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U.S. stocks rose, sending the Standard & Poor�� 500 Index trading to another record, as consumer confidence gained and investors bet central banks worldwide will continue their efforts to stimulate the economy.
Apple Inc. (AAPL) climbed 2.9 percent as the iPhone maker sold $17 billion of bonds in the biggest U.S. corporate offering on record. Avon Products Inc. (AVP) gained 4.1 percent after earnings topped analysts��forecasts. Pfizer Inc. (PFE) dropped 4.5 percent as the world�� biggest drugmaker reported earnings that fell short of analysts��projections. Newmont Mining Corp. (NEM) lost 4.6 percent as the biggest U.S. gold producer reported profit that missed estimates.
Best Canadian Stocks For 2015: Astoria Financial Corp (AF)
Astoria Financial Corporation, incorporated on June, 14, 1993, is the unitary savings and loan association holding company of Astoria Federal Savings and Loan Association (Astoria Federal). The Company�� principal business is the operation of its wholly owned subsidiary, Astoria Federal. Astoria Federal�� primary business is attracting retail deposits from the general public and investing those deposits, together with funds generated from operations, principal repayments on loans and securities and borrowings, primarily in one- to four-family mortgage loans, multi-family mortgage loans, commercial real estate loans and mortgage-backed securities. Astoria Federal also invests in consumer and other loans, the United States Government, government agency and government-sponsored enterprise (GSE), securities and other investments.
Lending Activities
The Company�� loan portfolio consists primarily of mortgage loans. As of December 31, 2012, 74% of its total loan portfolio was secured by residential properties and 24% was secured by multi-family properties and commercial real estate. The remainder of the loan portfolio consists of a variety of consumer and other loans, including commercial and industrial loans originated in 2012 through its business banking initiatives. As of December 31, 2012, its net loan portfolio totaled $13.08 billion, or 79% of total assets. The Company originates mortgage loans either directly through its banking and loan production offices in New York or indirectly through brokers and its third party loan origination program. It also originates mortgage loans for sale. The Company�� primary lending focus is on the origination and purchase of first mortgage loans secured by one- to four-family properties that serve as the primary residence of the owner.
The Company also originates multi-family and commercial real estate loans. As of December 31, 2012, multi-family mortgage loans totaled $2.41 billion, or 18% of its total loan portfolio,! and commercial real estate loans totaled $773.9 million, or 6% of its total loan portfolio. At December 31, 2012, $264.1 million, or 2%, of the Company�� total loan portfolio consisted of consumer and other loans which were primarily home equity lines of credit. The Company also offers overdraft protection, lines of credit, commercial loans and passbook loans. Consumer and other loans, with the exception of home equity and commercial lines of credit, are offered primarily on a fixed rate, short-term basis.
Investment Activities
At December 31, 2012, the Company�� securities portfolio totaled $2.04 billion, or 12%, of total assets. The Company does not use derivatives for trading purposes. Its securities portfolio consists primarily of mortgage-backed securities. At December 31, 2012, its mortgage-backed securities totaled $1.94 billion, or 95%, of total securities, of which $1.92 billion, or 94%, of total securities, were real estate mortgage investment conduits (REMIC) and collateralized mortgage obligation (CMO) securities, substantially all of which had fixed rates. Of the REMIC and CMO securities portfolio, $2.35 billion, or 98.7%, are guaranteed by Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Government National Mortgage Association (Ginnie Mae) as issuer. At December 31, 2012, its securities available-for-sale totaled $336.3 million and its securities held-to-maturity totaled $1.7 billion. At December 31, 2012, it had no investments in repurchase agreements and federal funds sold.
Sources of Funds
The Company�� primary source of funds is the cash flow provided by its investing activities, including principal and interest payments on loans and securities. Its other sources of funds are provided by operating activities and financing activities, including deposits and borrowings. The Company offers a variety of deposit accounts with a range of interest rates and terms. It offers ! passbook ! and statement savings accounts, money market accounts, negotiable order of withdrawal (NOW) and demand deposit accounts, liquid certificates of deposit (Liquid CDs), and certificates of deposit, which include all time deposits other than Liquid CDs. Liquid CDs have maturities of three months, require the maintenance of a minimum balance and allow depositors the ability to make periodic deposits to and withdrawals from their account. At December 31, 2012, its deposits totaled $10.44 billion. Of the total deposit balance, $1.28 billion, or 12%, represented individual retirement accounts during the year ended December 31, 2012. It held no brokered deposits at December 31, 2012. Core deposits represented 53.3% of total deposits at December 31, 2011. Reverse repurchase agreements are accounted for as borrowings and are secured by the securities sold under the agreements. At December 31, 2012, borrowings totaled $4.37 billion. It also obtains advances from the Federal Home Loan Bank of New York (FHLB-NY).
