-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Py2CSPw7dz1RzU6M9fjWf01Gj/ZDkVvpBkb7nI+18yPgNMWgnc8W43uKsMSTy7nJ 3bKGK/dSCoRcAb5qCk0UbQ== 0000943374-05-000481.txt : 20050427 0000943374-05-000481.hdr.sgml : 20050427 20050427093025 ACCESSION NUMBER: 0000943374-05-000481 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROVIDENT FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0001178970 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 421547151 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31566 FILM NUMBER: 05774762 BUSINESS ADDRESS: STREET 1: 830 BERGEN AVENUE CITY: JERSEY CITY STATE: NJ ZIP: 07306 BUSINESS PHONE: 2013331000 8-K 1 form8k_042705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 27, 2005 -------------- PROVIDENT FINANCIAL SERVICES, INC. ---------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 001-31566 42-1547151 - ----------------------------- --------------------- ------------------- (State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer of Incorporation) Identification No.) 830 Bergen Avenue, Jersey City, New Jersey 07306-4599 - ------------------------------------------ ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (201) 333-1000 -------------- Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. --------------------------------------------- On April 27, 2005, Provident Financial Services, Inc. (the "Company") issued a press release reporting its financial results for the three months ended March 31, 2005. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed "filed" for any purpose. Item 7.01 Regulation FD Disclosure. ------------------------- On April 27, 2005, the Company announced that its Board of Directors declared a $0.08 per share dividend, payable on May 31, 2005 to stockholders of record on May 13, 2005, which represents an increase of 14.3% from the prior quarter's cash dividend. This announcement was included as part of the press release announcing financial results issued by the Company on April 27, 2005 and attached as Exhibit 99.1 to this report. A copy of the press release is being furnished to the SEC and shall not be deemed "filed" for any purpose. Item 9.01. Financial Statements and Exhibits --------------------------------- (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release issued by the Company on April 27, 2005 announcing its financial results for the three months ended March 31, 2005 and the declaration of a quarterly cash dividend. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. PROVIDENT FINANCIAL SERVICES, INC. DATE: April 27, 2005 By: /s/ Paul M. Pantozzi -------------------------------------- Paul M. Pantozzi Chairman and Chief Executive Officer EXHIBIT INDEX Exhibit Description - ------- ----------- 99.1 Press release issued by the Company on April 27, 2005 announcing its financial results for the three months ended March 31, 2005 and the declaration of a quarterly cash dividend. EX-99.1 2 form8k_ex991-042705.txt EARNINGS RELEASE NEWS RELEASE CONTACT: Kenneth J. Wagner, SVP Investor Relations Provident Financial Services, Inc. (201) 915-5344 FOR RELEASE 7:43 A.M. Eastern Time: April 27, 2005 Provident Financial Services, Inc. Announces 46% Increase in Quarterly Earnings and Declares Increased Quarterly Cash Dividend JERSEY CITY, NJ, April 27 /PRNewswire-First Call/ -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $15.0 million for the three months ended March 31, 2005, a 45.9% increase compared to net income of $10.3 million for the same period in 2004. Basic and diluted earnings per share increased 17.4% and 16.2%, respectively, to $0.22 for the quarter ended March 31, 2005, compared to basic and diluted earnings per share of $0.19 for the quarter ended March 31, 2004. The three month earnings and per share data for 2005 reflect the inclusion of the operations of First Sentinel Bancorp, Inc. ("First Sentinel") which merged with the Company on July 14, 2004 and the related issuance of 18.5 million shares of the Company's common stock in connection with the merger. Paul M. Pantozzi, Chairman and Chief Executive Officer, commented, "In the first quarter we continued to make steady progress in expense management while maintaining both our net interest margin, as compared with the trailing quarter, and our focus on asset quality. Also, we have consistently pursued our capital management strategy, as witnessed by our stock repurchase activity during the quarter. In line with that, I am pleased to report that the Board has approved a 