Delaware
|
001-31566
|
42-1547151
|
||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File No.)
|
(I.R.S. Employer
Identification No.)
|
239 Washington Street, Jersey City, New Jersey
|
07302
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
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))
|
(a)
|
Financial statements of businesses acquired. Not Applicable.
|
|
(b)
|
Pro forma financial information. Not Applicable.
|
|
(c)
|
Shell company transactions: Not Applicable.
|
|
(d)
|
Exhibits.
|
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by the Company on October 28, 2011 announcing its financial results for the three months and nine months ended September 30, 2011 and the declaration of a quarterly cash dividend.
|
|
PROVIDENT FINANCIAL SERVICES, INC.
|
||
DATE: October 28, 2011
|
By:
|
/s/ Christopher Martin
|
Christopher Martin
|
||
Chairman, President and
Chief Executive Officer
|
Exhibit
|
Description
|
|
99.1
|
Press release issued by the Company on October 28, 2011 announcing its financial results for the three months and nine months ended September 30, 2011 and the declaration of a quarterly cash dividend.
|
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||
Consolidated Statements of Condition
|
||||||||
September 30, 2011 (Unaudited) and December 31, 2010
|
||||||||
(Dollars in Thousands)
|
||||||||
Assets
|
September 30,
2011
|
December 31,
2010
|
||||||
Cash and due from banks
|
$
|
122,666
|
$
|
51,345
|
||||
Short-term investments
|
1,350
|
884
|
||||||
Total cash and cash equivalents
|
124,016
|
52,229
|
||||||
Securities available for sale, at fair value
|
1,305,160
|
1,378,927
|
||||||
Investment securities held to maturity (fair value of $366,310 at
|
||||||||
September 30, 2011 (unaudited) and $351,680 at December 31, 2010)
|
351,385
|
346,022
|
||||||
Federal Home Loan Bank of New York ("FHLB-NY") stock
|
38,827
|
38,283
|
||||||
Loans
|
4,568,220
|
4,409,813
|
||||||
Less allowance for loan losses
|
73,655
|
68,722
|
||||||
Net loans
|
4,494,565
|
4,341,091
|
||||||
Foreclosed assets, net
|
6,889
|
2,858
|
||||||
Banking premises and equipment held for sale
|
9,940
|
—
|
||||||
Banking premises and equipment, net
|
65,363
|
74,257
|
||||||
Accrued interest receivable
|
23,061
|
25,257
|
||||||
Intangible assets
|
361,524
|
354,220
|
||||||
Bank-owned life insurance
|
140,766
|
136,768
|
||||||
Other assets
|
75,863
|
74,616
|
||||||
Total assets
|
$
|
6,997,359
|
$
|
6,824,528
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Demand deposits
|
$
|
3,012,151
|
$
|
2,706,204
|
||||
Savings deposits
|
883,318
|
893,268
|
||||||
Certificates of deposit of $100,000 or more
|
399,988
|
412,155
|
||||||
Other time deposits
|
778,836
|
866,107
|
||||||
Total deposits
|
5,074,293
|
4,877,734
|
||||||
Mortgage escrow deposits
|
20,346
|
19,558
|
||||||
Borrowed funds
|
912,567
|
969,683
|
||||||
Other liabilities
|
40,756
|
35,866
|
||||||
Total liabilities
|
6,047,962
|
5,902,841
|
||||||
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, 83,209,293 shares
|
||||||||
