Bank Earnings Wrap-up: Morgan Stanley, Northern Trust, Signature Bank, More

M&T Bank Narrowly Misses the Mark

M&T Bank Corporation (NYSE:MTB) earned $2.07 per share on revenue of $1.31 billion for the second quarter, missing estimates by $0.01 per share and $10 million, respectively. Although the top and bottom-line misses were marginal, traders sold off shares of the bank to the tune of a 1.7% decline in the stock today. The average balances of loans to commercial customers rose by an annualized 11% sequentially, while net charge-offs fell. Warren Buffett‘s Berkshire Hathaway owned 5.38 million shares of M&T Bank Corporation (NYSE:MTB) at the end of September.

Signature in the Red After Earnings 

Signature Bank (NASDAQ:SBNY) reported a soft second quarter, with EPS of $1.90 on revenue of $294.79 million. The results missed analysts’ estimates by $0.07 per share for the bottom-line and $0.73 million for the top-line. Shares of the bank have fallen by around 5% in afternoon trading. Although average deposits rose by 5% to $1.39 billion, the company’s net interest margin narrowed to 3.18% from 3.27% in the second quarter of 2015. Book value was $65.09 per share, up from $53.06 per share a year earlier. The number of funds in our system with holdings in Signature Bank (NASDAQ:SBNY) rose by four quarter-over-quarter to 21 as of the end of March.

Pacific Premier Announces Results; Shares Retreat 2.3%

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) is in the spotlight today after the bank reported an underwhelming second quarter. For the three months ended June 30, Pacific Premier earned $0.38 per share and reported net interest income of $37.56 million, missing estimates of $0.42 per share and net interest income of $39.50 million. Net interest margin was 4.51% and the company’s adjusted efficiency ratio was 54.4%. Those numbers compare represent increases from June 2015’s tallies of 4.31% and 53.7% respectively. Book value per share was $15.94. Ten investment vehicles that we monitor were long Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) at the end of March, unchanged over the quarter.

Disclosure: None