Provident Financial Services, Inc. Announces Second Quarter Earnings and Declares Quarterly Cash Dividend
ISELIN, NJ, July 25, 2014 - Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $16.4 million, or $0.28 per basic and diluted share for the three months ended June 30, 2014, compared to net income of $19.2 million, or $0.34 per basic and diluted share for the three months ended June 30, 2013. For the six months ended June 30, 2014, the Company reported net income of $33.4 million, or $0.57 per basic and diluted share, compared to net income of $37.1 million, or $0.65 per basic and diluted share for the same period last year.
On May 30, 2014, the Company completed its acquisition of Team Capital Bank ("Team Capital"), which added $964.0 million to total assets, $631.4 million to loans, and $769.9 million to deposits. The results of operations for the three and six months ended June 30, 2014 included net non-recurring items related to the acquisition of Team Capital that reduced earnings by $1.2 million and $1.3 million, net of tax, respectively.
Earnings for the three and six months ended June 30, 2014 were further impacted by a $790,000, net of tax, non-cash charge related to the recognition of a pro rata portion of unrealized losses related to lump sum distributions from the Company's frozen pension plan, in order to lower and reduce the volatility of future pension costs.
Excluding these items, core earnings(1) for the three and six months ended June 30, 2014 were $18.3 million, or $0.31 per diluted share, and $35.4 million, or $0.61 per diluted share, respectively.
Christopher Martin, Chairman, President and Chief Executive Officer, commented, “We are pleased with our core earnings of $0.31 per share(1) which reflect non-recurring items this quarter associated with the closing of the Team Capital acquisition, and a non-cash pension expense.” Martin continued: “We are energized by the progress to date in combining Team Capital’s business with ours. With the addition of their dedicated branch employees and loan officers, we look forward to expanding our commitment to meeting the financial needs of both existing and new customers in western New Jersey and eastern Pennsylvania.”
Declaration of Quarterly Dividend
The Company’s Board of Directors declared a quarterly cash dividend of $0.15 per common share payable on August 29, 2014, to stockholders of record as of the close of business on August 15, 2014.
Balance Sheet Summary
Total assets increased $962.0 million to $8.45 billion at June 30, 2014, from $7.49 billion at December 31, 2013, primarily due to $964.0 million of total assets from the Team Capital acquisition, partially offset by decreases in total investments and cash and cash equivalents.
The Company’s loan portfolio increased $715.3 million, or 13.8%, to $5.91 billion at June 30, 2014, from $5.19 billion at December 31, 2013, which included $631.4 million of loans acquired from Team Capital. Loan originations totaled $741.5 million and loan purchases totaled $31.0 million for the six months ended June 30, 2014. The loan portfolio had net increases of $271.7 million in commercial mortgage loans, $271.0 million in commercial loans, $50.1 million in residential mortgage loans, $44.1 million in construction loans, $39.9 million in consumer loans and $39.3 million in multi-family mortgage loans. Commercial real estate, commercial and construction loans represented 68.9% of the loan portfolio at June 30, 2014, compared to 66.3% at December 31, 2013.
At June 30, 2014, the Company’s unfunded loan commitments totaled $1.13 billion, including commitments of $411.4 million in commercial loans, $310.9 million in construction loans and $70.0 million in commercial mortgage loans. Unfunded loan commitments at December 31, 2013 were $910.1 million.
Total investments increased $109.0 million, or 6.9%, to $1.68 billion at June 30, 2014, from $1.57 billion at December 31, 2013, largely due to investment securities acquired in the Team Capital transaction, along with purchases of mortgage-backed and municipal securities, partially offset by principal repayments on mortgage-backed securities, maturities of municipal and agency bonds and sales of certain mortgage-backed securities.
Banking premises and equipment increased $29.7 million for the six months ended June 30, 2014, to $96.1 million, primarily due to assets acquired from Team Capital at a fair value of $24.8 million.
For the six months ended June 30, 2014, Bank-owned life insurance ("BOLI") increased $24.4 million primarily due to BOLI acquired from Team Capital at a fair value of $22.3 million.
Total deposits increased $635.6 million during the six months ended June 30, 2014 to $5.84 billion. The increase in total deposits was primarily due to $769.9 million acquired from Team Capital, partially offset by the cyclical outflow of municipal deposits and a decrease in time deposits. At June 30, 2014, core deposits, which consist of savings and demand deposit accounts, totaled $4.96 billion, compared to $4.40 billion at December 31, 2013. Within the core deposit category, non-interest bearing demand deposits increased $163.6 million to $1.03 billion at June 30, 2014. Core deposits represented 84.9% of total deposits at June 30, 2014, compared to 84.5% at December 31, 2013.
Borrowed funds increased $215.0 million, or 17.9% during the six months ended June 30, 2014, to $1.42 billion, as longer-term wholesale funding was added to mitigate interest rate risk. Borrowed funds represented 16.8% of total assets at June 30, 2014, an increase from 16.1% at December 31, 2013.