shares issued and 60,032,698 outstanding at September 30, 2011, and 59,921,065 outstanding at December 31, 2010
|
832
|
832
|
||||||
Additional paid-in capital
|
1,019,462
|
1,017,315
|
||||||
Retained earnings
|
353,787
|
332,472
|
||||||
Accumulated other comprehensive income
|
17,984
|
14,754
|
||||||
Treasury stock
|
(386,163)
|
(385,094)
|
||||||
Unallocated common stock held by the Employee Stock Ownership Plan "ESOP")
|
(56,505)
|
(58,592)
|
||||||
Common Stock acquired by the Directors' Deferred Fee Plan ("DDFP")
|
(7,413)
|
(7,482)
|
||||||
Deferred Compensation - DDFP
|
7,413
|
7,482
|
||||||
Total stockholders' equity
|
949,397
|
921,687
|
||||||
Total liabilities and stockholders' equity
|
$
|
6,997,359
|
$
|
6,824,528
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||||||||||
Consolidated Statements of Income
|
|||||||||||||||||||
Three and Nine months ended September 30, 2011 and 2010 (Unaudited)
|
|||||||||||||||||||
(Dollars in Thousands, except per share data)
|
|||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
September 30,
|
September 30,
|
||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Interest income:
|
|||||||||||||||||||
Real estate secured loans
|
$
|
39,466
|
$
|
40,426
|
$
|
119,425
|
$
|
120,360
|
|||||||||||
Commercial loans
|
11,010
|
10,457
|
31,867
|
30,964
|
|||||||||||||||
Consumer loans
|
6,436
|
7,085
|
19,445
|
21,487
|
|||||||||||||||
Securities available for sale and FHLB-NY stock
|
9,174
|
10,683
|
28,468
|
33,649
|
|||||||||||||||
Investment securities
|
3,045
|
3,166
|
9,169
|
9,633
|
|||||||||||||||
Deposits, Federal funds sold and other short-term investments
|
26
|
80
|
81
|
222
|
|||||||||||||||
Total interest income
|
69,157
|
71,897
|
208,455
|
216,315
|
|||||||||||||||
Interest expense:
|
|||||||||||||||||||
Deposits
|
8,984
|
11,571
|
28,439
|
37,341
|
|||||||||||||||
Borrowed funds
|
5,717
|
7,291
|
17,937
|
23,030
|
|||||||||||||||
Total interest expense
|
14,701
|
18,862
|
46,376
|
60,371
|
|||||||||||||||
Net interest income
|
54,456
|
53,035
|
162,079
|
155,944
|
|||||||||||||||
Provision for loan losses
|
7,500
|
8,600
|
22,900
|
26,600
|
|||||||||||||||
Net interest income after provision for loan losses
|
46,956
|
44,435
|
139,179
|
129,344
|
|||||||||||||||
Non-interest income:
|
|||||||||||||||||||
Fees
|
6,631
|
6,017
|
18,052
|
17,637
|
|||||||||||||||
Other-than-temporary impairment losses on securities
|
—
|
—
|
(1,661)
|
(3,116)
|
|||||||||||||||
Portion of loss recognized in OCI (before taxes)
|
—
|
—
|
1,359
|
2,946
|
|||||||||||||||
Net impairment losses recognized in earnings
|
—
|
—
|
(302)
|
(170)
|
|||||||||||||||
Bank owned life insurance
|
1,274
|
1,288
|
3,998
|
4,514
|
|||||||||||||||
Net gain on securities transactions
|
658
|
16
|
686
|
833
|
|||||||||||||||
Other income
|
87
|
482
|
1,431
|
971
|
|||||||||||||||
Total non-interest income
|
8,650
|
7,803
|
23,865
|
23,785
|
|||||||||||||||
Non-interest expense:
|
|||||||||||||||||||
Compensation and employee benefits
|
19,226
|
17,764
|
56,476
|
52,589
|
|||||||||||||||
