Pennsylvania | 0-7617 | 23-1886144 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
14 North Main Street, Souderton, Pennsylvania |
18964 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Not applicable |
||
(b) | Not applicable |
||
(c) | Not applicable |
||
(d) | Exhibits |
Exhibit No. | Description of Document | |||
99.1 | Press release issued by Univest Corporation of Pennsylvania on
July 27, 2011. |
Univest Corporation of Pennsylvania |
||||
By: | /s/ Jeffrey M. Schweitzer | |||
Name: | Jeffrey M. Schweitzer | |||
Title: | Senior Executive Vice President and Chief Financial Officer |
Exhibit No. | Description of Document | |||
99.1 | Press release issued by Univest Corporation of Pennsylvania on
July 27, 2011. |
NEWS |
CONTACT:
|
Jeff Schweitzer | |
UNIVEST CORPORATION OF PENNSYLVANIA | ||
Chief Financial Officer | ||
215-721-2458, schweitzerj@univest.net |
Balance Sheet (Period End) | 06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | |||||||||||||||
Assets |
$ | 2,058,377 | $ | 2,108,579 | $ | 2,133,893 | $ | 2,114,204 | $ | 2,088,572 | ||||||||||
Securities |
418,020 | 445,798 | 467,024 | 420,998 | 434,677 | |||||||||||||||
Loans held for sale |
2,102 | 1,451 | 4,178 | 3,801 | 2,485 | |||||||||||||||
Loans and leases, gross |
1,438,707 | 1,442,137 | 1,471,186 | 1,467,382 | 1,449,147 | |||||||||||||||
Allowance for loan and lease losses |
32,601 | 32,804 | 30,898 | 28,883 | 29,109 | |||||||||||||||
Loans and leases, net |
1,406,106 | 1,409,333 | 1,440,288 | 1,438,499 | 1,420,038 | |||||||||||||||
Total deposits |
1,621,294 | 1,665,225 | 1,686,270 | 1,677,641 | 1,609,772 | |||||||||||||||
Non-interest bearing deposits |
277,515 | 280,337 | 271,125 | 272,805 | 255,880 | |||||||||||||||
NOW, Money Market and Savings |
967,554 | 974,158 | 997,395 | 969,254 | 924,242 | |||||||||||||||
Time deposits |
376,225 | 410,730 | 417,750 | 435,582 | 429,650 | |||||||||||||||
Borrowings |
127,689 | 125,545 | 143,865 | 128,905 | 171,824 | |||||||||||||||
Shareholders equity |
273,022 | 268,673 | 266,224 | 270,773 | 269,524 |
For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
Balance Sheet (Average) | 06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 06/30/11 | 06/30/10 | |||||||||||||||||||||
Assets |
$ | 2,096,173 | $ | 2,106,276 | $ | 2,125,112 | $ | 2,117,708 | $ | 2,090,930 | $ | 2,101,074 | $ | 2,064,970 | ||||||||||||||
Securities |
439,606 | 444,662 | 449,031 | 431,193 | 442,902 | 442,120 | 426,138 | |||||||||||||||||||||
Loans and leases, gross |
1,451,076 | 1,461,037 | 1,461,766 | 1,459,820 | 1,425,278 | 1,456,029 | 1,423,066 | |||||||||||||||||||||
Deposits |
1,655,812 | 1,670,062 | 1,689,701 | 1,642,613 | 1,606,621 | 1,662,899 | 1,572,338 | |||||||||||||||||||||
Shareholders equity |
272,952 | 268,343 | 271,945 | 271,045 | 269,902 | 270,661 | 269,469 |
Asset Quality Data (Period End) | 06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | |||||||||||||||
Nonaccrual loans and leases, including nonaccrual troubled
debt restructured loans and leases |
$ | 43,513 | $ | 38,631 | $ | 45,232 | $ | 33,043 | $ | 29,541 | ||||||||||
