Exhibit 99.1
Contact: Kenneth J. Mahon
Exec. VP and Chief Financial Officer
718-782-6200 extension 8265
Stephanie Prince
Director of Corporate Marketing
718-782-6200 extension 8250
DIME COMMUNITY BANCSHARES REPORTS FIRST QUARTER 2005 EARNINGS
Brooklyn, NY - April 26, 2005 - Dime Community Bancshares, Inc. (NASDAQ: DCOM, the "Company"), the parent company of The Dime Savings Bank of Williamsburgh (the "Bank"), today reported net income of $10.9 million, or 30 cents per diluted share, for the quarter ended March 31, 2005, compared to $12.3 million, or 33 cents per diluted share, for the quarter ended March 31, 2004 and $10.2 million, or 29 cents per diluted share, for the quarter ended December 31, 2004.
Earnings, excluding income from prepayment fees on loans and gains or losses on the sale of assets, were $9.9 million, or 28 cents per diluted share, for the quarter ended March 31, 2005, compared to $10.4 million, or 28 cents per diluted share, for the quarter ended March 31, 2004 and $9.6 million, or 27 cents per diluted share, for the quarter ended December 31, 2004.
First Quarter Highlights
| § | Real estate loan originations totaled $115.0 million, with an average interest rate of 5.49%. |
| § | Loan sales to Fannie Mae totaled $24.4 million. |
| § | The annualized loan amortization rate increased to 15% from 11% sequentially. |
| § | Total assets declined by 0.8% annualized. |
| § | Net interest margin was 2.87%, six basis points lower sequentially. |
| § | Non-interest expenses declined 6% year-over-year and 11% sequentially. |
| § | The Company repurchased 184,700 shares into treasury during the quarter. |
“The first quarter was highlighted by higher than expected prepayment fee income that brought reported earnings one penny above the range we had estimated at the beginning of the quarter," said Vincent F. Palagiano, Chairman and Chief Executive Officer. "During the quarter, we began to see the lagging effect of the tightening of monetary policy by the Federal Open Market Committee upon our average cost of funds and net interest margin. We are pleased with the overall performance of our deposit funding costs, which, despite increasing 11 basis points during the quarter, continue to significantly lag the overall movement in interest rates over the past nine months."
Mr. Palagiano further noted, “We are currently actively exploring expansion of our branch network. Branch development is being considered in anticipation of resuming a strategy to grow our earning assets as interest rates approach more normalized ranges, allowing the Bank to more fully leverage its strong capital base.”
FINANCIAL RESULTS
For the quarter ended March 31, 2005, the Company’s pre-tax income was $17.2 million, compared to $19.3 million in the same quarter of the previous year. This $2.1 million decrease was primarily due to decreases of $1.1 million in net interest income and $1.6 million in non-interest income, which was partially offset by a decrease of $607,000 in non-interest expense. Average earning assets grew by $274 million year-over-year, however, net interest income declined due to a 42 basis point contraction in net interest margin from 3.29% at March 31, 2004 to 2.87% at March 31, 2005. The decline in non-interest income reflected a decline of $958,000 in prepayment fees and the absence of any gains on the sale of securities this quarter ($516,000 of gains were recorded during the quarter ended March 31, 2004). The decrease of $607,000 in non-interest expense was due mainly to lower expenses in the ESOP and executive benefits plans, and in core computer service costs.
On a linked quarter basis, the Company’s pre-tax income increased $844,000 from $16.4 million in the December 2004 quarter, to $17.2 million in the March 2005 quarter. A decrease of $826,000 in net interest income was offset by a $518,000 increase in prepayment fee income ($1.6 million earned in prepayment fee income this quarter) combined with a reduction of $1.2 million in non-interest expense. Various cost savings activities implemented over the past several quarters, including a reduction in certain supplemental executive benefit plans, freezing the Board of Directors’ retirement plan, and a reduction in core processing costs, contributed to the reduction in non-interest expense.
