Banner Corporation Fourth Quarter Net Income Increases to $4.4 Million; 2003 Profits Increase 74% to $16.1 Million as Loan and Deposit Portfolios Grow.Business Editors 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.--(BUSINESS WIRE)--Jan. 27, 2004 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 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 improved net interest income and growth in assets and deposits contributed to the increase in net income for the quarter and year ended December December: see month. 31, 2003, compared to the quarter and year ended December 31, 2002. For all of 2003, net income increased 74% to $16.1 million, or $1.44 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 $9.3 million, or $0.82 per diluted share, for 2002. For the fourth quarter of 2002, the Company reported a loss of $1.6 million, or $0.14 per diluted share, compared to net income of $4.4 million, or $0.39 per diluted share, for the fourth quarter of 2003. "It is particularly encouraging to end 2003 with an improving net interest margin for the fourth quarter, compared to the third quarter. We also continued to grow our balance sheet, which allowed net interest income to increase compared to a year ago despite the margin pressure caused by an extended period of exceptionally low market interest rates," said D. Michael Jones Mike or Michael Jones may refer to: In sports:
Credit Quality Non-performing assets were $31.6 million, or 1.20% of total assets, at December 31, 2003, a 25% reduction from $42.2 million, or 1.86% of total assets, at December 31, 2002. The loan loss provision for the fourth quarter was $1.4 million, level with the provision in the third quarter, and a substantial reduction from the $10.0 million provision for the fourth quarter a year ago. At December 31, 2003, the allowance for loan losses totaled $26.1 million, representing 1.51% of total loans outstanding, compared to $26.2 million, or 1.55% of total loans, at September September: see month. 30, 2003, and $26.5 million, or 1.69% of total loans, at December 31, 2002. "Unfortunately, during the fourth quarter, we placed one large agricultural borrowing relationship on non-accrual status, which offset a significant amount of improvement with respect to other non-performing assets. Nonetheless, for the year, we made meaningful progress improving asset quality," said Jones. "We are committed to achieving and maintaining a high quality loan portfolio." Income Statement Review Net interest margin increased 22 basis points to 3.57% for the quarter ended December 31, 2003, compared to 3.35% for the prior quarter. In the fourth quarter of 2002 the net interest margin was 3.86%. For the full year, the net interest margin was 3.53%, compared to 3.91% for the prior year. "After declining to a low point in the third quarter as a result of accelerated prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. on mortgage-related assets, the yield on the securities portfolio rebounded to over 4%, while the cost of deposits and borrowing continued to decline. The combined effect contributed to the expansion in our fourth quarter net interest margin," said Jones. "While we expect continued pressure on the margin in the current low rate environment, this improvement is notable." 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. ) for 2003 increased 6% to $100.2 million, compared to $94.2 million for 2002. For the fourth quarter, revenues increased to $25.3 million, compared to $25.1 million for the same quarter of 2002. "As refinancing Refinancing An extension and/or increase in amount of existing debt. activity slows, mortgage banking operations are returning to more normal levels. While this decreases our other operating income, it also decreases related expenses," said Jones. For the quarter, income from mortgage banking operations, including 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, was $1.6 million, compared to $3.1 million for the fourth quarter of 2002. Deposit fees and other service charges increased 24% for the quarter and year ended December 31, 2003, to $1.8 million and $7.2 million, respectively, compared to $1.5 million and $5.8 million for the same periods of 2002. Total other operating income for the quarter was $3.8 million, compared to $5.2 million for the same quarter last year. For 2003, other operating income grew 23% to $19.6 million, compared to $15.9 million for 2002. 