Stockholders’ equity increased $110.6 million, or 10.9% for the six months ended June 30, 2014, to $1.12 billion, due to total common stock issued for the purchase of Team Capital, net income earned for the period and an increase in unrealized gains on securities available for sale, partially offset by dividends paid to stockholders. The Company issued 4,933,064 shares of common stock in the Team Capital acquisition. Common stock repurchases for the six months ended June 30, 2014 totaled 231,575 shares at an average cost of $16.75 per share. At June 30, 2014, 3.5 million shares remained eligible for repurchase under the current authorization. Book value per share and tangible book value per share(2) at June 30, 2014 were $17.28 and $11.03, respectively, compared with $16.87 and $10.92, respectively, at December 31, 2013.
Results of Operations
Net Interest Income and Net Interest Margin
For the three months ended June 30, 2014, net interest income increased $4.0 million, to $57.4 million, from $53.4 million for the same period in 2013. Net interest income for the six months ended June 30, 2014, increased $5.3 million, to $112.6 million, from $107.3 million for the same period in 2013. Both comparative periods were favorably impacted by the net assets acquired from Team Capital, partially offset by compression in the net interest margin. Current quarter and, to a lesser extent, year-to-date 2014 yields and costs were impacted by fair value adjustments to assets and liabilities acquired from Team Capital as of the May 30, 2014 merger date. The earning asset yield was further impacted by the retention of lower-yielding excess liquidity, pending the closing of the Team Capital acquisition.
The Company’s net interest margin decreased 4 basis points to 3.24% for the quarter ended June 30, 2014, from 3.28% for the trailing quarter. The weighted average yield on interest-earning assets declined 3 basis points to 3.81% for the quarter ended June 30, 2014, compared with 3.84% for the quarter ended March 31, 2014. The weighted average cost of interest-bearing liabilities for the quarter ended June 30, 2014 increased 1 basis point to 0.69%, versus the trailing quarter at 0.68%. The average cost of interest bearing deposits for the quarter ended June 30, 2014 was 0.33%, compared with 0.35% for the trailing quarter. The average cost of borrowed funds for the quarter ended June 30, 2014 was 1.97%, compared with 1.87% for the trailing quarter.
The net interest margin for the quarter ended June 30, 2014 decreased 5 basis points to 3.24%, compared with 3.29% for the quarter ended June 30, 2013. The weighted average yield on interest-earning assets declined 3 basis points to 3.81% for the quarter ended June 30, 2014, compared with 3.84% for the quarter ended June 30, 2013, while the weighted average cost of interest bearing liabilities increased 2 basis points to 0.69% for the quarter ended June 30, 2014, compared with 0.67% for the second quarter of 2013. The average cost of interest bearing deposits for the quarter ended June 30, 2014 was 0.33%, compared with 0.41% for the same period last year. Average non-interest bearing demand deposits totaled $913.9 million for the quarter ended June 30, 2014, compared with $807.2 million for the quarter ended June 30, 2013. The average cost of borrowed funds for the quarter ended June 30, 2014 was 1.97%, compared with 2.03% for the same period last year.
For the six months ended June 30, 2014, the net interest margin decreased 7 basis points to 3.25%, compared with 3.32% for the six months ended June 30, 2013. The weighted average yield on interest earning assets declined 7 basis points to 3.82% for the six months ended June 30, 2014, compared with 3.89% for the six months ended June 30, 2013, while the weighted average cost of interest bearing liabilities remained unchanged at 0.69% for the six months ended June 30, 2014 and June 30, 2013. The average cost of interest bearing deposits for the six months ended June 30, 2014 was 0.34%, compared with 0.43% for the same period last year. Average non-interest bearing demand deposits totaled $888.0 million for the six months ended June 30, 2014, compared with $813.3 million for the six months ended June 30, 2013. The average cost of borrowings for the six months ended June 30, 2014 was 1.92%, compared with 2.13% for the same period last year.
Non-Interest Income
Non-interest income totaled $10.3 million for the quarter ended June 30, 2014, a decrease of $2.3 million, or 18.3%, compared to the same period in 2013. Income related to BOLI decreased $1.4 million for the three months ended June 30, 2014, compared to the same period in 2013, primarily due to lower death benefit claims recognized. Fee income decreased $699,000 to $7.6 million, from $8.3 million for the three months ended June 30, 2013, due to an $807,000 decrease in commercial loan prepayment fee income, partially offset by a $446,000 increase in wealth management fees. In addition, net gains on securities transactions declined $313,000 for the three months ended June 30, 2014, compared to the same period in 2013. Other income increased $69,000 for the three months ended June 30, 2014, compared to same period in 2013, due to a $486,000 gain recognized in the current period on the prepayment of FHLB borrowings acquired from Team Capital, increased net gains on sales of foreclosed real estate, and a reduction in gains on loan sales.
