Banner Corporation's Net Income Increases 8% for First Quarter; Net Interest Income Climbs 11% as Loans Grow 20%.WALLA WALLA Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. , Wash. -- Banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. Corporation (Nasdaq:BANR BANR Board on Agriculture and Natural Resources ), the parent company of Banner Bank Banner Bank is a Washington financial institution based in Walla Walla. Originally known as First Federal Savings And Loan Of Walla Walla, it was the oldest Savings and Loan institution in the state of Washington. , today reported that continued strong growth in loans and core deposits contributed to an increase in profits for the first quarter ended March 31, 2005, compared to the first quarter a year ago. For the first quarter of 2005, the Company's net income increased 8% to $4.7 million, or $0.39 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $4.4 million, or $0.38 per diluted share, for the first quarter of 2004. "We have had a very busy first quarter with the grand opening of five new branches in western Washington
Western Washington is a region of the United States defined as that part of Washington west of the Cascade Mountains. ," said D. Michael Jones Mike or Michael Jones may refer to: In sports:
1 City (1990 pop. 35,701), Middlesex co., E Mass., an industrial suburb of Boston, on the Mystic River; settled c.1643, set off from Malden 1870, inc. as a city 1892. , Edmonds Edmonds, city (1990 pop. 30,744), Snohomish co., NW Wash., a residential suburb of Seattle, on Puget Sound; inc. 1890. There is boatbuilding and the manufacture of lighting equipment, machinery, and laboratory apparatus. , Lynnwood Lynnwood, city (1990 pop. 28,695), Snohomish co., W central Wash., a residential and industrial suburb of Seattle; inc. 1959. Aerospace parts, communications and electrical equipment, electronic components, precious metal jewelry, and scales and balances are among and Mercer Island Mer·cer Island A city of west-central Washington, coextensive with Mercer Island in Lake Washington near Seattle. It is primarily residential. Population: 22,300. and we relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. branches in Lynden and Spokane Spokane, city, United States Spokane (spōkăn`), city (1990 pop. 177,196), seat of Spokane co., E Wash., at the spectacular falls of the Spokane River; inc. 1881. . We are encouraged by the deposit growth and customer activity these new locations have experienced. We also saw significant progress on construction of new offices in Vancouver Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. and Walla Walla, Washington Walla Walla is both the county seat of Walla Walla County, Washington, and the county's largest city. As of the 2000 census, the city population was 29,686GR6. and Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. . In addition, we moved forward on the four other southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). branch offices we expect to open later this year. Over time, this expansion should improve our cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. and build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. franchise value. However, this branch expansion activity does not come without a cost. As we hire staff and incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ahead of earnings, these new branches will initially reduce our profitability. As previously announced, during 2005 we expect to incur net after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. costs of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.5 million from the opening of these facilities." "We also launched an international banking department earlier in the quarter. We previously outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, these services to bigger banks but as customer requests for better international service increased we saw a new opportunity," said Jones. "The department will allow us to offer expanded letter of credit services and will soon offer trade financing, currency exchange and foreign wire transfers. There are an estimated 4,000 businesses in the Puget Sound Puget Sound (py  `jĕt), arm of the Pacific Ocean, NW Wash., connected with the Pacific by Juan de Fuca Strait, entered through the Admiralty Inlet and extending in two arms c. region that now trade
