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  • South-East, South-West & Pacific Regional Banks 7-22-14 0 comments
    Jul 23, 2014 9:30 AM
    South-East, South-West & Pacific Regional Banks 07-22-14

    The Q2-14 dividend is used for yield calculations. The LTM change is since Q2-13. The Q1-14 book value is used in the price/book ratios - and the change in book is from Q1-13 to Q1-14. CBSH at times pays dividends in new shares or stock splits of 105 for 100 shares. This results in a shrinking book per share metric. LTM = last twelve months.

      12-31-13CurrentDividendCurrentDiv/EPSPr/BkPercent ChangeLTM % Change
    Company and stock tickerPricePrice/QuarterYieldRatioRatioPricePr+DivEPSTargetDivBookNPAs

    BOK Financial Corporation(NASDAQ:BOKF)66.3264.710.4002.4737.381.44-2.43-1.22-4.04-0.585.262.6217.95
    Bank of Hawaii Corporation(NYSE:BOH)59.1455.990.4503.2149.862.42-5.33-3.801.988.
    Banc South, Inc.(NYSE:BXS)25.4221.510.0500.9315.041.33-15.38-14.996.409.29400.005.20-48.04
    Cathay General Bancorp(NASDAQ:CATY)26.7325.750.0501.0916.971.38-3.67-
    Commerce Bancshares(NASDAQ:CBSH)44.9145.130.2251.9932.141.900.491.49-1.0611.090.00-1.12-33.33
    Cullen/Frost Bankers, Inc.(NYSE:CFR)74.4377.590.5002.6349.511.954.255.621.487.506.253.73-42.11
    City National Corporation(NYSE:CYN)79.2272.780.3301.8133.171.57-8.13-7.30-3.866.7432.004.22-27.91
    East West Bancorp, Inc.(NASDAQ:EWBC)34.9734.510.1802.0930.641.89-1.32-0.291.738.2420.0010.57-15.87
    First Horizon National(NYSE:FHN)11.6511.690.0501.7124.391.280.341.203.805.170.00-0.6611.59
    F.N.B. Corporation(NYSE:FNB)12.6212.130.1203.9657.831.13-3.88-1.98-4.604.330.006.16-10.58
    Glacier Bancorp, Inc.(NASDAQ:GBCI)29.7926.780.1602.3941.292.02-10.10-8.490.000.2314.294.17-25.67
    Hancock Holding Comp(NASDAQ:HBHC)36.6833.710.2402.8540.851.13-8.10-6.79-0.847.530.002.57-14.49
    Prosperity Bancshares Inc.(NYSE:PB)63.3961.240.2401.5723.081.43-3.39-2.634.263.4411.6313.69-86.52
    Regions Financial Corp(NYSE:RF)9.8910.100.0301.9823.260.892.123.132.388.83400.005.37-25.65
    Trustmark Corporation(NASDAQ:TRMK)26.8423.110.2303.9853.801.13-13.90-12.18-5.52-6.370.001.09-8.02
    UMB Financial Corp(NASDAQ:UMBF)64.2857.160.2251.5729.321.68-11.08-10.38-
    Umpqua Holdings Corp(NASDAQ:UMPQ)19.1416.940.1503.5459.411.10-11.49-9.14-7.347.2350.00-0.32-19.40
    WestAmerica Bancorp.(NASDAQ:WABC)56.4648.640.3803.1365.242.36-13.85-12.50-5.670.412.70-0.58-46.51
    Zions Bancorporation(NASDAQ:ZION)29.9629.150.0400.558.990.97-2.70-2.44-3.783.97300.0010.06-30.24

    Average    2.2936.431.53-5.66-4.52-0.945.14 4.24-22.58

    The KBE Bank EFT (dominated by the mega-cap banks) has changed -2.71% year to date - with divs it has changed -2.39%.
    With the 10 Treasury at 2.48% and the sector average yield (on Q2 divs) at 2.29% - the spread is -19 basis points.
    Weeding out banks paying sub ten cent dividends - the average yield would be 2.55% and average price/book would be 1.64.

    Dividend dates are:

    BOKF: 05-29-14BOH: 06-12-14BXS : 06-30-14CATY: 06-07-14CBSH: 06-22-14
    CFR : 06-12-14CYN : 05-20-14EWBC: 05-18-14FHN*: 06-30-14FNB : 06-14-14
    GBCI : 7-16-14HBHC: 06-15-14PB: 06-30-14RF : 06-30-14TRMK: 06-14-14
    UMBF: 06-30-14UMPQ: 07-14-14WABC: 05-15-14ZION: 05-28-14

    Note: FHN's dividend was paid in shares at the equivalent of $0.20/share

    Historical Bank Yield to 10 Year Treasury Spreads for the sector:

    Mar 06: -169June: -153Sept: -170Dec: -143
    Mar 07: -186June: -203Sept: -138Dec: -51
    Mar 08: 32June: -139Sept: 11Dec: 219
    Mar 09: 219June: 54Sept: -110Dec: -171
    Mar 10: -183June: -69Sept: -21Dec: -100
    Mar 11: -90June: -115Sept: 70Dec: 30
    Mar 12: -27June: 47Sept: 55Dec: 38
    Mar 13: 23June: -37Sept: -42Dec: -99
    Mar 14: -66June: -34Sept:Dec:

    Historical Bank Price to Book Ratios for the sector:

    Mar 07: 2.09June: 1.95Sept: 1.83Dec: 1.63
    Mar 08: 1.53June: 1.24Sept: 1.65Dec: 1.45
    Mar 09: 1.03June: 1.01Sept: 1.12Dec: 1.29
    Mar 10: 1.41June: 1.28Sept: 1.22Dec: 1.37
    Mar 11: 1.41June: 1.36Sept: 0.99Dec: 1.18
    Mar 12: 1.35June: 1.29Sept: 1.29Dec: 1.21
    Mar 13: 1.37June: 1.43Sept: 1.54Dec: 1.69
    Mar 14: 1.68June: 1.71Sept:Dec:
    Banks Price/EPS Ratios 07-22

     EPS / Share% EPS GrowthPrice/EPS14 EPS Range


    Average       5.7371.108.0826.1515.9714.80

    Note: The percentage range on the estimates is the high minus low divided by the consensus estimate.

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