Corus Takes a Hit: Fool by Numbers
On Jan. 18, Corus Bankshares (Nasdaq: CORS) released full-year earnings for the period ended Dec. 31, 2006.
- This year marked the first year since 1999 that Corus, which is focused on condo development and redevelopment loans, had to charge off a commercial real estate loan. Of the $1.9 million written off in the last 10 years, $1.5 million occurred this year.
- Corus continues to improve upon its rock-bottom efficiency ratio.
- Despite the problem in the loan book, the company continued to drive deposit growth, and those deposits are largely being put to work in investments.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
FY 2006
|
FY 2005
|
Change
|
|
Total Revenue
|
$353,602
|
$271,607
|
30.2%
|
|
Net Interest Income
|
$341,901
|
$249,658
|
36.9%
|
|
Net Profit
|
$189,444
|
$137,229
|
38.0%
|
|
EPS
|
$3.28
|
$2.38
|
37.8%
|
Get back to basics with a look at the income statement.
Ratio Checkup
|
FY 2006
|
FY 2005
|
Change*
|
|
Net Interest Margin
|
3.33%
|
3.76%
|
(0.43%)
|
|
Efficiency Ratio
|
18.40%
|
22.90%
|
(4.50%)
|
|
Nonperforming Assets / Assets
|
1.15%
|
0.01%
|
1.14%
|
|
Return on Average Assets
|
2.00%
|
2.10%
|
(0.10%)
|
|
Return on Average Equity
|
25.00%
|
21.80%
|
3.20%
|
*Expressed in percentage points.
Find out more about bank ratios.
Balance Sheet Highlights
|
Assets
|
FY 2006
|
FY 2005
|
Change
|
|
Investments
|
$5,431,267
|
$3,442,638
|
57.8%
|
|
Net Loans
|
$4,096,686
|
$4,484,771
|
(8.7%)
|
|
Liabilities
|
FY 2006
|
FY 2005
|
Change
|
|
Deposits
|
$8,704,675
|
$7,265,829
|
19.8%
|
|
Total Liabilities
|
$9,213,264
|
$7,768,965
|
18.6%
|
Learn about bank assets and bank liabilities.
Related Companies:
-
Citigroup (NYSE: C)
-
Bank of Montreal (NYSE: BMO)
-
Bank of America (NYSE: BAC)
-
ABN Amro Holdings (NYSE: ABN)
-
National City (NYSE: NCC)
Related Foolishness:
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication, Nathan Parmelee had no positions in any of the companies mentioned. Bank of America and National City are
Motley Fool Income Investor
selections. The Motley Fool has a disclosure policy.
DocumentId: 520226, ~/articles/articlehandler.aspx, 7/20/2008 6:01:42 PM, No ticker
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