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.
|
|
The following Exhibit is attached as part of this report:
|
||
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by the Company on July 27, 2012 announcing its financial results for the three months and six months ended June 30, 2012 and the declaration of a quarterly cash dividend.
|
PROVIDENT FINANCIAL SERVICES, INC.
|
||
DATE: July 27, 2012
|
By:
|
/s/ Christopher Martin
|
Christopher Martin
|
||
Chairman, President and
Chief Executive Officer
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by the Company on July 27, 2012 announcing its financial results for the three months and six months ended June 30, 2012 and the declaration of a quarterly cash dividend.
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||
Consolidated Statements of Financial Condition
|
||||||||
June 30, 2012 (Unaudited) and December 31, 2011
|
||||||||
(Dollars in Thousands)
|
||||||||
Assets
|
June 30, 2012
|
December 31, 2011
|
||||||
Cash and due from banks
|
$
|
75,233
|
$
|
68,553
|
||||
Short-term investments
|
2,012
|
1,079
|
||||||
Total cash and cash equivalents
|
77,245
|
69,632
|
||||||
Securities available for sale, at fair value
|
1,309,262
|
1,376,119
|
||||||
Investment securities held to maturity (fair value of $379,325 at
|
||||||||
June 30, 2012 (unaudited) and $366,296 at December 31, 2011)
|
363,210
|
348,318
|
||||||
Federal Home Loan Bank of New York ("FHLB-NY") stock
|
40,689
|
38,927
|
||||||
Loans
|
4,735,130
|
4,653,509
|
||||||
Less allowance for loan losses
|
72,352
|
74,351
|
||||||
Net loans
|
4,662,778
|
4,579,158
|
||||||
Foreclosed assets, net
|
13,925
|
12,802
|
||||||
Banking premises and equipment, net
|
67,258
|
66,260
|
||||||
Accrued interest receivable
|
23,878
|
24,653
|
||||||
Intangible assets
|
359,405
|
360,714
|
||||||
Bank-owned life insurance
|
144,631
|
142,010
|
||||||
Other assets
|
72,570
|
78,810
|
||||||
Total assets
|
$
|
7,134,851
|
$
|
7,097,403
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Demand deposits
|
$
|
3,251,349
|
$
|
3,136,129
|
||||
Savings deposits
|
921,571
|
891,742
|
||||||
Certificates of deposit of $100,000 or more
|
349,056
|
383,174
|
||||||
Other time deposits
|
684,037
|
745,552
|
||||||
Total deposits
|
5,206,013
|
5,156,597
|
||||||
Mortgage escrow deposits
|
24,263
|
20,955
|
||||||
Borrowed funds
|
884,204
|
920,180
|
||||||
Other liabilities
|
45,825
|
47,194
|
||||||
Total liabilities
|
6,160,305
|
6,144,926
|
||||||
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
|
||||||||
issued and 60,141,128 outstanding at June 30, 2012, and 59,968,195
|
||||||||
outstanding at December 31, 2011
|
832
|
832
|
||||||
Additional paid-in capital
|
1,019,493
|
1,019,253
|
||||||
Retained earnings
|
382,234
|
363,011
|
||||||
Accumulated other comprehensive income
|
9,650
|
9,571
|
||||||
Treasury stock
|
(383,599)
|
(384,725)
|
||||||
Unallocated common stock held by the Employee Stock Ownership Plan ("ESOP")
