Maryland
|
001-34582
|
27-0950358
|
||
(State or other jurisdiction
|
(Commission File No.)
|
(I.R.S. Employer
|
||
of incorporation)
|
Identification No.)
|
100 Liberty Street
|
||||
Warren, Pennsylvania
|
16365
|
|||
(Address of principal executive office)
|
(Zip code)
|
Exhibit No.
|
Description
|
|
99.1
|
Press release dated April 25, 2011
|
NORTHWEST BANCSHARES, INC.
|
||
DATE: April 26, 2011
|
By:
|
/s/ William W. Harvey, Jr.
|
William W. Harvey, Jr.
|
||
Chief Financial Officer
|
(Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 78,446 | 40,708 | |||||
Interest-earning deposits in other financial institutions
|
690,581 | 677,771 | ||||||
Federal funds sold and other short-term investments
|
633 | 632 | ||||||
Marketable securities available-for-sale (amortized cost of $974,030 and $945,791)
|
982,336 | 950,683 | ||||||
Marketable securities held-to-maturity (fair value of $313,727 and $354,126)
|
314,407 | 357,922 | ||||||
Total cash, interest-earning deposits and marketable securities
|
2,066,403 | 2,027,716 | ||||||
Loans held for sale
|
3,581 | 11,376 | ||||||
Mortgage loans - one- to four- family
|
2,362,580 | 2,386,928 | ||||||
Home equity loans and lines of credit
|
1,073,818 | 1,092,606 | ||||||
Consumer loans
|
249,127 | 259,123 | ||||||
Commercial real estate loans
|
1,368,622 | 1,350,319 | ||||||
Commercial business loans
|
428,840 | 433,653 | ||||||
Total loans receivable
|
5,486,568 | 5,534,005 | ||||||
Allowance for loan losses
|
(76,450 | ) | (76,412 | ) | ||||
Loans receivable, net
|
5,410,118 | 5,457,593 | ||||||
Federal Home Loan Bank stock, at cost
|
57,076 | 60,080 | ||||||
Accrued interest receivable
|
26,817 | 26,216 | ||||||
Real estate owned, net
|
19,682 | 20,780 | ||||||
Premises and Equipment, net
|
126,855 | 128,101 | ||||||
Bank owned life insurance
|
133,403 | 132,237 | ||||||
Goodwill
|
171,882 | 171,882 | ||||||
Other intangible assets
|
3,451 | 3,942 | ||||||
Other assets
|
106,517 | 119,608 | ||||||
Total assets
|
$ | 8,122,204 | 8,148,155 | |||||
Liabilities and Shareholders' equity
|
||||||||
Liabilities
|
||||||||
Noninterest-bearing demand deposits
|
$ | 610,692 | 575,281 | |||||
Interest-bearing demand deposits
|
792,457 | 782,257 | ||||||
Savings deposits
|
2,018,139 | 1,948,882 | ||||||
Time deposits
|
2,399,249 | 2,457,916 | ||||||
Total deposits
|
5,820,537 | 5,764,336 | ||||||
Borrowed funds
|
831,575 | 891,293 | ||||||
Advances by borrowers for taxes and insurance
|
26,191 | 22,868 | ||||||
Accrued interest payable
|
1,170 | 1,716 | ||||||
Other liabilities
|
52,521 | 57,398 | ||||||
Junior subordinated debentures
|
103,094 | 103,094 | ||||||
Total liabilities
|
6,835,088 | 6,840,705 | ||||||
Shareholders' equity
|
||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued
|
- | - | ||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 107,733,432 shares and 110,295,117 shares issued, respectively
|
1,078 | 1,103 | ||||||
Paid-in-capital
|
793,951 | 824,164 | ||||||
Retained earnings
|
529,630 | 523,089 | ||||||
