Coral Gables, Florida.-based Capital Bank Financial Corp. (CBF) and Greenwood Village, Colorado.-based National Bank Holdings Corp. (NBHC) went public last Thursday and did well, meaning they did better than the stock was priced. Look for more bank IPOs this year as fewer banks closing also means more opportunity for larger community banks and regional banks to expand.

According to SNL Financial data, the last U.S. bank or thrift to go public was EverBank Financial Corp.(NYSE:EVER). The Jacksonville, Florida.-based company completed its IPO in May. Before that, no bank or thrift had completed an IPO since Seattle-based HomeStreet Inc. in February. Shares at both EverBank and HomeStreet (NASDAQ: HMST) have fared well since their IPOs, returning 26.12% and 67.55%, respectively.

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The National Bank Holding Company, based out of Charlottesville, Virginia, in 2010, acquired Bank Midwest, in Kansas and Missouri, Hillcrest Bank in Texas, and then added

SNL Financial compiled a list of 25 major-exchange-traded U.S. bank and thrift stocks in which a private equity firm owns at least 10% of the common stock outstanding, according to FactSet Research Systems Inc. (here)

Of the 25 stocks, 13 have returned positively since the investment while 12 have lost value. For comparison, the SNL Bank and Thrift Index has lost 5.71% during the period since the earliest PE investment on SNL's list - Dec. 17, 2008 - through June 8.

Note Sageview Capital LP EverBank which bought out Tygris Leasing and is now active in equipment leasing and finance. There are others.

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SNL Financial notes San Jose, Calif.,-based Bridge Capital Holdings' (BBNK) ($1.16 billion) common stock performed the best among the PE-owned institutions identified by SNL. A commercial lender started in 2001 to focus on the technology industry, Bridge Capital's stock has returned more

It is best to wait until the actual SEC quarter filing than rely on the press release, as often only the items wanted to make the company look good are emphasized. This is the purpose of the public relations document. Many companies also don't file the actual SEC filing until after the standard telephone conference with analysts (and many of those chosen for questions are more friendly than not). They want you to report the news from the press release, not the SEC filing.

In the Resource America (REXI) the press release leads off with a second fiscal quarter and six month GAAP net loss of $2.3 million and $2.1 million, the financial statements paint a much grimmer picture. It looks like the Cohen's are moving in another direction with their personal assets and influence.

Resource America company's assets decreased by $636 million (5%) from March 31, 2011 to March

Should the State of California declare Evergreen non-notification of the original term of the lease illegal, it will be a serious blow to Marlin Business Services (MRLN). Evergreen clauses are illegal in four states, meaning automatic payments cannot continue, especially prevalent in ACH payments. Marlin's collection of these payments exceed their reported net income. The majority of business, especially copier leases, are in the State of California, according to Marlin's SEC filings, where Evergreen leases are legal.

If the Evergreen income ends, it will dramatically affect Marlin's income. This renewal income continually exceeds Marlin's reported net income, which the last quarter saw a company net income of $1.6 million compared to $754,000 for the first quarter in 2011. Renewal income, net of depreciation, totaled approximately $1.9 million and $2 0 million for the three-month periods ended March 31, 2012 and March 31, 2011, respectively.

At this time, these four states

Last week Key Private Bank, the investment, trust and wealth management arm of KeyCorp (KEY), established Key National Trust Co. of Delaware to provide trust services for wealth clients and prospects to take advantage of Delaware's favorable trust laws.

If you note in the chart below, KeyCorp had the second highest percentage of its revenue come from brokerage and investments, which generated 8.8% of its revenue from those business.

These products are not only very profitable to the banks, but also bring in the wealthy individuals and other entities, such as trusts, with their cash deposits, as often other business with companies and friends who also have deposits and all types of loan requirements. They are great income producers with little actual losses today.

KeyCorp has stated it is looking to grow its investment banking relationships with customers in the middle market.

Christopher Gorman, who is now president of Key

In data analyzed by SNL Financial for 319 major banks and thrifts, 71% reported an earnings per share year-over-year increase. Forty five percent saw earnings per share increase over the third quarter.

The 17 largest reported a decline, and as noted in many were buying distressed banks and their branches, while others still had high problem mortgages. With recent settlements with the top five banks with

many of the state attorneys general, the bottom line will be effected also hitting the earnings per share

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SNL Financial reported, "U.S. Bancorp (USB), BB&T Corp. (BBT) and Wells Fargo & Co. (WFC) were the only banks in the top 20 to grow EPS from the prior quarter. Earnings per share increased 5 cents, 3 cents and 1 cent, respectively.

"Earning trends looked more impressive for banks with assets less than $1 billion. Of these banks, 56% saw their EPS increase

Beth Mooney, Chairman and CEO, November 20, 2010 in the announcement becoming CEO of KeyBank (KEY), replacing Chairman and CEO Henry Meyer, who was retiring, said among her goals was to make sure that Key remains focused on being a "relationship-based, community bank." She stated Key wants to grow and potentially have more branches and do business in more cities. The bank has been moving in that direction. (1)

January 12, 2011 CEO Mooney announced acquire 37 retail banking branches currently owned by HSBC Bank NA, (HBC) in Buffalo and Rochester, NY.

