Category: Company Earnings

We have had the ‘big’ banks reporting their earnings, but the smaller players start reporting in a few days and it will be interesting to see how it plays out. These issues have preferreds and baby bonds outstanding.

Here are some earning release dates that are known -(not all I’m sure). Dates are from Trading View.

Bank of OZK 7/20/2023

Customers Bancorp 7/27/2023

Bridgewater Bank 7/26/2023

Zions Bancorp 7/19/2023

Merchants Bancorp 8/1/2023

Valley National 7/27/2023

ConnectOne Bank 7/27/2023

Dime Community 7/28/2023

Ocean First 7/20/2023

Associated Bancorp 7/20/2023

Mainstreet Bancorp 7/19/2023

Citizens Financial 7/19/2023

Heartland Financial 7/24/2023

United Community 7/18/2023

Texas Capital Bancshares 7/20/2023

CHS (Cenex Harvest States) has released their quarterly report for the period ending 5/31/2023 and while earnings were off just a bit from the year ago quarter their 9 months earnings were quite stellar.

The company has numerous preferreds outstanding which can be seen here.

The press release is here.

Thanks to J for posting this late last night.

There are a number of earnings reports out for the smaller bankers. I have an interest–not sure if others are as interested as me. Here are a couple of them. There are more to come after market close today.

ConnectOne Bancorp

Valley National Bancorp

CHS Inc (Cenex Harvest States), a agricultural cooperative has posted earnings for the Quarter Ending 11/30/2022.

Results were nothing less than spectacular–$783 million versus $452 million in the year ago quarter. Energy, Ag and Nitrogen were all favorable to the year ago quarter, although energy was most favorable.

The company press release is here.

The 10Q filing is here.

CHS has 5 high yield preferreds outstanding.

CEF (Closed End Fund) RiverNorth Opportunities Fund (RIV) has completed their previously announced common share rights offering.

RIV has a 6% perpetual preferred issue outstanding (RIV-A) which constitutes the funds ‘leverage’ on which they must have 200% asset coverage. The fund had adequate coverage as of 7/31/2022 (281% +/-), but we don’t know where they stand today. The preferred shares remain at A1 from Moody’s.

The company will be sellling 2.752 million shares to holders who exercised their right to purchase shares for gross proceeds of $32.9 million.

The company announcement is here.

CHS (Cenex Harvest States) continues to hit on all cylinders.

While there is no publicly traded common stock CHS has many preferred issues outstanding.

The company just filed their 10-K annual report showing net income of $1.7 billion in net which was triple the previous year.

The new 10K is here.

One of my favorite mREITs Arbor Realty Trust (ABR) has posted earnings for the quarter ending 6/30/2022. With the release they also raised their common dividend.

Earnings were slightly soft, but all things considered they remain respectable.

ABR generally ‘plays’ in the apartment end of the market, which should continue to remain a fairly solid area of the residential marketplace.

The earnings release is here.

The company has 3 perpetual preferreds outstanding which are all trading with current yields in the 7.7% area. You can see them here. All 3 issues have 1st call dates in 2026.