Unallocated common stock of Employee Stock Ownership Plan
|
(27,025 | ) | (27,409 | ) | ||||
Accumulated other comprehensive loss
|
(10,518 | ) | (13,497 | ) | ||||
Total shareholders' equity
|
1,287,116 | 1,307,450 | ||||||
Total liabilities and shareholders' equity
|
$ | 8,122,204 | 8,148,155 | |||||
Equity to assets
|
15.85 | % | 16.05 | % | ||||
Tangible common equity to assets
|
13.99 | % | 14.19 | % | ||||
Book value per share
|
$ | 11.94 | $ | 11.85 | ||||
Tangible book value per share
|
$ | 10.32 | $ | 10.26 | ||||
Closing market price per share
|
$ | 12.54 | $ | 11.78 | ||||
Full time equivalent employees
|
1,898 | 1,881 | ||||||
Number of banking offices
|
172 | 171 |
Three months ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2011
|
2010
|
2010
|
||||||||||
Interest income:
|
||||||||||||
Loans receivable
|
$ | 80,457 | 80,746 | 83,096 | ||||||||
Mortgage-backed securities
|
6,756 | 6,145 | 5,886 | |||||||||
Taxable investment securities
|
398 | 998 | 428 | |||||||||
Tax-free investment securities
|
3,074 | 2,684 | 3,111 | |||||||||
Interest-earning deposits
|
407 | 565 | 496 | |||||||||
Total interest income
|
91,092 | 91,138 | 93,017 | |||||||||
Interest expense:
|
||||||||||||
Deposits
|
16,063 | 21,404 | 17,025 | |||||||||
Borrowed funds
|
7,989 | 9,700 | 8,762 | |||||||||
Total interest expense
|
24,052 | 31,104 | 25,787 | |||||||||
Net interest income
|
67,040 | 60,034 | 67,230 | |||||||||
Provision for loan losses
|
7,244 | 8,801 | 13,918 | |||||||||
Net interest income after provision for loan losses
|
59,796 | 51,233 | 53,312 | |||||||||
Noninterest income:
|
||||||||||||
Impairment losses on securities
|
- | (437 | ) | (1,841 | ) | |||||||
Noncredit related losses on securities not expected to be sold (recognized in other comprehensive income)
|
- | 340 | 1,006 | |||||||||
Net impairment losses
|
- | (97 | ) | (835 | ) | |||||||
Gain on sale of investments, net
|
4 | 2,083 | 8 | |||||||||
Service charges and fees
|
8,928 | 8,902 | 9,296 | |||||||||
Trust and other financial services income
|
1,910 | 1,833 | 1,907 | |||||||||
Insurance commission income
|
1,380 | 1,142 | 1,362 | |||||||||
Loss on real estate owned, net
|
(27 | ) | (24 | ) | (279 | ) | ||||||
Income from bank owned life insurance
|
1,166 | 1,166 | 1,228 | |||||||||
Mortgage banking (loss)/ income
|
197 | (8 | ) | 1,423 | ||||||||
Other operating income
|
768 | 860 | 1,058 | |||||||||
Total noninterest income
|
14,326 | 15,857 | 15,168 | |||||||||
Noninterest expense:
|
||||||||||||
Compensation and employee benefits
|
25,353 | 25,856 | 25,328 | |||||||||
Premises and occupancy costs
|
6,191 | 6,002 | 5,675 | |||||||||
Office operations
|
3,100 | 3,237 | 3,233 | |||||||||
Processing expenses
|
5,767 | 5,696 | 6,041 | |||||||||
Marketing expenses
|
1,959 | 1,443 | 2,930 | |||||||||
Federal deposit insurance premiums
|
2,427 | 2,148 | 2,334 | |||||||||
Professional services
|
1,256 | 728 | 291 | |||||||||
Amortization of intangible assets
|
637 | 782 | 518 | |||||||||
Real estate owned expense
|
431 | 899 | 636 | |||||||||
Acquisition expense
