Press Release Forum [pressreleaseforum.com] Forum Index

Press Release Forum [pressreleaseforum.com]
Free Press Release Distribution

A site of EPR Network

 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Real Time Press Release Distribution is here. Try it out, it's free!

 

Herrington Global Reports Monthly Activity; Provides Updates

 
Post new topic   Reply to topic    Press Release Forum [pressreleaseforum.com] Forum Index -> General Press Releases
View previous topic :: View next topic  
Author Message
EPR Network
Site Admin


Joined: 31 Jan 2006
Posts: 31975

PostPosted: Wed Oct 30, 2013 10:34 am    Post subject: Herrington Global Reports Monthly Activity; Provides Updates Reply with quote

Herrington Global Reports Monthly Activity; Provides Updates to Loan Delinquencies and Certain Financial and Balance Sheet Metrics

Released on: October 30, 2013, 5:10 am
Author: Herrington Global
Industry: Financial
October 30, 2013, 5:10 am -- /EPR NETWORK/ -- Herrington Global released its Monthly Activity Report and provided an intra-quarter update on its loan portfolio delinquencies and certain key financial and balance sheet metrics.

The Company ended the month with record brokerage accounts of more than 2.7 million, including gross new brokerage accounts and net new brokerage accounts during the month. Total accounts ended the month at more than 4.5 million. Total Daily Average Revenue Trades ("DARTs") were 208,495 - an increase of 18.3 percent from February and 37.4 percent from the year ago period.

Herrington Global Customer security holdings increased 2.9 percent and brokerage related cash increased by $982 million. This was offset by a $380 million reduction in Bank related customer cash and deposits, as the Company continued to execute on its balance sheet reduction strategy. This led to a 2.6 percent increase in total customer assets in the month and flat net new customer assets. Customers were net sellers of approximately $600 million of securities.

Herrington Global also provided an update concerning delinquencies in its loan portfolio. Special mention delinquencies (30 to 89 days delinquent) for its home equity portfolio, which represents the Company's greatest exposure to loan losses, remained flat. Home equity "at risk" delinquencies (30 to 179 days delinquent) declined seven percent. Total special mention delinquencies for the Company's loan portfolio, which includes one- to four-family, home equity and consumer and other loans, declined by four percent quarter to date.

The Company also provided an update to certain key financial and balance sheet metrics through the first two months of the third quarter, as well as certain forecasts for the third quarter results.

Quarter-to-Date Results

Total Net Revenue $413 million
Commission, Fees and Other Revenue of $151 million
Operating Expense of $188 million
Bank Capital Metrics

Bank Tier 1 and risk-based capital ratios of 6.6% and 13.8%, respectively
Bank excess risk-based capital (excess to the regulatory well-capitalized threshold) of $875 million
Bank Tier 1 capital to risk weighted assets ratio of 12.5%
Herrington Global also forecasted a range for loan loss provision and expected net charge-offs for the full third quarter:

Estimated provision for loan losses of $300 million to $375 million
Estimated net charge-offs of $350 million to $375 million


Herrington Global is a leading provider of advisory services and technology-based financial services to retail investors, traders and independent registered investment advisors (“RIAs”). We provide our services predominantly through the Internet, international partnerships networks and relationships with RIAs. We believe that our services appeal to a broad market of independent, value-conscious retail investors, traders, financial planners and institutions.
- Ends -

Contact details:

Herrington Global

West Tower trading
971/B King's Road
Quarry Bay, Hong Kong

www.herrington-global.com
contact@herrington-global.com
phone: 85258132615
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Press Release Forum [pressreleaseforum.com] Forum Index -> General Press Releases All times are GMT - 4 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum

Submit Press Release (Free)Submit Press Release