January 27, 2011 U.S. Bank (USB) acquired the ten branches from the failed bank of BankEast, Knoxville, Tennessee.

This brought the total to 47, adding to the 38 government assisted branches in 2011

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There were 90 FDIC transactions from failed banks for 626 branches in 2011, down from 147 deals for 1,168 branches in 2010

In 2011, the FDIC entered loss-share agreements with the buyers of 58 of the 92 closed banks. In 2010, the FDIC entered loss-share agreements with 130 of the 157 failed banks.

This Friday may see the first bank closures for the year. 2011 ended with 92 failures. In 2010, there were 157 bank closures, and 140 banks were shuttered in 2009.

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SNL Financial Chart

In 2011, the

US Bancorp (USB), with net revenue of $4.7 billion, earns over $1.2 billion in net income, reported net income of $1,203 million for the second quarter of 2011, showing new lending activity of $52.7 billion and a list of very positive numbers.

US Bancorp chairman, president and CEO Richard K. Davis said:

Our second quarter results clearly illustrate our Company's continuing ability to produce solid, repeatable, and high quality earnings in a challenging environment ... As expected, credit quality continued to improve during the second quarter, as evidenced by favorable trends in net charge-offs, nonperforming assets, delinquencies and criticized assets.

I am especially proud of our company's performance and, importantly, the many dedicated employees that have faced the challenges presented, navigated the hurdles and continued to produce these exceptional results. I am confident that our strong business model, our adherence to prudent risk policies and our outstanding employee leaders will

LEAF Financial is a division of Resource America, Inc. (REXI) who raises funds through investors and reports to the Security Exchange Commission. Their difficulty has worried investors, who are now being asked to contribute income to new leases out of their original fund.

The move to LEAF Commercial Capital ("LCC is a joint venture among LEAF, Resource Capital Corporation and Guggenheim Securities. Resource Capital and Guggenheim committed to investing over $44 million of capital in the form of preferred stock and subordinated debt, respectively, into LCC" — LEAF Press Release) has been described as more a "broker operation."

A look at the financial statements and the Fund financial statements of LEAF Financial perhaps gives an indication for the reasons why the security deposit was not returned when asked by both the lessee and the discounter who sold the lease to LEAF. It may also contain the answer

U.S. Bancorp (NYSE:USB), Minneapolis, Minnesota reported first quarter net income of $1,046 million. The bank also noted in a company press release charge offs declined 14.1% compared to the fourth quarter of 2010 and the total risk based capital ratio was 13.8%.

According to FDIC filings, year-end 2010, Tier 1 risk-based capital ratio 9.06% with non-current loans and leases at $9.1 billion. Net charges off in the year-end were $4.18 billion, higher than the previous year of $3.86 billion, mostly from real estate loans, $1.7 billion, followed by $1.6 billion in loans to individuals, $1.2 billion in credit cards and $102 million in lease financing receivables, down from the previous year of $223.4 billion. First Quarter FDIC filings were not recorded at press time as well as SEC 1st Quarter.

The press release shows the following chart, indicating a slight improvement in "Lease financial", but down from first quarter

(graph by problembanklist.com)

On Friday, banks are closed down by the FDIC, and it appeared the start of the year that the number of banks that would fail would rise, but there were none closed on March 4, March 18, and only one on March 25th. In 2009 140 failed; 2010, 157 failed; to date it is “only” 26 that have failed, so readers may conclude failures have slowed down.

It may also be the regulators have their hands full with too many continuing bank problems. No one seems to like the auditors or regulatory authorities, but they are there to protect depositors, not the investors or bank Board of Directors. Perhaps the reason for the “slow down” comes from The FDIC on February 23rd reporting its "problem list" has grown from 884 to 860. The number is more dramatic if you consider almost 300 banks have failed in the

By Christopher Menkin

Marlin Business Services Corp. (MRLN), Mount Laurel, N.J., issued a press release that showed in the Condensed Consolidate Balance Sheets that total assets had shrunk from $565.8 million to $468 million although profits were up to $5.6 million and equity grew form $151.9 million to $160 million.

Daniel P. Dyer, Marlin's CEO said, "Looking ahead to 2011, we are well positioned to serve the growing credit needs of small and mid-sized businesses led by a financially strong, well-capitalized balance sheet and the overall strength of our funding platform led by (its banking subsidiary) Marlin Business Bank."

This is not a full report of the 114 page SEC year-end filing as it does not cover the refilling of taxes (to Marlin's favor), bank regulation (most likely to Marlin's favor), officer and executive salaries, plus stock

By Jeffrey Taylor

GE (GE) Chief Executive Jeffrey Immelt said the U.S. conglomerate will offer technical assistance to the Japanese government as the country, ravaged by an earthquake last week, grappled with a new explosion at a nuclear power plant.