For the six months ended June 30, 2014, non-interest income totaled $18.4 million, a decrease of $4.1 million, or 18.3%, compared to the same period in 2013. Fee income decreased $1.8 million, to $14.5 million for the six months ended June 30, 2014, compared with the same period in 2013, largely due to a $2.0 million decrease in prepayment fees on commercial loans, partially offset by a $728,000 increase in wealth management fees. BOLI income decreased $1.3 million for the six months ended June 30, 2014, principally due to lower death benefit claims recognized in the six months ended June 30, 2014, compared to the same period in 2013. Also contributing to the decline in non-interest income, net gains on securities transactions for the six months ended June 30, 2014 declined $1.2 million compared to the same period in 2013. These decreases were partially offset by a $114,000 increase in other income for the six months ended June 30, 2014, compared with the same period in 2013, primarily due to increased net gains on the sale of foreclosed real estate, the gain recognized on the prepayment of FHLB borrowings acquired from Team Capital, and a reduction in gains on loan sales.
Non-Interest Expense
For the three months ended June 30, 2014, non-interest expense increased $5.9 million, to $43.7 million, compared to the three months ended June 30, 2013. Compensation and benefits expense increased $3.4 million to $23.6 million for the three months ended June 30, 2014, compared to the three months ended June 30, 2013, due to increased salary expense and $383,000 of severance and retention expense associated with the Team Capital acquisition, and a $1.3 million charge related to lump-sum pension distributions made to vested terminated employees as the Company seeks to lower and reduce the volatility of its future pension costs. This non-contributory pension plan was frozen as to new participants on April 1, 2003. Other operating expenses increased $2.0 million
to $9.0 million for the three months ended June 30, 2014, compared to $7.0 million for the same period in 2013, largely due to $1.7 million of non-recurring costs related to the Team Capital transaction. In addition, net occupancy costs increased $579,000, to $5.6 million for the quarter ended June 30, 2014, compared to same quarter in 2013, principally due to increased equipment maintenance costs and additional facilities costs related to Team Capital.
The Company’s annualized core non-interest expense as a percentage of average assets(4) was 2.06% for the quarter ended June 30, 2014, compared with 2.10% for the same period in 2013. The efficiency ratio (core non-interest expense divided by the sum of net interest income and core non-interest income)(5) was 59.84% for the quarter ended June 30, 2014, compared with 57.25% for the same period in 2013.
Non-interest expense for the six months ended June 30, 2014 was $81.9 million, an increase of $7.1 million from the six months ended June 30, 2013. Compensation and benefits expense increased $4.0 million to $45.0 million for the six months ended June 30, 2014, compared to the six months ended June 30, 2013, due to increased salary expense, severance and retention expense associated with Team Capital, increased pension costs associated with lump-sum pension distributions made to vested terminated employees and increased stock-based compensation. Other operating expenses increased $1.7 million to $14.4 million for the six months ended June 30, 2014, compared to $12.7 million for the same period in 2013, primarily due to non-recurring costs related to Team Capital. In addition, net occupancy costs increased $1.5 million, to $11.7 million for the six months ended June 30, 2014, compared to same period in 2013, principally due to increased seasonal expense in the first quarter of 2014 related to the harsh winter conditions, increased equipment maintenance costs and the addition of facilities costs related to Team Capital. Partially offsetting these increases in non-interest expense, the amortization of intangibles decreased $225,000 for the six months ended June 30, 2014, compared with the same period in 2013, as a result of scheduled reductions in core deposit intangible amortization, and FDIC insurance costs declined $194,000 as a result of a lower assessment rate.
Asset Quality
The Company’s total non-performing loans at June 30, 2014 were $65.4 million, or 1.11% of total loans, compared with $64.1 million, or 1.22% of total loans at March 31, 2014, and $88.8 million, or 1.78% of total loans at June 30, 2013. The $1.3 million increase in non-performing loans at June 30, 2014, compared with the trailing quarter, was due to a $1.6 million increase in non-performing commercial loans and a $521,000 increase in non-performing commercial mortgage loans, offset by $662,000 and $115,000 decreases in non-performing residential loans and non-performing consumer loans, respectively. At June 30, 2014, impaired loans totaled $93.8 million with related specific reserves of $8.5 million, compared with impaired loans totaling $94.6 million with related specific reserves of $7.1 million at March 31, 2014. At June 30, 2013, impaired loans totaled $115.8 million with related specific reserves of $6.8 million. Non-performing loans do not include $9.4 million of purchased credit impaired ("PCI") loans acquired from Team Capital.
At June 30, 2014, the Company’s allowance for loan losses was 1.08% of total loans, a decrease from 1.21% at March 31, 2014, and a decrease from 1.34% of total loans at June 30, 2013. The decline in the loan coverage ratio from both the trailing quarter and the quarter ended June 30, 2013, was largely a result of Team Capital loans acquired at fair value, with no corresponding allowance. The Company recorded provisions for loan losses of $1.5 million and $1.9 million for the three and six months ended June 30, 2014, respectively, compared with provisions of $1.0 million and $2.5 million for the three and six months ended June 30, 2013, respectively. For the three and six months ended June 30, 2014, the Company had net charge-offs of $1.0 million and $2.7 million, respectively, compared with net charge-offs of $4.0 million and $5.8 million, respectively, for the same periods in 2013. The allowance for loan losses decreased $789,000 to $63.9 million at June 30, 2014, from $64.7 million at December 31, 2013.
