Banner Corporation Reports Year to Date Profits Increase 18% Fueled by Strong Loan and Deposit Growth.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 exceptional growth in loans and deposits contributed to an 18% increase in net income for the first six months of 2004. For the first half of the year, net income was $8.9 million, or $0.76 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 $7.6 million, or $0.68 per diluted share, for the same period a year earlier. For the second quarter, net income grew 10% to $4.5 million, or $0.39 per diluted share, compared to $4.1 million, or $0.37 per diluted share, for the second quarter of 2003. "We are continuing to focus on building a well-rounded commercial bank," said D. Michael Jones Mike or Michael Jones may refer to: In sports:
The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point remain strong as our revenues, loans and deposits have steadily increased. We are also moving forward and expanding our franchise. During the most recent quarter, we purchased three branch properties and a piece of undeveloped land from a major bank that recently completed an acquisition. This facilities purchase is part of an ambitious strategy to grow deposits by expanding our retail distribution in important markets in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , 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). . These properties, located in 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. , Kent, Everett Everett. 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. and Bellingham Bellingham (bĕl`ĭnghăm'), city (1990 pop. 52,179), seat of Whatcom co., NW Wash., a port of entry on Bellingham Bay, one of the best harbors on the U.S. Pacific coast, near Canada; inc. 1904. , are all part of 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, the most highly
populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. area in the Pacific Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. with the most significant business activity. Earlier this year, we opened new offices in Hillsboro, Oregon Hillsboro is a city in and county seat of Washington County, Oregon, United States.GR6 The community began in 1842 and was named Hillsborough in 1850, before incorporation in 1876 as Hillsboro. , 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 Boise, city, United States Boise (boi`sē, –zē), city (1990 pop. 125,738), state capital and seat of Ada co., SW Idaho, on the Boise River; inc. 1864. and Twin Falls, Idaho
Second Quarter 2004 Highlights (Compared to Second Quarter 2003) --Net income increased 10% to $4.5 million. --Net interest income, after the provision for loan loss, increased 23% to $22.0 million. --Assets grew 10% to $2.8 billion. --Loans grew 15% to $1.9 billion. --Revenues increased 8% to $27.5 million. --Deposits grew 8% to $1.8 billion. --Provision for loan losses decreased 36% to $1.5 million as asset quality continued to improve. Income Statement Review Second quarter 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 8% to $27.5 million compared to $25.4 million in the second quarter of 2003. For the first half of the year, revenues increased 9% to $54.1 million compared to $49.7 million in the same period of 2003. For the quarter, net interest income before the provision for loan losses increased 17% to $23.4 million compared to $20.1 million in the second quarter of 2003. For the first half of the year, net interest income before the provision for loan losses increased 17% to $46.1 million compared to $39.5 million in the same period of 2003. Following the addition of $1.5 million to its provision for loan losses, Banner's net interest income for the quarter increased 23% to $22.0 million compared to $17.8 million in the second quarter a year ago. Income from fees and service charges increased 12% for the second quarter and for the first six months of the year compared to the respective periods last year, as the number of new deposit accounts and balances both increased. Deposit fees and other service