Accruing loans and leases 90 days or more past due |
659 | 516 | 696 | 899 | 1,276 | |||||||||||||||
Accruing troubled debt restructured loans and leases |
5,028 | 5,111 | 550 | 813 | 1,499 | |||||||||||||||
Other real estate owned |
4,952 | 6,135 | 2,438 | 1,557 | 1,827 | |||||||||||||||
Nonperforming assets |
54,152 | 50,393 | 48,916 | 36,312 | 34,143 | |||||||||||||||
Allowance for loan and lease losses |
32,601 | 32,804 | 30,898 | 28,883 | 29,109 | |||||||||||||||
Nonperforming loans and leases / Loans and leases |
3.42 | % | 3.07 | % | 3.16 | % | 2.37 | % | 2.23 | % | ||||||||||
Allowance for loan and lease losses / Loans and leases |
2.27 | % | 2.27 | % | 2.10 | % | 1.97 | % | 2.01 | % | ||||||||||
Allowance for loan and lease losses / Nonperforming loans |
66.26 | % | 74.12 | % | 66.48 | % | 83.10 | % | 90.08 | % |
For the three months ended, | For the six months ended | |||||||||||||||||||||||||||
06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 06/30/11 | 06/30/10 | ||||||||||||||||||||||
Net loan and lease charge-offs |
$ | 5,759 | $ | 3,228 | $ | 4,261 | $ | 5,755 | $ | 2,821 | $ | 8,987 | $ | 5,449 | ||||||||||||||
Net loan and lease charge-offs (annualized)/Average loans and leases |
1.59 | % | 0.90 | % | 1.16 | % | 1.56 | % | 0.79 | % | 1.24 | % | 0.77 | % |
For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
For the period: | 06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 06/30/11 | 06/30/10 | |||||||||||||||||||||
Interest income |
$ | 21,704 | $ | 21,706 | $ | 22,580 | $ | 23,060 | $ | 22,878 | $ | 43,410 | $ | 45,363 | ||||||||||||||
Interest expense |
2,723 | 2,897 | 3,380 | 4,107 | 4,602 | 5,620 | 9,982 | |||||||||||||||||||||
Net interest income |
18,981 | 18,809 | 19,200 | 18,953 | 18,276 | 37,790 | 35,381 | |||||||||||||||||||||
Provision for loan and lease losses |
5,556 | 5,134 | 6,276 | 5,529 | 4,865 | 10,690 | 9,760 | |||||||||||||||||||||
Net interest income after provision |
13,425 | 13,675 | 12,924 | 13,424 | 13,411 | 27,100 | 25,621 | |||||||||||||||||||||
Noninterest income: |
||||||||||||||||||||||||||||
Trust fee income |
1,625 | 1,625 | 1,630 | 1,450 | 1,500 | 3,250 | 3,000 | |||||||||||||||||||||
Service charges on deposit accounts |
1,356 | 1,336 | 1,466 | 1,633 | 1,812 | 2,692 | 3,594 | |||||||||||||||||||||
Investment advisory commission and fee income |
1,194 | 1,162 | 1,191 | 1,227 | 1,152 | 2,356 | 2,208 | |||||||||||||||||||||
Insurance commissions and fee income |
2,072 | 2,200 | 1,740 | 1,815 | 1,896 | 4,272 | 4,139 | |||||||||||||||||||||
Bank owned life insurance income |
268 | 344 | 410 | 326 | 202 | 612 | 534 | |||||||||||||||||||||
Other-than-temporary impairment |
(3 | ) | (7 | ) | (3 | ) | (12 | ) | (42 | ) | (10 | ) | (47 | ) | ||||||||||||||
Net gain on sales of securities |
569 | | 6 | 339 | 38 | 569 | 87 | |||||||||||||||||||||
Net gain (loss) on mortgage banking activities |
328 | (25 | ) | 779 | 1,246 | 475 | 303 | 935 | ||||||||||||||||||||
Net loss on interest rate swap |
| | | (246 | ) | (516 | ) | | (826 | ) | ||||||||||||||||||
Other income |