At June 30, 2014, the Company held $7.0 million of foreclosed assets, compared with $5.5 million at December 31, 2013. Foreclosed assets at June 30, 2014 consisted of $2.8 million of residential real estate, $4.1 million of commercial real estate and $90,000 of marine vessels. Total non-performing assets at June 30, 2014 declined $9.8 million, or 12.0%, to $72.3 million, or 0.86% of total assets, from $82.2 million, or 1.10% of total assets at December 31, 2013.
Income Tax Expense
For the three and six months ended June 30, 2014, the Company’s income tax expense was $6.2 million and $13.9 million, respectively, compared with $8.0 million and $15.6 million, for the three and six months ended June 30, 2013, respectively. The decrease in income tax expense was primarily a function of lower proportional pre-tax income from taxable sources, as tax exempt municipal securities and BOLI were added through the Team Capital acquisition. The Company’s effective tax rates were 27.5% and 29.4% for the three and six months ended June 30, 2014, respectively, compared with 29.4% and 29.6% for the three and six months ended June 30, 2013, respectively.
About the Company
Provident Financial Services, Inc. is the holding company for The Provident Bank, a community-oriented bank offering "commitment you can count on" since 1839. The Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary Beacon Trust Company.
Post Earnings Conference Call
Representatives of the Company will hold a conference call for investors at 10:00 a.m. Eastern Time on Friday, July 25, 2014 regarding highlights of the Company’s second quarter financial results. The call may be accessed by dialing 1-888-336-7149 (Domestic), 1-412-902-4175 (International) or 1-855-669-9657 (Canada). Internet access to the call is also available (listen only) at www.providentnj.com by going to Investor Relations and clicking on Webcast.
Forward Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not have any obligation to update any forward-looking statements to reflect events or circumstances after the date of this statement.
(1) Core earnings, tangible book value per share, annualized core non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes containing the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.
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| | | | | | | |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY |
| Consolidated Statements of Financial Condition |
| June 30, 2014 (Unaudited) and December 31, 2013 |
| (Dollars in Thousands) |
| | | | |
| Assets | June 30, 2014 | | December 31, 2013 |
| | | | |
| Cash and due from banks | $ | 131,064 |
| | $ | 100,053 |
|
| Short-term investments | 1,375 |
| | 1,171 |
|
| Total cash and cash equivalents | 132,439 |
| | 101,224 |
|
| | | | |
| Securities available for sale, at fair value | 1,156,986 |
| | 1,157,594 |
|
Investment securities held to maturity (fair value of $463,277 at June 30,2014 (unaudited) and $355,913 at December 31, 2013) | 454,648 |
| | 357,500 |
|
| Federal Home Loan Bank Stock | 70,574 |
| | 58,070 |
|
| Loans | 5,910,069 |
| | 5,194,813 |
|
| Less allowance for loan losses | 63,875 |
| | 64,664 |
|
| Net loans | 5,846,194 |
| | 5,130,149 |
|
| Foreclosed assets, net | 6,983 |
| | 5,486 |
|
| Banking premises and equipment, net | 96,135 |
| | 66,448 |
|
| Accrued interest receivable | 25,611 |
| | 22,956 |
|
| Intangible assets | 405,685 |
| | 356,432 |
|
| Bank-owned life insurance | 174,958 |
| | 150,511 |
|
| Other assets | 79,144 |
| | 80,958 |
|
| Total assets | $ | 8,449,357 |
| | $ | 7,487,328 |
|
| | | | |
| Liabilities and Stockholders' Equity | | | |
| | | | |
| Deposits: | | | |
| Demand deposits | $ | 3,952,738 |
| | $ | 3,473,724 |
|
| Savings deposits | 1,005,886 |
| | 921,993 |
|
| Certificates of deposit of $100,000 or more | 360,653 |
| | 270,631 |
|
| Other time deposits | 518,753 |
| | 536,123 |
|
| Total deposits | 5,838,030 |
| | 5,202,471 |
|