charges increased to $2.1 million in the second quarter compared to $1.8 million for the second quarter of 2003. Although mortgage banking operations increased from the first quarter, they declined from the second quarter a year ago when refinancing Refinancing An extension and/or increase in amount of existing debt. activity was at higher levels. "As refinancing activity slows, mortgage banking operations are returning to more normal levels," 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 $1.8 million compared to $3.2 million for the second quarter of 2003. Total other operating income for the quarter was $4.1 million compared to $5.4 million for the same quarter last year, declining principally as a result of the decrease in mortgage banking operations. Banner's net interest margin increased 8 basis points to 3.65% for the quarter ended June June: see month. 30, 2004, compared to 3.57% in the second quarter of 2003, but declined by 5 basis points from the first quarter of 2004. For the first half of 2004, net interest margin increased 5 basis points to 3.67%, from 3.62% in the first half of 2003. "Our net interest margin came under pressure during the quarter as a result of slightly lower yields on both loans and investments and an apparent end to a 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. period of declining funding costs, reflecting recent changes in interest rate markets," said Jones. "We have been booking better quality loans at somewhat narrower spreads in a very competitive market. In addition, the rate floors supporting some of our loans have been pushed lower in the current low rate environment as the loans mature and renew." Over the past year Banner has opened five branches and four lending centers. Hiring personnel to staff this expansion and increased occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal have contributed to a higher level of non-interest (other) expense. Continued legal and collection costs associated with certain non-performing assets, and expenses related to compliance with the additional disclosure and attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her provisions of the Sarbanes-Oxley Act See SOX. also added to 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. in the current period. Other operating expense was $19.5 million for the quarter ended June 30, 2004, compared to $17.3 million in the second quarter of 2003. For the first half of the year, other operating expense was $38.4 million compared to $34.3 million for the first half of 2003. Balance Sheet Review Assets reached a record $2.8 billion at June 30, 2004, a 10% increase from $2.5 billion a year earlier. Deposits grew 8%, to $1.8 billion, compared to $1.7 billion at June 30, 2003. Book value per share increased to $18.08 at June 30, 2004, from $17.96 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 was $14.82 per share at June 30, 2004, compared to $14.59 a year earlier. Net loans grew 15%, to $1.9 billion at June 30, 2004, from $1.7 billion a year ago. "We have seen excellent growth in the commercial and multifamily real estate area, construction and land loans, and agricultural business," said Jones. "Commercial and multifamily real estate and construction and land development loans have increased 21% from year ago levels and now represent 55% of the loan portfolio. Commercial business and agricultural lending has increased 14% over the past twelve months and now represents 26% of the total portfolio." Single family lending represents just 17% of Banner's loan portfolio. Credit Quality Non-performing assets were $28.9 million, or 1.05% of total assets, at June 30, 2004, a 22% reduction from $37.1 million, or 1.48% of total assets, at June 30, 2003. The loan loss provision for the second quarter was $1.5 million, which is level with the provision in the first quarter, and a 36% reduction from the $2.3 million provision for the second quarter a year ago. At June 30, 2004, the allowance for loan losses totaled $28.0 million, representing 1.47% of total loans outstanding. Net charged off loans for the first six months of 2004 were 5 basis points of average loans outstanding, a significant improvement from the first six months of the prior year when net charge-offs were 31 basis points. Conference Call The Company will host a conference call today, Wednesday Wednesday: see week. , July July: see month. 