The headlines for Bank of Montreal's (BMO -4.7%) results say "beat," but RBC calls it a big miss after stripping out a $0.19 tax security gain. This would put EPS at C$1.45 vs. expectations for C$1.58.
KBW's Brian Klock agrees, and in fact strips out even more due to securities gains. He sees an operating number closer to $1.41, or a $0.17 miss. Particularly notable, says Klock, was a 10 basis point decline in net interest margin, and the big decline in U.S. banking profit (-28%).