| Mortgage escrow deposits | 22,985 |
| | 20,376 |
|
| Borrowed funds | 1,418,843 |
| | 1,203,879 |
|
| Other liabilities | 48,108 |
| | 49,849 |
|
| Total liabilities | 7,327,966 |
| | 6,476,575 |
|
| | | | |
| Stockholders' equity: | | | |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | — |
| | — |
|
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares issued and 64,888,489 outstanding at June 30, 2014 and 59,917,649 outstanding at December 31,2013 | 832 |
| | 832 |
|
| Additional paid-in capital | 1,025,797 |
| | 1,026,144 |
|
| Retained earnings | 442,909 |
| | 427,763 |
|
| Accumulated other comprehensive (loss) income | 3,920 |
| | (4,851 | ) |
| Treasury stock | (304,741 | ) | | (390,380 | ) |
| Unallocated common stock held by the Employee Stock Ownership Plan | (47,326 | ) | | (48,755 | ) |
| Common Stock acquired by the Directors' Deferred Fee Plan | (7,159 | ) | | (7,205 | ) |
| Deferred Compensation - Directors' Deferred Fee Plan | 7,159 |
| | 7,205 |
|
| Total stockholders' equity | 1,121,391 |
| | 1,010,753 |
|
| Total liabilities and stockholders' equity | $ | 8,449,357 |
| | $ | 7,487,328 |
|
|
| | | | | | | | | | | | | | | |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY |
| Consolidated Statements of Income |
| Three and Six Months Ended June 30, 2014 and 2013 (Unaudited) |
| (Dollars in Thousands, except per share data) |
| | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| Interest income: | | | | | | | |
| Real estate secured loans | $ | 40,381 |
| | $ | 37,585 |
| | $ | 78,933 |
| | $ | 75,920 |
|
| Commercial loans | 11,548 |
| | 10,055 |
| | 22,095 |
| | 20,026 |
|
| Consumer loans | 5,869 |
| | 5,875 |
| | 11,531 |
| | 11,832 |
|
| Securities available for sale and Federal Home Loan Bank stock | 6,663 |
| | 6,120 |
| | 13,745 |
| | 12,312 |
|
| Investment securities held to maturity | 2,906 |
| | 2,767 |
| | 5,576 |
| | 5,606 |
|
| Deposits, Federal funds sold and other short-term investments | 19 |
| | 11 |
| | 29 |
| | 21 |
|
| Total interest income | 67,386 |
| | 62,413 |
| | 131,909 |
| | 125,717 |
|
| | | | | | | | |
| Interest expense: | | | | | | | |
| Deposits | 3,687 |
| | 4,607 |
| | 7,425 |
| | 9,563 |
|
| Borrowed funds | 6,298 |
| | 4,395 |
| | 11,882 |
| | 8,848 |
|
| Total interest expense | 9,985 |
| | 9,002 |
| | 19,307 |
| | 18,411 |
|
| Net interest income | 57,401 |
| | 53,411 |
| | 112,602 |
| | 107,306 |
|
| Provision for loan losses | 1,500 |
| | 1,000 |
| | 1,900 |
| | 2,500 |
|
| Net interest income after provision for loan losses | 55,901 |
| | 52,411 |
| | 110,702 |
| | 104,806 |
|
| | | | | | | | |
| Non-interest income: | | | | | | | |
| Fees | 7,619 |
| | 8,318 |
| | 14,474 |
| | 16,278 |
|
| Bank-owned life insurance | 1,577 |
| | 2,944 |
| | 2,879 |
| | 4,154 |
|
| Net gain (loss) on securities transactions | 110 |
| | 423 |
| | (240 | ) | | 934 |
|
| Other income | 1,021 |
| | 952 |
| | 1,330 |
| | 1,216 |
|
| Total non-interest income | 10,327 |
| | 12,637 |
| | 18,443 |
| | 22,582 |
|
| | | | | | | | |
| Non-interest expense: | | | | | | | |
| Compensation and employee benefits | 23,581 |
| | 20,154 |
| | 44,974 |
| | 40,997 |
|
| Net occupancy expense | 5,623 |
| | 5,044 |
| | 11,712 |
| | 10,250 |
|
| Data processing expense | 2,761 |
| | 2,647 |
| | 5,558 |
| | 5,269 |
|
| FDIC Insurance | 1,144 |
| | 1,224 |
| | 2,280 |
| | 2,474 |
|
| Amortization of intangibles | 519 |
| | 516 |
| | 802 |
| | 1,027 |
|
| Advertising and promotion expense | 1,081 |
| | 1,277 |
| | 2,146 |
| | 2,023 |
|
| Other operating expenses | 8,962 |
| | 6,951 |
| | 14,389 |
| | 12,719 |
|
| Total non-interest expense | 43,671 |
| | 37,813 |
| | 81,861 |
| | 74,759 |
|
| Income before income tax expense | 22,557 |
| | 27,235 |
| | 47,284 |
| | 52,629 |
|
| Income tax expense | 6,206 |
| | 8,007 |
| | 13,904 |
| | 15,573 |
|
| Net income | $ | 16,351 |
| | $ | 19,228 |
| | $ | 33,380 |
| | $ | 37,056 |
|
| | | | | | | | |
| Basic earnings per share | $ | 0.28 |
