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 26, 2012 announcing its financial results for the three months and nine months ended September 30, 2012 and the declaration of a quarterly cash dividend.
|
PROVIDENT FINANCIAL SERVICES, INC.
|
||
DATE: October 26, 2012
|
By:
|
/s/ Christopher Martin
|
Christopher Martin
|
||
Chairman, President and
Chief Executive Officer
|
Exhibit
|
Description
|
|
99.1
|
Press release issued by the Company on October 26, 2012 announcing its financial results for the three months and nine months ended September 30, 2012 and the declaration of a quarterly cash dividend.
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||
Consolidated Statements of Financial Condition
|
||||||||
September 30, 2012 (Unaudited) and December 31, 2011
|
||||||||
(Dollars in Thousands)
|
||||||||
Assets
|
September 30, 2012
|
December 31, 2011
|
||||||
Cash and due from banks
|
$
|
105,601
|
$
|
68,553
|
||||
Short-term investments
|
1,952
|
1,079
|
||||||
Total cash and cash equivalents
|
107,553
|
69,632
|
||||||
Securities available for sale, at fair value
|
1,337,212
|
1,376,119
|
||||||
Investment securities held to maturity (fair value of $370,353 at
|
||||||||
September 30, 2012 (unaudited) and $366,296 at December 31, 2011)
|
352,307
|
348,318
|
||||||
Federal Home Loan Bank of New York ("FHLB-NY") stock
|
37,971
|
38,927
|
||||||
Loans
|
4,818,857
|
4,653,509
|
||||||
Less allowance for loan losses
|
70,280
|
74,351
|
||||||
Net loans
|
4,748,577
|
4,579,158
|
||||||
Foreclosed assets, net
|
13,900
|
12,802
|
||||||
Banking premises and equipment, net
|
67,315
|
66,260
|
||||||
Accrued interest receivable
|
22,590
|
24,653
|
||||||
Intangible assets
|
358,365
|
360,714
|
||||||
Bank-owned life insurance
|
145,905
|
142,010
|
||||||
Other assets
|
73,285
|
78,810
|
||||||
Total assets
|
$
|
7,264,980
|
$
|
7,097,403
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Demand deposits
|
$
|
3,468,321
|
$
|
3,136,129
|
||||
Savings deposits
|
897,854
|
891,742
|
||||||
Certificates of deposit of $100,000 or more
|
342,807
|
383,174
|
||||||
Other time deposits
|
664,695
|
745,552
|
||||||
Total deposits
|
5,373,677
|
5,156,597
|
||||||
Mortgage escrow deposits
|
21,340
|
20,955
|
||||||
Borrowed funds
|
834,421
|
920,180
|
||||||
Other liabilities
|
46,999
|
47,194
|
||||||
Total liabilities
|
6,276,437
|
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 60,156,795 outstanding at September 30, 2012, and 59,968,195
|
||||||||
outstanding at December 31, 2011
|
832
|
832
|
||||||
Additional paid-in capital
|
1,020,778
|
1,019,253
|
||||||
Retained earnings
|
390,515
|
363,011
|
||||||
Accumulated other comprehensive income
|
13,038
|
9,571
|
||||||
Treasury stock
|
(383,256)
|
(384,725)
|
||||||
Unallocated common stock held by the Employee Stock Ownership Plan ("ESOP")
|
(53,364)
|
(55,465)
|
||||||
Common Stock acquired by the Directors' Deferred Fee Plan ("DDFP")
|
(7,321)