Subsidiary Activities
In addition to Astoria Federal, the Company has two other subsidiaries, AF Insurance Agency, Inc. and Astoria Capital Trust I. AF Insurance Agency, Inc. is a life insurance agency. Through contractual agreements with various third parties, AF Insurance Agency, Inc. makes insurance products available primarily to the customers of Astoria Federal. Astoria Federal�� wholly owned subsidiaries include AF Agency, Inc., Astoria Federal Savings and Loan Association Revocable Grantor Trust, Astoria Federal Mortgage Corp. (AF Mortgage), Fidata Service Corp. (Fidata), Marcus I Inc. and Suffco Service Corporation (Suffco). AF Agency, Inc. makes various annuity products available to the customers of Astoria Federal through an unaffiliated third party vendor. AF Mortgage is an operating subsidiary through which Astoria Federal engages in lending activities outside the State of New York through its third party loan origination program. Fidata mortgage loans totaled $5.09 bi! llion at ! December 31, 2012. Suffco serves as document custodian for the loans of Astoria Federal and Fidata and certain loans being serviced for Fannie Mae and other investors.
Advisors' Opinion:- [By Namitha Jagadeesh]
International Consolidated Airlines Group SA (IAG) and Air France-KLM (AF) Group rose with as a gauge of travel stocks as oil prices fell after Iran�� accord. PSA Peugeot Citroen gained 3.7 percent after people familiar with the matter said its chief executive officer plans to step down next year. Fresenius Medical Care AG surged the most in five years after U.S. regulators scrapped a plan to cut Medicare payments next year.
Top 5 Bank Companies To Watch In Right Now: Trico Bancshares (TCBK)
TriCo Bancshares (TriCo), incorporated on October 13, 1981, is a bank holding company that operates through its wholly owned subsidiary, Tri Counties Bank (the Bank). The Bank conducts a commercial banking business, including accepting demand, savings and time deposits, and making commercial, real estate and consumer loans. It also offers installment note collection, issues cashier's checks, sells travelers checks, and provides safe deposit boxes and other customary banking services. Brokerage services are provided at the Bank's offices by the Bank's association with Raymond James Financial Services, Inc., an independent financial services provider and broker-dealer. The Bank does not offer trust services or international banking services. Tri Counties Bank, TriCo Capital Trust I and TriCo Capital Trust II are the subsidiaries of the Bank. On September 23, 2011, the Bank acquired Bank of Northern California.
The Company is engaged in the banking business through 68 offices in 23 counties in Northern and Central California including ten offices in Shasta County, nine in Butte County, seven in Sacramento and Nevada Counties, six in Placer County, four in Stanislaus County, three each in Siskiyou, Sutter and Kern Counties, two each in Glenn and Yolo Counties, and one each in Contra Costa, Del Norte, Fresno, Lake, Lassen, Madera, Mendocino, Merced, Napa, Tehama, Tulare, and Yuba Counties. The Bank�� 76 automated teller machines (ATMs) are linked to several national and regional networks, such as CIRRUS and STAR. In addition, banking by telephone on a around-the-clock toll-free number is available to all customers. This service allows a customer to obtain account balances and most recent transactions, transfer moneys between accounts, make loan payments and obtain interest rate information. The Bank emphasizes on retail banking. Most of the Bank's customers are retail customers and small to medium-sized businesses. The Bank emphasizes serving the needs of local businesses, farmers and ranche! rs, retired individuals and wage earners.
Lending activities
The Bank conducts a commercial banking business, including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. It also offers installment note collection, issues cashier�� checks, sells travelers checks and provides safe deposit boxes and other customary banking services. Brokerage services are provided at the Bank�� offices by the Bank�� association with Raymond James Financial Services, Inc., an independent financial services provider and broker-dealer. The Bank concentrates its lending activities in four principal areas: real estate mortgage loans (residential and commercial loans), consumer loans, commercial loans (including agricultural loans), and real estate construction loans. The majority of the Bank�� loans are direct loans made to individuals, farmers and local businesses.