Net interest margin declined 6 basis points to 2.87% during the March 2005 quarter from 2.93% in the December 2004 quarter. The decline was due to an increase of 13 basis points in the average cost on interest bearing liabilities (primarily the cost of deposits) combined with a decrease in the yield on real estate loans of 3 basis points to 5.62%. However, since loans in the Bank’s pipeline as of March 31, 2005 had an average rate of 5.55%, we expect a slowdown in the rate of decline in the yield on mortgage assets.
Average deposits per branch approximated $108 million at March 31, 2005, lower than the $114 million average at March 31, 2004 and the $111 million average at December 31, 2004. The loan-to-deposit ratio was 114% at March 31, 2005, compared to 101% at March 31, 2004 and 113% at December 31, 2004. Core deposits comprised 56% of total deposits at March 31, 2005, compared to 57% at both March 31, 2004 and December 31, 2004.
Over the past nine months, management has elected not to grow deposits due to the Company’s reluctance to add loans at the then prevailing unsustainably low loan rates.
Non-interest income, excluding gains or losses on the sale of assets, totaled $3.9 million during the quarter ended March 31, 2005, compared to $5.0 million in the quarter ended March 31, 2004 and $3.3 million in the quarter ended December 31, 2004. The variances resulted primarily from prepayment fee income, which totaled $1.6 million in the quarter ended March 31, 2005, $2.5 million in the quarter ended March 31, 2004 and $1.1 million in the quarter ended December 31, 2004.
The Company recorded a net gain of $135,000 on the sale of $24.4 million in loans to Fannie Mae during the quarter ended March 31, 2005. The Company recorded net gains of $357,000 on the sale of $23.6 million in loans to Fannie Mae during the quarter ended December 31, 2004 and $60,000 on the sale of $5.6 million in loans to Fannie Mae during the quarter ended March 31, 2004.
There were no gains or losses recorded on sales of securities during the quarters ended March 31, 2005 and December 31, 2004. The Company recorded gains of $516,000 on the sale of securities during the quarter ended March 31, 2004.
Non-interest expense totaled $9.8 million during the quarter ended March 31, 2005, a decrease of $607,000, or 6%, from the prior year quarter, and a decline of $1.2 million, or 11%, sequentially. During the quarter ended December 31, 2004, the Company incurred a non-recurring charge of $640,000 that resulted from the data system conversion completed in November 2004. In the quarter ended March 31, 2005, cost savings of $236,000 were realized from adjustments made to various benefit plans. In addition, the core deposit premium associated with the deposits acquired as a result of a 1999 acquisition became fully amortized as of January 2005, reducing non-interest expense by $158,000 during the March 31, 2005 quarter. Finally, cost savings realized from the recent data system conversion also contributed to the reduced level of non-interest expense during the March 2005 quarter.
The effective tax rate was 36.8% for the quarter ended March 31, 2005. The effective tax rate is expected to approximate 36.0% during the year ending December 31, 2005.
Mr. Palagiano concluded, “As can be seen from our loan commitment rates and the growing volume of our loan pipeline, we believe that we are nearing the point in the interest rate cycle where it is prudent to begin to grow assets once again, while continuing to closely manage our interest rate exposure on both the asset and liability sides of our balance sheet. In addition, we believe that the continued building of our capital base will best position the Company for any future market scenario.”
REAL ESTATE LENDING AND CREDIT QUALITY
Real estate loan originations totaled $115.0 million during the quarter ended March 31, 2005. The average rate on these originations was 5.49%, modestly lower than the 5.55% realized during the quarter ended December 31, 2004. Real estate loan prepayment and amortization during the March 2005 quarter approximated 15% of the loan portfolio on an annualized basis, compared to 26% during the March 2004 quarter and 11% during the December 2004 quarter.
At March 31, 2005, the multifamily and mixed use loan commitment pipeline approximated $160.5 million, at an average rate of 5.55%, of which $17.3 million is intended for sale to Fannie Mae.
The Bank maintained its long record of outstanding credit quality during the most recent quarter. Non-performing loans were $2.7 million at March 31, 2005, representing 0.08% of total assets.