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 $17.7 million for the quarter ended December 31, 2003, compared to $17.9 million for the third quarter of 2003 and $18.0 million for the fourth quarter of 2002, in part reflecting the decline in mortgage banking activity. For 2003, other operating expense totaled $69.9 million, compared to $60.4 million for the prior year. The ratio of other operating expense to average assets was 2.75% for the fourth quarter, compared to 2.84% for the third quarter of 2003 and 3.23% for the fourth quarter of 2002. For the year, the expense ratio was 2.86%, compared to 2.81% for 2002. Factors contributing to the higher annual 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. include the increase in branches and lending centers, substantially augmented lending staff, increases in compensation to real estate lenders due to their exceptional volumes, higher problem loan collection costs, and increased marketing expenditures. Balance Sheet Review "While loan payoffs and sales reduced the balance of one- to four-family loans, our loan portfolio continued its overall growth," said Jones. "Commercial and multifamily real estate, construction and land development loans have grown 19% from a year ago and now account for 55% of the portfolio, compared to 50% of the portfolio at December 31, 2002. Commercial business and agricultural lending has increased 14% over the past twelve months and now represents 26% of the total portfolio." Net loans grew 10%, to $1.7 billion at December 31, 2003, from $1.6 billion a year ago, despite a $49 million, or 14%, decline in one- to four-family loans. Excluding the one- to four-family loan portfolio, net loans increased 17% for the year. Assets increased 16%, to $2.6 billion at December 31, 2003, compared to $2.3 billion a year earlier. Deposits grew 12%, to $1.7 billion, compared to $1.5 billion at December 31, 2002. "The growth of deposits, and the declining cost of these deposits, is a welcome sign of our success in attracting and retaining good quality customers," Jones added. Book value per share increased to $18.37 at December 31, 2003, from $17.64 per share 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 totaled $15.06 per share at December 31, 2003, compared to $14.24 a year earlier. On December 18, 2003, the company announced a 7% increase in its quarterly cash dividend to $0.16 per share. The dividend was paid January January: see month. 9, 2004, to shareholders of record on December 31, 2003. Conference Call The company will host a conference call today, Tuesday Tuesday: see week. , January 27, 2004, at 8:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there , to discuss the fourth quarter and full year 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 567992 until Tuesday, February February: see month. 3, 2004 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 through February 10, 2004. About the Company Banner Corporation is the parent of Banner Bank, a commercial bank which operates a total of 42 branch offices and nine loan offices in 20 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 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). . Banner 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 the company'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, 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 Quarters Ended
--------------------- -----------------------------------
(In thousands except share and Dec 31, Sep 30, Dec 31,
per share data) 2003 2003 2002
----------- ----------- -----------
INTEREST INCOME:
Loans receivable $ 28,711 $ 29,260 $ 30,492
Mortgage-backed securities 3,857 2,227 2,526
Securities and cash equivalents 3,221 3,035 2,615
----------- ----------- -----------
35,789 34,522 35,633
INTEREST EXPENSE:
Deposits 8,373 8,889 9,455