As of December 31, 2011 loans, including net deferred loan costs, totaled $1,551,032,000. As of December 31, 2011, total Real estate mortgage loans net deferred loan costs, were $ 965,922,000; total consumer loans were $ 406,330,000; total commercial loans were $ 139,131,000, and real estate construction loans were $ 39,649.
Investment Activities
The Bank classifies its investments as available for sale (AFS). As of December 31, 2011, investments consisted of corporate debt and debt securities of the United States government. As of December 31, 2011, the Bank�� securities portfolio consisted of obligations of the United States Government corporations and agencies, obligations of states and political subdivisions, and corporate bonds.
Sources of Funds
Most of the Bank's deposits are attracted from individuals and business-related sources. The various types of deposits offered by the Bank include non-interest-bearing demand deposits, interest-bearing demand deposits, savings deposits, time certificates of $100,000 and o! ver, and ! other time certificates. As of December 31, 2011, the Bank�� deposits totaled $ 2,190,536. The Bank participates in a deposit program offered by the State of California whereby the State may make deposits at the Bank�� request subject to collateral and creditworthiness constraints.
The Company had $8,527,000 of other collateralized borrowings as of December 31, 2011. The Company maintains a collateralized line of credit with the Federal Home Loan Bank of San Francisco. Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. The Bank had available unused correspondent banking lines of credit from commercial banks totaling $5,000,000 for federal funds transactions as of December 31, 2011.
Advisors' Opinion:- [By Rich Duprey]
California-based�TriCo Bancshares (NASDAQ: TCBK ) announced today its second-quarter dividend of $0.11 per share, a 22% increase over the $0.09 per share payout it made last quarter.
Top 5 Bank Companies To Watch In Right Now: Union First Market Bankshares Corp (UBSH)
Union First Market Bankshares Corporation is a bank holding company. The Company offers financial services through its community bank subsidiary Union First Market Bank and three non-bank financial services affiliates. The Company�� non-bank financial services affiliates are Union Mortgage Group, Inc., Union Investment Services, Inc. and Union Insurance Group, LLC. The Company operates in two segments: traditional full service community banking business and its mortgage loan origination business. The Company is a community banking organization based in Virginia and provides full service banking to the Northern, Central, Rappahannock, Shenandoah, Tidewater, and Northern Neck regions of Virginia through Union First Market Bank. Union First Market Bank (the Bank) is a full service community bank offering consumers and businesses a range of banking and related financial services, including checking, savings, certificates of deposit and other depository services, as well as loans for commercial, industrial, residential mortgage and consumer purposes. The Bank issues credit cards and delivers automated teller machine (ATM) services. The Bank also offers Internet banking services and online bill payment for all customers, whether retail or commercial. The Bank also offers private banking and trust services to individuals and corporations through its Financial Guidance Group. In January 2014, the Company acquired StellarOne Corporation.
As of December 31, 2011, Union First Market Bank operated 99 locations in the counties of Albemarle, Caroline, Chesterfield, Essex, Fairfax, Fauquier, Fluvanna, Frederick, Hanover, Henrico, James City, King George, King William, Lancaster, Loudoun, Nelson, Northumberland, Richmond, Spotsylvania, Stafford, Warren, Washington, Westmoreland, York, and the independent cities of Charlottesville, Colonial Heights, Culpeper, Fredericksburg, Harrisonburg, Newport News, Richmond, Staunton, Stephens City, Waynesboro, Williamsburg, and Winchester. Union First Market Bank a! lso operates loan production offices in Staunton, Winchester, and Tappahannock. Union Investment Services, Inc. provides brokerage services; Union Mortgage Group, Inc. provides a line of mortgage products, and Union Insurance Group, LLC offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, L.L.C.
Union Investment Services, Inc. provides securities, brokerage and investment advisory services. It has 11 offices within the Bank�� trade area and is a full service investment company handling all aspects of wealth management, including stocks, bonds, annuities, mutual funds and financial planning. Securities are offered through a third party contractual arrangement with Raymond James Financial Services, Inc., an independent broker dealer. Union Mortgage Group, Inc., (UMG) has offices in Virginia (seven), Maryland (three), North Carolina (three), and South Carolina (two). UMG is also licensed to do business in selected states throughout the Mid-Atlantic and Southeast, as well as Washington, D.C. It provides a variety of mortgage products to customers in those areas. The mortgage loans originated by UMG are generally sold in the secondary market through purchase agreements with institutional investors. Union Insurance Group, LLC (UIG), an insurance agency, is owned by the Bank and Union Mortgage. This agency operates in a joint venture with Bankers Insurance, LLC, an insurance agency owned by community banks across Virginia and managed by the Virginia Bankers Association. UIG generates revenue through sales of various insurance products, including long term care insurance and business owner policies.