STOCKHOLDERS EQUITY & SHARE REPURCHASE PROGRAM
The Company’s total stockholders’ equity at March 31, 2005 was $282.8 million, or 8.39% of total assets, compared to $275.8 million, or 8.18% of total assets at March 31, 2004. Tangible stockholders’ equity was $233.0 million at quarter end, equal to 7.01% of tangible assets, compared to $217.8 million, or 6.57% of tangible assets at March 31, 2004.
The return on average stockholders’ equity was 15.47% during the first quarter of 2005 and the return on tangible equity was 18.95%. The cash return on average tangible equity, which management considers the best measurement of the Company’s internal capital generation, was 19.63%.
During the March 2005 quarter, the Company repurchased 184,700 shares of its common stock into treasury. As of March 31, 2005, the Company had an additional 1.2 million shares remaining eligible for repurchase under its tenth stock repurchase program, approved in May 2004.
OUTLOOK
While first quarter results were better than expected, we continue to believe that lower loan originations, a lower prepayment speed, and lower prepayment fee income will characterize the full year of 2005, when compared to 2004. In 2004, $1.01 billion of loans were originated, prepayment speed equaled 24%, and prepayment fee income totaled $9.8 million. In the first quarter of 2005, prepayment speed equaled 15%, and prepayment fee income totaled $1.6 million. The Company believes that these may well be high-water marks for 2005. As noted, deposit costs have begun to trend upward as well, which will further pressure the cost of funds as the year progresses. We believe that the net result of these factors will result in moderate contraction of the Company’s net interest margin in the second quarter and as such, the Company now expects second quarter earnings per share will be in a range of $0.26 to $0.28 cents.
CONFERENCE CALL
Management will conduct a conference call at 10:00 A.M. Eastern Time, on Wednesday, April 27, 2005, to discuss the Company’s operating performance for the quarterly period ended March 31, 2005.
The conference call will also be available via the Internet by accessing the following Web address: www.dsbwdirect.com or www.vcall.com. Web users should go to the site at least fifteen minutes prior to the call to register, download and install any necessary audio software. The webcast will be available until May 27, 2005.
ABOUT DIME COMMUNITY BANCSHARES
Dime Community Bancshares, Inc., a unitary thrift holding company, is the parent company of The Dime Savings Bank of Williamsburgh, Brooklyn, New York, founded in 1864. With $3.37 billion in assets as of March 31, 2005, the Bank has twenty branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Bank can be found on the Bank's Internet website atwww.dimedirect.com.
Statements made herein that are forward looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to overall business conditions and market interest rates, particularly in the markets in which the Company operates, fiscal and monetary policy, changes in regulations affecting financial institutions and other risks and uncertainties discussed in the Company's Securities and Exchange Commission filings. The Company disclaims any obligation to publicly announce future events or developments which may affect the forward-looking statements herein.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share amounts)
| | March 31, | | |
| | 2005 | | December 31, |
ASSETS: | (Unaudited) | | 2004 |
| Cash and due from banks | $25,575 | | $26,581 |
| Investment securities held to maturity | 585 | | 585 |