|
- | - | 591 | |||||||||
Other expense
|
2,257 | 1,813 | 3,122 | |||||||||
Total noninterest expense
|
49,378 | 48,604 | 50,699 | |||||||||
Income before income taxes
|
24,744 | 18,486 | 17,781 | |||||||||
Income tax expense
|
7,491 | 5,333 | 5,043 | |||||||||
Net income
|
$ | 17,253 | 13,153 | 12,738 | ||||||||
Basic earnings per share
|
$ | 0.16 | $ | 0.12 | $ | 0.12 | ||||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.12 | $ | 0.12 | ||||||
Annualized return on average equity
|
5.39 | % | 4.05 | % | 3.90 | % | ||||||
Annualized return on average assets
|
0.86 | % | 0.65 | % | 0.63 | % | ||||||
Basic common shares outstanding
|
106,571,262 | 108,378,245 | 108,337,001 | |||||||||
Diluted common shares outstanding
|
107,258,320 | 109,052,039 | 108,848,189 |
Three months ended
|
Year ended
|
|||||||||||||||
March 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2010
|
2009
|
|||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 76,412 | $ | 70,403 | 70,403 | 54,929 | ||||||||||
Provision
|
7,244 | 8,801 | 40,486 | 41,847 | ||||||||||||
Charge-offs mortgage
|
(1,205 | ) | (625 | ) | (4,497 | ) | (1,437 | ) | ||||||||
Charge-offs consumer
|
(3,487 | ) | (1,911 | ) | (10,494 | ) | (7,045 | ) | ||||||||
Charge-offs commercial
|
(3,317 | ) | (2,334 | ) | (21,881 | ) | (19,334 | ) | ||||||||
Recoveries
|
803 | 502 | 2,395 | 1,443 | ||||||||||||
Ending balance
|
$ | 76,450 | $ | 74,836 | 76,412 | 70,403 | ||||||||||
Net charge-offs to average loans, annualized
|
0.52 | % | 0.33 | % | 0.63 | % | 0.51 | % |
March 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2010
|
2009
|
|||||||||||||
Nonperforming loans
|
$ | 156,158 | $ | 117,239 | 148,391 | 124,626 | ||||||||||
Real estate owned, net
|
19,682 | 22,182 | 20,780 | 20,257 | ||||||||||||
Nonperforming assets
|
$ | 175,840 | $ | 139,421 | 169,171 | 144,883 | ||||||||||
Nonperforming loans to total loans
|
2.85 | % | 2.16 | % | 2.68 | % | 2.35 | % | ||||||||
Nonperforming assets to total assets
|
2.16 | % | 1.72 | % | 2.08 | % | 1.81 | % | ||||||||
Allowance for loan losses to total loans
|
1.39 | % | 1.38 | % | 1.38 | % | 1.33 | % | ||||||||
Allowance for loan losses to nonperforming loans
|
48.96 | % | 63.83 | % | 51.49 | % | 56.49 | % |
March 31,
|
December 31,
|
|||||||||||||||||||||||||||||||||||
2011 | * | 2010 | * | 2009 | * | |||||||||||||||||||||||||||||||
Loans past due 30 days to 59 days:
|
||||||||||||||||||||||||||||||||||||
One- to four- family residential loans
|
370 | $ | 30,408 | 1.3 | % | 427 | $ | 35,329 | 1.5 | % | 350 | $ | 27,998 | 1.2 | % | |||||||||||||||||||||
Consumer loans
|
815 | 8,460 | 0.6 | % | 1,238 | 12,635 | 0.9 | % | 1,100 | 11,226 | 0.8 | % | ||||||||||||||||||||||||
Multifamily and commercial RE loans
|
86 | 12,669 | 0.9 | % | 82 | 16,287 | 1.2 | % | 85 | 16,152 | 1.3 | % | ||||||||||||||||||||||||
Commercial business loans
|
60 | 12,519 | 2.9 | % | 48 | 6,590 | 1.5 | % | 48 | 3,293 | 0.9 | % | ||||||||||||||||||||||||
Total loans past due 30 days to 59 days
|