Federal Home Loan Bank advances 5,056 5,339 5,604
Trust preferred securities 674 446 467
Other borrowings 226 188 226
----------- ----------- -----------
14,329 14,862 15,752
----------- ----------- -----------
Net interest income before
provision for loan losses 21,460 19,660 19,881
PROVISION FOR LOAN LOSSES 1,400 1,400 10,000
----------- ----------- -----------
Net interest income after
provision for loan losses 20,060 18,260 9,881
OTHER OPERATING INCOME:
Loan servicing fees 368 241 475
Deposit fees and other service
charges 1,832 1,895 1,473
Mortgage banking revenues 1,217 2,924 2,674
Gain (loss) on sale of
securities 45 15 - -
Miscellaneous 379 464 557
----------- ----------- -----------
Total other operating income 3,841 5,539 5,179
OTHER OPERATING EXPENSE:
Salary and employee benefits 11,737 12,495 10,505
Less capitalized loan
origination costs (1,618) (2,028) (1,737)
Occupancy and equipment 2,407 2,447 2,259
Information/computer data
services 896 930 1,069
Miscellaneous 4,254 4,024 5,883
----------- ----------- -----------
Total other operating expense 17,676 17,868 17,979
----------- ----------- -----------
Income before provision for
income taxes 6,225 5,931 (2,919)
PROVISION FOR INCOME TAXES 1,821 1,778 (1,362)
----------- ----------- -----------
NET INCOME $ 4,404 $ 4,153 $ (1,557)
=========== =========== ===========
Earnings per share
Basic $ 0.40 $ 0.38 $ (0.14)
Diluted $ 0.39 $ 0.37 $ (0.14)
Cumulative dividends declared per
common share $ 0.16 $ 0.15 $ 0.15
Weighted average shares
outstanding
Basic 10,885,611 10,842,791 10,738,460
Diluted 11,423,747 11,268,718 11,094,056
Shares repurchased during the
period 14,931 5,701 58,490
Year Ended
-----------------------
(In thousands except share and per share Dec 31, Dec 31,
data) 2003 2002
----------- -----------
INTEREST INCOME:
Loans receivable $ 116,211 $ 123,352
Mortgage-backed securities 12,319 10,738
Securities and cash equivalents 11,911 10,186
----------- -----------
140,441 144,276
INTEREST EXPENSE:
Deposits 34,984 39,206
Federal Home Loan Bank advances 21,842 24,094
Trust preferred securities 2,233 1,151
Other borrowings 789 1,518
----------- -----------
59,848 65,969
----------- -----------
Net interest income before provision for
loan losses 80,593 78,307
PROVISION FOR LOAN LOSSES 7,300 21,000
----------- -----------
Net interest income after provision for
loan losses 73,293 57,307
OTHER OPERATING INCOME:
Loan servicing fees 1,056 1,471
Deposit fees and other service charges 7,224 5,804
Mortgage banking revenues 9,447 6,695
Gain (loss) on sale of securities 63 27
Miscellaneous 1,791 1,880
----------- -----------
Total other operating income 19,581 15,877
OTHER OPERATING EXPENSE:
Salary and employee benefits 47,032 38,262
Less capitalized loan origination costs (7,196) (5,780)
Occupancy and equipment 9,575 8,522
Information/computer data services 3,532 3,331
Miscellaneous 16,933 16,110
----------- -----------
Total other operating expense 69,876 60,445
----------- -----------
Income before provision for income taxes 22,998 12,739
PROVISION FOR INCOME TAXES 6,891 3,479
----------- -----------
NET INCOME $ 16,107 $ 9,260
=========== ===========
Earnings per share
Basic $ 1.49 $ 0.85
Diluted $ 1.44 $ 0.82
Cumulative dividends declared per common
share $ 0.61 $ 0.60
Weighted average shares outstanding
Basic 10,830,365 10,932,573
Diluted 11,216,784 11,351,647
Shares repurchased during the period 23,657 422,844
FINANCIAL CONDITION
---------------------
(In thousands except Dec 31, Sep 30, Dec 31, Dec 31,
share and per share 2003 2003 2002 2002
data) ----------- ----------- ----------- -----------
ASSETS
------
Cash and due from
banks $ 77,298 $ 72,320 $ 132,910 $ 132,910
Securities available
for sale 674,942 592,830 421,222 421,222
Securities held to
maturity 27,232 12,528 13,253 13,253
Federal Home Loan
Bank stock 34,693 34,262 32,831 32,831
Loans receivable:
Held for sale 15,912 23,593 39,366 39,366
Held for portfolio 1,711,013 1,668,392 1,534,100 1,534,100
Allowance for loan
losses (26,060) (26,161) (26,539) (26,539)
----------- ----------- ----------- -----------
1,700,865 1,665,824 1,546,927 1,546,927