|
(7,390)
|
||||||
Deferred Compensation - DDFP
|
7,321
|
7,390
|
||||||
Total stockholders' equity
|
988,543
|
952,477
|
||||||
Total liabilities and stockholders' equity
|
$
|
7,264,980
|
$
|
7,097,403
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||
Consolidated Statements of Income
|
|||||||||||
Three and Nine Months Ended September 30, 2012 and 2011 (Unaudited)
|
|||||||||||
(Dollars in Thousands, except per share data)
|
|||||||||||
Three months ended
|
Nine months ended
|
||||||||||
September 30,
|
September 30,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Interest income:
|
|||||||||||
Real estate secured loans
|
$
|
38,544
|
$
|
39,466
|
$
|
116,175
|
$
|
119,425
|
|||
Commercial loans
|
10,242
|
11,010
|
30,817
|
31,867
|
|||||||
Consumer loans
|
6,343
|
6,436
|
18,967
|
19,445
|
|||||||
Securities available for sale and FHLB-NY stock
|
6,599
|
9,174
|
22,743
|
28,468
|
|||||||
Investment securities
|
2,987
|
3,045
|
8,896
|
9,169
|
|||||||
Deposits, Federal funds sold and other short-term investments
|
42
|
26
|
58
|
81
|
|||||||
Total interest income
|
64,757
|
69,157
|
197,656
|
208,455
|
|||||||
Interest expense:
|
|||||||||||
Deposits
|
6,155
|
8,984
|
19,660
|
28,439
|
|||||||
Borrowed funds
|
4,887
|
5,717
|
14,866
|
17,937
|
|||||||
Total interest expense
|
11,042
|
14,701
|
34,526
|
46,376
|
|||||||
Net interest income
|
53,715
|
54,456
|
163,130
|
162,079
|
|||||||
Provision for loan losses
|
3,500
|
7,500
|
12,000
|
22,900
|
|||||||
Net interest income after provision for loan losses
|
50,215
|
46,956
|
151,130
|
139,179
|
|||||||
Non-interest income:
|
|||||||||||
Fees
|
7,532
|
6,631
|
23,018
|
18,052
|
|||||||
Bank owned life insurance
|
1,273
|
1,274
|
3,895
|
3,998
|
|||||||
Other-than-temporary impairment losses on securities
|
—
|
—
|
—
|
(1,661)
|
|||||||
Portion of loss recognized in OCI (before taxes)
|
—
|
—
|
—
|
1,359
|
|||||||
Net impairment losses recognized in earnings
|
—
|
—
|
—
|
(302)
|
|||||||
Net gain on securities transactions
|
298
|
658
|
2,482
|
686
|
|||||||
Other income
|
687
|
87
|
2,466
|
1,431
|
|||||||
Total non-interest income
|
9,790
|
8,650
|
31,861
|
23,865
|
|||||||
Non-interest expense:
|
|||||||||||
Compensation and employee benefits
|
20,131
|
19,226
|
61,084
|
56,476
|
|||||||
Net occupancy expense
|
5,142
|
5,286
|
15,330
|
15,811
|
|||||||
Data processing expense
|
2,712
|
2,381
|
7,762
|
6,994
|
|||||||
FDIC Insurance
|
1,277
|
1,319
|
3,897
|
4,483
|
|||||||
Amortization of intangibles
|
511
|
708
|
1,968
|
2,314
|
|||||||
Impairment of premises and equipment
|
—
|
—
|
—
|
807
|
|||||||
Advertising and promotion expense
|
1,036
|
823
|
2,849
|
2,605
|
|||||||
Other operating expenses
|
6,087
|
5,210
|
18,553
|
16,747
|
|||||||
Total non-interest expenses
|
36,896
|
34,953
|
111,443
|
106,237
|
|||||||
Income before income tax expense
|
23,109
|
20,653
|
71,548
|
56,807
|
|||||||
Income tax expense
|
6,955
|
5,087
|
20,963
