Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, i ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe ar ...

Core Insights - First Citizens BancShares has outperformed expectations with a 13% beat on core earnings in Q2, despite a 5% year-over-year revenue decline [2] - The bank's net interest income fell 7% year-over-year but showed slight sequential improvement, contributing to the overall earnings beat [2] - The acquisition of Silicon Valley Bank (SVB) has positioned First Citizens favorably, with a 5% quarter-over-quarter increase in deposits and a strong franchise value among venture capital managers [3] Financial Performance - Core earnings exceeded expectations by approximately 13%, with pre-provision profits beating by over 4% [2] - Core fee-based income rose about 4% year-over-year, while leasing-based rental earnings increased by 11% year-over-year [2] - The bank's tangible book value per share grew by 15% year-over-year, and the CET1 ratio stood at 13.3% [2] Market Position and Strategy - First Citizens is expected to leverage its commercial lending capabilities, which are difficult for other regional banks to replicate, to drive long-term growth [5] - The bank's Net Promoter Score improved from 42 to 45, indicating strong customer service relative to peers [4] - The ongoing recovery of the IPO and venture capital markets is anticipated to enhance deposit inflows and support lending growth [3] Future Outlook - Long-term core earnings growth is projected at close to 6%, with a strong rebound expected in FY'26 [4] - The fair value of the bank's shares is estimated at around $2,450, supported by a 12x multiple on FY'25 EPS estimates [4] - The bank is likely to return capital through buybacks as it aims for a CET1 ratio of 10.5% [4]

Company Overview - First Citizens Bank's Middle Market Banking business provided $25 million in financing to F.W. Webb, the largest wholesale distributor of plumbing, heating, and industrial products in the Northeastern U.S. [1] - F.W. Webb is a third-generation privately held company with over 100 locations across nine states, serving a diverse customer base including contractors, colleges, hospitals, and government agencies [2]. Financing Details - The financing will be used to refinance F.W. Webb's newly constructed warehouse and distribution center with a showroom located in Boston, Massachusetts [3]. - The new facility is strategically located near many of Boston's colleges, universities, and hospitals, aligning with F.W. Webb's business strategy during a period of steady industry growth [4]. Strategic Expansion - First Citizens Middle Market Banking is expanding its services to better serve midsize business clients across the Northeast [1]. - The bank aims to provide tailored financial solutions, including deposit solutions, loans, and treasury services, to a variety of industries [4].

RALEIGH, N.C., July 29, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking group is expanding in the Northeastern U.S., leveraging its deep middle market expertise to provide a full-suite of financial solutions to midsize businesses across the region. Since its launch in 2022, First Citizens Middle Market Banking has been on a continuous growth trajectory and has cultivated a high-performing team of banking experts positioned to serve clients in a wide range of industrie ...

Core Viewpoint - Citizens Community Bancorp, Inc. reported a decrease in earnings for the second quarter of 2024 compared to the previous quarter, but an increase compared to the same quarter last year, reflecting ongoing balance sheet optimization and credit quality improvements. Financial Performance - The company reported earnings of $3.7 million, or $0.35 per diluted share, for Q2 2024, down from $4.1 million and $0.39 per diluted share in Q1 2024, but up from $3.2 million and $0.31 per diluted share in Q2 2023 [2][26]. - Net interest income decreased by $0.3 million to $11.6 million in Q2 2024, compared to $11.9 million in Q1 2024 and $11.7 million in Q2 2023 [5][26]. - Non-interest income fell by $1.4 million in Q2 2024, primarily due to lower gains on loan sales and higher net losses on equity securities [6][26]. Balance Sheet and Asset Quality - Total assets decreased by $17.0 million to $1.80 billion at June 30, 2024 [12]. - Gross loans decreased by $21.7 million to $1.43 billion, attributed to loan payoffs exceeding origination activity [7][15]. - The allowance for credit losses on loans decreased to $21.2 million, representing 1.48% of total loans, down from 1.55% in Q1 2024 [16][39]. Capital and Equity - Book value per share improved to $17.10 at June 30, 2024, compared to $16.61 at March 31, 2024, and $15.81 at June 30, 2023 [4]. - Tangible common equity as a percentage of tangible assets increased to 8.09% at June 30, 2024, from 7.83% at March 31, 2024 [4]. Shareholder Actions - The Board of Directors authorized an additional stock repurchase program of 5% or 512 thousand shares [10][45]. - The company repurchased 109 thousand shares at an average price of $11.28 per share during Q2 2024 [32][45]. Tax and Regulatory Changes - The effective tax rate increased to 22.1% for Q2 2024 from 21.3% in Q1 2024, but decreased from 25.5% a year earlier due to changes in Wisconsin tax law [8].