| | $ | 0.34 |
| | $ | 0.57 |
| | $ | 0.65 |
|
| Average basic shares outstanding | 59,147,241 |
| | 57,206,242 |
| | 58,263,052 |
| | 57,186,828 |
|
| | | | | | | | |
| Diluted earnings per share | $ | 0.28 |
| | $ | 0.34 |
| | $ | 0.57 |
| | $ | 0.65 |
|
| Average diluted shares outstanding | 59,269,262 |
| | 57,283,646 |
| | 58,403,753 |
| | 57,240,932 |
|
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| | | | | | | | | | | | | | | |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY |
| Consolidated Financial Highlights |
| (Dollars in Thousands, except share data) (Unaudited) |
| | | | |
| | At or for the | | At or for the |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| STATEMENTS OF INCOME: | | | | | | | |
| Net interest income | $ | 57,401 |
| | $ | 53,411 |
| | $ | 112,602 |
| | $ | 107,306 |
|
| Provision for loan losses | 1,500 |
| | 1,000 |
| | 1,900 |
| | 2,500 |
|
| Non-interest income | 10,327 |
| | 12,637 |
| | 18,443 |
| | 22,582 |
|
| Non-interest expense | 43,671 |
| | 37,813 |
| | 81,861 |
| | 74,759 |
|
| Income before income tax expense | 22,557 |
| | 27,235 |
| | 47,284 |
| | 52,629 |
|
| Net income | 16,351 |
| | 19,228 |
| | 33,380 |
| | 37,056 |
|
| Diluted earnings per share |
| $0.28 |
| |
| $0.34 |
| |
| $0.57 |
| |
| $0.65 |
|
| Interest rate spread | 3.12 | % | | 3.17 | % | | 3.13 | % | | 3.20 | % |
| Net interest margin | 3.24 | % | | 3.29 | % | | 3.25 | % | | 3.32 | % |
| | | | | | | | |
| PROFITABILITY: | | | | | | | |
| Annualized return on average assets | 0.84 | % | | 1.07 | % | | 0.88 | % | | 1.04 | % |
| Annualized return on average equity | 6.16 | % | | 7.75 | % | | 6.44 | % | | 7.53 | % |
| Annualized return on average tangible equity | 9.49 | % | | 12.08 | % | | 9.90 | % | | 11.78 | % |
Annualized core non-interest expense to average assets (4) | 2.06 | % | | 2.10 | % | | 2.06 | % | | 2.09 | % |
Efficiency ratio (5) | 59.84 | % | | 57.25 | % | | 60.00 | % | | 57.56 | % |
| | | | | | | | |
| ASSET QUALITY: | | | | | | | |
| Non-accrual loans | | | | | $ | 65,363 |
| | $ | 88,835 |
|
| 90+ and still accruing | | | | | — |
| | ��� |
|
| Non-performing loans | | | | | 65,363 |
| | 88,835 |
|
| Foreclosed assets | | | | | 6,983 |
| | 13,740 |
|
| Non-performing assets | | | | | 72,346 |
| | 102,575 |
|
| Non-performing loans to total loans | | | | | 1.11 | % | | 1.78 | % |
| Non-performing assets to total assets | | | | | 0.86 | % | | 1.41 | % |
| Allowance for loan losses | | | | | $ | 63,875 |
| | $ | 67,005 |
|
| Allowance for loan losses to total non-performing loans | | | | | 97.72 | % | | 75.43 | % |
| Allowance for loan losses to total loans | | | | | 1.08 | % | | 1.34 | % |
| | | | | | | | |
| AVERAGE BALANCE SHEET DATA: | | | | | | | |
| Assets | $ | 7,829,645 |
| | $ | 7,216,401 |
| | $ | 7,652,783 |
| | $ | 7,218,296 |
|
| Loans, net | 5,416,760 |
| | 4,858,148 |
| | 5,285,948 |
| | 4,844,051 |
|
| Earning assets | 7,048,411 |
| | 6,474,853 |
| | 6,895,100 |
| | 6,477,364 |
|
| Core deposits | 4,618,256 |
| | 4,394,745 |
| | 4,504,857 |
| | 4,414,452 |
|
| Borrowings | 1,283,433 |
| | 870,421 |
| | 1,248,220 |
| | 837,851 |
|
| Interest-bearing liabilities | 5,793,152 |
| | 5,354,783 |
| | 5,661,502 |
| | 5,352,799 |
|
| Stockholders' equity | 1,064,966 |
| | 995,729 |
| | 1,044,646 |
| | 991,878 |
|
| Average yield on interest-earning assets | 3.81 | % | | 3.84 | % | | 3.82 | % | | 3.89 | % |
| Average cost of interest-bearing liabilities | 0.69 | % | | 0.67 | % | | 0.69 | % | | 0.69 | % |
| | | | | | | | |
| LOAN DATA: | | | | | | | |
| Mortgage loans: | | | | | | | |
| Residential | | | | | $ | 1,224,192 |
| | $ | 1,206,368 |
|
| Commercial | | | | | 1,672,319 |
| | 1,386,606 |
|
| Multi-family | | | | | 968,242 |
| | 799,840 |
|
| Construction | | | | | 227,433 |
| | 162,332 |
|
| Total mortgage loans | | | | | 4,092,186 |
| | 3,555,146 |
|
| Commercial loans | | | | | 1,203,199 |
| | 876,782 |
|
| Consumer loans | | | | | 617,489 |