Net occupancy expense
|
5,286
|
4,884
|
15,811
|
14,942
|
|||||||||||||||
Data processing expense
|
2,381
|
2,174
|
6,994
|
6,699
|
|||||||||||||||
FDIC Insurance
|
1,319
|
1,833
|
4,483
|
5,667
|
|||||||||||||||
Amortization of intangibles
|
708
|
842
|
2,314
|
2,966
|
|||||||||||||||
Impairment of premises and equipment
|
—
|
—
|
807
|
—
|
|||||||||||||||
Advertising and promotion expense
|
823
|
1,037
|
2,605
|
2,923
|
|||||||||||||||
Other operating expenses
|
5,210
|
5,547
|
16,747
|
16,988
|
|||||||||||||||
Total non-interest expenses
|
34,953
|
34,081
|
106,237
|
102,774
|
|||||||||||||||
Income before income tax expense
|
20,653
|
18,157
|
56,807
|
50,355
|
|||||||||||||||
Income tax expense
|
5,087
|
4,694
|
14,333
|
12,765
|
|||||||||||||||
Net income
|
$
|
15,566
|
$
|
13,463
|
$
|
42,474
|
$
|
37,590
|
|||||||||||
Basic earnings per share
|
$
|
0.27
|
$
|
0.24
|
$
|
0.75
|
$
|
0.66
|
|||||||||||
Average basic shares outstanding
|
56,926,131
|
56,610,647
|
56,847,975
|
56,533,545
|
|||||||||||||||
Diluted earnings per share
|
$
|
0.27
|
$
|
0.24
|
$
|
$0.75
|
$
|
0.66
|
|||||||||||
Average diluted shares outstanding
|
56,941,715
|
56,610,647
|
56,860,371
|
56,533,545
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||
Consolidated Financial Highlights
|
||||||||||||||
(Dollars in Thousands, except share data)(unaudited)
|
||||||||||||||
At or for the
|
At or for the
|
|||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||
STATEMENTS OF INCOME:
|
||||||||||||||
Net interest income
|
$
|
54,456
|
$
|
53,035
|
$
|
162,079
|
$
|
155,944
|
||||||
Provision for loan losses
|
7,500
|
8,600
|
22,900
|
26,600
|
||||||||||
Non-interest income
|
8,650
|
7,803
|
23,865
|
23,785
|
||||||||||
Non-interest expense
|
34,953
|
34,081
|
106,237
|
102,774
|
||||||||||
Income before income tax expense
|
20,653
|
18,157
|
56,807
|
50,355
|
||||||||||
Net income
|
$
|
15,566
|
$
|
13,463
|
$
|
42,474
|
$
|
37,590
|
||||||
Basic and diluted earnings per share
|
$0.27
|
$0.24
|
$0.75
|
$0.66
|
||||||||||
Interest rate spread
|
3.35%
|
3.32%
|
3.35%
|
3.26%
|
||||||||||
Net interest margin
|
3.50%
|
3.50%
|
3.51%
|
3.45%
|
||||||||||
PROFITABILITY:
|
||||||||||||||
Annualized return on average assets
|
0.90%
|
0.79%
|
0.83%
|
0.74%
|
||||||||||
Annualized return on average equity
|
6.52%
|
5.81%
|
6.06%
|
5.55%
|
||||||||||
Annualized non-interest expense to average assets
|
2.01%
|
2.00%
|
2.08%
|
2.03%
|
||||||||||
Efficiency ratio (1)
|
55.39%
|
56.02%
|
57.13%
|
57.18%
|
||||||||||
ASSET QUALITY:
|
||||||||||||||
Non-accrual loans
|
$
|
125,333
|
$
|
103,510
|
||||||||||
90+ and still accruing
|
—
|
—
|
||||||||||||
Non-performing loans
|
125,333
|
103,510
|
||||||||||||
Foreclosed assets
|
6,889
|
5,682
|
||||||||||||
Non-performing assets
|
132,222
|
109,192
|
||||||||||||
Non-performing loans to total loans
|
2.74%
|
2.38%
|
||||||||||||
Non-performing assets to total assets
|
1.89%
|
1.61%
|
||||||||||||
Allowance for loan losses
|
$
|
73,655
|
$
|
68,764
|
||||||||||
Allowance for loan losses to total non-performing loans