28, 2004, 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 the second 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 11003070# until Wednesday, August 4, 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. About the Company Banner Corporation is the parent company of Banner Bank, a commercial bank which operates a total of 46 branch offices and twelve 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 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 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, 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 6 Months Ended
--------- --------- --------- --------- ---------
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
2004 2004 2003 2004 2003
--------- --------- --------- --------- ---------
INTEREST INCOME:
Loans
receivable $ 30,298 $ 29,019 $ 29,396 $ 59,317 $ 58,240
Mortgage-backed
securities 4,394 4,527 3,183 8,921 6,235
Securities
and cash
equivalents 3,140 3,081 2,833 6,221 5,655
--------- --------- --------- --------- ---------
37,832 36,627 35,412 74,459 70,130
INTEREST EXPENSE:
Deposits 8,404 7,864 8,851 16,268 17,722
Federal Home
Loan Bank
advances 4,962 5,125 5,747 10,087 11,447
Junior
subordinated
debentures
/ trust
preferred
securities 843 692 546 1,535 1,113
Other
borrowings 223 237 203 460 375
--------- --------- --------- --------- ---------
14,432 13,918 15,347 28,350 30,657
--------- --------- --------- --------- ---------
Net interest
income before
provision for
loan losses 23,400 22,709 20,065 46,109 39,473
--------- --------- --------- --------- ---------
PROVISION FOR
LOAN LOSSES 1,450 1,450 2,250 2,900 4,500
--------- --------- --------- --------- ---------
Net interest
income 21,950 21,259 17,815 43,209 34,973
OTHER OPERATING
INCOME:
Loan servicing
fees 347 266 (83) 613 447
Other fees and
service charges 2,057 1,843 1,839 3,900 3,497
Mortgage banking
operations 1,452 1,252 3,244 2,704 5,306
Gain (loss)
on sale of
securities 62 11 -- 73 3
Miscellaneous 207 444 383 651 948
--------- --------- --------- --------- ---------
Total other
operating
income 4,125 3,816 5,383 7,941 10,201
OTHER OPERATING
EXPENSE:
Salary and
employee
benefits 13,024 12,103 11,589 25,127 22,800
Less capitalized
loan
origination
costs (1,891) (1,487) (1,975) (3,378) (3,550)
Occupancy
and equipment 2,645 2,487 2,349 5,132 4,721
Information /
computer data
services 1,016 1,026 868 2,042 1,706
Professional
services 790 915 844 1,705 1,274
Advertising 1,341 1,108 801 2,449 1,667
Miscellaneous 2,611 2,676 2,799 5,287 5,714
--------- --------- --------- --------- ---------
Total other
operating
expense 19,536 18,828 17,275 38,364 34,332
--------- --------- --------- --------- ---------
Income before
provision
for income
taxes 6,539 6,247 5,923 12,786 10,842
PROVISION FOR
INCOME TAXES 1,991 1,884 1,802 3,875 3,292
--------- --------- --------- --------- ---------
NET INCOME $ 4,548 $ 4,363 $ 4,121 $ 8,911 $ 7,550
========= ========= ========= ========= =========
Earnings per
share
Basic $ 0.41 $ 0.39 $ 0.38 $ 0.80 $ 0.70
Diluted $ 0.39 $ 0.38 $ 0.37 $ 0.76 $ 0.68
Cumulative
dividends
declared per
common share $ 0.16 $ 0.16 $ 0.15 $ 0.32 $ 0.30
Weighted
average shares
outstanding
Basic 11,140,502 11,051,187 10,805,856 11,095,844 10,796,218
Diluted 11,720,499 11,634,105 11,130,330 11,685,980 11,085,621
Shares
repurchased
during the
period 11,953 7,729 -- 19,682 --
FINANCIAL CONDITION
-------------------
(In thousands except share and per share data)
Jun 30, Mar 31, Jun 30, Dec 31,
2004 2004 2003 2003
----------- ----------- ----------- -----------
ASSETS
--------------------
Cash and due from
banks $ 53,699 $ 61,894 $143,945 $ 77,298
Securities available