overseas."First Quarter 2005 Highlights (Compared to First Quarter 2004) --Loans increased 20% to $2.13 billion. --Non-interest bearing deposits increased 26% and total deposits grew 14% to $1.99 billion. --Non-performing assets declined by 36%. --Net interest income, after the provision for loan loss, increased 13% to $24.0 million. --Revenues increased 10% to $29.2 million. --Assets increased 10% to $2.97 billion. --Opened five new branches in the Puget Sound area. --Launched an international banking department. Income Statement Review Banner's net interest margin was 3.71% for the first quarter of 2005, compared to 3.70% in the first quarter a year ago. Banner's fourth quarter net interest margin was 3.72%. "Although we saw strong loan growth and increasing asset yields for the first quarter, our net interest margin remained steady as a result of higher funding costs," said Jones. Funding costs were up 16 basis points compared to the previous quarter and up 31 basis points from the first quarter a year earlier. Asset yields were also higher, increasing by 15 and 30 basis points, respectively, compared to the quarters ended December December: see month. 31, 2004 and March 31, 2004. For the first quarter, net interest income before the provision for loan losses increased 11% to $25.2 million, compared to $22.7 million in the same quarter a year ago, reflecting strong loan growth and improved credit quality. Revenues (net interest income before the provision for loan losses plus other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ) increased 10% to $29.2 million, compared to $26.5 million for the same quarter of 2004. Banner's net interest income, after the provision for loan losses, increased 13% for the first quarter of 2005 compared to the same period a year ago. Total other operating income for the first quarter increased 5% to $4.0 million, compared to $3.8 million for the same quarter last year. Income from deposit fees and other service charges increased to $2.0 million in the first quarter, compared to $1.8 million for the same period in 2004. Mortgage banking operations and loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. fees increased 10% to $1.7 million in the first quarter compared to $1.5 million for the first quarter a year ago. As a result of Banner's expansion strategy and its increased size, other operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. was $21.3 million for the quarter ended March 31, 2005, compared to $18.8 million for the first quarter a year ago and $20.4 million for the fourth quarter of 2004. The ratio of other operating expense (expense ratio) to average assets was 2.95% for the first quarter, compared to 2.85% for the fourth quarter of 2004 and 2.88% for the first quarter of 2004. "We have added to our Puget For the explorer of Puget Sound, see Peter Puget. Puget is a commune of the Vaucluse département in southern France. Coordinates: Sound-area presence with new branches in Kent, Everett, Edmonds, Lynnwood and Mercer Island, Washington Mercer Island is a city in King County, Washington, U.S. The population was 22,036 at the 2000 census. It is also the name of the island in Lake Washington with which the city is coterminous. History Mercer Island was first settled by non-Natives in the 1870s. . These branches are in the heart of Puget Sound, a thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. business community with ties to aerospace, computer software, biomedical research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. , medical technology and international business. This franchise expansion has already added to our balance sheet, with new loans and deposits. While these new locations will increase our overhead expenses and temporarily decrease our short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. profitability, over time they should help reduce our dependence on borrowed funds and improve our net interest margin," said Jones. Balance Sheet Review "Our loan portfolio continued to grow at double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. rates," said Jones. "Our lending personnel have generated steady growth in commercial and multifamily real estate loans, construction and land loans, and commercial and agricultural business loans, which combined now account for 82% of the loan portfolio." Net loans increased 20%, to $2.13 billion at March 31, 2005, from $1.77 billion a year ago. Assets reached a record $2.97 billion, a 10% increase from $2.71 billion a year earlier." "Our deposit growth was solid this quarter, in part reflecting some of our new locations, but also resulting from continued success at many of our existing branches," added Jones. Total deposits grew 14%, to $1.99 billion, compared to $1.75 billion at March 31, 2004. Non-interest bearing deposits increased 26% at March 31, 2005 compared to March 31, 2004, and increased 10% compared to the quarter ended December 31, 2004. Transaction and savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: grew 28% during the twelve months ending March 31, 2005, while certificates of deposit increased only 4% as Banner continues to change its funding mix. Book value per share was $18.55 at March 31, 2005, compared to $18.81 a year earlier. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per share was $15.40 at March 31, 2005, compared to $15.53 a year earlier. Credit Quality "Compared to a year earlier, our key credit quality ratios improved as a result of a 36% reduction in non-performing assets," said Jones. Non-performing assets were $18.9 million, or 0.64% of total assets, at March 31, 2005, compared to $29.6 million, or 1.09% of total assets, at March 31, 2004. The provision for loan losses for the first quarter was $1.2 million, compared to $1.5 million in the same quarter of 2004. Net loan charge-offs in the first quarter of 2005 were 0.05% of average loans outstanding. At March 31, 2005, the allowance for loan losses totaled $29.7 million, representing 1.38% of total loans outstanding. Conference Call The Company will host a conference call today, Thursday Thursday: see week. , April 28, 2005, at 8:00 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT , to discuss first quarter results. The conference call can be accessed live by telephone at 303-262-2211. To listen to the call online, go to the Company's website at www.bannerbank.com or to www.fulldisclosure.com. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. may access the call via the subscriber-only site, www.streetevents.com. An archived recording of the call can be accessed by dialing 303-590-3000, passcode 11027824# until Thursday, May 5, 2005 or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.fulldisclosure.com. About the Company Banner Corporation is the parent company of Banner Bank, a commercial bank, which operates a total of 51 branch offices and 13 loan offices in 23 counties in Washington This is a list of counties in Washington. There are thirty-nine counties in the U.S. state of Washington. Certain residents of Snohomish County consider themselves to be part of Freedom County. , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Idaho. Banner Bank serves the Pacific Northwest region
The Northwest Region with a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com. Statements concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to a number of risks and uncertainties that are beyond Banner's control and might cause actual results to differ materially from the expectations and stated objectives. Factors which could cause actual results to differ materially include, but are not limited to, regional and general economic conditions, management's ability to generate continued improvement in asset quality and profitability, changes in interest rates, deposit flows, demand for mortgages and other loans, real estate values, competition, loan delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates, the successful operation of the newly-opened branches and loan offices, changes in accounting principles, practices, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , changes in legislation or regulation, other economic, competitive, governmental, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and technological factors affecting operations, pricing, products and services and Banner's ability to successfully resolve the outstanding credit issues and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. recover check kiting The unlawful practice of drawing checks against a bank account containing insufficient funds to cover them, with the expectation that the necessary funds will be deposited before such checks are presented for payment. losses. Accordingly, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Banner undertakes no responsibility to update or revise any forward-looking statements.
RESULTS OF OPERATIONS
(In thousands except share and per share data)
Quarters Ended
-------------------------------
Mar 31, Dec 31, Mar 31,
2005 2004 2004
----------- ----------- -----------
INTEREST INCOME:
Loans receivable $ 36,137 $ 34,624 $ 29,019
Mortgage-backed securities 3,673 3,806 4,527
Securities and cash
equivalents 2,849 2,941 3,081
----------- ----------- -----------
42,659 41,371 36,627
INTEREST EXPENSE:
Deposits 10,414 9,725 7,864
Federal Home Loan Bank