|
(54,064)
|
(55,465)
|
||||||
Common Stock acquired by the Directors' Deferred Fee Plan ("DDFP")
|
(7,344)
|
(7,390)
|
||||||
Deferred Compensation - DDFP
|
7,344
|
7,390
|
||||||
Total stockholders' equity
|
974,546
|
952,477
|
||||||
Total liabilities and stockholders' equity
|
$
|
7,134,851
|
$
|
7,097,403
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||
Consolidated Statements of Income
|
|||||||||||
Three and Six Months Ended June 30, 2012 and 2011 (Unaudited)
|
|||||||||||
(Dollars in Thousands, except per share data)
|
|||||||||||
Three Months Ended
|
Six Months Ended
|
||||||||||
June 30
|
June 30,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Interest income:
|
|||||||||||
Real estate secured loans
|
$
|
38,672
|
$
|
39,669
|
$
|
77,631
|
$
|
79,959
|
|||
Commercial loans
|
10,205
|
10,775
|
20,575
|
20,857
|
|||||||
Consumer loans
|
6,335
|
6,490
|
12,624
|
13,009
|
|||||||
Securities available for sale and FHLB-NY stock
|
7,812
|
9,800
|
16,144
|
19,294
|
|||||||
Investment securities
|
2,991
|
3,031
|
5,909
|
6,124
|
|||||||
Deposits, Federal funds sold and other short-term investments
|
4
|
46
|
16
|
55
|
|||||||
Total interest income
|
66,019
|
69,811
|
132,899
|
139,298
|
|||||||
Interest expense:
|
|||||||||||
Deposits
|
6,503
|
9,625
|
13,505
|
19,455
|
|||||||
Borrowed funds
|
4,938
|
6,010
|
9,979
|
12,220
|
|||||||
Total interest expense
|
11,441
|
15,635
|
23,484
|
31,675
|
|||||||
Net interest income
|
54,578
|
54,176
|
109,415
|
107,623
|
|||||||
Provision for loan losses
|
3,500
|
7,500
|
8,500
|
15,400
|
|||||||
Net interest income after provision for loan losses
|
51,078
|
46,676
|
100,915
|
92,223
|
|||||||
Non-interest income:
|
|||||||||||
Fees
|
7,411
|
5,859
|
15,486
|
11,421
|
|||||||
Bank owned life insurance
|
1,260
|
1,316
|
2,622
|
2,724
|
|||||||
Other-than-temporary impairment losses on securities
|
—
|
(1,661)
|
—
|
(1,661)
|
|||||||
Portion of loss recognized in OCI (before taxes)
|
—
|
1,359
|
—
|
1,359
|
|||||||
Net impairment losses recognized in earnings
|
—
|
(302)
|
—
|
(302)
|
|||||||
Net gain on securities transactions
|
1
|
14
|
2,184
|
28
|
|||||||
Other income
|
671
|
1,156
|
1,779
|
1,344
|
|||||||
Total non-interest income
|
9,343
|
8,043
|
22,071
|
15,215
|
|||||||
Non-interest expense:
|
|||||||||||
Compensation and employee benefits
|
20,445
|
18,767
|
40,953
|
37,250
|
|||||||
Net occupancy expense
|
5,162
|
5,251
|
10,188
|
10,525
|
|||||||
Data processing expense
|
2,462
|
2,349
|
5,050
|
4,613
|
|||||||
FDIC Insurance
|
1,230
|
1,284
|
2,620
|
3,164
|
|||||||
Amortization of intangibles
|
718
|
766
|
1,457
|
1,606
|
|||||||
Impairment of premises and equipment
|
—
|
—
|
—
|
807
|
|||||||
Advertising and promotion expense
|
1,128
|
1,184
|
1,813
|
1,782
|
|||||||
Other operating expenses
|
6,611
|
6,332
|
12,466
|
11,537
|
|||||||
Total non-interest expenses
|
37,756
|
35,933
|
74,547
|
71,284
|
|||||||
Income before income tax expense
|