1,287 | 1,124 | 2,049 | 1,106 | 1,542 | 2,411 | 2,642 | |||||||||||||||||||||
Total noninterest income |
8,696 | 7,759 | 9,268 | 8,884 | 8,059 | 16,455 | 16,266 | |||||||||||||||||||||
Noninterest expense |
||||||||||||||||||||||||||||
Salaries and benefits |
9,634 | 8,983 | 8,979 | 9,775 | 9,469 | 18,617 | 19,280 | |||||||||||||||||||||
Premises and equipment |
2,326 | 2,527 | 2,351 | 2,435 | 2,209 | 4,853 | 4,501 | |||||||||||||||||||||
Deposit insurance premiums |
427 | 713 | 712 | 698 | 663 | 1,140 | 1,260 | |||||||||||||||||||||
Other expense |
4,019 | 4,523 | 4,148 | 4,263 | 4,568 | 8,542 | 8,947 | |||||||||||||||||||||
Total noninterest expense |
16,406 | 16,746 | 16,190 | 17,171 | 16,909 | 33,152 | 33,988 | |||||||||||||||||||||
Income before taxes |
5,715 | 4,688 | 6,002 | 5,137 | 4,561 | 10,403 | 7,899 | |||||||||||||||||||||
Applicable income taxes |
1,199 | 826 | 1,093 | 990 | 831 | 2,025 | 1,199 | |||||||||||||||||||||
Net income |
$ | 4,516 | $ | 3,862 | $ | 4,909 | $ | 4,147 | $ | 3,730 | $ | 8,378 | $ | 6,700 | ||||||||||||||
Per Common Share Data: |
||||||||||||||||||||||||||||
Book value per share |
$ | 16.27 | $ | 16.04 | $ | 15.99 | $ | 16.29 | $ | 16.25 | $ | 16.27 | $ | 16.25 | ||||||||||||||
Net income per share: |
||||||||||||||||||||||||||||
Basic |
$ | 0.27 | $ | 0.23 | $ | 0.30 | $ | 0.25 | $ | 0.23 | $ | 0.50 | $ | 0.40 | ||||||||||||||
Diluted |
$ | 0.27 | $ | 0.23 | $ | 0.30 | $ | 0.25 | $ | 0.23 | $ | 0.50 | $ | 0.40 | ||||||||||||||
Dividends per share |
$ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | ||||||||||||||
Weighted average shares outstanding |
16,771,969 | 16,712,282 | 16,645,115 | 16,621,291 | 16,589,657 | 16,742,434 | 16,562,712 | |||||||||||||||||||||
Period end shares outstanding |
16,777,379 | 16,745,935 | 16,648,303 | 16,626,900 | 16,590,710 | 16,777,379 | 16,590,710 |
For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
06/30/11 | 03/31/11 | 12/31/10 | 09/30/10 | 06/30/10 | 06/30/11 | 06/30/10 | ||||||||||||||||||||||
Profitability Ratios (annualized) |
||||||||||||||||||||||||||||
Return on average assets |
0.86 | % | 0.74 | % | 0.92 | % | 0.78 | % | 0.72 | % | 0.80 | % | 0.65 | % | ||||||||||||||
Return on average shareholders equity |
6.64 | % | 5.84 | % | 7.16 | % | 6.07 | % | 5.54 | % | 6.24 | % | 5.01 | % | ||||||||||||||
Net interest margin (FTE) |
4.24 | % | 4.24 | % | 4.18 | % | 4.15 | % | 4.11 | % | 4.24 | % | 4.05 | % | ||||||||||||||
Efficiency ratio (1) |
56.47 | % | 59.90 | % | 54.20 | % | 58.88 | % | 61.32 | % | 58.15 | % | 62.80 | % | ||||||||||||||
Capitalization Ratios |
||||||||||||||||||||||||||||
Dividends paid to net income |
74.27 | % | 86.30 | % | 67.85 | % | 80.15 | % | 88.95 | % | 79.82 | % | 98.97 | % | ||||||||||||||
Shareholders equity to assets (Period End) |
13.26 | % | 12.74 | % | 12.48 | % | 12.81 | % | 12.90 | % | 13.26 | % | 12.90 | % | ||||||||||||||
Tangible common equity to tangible assets |
10.80 | % | 10.32 | % | 10.08 | % | 10.46 | % | 10.51 | % | 10.80 | % | 10.51 | % | ||||||||||||||
Regulatory Capital Ratios (Period End) |
