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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marshall & Ilsley Corp | NYSE:MI | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.90 | 0.00 | 01:00:00 |
Marshall & Ilsley Corp. (MI) swung to a third-quarter loss amid charges and surging loan-loss provisions.
Separately, the largest Wisconsin-based bank said it would offer at least $775 million of stock for sale, saying it would use the proceeds for general corporate purposes and may contribute some of the proceeds to the capital of its subsidiaries. The company's market value is about $2.9 billion.
Following the news, shares dropped 6.69% to $6.70 in premarket trading. The stock has lost about half its value this year.
The company reported a loss of $223.4 million, or 68 cents a share, compared with a year-ago profit of $83.1 million, or 32 cents a share.
Loan-loss provisions fell 6.5% to $578.7 million from the second quarter, but more than tripled from year-ago levels. Charge-offs, or loans thought not to be collectible, surged to 4.48% of average loans and leases from 3.71% and 1.21%, respectively. Non-performing loans, or those near default, fell to 4.88% from 5.18% in the second quarter but jumped from 2.5% a year ago.
The company's tangible common equity ratio, which measures how much of a bank's hard assets its common shareholders actually owe, was 7%, compared with 7.3% in the prior quarter.
-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
1 Year Marshall & Ilsley Chart |
1 Month Marshall & Ilsley Chart |
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