14.3% increase in the quarterly cash dividend to $0.08 per common share. " Declaration of Quarterly Dividend The Company's Board of Directors declared a quarterly cash dividend of $0.08 per common share, an increase of 14.3% from the prior quarter's cash dividend of $0.07 per share. The dividend is payable on May 31, 2005 to stockholders of record as of the close of business on May 13, 2005. Balance Sheet Summary Total assets were $6.36 billion at March 31, 2005, compared to $6.43 billion at December 31, 2004, as reductions in securities balances were used to fund repayments of borrowings and common stock repurchases. Total investments decreased $117.9 million, or 6.2%, during the quarter ended March 31, 2005. The decrease was primarily attributable to paydowns on mortgage-backed securities and maturities of debt securities. In addition, the Company sold $11.5 million of mortgage-backed securities during the quarter as part of its ongoing interest rate risk management process. The Company's net loans decreased $28.6 million, or 0.8%, during the three months ended March 31, 2005, primarily as a result of a $34.1 million reduction in residential mortgage loans, partially offset by an $11.8 million increase in consumer loans. The increase in consumer loans was primarily attributable to growth in second mortgage and indirect auto loans. Partially offsetting these declines, cash and cash equivalents increased $72.5 million, or 44.3%, during the quarter ended March 31, 2005, pending deployment into higher-yielding asset categories. Borrowed funds decreased $56.6 million, or 4.9%, during the quarter ended March 31, 2005, as a result of maturities and paydowns on amortizing obligations. Total deposits increased $1.4 million during the quarter ended March 31, 2005, with an $8.0 million increase in time deposits partially offset by decreases in savings and demand accounts. Total deposits were $4.05 billion at March 31, 2005, with core deposits, consisting of savings and demand deposit accounts, representing 65.4% of total deposits. Common stock repurchases for the three months ended March 31, 2005 totaled 1.5 million shares at an average cost of $18.04 per share. At March 31, 2005, book value per share and tangible book value per share totaled $15.33 and $9.26, respectively. An additional 2.2 million shares remain eligible for repurchase under the current common stock repurchase authorization. Results of Operations Net Interest Margin The net interest margin was 3.38% for each of the quarters ended March 31, 2005 and December 31, 2004. This was a decrease of 12 basis points compared with the net interest margin of 3.50% for the quarter ended March 31, 2004. The weighted average rate for interest-earning assets was 4.97% for the three months ended March 31, 2005, compared with 4.90% for the trailing quarter and 4.79% for the three months ended March 31, 2004. The weighted average rate for interest-bearing liabilities was 1.88% for the quarter ended March 31, 2005, compared with 1.79% for the trailing quarter and 1.67% for the first quarter of 2004. The increases in rates on interest-earning assets and interest-bearing liabilities reflect increases in market interest rates experienced throughout the past year. Non-Interest Income Non-interest income totaled $6.2 million for the quarter ended March 31, 2005, a decrease of $1.5 million, or 19.4%, compared to the same period in 2004. During the quarter ended March 31, 2004, the Company sold $71.8 million of fixed-rate 30- and 20-year residential mortgages as part of its interest rate risk management process, realizing gains of $1.3 million. In addition, the Company incurred net losses on securities sales of $131,000 for the quarter ended March 31, 2005, compared with net gains of $427,000 for the same period in 2004. Partially offsetting these decreases, income on bank-owned life insurance ("BOLI") increased $309,000 for the three months ended March 31, 2005, compared with the first quarter of 2004, primarily as a result of additional BOLI acquired from First Sentinel in the July 2004 merger. Non-Interest Expense For the three months ended March 31, 2005, non-interest expense increased $4.7 million, or 17.7%, to $31.4 million, compared to $26.7 million for the three months ended March 31, 2004. Compensation and employee benefits expense increased $2.6 million for the quarter ended March 31, 2005, compared with the same period in 2004, due primarily to increased headcount as a result of the First Sentinel acquisition. The