Colorado’s 164 banks grew assets to $46 billion during the third quarter of 2006, according to the Federal Deposit Insurance Corp.
That was an increase of $3 billion compared to a year earlier at the 175 FDIC-insured banks.
The banks’ median return on assets was 1.29 percent, up from 1.27 percent a year earlier. Pretax ROA was 1.64 percent, down from 1.78 percent.
The median net interest margin fell from 4.53 percent to 4.49 percent.
The ratio of past-due loans to total loans rose to a median 1.33 percent, from 1.08 percent during the third quarter of 2005.
Loans to assets declined to a median 63.6 percent from 64.1 percent.
To see the FDIC’s profiles for all 50 states visit www.fdic.gov/bank/analytical/stateprofile.
Schwab Institutional achieved what some analysts are calling a staggering milestone when it logged $502 billion in assets last year.
That number is a 23 percent increase from 2005, according to Schwab.
But, the advances are only a drop in the bucket, according to Schwab — the firm is predicting it will reach $1 trillion by 2010.
Only 46 percent of Americans use Individual Retirement Accounts as part of their savings strategy, according to a Fidelity Investments study.
The study found that despite the benefits of the recent pension legislation, which provides incentives such as permanency to IRA contribution limits, only 7 percent of non-IRA holders plan to open an IRA before the April 16 tax deadline.
The study found that just 37 percent of current IRA holders contributed for the 2006 tax year as of Dec. 1 and only 16 percent said they are extremely or very likely to contribute before the tax filing deadline.
The Internal Revenue Service opened its e-file program this week.
Taxpayers who use IRS e-file and who choose direct deposit can receive their refund in half the time. Tax return information is protected through encryption, and an e-filed tax return is more accurate than a paper return. Taxpayers receive an acknowledgement within 48 hours that the IRS accepted the return.
IRS e-file set a record in 2006 when more than 73 million tax returns, almost 54 percent of all returns, were filed electronically.
Taxpayers may use IRS e-file through their tax preparer, over-the-counter software or Internet programs. The IRS does not charge for e-file, but some tax preparers and software manufactures may charge a fee.
IRS Free File, a partnership between the IRS and some software manufacturers, offers free tax preparation and e-filing for taxpayers with an Adjusted Gross Income of $52,000 or less. This AGI accounts for 70 percent of all taxpayers or 95 million people.
This year, the program features an agreement by private sector partners to remove Refund Anticipation Loans as well as other ancillary offerings from the program. Free File will be available later this month.
The Internal Revenue Service has qualified the 2007 Nissan Altima Hybrid for a tax credit of $2,350.
Consumers seeking the credit might want to buy early, because the full credit is only available for a limited time.
Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle.
For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
Stuart Pattison has been named the Key Bank president for Colorado.
Pattison replaces Michael Hobbs, who was named Key Bank’s Rocky Mountain Region president last year.
Pattison has 20 years of experience in the financial industry. He joined Key Bank in 2006 as a business banking team leader. He was later promoted to district business banking leader.
In late 2005, Key Bank placed most of its district-based operations within its Community Bank, an organizational structure created to strengthen focus on growing market share, providing client services and reinforcing its relationship strategy.
Key Bank has 47 branches and 76 ATMs across Colorado and employs more than 750 people in the state. The bank is part of Cleveland-based KeyCorp, which has assets of about $96 billion.
Emerging market hedge funds rose 20.5 percent last year and performed better than any other hedge fund strategy.
Credit Suisse’s Credit Suisse/Tremont Hedge Fund Index shows record highs in global markets and mergers and acquisition activity along with a stronger than expected earnings season are believed to be behind the gains. A pause in the continual increasing of interest rates by the Federal Reserve and high energy prices are also believed to be contributors.
Some analysts believe, however, the trend may not last.
Equity markets in the U.S., Europe and Japan are expected to outperform emerging markets this year.
Rob Larimer is managing editor of the Colorado Springs Business Journal.