|
58.77%
|
66.43%
|
||||||||||||
Allowance for loan losses to total loans
|
1.61%
|
1.58%
|
||||||||||||
AVERAGE BALANCE SHEET DATA:
|
||||||||||||||
Assets
|
$
|
6,896,530
|
$
|
6,768,690
|
$
|
6,842,934
|
$
|
6,769,162
|
||||||
Loans, net
|
4,414,332
|
4,252,198
|
4,387,655
|
4,266,402
|
||||||||||
Earnings assets
|
6,151,259
|
6,044,710
|
6,114,182
|
6,040,489
|
||||||||||
Core deposits
|
3,789,544
|
3,520,564
|
3,705,231
|
3,468,413
|
||||||||||
Borrowings
|
907,055
|
917,076
|
916,777
|
943,390
|
||||||||||
Interest-bearing liabilities
|
5,289,910
|
5,271,933
|
5,275,243
|
5,299,019
|
||||||||||
Stockholders' equity
|
947,394
|
919,077
|
937,002
|
905,150
|
||||||||||
Average yield on interest-earning assets
|
4.45%
|
4.74%
|
4.53%
|
4.78%
|
||||||||||
Average cost on interest-bearing liabilities
|
1.10%
|
1.42%
|
1.18%
|
1.52%
|
||||||||||
LOAN DATA:
|
||||||||||||||
Mortgage loans:
|
||||||||||||||
Residential
|
$
|
1,347,973
|
$
|
1,413,877
|
||||||||||
Commercial
|
1,236,370
|
1,174,222
|
||||||||||||
Multi-family
|
497,025
|
305,861
|
||||||||||||
Construction
|
115,251
|
133,988
|
||||||||||||
Total mortgage loans
|
3,196,619
|
3,027,948
|
||||||||||||
Commercial loans
|
814,112
|
741,367
|
||||||||||||
Consumer loans
|
553,670
|
568,533
|
||||||||||||
Total gross loans
|
$
|
4,564,401
|
$
|
4,337,848
|
||||||||||
Premium on purchased loans
|
6,320
|
7,163
|
||||||||||||
Unearned discounts
|
(107)
|
(126)
|
||||||||||||
Net deferred
|
(2,394)
|
(228)
|
||||||||||||
Total loans
|
$
|
4,568,220
|
$
|
4,344,657
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||||||
Net Interest Margin Analysis
|
||||||||||||||||||
Quarterly Average Balances
|
||||||||||||||||||
(Unaudited) (Dollars in Thousands)
|
||||||||||||||||||
September 30, 2011
|
June 30, 2011
|
|||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
|||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||
Deposits
|
$
|
42,620
|
$
|
26
|
0.25%
|
$
|
73,158
|
$
|
46
|
0.25%
|
||||||||
Federal funds sold and
|
||||||||||||||||||
other short-term investments
|
1,243
|
—
|
0.01%
|
1,822
|
—
|
0.01%
|
||||||||||||
Investment securities (1)
|
348,802
|
3,045
|
3.47%
|
342,397
|
3,031
|
3.54%
|
||||||||||||
Securities available for sale
|
1,305,115
|
8,739
|
2.67%
|
1,256,565
|
9,390
|
2.99%
|
||||||||||||
Federal Home Loan Bank stock
|
39,147
|
435
|
4.41%
|
38,796
|
410
|
4.24%
|
||||||||||||
Net loans (2)
|
||||||||||||||||||
Total mortgage loans
|
3,088,464
|
39,466
|
5.06%
|
3,069,062
|
39,669
|
5.14%
|
||||||||||||
Total commercial loans
|
773,807
|
11,010
|
5.60%
|
770,523
|
10,775
|
5.57%
|
||||||||||||
Total consumer loans
|
552,061
|
6,436
|
4.63%
|
554,861
|
6,490
|
4.69%
|
||||||||||||
Total net loans
|
4,414,332
|
56,912
|
5.10%
|
4,394,446
|
56,934
|
5.16%
|
||||||||||||
Total Interest-Earning Assets
|
$
|
6,151,259
|
$
|
69,157
|
4.45%
|
$
|
6,107,184
|
$
|
69,811
|
4.56%
|
||||||||
Non-Interest Earning Assets:
|
||||||||||||||||||
Cash and due from banks
|
85,021
|
70,737
|
||||||||||||||||
Other assets
|