1,331 | $ | 64,056 | 1.2 | % | 1,795 | $ | 70,841 | 1.3 | % | 1,583 | $ | 58,669 | 1.1 | % | |||||||||||||||||||||
Loans past due 60 days to 89 days:
|
||||||||||||||||||||||||||||||||||||
One- to four- family residential loans
|
53 | $ | 4,231 | 0.2 | % | 106 | $ | 9,848 | 0.4 | % | 85 | $ | 6,772 | 0.3 | % | |||||||||||||||||||||
Consumer loans
|
309 | 3,314 | 0.3 | % | 437 | 4,580 | 0.3 | % | 392 | 3,029 | 0.2 | % | ||||||||||||||||||||||||
Multifamily and commercial RE loans
|
35 | 3,322 | 0.2 | % | 39 | 14,365 | 1.1 | % | 35 | 5,811 | 0.5 | % | ||||||||||||||||||||||||
Commercial business loans
|
15 | 973 | 0.2 | % | 9 | 1,678 | 0.4 | % | 26 | 2,474 | 0.7 | % | ||||||||||||||||||||||||
Total loans past due 60 days to 89 days
|
412 | $ | 11,840 | 0.2 | % | 591 | $ | 30,471 | 0.6 | % | 538 | $ | 18,086 | 0.3 | % | |||||||||||||||||||||
Loans past due 90 days or more:
|
||||||||||||||||||||||||||||||||||||
One- to four- family residential loans
|
268 | $ | 28,722 | 1.2 | % | 275 | $ | 29,751 | 1.2 | % | 279 | $ | 29,373 | 1.3 | % | |||||||||||||||||||||
Consumer loans
|
560 | 12,079 | 0.9 | % | 564 | 12,828 | 0.9 | % | 727 | 12,544 | 0.9 | % | ||||||||||||||||||||||||
Multifamily and commercial RE loans
|
177 | 61,561 | 4.5 | % | 181 | 44,965 | 3.3 | % | 199 | 49,594 | 4.0 | % | ||||||||||||||||||||||||
Commercial business loans
|
75 | 22,475 | 5.2 | % | 111 | 12,877 | 3.0 | % | 124 | 18,269 | 4.9 | % | ||||||||||||||||||||||||
Total loans past due 90 days or more
|
1,080 | $ | 124,837 | 2.3 | % | 1,131 | $ | 100,421 | 1.8 | % | 1,329 | $ | 109,780 | 2.1 | % |
Mortgage
|
(1) |
Consumer
|
(2) |
Commercial
|
(3) |
Total
|
(4) | |||||||||||||||||||||||||
Pennsylvania
|
$ | 1,922,517 | 81.1 | % | 1,144,182 | 86.4 | % | 1,081,517 | 60.3 | % | 4,148,216 | 75.7 | % | |||||||||||||||||||
New York
|
159,803 | 6.8 | % | 111,976 | 8.5 | % | 386,762 | 21.5 | % | 658,541 | 12.0 | % | ||||||||||||||||||||
Ohio
|
20,166 | 0.9 | % | 14,581 | 1.1 | % | 43,780 | 2.4 | % | 78,527 | 1.4 | % | ||||||||||||||||||||
Maryland
|
185,756 | 7.9 | % | 34,845 | 2.6 | % | 147,366 | 8.2 | % | 367,967 | 6.7 | % | ||||||||||||||||||||
Florida
|
30,424 | 1.3 | % | 11,339 | 0.9 | % | 63,695 | 3.5 | % | 105,458 | 1.9 | % | ||||||||||||||||||||
All other
|
47,495 | 2.0 | % | 6,022 | 0.5 | % | 74,342 | 4.1 | % | 127,859 | 2.3 | % | ||||||||||||||||||||
Total
|
$ | 2,366,161 | 100.0 | % | 1,322,945 | 100.0 | % | 1,797,462 | 100.0 | % | 5,486,568 | 100.0 | % |
Mortgage
|
(5) |
Consumer
|
(6) |
Commercial
|
(7) |
Total
|
(8) | |||||||||||||||||||||||||
Pennsylvania
|
$ | 17,039 | 0.9 | % | 9,090 | 0.8 | % | 38,486 | 3.6 | % | 64,615 | 1.6 | % | |||||||||||||||||||
New York
|
1,239 | 0.8 | % | 757 | 0.7 | % | 17,149 | 4.4 | % | 19,145 | 2.9 | % | ||||||||||||||||||||
Ohio
|
144 | 0.7 | % | 85 | 0.6 | % | - | 0.0 | % | 229 | 0.3 | % | ||||||||||||||||||||
Maryland
|
4,760 | 2.6 | % | 1,393 | 4.0 | % | 9,659 | 6.6 | % | 15,812 | 4.3 | % | ||||||||||||||||||||
Florida
|
4,725 | 15.5 | % | 718 | 6.3 | % | 10,110 | 15.9 | % | 15,553 | 14.7 | % | ||||||||||||||||||||