| | 568,139 |
|
| Total gross loans | | | | | 5,912,874 |
| | 5,000,067 |
|
| Premium on purchased loans | | | | | 4,380 |
| | 4,269 |
|
| Unearned discounts | | | | | (55 | ) | | (66 | ) |
| Net deferred | | | | | (7,130 | ) | | (5,923 | ) |
| Total loans | | | | | $ | 5,910,069 |
| | $ | 4,998,347 |
|
|
| | | | | | | | | | | | | | | | |
Notes - Reconciliation of GAAP to Non-GAAP Financial Measures (Dollars in Thousands, except share data) | | | | | | | |
| | | | | | | | |
| (1) Core Earnings | | | | | | | |
| | | | | | Three Months Ended | | Six Months Ended |
| | | | | | June 30, | | June 30, |
| | | | | | 2014 | | 2014 |
| | | | | | | | |
| Net interest income | | | | | $ | 57,401 |
| | $ | 112,602 |
|
| Provision for loan losses | | | | | 1,500 |
| | 1,900 |
|
| Net interest income after provision for loan losses | | | | | 55,901 |
| | 110,702 |
|
| | | | | | | | |
| Non-interest income | | | | | 10,327 |
| | 18,443 |
|
| Less: Gain on prepayment of borrowings acquired from Team Capital | | | | | 486 |
| | 486 |
|
| Core non-interest income | | | | | 9,841 |
| | 17,957 |
|
| | | | | | | | |
| Non-interest expense | | | | | 43,671 |
| | 81,861 |
|
| Less: Team Capital acquisition expense | | | | | 2,097 |
| | 2,195 |
|
| Less: Lump sum pension distribution costs | | | | | 1,336 |
| | 1,336 |
|
| Core non-interest expense | | | | | 40,238 |
| | 78,330 |
|
| | | | | | | | |
| Income taxes | | | | | 6,206 |
| | 13,904 |
|
| Income tax effect of non core items | | | | | 959 |
| | 999 |
|
| Core earnings | | | | | $ | 18,339 |
| | $ | 35,426 |
|
| Core diluted earnings per share | | | | | $ | 0.31 |
| | $ | 0.61 |
|
| | | | | | | | |
| (2) Book and Tangible Book Value per Share | | | | | | | |
| | | | | | At June 30, |
| | | | | | 2014 | | 2013 |
| Total stockholders' equity | | | | | $ | 1,121,391 |
| | $ | 986,594 |
|
| Less: total intangible assets | | | | | 405,685 |
| | 357,015 |
|
| Total tangible stockholders' equity | | | | | $ | 715,706 |
| | $ | 629,579 |
|
| | | | | | | | |
| Shares outstanding | | | | | 64,888,489 |
| | 59,863,653 |
|
| | | | | | | | |
| Book value per share (total stockholders' equity/shares outstanding) | | | | |
| $17.28 |
| |
| $16.48 |
|
| Tangible book value per share (total tangible stockholders' equity/shares outstanding) | | | | |
| $11.03 |
| |
| $10.52 |
|
| | | | | | | | |
| (3) Return on Average Tangible Equity | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| Total average stockholders' equity | $ | 1,064,966 |
| | $ | 995,729 |
| | $ | 1,044,640 |
| | $ | 991,878 |
|
| Less: total average intangible assets | 373,644 |
| | 357,314 |
| | 365,036 |
| | 357,534 |
|
| Total average tangible stockholders' equity | $ | 691,322 |
| | $ | 638,415 |
| | $ | 679,604 |
| | $ | 634,344 |
|
| | | | | | | | |
| Net income | $ | 16,351 |
| | $ | 19,228 |
| | $ | 33,380 |
| | $ | 37,056 |
|
| Annualized return on average tangible equity (net income/total average stockholders' equity) | 9.49 | % | | 12.08 | % | | 9.90 | % | | 11.78 | % |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
|
| | | | | | | | | | | | | | | | |
Notes - Reconciliation of GAAP to Non-GAAP Financial Measures - Continued (Dollars in Thousands, except share data) | | | | | | | |
| | | | | | | | |
| (4) Annualized Core Non-Interest Expense/Average Assets Calculation | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| | | | | | | | |
| Annualized core non-interest expense (1) | $ | 161,394 |
| | $ | 151,668 |
| 150,757 |
| $ | 157,958 |
| | $ | 150,757 |
|
| Average assets | 7,829,645 |
| | 7,216,401 |
| 7,218,296 |
| 7,652,783 |
| | 7,218,296 |
|
| Core non-interest expense/average assets | 2.06 | % | | 2.10 | % | | 2.06 | % | | 2.09 | % |
| | | | | | | | |
| (5) Efficiency Ratio Calculation | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| Net interest income | $ | 57,401 |
| | $ | 53,411 |
| | $ | 112,602 |
| | $ | 107,306 |
|
| Core non-interest income (1) | 9,841 |
| | 12,637 |