|
14,333
|
|||||||
Net income
|
$
|
16,154
|
$
|
15,566
|
$
|
50,585
|
$
|
42,474
|
|||
Basic earnings per share
|
$
|
0.28
|
$
|
0.27
|
$
|
0.89
|
$
|
0.75
|
|||
Average basic shares outstanding
|
57,194,046
|
56,926,131
|
57,133,164
|
56,847,975
|
|||||||
Diluted earnings per share
|
$
|
0.28
|
$
|
0.27
|
$
|
0.88
|
$
|
0.75
|
|||
Average diluted shares outstanding
|
57,238,819
|
56,941,715
|
57,169,844
|
56,860,371
|
|||||||
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,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||
STATEMENTS OF INCOME:
|
||||||||||||||
Net interest income
|
$
|
53,715
|
$
|
54,456
|
$
|
163,130
|
$
|
162,079
|
||||||
Provision for loan losses
|
3,500
|
7,500
|
12,000
|
22,900
|
||||||||||
Non-interest income
|
9,790
|
8,650
|
31,861
|
23,865
|
||||||||||
Non-interest expense
|
36,896
|
34,953
|
111,443
|
106,237
|
||||||||||
Income before income tax expense
|
23,109
|
20,653
|
71,548
|
56,807
|
||||||||||
Net income
|
16,154
|
15,566
|
50,585
|
42,474
|
||||||||||
Diluted earnings per share
|
$0.28
|
$0.27
|
$0.88
|
$0.75
|
||||||||||
Interest rate spread
|
3.17%
|
3.35%
|
3.24%
|
3.35%
|
||||||||||
Net interest margin
|
3.31%
|
3.50%
|
3.38%
|
3.51%
|
||||||||||
PROFITABILITY:
|
||||||||||||||
Annualized return on average assets
|
0.90%
|
0.90%
|
0.95%
|
0.83%
|
||||||||||
Annualized return on average equity
|
6.53%
|
6.52%
|
6.95%
|
6.06%
|
||||||||||
Annualized non-interest expense to average assets
|
2.04%
|
2.01%
|
2.09%
|
2.08%
|
||||||||||
Efficiency ratio (1)
|
58.10%
|
55.39%
|
57.15%
|
57.13%
|
||||||||||
ASSET QUALITY:
|
||||||||||||||
Non-accrual loans
|
$
|
105,686
|
$
|
125,333
|
||||||||||
90+ and still accruing
|
—
|
—
|
||||||||||||
Non-performing loans
|
105,686
|
125,333
|
||||||||||||
Foreclosed assets
|
13,900
|
6,889
|
||||||||||||
Non-performing assets
|
119,586
|
132,222
|
||||||||||||
Non-performing loans to total loans
|
2.19%
|
2.74%
|
||||||||||||
Non-performing assets to total assets
|
1.65%
|
1.89%
|
||||||||||||
Allowance for loan losses
|
$
|
70,280
|
$
|
73,655
|
||||||||||
Allowance for loan losses to total non-performing loans
|
66.50%
|
58.77%
|
||||||||||||
Allowance for loan losses to total loans
|
1.46%
|
1.61%
|
||||||||||||
AVERAGE BALANCE SHEET DATA:
|
||||||||||||||
Assets
|
$
|
7,179,112
|
$
|
6,896,530
|
$
|
7,137,854
|
$
|
6,842,934
|
||||||
Loans, net
|
4,658,208
|
4,414,332
|
4,620,253
|
4,387,655
|
||||||||||
Earning assets
|
6,435,616
|
6,151,259
|
6,399,917
|
6,114,182
|
||||||||||
Core deposits
|
4,275,493
|
3,789,544
|
4,161,283
|
3,705,231
|
||||||||||
Borrowings
|
837,728
|
907,055
|
880,376
|
916,777
|
||||||||||
Interest-bearing liabilities
|
5,360,329
|
5,289,910
|
5,393,121
|
5,275,243
|
||||||||||
Stockholders' equity
|
983,732
|
947,394
|
972,850
|
937,002
|
||||||||||
Average yield on interest-earning assets
|
3.99%
|
4.45%
|
4.10%
|
4.53%
|
||||||||||
Average cost of interest-bearing liabilities
|