All other
|
815 | 1.7 | % | 37 | 0.6 | % | 8,631 | 11.6 | % | 9,483 | 7.4 | % | ||||||||||||||||||||
Total
|
$ | 28,722 | 1.2 | % | 12,080 | 0.9 | % | 84,035 | 4.7 | % | 124,837 | 2.3 | % |
Gross
|
Gross
|
|||||||||||||||
unrealized
|
unrealized
|
|||||||||||||||
Amortized
|
holding
|
holding
|
Market
|
|||||||||||||
cost
|
gains
|
losses
|
value
|
|||||||||||||
Debt issued by the U.S. government and agencies:
|
||||||||||||||||
Due in one year or less
|
$ | 65 | - | - | 65 | |||||||||||
Debt issued by government sponsored enterprises:
|
||||||||||||||||
Due in one year or less
|
1,992 | 70 | 2,062 | |||||||||||||
Due in one year - five years
|
30,000 | - | - | 30,000 | ||||||||||||
Due in five years - ten years
|
6,485 | 467 | - | 6,952 | ||||||||||||
Due after ten years
|
9,949 | - | (66 | ) | 9,883 | |||||||||||
Equity securities
|
1,860 | 256 | (9 | ) | 2,107 | |||||||||||
Municipal securities:
|
||||||||||||||||
Due in one year - five years
|
3,959 | 144 | - | 4,103 | ||||||||||||
Due in five years - ten years
|
35,902 | 1,125 | - | 37,027 | ||||||||||||
Due after ten years
|
168,424 | 1,347 | (4,490 | ) | 165,281 | |||||||||||
Corporate trust preferred securities:
|
||||||||||||||||
Due in one year - five years
|
500 | - | - | 500 | ||||||||||||
Due after ten years
|
25,389 | 203 | (6,505 | ) | 19,087 | |||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Fixed rate pass-through
|
121,687 | 6,171 | (199 | ) | 127,659 | |||||||||||
Variable rate pass-through
|
157,895 | 6,626 | (4 | ) | 164,517 | |||||||||||
Fixed rate non-agency CMO
|
12,440 | 78 | (752 | ) | 11,766 | |||||||||||
Fixed rate agency CMO
|
117,375 | 1,742 | (331 | ) | 118,786 | |||||||||||
Variable rate non-agency CMO
|
2,189 | - | (624 | ) | 1,565 | |||||||||||
Variable rate agency CMO
|
277,919 | 3,433 | (376 | ) | 280,976 | |||||||||||
Total mortgage-backed securities
|
689,505 | 18,050 | (2,286 | ) | 705,269 | |||||||||||
Total marketable securities available-for-sale
|
$ | 974,030 | 21,662 | (13,356 | ) | 982,336 |
Gross
|
Gross
|
|||||||||||||||
unrealized
|
unrealized
|
|||||||||||||||
Amortized
|
holding
|
holding
|
Market
|
|||||||||||||
cost
|
gains
|
losses
|
value
|
|||||||||||||
Municipal securities:
|
||||||||||||||||
Due after ten years
|
$ | 77,840 | 59 | (1,971 | ) | 75,928 | ||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Fixed rate pass-through
|
28,271 | 389 | (40 | ) | 28,620 | |||||||||||
Variable rate pass-through
|
9,705 | 38 | - | 9,743 | ||||||||||||
Fixed rate agency CMO
|
177,100 | 1,735 | (1,258 | ) | 177,577 | |||||||||||
Variable rate agency CMO
|
21,491 | 368 | - | 21,859 | ||||||||||||
Total mortgage-backed securities
|
236,567 | 2,530 | (1,298 | ) | 237,799 | |||||||||||
Total marketable securities available-for-sale
|
$ | 314,407 | 2,589 | (3,269 | ) | 313,727 | ||||||||||
Issuers of mortgage-backed securities as of March 31, 2011:
|
||||||||||||||||
Fannie Mae
|
$ | 351,092 | 8,009 | (920 | ) | 358,181 | ||||||||||
Ginnie Mae
|
209,398 | 4,756 | (775 | ) | 213,379 | |||||||||||
Freddie Mac