advances 5,617 5,191 5,125
Junior subordinated
debentures 1,067 1,015 692
Other borrowings 332 334 237
----------- ----------- -----------
17,430 16,265 13,918
----------- ----------- -----------
Net interest income
before provision for
loan losses 25,229 25,106 22,709
PROVISION FOR LOAN LOSSES 1,203 1,300 1,450
----------- ----------- -----------
Net interest income 24,026 23,806 21,259
OTHER OPERATING INCOME:
Deposit fees and other
service charges 2,004 2,084 1,843
Mortgage banking
operations 1,231 1,435 1,252
Loan servicing fees 439 417 266
Gain on sale of
securities -- 1 11
Miscellaneous 323 340 444
----------- ----------- -----------
Total other operating income 3,997 4,277 3,816
OTHER OPERATING EXPENSE:
Salary and employee
benefits 13,793 13,485 12,103
Less capitalized loan
origination costs (2,041) (1,824) (1,487)
Occupancy and equipment 3,227 3,177 2,487
Information / computer
data services 1,117 1,063 1,026
Professional services 801 807 915
Advertising 1,351 1,348 1,108
Miscellaneous 3,055 2,372 2,676
----------- ----------- -----------
Total other operating
expense 21,303 20,428 18,828
----------- ----------- -----------
Income before provision
for income taxes 6,720 7,655 6,247
PROVISION FOR
INCOME TAXES 2,013 2,388 1,884
----------- ----------- -----------
NET INCOME $ 4,707 $ 5,267 $ 4,363
=========== =========== ===========
Earnings per share
Basic $ 0.41 $ 0.47 $ 0.39
Diluted $ 0.39 $ 0.45 $ 0.38
Cumulative dividends
declared per common
share $ 0.17 $ 0.17 $ 0.16
Weighted average shares outstanding
Basic 11,470,028 11,207,582 11,051,187
Diluted 11,920,812 11,828,644 11,634,105
Shares repurchased
during the period 8,028 114,477 7,729
FINANCIAL CONDITION
(In thousands except share and per share data)
Mar 31, Dec 31, Mar 31,
2005 2004 2004
----------- ----------- -----------
ASSETS
------
Cash and due from banks $ 57,994 $ 51,767 $ 61,894
Securities available for
sale 540,706 547,835 693,257
Securities held to maturity 50,515 49,914 31,498
Federal Home Loan Bank stock 35,844 35,698 35,038
Loans receivable:
Held for sale 3,217 2,145 12,100
Held for portfolio 2,158,620 2,090,703 1,784,482
Allowance for loan
losses (29,736) (29,610) (26,885)
----------- ----------- -----------
2,132,101 2,063,238 1,769,697
Accrued interest receivable 15,982 15,097 13,889
Real estate owned held
for sale, net 1,034 1,485 2,077
Property and equipment, net 42,261 39,315 24,779
Goodwill and other
intangibles, net 36,347 36,369 36,477
Deferred income tax asset, net 7,964 5,888 1,335
Bank-owned life insurance 35,773 35,371 34,143
Other assets 16,261 15,090 8,901
----------- ----------- -----------
$ 2,972,782 $ 2,897,067 $ 2,712,985
=========== =========== ===========
LIABILITIES
-----------
Deposits:
Non-interest- bearing $ 257,437 $ 234,761 $ 203,695
Interest-bearing 1,737,093 1,691,148 1,546,195
----------- ----------- -----------
1,994,530 1,925,909 1,749,890
Borrowings:
Advances from Federal
Home Loan Bank 594,958 583,558 585,158
Junior subordinated
debentures 72,168 72,168 72,168
Other borrowings 63,263 68,116 74,445
----------- ----------- -----------
730,389 723,842 731,771
Accrued expenses and
other liabilities 25,294 25,027 16,538
Deferred compensation 5,531 5,208 4,500
Income taxes payable 3,375 1,861 751
----------- ----------- -----------
2,759,119 2,681,847 2,503,450
STOCKHOLDERS' EQUITY
--------------------
Common stock 127,829 127,460 124,730
Retained earnings 95,082 92,327 82,801
Accumulated other
comprehensive income (loss) (5,613) (888) 6,062
Unearned shares of common
stock issued to Employee
Stock Ownership Plan (ESOP)
trust: at cost (3,096) (3,096) (3,628)
Net carrying value of
stock related deferred
compensation plans (539) (583) (430)
----------- ----------- -----------
213,663 215,220 209,535
----------- ----------- -----------
$ 2,972,782 $ 2,897,067 $ 2,712,985
=========== =========== ===========
Shares Issued:
Shares outstanding at
end of period 11,890,541 11,856,889 11,578,934
Less unearned ESOP
shares at end of
period 374,595 374,595 438,985
----------- ----------- -----------
Shares outstanding at end
of period excluding
unearned ESOP shares 11,515,946 11,482,294 11,139,949
=========== =========== ===========
Book value per
share (1) $ 18.55 $ 18.74 $ 18.81
Tangible book value per
share (1) $ 15.40 $ 15.58 $ 15.53
Consolidated Tier 1
leverage capital ratio 8.80% 8.93% 9.07%
(1) Calculation is based on number of shares outstanding at the
end of the period rather than weighted average shares outstanding and
excludes unallocated shares in the employee stock ownership plan
(ESOP).