||||||||||||||||||||||||||||
Tier 1 leverage ratio |
11.87 | % | 11.72 | % | 11.54 | % | 11.51 | % | 11.57 | % | 11.87 | % | 11.57 | % | ||||||||||||||
Tier 1 risk-based capital ratio |
14.96 | % | 14.59 | % | 14.17 | % | 14.14 | % | 14.25 | % | 14.96 | % | 14.25 | % | ||||||||||||||
Total risk-based capital ratio |
16.25 | % | 15.89 | % | 15.47 | % | 15.45 | % | 15.58 | % | 16.25 | % | 15.58 | % |
(1) | Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income. |
For the Three Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Tax Equivalent Basis | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Interest-earning deposits with other banks |
$ | 19,401 | $ | 12 | 0.25 | % | $ | 26,700 | $ | 19 | 0.29 | % | ||||||||||||
U.S. Government obligations |
153,239 | 639 | 1.67 | 158,505 | 922 | 2.33 | ||||||||||||||||||
Obligations of state and political subdivisions |
110,187 | 1,712 | 6.23 | 108,820 | 1,803 | 6.65 | ||||||||||||||||||
Other debt and equity securities |
176,180 | 1,527 | 3.48 | 175,577 | 1,933 | 4.42 | ||||||||||||||||||
Total interest-earning deposits and investments |
459,007 | 3,890 | 3.40 | 469,602 | 4,677 | 3.99 | ||||||||||||||||||
Commercial, financial, and agricultural loans |
431,427 | 4,947 | 4.60 | 415,943 | 4,892 | 4.72 | ||||||||||||||||||
Real estatecommercial and construction loans |
541,862 | 7,399 | 5.48 | 523,306 | 7,752 | 5.94 | ||||||||||||||||||
Real estateresidential loans |
245,996 | 2,757 | 4.50 | 256,296 | 2,785 | 4.36 | ||||||||||||||||||
Loans to individuals |
41,924 | 597 | 5.71 | 46,185 | 599 | 5.20 | ||||||||||||||||||
Municipal loans and leases |
128,799 | 1,680 | 5.23 | 104,720 | 1,564 | 5.99 | ||||||||||||||||||
Lease financings |
61,068 | 1,667 | 10.96 | 78,828 | 1,742 | 8.86 | ||||||||||||||||||
Gross loans and leases |
1,451,076 | 19,047 | 5.26 | 1,425,278 | 19,334 | 5.44 | ||||||||||||||||||
Total interest-earning assets |
1,910,083 | 22,937 | 4.82 | 1,894,880 | 24,011 | 5.08 | ||||||||||||||||||
Cash and due from banks |
29,706 | 37,510 | ||||||||||||||||||||||
Reserve for loan and lease losses |
(33,995 | ) | (28,864 | ) | ||||||||||||||||||||
Premises and equipment, net |
34,302 | 35,002 | ||||||||||||||||||||||
Other assets |
156,077 | 152,402 | ||||||||||||||||||||||
Total assets |
$ | 2,096,173 | $ | 2,090,930 | ||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Interest-bearing checking deposits |
$ | 210,487 | $ | 59 | 0.11 | $ | 182,156 | $ | 62 | 0.14 | ||||||||||||||
Money market savings |
277,420 | 174 | 0.25 | 293,697 | 277 | 0.38 | ||||||||||||||||||
Regular savings |
481,312 | 374 | 0.31 | 445,781 | 661 | 0.59 | ||||||||||||||||||
Time deposits |
405,829 | 1,683 | 1.66 | 435,969 | 2,588 | 2.38 | ||||||||||||||||||
Total time and interest-bearing deposits |
1,375,048 | 2,290 | 0.67 | 1,357,603 | 3,588 | 1.06 | ||||||||||||||||||
Securities sold under agreements to repurchase |
101,093 | 78 | 0.31 | 98,802 | 111 | 0.45 | ||||||||||||||||||
Other short-term borrowings |
3,498 | 2 | 0.23 | 51,936 | 542 | 4.19 | ||||||||||||||||||
Long-term debt |
5,000 | 47 | 3.77 | 5,717 | 48 | 3.37 | ||||||||||||||||||