Company employed 915 full-time equivalent employees at March 31, 2005, compared with 703 full-time equivalent employees at March 31, 2004. Amortization of intangibles increased $1.6 million for the quarter ended March 31, 2005, compared with the same period in 2004, primarily as a result of amortization of the core deposit intangible recorded in connection with the First Sentinel acquisition. Additional increases in occupancy expense of $1.1 million and data processing expense of $280 thousand for the quarter ended March 31, 2005, compared with the same period in 2004, were also due primarily to the acquisition and integration of First Sentinel's operations. As a result of the First Sentinel acquisition, the Company added 22 full-service branch locations, including the former headquarters building, which now serves as the Provident Loan Center. Partially offsetting these increases, advertising and promotions expense declined $673,000 for the quarter ended March 31, 2005, compared with the same period in 2004, as the Company continued to focus its efforts on expense management. The Company's annualized non-interest expense as a percentage of average assets improved to 1.98% for the quarter ended March 31, 2005, compared with 2.54% for the same period in 2004. The efficiency ratio (non-interest expense divided by the sum of net interest income and non-interest income) improved to 58.8% for the quarter ended March 31, 2005, compared with 63.4% for the same period in 2004. Asset Quality The Company continues to emphasize asset quality. Total non-performing loans as of March 31, 2005 were $5.6 million, or 0.15% of total loans, compared to $6.2 million, or 0.17% of total loans at December 31, 2004, and $4.4 million, or 0.19% of total loans at March 31, 2004. At March 31, 2005, the Company's allowance for loan losses was 0.92% of total loans, compared with 0.91% of total loans at December 31, 2004, and 0.91% of total loans at March 31, 2004. The Company did not record a provision for loan losses for the three months ended March 31, 2005, as a result of improvements in asset quality, a decrease in loans outstanding, and net recoveries during the period of $71 thousand. For the three months ended March 31, 2004, the provision for loan losses totaled $600 thousand, while net charge-offs were $611 thousand. About the Company Provident Financial Services, Inc. is the holding company for The Provident Bank, a community-oriented bank that offers a full range of retail and commercial loan and deposit products. The Bank currently operates 78 full service branches throughout northern and central New Jersey. Post Earnings Conference Call Representatives of the Company will hold a conference call for investors at 10:00 a.m. Eastern Time on April 28, 2005 regarding highlights of the Company's first quarter 2005 financial results. The call can be accessed by dialing 1-800-798-2796 (Domestic) or 1-617-614-6204 (International) and stating the pass code number: 53025851. Internet access to the call is also available (listen only) at www.providentnj.com by going to Investor Relations and clicking on Webcast. Forward Looking Statements Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES Consolidated Statements of Condition March 31, 2005 (Unaudited) and December 31, 2004 (Dollars in Thousands) Assets March 31, 2005 December 31, 2004 --------------------------------- ---------------------------- Cash and due from banks $ 137,556 $ 121,187 Federal funds sold 65,000 16,000 Short-term investments 33,666 26,507 --------------------------------- ---------------------------- Total cash and cash equivalents 236,222 163,694 --------------------------------- ---------------------------- Investment securities (market value of $429,194 at March 31, 2005 (unaudited) and $450,071 at December 31, 2004) 430,445 445,633 Securities available for sale, at fair value 1,305,927 1,406,340 Federal Home Loan Bank stock 46,002 48,283 Loans 3,678,695 3,707,211 Less allowance for loan losses 33,837 33,766 --------------------------------- ---------------------------- Net loans 3,644,858 3,673,445 --------------------------------- ---------------------------- Foreclosed assets, net 140 140 Banking premises and equipment, net 63,557 64,605 Accrued interest receivable 22,923 23,865 Intangible assets 441,068 443,148 Bank-owned life insurance 107,228 105,932 Other assets 61,106 58,237 --------------------------------- ---------------------------- Total assets $ 6,359,476 $ 6,433,322 ================================= ============================ Liabilities and Stockholders' Equity Deposits: Demand deposits $ 1,115,840 $ 1,116,812 Savings deposits 1,532,906 1,538,466 Certificates of deposit of $100,000 or more 260,086 253,024 Other time deposits 1,143,071 1,142,171 --------------------------------- ---------------------------- Total deposits 4,051,903 4,050,473 Mortgage escrow deposits 20,363 15,389 Borrowed funds 1,109,489 1,166,064 Subordinated debentures 26,946 27,113 Other liabilities 37,700 37,507 --------------------------------- ---------------------------- Total liabilities 5,246,401 5,296,546 --------------------------------- ---------------------------- Stockholders' Equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued -- -- Common stock, $0.01 par value, 200,000,000 shares authorized, 79,879,017 shares issued and 72,585,746 shares outstanding at March 31, 2005, and 79,879,017 shares issued and 74,078,784 shares outstanding at December 31, 2004 799 799 Additional paid-in capital 961,730 960,792 Retained earnings 368,543 358,678 Accumulated other comprehensive (loss) income (5,611) 3,767 Treasury stock at cost (97,907) (70,810) Unallocated common stock held by Employee Stock Ownership Plan (75,421) (76,101) Common Stock acquired by the Stock Award Plan (39,058) (40,349) Common Stock acquired by the Directors' Deferred Fee Plan (13,224) (13,379) Deferred compensation - Directors' Deferred Fee Plan 13,224 13,379 --------------------------------- ---------------------------- Total stockholders' equity 1,113,075 1,136,776 --------------------------------- ---------------------------- Total liabilities and stockholders' equity $ 6,359,476 $ 6,433,322 ================================= ============================
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDAIRIES Consolidated Statements of Income Three Months Ended March 31, 2005 and 2004 (Dollars in Thousands) Three Months Ended March 31 ----------------------------- 2005 2004 -------------- -------------- (Unaudited) Interest income: Real estate secured loans $ 38,278 $ 23,177 Commercial loans 4,953 3,887 Consumer loans 7,250 4,635 Investment securities 4,432 5,142 Securities available for sale 13,780 9,836 Other short-term investments 146 170 Federal funds 118 140 ------------- -------------- Total interest income 68,957 46,987 ------------- -------------- Interest expense: Deposits 12,905 7,866 Borrowed funds 8,542 4,719 Subordinated debentures 345 -- ------------- -------------- Total interest expense 21,792 12,585 ------------- -------------- Net interest income 47,165 34,402 Provision for loan losses -- 600 ------------- -------------- Net interest income after provision for loan losses 47,165 33,802 ------------- -------------- Non-interest income: Fees 4,692 4,735 Net (loss) gain on securities transactions (131) 427 Bank-owned life insurance 1,296 987 Other income 313 1,507 ------------- -------------- Total non-interest income 6,170 7,656 ------------- -------------- Non-interest expense: Compensation and employee benefits 17,044 14,408 Net occupancy expense 4,900 3,798 Data processing expense 2,120 1,840 Advertising and promotion expense 730 1,403 Amortization of intangibles 2,128 522 Other operating expenses 4,455 4,695 ------------- -------------- Total non-interest expense 31,377 26,666 ------------- -------------- Income before income tax expense 21,958 14,792 Income tax expense 6,936 4,498 ------------- -------------- Net income $ 15,022 $ 10,294 ============= ============== Basic earnings per share $0.22 $0.19 Average basic shares outstanding 68,172,885 54,849,271 Diluted earnings per share $0.22 $0.19 Average diluted shares outstanding 68,934,081 54,895,895
PROVIDENT FINANCIAL SERVICES, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except share data) (Unaudited) At or for the Three Months Ended March 31 -------- 2005 2004 ---- ---- INCOME STATEMENT: Net interest income $47,165 $34,402 Provision for loan losses -- 600 Non-interest income 6,170 7,656 Non-interest expense 31,377 26,666 Income before income tax expense 21,958 14,792 Net income 15,022 10,294 Basic earnings per share $0.22 $0.19 Diluted earnings per share $0.22 $0.19 Interest rate spread 3.09% 3.12% Net interest margin 3.38% 3.50% PROFITABILITY: Annualized return on average assets 0.95% 0.98% Annualized return on average equity 5.34% 5.06% Annualized non-interest expense to average assets 1.98% 2.54% Efficiency ratio (1) 58.83% 63.40% ASSET QUALITY: Non-performing loans $5,590 $4,382 Foreclosed assets 140 32 Non-performing loans to total loans 0.15% 0.19% Non-performing assets to total assets 0.09% 0.10% Allowance for loan losses $33,837 $20,620 Allowance for loan losses to non-performing loans 605.31% 470.56% Allowance for loan losses to total loans 0.92% 0.91% AVERAGE BALANCE SHEET DATA: Assets $6,339,184 $4,230,184 Loans, net 3,654,614 2,204,793 Earning assets 5,554,271 3,948,659 Core deposits 2,597,502 1,742,035 Borrowings 1,168,448 688,484 Interest-bearing liabilities 4,698,182 3,034,511 Stockholders' equity 1,125,479 818,040 Average yield on interest- earning assets 4.97% 4.79% Average cost of interest- bearing liabilities 1.88% 1.67%