Accrued interest
receivable 13,410 13,944 13,689 13,689
Real estate held for
sale, net 2,967 6,849 6,062 6,062
Property and
equipment, net 22,818 22,074 20,745 20,745
Goodwill and other
intangibles 36,513 36,563 36,714 36,714
Deferred income tax
asset, net 1,941 1,391 2,786 2,786
Bank owned life
insurance 33,669 33,218 31,809 31,809
Other assets 8,965 10,563 4,224 4,224
----------- ----------- ----------- -----------
$ 2,635,313 $ 2,502,366 $ 2,263,172 $ 2,263,172
=========== =========== =========== ===========
LIABILITIES
-----------
Deposits:
Non-interest-bearing $ 205,656 $ 203,396 $ 200,500 $ 200,500
Interest-bearing 1,465,284 1,502,324 1,297,278 1,297,278
----------- ----------- ----------- -----------
1,670,940 1,705,720 1,497,778 1,497,778
Borrowings:
Advances from Federal
Home Loan Bank 612,552 461,552 465,743 465,743
Trust preferred
securities 56,703 55,000 40,000 40,000
Other borrowings 69,444 58,764 41,202 41,202
----------- ----------- ----------- -----------
738,699 575,316 546,945 546,945
Accrued expenses and
other liabilities 18,444 19,139 24,700 24,700
Deferred compensation 4,252 4,006 3,372 3,372
Income taxes payable 178 - - - - - -
----------- ----------- ----------- -----------
2,432,513 2,304,181 2,072,795 2,072,795
STOCKHOLDERS' EQUITY
--------------------
Common stock and
additional paid in
capital 123,375 121,383 120,554 120,554
Retained earnings 80,286 77,411 70,813 70,813
Accumulated other
comprehensive income 3,191 4,166 3,488 3,488
Unearned shares of
common stock issued
to Employee Stock
Ownership Plan (ESOP)
trust: at cost (3,589) (4,264) (4,262) (4,262)
Net carrying value of
stock related deferred
compensation plans (463) (511) (216) (216)
----------- ----------- ----------- -----------
202,800 198,185 190,377 190,377
----------- ----------- ----------- -----------
$ 2,635,313 $ 2,502,366 $ 2,263,172 $ 2,263,172
=========== =========== =========== ===========
Shares Issued:
Shares outstanding at
end of period 11,473,331 11,415,636 11,306,977 11,306,977
Less unearned ESOP
shares at end of
period 434,299 515,960 515,707 515,707
----------- ----------- ----------- -----------
Shares outstanding at
end of period
excluding unearned
ESOP shares 11,039,032 10,899,676 10,791,270 10,791,270
=========== =========== =========== ===========
Book value per share
(1) $ 18.37 $ 18.18 $ 17.64 $ 17.64
Tangible book value
per share (1) $ 15.06 $ 14.83 $ 14.24 $ 14.24
Consolidated Tier 1
leverage capital
ratio 8.67% 8.64% 8.77% 8.77%
(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 Dec 31, Sep 30, Dec 31,
sale): 2003 2003 2002
---------------- ---------- ---------- ----------
Secured by real
estate:
One- to four-
family $ 275,197 $ 274,723 $ 329,314
Consumer secured
by one to four-
family 31,277 28,243 26,195
---------- ---------- ----------
Total one to
four-family 306,474 302,966 355,509
Commercial 455,964 433,800 379,099
Multifamily 89,072 76,397 72,333
Construction and
land 398,954 392,819 339,516
Commercial business 321,671 326,368 285,231
Agricultural
business including
secured by farmland 118,903 122,890 102,626
Consumer 35,887 36,745 39,152
---------- ---------- ----------
Total loans
outstanding $1,726,925 $1,691,985 $1,573,466
========== ========== ==========
NON-PERFORMING Dec 31, Sep 30, Dec 31,
ASSETS: 2003 2003 2002
-------------- ---------- ---------- ----------
Loans on non-
accrual status $ 28,010 $ 23,209 $ 34,249
Accruing loans
greater than 90
days delinquent 421 1,227 1,859
---------- ---------- ----------
Total non-
performing loans 28,431 24,436 36,108
Real estate owned
(REO)/Repossessed
assets 3,132 7,164 6,062
---------- ---------- ----------
Total non-
performing
assets $ 31,563 $ 31,600 $ 42,170
========== ========== ==========
Total non-performing
assets/Total assets 1.20% 1.26% 1.86%
Quarters Ended Year Ended
CHANGE IN THE -------------------------------- ----------------
ALLOWANCE FOR LOAN Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
LOSSES: 2003 2003 2002 2003 2002
------------------- ---------- ---------- ---------- ------- --------
Balance at
beginning of
period $ 26,161 $ 26,075 $ 19,150 $26,539 $ 17,552
