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South-East, South-West & Pacific Regional Banks 7-22-14

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.


    12-31-13 Current Dividend Current Div/EPS Pr/Bk Percent Change LTM % Change
Company and stock ticker Price Price /Quarter Yield Ratio Ratio Price Pr+Div EPS Target Div Book NPAs

BOK Financial Corporation (NASDAQ:BOKF) 66.32 64.71 0.400 2.47 37.38 1.44 -2.43 -1.22 -4.04 -0.58 5.26 2.62 17.95
Bank of Hawaii Corporation (NYSE:BOH) 59.14 55.99 0.450 3.21 49.86 2.42 -5.33 -3.80 1.98 8.26 0.00 1.18 5.17
Banc South, Inc. (NYSE:BXS) 25.42 21.51 0.050 0.93 15.04 1.33 -15.38 -14.99 6.40 9.29 400.00 5.20 -48.04
Cathay General Bancorp (NASDAQ:CATY) 26.73 25.75 0.050 1.09 16.97 1.38 -3.67 -3.14 0.00 3.23 600.00 5.65 -16.79
Commerce Bancshares (OTC:CBSH) 44.91 45.13 0.225 1.99 32.14 1.90 0.49 1.49 -1.06 11.09 0.00 -1.12 -33.33
Cullen/Frost Bankers, Inc. (NYSE:CFR) 74.43 77.59 0.500 2.63 49.51 1.95 4.25 5.62 1.48 7.50 6.25 3.73 -42.11
City National Corporation (NYSE:CYN) 79.22 72.78 0.330 1.81 33.17 1.57 -8.13 -7.30 -3.86 6.74 32.00 4.22 -27.91
East West Bancorp, Inc. (NASDAQ:EWBC) 34.97 34.51 0.180 2.09 30.64 1.89 -1.32 -0.29 1.73 8.24 20.00 10.57 -15.87
First Horizon National (NYSE:FHN) 11.65 11.69 0.050 1.71 24.39 1.28 0.34 1.20 3.80 5.17 0.00 -0.66 11.59
F.N.B. Corporation (NYSE:FNB) 12.62 12.13 0.120 3.96 57.83 1.13 -3.88 -1.98 -4.60 4.33 0.00 6.16 -10.58
Glacier Bancorp, Inc. (NASDAQ:GBCI) 29.79 26.78 0.160 2.39 41.29 2.02 -10.10 -8.49 0.00 0.23 14.29 4.17 -25.67
Hancock Holding Comp (NASDAQ:HBHC) 36.68 33.71 0.240 2.85 40.85 1.13 -8.10 -6.79 -0.84 7.53 0.00 2.57 -14.49
Prosperity Bancshares Inc. (NYSE:PB) 63.39 61.24 0.240 1.57 23.08 1.43 -3.39 -2.63 4.26 3.44 11.63 13.69 -86.52
Regions Financial Corp (NYSE:RF) 9.89 10.10 0.030 1.98 23.26 0.89 2.12 3.13 2.38 8.83 400.00 5.37 -25.65
Trustmark Corporation (NASDAQ:TRMK) 26.84 23.11 0.230 3.98 53.80 1.13 -13.90 -12.18 -5.52 -6.37 0.00 1.09 -8.02
UMB Financial Corp (NASDAQ:UMBF) 64.28 57.16 0.225 1.57 29.32 1.68 -11.08 -10.38 -3.15 9.20 4.65 6.97 -12.50
Umpqua Holdings Corp (NASDAQ:UMPQ) 19.14 16.94 0.150 3.54 59.41 1.10 -11.49 -9.14 -7.34 7.23 50.00 -0.32 -19.40
WestAmerica Bancorp. (NASDAQ:WABC) 56.46 48.64 0.380 3.13 65.24 2.36 -13.85 -12.50 -5.67 0.41 2.70 -0.58 -46.51
Zions Bancorporation (NASDAQ:ZION) 29.96 29.15 0.040 0.55 8.99 0.97 -2.70 -2.44 -3.78 3.97 300.00 10.06 -30.24

