Free news

FREE blog







Gun poll








14th Amdt

19th Amdt















Banks Set Record Quarterly Profit of $29.4 Billion
in First Quarter 2003
Nonperforming Loans Continue to Decrease Yet Remain Higher than the Previous Year


PALM BEACH GARDENS, Fla., August 13, 2003 - The nation’s 9,414 banks and thrifts reported another record-breaking quarter, earning $29.4 billion in the first quarter of 2003, according to Weiss Ratings, Inc., the nation’s leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks. This performance surpassed the previous quarterly profit record of $27.2 billion set in the third quarter of 2002 and was a 15.8 percent improvement over the $25.4 billion profit recorded in the first quarter of 2002.

Almost two out of three banks, or 61 percent, posted improved year-over-year earnings during the first quarter. Institutions showing the largest year-over-year increase in net income include:

InstitutionHeadquartersWeiss Safety
Net Income/Loss ($Mil)
1st Q
1st Q
Change% Change
JP Morgan Chase BankNew York, N.Y.D1,081  443638144.02
Citibank NANew York, N.Y.B-1,9851,434551  38.42
Wachovia Bank NACharlotte, N.C.C+  997  708289  40.82
Wells Fargo Bank NASan Francisco, Calif.B-  829  551278  50.45
Standard Federal Bk NAStockton, Calif.C+  347  129218168.99

Weiss Safety Rating: A = Excellent; B = Good; C = Fair; D = Weak; E = Very Weak; F=Failed

In reviewing the industry’s record profitability, Weiss noted that falling interest rates led banks to collectively record a net gain of $2.3 billion on the sale of securities during the first quarter of 2003 compared to a gain of only $681 million during the same period in 2002. Along with lowered deposit rates, this helped the industry generate an annualized return on assets (ROA) of 1.38 percent during the quarter, also a record high.

"The banking industry continues its impressive assent with record profits thanks to the dramatic decline in interest rates," commented David Lackey, president of Weiss Ratings, Inc. "What’s even more notable, though, is the recent improvement in nonperforming loans. If this trend holds, banks should be in a good position to brace themselves for the inevitable rise in interest rates."

Nonperforming Loans Decrease for Second Consecutive Quarter

Nonperforming loans at banks and thrifts decreased for a second consecutive quarter, falling 2.4 percent to $67.2 billion at March 31, 2003 from $68.9 billion at year-end 2002.


Institutions showing the largest year-over-year decrease in nonperforming commercial and industrial loans include:

InstitutionHeadquartersWeiss Safety
Nonperforming Commercial
and Industrial Loans ($Mil)
1st Q
1st Q
Change% Change
Deutsche Bk TC AmericasNew York, N.Y.C+1,1471,561-414-26.52
Union Bank of CA NASan Francisco, Calif.B  276  412-136-33.12
Bank of America NACharlotte, N.C.B-3,7323,844-112 -2.91
Keybank NACleveland, OhioC  587  682 -95-13.86
Washington Mutual BkStockton, Calif.C+    69  158 -89-56.56

Weiss Safety Rating: A = Excellent; B = Good; C = Fair; D = Weak; E = Very Weak; F=Failed

Commercial Real Estate Loans Could Become Area of Concern

Despite the banking industry’s recent stellar performance, there is concern that its commercial real estate1 portfolio could weaken due to rising vacancy rates and falling rents in the real estate market. At $6.7 billion, nonperforming real estate loans currently represent 10 percent of the industry’s problem loans and have increased by 8.4 percent since first quarter 2002.

Institutions reporting the largest year-over-year increase in nonperforming commercial real estate loans include:

InstitutionHeadquartersWeiss Safety
Nonperforming Commercial
and Industrial Loans ($Mil)
1st Q
1st Q
Change% Change
Bank One NAChicago, Ill.C+314 95219250.53
Bank of America NACharlotte, N.C.B-537354183 51.69
Wachovia Bank NACharlotte, N.C.C+209136 73 53.68
US Bank NACincinnati, OhioC+155112 43 38.12
Old National BankEvansville, Ind.B- 45 14 31230.51

Weiss Safety Rating: A = Excellent; B = Good; C = Fair; D = Weak; E = Very Weak; F=Failed

"The vast majority of the banking industry is currently healthy and well positioned to ride out the country's economic malaise," continued Mr. Lackey. "However, some banks continue to struggle, and a blow to their commercial real estate portfolios could be the thing that puts them under."

Weiss issues safety ratings on more than 15,000 financial institutions, including banks and thrifts, HMOs, life and health insurers, Blue Cross Blue Shield plans, property and casualty insurers, and securities brokers. Weiss also rates the risk-adjusted performance of more than 12,000 mutual funds and 8,000 stocks. Weiss Ratings is the only major rating agency that receives no compensation from the companies it rates. Revenues are derived strictly from sales of its products to consumers, businesses, and libraries.

Consumers needing more information on the financial safety of a specific company can purchase a rating and summary analysis for as little as $7.95 through, or starting at $15 by calling 800-289-9222.

horizontal rule

1Commercial real estate loans are loans secured by nonfarm, nonresidential property for the purpose of commercial development.

horizontal rule

4176 Burns Road, Palm Beach Gardens, FL 33410 � (561)627-3300 �

horizontal rule

Note to Editors: National and state-specific tables of banks and thrifts receiving the highest and lowest Weiss Safety Ratings are available. The companion release, “Washington Mutual, Indymac Bank, and Fremont Investment & Loan Upgraded by Weiss Ratings,” is also available upon request.



jewn McCain

ASSASSIN of JFK, Patton, many other Whites

killed 264 MILLION Christians in WWII

killed 64 million Christians in Russia

holocaust denier extraordinaire--denying the Armenian holocaust

millions dead in the Middle East

tens of millions of dead Christians

LOST $1.2 TRILLION in Pentagon
spearheaded torture & sodomy of all non-jews
millions dead in Iraq

42 dead, mass murderer Goldman LOVED by jews

serial killer of 13 Christians

the REAL terrorists--not a single one is an Arab

serial killers are all jews

framed Christians for anti-semitism, got caught
left 350 firemen behind to die in WTC

legally insane debarred lawyer CENSORED free speech

mother of all fnazis, certified mentally ill

10,000 Whites DEAD from one jew LIE

moser HATED by jews: he followed the law Jesus--from a "news" person!!

1000 fold the child of perdition


Hit Counter


Modified Saturday, March 11, 2017

Copyright @ 2007 by Fathers' Manifesto & Christian Party