| Investment securities available for sale | 92,568 | | 54,840 |
| Mortgage-backed securities held to maturity | 415 | | 465 |
| Mortgage-backed securities available for sale | 482,395 | | 519,420 |
| Federal funds sold and other short-term assets | 117,507 | | 103,291 |
Real estate Loans: | | | |
| One-to-four family and cooperative apartment | 132,169 | | 138,125 |
| Multi-family and underlying cooperative | 1,892,421 | | 1,916,118 |
| Commercial real estate | 440,094 | | 424,060 |
| Construction and land acquisition | 10,538 | | 15,558 |
| Unearned discounts and net deferred loan fees | (328) | | (463) |
| Total real estate loans | 2,474,894 | | 2,493,398 |
| Other loans | 2,650 | | 2,916 |
| Allowance for loan losses | (15,230) | | (15,543) |
Total loans, net | 2,462,314 | | 2,480,771 |
| Loans held for sale | 1,290 | | 5,491 |
| Premises and fixed assets, net | 16,648 | | 16,652 |
| Federal Home Loan Bank of New York capital stock | 25,325 | | 25,325 |
| Goodwill | 55,638 | | 55,638 |
| Other assets | 90,132 | | 88,207 |
TOTAL ASSETS | $3,370,392 | | $3,377,266 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | | | |
Deposits: | | | |
| Checking and NOW | $136,302 | | $138,402 |
| Savings | 359,104 | | 362,656 |
| Money Market | 725,067 | | 749,040 |
| Sub-total | 1,220,473 | | 1,250,098 |
| Certificates of deposit | 947,500 | | 959,951 |
Total Due to depositors | 2,167,973 | | 2,210,049 |
| Escrow and other deposits | 78,546 | | 48,284 |
| Securities sold under agreements to repurchase | 205,584 | | 205,584 |
| Federal Home Loan Bank of New York advances | 506,500 | | 506,500 |
| Subordinated Notes Sold | 25,000 | | 25,000 |
| Trust Preferred Notes Payable | 72,165 | | 72,165 |
| Other liabilities | 31,854 | | 27,963 |
TOTAL LIABILITIES | 3,087,622 | | 3,095,545 |
STOCKHOLDERS' EQUITY: | | | |
| Common stock ($0.01 par, 125,000,000 shares authorized, | | | |
| 50,289,996 shares and 50,111,988 shares issued at | | | |
| March 31, 2005 and December 31, 2004, respectively, | | | |
| and 37,190,852 shares and 37,165,740 shares outstanding | | | |
| at March 31, 2005 and December 31, 2004, respectively) | 503 | | 501 |
| Additional paid-in capital | 199,269 | | 198,183 |
| Retained earnings | 264,140 | | 258,237 |
| Unallocated common stock of Employee Stock Ownership Plan | (4,726) | | (4,749) |
| Unearned common stock of Recognition and Retention Plan | (3,071) | | (2,612) |
| Common stock held by the Benefit Maintenance Plan | (7,348) | | (7,348) |
| Treasury stock (13,099,144 shares and 12,946,248 shares | | | |
| at March 31, 2005 and December 31, 2004, respectively) | (159,839) | | (157,263) |
| Accumulated other comprehensive loss income, net | (6,158) | | (3,228) |
TOTAL STOCKHOLDERS' EQUITY | 282,770 | | 281,721 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3,370,392 | | $3,377,266 |
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands except per share amounts)
| | For the Three Months Ended |
| | March 31, | | December 31, | | March 31, |
| | 2005 | | 2004 | | 2004 |
Interest income: | | | | | |
| Loans secured by real estate | $34,848 | | $35,193 | | $33,615 |
| Other loans | 32 | | 47 | | 63 |
| Mortgage-backed securities | 4,490 | | 4,792 | | 4,712 |
| Investment securities | 606 | | 643 | | 312 |
| Other | 954 | | 778 | | 343 |
Total interest income | 40,930 | | 41,453 | | 39,045 |
Interest expense: | | | | | |
| Deposits and escrow | 9,381 | | 9,139 | | 9,004 |
| Borrowed funds | 8,573 | | 8,512 | | 5,925 |
Total interest expense | 17,954 | | 17,651 | | 14,929 |
