Citizens Republic Bancorp Inc. (CRBC, Financial) filed Quarterly Report for the period ended 2009-03-31.
CITIZENS BANKING CORP. (MI) is a multibank holding company offering a variety of financial services to corporate commercial correspondent and individual bank customers. These services include commercial mortgage and consumer lending demand and time deposits trust services investment services safe deposit facilities and other financial products and services. Citizens Republic Bancorp Inc. has a market cap of $222.3 million; its shares were traded at around $1.76 with and P/S ratio of 0.3. Citizens Republic Bancorp Inc. had an annual average earning growth of 1.5% over the past 5 years.
Rate sensitive assets repricing within one year exceeded rate sensitive liabilities repricing within one year by $221.4 million or 1.7% of total assets as of March 31, 2009 compared with $215.6 million or 1.6% of total assets at December 31, 2008. These results incorporate the impact of off-balance sheet derivatives and reflect interest rates consistent with March 31, 2009 levels. Repricing gap analysis is limited in its ability to measure interest rate sensitivity, as embedded options can change the repricing characteristics of assets, liabilities, and off-balance sheet derivatives in different interest rate scenarios, thereby changing the repricing position from that outlined above. Further, basis risk is not captured by repricing gap analysis.
During 2008 and continuing in 2009, higher levels of bank failures have dramatically increased resolution costs for the Federal Deposit Insurance Corporation (FDIC) and depleted its deposit insurance fund. In addition, the FDIC instituted two temporary programs effective through December 31, 2009 to further insure customer deposits at FDIC-member banks: deposit accounts are now insured up to $250,000 per customer (up from $100,000) and certain noninterest bearing transactional accounts are fully insured (unlimited coverage). These programs have placed additional stress on the deposit insurance fund.
On February 27, 2009, the FDIC voted to amend the restoration plan and impose a special assessment of 20 cents for every $100 of deposits at June 30, 2009, which would be payable on September 30, 2009. The interim rule also permits the FDIC to impose an additional emergency special assessment after June 30, 2009, of up to 10 cents per $100 of deposits, if necessary. These interim rules were subject to a 30-day comment period. As of the filing date of this Form 10-Q, the FDIC has not issued its final rules regarding the special assessments.
Read the The complete ReportCRBC is in the portfolios of Arnold Schneider of Schneider Capital Management, Lee Ainslie, Lee Ainslie.
CITIZENS BANKING CORP. (MI) is a multibank holding company offering a variety of financial services to corporate commercial correspondent and individual bank customers. These services include commercial mortgage and consumer lending demand and time deposits trust services investment services safe deposit facilities and other financial products and services. Citizens Republic Bancorp Inc. has a market cap of $222.3 million; its shares were traded at around $1.76 with and P/S ratio of 0.3. Citizens Republic Bancorp Inc. had an annual average earning growth of 1.5% over the past 5 years.
Highlight of Business Operations:
As of March 31, 2009, the Holding Companys cash resources totaled $220.1 million. The Holding Companys interest and preferred dividend payment obligations are approximately $35 million annually. Citizens monitors the relationship between cash obligations and available cash resources, and believes that the Holding Company has sufficient liquidity to meet its currently anticipated short and long-term needs.Rate sensitive assets repricing within one year exceeded rate sensitive liabilities repricing within one year by $221.4 million or 1.7% of total assets as of March 31, 2009 compared with $215.6 million or 1.6% of total assets at December 31, 2008. These results incorporate the impact of off-balance sheet derivatives and reflect interest rates consistent with March 31, 2009 levels. Repricing gap analysis is limited in its ability to measure interest rate sensitivity, as embedded options can change the repricing characteristics of assets, liabilities, and off-balance sheet derivatives in different interest rate scenarios, thereby changing the repricing position from that outlined above. Further, basis risk is not captured by repricing gap analysis.
During 2008 and continuing in 2009, higher levels of bank failures have dramatically increased resolution costs for the Federal Deposit Insurance Corporation (FDIC) and depleted its deposit insurance fund. In addition, the FDIC instituted two temporary programs effective through December 31, 2009 to further insure customer deposits at FDIC-member banks: deposit accounts are now insured up to $250,000 per customer (up from $100,000) and certain noninterest bearing transactional accounts are fully insured (unlimited coverage). These programs have placed additional stress on the deposit insurance fund.
On February 27, 2009, the FDIC voted to amend the restoration plan and impose a special assessment of 20 cents for every $100 of deposits at June 30, 2009, which would be payable on September 30, 2009. The interim rule also permits the FDIC to impose an additional emergency special assessment after June 30, 2009, of up to 10 cents per $100 of deposits, if necessary. These interim rules were subject to a 30-day comment period. As of the filing date of this Form 10-Q, the FDIC has not issued its final rules regarding the special assessments.
Read the The complete ReportCRBC is in the portfolios of Arnold Schneider of Schneider Capital Management, Lee Ainslie, Lee Ainslie.