22,665
|
18,786
|
48,439
|
36,154
|
|||||||
Income tax expense
|
6,662
|
4,809
|
14,008
|
9,246
|
|||||||
Net income
|
$
|
16,003
|
$
|
13,977
|
$
|
34,431
|
$
|
26,908
|
|||
Basic earnings per share
|
$
|
0.28
|
$
|
0.25
|
$
|
0.60
|
$
|
0.47
|
|||
Average basic shares outstanding
|
57,152,952
|
56,846,186
|
57,102,389
|
56,808,747
|
|||||||
Diluted earnings per share
|
$
|
0.28
|
$
|
0.25
|
$
|
0.60
|
$
|
0.47
|
|||
Average diluted shares outstanding
|
57,187,413
|
56,867,788
|
57,135,022
|
56,819,547
|
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
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
STATEMENTS OF INCOME:
|
||||||||||||||||
Net interest income
|
$
|
54,578
|
$
|
54,176
|
$
|
109,415
|
$
|
107,623
|
||||||||
Provision for loan losses
|
3,500
|
7,500
|
8,500
|
15,400
|
||||||||||||
Non-interest income
|
9,343
|
8,043
|
22,071
|
15,215
|
||||||||||||
Non-interest expense
|
37,756
|
35,933
|
74,547
|
71,284
|
||||||||||||
Income before income tax expense
|
22,665
|
18,786
|
48,439
|
36,154
|
||||||||||||
Net income
|
16,003
|
13,977
|
34,431
|
26,908
|
||||||||||||
Basic and diluted earnings per share
|
$0.28
|
$0.25
|
$0.60
|
$0.47
|
||||||||||||
Interest rate spread
|
3.26%
|
3.37%
|
3.28%
|
3.36%
|
||||||||||||
Net interest margin
|
3.39%
|
3.53%
|
3.41%
|
3.52%
|
||||||||||||
PROFITABILITY:
|
||||||||||||||||
Annualized return on average assets
|
0.90%
|
0.82%
|
0.97%
|
0.80%
|
||||||||||||
Annualized return on average equity
|
6.61%
|
6.00%
|
7.16%
|
5.82%
|
||||||||||||
Annualized non-interest expense to average assets
|
2.13%
|
2.11%
|
2.11%
|
2.11%
|
||||||||||||
Efficiency ratio (1)
|
59.07%
|
57.75%
|
56.70%
|
58.03%
|
||||||||||||
ASSET QUALITY:
|
||||||||||||||||
Non-accrual loans
|
$
|
115,216
|
$
|
121,347
|
||||||||||||
90+ and still accruing
|
—
|
—
|
||||||||||||||
Non-performing loans
|
115,216
|
121,347
|
||||||||||||||
Foreclosed assets
|
13,925
|
6,803
|
||||||||||||||
Non-performing assets
|
129,141
|
128,150
|
||||||||||||||
Non-performing loans to total loans
|
2.43%
|
2.72%
|
||||||||||||||
Non-performing assets to total assets
|
1.81%
|
1.86%
|
||||||||||||||
Allowance for loan losses
|
$
|
72,352
|
$
|
72,294
|
||||||||||||
Allowance for loan losses to total non-performing loans
|
62.80%
|
59.58%
|
||||||||||||||
Allowance for loan losses to total loans
|
1.53%
|
1.62%
|
||||||||||||||
AVERAGE BALANCE SHEET DATA:
|
||||||||||||||||
Assets
|
$
|
7,132,142
|
$
|
6,832,077
|
$
|
7,116,998
|
$
|
6,815,692
|
||||||||
Loans, net
|
4,617,622
|
4,394,446
|
4,601,067
|
4,374,096
|
||||||||||||
Earning assets
|
6,404,882
|
6,107,184
|
6,381,872
|
6,095,336
|
||||||||||||
Core deposits
|
4,138,914
|
3,691,972
|
4,103,550
|
3,662,376
|
||||||||||||
Borrowings
|
903,084
|
909,916
|
901,935
|
921,719
|
||||||||||||
Interest-bearing liabilities
|
5,410,410
|
5,267,409
|
5,409,697
|
5,267,789
|
||||||||||||
Stockholders' equity
|
973,562
|
935,121
|
967,349
|
931,719
|
||||||||||||