660,250
|
654,156
|
||||||||||||||||
Total Assets
|
$
|
6,896,530
|
$
|
6,832,077
|
||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||
Demand deposits
|
$
|
2,277,126
|
$
|
3,788
|
0.66%
|
$
|
2,212,531
|
$
|
4,041
|
0.73%
|
||||||||
Savings deposits
|
906,601
|
687
|
0.30%
|
911,340
|
870
|
0.38%
|
||||||||||||
Time deposits
|
1,199,128
|
4,509
|
1.49%
|
1,233,622
|
4,714
|
1.53%
|
||||||||||||
Total Deposits
|
4,382,855
|
8,984
|
0.81%
|
4,357,493
|
9,625
|
0.89%
|
||||||||||||
Borrowed funds
|
907,055
|
5,717
|
2.50%
|
909,916
|
6,010
|
2.65%
|
||||||||||||
Total Interest-Bearing Liabilities
|
$
|
5,289,910
|
$
|
14,701
|
1.10%
|
$
|
5,267,409
|
$
|
15,635
|
1.19%
|
||||||||
Non-Interest Bearing Liabilities
|
659,226
|
629,547
|
||||||||||||||||
Total Liabilities
|
5,949,136
|
5,896,956
|
||||||||||||||||
Stockholders' equity
|
947,394
|
935,121
|
||||||||||||||||
Total Liabilities and Stockholders' Equity
|
6,896,530
|
$
|
6,832,077
|
|||||||||||||||
Net interest income
|
$
|
54,456
|
$
|
54,176
|
||||||||||||||
Net interest rate spread
|
3.35%
|
3.37%
|
||||||||||||||||
Net interest-earning assets
|
$
|
861,349
|
$
|
839,775
|
||||||||||||||
Net interest margin (3)
|
3.50%
|
3.53%
|
||||||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||||||
total interest-bearing liabilities
|
1.16
|
x
|
1.16
|
x
|
||||||||||||||
(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) Annualized net interest income divided by average interest-earning assets.
|
The following table summarizes the quarterly net interest margin for the previous five quarters.
|
|||||||||||
9/30/11
|
6/30/11
|
3/31/11
|
12/31/10
|
9/30/10
|
|||||||
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
|||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.81%
|
3.01%
|
2.91%
|
2.80%
|
3.11%
|
||||||
Net Loans
|
5.10%
|
5.16%
|
5.24%
|
5.30%
|
5.42%
|
||||||
Total Interest-Earning Assets
|
4.45%
|
4.56%
|
4.58%
|
4.56%
|
4.74%
|
||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total Deposits
|
0.81%
|
0.89%
|
0.92%
|
0.94%
|
1.05%
|
||||||
Total Borrowings
|
2.50%
|
2.65%
|
2.70%
|
2.92%
|
3.15%
|
||||||
Total Interest-Bearing Liabilities
|
1.10%
|
1.19%
|
1.23%
|
1.29%
|
1.42%
|
||||||
Interest Rate Spread
|
3.35%
|
3.37%
|
3.35%
|
3.27%
|
3.32%
|
||||||
Net Interest Margin
|
3.50%
|
3.53%
|
3.51%
|
3.44%
|
3.50%
|
||||||
Ratio of Interest-Earning Assets to Interest-Bearing Liabilities
|
1.16x
|
1.15x
|
1.15x
|
1.15x
|
1.15x
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||
Net Interest Margin Analysis
|
||||||||||||||
Average Year to Date Balances
|
||||||||||||||
(Unaudited) (Dollars in Thousands)
|
||||||||||||||
September 30, 2011
|
September 30, 2010
|
|||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
|||||||||
Interest-Earning Assets:
|
||||||||||||||
Deposits
|
$
|
43,573
|
$
|
81
|
0.25%
|
$
|
118,380
|
$
|
222
|
0.25%
|
||||
Federal funds sold and
|
||||||||||||||
other short-term investments
|
1,468
|
0
|
0.01%
|
2,384
|
—
|
0.01%
|
||||||||
Investment securities (1)
|
344,651
|
9,169
|
3.55%
|
333,367
