New Tax Legislation Accounts for 65% of PNC Y/Y Earnings Increase

PNC reported full year 2017 net income of $5.4 billion was up from $4.0 billion a year earlier. The bank noted 65%, or $911 million, of the increase resulted from the impact of new federal tax legislation.

Wells Fargo Q4 Results Reflect $3.35B Tax Act Benefit

Wells Fargo reported 2017 net income of $22.2 billion was up from $21.6 billion a year earlier. The bank noted Q4/17 results included a $3.35 billion after tax benefit from the tax act.

Monroe Capital BDC Posts Strong Q3 Financial Results

Monroe Capital posted investment income of $6.9 million in Q3/17, up from $6.1 million for the previous quarter. Debt and equity investments of $431.1 million at quarter end were down from $445.5 million sequentially.

Signature Bank Back on Track after Taxi Medallion Episode

New York-based Signature Bank reported Q3/17 net income was $124.5 million versus $76.1 million in the same 2016 quarter, which included $61.7 million of provision expense for the Chicago taxi medallion portfolio.

Monroe Capital BDC Q2 Earnings, Investments Up Sequentially

Monroe Capital’s Q2/17 net investment income of $6.1 million was up 9% from $6.0 million sequentially. Investments at fair value of $445.5 million were up $27.4 million from $418.1 million in Q1/17.

OnDeck Reports Lower Q2 Losses; Originations Down on Loan Tightening

OnDeck reported lower Q2/17 net losses compared to the same quarter in 2016. Loan volume of $464.4 million was down from $589.7 million a year earlier. YTD provision charges of $78.9 million were up 37% from $57.7 million a year earlier.

Signature Bank Q2 Earnings Suffer on Taxi Medallion Loan Losses

Signature Bank reported Q2/17 net income was $14.0 million compared to $102.2 million in Q2/16. The bank noted the decline resulted from an increase of $154.3 million in loan losses nearly all attributable to the NYC taxi medallion portfolio.

Monroe Capital Corp BDC Q1 Earnings Up Sequentially

Monroe Capital Corporation’s Q1/17 net investment income of $6 million was up 12% from $5.4 million in the previous quarter.

OnDeck Reports Q1 Net Loss Despite 48% Increase in Revenue

OnDeck reported a Q1/17 net loss of $11.1 million despite a gross revenue increase of $30.3 million, which was partially offset by loan loss charges of $46.2 million, up from $25.4 million in Q1/16.

CIT Q1 Earnings from Continuing Operations Up 28%

CIT reported Q1/17 net income from continuing operations was $78 million, up 28% from $61.0 million a year earlier. Provision for credit losses in Q1/17 was down 44.5% from $89.5 million a year earlier.