Subordinated notes and capital securities |
23,619 | 306 | 5.20 | 25,119 | 313 | 5.00 | ||||||||||||||||||
Total borrowings |
133,210 | 433 | 1.30 | 181,574 | 1,014 | 2.24 | ||||||||||||||||||
Total interest-bearing liabilities |
1,508,258 | 2,723 | 0.72 | 1,539,177 | 4,602 | 1.20 | ||||||||||||||||||
Demand deposits, non-interest bearing |
280,764 | 249,018 | ||||||||||||||||||||||
Accrued expenses and other liabilities |
34,199 | 32,833 | ||||||||||||||||||||||
Total liabilities |
1,823,221 | 1,821,028 | ||||||||||||||||||||||
Shareholders Equity |
||||||||||||||||||||||||
Common stock |
91,332 | 91,332 | ||||||||||||||||||||||
Additional paid-in capital |
61,469 | 61,420 | ||||||||||||||||||||||
Retained earnings and other equity |
120,151 | 117,150 | ||||||||||||||||||||||
Total shareholders equity |
272,952 | 269,902 | ||||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,096,173 | $ | 2,090,930 | ||||||||||||||||||||
Net interest income |
$ | 20,214 | $ | 19,409 | ||||||||||||||||||||
Net interest spread |
4.10 | 3.88 | ||||||||||||||||||||||
Effect of net interest-free funding sources |
0.14 | 0.23 | ||||||||||||||||||||||
Net interest margin |
4.24 | % | 4.11 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities |
126.64 | % | 123.11 | % | ||||||||||||||||||||
Notes: | For rate calculation purposes, average loan and lease categories include unearned discount. | |
Nonaccrual loans and leases have been included in the average loan and lease balances. | ||
Loans held for sale have been included in the average loan balances. | ||
Tax-equivalent amounts for the three months ended June 30, 2011 and 2010 have been calculated using the Corporations federal applicable rate of 35.0%. |
For the Six Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Tax Equivalent Basis | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Interest-earning deposits with other banks |
$ | 12,876 | $ | 15 | 0.23 | % | $ | 20,531 | $ | 30 | 0.29 | % | ||||||||||||
U.S. Government obligations |
161,900 | 1,356 | 1.69 | 136,457 | 1,663 | 2.46 | ||||||||||||||||||
Obligations of state and political subdivisions |
109,610 | 3,433 | 6.32 | 107,733 | 3,543 | 6.63 | ||||||||||||||||||
Other debt and equity securities |
170,610 | 3,056 | 3.61 | 181,948 | 3,953 | 4.38 | ||||||||||||||||||
Total interest-earning deposits and investments |
454,996 | 7,860 | 3.48 | 446,669 | 9,189 | 4.15 | ||||||||||||||||||
Commercial, financial, and agricultural loans |
430,039 | 10,118 | 4.74 | 412,820 | 9,557 | 4.67 | ||||||||||||||||||
Real estatecommercial and construction loans |
550,038 | 14,650 | 5.37 | 523,693 | 15,314 | 5.90 | ||||||||||||||||||
Real estateresidential loans |
245,155 | 5,398 | 4.44 | 258,615 | 5,643 | 4.40 | ||||||||||||||||||
Loans to individuals |
42,464 | 1,223 | 5.81 | 46,843 | 1,397 | 6.01 | ||||||||||||||||||
Municipal loans and leases |
125,656 | 3,411 | 5.47 | 101,104 | 2,989 | 5.96 | ||||||||||||||||||
Lease financings |
62,677 | 3,185 | 10.25 | 79,991 | 3,465 | 8.74 | ||||||||||||||||||
Gross loans and leases |
