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:

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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.