|
9,633
|
3.85%
|
||||||||
Securities available for sale
|
1,298,521
|
27,098
|
2.78%
|
1,285,272
|
32,405
|
3.36%
|
||||||||
Federal Home Loan Bank stock
|
38,314
|
1,370
|
4.78%
|
34,684
|
1,244
|
4.80%
|
||||||||
Net loans (2)
|
||||||||||||||
Total mortgage loans
|
3,078,068
|
119,425
|
5.15%
|
2,978,981
|
120,360
|
5.39%
|
||||||||
Total commercial loans
|
753,854
|
31,867
|
5.61%
|
716,370
|
30,964
|
5.78%
|
||||||||
Total consumer loans
|
555,733
|
19,445
|
4.68%
|
571,051
|
21,487
|
5.03%
|
||||||||
Total net loans
|
4,387,655
|
170,737
|
5.17%
|
4,266,402
|
172,811
|
5.41%
|
||||||||
Total Interest-Earning Assets
|
$
|
6,114,182
|
$
|
208,455
|
4.53%
|
$
|
6,040,489
|
$
|
216,315
|
4.78%
|
||||
Non-Interest Earning Assets:
|
||||||||||||||
Cash and due from banks
|
73,775
|
78,556
|
||||||||||||
Other assets
|
654,977
|
650,117
|
||||||||||||
Total Assets
|
$
|
6,842,934
|
$
|
6,769,162
|
||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||
Demand deposits
|
$
|
2,219,689
|
$
|
11,827
|
0.71%
|
$
|
2,063,915
|
$
|
14,172
|
0.92%
|
||||
Savings deposits
|
904,731
|
2,423
|
0.36%
|
885,575
|
3,172
|
0.48%
|
||||||||
Time deposits
|
1,234,046
|
14,189
|
1.54%
|
1,406,139
|
19,997
|
1.90%
|
||||||||
Total Deposits
|
4,358,466
|
28,439
|
0.87%
|
4,355,629
|
37,341
|
1.15%
|
||||||||
Borrowed funds
|
916,777
|
17,937
|
2.62%
|
943,390
|
23,030
|
3.26%
|
||||||||
Total Interest-Bearing Liabilities
|
$
|
5,275,243
|
$
|
46,376
|
1.18%
|
$
|
5,299,019
|
$
|
60,371
|
1.52%
|
||||
Non-Interest Bearing Liabilities
|
630,689
|
564,993
|
||||||||||||
Total Liabilities
|
5,905,932
|
5,864,012
|
||||||||||||
Stockholders' equity
|
937,002
|
905,150
|
||||||||||||
Total Liabilities and Stockholders' Equity
|
6,842,934
|
$
|
6,769,162
|
|||||||||||
Net interest income
|
$
|
162,079
|
$
|
155,944
|
||||||||||
Net interest rate spread
|
3.35%
|
3.26%
|
||||||||||||
Net interest-earning assets
|
$
|
838,939
|
$
|
741,470
|
||||||||||
Net interest margin (3)
|
3.51%
|
3.45%
|
||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||
total interest-bearing liabilities
|
1.16
|
x
|
1.14
|
x
|
||||||||||
(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) Annualized net interest income divided by average interest-earning assets
|
The following table summarizes the year-to-date net interest margin for the previous three years.
|
|||||||||||
Nine Months Ended
|
|||||||||||
9/30/11
|
9/30/10
|
9/30/09
|
|||||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.91%
|
3.27%
|
3.76%
|
||||||||
Net Loans
|
5.17%
|
5.41%
|
5.44%
|
||||||||
Total Interest-Earning Assets
|
4.53%
|
4.78%
|
5.00%
|
||||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total Deposits
|
0.87%
|
1.15%
|
1.90%
|
||||||||
Total Borrowings
|
2.62%
|
3.26%
|
3.52%
|
||||||||
Total Interest-Bearing Liabilities
|
1.18%
|
1.52%
|
2.24%
|
||||||||
Interest Rate Spread
|
3.35%
|
3.26%
|
2.76%
|
||||||||
Net Interest Margin
|
3.51%
|
3.45%
|
3.02%
|
||||||||
Ratio of Interest-Earning Assets to Interest-Bearing Liabilities
|
1.16x
|
1.14x
|
1.13x
|
||||||||