0.82%
|
1.10%
|
0.86%
|
1.18%
|
||||||||||
LOAN DATA:
|
||||||||||||||
Mortgage loans:
|
||||||||||||||
Residential
|
$
|
1,289,316
|
$
|
1,347,973
|
||||||||||
Commercial
|
1,293,143
|
1,236,370
|
||||||||||||
Multi-family
|
687,485
|
497,025
|
||||||||||||
Construction
|
125,408
|
115,251
|
||||||||||||
Total mortgage loans
|
3,395,352
|
3,196,619
|
||||||||||||
Commercial loans
|
839,253
|
814,112
|
||||||||||||
Consumer loans
|
583,554
|
553,670
|
||||||||||||
Total gross loans
|
4,818,159
|
4,564,401
|
||||||||||||
Premium on purchased loans
|
5,327
|
6,320
|
||||||||||||
Unearned discounts
|
(83)
|
(107)
|
||||||||||||
Net deferred
|
(4,546)
|
(2,394)
|
||||||||||||
Total loans
|
$
|
4,818,857
|
$
|
4,568,220
|
Notes
|
||||||||||||||
(1) Efficiency Ratio Calculation
|
||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||
September 30,
|
September 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||
Net interest income
|
$
|
53,715
|
$
|
54,456
|
$
|
163,130
|
$
|
162,079
|
||||||
Non-interest income
|
9,790
|
8,650
|
31,861
|
23,865
|
||||||||||
Total income:
|
$
|
63,505
|
$
|
63,106
|
$
|
194,991
|
$
|
185,944
|
||||||
Non-interest expense:
|
$
|
36,896
|
$
|
34,953
|
$
|
111,443
|
$
|
106,237
|
||||||
Expense/income:
|
58.10%
|
|
55.39%
|
57.15%
|
57.13%
|
|||||||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||||||
Net Interest Margin Analysis
|
||||||||||||||||||
Quarterly Average Balances
|
||||||||||||||||||
(Unaudited) (Dollars in Thousands)
|
||||||||||||||||||
September 30, 2012
|
June 30, 2012
|
|||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
|||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||
Deposits
|
$
|
66,040
|
$
|
42
|
0.25%
|
$
|
5,477
|
$
|
3
|
0.25%
|
||||||||
Federal funds sold and
|
||||||||||||||||||
other short-term investments
|
1,461
|
—
|
0.02%
|
1,290
|
1
|
0.16%
|
||||||||||||
Investment securities (1)
|
356,052
|
2,987
|
3.36%
|
357,248
|
2,991
|
3.35%
|
||||||||||||
Securities available for sale
|
1,315,366
|
6,138
|
1.87%
|
1,381,968
|
7,376
|
2.13%
|
||||||||||||
Federal Home Loan Bank stock
|
38,489
|
461
|
4.77%
|
41,277
|
436
|
4.25%
|
||||||||||||
Net loans (2)
|
||||||||||||||||||
Total mortgage loans
|
3,260,435
|
38,544
|
4.68%
|
3,250,352
|
38,672
|
4.73%
|
||||||||||||
Total commercial loans
|
822,093
|
10,242
|
4.94%
|
797,182
|
10,205
|
5.10%
|
||||||||||||
Total consumer loans
|
575,680
|
6,343
|
4.38%
|
570,088
|
6,335
|
4.47%
|
||||||||||||
Total Net loans
|
4,658,208
|
55,129
|
4.68%
|
4,617,622
|
55,212
|
4.76%
|
||||||||||||
Total Interest-Earning Assets
|
$
|
6,435,616
|
$
|
64,757
|
3.99%
|
$
|
6,404,882
|
$
|
66,019
|
4.11%
|
||||||||
Non-Interest Earning Assets:
|
||||||||||||||||||
Cash and due from banks
|
82,849
|
66,450
|
||||||||||||||||
Other assets
|
660,647
|
660,810
|
||||||||||||||||
Total Assets
|
$
|
7,179,112
|
$
|
7,132,142
|
||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||
Demand deposits