for sale 600,048 693,257 563,969 674,942
Securities held to
maturity 51,211 31,498 11,191 27,232
Federal Home Loan
Bank stock 35,387 35,038 33,814 34,693
Loans receivable:
Held for sale 5,887 12,100 39,602 15,912
Held for portfolio 1,903,532 1,784,482 1,624,514 1,711,013
Allowance for
loan losses (28,037) (26,885) (26,075) (26,060)
----------- ----------- ----------- -----------
1,881,382 1,769,697 1,638,041 1,700,865
Accrued interest
receivable 14,341 13,889 14,293 13,410
Real estate owned
held for sale, net 3,564 2,077 8,691 2,967
Property and
equipment, net 32,815 24,779 20,216 22,818
Goodwill and other
intangibles, net 36,441 36,477 36,613 36,513
Deferred income tax
asset, net 7,024 1,335 1,810 1,941
Bank-owned life
insurance 34,529 34,143 32,748 33,669
Other assets 9,629 8,901 9,368 8,965
----------- ----------- ----------- -----------
$ 2,760,070 $ 2,712,985 $ 2,514,699 $ 2,635,313
=========== =========== =========== ===========
LIABILITIES
--------------------
Deposits:
Non-interest-
bearing $ 209,704 $ 203,695 $ 191,134 $ 205,656
Interest-bearing 1,622,889 1,546,195 1,501,730 1,465,284
----------- ----------- ----------- -----------
1,832,593 1,749,890 1,692,864 1,670,940
Borrowings:
Advances from
Federal Home Loan
Bank 555,058 585,158 507,952 612,552
Junior subordinated
debentures 72,168 72,168 -- 56,703
Trust preferred
securities -- -- 40,000 --
Other borrowings 72,539 74,445 42,014 69,444
----------- ----------- ----------- -----------
699,765 731,771 589,966 738,699
Accrued expenses and
other liabilities 17,911 16,538 31,537 18,444
Deferred compensation 4,739 4,500 3,728 4,252
Income taxes payable 2,768 751 1,723 178
----------- ----------- ----------- -----------
2,557,776 2,503,450 2,319,818 2,432,513
STOCKHOLDERS' EQUITY
--------------------
Common stock 125,438 124,730 121,384 123,375
Retained earnings 85,494 82,801 74,966 80,286
Accumulated other
comprehensive income (4,461) 6,062 3,340 3,191
Unearned shares of
common stock issued
to Employee Stock
Ownership Plan (ESOP)
trust: at cost (3,628) (3,628) (4,264) (3,589)
Net carrying value of
stock related deferred
compensation plans (549) (430) (545) (463)
----------- ----------- ----------- -----------
202,294 209,535 194,881 202,800
----------- ----------- ----------- -----------
$ 2,760,070 $ 2,712,985 $ 2,514,699 $ 2,635,313
=========== =========== =========== ===========
Shares Issued:
Shares outstanding at
end of period 11,630,434 11,578,934 11,366,835 11,473,331
Less unearned ESOP
shares at end of
period 438,985 438,985 515,707 434,299
----------- ----------- ----------- -----------
Shares outstanding at
end of period
excluding unearned
ESOP shares 11,191,449 11,139,949 10,851,128 11,039,032
=========== =========== =========== ===========
Book value per
share (1) $ 18.08 $ 18.81 $ 17.96 $ 18.37
Tangible book value
per share (1) $ 14.82 $ 15.53 $ 14.59 $ 15.06
Consolidated Tier 1
leverage capital
ratio 8.86% 9.07% 8.20% 8.73%
(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 Jun 30, Mar 31, Jun 30, Dec 31,
held for sale): 2004 2004 2003 2003
------------------------- ---------- ---------- ---------- ----------
Secured by real estate:
One- to four-family $ 287,990 $ 279,497 $ 299,524 $ 275,197
Consumer secured by
one- to four-family 38,918 32,600 25,875 31,277
---------- ---------- ---------- ----------
Total one to four-
family 326,908 312,097 325,399 306,474
Commercial 506,411 488,137 407,419 455,964
Multifamily 104,936 92,687 76,598 89,072
Construction and land 433,611 407,561 376,385 398,954
Commercial business 340,493 321,979 328,130 321,671
Agricultural business
including secured by
farmland 160,920 138,501 113,445 118,903
Consumer 36,140 35,620 36,740 35,887
---------- ---------- ---------- ----------
Total loans
outstanding $1,909,419 $1,796,582 $1,664,116 $1,726,925
========== ========== ========== ==========
NON-PERFORMING ASSETS: Jun 30, Mar 31, Jun 30, Dec 31,
2004 2004 2003 2003
------------------------- ---------- ---------- ---------- ----------
Loans on non-accrual
status $ 24,118 $ 26,686 $ 27,196 $ 28,010
