From the Vault

Per-share earnings were unchanged from a year earlier at $1.07, including merger and restructuring costs. Bank of America acquired Delaware-based MBNA Corp. Jan. 1.

Revenue for the quarter increased 31 percent to $17.94 billion from $13.74 billion in first-quarter 2005. Net interest income was $9.04 billion, compared to $7.71 billion last year, and noninterest income was $8.9 billion, up from $6.03 billion.

Company officials attribute across-the-board increases to strong performance in the consumer businesses and improvements in trading account profits, equity investment gains and investment banking income, as well as momentum in e-commerce and small-business banking.

Shares of Bank of America (NYSE: BAC) closed April 26 at $47.71, just under the 52-week high.

Guaranty Bank

Springfield-based Guaranty Federal Bancshare Inc., the holding company for Guaranty Bank, reported a 30 percent increase in first-quarter earnings per share compared to the same period in 2005.

Earnings were 56 cents per share, or $1.6 million, up from 43 cents, or $1.2 million, the same quarter last year.

Net interest income increased 29 percent for the quarter to $4.1 million. Guaranty’s net interest margin increased 47 basis points to 3.77 percent.

Deposits for the quarter decreased $7.2 million to $313 million, while assets decreased $1.5 million to $480 million.

Guaranty also announced that its plan to repurchase 300,000 shares of common stock, declared in November 2002, is nearly complete, as 288,900 of those shares have been repurchased at an average cost of $22.30 per share.

Guaranty Federal Bancshares (Nasdaq: GFED) closed April 26 at $29.20, compared to a 52-week range of $21.93 to $30.59.

Great Southern Bank

Springfield-based Great Southern Bancorp Inc., the holding company for Great Southern Bank, reported first-quarter earnings of 52 cents per share, a 17 percent increase from the same quarter last year.

Excluding the effects of the company’s accounting for interest rate swaps, earnings were 54 cents per share.

Preliminary first-quarter earnings were $7.2 million, compared to $3.4 million in first-quarter 2005.

The 2005 first quarter earnings include the effects of an accounting change, which in January prompted the company to restate its earnings since mid-2000. Excluding the effects of this accounting change, first-quarter 2005 earnings were 46 cents per share. As restated, earnings were 24 cents per share in first-quarter 2005.

Net interest income for the quarter increased to $16.6 million, up from $13.3 million. Annual noninterest income was $7.1 million, compared to $2.9 million.

Great Southern Bancorp shares (Nasdaq: GSBC) closed April 26 at $28.15, compared to a 52-week range of $26.32 to $35.77.

Commerce Bank

Kansas City-based Commerce Bancshares Inc., the holding company of Commerce Bank, announced earnings per share of 78 cents, a 13 percent increase from first-quarter 2005.

Net income for the quarter was $52.9 million, a 6.2 percent jump from $49.8 million last year. The return on average assets for the quarter was 1.57 percent, and the return on average equity was 16.1 percent.

Commerce also showed an increase of 6 percent in total revenue compared to first-quarter 2005. Officials attribute the increase to solid growth in deposit account, trust and bank card transaction fees.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed April 26 at $51.34, compared to a 52-week range of $44.75 to $53.63.

Regions Bank

Birmingham, Ala.-based Regions Financial Corp. announced record first-quarter earnings of 64 cents per share, due largely to strong net interest income and merger-related cost savings.

Net income for the period was $295 million, compared to $254 million, or 55 cents per share, in fourth-quarter 2005, which included costs related to the bank’s final phase of a merger with Union Planters Bank.

Per-share earnings year-over-year were up 12 percent, excluding merger and other charges in early 2005.

The completion of the merger – as well as record profits in the bank’s investment and securities division, Morgan Keegan – contributed to the year-to-date figures.

Morgan Keegan earnings climbed to $41 million, including $9 million after tax gain on the swap of New York Stock Exchange seats for stock. Profits were more than 50 percent higher than fourth-quarter 2005’s $27 million.

Shares of Regions (NYSE: RF) closed April 26 at $35.51, compared to a 52-week range of $29.16 to $36.32.

UMB Bank

Kansas City-based UMB Financial Corp., the holding company of UMB Bank, reported first-quarter earnings of 62 cents per diluted share.

The earnings are a 17 percent increase over the 53 cents per diluted share in first-quarter 2005. The company attributed the increase in earnings to higher net interest income and lower noninterest expenses.

Quarterly net interest income was $52.2 million, a $7.9 million increase over the same period a year earlier.

Assets reached $7.64 billion in the quarter, an increase of 10.4 percent from a year earlier. Deposits totaled $5.63 billion, up 12.6 percent.

UMB Financial declared a two-for-one stock split April 25 after shareholders approved an increase in common shares from 33 million to 80 million. The split will be distributed May 30 to shareholders of record May 16.

Also, the company’s board declared a 13-cent dividend on the post-split shares, a 4 percent increase from fourth-quarter 2005’s dividend. That dividend will be payable July 3 to shareholders of record June 12.

Shares of UMB Financial (Nasdaq: UMBF) closed April 26 at $67.92, compared to a 52-week range of $53.45 to $70.89.

U.S. Bank

U.S. Bancorp, the holding company for U.S. Bank, reported a 7.7 percent increase in net income.

The Minneapolis-based bank had record net income of $1.15 billion – or 63 cents per share – a 10.5 percent increase from 57 cents during the same quarter last year.

Officials attributed the increase to strong credit quality and the near-term impact of bankruptcy legislation at the end of 2005.

Net interest income declined 1.5 percent to $1.73 billion while noninterest income grew 16.8 percent to $1.6 billion.

U.S. Bancorp shares (NYSE: USB) closed April 26 at $30.59, compared to a 52-week range of $27.32 to $31.31. [[In-content Ad]]