fcbslogo2014a01a01a06.jpg
NEWS RELEASE
 
 
 
 
 
 
 
 
 
For Immediate Release
Contact:
Barbara Thompson
October 24, 2018
 
First Citizens BancShares
 
 
919.716.2716
 
FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR THIRD QUARTER 2018
RALEIGH, N.C. -- First Citizens BancShares, Inc. (BancShares) (Nasdaq: FCNCA) announced its financial results for the quarter ended September 30, 2018. Net income for the third quarter of 2018 was $117.3 million, or $9.80 per share, compared to $93.3 million, or $7.77 per share, for the second quarter of 2018, and $67.1 million, or $5.58 per share, for the corresponding period of 2017, according to Frank B. Holding, Jr., chairman of the board. BancShares’ current quarter results generated an annualized return on average assets of 1.33 percent and an annualized return on average equity of 13.41 percent, compared to respective returns of 1.08 percent and 11.00 percent for the second quarter of 2018, and 0.77 percent and 8.10 percent for the third quarter of 2017.
For the nine months ended September 30, 2018, net income was $310.8 million, or $25.91 per share, compared to $269.3 million, or $22.43 per share, reported for the same period of 2017. Annualized returns on average assets and average equity were 1.20 percent and 12.22 percent, respectively, through September 30, 2018, compared to 1.06 percent and 11.37 percent, respectively, for the same period a year earlier. Year-to-date 2018 earnings included a pre-tax gain of $26.5 million resulting from the extinguishment of Federal Home Loan Bank (FHLB) debt obligations as well as favorable impacts from the Tax Cuts and Jobs Act of 2017 (Tax Act). Year-to-date 2017 earnings included pre-tax acquisition gains of $134.7 million recognized in connection with the FDIC-assisted transactions of Guaranty Bank (Guaranty) and Harvest Community Bank (HCB).
THIRD QUARTER HIGHLIGHTS
Loans grew by $347.9 million to $24.89 billion, or by 5.6 percent on an annualized basis, during the third quarter of 2018 primarily as the result of originated portfolio growth.
A tax benefit of $15.7 million was recorded during the third quarter of 2018, as a result of updating the original provisional amount recorded for the effects of the Tax Act.
Net interest income increased $11.1 million, or by 3.8 percent, compared to the second quarter of 2018. The increase was primarily due to higher loan balances and yields, as well as improved investment yields.
The taxable-equivalent net interest margin increased 9 basis points to 3.73 percent, compared to the second quarter of 2018, primarily due to higher loan yields and balances, as well as improved investment yields.
BancShares remained well capitalized with a Tier 1 risk-based capital ratio and common equity Tier 1 ratio of 13.23 percent, total risk-based capital ratio of 14.57 percent and leverage capital ratio of 10.11 percent at September 30, 2018.
BancShares’ acquisition of Capital Commerce Bancorp, Inc. (Capital Commerce) as previously announced in the second quarter of 2018 received all regulatory and shareholder approvals. The transaction closed on October 2, 2018.
LOANS AND DEPOSITS
Loans at September 30, 2018, were $24.89 billion, a net increase of $347.9 million compared to June 30, 2018, representing growth of 5.6 percent on an annualized basis. Growth was primarily related to growth in the commercial mortgage portfolio and was offset by a decline in purchased credit impaired (PCI) loans of $36.3 million.




