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Tag Archives: credit

Credit quality issues impact BancorpSouth

TUPELO— BancorpSouth Inc., during the quarter ended June 30, 2010, posted a net loss of $12.6 million, or $0.15 per diluted share, compared with net income of $33.9 million, or $0.41 per diluted share, for the second quarter of 2009. Aubrey Patterson, chairman and CEO of BancorpSouth, said, “The decline in BancorpSouth’s bottom-line results for the second quarter was primarily ...

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ABA reports improved loan delinquencies

WASHINGTON – Consumer loan delinquencies showed broad-based improvement for the third quarter in a row, a sign of continued modest improvement in the U.S. economy, according to the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 21 basis points to 2.98 percent of all accounts from 3.19 percent ...

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Credit Managers' Index 'slumping dramatically'




COLUMBIA, Md.—The slowdown in the economy over the past several weeks has been chronicled in a variety of ways: retail sales fell, the housing market sank to levels not seen in close to two years, the financial markets stumbled in reaction to one global threat after another and the Credit Managers’ Index (CMI) is slumping dramatically as well—from May’s 55.9 ...

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Fitch Ratings downgrades BP

NEW YORK — Fitch became the first credit ratings agency to downgrade BP, noting the extreme financial risks tied to the ongoing Gulf oil spill. “The company has so far repeatedly failed to stop the resultant oil leak and has instead reverted to containment methods that are yet to be fully implemented and are subject to potential weather-related disruption,” the ...

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Fitch Ratings monitoring oil spill's impact

NEW YORK — Fitch Ratings is closely tracking the aftermath of the massive oil spill related to the April 20, 2010, explosion of the Deepwater Horizon oil rig in the Gulf of Mexico, although analysts believe that speculation on the impact to credit quality for state and local governments in the region would be premature. Fitch said, “Environmental damage will ...

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CMI not spectacular, but steady





COLUMBIA, Md. — The movement this month in the Credit Managers’ Index (CMI), issued by the National Association of Credit Management (NACM), was not spectacular, but was steady, which is good news in the context of the current economy. In the last few months, the bulk of the movement in the index was in indicators like new sales and some ...

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Bank reports shrinking loan portfolio

AUSTIN, Texas — Farm Credit Bank of Texas (FCBT), a wholesale bank that provides funding for rural lending cooperatives, reported strong financial results for 2009, in spite of last year’s weak economy. FCBT net income for 2009 totaled a record $106.6 million, an increase of 38.9 percent over 2008 net income. This increase was driven principally by an increase of ...

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MGM Mirage amends credit facility

LAS VEGAS — MGM Mirage is seeking amendments to its aggregate $5.55 billion of senior credit facilities, which would extend the maturity of a substantial portion of those credit facilities from Oct. 3, 2011, to Feb. 21, 2014. The company has asked its lenders to provide their final approvals of the transaction by Feb. 24. Lenders approving the proposed amendments ...

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ABA report finds shrinking loan delinquencies

WASHINGTON — Consumer loan delinquencies fell in seven loan categories, marking the first time since 2007 that so many loan categories experienced declines, according to the American Bankers Association’s (ABA’s) “Consumer Credit Delinquency Bulletin.” The composite ratio, which tracks eight closed-end installment loan categories, fell 12 basis points to 3.23 percent of all accounts compared to 3.35 percent of all ...

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CMI shows 'mild progress'

The December Credit Managers’ Index (CMI) matched the mood of the economy as a whole — essentially flat, but showing some mild progress. The most important aspect of the report is that the index remained above the 50 mark that separates growth from contraction, and even showed a slight gain as it moved from 52.3 to 52.9. The indicators that ...

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