Average yield on interest-earning assets
|
4.11%
|
4.56%
|
4.15%
|
4.57%
|
||||||||||||
Average cost of interest-bearing liabilities
|
0.85%
|
1.19%
|
0.87%
|
1.21%
|
||||||||||||
LOAN DATA:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Residential
|
$
|
1,307,578
|
$
|
1,375,225
|
||||||||||||
Commercial
|
1,277,342
|
1,202,487
|
||||||||||||||
Multi-family
|
598,476
|
427,128
|
||||||||||||||
Construction
|
119,678
|
90,837
|
||||||||||||||
Total mortgage loans
|
3,303,074
|
3,095,677
|
||||||||||||||
Commercial loans
|
854,257
|
797,719
|
||||||||||||||
Consumer loans
|
576,291
|
555,644
|
||||||||||||||
Total gross loans
|
4,733,622
|
4,449,040
|
||||||||||||||
Premium on purchased loans
|
5,571
|
6,599
|
||||||||||||||
Unearned discounts
|
(77)
|
(113)
|
||||||||||||||
Net deferred
|
(3,986)
|
(1,634)
|
||||||||||||||
Total loans
|
$
|
4,735,130
|
$
|
4,453,892
|
Notes:
|
||||||||||||||
(1) Efficiency Ratio Calculation
|
||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||
June 30,
|
June 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||
Net interest income
|
$
|
54,578
|
$
|
54,176
|
$
|
109,415
|
$
|
107,623
|
||||||
Non-interest income
|
9,343
|
8,043
|
22,071
|
15,215
|
||||||||||
Total income
|
$
|
63,921
|
$
|
62,219
|
$
|
131,486
|
$
|
122,838
|
||||||
Non-interest expense
|
$
|
37,756
|
$
|
35,933
|
$
|
74,547
|
$
|
71,284
|
||||||
Expense/income
|
$
|
59.07%
|
$
|
57.75%
|
56.70%
|
58.03%
|
||||||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||||||||
Net Interest Margin Analysis
|
|||||||||||||||||
Quarterly Average Balances
|
|||||||||||||||||
(Unaudited) (Dollars in Thousands)
|
|||||||||||||||||
June 30, 2012
|
March 31, 2012
|
||||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
||||||||||||
Interest-Earning Assets:
|
|||||||||||||||||
Deposits
|
$
|
5,477
|
$
|
3
|
0.25%
|
$
|
19,412
|
$
|
12
|
0.25%
|
|||||||
Federal funds sold and
|
|||||||||||||||||
other short-term investments
|
1
|
0.16%
|
1,264
|
—
|
0.03%
|
||||||||||||
Investment securities (1)
|
357,248
|
2,991
|
3.35%
|
343,703
|
2,918
|
3.40%
|
|||||||||||
Securities available for sale
|
1,381,968
|
7,376
|
2.13%
|
1,370,978
|
7,852
|
2.29%
|
|||||||||||
Federal Home Loan Bank stock
|
41,277
|
436
|
4.25%
|
38,991
|
480
|
4.95%
|
|||||||||||
Net loans (2)
|
|||||||||||||||||
Total mortgage loans
|
3,250,352
|
38,672
|
4.73%
|
3,201,705
|
38,959
|
4.84%
|
|||||||||||
Total commercial loans
|
797,182
|
10,205
|
5.10%
|
818,192
|
10,370
|
5.05%
|
|||||||||||
Total consumer loans
|
570,088
|
6,335
|
4.47%
|
564,615
|
6,289
|
4.48%
|
|||||||||||
Total Net loans
|
4,617,622
|
55,212
|
4.76%
|
4,584,512
|
55,618
|
4.83%
|
|||||||||||
Total Interest-Earning Assets
|
$
|
6,404,882
|
$
|
66,019
|
4.11%
|
$
|
6,358,860
|
$
|
66,880
|
4.19%
|
|||||||
Non-Interest Earning Assets:
|
|||||||||||||||||
Cash and due from banks
|
66,450
|
79,586
|
|||||||||||||||
Other assets
|
660,810
|
663,407
|
|||||||||||||||
Total Assets
|
$
|
7,132,142