Advisors' Opinion:- [By GuruFocus]
Reduced: Union First Market Bankshares Corp (UBSH)
Tom Gayner reduced to his holdings in Union First Market Bankshares Corp by 12.64%. His sale prices were between $18.24 and $20.59, with an estimated average price of $19.52. The impact to his portfolio due to this sale was -0.18%. Tom Gayner still held 1,658,339 shares as of 06/30/2013.
- [By Sean Williams]
What: Shares of StellarOne (NASDAQ: STEL ) , a commercial, mortgage, and wealth management bank servicing small and medium-sized businesses in Virginia, jumped as much as 20% after agreeing to be purchased by Union First Market Bancshares (NASDAQ: UBSH ) .
Top 5 Bank Companies To Watch In Right Now: BankUnited Inc (BKU)
BankUnited, Inc. (BKU), incorporated on April 28, 2009, is a bank holding company with three wholly owned subsidiaries: BankUnited, National Association (the Bank) Herald National Bank (Herald), and BankUnited Investment Services, Inc. (BUIS), collectively, the Company. As of December 31, 2012, it provides a range of banking services to individual and corporate customers through 98 branches located in 15 Florida counties. Herald is a national banking association with 2 branch locations in the New York metropolitan area. BUIS is a Florida insurance agency providing wealth management and financial planning services. As of December 31, 2012, its distribution network also includes 97 automated teller machines (ATMs), online banking and a telephone banking service. As of December 31, 2011, the Bank had 98 branches in 15 counties. On February 29, 2012, the Company announced the completion of its acquisition of Herald National Bank (Herald).
Lending Activities
The Company�� primary lending focus is to serve consumers, commercial and middle-market businesses and their executives with a range of financial products and services. It offers a range of lending products, including small business loans, residential mortgage loans, commercial real estate loans, equipment loans and leases, term loans, asset-backed loans, municipal leases, letters of credit and commercial lines of credit. As part of the Company�� loan activities, it also purchases performing residential loans on a national basis.
The Company�� commercial loans, which are generally made to small and middle-market businesses, include equipment loans, lines of credit, acquisition finance credit facilities and an array of Small Business Administration product offerings, and typically have maturities of five years or less. It also offers term financing for the acquisition or refinancing of properties, primarily rental apartments, industrial properties, retail shopping centers and free-standing buildings, office! buildings and hotels located primarily in Florida. Other products that it provides include secured lines of credit, acquisition, development and construction loan facilities and construction financing.
The Company provides one- to four-single family residential real estate loans with terms ranging from 10 to 40 years, with either fixed or adjustable interest rates. Loans are offered to customers primarily in Florida through its branches and loan officers. The majority of its loans are owner occupied, full documentation loans. The Company offers consumer loans to its customers primarily in Florida for personal, family and household purposes, including home equity loans, auto, boat and personal installment loans.
Sources of Funds
The Company offers traditional deposit products, including checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a variety of rates. Demand deposits comprised 22% of total deposits as of December 31, 2012. The Company also utilizes Federal Home Loan Bank (FHLB) advances to finance its operations.
Wealth Management
Through financial consultants and bankers, BankUnited Investment Services provides a range of wealth management product offering that includes mutual funds, annuities, life insurance and individual securities. It also provides succession planning, estate planning, and financial planning to individuals and business owners. It uses a third-party financial services company to provide its trading platform, administrative and back office support, and provides its customers with around-the-clock access to account balances and summaries, positions and portfolio views, transaction detail, portfolio view, and online statements.
The Company competes with Bank of America, BankAtlantic, BB&T, JPMorgan Chase, Regions Bank, SunTrust Banks, TD Bank and Wells Fargo.
Advisors' Opinion:- [By Eric Volkman]
BankUnited (NYSE: BKU ) is reaching into its vault for another shareholder payout. The company has declared its latest quarterly common stock dividend, which is to be $0.21 per share paid on July 19 to shareholders of record as of July 5. That amount matches both of the firm's previous distributions, the most recent of which was paid in April. Prior to that, BankUnited dispensed $0.17 per share.
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