Loans more than 90 days
delinquent, still on
accrual 1,139 766 926 421
---------- ---------- ---------- ----------
Total non-performing
loans 25,257 27,452 28,122 28,431
Real estate owned (REO)
/ Repossessed assets 3,613 2,166 9,018 3,132
---------- ---------- ---------- ----------
Total non-performing
assets $ 28,870 $ 29,618 $ 37,140 $ 31,563
========== ========== ========== ==========
Total non-performing
assets / Total assets 1.05% 1.09% 1.48% 1.20%
Quarters Ended 6 Months Ended
-------------------------- -----------------
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
2004 2004 2003 2004 2003
-------- -------- -------- -------- --------
CHANGE IN THE ALLOWANCE
FOR LOAN LOSSES:
-------------------------
Balance, beginning of
period $ 26,885 $ 26,060 $ 25,551 $ 26,060 $ 26,539
Provision 1,450 1,450 2,250 2,900 4,500
Recoveries of loans
previously charged off: 285 151 244 436 354
Loans charged-off: (583) (776) (1,970) (1,359) (5,318)
-------- -------- -------- -------- --------
Net (charge-offs)
recoveries (298) (625) (1,726) (923) (4,964)
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
Balance, end of period $ 28,037 $ 26,885 $ 26,075 $ 28,037 $ 26,075
======== ======== ======== ======== ========
Net charge-offs / Average
loans outstanding 0.02% 0.04% 0.11% 0.05% 0.31%
Allowance for loan losses
/ Total loans
outstanding 1.47% 1.50% 1.57% 1.47% 1.57%
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands)
(Rates / Ratios Annualized)
Quarters Ended 6 Months Ended
-------------------------------- ---------------------
OPERATING Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
PERFORMANCE: 2004 2004 2003 2004 2003
-------------- ---------- ---------- ---------- ---------- ----------
Average loans $1,858,449 $1,750,998 $1,633,218 $1,804,723 $1,607,865
Average
securities
and deposits 721,778 716,046 622,141 718,912 593,927
Average
non-interest-
earning assets 149,293 163,435 160,455 156,365 158,950
---------- ---------- ---------- ---------- ----------
Total average
assets $2,729,520 $2,630,479 $2,415,814 $2,680,000 $2,360,742
========== ========== ========== ========== ==========
Average
deposits $1,776,837 $1,670,509 $1,598,829 $1,723,673 $1,552,883
Average
borrowings 725,047 732,789 607,483 728,918 598,053
Average non-
interest-earning
liabilities 20,468 19,467 13,980 19,968 15,548
---------- ---------- ---------- ---------- ----------
Total average
liabilities 2,522,352 2,422,765 2,220,292 2,472,559 2,166,484
Total average
stockholders'
equity 207,168 207,714 195,522 207,441 194,258
---------- ---------- ---------- ---------- ----------
Total average
liabilities
and equity $2,729,520 $2,630,479 $2,415,814 $2,680,000 $2,360,742
========== ========== ========== ========== ==========
Interest rate
yield on loans 6.56% 6.67% 7.22% 6.61% 7.30%
Interest rate
yield on
securities and
deposits 4.20% 4.27% 3.88% 4.24% 4.04%
---------- ---------- ---------- ---------- ----------
Interest rate
yield on
interest-
earning
assets 5.90% 5.97% 6.30% 5.93% 6.42%
---------- ---------- ---------- ---------- ----------
Interest rate
expense on
deposits 1.90% 1.89% 2.22% 1.90% 2.30%
Interest rate
expense on
borrowings 3.34% 3.32% 4.29% 3.33% 4.36%
---------- ---------- ---------- ---------- ----------
Interest rate
expense on
interest-
bearing
liabilities 2.32% 2.33% 2.79% 2.32% 2.87%
---------- ---------- ---------- ---------- ----------
Interest
rate spread 3.58% 3.64% 3.51% 3.61% 3.55%
========== ========== ========== ========== ==========
Net interest
margin 3.65% 3.70% 3.57% 3.67% 3.62%
========== ========== ========== ========== ==========
Other operating
income /
Average assets 0.61% 0.58% 0.89% 0.60% 0.87%
Other operating
expense /
Average assets 2.88% 2.88% 2.87% 2.88% 2.93%
Efficiency
ratio (other
operating
expense /
revenue) 70.98% 70.98% 67.88% 70.98% 69.11%
Return on
average assets 0.67% 0.67% 0.68% 0.67% 0.64%
Return on
average equity 8.83% 8.45% 8.45% 8.64% 7.84%
Average equity
/ Average
assets 7.59% 7.90% 8.09% 7.74% 8.23%
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