|
328,570 | 7,713 | (506 | ) | 335,777 | |||||||||||
Small Business Administration
|
21,638 | 24 | - | 21,662 | ||||||||||||
Non-agency
|
15,374 | 78 | (1,383 | ) | 14,069 | |||||||||||
Total
|
$ | 926,072 | 20,580 | (3,584 | ) | 943,068 |
Book
|
As a %
|
|||||||
Value
|
of Book
|
|||||||
3/31/2011
|
Value
|
|||||||
Municipal securities by state:
|
||||||||
Pennsylvania
|
||||||||
School districts
|
$ | 137,256 | 47.97 | % | ||||
General obligations
|
55,831 | 19.51 | % | |||||
Revenue bonds
|
15,335 | 5.36 | % | |||||
Total Pennsylvania
|
208,422 | 72.84 | % | |||||
New York
|
33,923 | 11.86 | % | |||||
Ohio
|
6,426 | 2.25 | % | |||||
All other states
|
37,354 | 13.05 | % | |||||
$ | 286,125 |
Three months ended March 31,
|
||||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Avg.
|
Avg.
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable (a) (b) (d)
|
$ | 5,516,254 | 80,847 | 5.89 | % | $ | 5,346,962 | 81,111 | 6.11 | % | ||||||||||||||
Mortgage-backed securities (c)
|
926,349 | 6,756 | 2.92 | % | 736,904 | 6,145 | 3.34 | % | ||||||||||||||||
Investment securities (c) (d)
|
354,786 | 5,128 | 5.78 | % | 359,097 | 5,127 | 5.71 | % | ||||||||||||||||
FHLB stock
|
58,845 | - | - | 63,242 | - | - | ||||||||||||||||||
Other interest-earning deposits
|
685,864 | 407 | 0.24 | % | 946,695 | 565 | 0.24 | % | ||||||||||||||||
Total interest-earning assets
|
7,542,098 | 93,138 | 4.96 | % | 7,452,900 | 92,948 | 5.02 | % | ||||||||||||||||
Noninterest earning assets (e)
|
592,981 | 597,320 | ||||||||||||||||||||||
Total assets
|
$ | 8,135,079 | $ | 8,050,220 | ||||||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 1,063,696 | 1,429 | 0.55 | % | $ | 960,034 | 2,034 | 0.86 | % | ||||||||||||||
Interest-bearing demand accounts
|
773,633 | 232 | 0.12 | % | 752,109 | 398 | 0.21 | % | ||||||||||||||||
Money market accounts
|
915,768 | 1,155 | 0.51 | % | 840,727 | 1,836 | 0.89 | % | ||||||||||||||||
Certificate accounts
|
2,431,952 | 13,247 | 2.21 | % | 2,582,782 | 17,136 | 2.69 | % | ||||||||||||||||
Borrowed funds (f)
|
847,784 | 6,584 | 3.15 | % | 900,740 | 8,295 | 3.73 | % | ||||||||||||||||
Junior subordinated debentures
|
103,094 | 1,405 | 5.45 | % | 103,094 | 1,405 | 5.45 | % | ||||||||||||||||
Total interest-bearing liabilities
|
6,135,927 | 24,052 | 1.59 | % | 6,139,486 | 31,104 | 2.05 | % | ||||||||||||||||
Noninterest bearing liabilities
|
701,633 | 611,279 | ||||||||||||||||||||||
Total liabilities
|
6,837,560 | 6,750,765 | ||||||||||||||||||||||
Shareholders' equity
|
1,297,519 | 1,299,455 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 8,135,079 | $ | 8,050,220 | ||||||||||||||||||||
Net interest income/ Interest rate spread
|
69,086 | 3.37 | % | 61,844 | 2.97 | % | ||||||||||||||||||
Net interest-earning assets/ Net interest margin
|
$ | 1,406,171 | 3.66 | % | $ | 1,313,414 | 3.32 | % | ||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.23 | X | 1.21 | X |
Three months ended March 31,
|
Three months ended December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Avg.