|
$
|
7,101,853
|
|||||||||||||
Interest-Bearing Liabilities:
|
|||||||||||||||||
Demand deposits
|
$
|
2,540,421
|
$
|
2,674
|
0.42%
|
$
|
2,507,930
|
$
|
2,783
|
0.45%
|
|||||||
Savings deposits
|
909,157
|
372
|
0.16%
|
890,165
|
374
|
0.17%
|
|||||||||||
Time deposits
|
1,057,748
|
3,457
|
1.31%
|
1,110,105
|
3,845
|
1.39%
|
|||||||||||
Total Deposits
|
4,507,326
|
6,503
|
0.58%
|
4,508,200
|
7,002
|
0.62%
|
|||||||||||
Borrowed funds
|
903,084
|
4,938
|
2.20%
|
900,785
|
5,041
|
2.25%
|
|||||||||||
Total Interest-Bearing Liabilities
|
$
|
5,410,410
|
$
|
11,441
|
0.85%
|
$
|
5,408,985
|
$
|
12,043
|
0.90%
|
|||||||
Non-Interest Bearing Liabilities
|
748,172
|
731,732
|
|||||||||||||||
Total Liabilities
|
6,158,582
|
6,140,717
|
|||||||||||||||
Stockholders' equity
|
973,562
|
961,136
|
|||||||||||||||
Total Liabilities and Stockholders' Equity
|
7,132,144
|
$
|
7,101,853
|
||||||||||||||
Net interest income
|
$
|
54,578
|
$
|
54,837
|
|||||||||||||
Net interest rate spread
|
3.26%
|
3.29%
|
|||||||||||||||
Net interest-earning assets
|
$
|
994,472
|
$
|
949,875
|
|||||||||||||
Net interest margin (3)
|
3.39%
|
3.42%
|
|||||||||||||||
Ratio of interest-earning assets to
|
|||||||||||||||||
total interest-bearing liabilities
|
1.18
|
x
|
1.18
|
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.
|
|||||||||||
6/30/12
|
3/31/12
|
12/31/11
|
9/30/11
|
6/30/11
|
|||||||
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
|||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.42%
|
2.54%
|
2.44%
|
2.81%
|
3.01%
|
||||||
Net Loans
|
4.76%
|
4.83%
|
4.94%
|
5.10%
|
5.16%
|
||||||
Total Interest-Earning Assets
|
4.11%
|
4.19%
|
4.24%
|
4.45%
|
4.56%
|
||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total Deposits
|
0.58%
|
0.62%
|
0.72%
|
0.81%
|
0.89%
|
||||||
Total Borrowings
|
2.20%
|
2.25%
|
2.34%
|
2.50%
|
2.65%
|
||||||
Total Interest-Bearing Liabilities
|
0.85%
|
0.90%
|
0.99%
|
1.10%
|
1.19%
|
||||||
Interest Rate Spread
|
3.26%
|
3.29%
|
3.25%
|
3.35%
|
3.37%
|
||||||
Net Interest Margin
|
3.39%
|
3.42%
|
3.39%
|
3.50%
|
3.53%
|
||||||
Ratio of Interest-Earning Assets to Interest-Bearing Liabilities
|
1.18x
|
1.18x
|
1.18x
|
1.16x
|
1.15x
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||
Net Interest Margin Analysis
|
||||||||||||||
Average Year to Date Balances
|
||||||||||||||
(Unaudited) (Dollars in Thousands)
|
||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
|||||||||
Interest-Earning Assets:
|
||||||||||||||
Deposits
|
$
|
12,445
|
$
|
15
|
0.25%
|
$
|
44,057
|
$
|
55
|
0.25%
|
||||
Federal funds sold and
|
||||||||||||||
other short-term investments
|
1,277
|
1
|
0.10%
|
1,582
|
—
|
0.01%
|
||||||||
Investment securities (1)
|
350,476
|
5,909
|
3.37%
|
342,542
|
6,124
|
3.58%
|
||||||||
Securities available for sale
|
1,376,473
|
15,227
|
2.21%
|
1,295,169
|
18,359
|
2.83%
|
||||||||
Federal Home Loan Bank stock
|
40,134
|
917
|
4.59%
|
37,890
|
935
|
4.97%
|
||||||||
Net loans (2)
|
.