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands)
LOANS (including loans held for sale):
Mar 31, Dec 31, Mar 31,
2005 2004 2004
---------- ---------- ----------
Commercial
real estate $ 559,195 $ 547,574 $ 488,137
Multifamily
real estate 113,205 107,745 92,687
Construction
and land 554,560 506,137 407,561
Commercial
business 406,948 395,249 321,979
Agricultural business
including secured by
farmland 130,776 148,343 138,501
One- to four-family
real estate 316,345 307,986 279,497
Consumer 80,808 79,814 68,220
---------- ---------- ----------
Total loans
outstanding $2,161,837 $2,092,848 $1,796,582
========== ========== ==========
NON-PERFORMING ASSETS: Mar 31, Dec 31, Mar 31,
--------------------- 2005 2004 2004
---------- ---------- ----------
Loans on non-accrual
status $ 17,718 $ 15,416 $ 26,686
Loans more than 90 days
delinquent, still on
accrual 108 472 766
---------- ---------- ----------
Total non-performing
loans 17,826 15,888 27,452
Real estate owned (REO)
/ Repossessed assets 1,072 1,559 2,166
---------- ---------- ----------
Total non-performing
assets $ 18,898 $ 17,447 $ 29,618
========== ========== ==========
Total non-performing
assets / Total
assets 0.64% 0.60% 1.09%
Quarters Ended
--------------------------------
Mar 31, Dec 31, Mar 31,
2005 2004 2004
---------- ---------- ----------
CHANGE IN THE ALLOWANCE FOR LOAN LOSSES:
---------------------------------------
Balance, beginning of
period $ 29,610 $ 29,407 $ 26,060
Provision 1,203 1,300 1,450
Recoveries of loans
previously charged off 373 176 151
Loans
charged-off (1,450) (1,273) (776)
---------- ---------- ----------
Net (charge-offs)
recoveries (1,077) (1,097) (625)
---------- ---------- ----------
---------- ---------- ----------
Balance, end
of period $ 29,736 $ 29,610 $ 26,885
========== ========== ==========
Net charge-offs /
Average loans
outstanding 0.05% 0.05% 0.04%
Allowance for loan
losses / Total loans
outstanding 1.38% 1.41% 1.50%
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands)
(Rates/Ratios Annualized)
Quarters Ended
--------------------------------
OPERATING Mar 31, Dec 31, Mar 31,
PERFORMANCE: 2005 2004 2004
----------- ---------- ---------- ----------
Average loans $2,125,833 $2,031,006 $1,750,998
Average securities
and deposits 633,420 656,762 716,046
Average non-interest-
earning assets 169,633 166,997 163,435
---------- ---------- ----------
Total average assets $2,928,886 $2,854,765 $2,630,479
========== ========== ==========
Average deposits $1,960,545 $1,928,851 $1,670,509
Average borrowings 719,544 684,303 732,789
Average non-interest-
earning liabilities 29,163 26,458 19,467
---------- ---------- ----------
Total average
liabilities 2,709,252 2,639,612 2,422,765
Total average
stockholders' equity 219,634 215,153 207,714
---------- ---------- ----------
`
Total average
liabilities and
equity $2,928,886 $2,854,765 $2,630,479
========== ========== ==========
Interest rate yield on
loans 6.89% 6.78% 6.67%
Interest rate yield
on securities and
deposits 4.18% 4.09% 4.27%
---------- ---------- ----------
Interest rate yield
on interest-earning
assets 6.27% 6.12% 5.97%
---------- ---------- ----------
Interest rate expense
on deposits 2.15% 2.01% 1.89%
Interest rate expense
on borrowings 3.95% 3.80% 3.32%
---------- ---------- ----------
Interest rate expense
on interest-bearing
liabilities 2.64% 2.48% 2.33%
---------- ---------- ----------
Interest rate spread 3.63% 3.64% 3.64%
========== ========== ==========
Net interest margin 3.71% 3.72% 3.70%
========== ========== ==========
Other operating
income / Average
assets 0.55% 0.60% 0.58%
Other operating
expense / Average
assets 2.95% 2.85% 2.88%
Efficiency ratio
(other operating
expense / revenue) 72.89% 69.52% 70.98%
Return on average assets 0.65% 0.73% 0.67%
Return on average equity 8.69% 9.74% 8.45%
Average equity /
Average assets 7.50% 7.54% 7.90%
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