CFO Rene Jones: "Revenue trends for the quarter were dampened by lower than normal levels of customer activity during the first two months of the period followed by a rebound in March."
Net operating income of $235M or $1.66 per share compares to $285M or $2.06 per share a year ago. Provision for credit losses of $32M falls from $38M. ROTCE of 12.76% falls from 18.71%. Bad loans of $891M or 1.39% of total loans falls from $1.05B or 1.6% of total loans a year ago.
Noninterest income of $420M slips from $433M a year ago, with mortgage banking revenue off $13M. Noninterest expense of $702M is up from $636M a year ago; excluding non-recurring items, expenses of $692M rose from $618M.
Tangible BVPS of $53.92 up 17% Y/Y. Tier 1 Common ratio of 9.45% up from 7.93% a year earlier.
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