Net interest income | 22,976 | | 23,802 | | 24,116 |
Provision for loan losses | 60 | | 100 | | 60 |
Net interest income after | | | | | |
provision for loan losses | 22,916 | | 23,702 | | 24,056 |
Non-interest income: | | | | | |
| Service charges and other fees | 1,408 | | 1,375 | | 1,560 |
| Net gain on sales and | | | | | |
| redemptions of assets | 135 | | 357 | | 576 |
| Prepayment fee income | 1,585 | | 1,067 | | 2,543 |
| Other | 926 | | 867 | | 938 |
Total non-interest income | 4,054 | | 3,666 | | 5,617 |
Non-interest expense: | | | | | |
| Compensation and benefits | 5,607 | | 5,883 | | 5,716 |
| Occupancy and equipment | 1,336 | | 1,293 | | 1,263 |
| Core deposit intangible amortization | 48 | | 206 | | 206 |
| Other | 2,767 | | 3,618 | | 3,180 |
Total non-interest expense | 9,758 | | 11,000 | | 10,365 |
Income before taxes | 17,212 | | 16,368 | | 19,308 |
Income tax expense | 6,341 | | 6,138 | | 6,968 |
Net Income | $10,871 | | $10,230 | | $12,340 |
Earnings per Share: | | | | | |
Basic | $0.31 | | $0.29 | | $0.35 |
Diluted | $0.30 | | $0.29 | | $0.33 |
Average common shares | | | | | |
outstanding for Diluted EPS | 35,757,992 | | 35,861,646 | | 36,863,260 |
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except per share amounts)
| | For the Three Months Ended |
| | March 31, | | December 31, | | March 31, |
| | 2005 | | 2004 | | 2004 |
| | | | | | |
Performance and Other Selected Ratios: | | | | | |
| Return on Average Assets | 1.30% | | 1.20% | | 1.60% |
| Return on Average Stockholders' Equity | 15.47% | | 14.56% | | 17.72% |
| Return on Average Tangible Stockholders' Equity | 18.95% | | 17.94% | | 22.28% |
| Net Interest Spread | 2.59% | | 2.71% | | 3.05% |
| Net Interest Margin | 2.87% | | 2.93% | | 3.29% |
| Non-interest Expense to Average Assets | 1.16% | | 1.29% | | 1.34% |
| Efficiency Ratio | 36.28% | | 40.57% | | 35.55% |
| Effective Tax Rate | 36.84% | | 37.50% | | 36.09% |
| Tangible Equity to Tangible Assets at period end | 7.01% | | 6.88% | | 6.57% |
| | | | | | |
Per Share Data: | | | | | |
| Reported EPS (Diluted) | $0.30 | | $0.29 | | $0.33 |
| Stated Book Value | 7.60 | | 7.58 | | 7.37 |
| Tangible Book Value | 6.27 | | 6.16 | | 5.82 |
| | | | | | |
Average Balance Data: | | | | | |
| Average Assets | $ 3,357,138 | | $ 3,417,550 | | $ 3,094,199 |
| Average Interest Earning Assets | 3,204,674 | | 3,250,859 | | 2,931,156 |
| Average Stockholders' Equity | 281,038 | | 281,073 | | 278,585 |
| Average Tangible Stockholders' Equity | 229,509 | | 228,126 | | 221,521 |
| Average Loans | 2,481,554 | | 2,493,365 | | 2,218,390 |
| Average Deposits | 2,183,923 | | 2,226,096 | | 2,144,642 |
| | | | | | |
Asset Quality Summary: | | | | | |
| Net charge-offs (recoveries) | ($ 1) | | $ 59 | | $ 30 |
| Nonperforming Loans | 2,712 | | 1,459 | | 1,381 |
| Nonperforming Loans/ Total Loans | 0.11% | | 0.06% | | 0.06% |
| Nonperforming Assets/Total Assets | 0.08% | | 0.04% | | 0.04% |
| Allowance for Loan Loss/Total Loans | 0.61% | | 0.62% | | 0.66% |
| Allowance for Loan Loss/Nonperforming Loans | 561.68% | | 1065.32% | | 1085.59% |
| | | | | | |
Regulatory Capital Ratios (Bank Only): | | | | | |
| Tangible Capital Ratio | 8.23% | | 7.88% | | 7.16% |
| Leverage Capital Ratio | 8.23% | | 7.88% | | 7.16% |
| Risk -Based Capital Ratio | 13.13% | | 12.83% | | 14.40% |
| | | | | | |
Non-GAAP Disclosures - Cash Earnings Reconciliation and Ratios (1): | | |
| Net Income | $10,871 | | $10,230 | | $12,340 |
Additions to Net Income: | | | | | |
| Core Deposit Intangible Amortization | 48 | | 206 | | 206 |
| Non-cash stock benefit plan expense | 343 | | 453 | | 795 |