Loan balances increased by a net $1.29 billion, or 7.3 percent on an annualized basis since December 31, 2017. This increase was primarily driven by $902.9 million of organic growth and $511.6 million in non-PCI loans (balance as of September 30, 2018) acquired in the HomeBancorp, Inc. (HomeBancorp) acquisition on May 1, 2018. The PCI portfolio decreased over this period by $125.0 million.
Deposits at September 30, 2018 were $30.16 billion, a decrease of $245.3 million since June 30, 2018. The decrease was primarily due to declines in money market and interest-bearing checking account balances, offset by growth in demand deposit account balances.
Deposits increased by $897.3 million, or by 3.1 percent, since December 31, 2017, due to organic growth of $367.3 million primarily in demand deposits, savings and interest-bearing checking account balances, as well as the deposit balances acquired from HomeBancorp of $530.0 million (balance as of September 30, 2018). These increases were offset by runoff in time deposits and lower money market account balances.
ALLOWANCE AND PROVISION FOR LOAN AND LEASE LOSSES
The allowance for loan and lease losses was $219.2 million at September 30, 2018, a decrease of $5.7 million and $2.7 million from June 30, 2018, and December 31, 2017, respectively. The allowance as a percentage of total loans at September 30, 2018, was 0.88 percent, down from 0.92 percent and 0.94 percent at June 30, 2018, and December 31, 2017, respectively.
BancShares recorded net provision expense of $840 thousand during the third quarter of 2018, compared to $8.4 million for the second quarter of 2018 and $7.9 million for the third quarter of 2017. The $7.6 million and $7.1 million decrease, respectively, in net provision expense was largely driven by sustained improvements in credit quality, partially offset by loan growth.
NONPERFORMING ASSETS
At September 30, 2018, BancShares’ nonperforming assets, including nonaccrual loans and other real estate owned (OREO), were $130.6 million, down from $133.3 million at June 30, 2018, and $144.3 million at December 31, 2017. The decrease from June 30, 2018, was primarily due to a $3.0 million decline in OREO balances. The decrease from December 31, 2017, was due to a $7.5 million decline in OREO balances and a $6.2 million decrease in nonaccrual loans, primarily in commercial and residential mortgage loans. The decline in OREO balances in both periods was due to sales and write-downs outpacing additions.
NET INTEREST INCOME
Net interest income increased $11.1 million to $307.4 million, or by 3.8 percent, from the second quarter of 2018. The increase was primarily due to higher loan yields and balances, and higher investment yields. These were primarily offset by a decrease in interest income earned on overnight investments.
Net interest income increased $34.2 million, or by 12.5 percent, from the third quarter of 2017. The increase was primarily due to a $25.9 million increase in net loan interest income due to loan growth and improved yields, as well as the contribution from the HomeBancorp acquisition. Net interest income also benefited from improved yields on investment securities and a decline in interest expense largely related to lower borrowing costs due to the debt extinguishments in the first quarter of 2018. These positive drivers were partially offset by a $3.6 million decrease in interest income earned on overnight investments.
The taxable-equivalent net interest margin was 3.73 percent for the third quarter of 2018, an increase of 9 basis points from the second quarter of 2018 and an increase of 38 basis points from the same quarter in the prior year. The margin improvement for both periods was primarily due to improved loan and investment yields, higher loan balances and lower borrowing costs.




NONINTEREST INCOME
Noninterest income decreased by $6.4 million to $94.5 million compared to the second quarter of 2018. The decrease was primarily due to a decline in PCI loan recoveries of $2.4 million, lower FDIC receivable adjustments of $1.2 million and a decrease in wealth management fees of $1.1 million.
Noninterest income decreased by $1.5 million compared to the third quarter of 2017. The decrease was primarily due to lower mortgage income of $2.7 million as a result of a decline in gains on sale of mortgage loans and a decrease in PCI loan recoveries of $2.5 million. These decreases were partially offset by higher wealth management fees of $3.2 million driven primarily by increases in sales volume and assets under management.
NONINTEREST EXPENSE
Noninterest expense increased by $1.5 million to $267.5 million compared to the second quarter of 2018. The increase was largely the result of higher personnel expenses of $3.2 million, offset by a decrease of $1.3 million in merger-related expenses primarily related to the HomeBancorp acquisition.
Noninterest expense increased by $9.9 million compared to the third quarter of 2017. This growth was primarily the result of a $12.4 million increase in personnel expenses and a $2.0 million increase in equipment expenses. These increases were partially offset by a decline in processing fees paid to third parties of $1.9 million primarily due to acquired bank contract terminations and a decrease in other expenses of $1.5 million.
INCOME TAXES
Income tax expense was $16.2 million for the third quarter of 2018, $29.4 million for the second quarter of 2018 and $36.6 million for the third quarter of 2017, representing effective tax rates of 12.1 percent, 24.0 percent and 35.3 percent during the respective periods. The income tax expense and effective tax rate decreases during the third and second quarters of 2018 compared to the third quarter of 2017 were primarily due to the impact of the Tax Act. Additional information was obtained in the third quarter of 2018 affecting the provisional amount initially recorded for the quarter ended December 31, 2017, to account for the effects of the Tax Act. As a result, a tax benefit of $15.7 million was recorded in the third quarter of 2018. The ultimate impact will be finalized in the fourth quarter and may differ due to additional analysis, changes in interpretations and assumptions as well as additional regulatory guidance that may be issued.
ABOUT FIRST CITIZENS BANCSHARES
BancShares is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank & Trust Company (First Citizens Bank). First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of September 30, 2018, BancShares had total assets of $34.95 billion.
For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®.
###




CONSOLIDATED FINANCIAL HIGHLIGHTS
 
Three months ended
 
Nine months ended
(Dollars in thousands, except share data; unaudited)
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
SUMMARY OF OPERATIONS
 
 
 
 
 
 
 
 
 