Core Viewpoint - Citizens Financial Group reported a mixed quarter with slight revenue growth but declines in deposits and loans, indicating ongoing challenges in key metrics [1][3][5]. Financial Performance - Q2 revenue was $1.963 billion, a small sequential increase from $1.959 billion but down 6.2% year-over-year [1]. - Net income narrowed to $392 million from $478 million a year ago, but increased from $334 million in Q1 [1]. - Adjusted net income rose to $408 million from $395 million in Q1, with EPS at $0.82, beating consensus expectations by $0.03 [1]. Loan and Deposit Trends - Total deposits were flat sequentially at $176.4 billion but down 2% year-over-year [5]. - Loans decreased to $141.8 billion from $143.2 billion in Q1 and down from $151.3 billion a year ago, marking a two-year decline [5]. - The bank is focusing on improving loan quality over quantity, which is a positive approach if supported by asset quality results [5]. Credit Quality and Metrics - The provision for credit losses was $182 million, up from Q1 and last year's Q2 [1]. - Net loan charge-offs rose to $184 million, an increase from $181 million in Q1 and up from $152 million a year ago, resulting in a net charge-off rate of 0.52% [2]. - Nonaccrual loans totaled $1.53 billion, up from $1.19 billion at the end of Q2 2023, representing 1.08% of total loans [2]. Efficiency and Return Metrics - The efficiency ratio improved to 66.3% from 69.3% in the previous quarter [6]. - Return on average assets and equity improved sequentially, with underlying return on average tangible assets at 0.78% and return on average equity rising from 10.6% to 11.1% [6]. Market Sentiment - Despite mixed results, the stock price increased, reflecting an optimistic outlook for the financial sector as a whole, driven by expectations of relaxed rates and a potentially easier regulatory environment [3][4].

Group 1 - First Citizens Bank's Healthcare Finance business provided $24 million to finance the acquisition of PAM Rehabilitation Hospital of Tulsa, a 53-bed facility [2][3] - The hospital, totaling 60,932 square feet, is leased to and operated by PAM Health, which is the third largest operator of long-term acute care hospitals and inpatient rehabilitation facilities in the U.S. with 63 facilities across 17 states [6] - Rance Sanders, President and CEO of The Sanders Trust, expressed satisfaction with First Citizens Healthcare Finance's ability to arrange a solid financial package, highlighting the importance of their banking relationship [4][7] Group 2 - First Citizens Bank offers a range of financial services, including commercial banking and healthcare finance, with over 500 branches across 30 states and more than $200 billion in assets [5] - The Healthcare Finance division focuses on providing tailored financial solutions to middle market healthcare companies, emphasizing a client-focused and industry-centric model [4]

1 re 1 i 11 IT ■ I I ■ 1 I l H H 1 L T H I I 1 I I I I 1 F 00 I 1 ■ 804 t I L ■ I n 1 T I I 1 T H I H F I H 1 I L L I I E i t I ■ H ■ F I 1 Now as we look to next week's earnings release, there are several items, I will be focusing in on. First, I would note that in Q2, analysts are expecting CFG to earn $0.79. CFG has beaten estimates in 3 of the past 6 quarters. Prior to that, it had beaten for eight straight quarters, so results have been a bit choppier since the regional banking turmoil began in late 20 ...

MONTREAL, July 09, 2024 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX-V: FPC) ("Falco" or the "Corporation") invites the citizens of Rouyn-Noranda to an immersive public workshop where they will be able to meet acoustic and vibration experts, experience sound and vibration simulations, share their concerns and participate in the discussion on issues related to the sound and vibratory climate. Martin Duclos, Manager, Environment and Community Relations, said: "The concerns expressed by the neighborhood surro ...