Notes (1) Efficiency Ratio Calculation Three Months Ended March 31 -------- 2005 2004 ---- ---- Net interest income $47,165 $34,402 Non-interest income 6,170 7,656 ------- ------- Total income $53,335 $42,058 ======= ======= Non-interest expense $31,377 $26,666 Expense/Income: 58.83% 63.40% ======= =======
Average Quarterly Balance NET INTEREST MARGIN ANALYSIS (Unaudited) (Dollars in Thousands) March 31, 2005 December 31, 2004 -------------- ----------------- Average Average Average Average Balance Interest Yield Balance Interest Yield --------------------------------------- --------------------------------- Interest-Earning Assets: Federal Funds Sold and Other Short-Term Investments $ 46,234 $ 264 2.32% $ 31,015 $ 124 1.59% Investment Securities (1) 439,877 4,432 4.04% 454,764 4,661 4.08% Securities Available for Sale 1,366,170 13,392 3.92% 1,457,204 13,776 3.76% Federal Home Loan Bank Stock 47,376 388 3.32% 50,754 296 2.32% Net Loans (2) Total Mortgage Loans 2,785,029 38,278 5.50% 2,856,170 39,313 5.48% Total Commercial Loans 348,828 4,953 5.68% 343,923 5,025 5.81% Total Consumer Loans 520,757 7,250 5.63% 511,890 7,136 5.55% ------------- ----------- ---------- --------- Total Interest-Earning Assets $ 5,554,271 68,957 4.97% $ 5,705,720 70,331 4.90% ------------- ----------- ---------- --------- Non-Interest Earning Assets: Cash and Due from Banks 102,229 107,695 Other Assets 682,684 672,192 ------------- ---------- Total Assets $ 6,339,184 $ 6,485,607 ============= ========== Interest-Bearing Liabilities: Demand Deposits $ 615,272 1,196 0.79% $ 639,244 1,131 0.70% Savings Deposits 1,518,618 3,622 0.97% 1,546,669 3,684 0.95% Time Deposits 1,395,844 8,087 2.35% 1,402,534 7,568 2.15% ------------- ----------- ---------- --------- Total Deposits 3,529,734 12,905 1.48% 3,588,447 12,383 1.37% ------------- ----------- ---------- --------- Borrowed Funds 1,168,448 8,887 3.08% 1,246,652 9,418 3.01% ------------- ----------- ---------- --------- Total Borrowings 1,168,448 8,887 3.08% 1,246,652 9,418 3.01% ------------- ----------- ---------- --------- Total Interest-Bearing Liabilities $ 4,698,182 21,792 1.88% $ 4,835,099 21,801 1.79% ------------- ----------- ---------- --------- Non-Interest Bearing Liabilities 515,523 522,361 ------------- ---------- Total Liabilities 5,213,705 5,357,460 Stockholders' Equity 1,125,479 1,128,147 ------------- ---------- Total Liabilities & Stockholders' Equity $ 6,339,184 $ 6,485,607 ============= ========== Net interest income $ 47,165 $ 48,530 =========== ========= Net interest rate spread 3.09% 3.11% ==== ==== Net interest-earning assets $ 856,089 $ 870,621 ============= ========== Net interest margin (3) 3.38% 3.38% ==== ==== Ratio of interest-earning assets to interest-bearing liabilities 1.18x 1.18x ============= ========== - ---------------------------------------------- (1) Average outstanding balance amounts shown are amortized cost. (2) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans. (3) Net interest income divided by average interest-earning assets.
The following table summarizes the net interest margin for the previous year, inclusive.
3/31/05 12/31/04 9/30/04 6/30/04 3/31/04 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. -------- -------- -------- -------- -------- Interest-Earning Assets: Securities 3.90% 3.76% 3.79% 3.16% 3.53% Net Loans 5.53% 5.52% 5.55% 5.62% 5.78% Total Interest-Earning Assets 4.97% 4.90% 4.89% 4.58% 4.79% Interest-Bearing Liabilities: Total Deposits 1.48% 1.37% 1.29% 1.35% 1.35% Total Borrowings 3.08% 3.01% 2.94% 2.83% 2.76% Total Interest-Bearing Liabilities 1.88% 1.79% 1.70% 1.69% 1.67% Interest Rate Spread 3.09% 3.11% 3.19% 2.89% 3.12% Net Interest Margin 3.38% 3.38% 3.43% 3.28% 3.50% Ratio of interest-earning assets to total interest-bearing liabilities 1.18x 1.18x 1.17x 1.30x 1.30x
-----END PRIVACY-ENHANCED MESSAGE-----