Interest income
$
315,706

 
$
303,877

 
$
284,333

 
$
912,184

 
$
817,732

Interest expense
8,344

 
7,658

 
11,158

 
24,166

 
32,605

Net interest income
307,362

 
296,219

 
273,175

 
888,018

 
785,127

Provision for loan and lease losses
840

 
8,438

 
7,946

 
16,883

 
28,501

Net interest income after provision for loan and lease losses
306,522

 
287,781

 
265,229

 
871,135

 
756,626

Gain on acquisitions

 

 

 

 
134,745

Noninterest income excluding gain on acquisitions
94,531

 
100,927

 
96,062

 
318,142

 
278,605

Noninterest expense
267,537

 
265,993

 
257,642

 
801,593

 
749,389

Income before income taxes
133,516

 
122,715

 
103,649

 
387,684

 
420,587

Income taxes
16,198

 
29,424

 
36,585

 
76,844

 
151,242

Net income
$
117,318

 
$
93,291

 
$
67,064

 
$
310,840

 
$
269,345

Taxable-equivalent net interest income
$
308,207

 
$
297,021

 
$
274,272

 
$
890,476

 
$
788,414

PER SHARE DATA
 
 
 
 
 
 
 
 
 
Net income
$
9.80

 
$
7.77

 
$
5.58

 
$
25.91

 
$
22.43

Cash dividends
0.35

 
0.35

 
0.30

 
1.05

 
0.90

Book value at period-end
294.40

 
286.99

 
275.91

 
294.40

 
275.91

CONDENSED BALANCE SHEET
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
262,525

 
$
260,525

 
$
296,386

 
$
262,525

 
$
296,386

Overnight investments
943,025

 
1,223,311

 
2,432,233

 
943,025

 
2,432,233

Investment securities
7,040,674

 
7,190,545

 
6,992,955

 
7,040,674

 
6,992,955

Loans and leases
24,886,347

 
24,538,437

 
23,149,073

 
24,886,347

 
23,149,073

Less allowance for loan and lease losses
(219,197
)
 
(224,865
)
 
(231,842
)
 
(219,197
)
 
(231,842
)
Other assets
2,041,285

 
2,100,613

 
1,945,349

 
2,041,285

 
1,945,349

Total assets
$
34,954,659

 
$
35,088,566

 
$
34,584,154

 
$
34,954,659

 
$
34,584,154

Deposits
$
30,163,537

 
$
30,408,884

 
$
29,333,949

 
$
30,163,537

 
$
29,333,949

Other liabilities
1,292,109

 
1,232,796

 
1,936,374

 
1,292,109

 
1,936,374

Shareholders’ equity
3,499,013

 
3,446,886

 
3,313,831

 
3,499,013

 
3,313,831

Total liabilities and shareholders’ equity
$
34,954,659

 
$
35,088,566

 
$
34,584,154

 
$
34,954,659

 
$
34,584,154

SELECTED PERIOD AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total assets
$
34,937,175

 
$
34,673,927

 
$
34,590,503

 
$
34,628,652

 
$
34,113,525

Investment securities
7,129,089

 
7,091,442

 
6,906,345

 
7,091,456

 
7,033,878

Loans and leases
24,698,799

 
24,205,363

 
22,997,195

 
24,193,870

 
22,511,818

Interest-earning assets
32,886,276

 
32,669,810

 
32,555,597

 
32,627,578

 
31,991,031

Deposits
30,237,329

 
30,100,615

 
29,319,384

 
29,939,492

 
28,982,354

Interest-bearing liabilities
18,783,160

 
18,885,168

 
19,484,663

 
18,899,001

 
19,627,222

Shareholders’ equity
$
3,470,368

 
$
3,400,867

 
$
3,284,044

 
$
3,401,450

 
$
3,167,684

Shares outstanding
11,971,460

 
12,010,405

 
12,010,405

 
11,997,281

 
12,010,405

SELECTED RATIOS
 
 
 
 
 
 
 
 
 
Annualized return on average assets
1.33
%
 
1.08
%
 
0.77
%
 
1.20
%
 
1.06
%
Annualized return on average equity
13.41

 
11.00

 
8.10

 
12.22

 
11.37

Taxable-equivalent net interest margin
3.73

 
3.64

 
3.35

 
3.65

 
3.29

Efficiency ratio (1)
67.33

 
67.73

 
70.03

 
68.49

 
70.76

Tier 1 risk-based capital ratio
13.23

 
13.06

 
12.95

 
13.23

 
12.95

Common equity Tier 1 ratio
13.23

 
13.06

 
12.95

 
13.23

 
12.95

Total risk-based capital ratio
14.57

 
14.43

 
14.34

 
14.57

 
14.34

Leverage capital ratio
10.11

 
9.99

 
9.43

 
10.11

 
9.43

(1) The efficiency ratio is a non-GAAP financial measure which measures productivity and is generally calculated as noninterest expense divided by total revenue (net interest income and noninterest income). The efficiency ratio removes the impact of BancShares’ securities gains, acquisition gains, one-time gains on extinguishment of debt, fair market value adjustment on marketable equity securities and FDIC shared-loss termination from the calculation. Management uses this ratio to monitor performance and believes this measure provides meaningful information to investors.




