Here are three regional banks that absolutely crushed their consensus EPS estimates in the first quarter. They beat the estimates by an average of 203%. All of these banks are reporting earnings this week.
First Horizon National (NYSE:FHN) is the holding company for First Tennessee Bank. This $2.4 billion market cap company beat estimates in the first quarter by an astounding 275%. The consensus EPS estimate was $0.04 and the bank reported earnings of $0.15. FHN beat the estimates in three out of the last four quarters.
The current consensus EPS estimate is $0.11. Out of the 28 estimates on the Street, the lowest is $0.05 and the highest is $0.18. The consensus estimate dropped a penny from a month ago, when it stood at $0.12, but the estimate has risen $0.03 from $0.08 three months ago.
Encore Bancshares (NASDAQ:EBTX) is the holding company for Encore Bank. The company has a market cap of $139 million. Last quarter, analysts were expecting Encore to lose $0.03 per share, but the actual earnings of $0.05 blew past the estimates by 266%. EBTX beat the estimates in two of the last four quarters.
The current consensus EPS estimate for the second quarter is $0.07. Of the four estimates for EBTX, the lowest is $0.00 and the highest is $0.11. The consensus estimate has held steady at $0.07 for the past couple of months, but three months ago the estimate was only a penny a share.
PacWest Bancorp (NASDAQ:PACW) is the holding company for Pacific Western Bank and has a market cap of $738 million. The first quarter EPS of $0.29 was more than 70% above the consensus estimate of $0.17. PACW beat the estimates in one of the last four quarters and reported earnings in-line with the estimate in one quarter.
The average of the 12 analysts that issued an estimate for PACW for the second quarter is $0.27. The lowest estimate is $0.11 and the highest estimate is $0.33. The consensus estimate has been at $0.27 for the last several months. Three months ago the estimate was five cents lower, or $0.22.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.