Wells Fargo Financial Report Reinforces Recovery

first_imgSubscribe  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago July 11, 2014 1,164 Views Wells Fargo reported strong financials for the second quarter, driven in part by an uptick in mortgage lending and ongoing improvements in credit quality.The megabank reported $5.7 billion in net income for the quarter, up 4 percent over $5.5 billion a year prior. For the year’s first half, Wells Fargo took in $11.6 billion in net income, up nearly $1 billion compared to the same period in 2013.”Our strong results in the second quarter reflected the benefit of our diversified business model and our long-term focus on meeting the financial needs of our customers,” said John Stumpf, chairman and CEO of the bank. “Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline.”Coming from the nation’s biggest name in finance—and the first megabank to release Q2 results—Wells Fargo’s report serves as the first sign of how consumer lending fared throughout the quarter. Next on the schedule is Citigroup on July 14, followed by JPMorgan Chase on July 15.On the home lending side, Wells Fargo reported mortgage originations of $47 billion, up from $36 billion in the first quarter, with applications pulling up $12 billion to a total of $72 billion.The bank’s application pipeline also nudged up to $30 billion as of the end of June compared to $27 billion at the end of the first quarter.Meanwhile, the bank reported another $500 million reserve release, reflecting improvements in credit quality as a result of the housing recovery. Charge-offs on bad loans also declined from the first quarter, falling to $717 million from $825 million before.”Credit performance continued to improve in the second quarter as credit losses remained at historically low levels, nonperforming assets continued to decrease and we continued to originate high quality loans,” said Mike Loughlin, chief risk officer.Loughlin added that the bank continues to expect future reserve releases, though not as high “as the rate of credit improvement slows and the loan portfolio continues to grow.” The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News Tagged with: Economic Recovery Quarterly Earnings Report Wells Fargo Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Previous: New Home Purchases Drop in June Next: CFPB Issues Guidance to Prevent Consumer Protection Work-Around Economic Recovery Quarterly Earnings Report Wells Fargo 2014-07-11 Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Wells Fargo Financial Report Reinforces Recovery Wells Fargo Financial Report Reinforces Recoverylast_img read more

CULTURAL KNOWLEDGE

first_img You Might Like FINDING ROOTS The woodcarvings of the late Robert Pugh Windham are featured in “The Roots Exhibit: Late Artists of Pike County” at… read more Pike County Sheriff’s Office offering community child ID kits Sponsored Content Plans underway for historic Pike County celebration Latest Stories Book Nook to reopen Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthRemember Them? I’m Sure Their New Net Worth Will Leave You SpeechlessbradofoThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel Next UpThe Poarch Creek Indian Powwow Club of Atmore concluded a day of dancing at Goshen Elementary School. The Club performed earlier at Banks and Pike County elementary schools.However, their dances were as high energy at the close of the school day as they were at the beginning.“These dancers practice and practice,” said Larry Flurnoy, who called the performance. “They work really hard. The dances take a lot of energy so they have to be able to dance and dance some more. The dancers love what they do. They are a select few.” Powwow club visits local schools MondayThe tom-tom-tom of the drums of America’s Native Indians took on new meaning for the students as Goshen Elementary School Monday. Published 5:54 pm Monday, November 18, 2013 Email the authorcenter_img Troy falls to No. 13 Clemson By Jaine Treadwell “The traditional dancer brings back the story to the village of what happened on the battleground or the hunt,” Flurnoy said. “The jingle dance is done to retell the long ago story of a Native American who was very sick. His daughter was told that, if she could make a dress that sounded like rain, her father would get well. She made a dress of with 365 jingles that sounded like rain. The jingles represent the 365 days of the year and remind of her father’s return to good health.”The Poarch Creek Indian Powwow Club has a member of royalty among them. Madison McGhee is the junior princess and she performed a cloth dance for the students.The dancers ended their performance with a fancy dance in which the dancers are dressed in the fanciest of fancy costumes and perform a fast and furious dance.Flurnoy said the Club members elected to design and make their own costumes and commented on the originality and uniqueness of their work.“The dancers learn their dances from older dancers,” he said. “It is an honor to be asked to teach a dance and it is an honor to teach.”Pam Franklin, Pike County instructional support specialist, expressed appreciation to the members of the Poarch Creek Indian Powwow Club for their performance.“This was an opportunity for our students to be exposed to the songs and dances of our Native Americans and to be exposed to the Native American culture,” she said. “They are now more aware of our Native American culture and it’s more real to them. This performance was unique and very special.” Print Article Flurnoy said the dancers must maintain a high grade point average and have the desire and dedication to carrying on the dance traditions of the Poarch Creek Indians.Eight members of the Poarch Creek Indian Powwow Club performed different categories of dances, including the grass dance, the chicken dance, a traditional dance, the jingle dance, the cloth dance and the fancy dance.“The grass dance is the first dance the Native Americans do,” Flurnoy said. “It is done to beat down the grass and form a circle for the other dances.”The chicken dance mimics the prairie chicken and is a fun, high-energy dance that is a favorite among the young men. By The Penny Hoarder CULTURAL KNOWLEDGE The Penny Hoarder Issues “Urgent” Alert: 6 Companies… Remember America’s heroes on Memorial Daylast_img read more