|
Avg.
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable (a) (b) (d)
|
$ | 5,516,254 | 80,847 | 5.89 | % | 5,565,989 | 83,491 | 5.99 | % | |||||||||||||||
Mortgage-backed securities (c)
|
926,349 | 6,756 | 2.92 | % | 879,958 | 5,886 | 2.68 | % | ||||||||||||||||
Investment securities (c) (d)
|
354,786 | 5,128 | 5.78 | % | 365,003 | 5,213 | 5.71 | % | ||||||||||||||||
FHLB stock
|
58,845 | - | - | 61,042 | - | - | ||||||||||||||||||
Other interest-earning deposits
|
685,864 | 407 | 0.24 | % | 721,174 | 496 | 0.27 | % | ||||||||||||||||
Total interest-earning assets
|
7,542,098 | 93,138 | 4.96 | % | 7,593,166 | 95,086 | 5.00 | % | ||||||||||||||||
Noninterest earning assets (e)
|
592,981 | 588,945 | ||||||||||||||||||||||
Total assets
|
$ | 8,135,079 | 8,182,111 | |||||||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 1,063,696 | 1,429 | 0.55 | % | 1,058,373 | 1,695 | 0.64 | % | |||||||||||||||
Interest-bearing demand accounts
|
773,633 | 232 | 0.12 | % | 786,488 | 249 | 0.13 | % | ||||||||||||||||
Money market accounts
|
915,768 | 1,155 | 0.51 | % | 906,414 | 1,209 | 0.53 | % | ||||||||||||||||
Certificate accounts
|
2,431,952 | 13,247 | 2.21 | % | 2,456,893 | 13,872 | 2.24 | % | ||||||||||||||||
Borrowed funds (f)
|
847,784 | 6,584 | 3.15 | % | 892,461 | 7,326 | 3.26 | % | ||||||||||||||||
Junior subordinated debentures
|
103,094 | 1,405 | 5.45 | % | 103,094 | 1,436 | 5.45 | % | ||||||||||||||||
Total interest-bearing liabilities
|
6,135,927 | 24,052 | 1.59 | % | 6,203,723 | 25,787 | 1.65 | % | ||||||||||||||||
Noninterest bearing liabilities
|
701,633 | 671,412 | ||||||||||||||||||||||
Total liabilities
|
6,837,560 | 6,875,135 | ||||||||||||||||||||||
Shareholders' equity
|
1,297,519 | 1,306,976 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 8,135,079 | 8,182,111 | |||||||||||||||||||||
Net interest income/ Interest rate spread
|
69,086 | 3.37 | % | 69,299 | 3.35 | % | ||||||||||||||||||
Net interest-earning assets/ Net interest margin
|
$ | 1,406,171 | 3.66 | % | 1,389,443 | 3.65 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.23 | X | 1.22 | X |