Average         2.29 36.43 1.53 -5.66 -4.52 -0.94 5.14   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: 05-29-14 BOH: 06-12-14 BXS : 06-30-14 CATY: 06-07-14 CBSH: 06-22-14
CFR : 06-12-14 CYN : 05-20-14 EWBC: 05-18-14 FHN*: 06-30-14 FNB : 06-14-14
GBCI : 7-16-14 HBHC: 06-15-14 PB: 06-30-14 RF : 06-30-14 TRMK: 06-14-14
UMBF: 06-30-14 UMPQ: 07-14-14 WABC: 05-15-14 ZION: 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: -169 June: -153 Sept: -170 Dec: -143
Mar 07: -186 June: -203 Sept: -138 Dec: -51
Mar 08: 32 June: -139 Sept: 11 Dec: 219
Mar 09: 219 June: 54 Sept: -110 Dec: -171
Mar 10: -183 June: -69 Sept: -21 Dec: -100
Mar 11: -90 June: -115 Sept: 70 Dec: 30
Mar 12: -27 June: 47 Sept: 55 Dec: 38
Mar 13: 23 June: -37 Sept: -42 Dec: -99
Mar 14: -66 June: -34 Sept: Dec:

Historical Bank Price to Book Ratios for the sector:

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

  EPS / Share % EPS Growth Price/EPS 14 EPS Range
Co. 2009 2010 2011 2012 2013 2014 2015 11-12 12-13 13-14 14-15 2013 2014 2015 High Low Range

BOKF 2.96 3.51 4.17 5.13 4.62 4.28 4.48 23.02 -9.94 -7.36 4.67 14.01 15.12 14.44 4.37 4.10 6.31%
BOH 3.00 3.80 3.39 3.67 3.37 3.61 3.87 8.26 -8.17 7.12 7.20 16.61 15.51 14.47 3.80 3.50 8.31%
BXS 1.25 0.27 0.45 0.90 0.98 1.33 1.58 100.00 8.89 35.71 18.80 21.95 16.17 13.61 1.37 1.27 7.52%
CATY 0.10 0.10 1.06 1.28 1.43 1.65 1.77 20.75 11.72 15.38 7.27 18.01 15.61 14.55 1.68 1.62 3.64%
CBSH 2.07 2.52 2.82 2.90 2.75 2.80 2.98 2.84 -5.17 1.82 6.43 16.41 16.12 15.14 2.85 2.70 5.36%
CFR 2.80 3.44 3.58 3.86 3.78 4.12 4.36 7.82 -2.07 8.99 5.83 20.53 18.83 17.80 4.20 3.96 5.83%
CYN 0.16 2.36 3.21 3.83 4.11 3.98 4.35 19.31 7.31 -3.16 9.30 17.71 18.29 16.73 4.15 3.82 8.29%
EWBC 0.10 0.96 1.60 1.88 2.10 2.35 2.53 17.50 11.70 11.90 7.66 16.43 14.69 13.64 2.39 2.28 4.68%
FHN 0.10 0.10 0.50 0.10 0.06 0.82 0.81 -80.00 -40.00 1266.67 -1.22 194.83 14.26 14.43 0.77 0.65 14.63%
FNB 0.32 0.59 0.70 0.84 0.84 0.83 0.92 20.00 0.00 -1.19 10.84 14.44 14.61 13.18 0.88 0.74 16.87%
GBCI 0.56 0.61 0.24 1.05 1.31 1.55 1.72 337.50 24.76 18.32 10.97 20.44 17.28 15.57 1.60 1.52 5.16%
HBHC 2.26 1.40 2.02 2.13 2.09 2.35 2.49 5.45 -1.88 12.44 5.96 16.13 14.34 13.54 2.45 2.30 6.38%
PB 2.41 2.73 3.01 3.23 3.58 4.16 4.38 7.31 10.84 16.20 5.29 17.11 14.72 13.98 4.25 4.10 3.61%
RF 0.10 0.10 0.17 0.74 0.81 0.86 0.90 335.29 9.46 6.17 4.65 12.47 11.74 11.22 0.93 0.79 16.28%
TRMK 1.40 1.57 1.59 1.78 1.91 1.71 1.72 11.95 7.30 -10.47 0.58 12.10 13.51 13.44 1.78 1.60 10.53%
UMBF 2.20 2.26 2.64 3.04 3.14 3.07 3.56 15.15 3.29 -2.23 15.96 18.20 18.62 16.06 3.15 2.98 5.54%
UMPQ 0.10 0.15 0.66 0.93 0.95 1.01 1.29 40.91 2.15 6.32 27.72 17.83 16.77 13.13 1.08 0.99 8.91%
WABC 3.17 3.21 3.06 2.93 2.52 2.33 2.37 -4.25 -13.99 -7.54 1.72 19.30 20.88 20.52 2.39 2.32 3.00%
ZION 0.10 0.10 0.85 1.22 2.35 1.78 1.85 43.53 92.62 -24.26 3.93 12.40 16.38 15.76 1.94 1.60 19.10%

Average               5.73 71.10 8.08 26.15 15.97 14.80

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