Acquisitions /
(divestitures) - - - - - - - - 460
Provision for loan
losses 1,400 1,400 10,000 7,300 21,000
Recoveries 155 566 208 1,075 325
Charge-offs (1,656) (1,880) (2,819) (8,854) (12,798)
---------- ---------- ---------- ------- --------
Net (charge-offs)
recoveries (1,501) (1,314) (2,611) (7,779) (12,473)
---------- ---------- ---------- ------- --------
---------- ---------- ---------- ------- --------
Balance at end of
period $ 26,060 $ 26,161 $ 26,539 $26,060 $ 26,539
========== ========== ========== ======= ========
Net charge-offs /
Average loans
outstanding 0.09% 0.08% 0.16% 0.47% 0.78%
Allowance for loan
losses/Total
loans outstanding 1.51% 1.55% 1.69% 1.51% 1.69%
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands)
(Rates/Ratios Annualized)
Quarters Ended
--------------------------------
Dec 31, Sep 30, Dec 31,
OPERATING PERFORMANCE: 2003 2003 2002
---------------------- ---------- ---------- ----------
Average loans $1,701,335 $1,698,796 $1,589,608
Average securities and deposits 685,836 628,485 454,671
Average non-interest-earning assets 167,042 170,972 162,595
---------- ---------- ----------
Total average assets $2,554,213 $2,498,253 $2,206,874
========== ========== ==========
Average deposits $1,678,097 $1,691,159 $1,481,623
Average borrowings 654,057 586,894 515,612
Average non-interest-earning
liabilities 22,407 23,470 14,582
---------- ---------- ----------
Total average liabilities 2,354,561 2,301,523 2,011,817
Total average equity 199,652 196,730 195,057
---------- ---------- ----------
Total average liabilities and
equity $2,554,213 $2,498,253 $2,206,874
========== ========== ==========
Interest rate yield on loans 6.70% 6.83% 7.61%
Interest rate yield on securities
and deposits 4.09% 3.32% 4.49%
---------- ---------- ----------
Interest rate yield on interest-
earning assets 5.95% 5.89% 6.92%
---------- ---------- ----------
Interest rate expense on deposits 1.98% 2.09% 2.53%
Interest rate expense on borrowings 3.61% 4.04% 4.85%
---------- ---------- ----------
Interest rate expense on interest-
bearing liabilities 2.44% 2.59% 3.13%
---------- ---------- ----------
Interest rate spread 3.51% 3.30% 3.79%
========== ========== ==========
Net interest margin 3.57% 3.35% 3.86%
========== ========== ==========
Other operating income/Average
assets 0.60% 0.88% 0.93%
Other operating expense/Average
assets 2.75% 2.84% 3.23%
Efficiency ratio (other operating
expense/revenue) 69.86% 70.91% 71.74%
Return on average assets 0.68% 0.66% (0.28%)
Return on average equity 8.75% 8.38% (3.17%)
Average equity/Average assets 7.82% 7.87% 8.84%
Year Ended
---------------------
Dec 31, Dec 31,
OPERATING PERFORMANCE: 2003 2002
---------------------- ---------- ----------
Average loans $1,654,344 $1,589,035
Average securities and deposits 625,804 413,419
Average non-interest-earning assets 163,481 148,706
---------- ----------
Total average assets $2,443,629 $2,151,160
========== ==========
Average deposits $1,619,297 $1,404,426
Average borrowings 609,356 537,079
Average non-interest-earning liabilities 18,735 13,177
---------- ----------
Total average liabilities 2,247,388 1,954,682
Total average equity 196,241 196,478
---------- ----------
Total average liabilities and equity $2,443,629 $2,151,160
========== ==========
Interest rate yield on loans 7.02% 7.76%
Interest rate yield on securities and deposits 3.87% 5.06%
---------- ----------
Interest rate yield on interest-
earning assets 6.16% 7.20%
---------- ----------
Interest rate expense on deposits 2.16% 2.79%
Interest rate expense on borrowings 4.08% 4.98%
---------- ----------
Interest rate expense on interest-
bearing liabilities 2.69% 3.40%
---------- ----------
Interest rate spread 3.47% 3.80%
========== ==========
Net interest margin 3.53% 3.91%
========== ==========
Other operating income/Average assets 0.80% 0.74%
Other operating expense/Average assets 2.86% 2.81%
Efficiency ratio (other operating expense/
revenue) 69.75% 64.18%
Return on average assets 0.66% 0.43%
Return on average equity 8.21% 4.71%
Average equity/Average assets 8.03% 9.13%
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