Regional Banks Report Financial Results and Merger Agreements - Research Report on PacWest, First Horizon, IberiaBank, Prosperity, and Trustmark
NEW YORK, July 26, 2013 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Today, Analysts' Corner announced new research reports highlighting PacWest Bancorp (NASDAQ: PACW), First Horizon National Corporation (NYSE: FHN), IberiaBank Corp. (NASDAQ: IBKC), Prosperity Bancshares Inc. (NYSE: PB), and Trustmark Corporation (NASDAQ: TRMK). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.
PacWest Bancorp Research Report
On July 23, 2013, PacWest Bancorp (PacWest) reported its financial results for Q2 2013. The Company reported net earnings of approximately $4.4 million or $0.11 per diluted share, reflecting a decrease compared to $13.5 million or $0.37 per diluted share in Q1 2013. Q2 2013 net earnings include after-tax acquisition and integration costs associated with the First California Financial Group, Inc. (FCAL) transaction of $10.8 million, or $0.28 per diluted share. According to Matt Wagner, CEO, "We completed the acquisition of First California on May 31, 2013, and welcome our new employees to the Pacific Western family. Our integration of First California was completed on Saturday, June 15 when we converted the information systems and the branches opened the following Monday as full-service offices of Pacific Western Bank. The FCAL transaction has expanded our market presence in Los Angeles and Ventura counties, and its retained operations are expected to enhance our efficiency and net earnings." The Full Research Report on PacWest Bancorp - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/a9b0_PACW]
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First Horizon National Corporation Research Report
On July 19, 2013, First Horizon National Corporation (First Horizon) reported its financial results for Q2 2013. Net income available to common shareholders was $40.8 million or $0.17 per diluted share compared to net loss of $124.8 million or $0.5 per diluted share in Q2 2012. Total Revenue decreased 8.7% YoY to $302.7 million. According to Bryan Jordan, Chairman and CEO of First Horizon, "First Tennessee Bank and FTN Financial are delivering good results for our customers and shareholders. Our people continue to seize opportunities to earn our customers' business with unparalleled service and product options. We remain committed to operating efficiently throughout the company, building a strong foundation so we can take advantage of opportunities as the economy improves." The Full Research Report on First Horizon National Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/87c5_FHN]
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IberiaBank Corp. Research Report
On July 23, 2013, IberiaBank Corp. (IberiaBank) released its operating results for Q2 2013. The Company reported basic net income of $15.6 million or $0.53 per diluted share, compared to basic net income of $12.6 million or $0.43 per diluted share in Q2 2012. Commenting on the news, Daryl G. Byrd, President and Chief Executive Officer, said, "The results for the second quarter were generally consistent with our expectations. We experienced the strongest quarterly organic loan growth in our Company's history. Noninterest bearing deposit volumes continued to climb. Our net interest margin in the second quarter showed significant improvement as expected. Our asset quality and capital position remained stellar. Targeted cost savings are being achieved, though results this quarter were masked by $4 million in one-time branch closure costs that were beyond our expectations. While we originated the third highest quarterly mortgage loan production in our Company's history, mortgage income was negatively affected by the rapid rise in interest rates and reduced pipeline valuations." The Full Research Report on IberiaBank Corp. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/2754_IBKC]
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Prosperity Bancshares Inc. Research Report
On July 1, 2013, Prosperity Bancshares Inc., (Prosperity) the parent company of Prosperity Bank, announced the signing of a definitive merger agreement with FVNB Corp. and its wholly owned subsidiary First Victoria National Bank, which marks the Company's sixth merger transaction in the last 18 months. Commenting on the merger agreement, David Zalman, Chairman and CEO of Prosperity, said, "We have always had a great deal of respect for the bank and for the people that have contributed to its success. Both of our banks do business in many of the same communities and we have knowledge of the specific needs of those communities in terms of financial products as well as community support. We believe this combination will further strengthen our already strong management and operations teams in South Texas and increase our ability to effectively compete and serve our customers." The Full Research Report on Prosperity Bancshares Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/dc06_PB]
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Trustmark Corporation Research Report
On July 23, 2013, Trustmark Corporation (Trustmark) reported its Q2 2013 financial results and quarterly dividend. The Company's net income available to common shareholders for Q2 2013, increased to $31.1 million or $0.46 per diluted share, compared to net income of $29.3 million or $0.45 per diluted share in Q2 2012. Commenting on the release, Gerard R. Host, President and CEO, stated, "Trustmark's momentum continued to build during the second quarter as total revenue increased 7.2% to $142.9 million. Thanks to our dedicated associates, solid profitability and strong capital base, we are well-positioned to continue providing value for our customers and shareholders." Additionally, Trustmark's Board of Directors declared that on September 15, 2013, a quarterly cash dividend of $0.23 per common share will be payable to shareholders of record as of September 1, 2013. The Full Research Report on Trustmark Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/9e8a_TRMK]
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SOURCE Analysts' Corner
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