1,456,029 | 37,985 | 5.26 | 1,423,066 | 38,365 | 5.44 | ||||||||||||||||||
Total interest-earning assets |
1,911,025 | 45,845 | 4.84 | 1,869,735 | 47,554 | 5.13 | ||||||||||||||||||
Cash and due from banks |
32,886 | 34,582 | ||||||||||||||||||||||
Reserve for loan and lease losses |
(33,203 | ) | (27,728 | ) | ||||||||||||||||||||
Premises and equipment, net |
34,462 | 34,931 | ||||||||||||||||||||||
Other assets |
155,904 | 153,450 | ||||||||||||||||||||||
Total assets |
$ | 2,101,074 | $ | 2,064,970 | ||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Interest-bearing checking deposits |
$ | 201,630 | $ | 123 | 0.12 | $ | 177,095 | $ | 119 | 0.14 | ||||||||||||||
Money market savings |
293,022 | 375 | 0.26 | 286,843 | 593 | 0.42 | ||||||||||||||||||
Regular savings |
481,358 | 837 | 0.35 | 430,940 | 1,442 | 0.67 | ||||||||||||||||||
Time deposits |
408,416 | 3,421 | 1.69 | 435,072 | 5,654 | 2.62 | ||||||||||||||||||
Total time and interest-bearing deposits |
1,384,426 | 4,756 | 0.69 | 1,329,950 | 7,808 | 1.18 | ||||||||||||||||||
Securities sold under agreements to repurchase |
98,782 | 149 | 0.30 | 97,330 | 228 | 0.47 | ||||||||||||||||||
Other short-term borrowings |
6,865 | 11 | 0.32 | 61,547 | 1,227 | 4.02 | ||||||||||||||||||
Long-term debt |
5,000 | 94 | 3.79 | 5,732 | 94 | 3.31 | ||||||||||||||||||
Subordinated notes and capital securities |
23,805 | 610 | 5.17 | 25,305 | 625 | 4.98 | ||||||||||||||||||
Total borrowings |
134,452 | 864 | 1.30 | 189,914 | 2,174 | 2.31 | ||||||||||||||||||
Total interest-bearing liabilities |
1,518,878 | 5,620 | 0.75 | 1,519,864 | 9,982 | 1.32 | ||||||||||||||||||
Demand deposits, non-interest bearing |
278,473 | 242,388 | ||||||||||||||||||||||
Accrued expenses and other liabilities |
33,062 | 33,249 | ||||||||||||||||||||||
Total liabilities |
1,830,413 | 1,795,501 | ||||||||||||||||||||||
Shareholders Equity |
||||||||||||||||||||||||
Common stock |
91,332 | 91,332 | ||||||||||||||||||||||
Additional paid-in capital |
61,441 | 61,420 | ||||||||||||||||||||||
Retained earnings and other equity |
117,888 | 116,717 | ||||||||||||||||||||||
Total shareholders equity |
270,661 | 269,469 | ||||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,101,074 | $ | 2,064,970 | ||||||||||||||||||||
Net interest income |
$ | 40,225 | $ | 37,572 | ||||||||||||||||||||
Net interest spread |
4.09 | 3.81 | ||||||||||||||||||||||
Effect of net interest-free funding sources |
0.15 | 0.24 | ||||||||||||||||||||||
Net interest margin |
4.24 | % | 4.05 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities |
125.82 | % | 123.02 | % | ||||||||||||||||||||
Notes: | For rate calculation purposes, average loan and lease categories include unearned discount. | |
Nonaccrual loans and leases have been included in the average loan and lease balances. | ||
Loans held for sale have been included in the average loan balances. | ||
Tax-equivalent amounts for the six months ended June 30, 2011 and 2010 have been calculated using the Corporations federal applicable rate of 35.0%. |
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