ALLOWANCE FOR LOAN AND LEASE LOSSES AND ASSET QUALITY DISCLOSURES
 
Three months ended
 
Nine months ended
(Dollars in thousands, unaudited)
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
ALLOWANCE FOR LOAN AND LEASE LOSSES (ALLL)
 
 
 
 
 
 
 
 
 
ALLL at beginning of period
$
224,865

 
$
223,116

 
$
228,798

 
$
221,893

 
$
218,795

Provision (credit) for loan and lease losses:
 
 
 
 
 
 
 
 
 
PCI loans (1)
(1,514
)
 
161

 
(537
)
 
1,000

 
(810
)
Non-PCI loans (1)
2,354

 
8,277

 
8,483

 
15,883

 
29,311

Net charge-offs of loans and leases:
 
 
 
 
 
 
 
 
 
Charge-offs
(9,447
)
 
(9,712
)
 
(8,494
)
 
(28,856
)
 
(26,688
)
Recoveries
2,939

 
3,023

 
3,592

 
9,277

 
11,234

Net charge-offs of loans and leases
(6,508
)
 
(6,689
)
 
(4,902
)
 
(19,579
)
 
(15,454
)
ALLL at end of period
$
219,197

 
$
224,865

 
$
231,842

 
$
219,197

 
$
231,842

ALLL at end of period allocated to loans and leases:
 
 
 
 
 
 
 
 
 
PCI
$
10,909

 
$
12,423

 
$
12,959

 
$
10,909

 
$
12,959

Non-PCI
208,288

 
212,442

 
218,883

 
208,288

 
218,883

ALLL at end of period
$
219,197

 
$
224,865

 
$
231,842

 
$
219,197

 
$
231,842

Reserve for unfunded commitments
$
1,089

 
$
1,554

 
$
1,309

 
$
1,089

 
$
1,309

SELECTED LOAN DATA
 
 
 
 
 
 
 
 
 
Average loans and leases:
 
 
 
 
 
 
 
 
 
PCI
$
652,983

 
$
682,521

 
$
865,580

 
$
689,482

 
$
860,408

Non-PCI
24,045,816

 
23,522,842

 
22,131,615

 
23,504,388

 
21,651,410

Loans and leases at period-end:
 
 
 
 
 
 
 
 
 
PCI
638,018

 
674,269

 
834,167

 
638,018

 
834,167

Non-PCI
24,248,329

 
23,864,168

 
22,314,906

 
24,248,329

 
22,314,906

RISK ELEMENTS
 
 
 
 
 
 
 
 
 
Nonaccrual loans and leases
$
86,949

 
$
86,625

 
$
91,081

 
$
86,949

 
$
91,081

Other real estate
43,601

 
46,633

 
53,988

 
43,601

 
53,988

Total nonperforming assets
$
130,550

 
$
133,258

 
$
145,069

 
$
130,550

 
$
145,069

Accruing loans and leases 90 days or more past due
$
40,713

 
$
44,445

 
$
68,250

 
$
40,713

 
$
68,250

RATIOS
 
 
 
 
 
 
 
 
 
Net charge-offs (annualized) to average loans and leases
0.10

 
0.11

 
0.08

 
0.11

 
0.09

ALLL to total loans and leases:
 
 
 
 
 
 
 
 
 
PCI
1.71

 
1.84

 
1.55

 
1.71

 
1.55

Non-PCI
0.86

 
0.89

 
0.98

 
0.86

 
0.98

Total
0.88

 
0.92

 
1.00

 
0.88

 
1.00

Ratio of total nonperforming assets to total loans, leases and other real estate owned
0.52

 
0.54

 
0.63

 
0.52

 
0.63

(1) Loans and leases are evaluated at acquisition and where a discount is noted at least in part due to credit quality, the loans are accounted for under the guidance in ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Loans for which it is probable at acquisition that all required payments will not be collected in accordance with the contractual terms are considered purchased credit-impaired (PCI) loans. PCI loans and leases are recorded at fair value at the date of acquisition. No allowance for loan and lease losses is recorded on the acquisition date as the fair value of the acquired assets incorporates assumptions regarding credit risk. An allowance is recorded if there is additional credit deterioration after the acquisition date. Non-PCI loans include originated and purchased non-impaired loans.




AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
 
Three months ended
 
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
 
Average
 
 
 
 Yield/
 
Average
 
 
 
 Yield/
 
Average
 
 
 
Yield/
 
(Dollars in thousands, unaudited)
Balance
 
Interest
 
 Rate (2)
 
Balance
 
Interest
 
 Rate (2)
 
Balance
 
Interest
 
Rate (2)
 
INTEREST-EARNING ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and leases (1)
$
24,698,799

 
$
272,868

 
4.39

%
$
24,205,363

 
$
261,703

 
4.34

%
$
22,997,195

 
$
247,262

 
4.27

%
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. Treasury
1,504,594

 
7,104

 
1.87

 
1,532,868

 
7,139

 
1.87

 
1,617,153

 
4,580

 
1.12

 
Government agency
129,634

 
840

 
2.59

 
84,640

 
468

 
2.21

 
41,001

 
171

 
1.66

 
Mortgage-backed securities
5,266,282

 
29,160

 
2.21

 
5,270,891

 
28,184

 
2.14

 
5,075,795

 
23,912

 
1.88

 
Corporate bonds and other
121,855

 
1,609

 
5.28

 
94,401

 
1,298

 
5.50

 
62,338

 
974

 
6.25

 
State, county and municipal

 

 

 
764

 
8

 
4.07

 

 

 

 
Marketable equity securities
106,724

 
249

 
0.93

 
107,878

 
267

 
0.99

 
110,058

 
164

 
0.59

 
Total investment securities
7,129,089

 
38,962

 
2.18

 
7,091,442

 
37,364

 
2.11

 
6,906,345

 
29,801

 
1.72

 
Overnight investments
1,058,388

 
4,721

 
1.77

 
1,373,005

 
5,612

 
1.64

 
2,652,057

 
8,367

 
1.25

 
Total interest-earning assets
$
32,886,276

 
$
316,551

 
3.83

%
$
32,669,810

 
$
304,679

 
3.75

%
$
32,555,597

 
$
285,430

 
3.48

%
INTEREST-BEARING LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Checking with interest
$
5,177,349

 
$
319

 
0.02

%
$
5,228,803

 
$
314

 
0.02

%
$
4,981,667

 
$
255

 
0.02

%
Savings
2,506,421

 
210

 
0.03

 
2,468,677

 
194

 
0.03

 
2,320,899

 
173

 
0.03

 
Money market accounts
7,878,484

 
2,455

 
0.12

 
7,989,268

 
2,125

 
0.11

 
8,053,197

 
1,690

 
0.08

 
Time deposits
2,367,980

 
2,163

 
0.36

 
2,401,434

 
1,888

 
0.32

 
2,559,977

 
1,721

 
0.27

 
Total interest-bearing deposits
17,930,234

 
5,147

 
0.11

 
18,088,182

 
4,521

 
0.10

 
17,915,740

 
3,839

 
0.09

 
Repurchase agreements
547,385

 
398

 
0.29

 
516,999

 
373

 
0.29

 
594,344

 
613

 
0.41

 
Other short-term borrowings
43,720

 
287

 
2.57

 
46,614

 
448

 
3.82

 
86,631

 
816

 
3.71

 
Long-term obligations
261,821

 
2,512

 
3.77

 
233,373

 
2,316

 
3.96

 
887,948

 
5,890

 
2.61

 
Total interest-bearing liabilities
$
18,783,160

 
$
8,344

 
0.18

 
$
18,885,168

 
$
7,658

 
0.16

 
$
19,484,663

 
$
11,158

 
0.22

 
Interest rate spread
 
 
 
 
3.65

%
 
 
 
 
3.59

%
 
 
 
 
3.26

%
Net interest income and net yield on interest-earning assets
 
 
$
308,207

 
3.73

%
 
 
$
297,021

 
3.64

%
 
 
$
274,272

 
3.35

%
(1) Loans and leases include PCI and non-PCI loans, nonaccrual loans and loans held for sale.
(2) Yields related to loans, leases and securities exempt from both federal and state income taxes, federal income taxes only, or state income taxes only are stated on a taxable-equivalent basis assuming statutory federal income tax rates of 21.0 percent, 21.0 percent and 35.0 percent as well as state income tax rates of 3.4 percent, 3.4 percent and 3.1 percent for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. The taxable-equivalent adjustment was $845, $802 and $1,097 for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively.



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