|
$
|
2,601,626
|
$
|
2,543
|
0.39%
|
$
|
2,540,421
|
$
|
2,674
|
0.42%
|
||||||||
Savings deposits
|
902,458
|
365
|
0.16%
|
909,157
|
372
|
0.16%
|
||||||||||||
Time deposits
|
1,018,517
|
3,247
|
1.27%
|
1,057,748
|
3,457
|
1.31%
|
||||||||||||
Total Deposits
|
4,522,601
|
6,155
|
0.54%
|
4,507,326
|
6,503
|
0.58%
|
||||||||||||
Borrowed funds
|
837,728
|
4,887
|
2.32%
|
903,084
|
4,938
|
2.20%
|
||||||||||||
Total Interest-Bearing Liabilities
|
$
|
5,360,329
|
$
|
11,042
|
0.82%
|
$
|
5,410,410
|
$
|
11,441
|
0.85%
|
||||||||
Non-Interest Bearing Liabilities
|
835,051
|
748,172
|
||||||||||||||||
Total Liabilities
|
6,195,380
|
6,158,582
|
||||||||||||||||
Stockholders' equity
|
983,732
|
973,562
|
||||||||||||||||
Total Liabilities and Stockholders' Equity
|
7,179,112
|
$
|
7,132,144
|
|||||||||||||||
Net interest income
|
$
|
53,715
|
$
|
54,578
|
||||||||||||||
Net interest rate spread
|
3.17%
|
3.26%
|
||||||||||||||||
Net interest-earning assets
|
$
|
1,075,287
|
$
|
994,472
|
||||||||||||||
Net interest margin (3)
|
3.31%
|
3.39%
|
||||||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||||||
total interest-bearing liabilities
|
1.20
|
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.
|
|||||||||||
9/30/12
|
6/30/12
|
3/31/12
|
12/31/11
|
9/30/11
|
|||||||
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
|||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.17%
|
2.42%
|
2.54%
|
2.44%
|
2.81%
|
||||||
Net loans
|
4.68%
|
4.76%
|
4.83%
|
4.94%
|
5.10%
|
||||||
Total interest-earning assets
|
3.99%
|
4.11%
|
4.19%
|
4.24%
|
4.45%
|
||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total deposits
|
0.54%
|
0.58%
|
0.62%
|
0.72%
|
0.81%
|
||||||
Total borrowings
|
2.32%
|
2.20%
|
2.25%
|
2.34%
|
2.50%
|
||||||
Total interest-bearing liabilities
|
0.82%
|
0.85%
|
0.90%
|
0.99%
|
1.10%
|
||||||
Interest rate spread
|
3.17%
|
3.26%
|
3.29%
|
3.25%
|
3.35%
|
||||||
Net interest margin
|
3.31%
|
3.39%
|
3.42%
|
3.39%
|
3.50%
|
||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.20x
|
1.18x
|
1.18x
|
1.18x
|
1.16x
|
||||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||||||
Net Interest Margin Analysis
|
||||||||||||||||
Average Year to Date Balances
|
||||||||||||||||
(Unaudited) (Dollars in Thousands)
|
||||||||||||||||
September 30, 2012
|
September 30, 2011
|
|||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
|||||||||||
Interest-Earning Assets:
|
||||||||||||||||
Deposits
|
$
|
30,440
|
$
|
57
|
0.25%
|
$
|
43,573
|
$
|
81
|
0.25%
|
||||||
Federal funds sold and
|
||||||||||||||||
other short-term investments
|
1,339
|
1
|
0.07%
|
1,468
|
—
|
0.01%
|
||||||||||
Investment securities (1)
|
352,348
|
8,896
|
3.37%
|
344,651
|
9,169
|
3.55%
|
||||||||||
Securities available for sale
|
1,355,955
|
21,365
|
2.10%
|
1,298,521
|
27,098
|
2.78%
|
||||||||||
Federal Home Loan Bank stock
|
39,582
|
1,378
|
4.65%
|
38,314
|
1,370
|
4.78%
|
||||||||||
Net loans (2)
|
.
