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SunTrust Bank ( STI ) posted a loss of $377.1 million or 76 cents per share, wider than the Zacks Consensus Estimate loss of 63 cents per share. This was compared to a net income of $304.4 million or 87 cents per share in the third quarter of 2008. The decline in earnings was attributable to the $390.8 million after-tax increase in the provision for loan losses and a $292.8 million after-tax increase in valuation losses associated with the fair value of SunTrust’s public debt. Net loss for th

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UPDATE: Wells Fargo released their earnings yesterday, October 21st. The Wall Street Journal commented on Wells’ earnings by writing, Wells Fargo Leads Stocks Into The Red : Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial shares. The Dow Jones Industrial Average closed down 92.12 points, or 0.9%, to 9949.36, marking its second decline in a row. J.P. Morgan and Bank of America were two of its weaker compon

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Chart of the Day – … Today’s chart illustrates how earnings declined over 92% since peaking in Q3 2007 , which makes it easily the largest decline on record (the data goes back to 1936). … ———— As LIBOR declines, banks hoard more cash at the Fed - US Banks continue to hoard over $850 billion in cash at the Federal Reserve. … Out to 3 months the rate is almost the same as the overnight rate. It’s an indication of the spectacular rise in confidence banks have

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Suttmeier’s Four in Four video can be watched on the web HERE. September 18, 2009 – The Economic Backdrop Not As Strong As Advertised Financial Trial and Error by the FDIC, Housing Starts decline, and cautious comments by Volcker FDIC Sells Toxic Mortgages to a Private Investor The first FDIC announced sale of toxic mortgages involves $1.3 billion in mortgages from Franklin Bank of Houston Texas, which failed last November. My concern with t

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New Millennium Bank Reports Continued Growth Despite Decline in Short-Term Results Second quarter results largely impacted by prudent risk-management measures NEW BRUNSWICK, N.J., Sept. 10 /PRNewswire-FirstCall/ — New Millennium Bank (BULLETIN BOARD: NMNB) today announced a second quarter loss of $161,000 which is reflective of the ongoing recession and residual turmoil of the financial markets as well as prudent risk management measures taken by the Bank, and that the Bank continues to gr

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