| Cash Earnings | $11,262 | | $10,889 | | $13,341 |
| | | | | | |
| Cash EPS (Diluted) | 0.31 | | 0.30 | | 0.36 |
| Cash Return on Average Assets | 1.34% | | 1.27% | | 1.72% |
| Cash Return on Average Tangible Stockholders' Equity | 19.63% | | 19.09% | | 24.09% |
(1) Cash earnings and related data are "Non-GAAP Disclosures." These disclosures present information which management considers useful to the readers of this report since they present a measure of the tangible equity generated from operations during each period presented. Tangible equity generation is a significant financial measure since banks are subject to regulatory requirements involving the maintenance of minimum tangible capital levels.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
ANALYSIS OF NET INTEREST INCOME
| | For the Three Months Ended |
| | | March 31, 2005 | | | | December 31, 2004 | | | | March 31, 2004 | |
| | | | Average | | | | Average | | | | Average |
| | Average | | Yield/ | | Average | | Yield/ | | Average | | Yield/ |
| | Balance | Interest | Cost | | Balance | Interest | Cost | | Balance | Interest | Cost |
| | (Dollars In Thousands) |
| Assets: | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | |
| Real Estate Loans | $2,478,992 | $34,848 | 5.62% | | $2,490,166 | $35,193 | 5.65% | | $2,214,940 | $33,615 | 6.07% |
| Other loans | 2,562 | 32 | 5.00 | | 3,199 | 47 | 5.88 | | 3,450 | 63 | 7.30 |
| Mortgage-backed securities | 504,077 | 4,490 | 3.56 | | 550,525 | 4,792 | 3.48 | | 543,070 | 4,712 | 3.47 |
| Investment securities | 68,252 | 606 | 3.55 | | 56,173 | 643 | 4.58 | | 37,715 | 312 | 3.31 |
| Other short-term investments | 150,791 | 954 | 2.53 | | 150,796 | 778 | 2.06 | | 131,981 | 343 | 1.04 |
| Total interest earning assets | 3,204,674 | $40,930 | 5.11% | | 3,250,859 | $41,453 | 5.10% | | 2,931,156 | $39,045 | 5.33% |
| Non-interest earning assets | 152,464 | | | | 166,691 | | | | 163,043 | | |
| Total assets | $3,357,138 | | | | $3,417,550 | | | | $3,094,199 | | |
| | | | | | | | | | | | |
| Liabilities and Stockholders' Equity: | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | |
| NOW, Super Now accounts | $43,071 | $80 | 0.75% | | $44,092 | $99 | 0.89% | | $36,919 | $88 | 0.96% |
| Money Market accounts | 724,333 | 2,745 | 1.54 | | 791,133 | 2,893 | 1.45 | | 763,185 | 2,691 | 1.42 |
| Savings accounts | 360,842 | 491 | 0.55 | | 363,969 | 440 | 0.48 | | 367,196 | 494 | 0.54 |
| Certificates of deposit | 961,947 | 6,065 | 2.56 | | 933,990 | 5,707 | 2.43 | | 884,235 | 5,731 | 2.61 |
| Borrowed Funds | 804,339 | 8,573 | 4.32 | | 809,282 | 8,512 | 4.18 | | 578,296 | 5,925 | 4.12 |
| Total interest-bearing liabilities | 2,894,532 | $17,954 | 2.52% | | 2,942,466 | $17,651 | 2.39% | | 2,629,831 | $14,929 | 2.28% |
| Checking accounts | 93,730 | | | | 92,912 | | | | 93,107 | | |
| Other non-interest-bearing liabilities | 87,838 | | | | 101,099 | | | | 92,676 | | |
| Total liabilities | 3,076,100 | | | | 3,136,477 | | | | 2,815,614 | | |
| Stockholders' equity | 281,038 | | | | 281,073 | | | | 278,585 | | |
| Total liabilities and stockholders' equity | $3,357,138 | | | | $3,417,550 | | | | $3,094,199 | | |
| Net interest income | | $22,976 | | | | $23,802 | | | | $24,116 | |
| Net interest spread | | | 2.59% | | | | 2.71% | | | | 3.05% |
| Net interest-earning assets | $310,142 | | | | $308,393 | | | | $301,325 | | |
| Net interest margin | | | 2.87% | | | | 2.93% | | | | 3.29% |
| Ratio of interest-earning assets | | | | | | | | | | | |
| to interest-bearing liabilities | | | 110.71% | | | | 110.48% | | | | 111.46% |