|
|||||||||||||||
Total mortgage loans
|
3,237,581
|
116,175
|
4.75%
|
3,078,068
|
119,425
|
5.15%
|
||||||||||
Total commercial loans
|
812,524
|
30,817
|
5.02%
|
753,854
|
31,867
|
5.61%
|
||||||||||
Total consumer loans
|
570,148
|
18,967
|
4.44%
|
555,733
|
19,445
|
4.68%
|
||||||||||
Total Net loans
|
4,620,253
|
165,959
|
4.76%
|
4,387,655
|
170,737
|
5.17%
|
||||||||||
Total Interest-Earning Assets
|
$
|
6,399,917
|
$
|
197,656
|
4.10%
|
$
|
6,114,182
|
$
|
208,455
|
4.53%
|
||||||
Non-Interest Earning Assets:
|
||||||||||||||||
Cash and due from banks
|
76,319
|
73,775
|
||||||||||||||
Other assets
|
661,618
|
654,977
|
||||||||||||||
Total Assets
|
$
|
7,137,854
|
$
|
6,842,934
|
||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||
Demand deposits
|
$
|
2,550,181
|
$
|
7,998
|
0.42%
|
$
|
2,219,689
|
$
|
11,827
|
0.71%
|
||||||
Savings deposits
|
900,600
|
1,111
|
0.16%
|
904,731
|
2,423
|
0.36%
|
||||||||||
Time deposits
|
1,061,964
|
10,551
|
1.33%
|
1,234,046
|
14,189
|
1.54%
|
||||||||||
Total Deposits
|
4,512,745
|
19,660
|
0.58%
|
4,358,466
|
28,439
|
0.87%
|
||||||||||
Borrowed funds
|
880,376
|
14,866
|
2.26%
|
916,777
|
17,937
|
2.62%
|
||||||||||
Total Interest-Bearing Liabilities
|
$
|
5,393,121
|
$
|
34,526
|
0.86%
|
$
|
5,275,243
|
$
|
46,376
|
1.18%
|
||||||
Non-Interest Bearing Liabilities
|
771,883
|
630,689
|
||||||||||||||
Total Liabilities
|
6,165,004
|
5,905,932
|
||||||||||||||
Stockholders' equity
|
972,850
|
937,002
|
||||||||||||||
Total Liabilities and Stockholders' Equity
|
7,137,854
|
$
|
6,842,934
|
|||||||||||||
Net interest income
|
$
|
163,130
|
$
|
162,079
|
||||||||||||
Net interest rate spread
|
3.24%
|
3.35%
|
||||||||||||||
Net interest-earning assets
|
$
|
1,006,796
|
$
|
838,939
|
||||||||||||
Net interest margin (3)
|
3.38%
|
3.51%
|
||||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||||
total interest-bearing liabilities
|
1.19
|
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.
|
|||||||||||
Nine Months Ended
|
|||||||||||
9/30/12
|
9/30/11
|
9/30/10
|
|||||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.37%
|
2.91%
|
3.27%
|
||||||||
Net loans
|
4.76%
|
5.17%
|
5.41%
|
||||||||
Total interest-earning assets
|
4.10%
|
4.53%
|
4.78%
|
||||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total deposits
|
0.58%
|
0.87%
|
1.15%
|
||||||||
Total borrowings
|
2.26%
|
2.62%
|
3.26%
|
||||||||
Total interest-bearing liabilities
|
0.86%
|
1.18%
|
1.52%
|
||||||||
Interest rate spread
|
3.24%
|
3.35%
|
3.26%
|
||||||||
Net interest margin
|
3.38%
|
3.51%
|
3.45%
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.19x
|
1.16x
|
1.14x
|
||||||||