|
|||||||||||||
Total mortgage loans
|
3,226,028
|
77,631
|
4.79%
|
3,072,784
|
79,959
|
5.19%
|
||||||||
Total commercial loans
|
807,687
|
20,575
|
5.08%
|
743,712
|
20,857
|
5.61%
|
||||||||
Total consumer loans
|
567,352
|
12,624
|
4.47%
|
557,600
|
13,009
|
4.70%
|
||||||||
Total Net loans
|
4,601,067
|
110,830
|
4.80%
|
4,374,096
|
113,825
|
5.20%
|
||||||||
Total Interest-Earning Assets
|
$
|
6,381,872
|
$
|
132,899
|
4.15%
|
$
|
6,095,336
|
$
|
139,298
|
4.57%
|
||||
Non-Interest Earning Assets:
|
||||||||||||||
Cash and due from banks
|
73,018
|
68,059
|
||||||||||||
Other assets
|
662,108
|
652,297
|
||||||||||||
Total Assets
|
$
|
7,116,998
|
$
|
6,815,692
|
||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||
Demand deposits
|
$
|
2,524,175
|
$
|
5,456
|
0.43%
|
$
|
2,190,494
|
$
|
8,039
|
0.74%
|
||||
Savings deposits
|
899,661
|
746
|
0.17%
|
903,781
|
1,736
|
0.39%
|
||||||||
Time deposits
|
1,083,926
|
7,303
|
1.35%
|
1,251,795
|
9,680
|
1.56%
|
||||||||
Total Deposits
|
4,507,762
|
13,505
|
0.60%
|
4,346,070
|
19,455
|
0.90%
|
||||||||
Borrowed funds
|
901,935
|
9,979
|
2.22%
|
921,719
|
12,220
|
2.67%
|
||||||||
Total Interest-Bearing Liabilities
|
$
|
5,409,697
|
$
|
23,484
|
0.87%
|
$
|
5,267,789
|
$
|
31,675
|
1.21%
|
||||
Non-Interest Bearing Liabilities
|
739,952
|
616,184
|
||||||||||||
Total Liabilities
|
6,149,649
|
5,883,973
|
||||||||||||
Stockholders' equity
|
967,349
|
931,719
|
||||||||||||
Total Liabilities and Stockholders' Equity
|
7,116,998
|
$
|
6,815,692
|
|||||||||||
Net interest income
|
$
|
109,415
|
$
|
107,623
|
||||||||||
Net interest rate spread
|
3.28%
|
3.36%
|
||||||||||||
Net interest-earning assets
|
$
|
972,175
|
$
|
827,547
|
||||||||||
Net interest margin (3)
|
3.41%
|
3.52%
|
||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||
total interest-bearing liabilities
|
1.18
|
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 year-to-date net interest margin for the previous three years.
|
|||||||||||
Six Months Ended
|
|||||||||||
6/30/12
|
6/30/11
|
6/30/10
|
|||||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.48%
|
2.96%
|
3.35%
|
||||||||
Net Loans
|
4.80%
|
5.20%
|
5.40%
|
||||||||
Total Interest-Earning Assets
|
4.15%
|
4.57%
|
4.80%
|
||||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total Deposits
|
0.60%
|
0.90%
|
1.19%
|
||||||||
Total Borrowings
|
2.22%
|
2.67%
|
3.32%
|
||||||||
Total Interest-Bearing Liabilities
|
0.87%
|
1.21%
|
1.58%
|
||||||||
Interest Rate Spread
|
3.28%
|
3.36%
|
3.22%
|
||||||||
Net Interest Margin
|
3.41%
|
3.52%
|
3.42%
|
||||||||
Ratio of Interest-Earning Assets to Interest-Bearing Liabilities
|
1.18x
|
1.16x
|
1.14x
|