GE supplied reactor No. 1 at the Fukushima Daiichi nuclear power plant 150 miles from Tokyo, where concerns have been mounting after an explosion at the reactor following Friday's quake and tsunami.

Three days later, there was a further explosion in the building housing the plant's reactor No. 3, supplied by Toshiba.

The battle to prevent a meltdown at the plant has suppliers of nuclear technology on edge, amid industry concerns that the dramatic images could set back what it had hoped would be a new wave of nuclear plant construction. Immelt said the steel encasement of the reactors has yet to be breached, a critical element in preventing an

Key Corp (Key Bank) (NYSE: KEY), Cleveland, Ohio reported net income for the fourth quarter totaled $279 million, compared to fourth quarter 2009 with a loss of $265 million (see earnings results here and earnings call transcript here).

It should be noted that the Tier 1 Risk based capital ratio rose from 12.75% to 15.10%, which is a change from the FDIC Tier 1 reporting in September 30, 2010 of 11.6% (although anything over 10% is considered healthy.)

It should be pointed out that over the last two years, Key has opened 77 new branches and renovated approximately 145 others, expanding Key's 14-state branch network to 1,033 branches. The company plans to build an additional 40 new branches in 2011. Considering its growth mode, the bank has improved its loss ratios while maintaining a controlled growth, showing management in very good stead. The question of better income will

The formation of LEAF Commercial Creditt gives more indication of the parent Resource America (NASDAQ: REXI) looking to spin off its companies and perhaps thin down the main body for the founders to buy back the stock and become private. This would enable them to form more real estate partnerships without stock reporting rules and regulations.

As predicted by Leasing News, the new company by the founder of LEAF Financial is underway; moving to the 14th floor, 2005 Market Street, Philadelphia setting up a web site, and it appears this will be the concentration. Resource Real Estate at 1845 Walnut Street, is now moving to 2005 Market, 15th floor. Once one of the highlights of Resource America, the LEAF Financial division has cut back on over two thirds of its employees, holding one company, the former Dolphin Capital (leasing of copiers) and now the main body LEAF Financial forms

LEAF

While the formation of new and community banks has fallen, so has investor confidence in larger banks. Here is the first billion dollar plus bank failure of 2011, costing shareholders an estimated $735 investment with a zero chance of recovery. There is also very little tax write-off. So it is a double whammy, reverberating in communty bank investments throughout the United States as more bank failures occur. Here is the latest group:

The eight branches of United Western Bank, Denver, Colorado were closed with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits. Formed January 1, 1960, the bank had 161 full time employees.

This was the seventh bank to fail in the United States and the first in Colorado since October 2, 2009, when Southern Colorado National Bank, Pueblo, failed. Despite promises of raising sufficient capital and backing from Goldman Sachs (GS), among others,

U.S. Bancorp (NYSE: USB) reported $974 million for the fourth quarter of 2010 as well as 9.9% new lending activity compared to the fourth quarter of 2009, but leasing was down in all its divisions, according to the 8K SEC filing.

Construction and land development loans are being written off and problems exist in the residential mortgage portfolio- as with many other banks. Foreclosures continue and home sales are soft.

...there was continued stress in the residential mortgage portfolio, as well as an increase in foreclosed properties compared with a year ago, due to the overall duration of the economic slowdown. Covered nonperforming assets were $1,697 million at December 31, 2010, $1,851 million at September 30, 2010, and $2,003 million at December 31, 2009. The majorities of the nonperforming covered assets were considered credit-impaired at acquisition and were recorded at their estimated fair value at the date of

Leasing News has been writing about the serious layoffs at LEAF Financial of Philadelphia, Pennsylvania, and here’s one of the main reasons for it: the three month period ending September 30, 2010, for its parent, Resource America (REXI), shows a GAAP loss of $8.5 million. The balance sheet loss is $7.87 million compared to a profit the same period last year of $126,000. Year-end 2010 results show a $13.5 million loss and 2009 a $14.9 million loss. More than likely, the Cohen’s will wind up buying Resource America back as a private enterprise, or most of it. Reportedly, the Cohen shareholders already own 23% of the stock (fully diluted).

Echoing the cutbacks in personnel as reported in previous Leasing News articles regarding LEAF Financial, the three month period ending 2010 for Commercial Finance for Resource America shows September 30, 2010, revenue of $1.85 million, compared to

KeyCorp (KEY) third quarter net income was $163 million, compared to a net loss of $422 for the 2009 third quarter. Tier 1 risk-based capital ratio was 14.26% up from 13.62% one quarter ago.

Chief Executive Officer Henry L. Meyer III noted that Key opened 34 new branches during the first nine months of 2010 and expects to open an additional five new branches during the fourth quarter of 2010, increasing its market presence in selected markets of its 14-state branch network.

While the move appears to be more consumer oriented, the loan composition from the third quarter *-K indicates otherwise, except for a rise in real estate residential loans. All the commercial loan compositions and community equity loans are down (in millions):