reported second quarter net earnings applicable to common shareholders of $155.6 million, or $1.43 per diluted common share, an increase of 7.1% and 5.9%, respectively, over the $145.3 million or $1.35 per diluted common share for the second quarter of 2006. The return on average common equity was 12.50% compared to 12.25% for the first quarter of 2007 and 13.20% for the second quarter of 2006. Comparisons to 2006 include the impact of the Company's acquisition of The Stockmen's Bancorp, Inc., which became effective January 17, 2007. "In spite of ongoing weakness in residential construction and sales in our Southwestern markets, loan growth this quarter was reasonably solid, led by our Texas and Intermountain West markets.
Corus Bankshares Reports Second Quarter Earnings
CHICAGO, July 23 /PRNewswire-FirstCall/ -- Corus Bankshares Inc. . Corus' 2007 second quarter earnings were $42.4 million, or $0.74 per diluted share, down 11% from $47.8 million, or $0.82 per diluted share, in the second quarter of 2006. The year-to-date 2007 results were $68.8 million, or $1.20 per diluted share compared to $91.2 million, or $1.57 per diluted share in 2006, a decline of 25%. "As has been widely reported, the United States' residential housing market continues to see significant weakness throughout many parts of the market. With a loan portfolio consisting, almost exclusively, of condominium construction and conversion loans, this nationwide slowdown has clearly impacted Corus and its lending business. Evidence of this slowdown can be seen in recent trends in loan originations and loan balances outstanding, as well as credit quality trends.
|