| | 17,957 |
| | 22,582 |
|
| Total core income | 67,242 |
| | 66,048 |
| | 130,559 |
| | 129,888 |
|
| | | | | | | | |
| Core non-interest expense (1) | 40,238 |
| | 37,813 |
| | 78,330 |
| | 74,759 |
|
| Core expense/core income | 59.84 | % | | 57.25 | % | | 60.00 | % | | 57.56 | % |
| | | | | | | | |
| | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY |
| Net Interest Margin Analysis |
| Quarterly Average Balances |
| (Unaudited) (Dollars in Thousands) |
| | | | | | | | | | | | |
| | June 30, 2014 | | March 31, 2014 |
| | Average | | | | Average | | Average | | | | Average |
| | Balance | | Interest | | Yield | | Balance | | Interest | | Yield |
Interest-Earning Assets: | | | | | | | | | | | |
| Deposits | $ | 31,044 |
| | $ | 19 |
| | 0.25% | | $ | 16,589 |
| | $ | 10 |
| | 0.25% |
| Federal funds sold and other short-term investments | 1,449 |
| | — |
| | 0.02% | | 1,189 |
| | — |
| | 0.03% |
| Investment securities (1) | 396,409 |
| | 2,906 |
| | 2.93% | | 357,852 |
| | 2,670 |
| | 2.98% |
| Securities available for sale | 1,139,994 |
| | 6,097 |
| | 2.14% | | 1,151,959 |
| | 6,478 |
| | 2.25% |
| Federal Home Loan Bank stock | 62,755 |
| | 566 |
| | 3.62% | | 58,812 |
| | 604 |
| | 4.16% |
| Net loans: (2) | | | | | | | | | | | |
| Total mortgage loans | 3,814,789 |
| | 40,381 |
| | 4.21% | | 3,665,286 |
| | 38,552 |
| | 4.21% |
| Total commercial loans | 1,014,610 |
| | 11,548 |
| | 4.53% | | 915,105 |
| | 10,547 |
| | 4.64% |
| Total consumer loans | 587,361 |
| | 5,869 |
| | 4.01% | | 573,294 |
| | 5,662 |
| | 4.01% |
| Total net loans | 5,416,760 |
| | 57,798 |
| | 4.25% | | 5,153,685 |
| | 54,761 |
| | 4.26% |
| Total Interest-Earning Assets | $ | 7,048,411 |
| | $ | 67,386 |
| | 3.81% | | $ | 6,740,086 |
| | $ | 64,523 |
| | 3.84% |
| | | | | | | | | | | | |
| Non-Interest Earning Assets: | | | | | | | | | | | |
| Cash and due from banks | 70,849 |
| | | | | | 63,167 |
| | | | |
| Other assets | 710,385 |
| | | | | | 670,703 |
| | | | |
| Total Assets | $ | 7,829,645 |
| | | | | | $ | 7,473,956 |
| | | | |
| | | | | | | | | | | | |
| Interest-Bearing Liabilities: | | | | | | | | | | | |
| Demand deposits | $ | 2,751,265 |
| | $ | 1,866 |
| | 0.27% | | $ | 2,609,846 |
| | $ | 1,716 |
| | 0.27% |
| Savings deposits | 953,132 |
| | 228 |
| | 0.10% | | 918,452 |
| | 211 |
| | 0.09% |
| Time deposits | 805,322 |
| | 1,593 |
| | 0.79% | | 787,475 |
| | 1,811 |
| | 0.93% |
| Total Deposits | 4,509,719 |
| | 3,687 |
| | 0.33% | | 4,315,773 |
| | 3,738 |
| | 0.35% |
| | | | | | | | | | | | |
| Borrowed funds | 1,283,433 |
| | 6,298 |
| | 1.97% | | 1,212,617 |
| | 5,584 |
| | 1.87% |
| Total Interest-Bearing Liabilities | 5,793,152 |
| | 9,985 |
| | 0.69% | | 5,528,390 |
| | 9,322 |
| | 0.68% |
| | | | | | | | | | | | |
| Non-Interest Bearing Liabilities | 971,527 |
| | | | | | 921,466 |
| | | | |
| Total Liabilities | 6,764,679 |
| | | | | | 6,449,856 |
| | | | |
| Stockholders' equity | 1,064,966 |
| | | | | | 1,024,100 |
| | | | |
| Total Liabilities and Stockholders' Equity | $ | 7,829,645 |
| | | | | | $ | 7,473,956 |
| | | | |
| | | | | | | | | | | | |
| Net interest income | | | $ | 57,401 |
| | | | | | $ | 55,201 |
| | |
| | | | | | | | | | | | |
| Net interest rate spread | | | | | 3.12% | | | | | | 3.16% |
| Net interest-earning assets | $ | 1,255,259 |
| | | | | | $ | 1,211,696 |
| | | | |
| | | | | | | | | | | | |
| Net interest margin (3) | | | | | 3.24% | | | | | | 3.28% |
| Ratio of interest-earning assets to | | | | | | | | | | | |
| total interest-bearing liabilities | 1.22x |
| | | | | | 1.22x |
| | | | |
|
| |
| | |
| (1) | Average outstanding balance amounts shown are amortized cost. |
| (2) | Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans. |
| (3) | Annualized net interest income divided by average interest-earning assets. |
|
| | | | | | | | | | | | | | |
| The following table summarizes the quarterly net interest margin for the previous five quarters. | | |
| | | | | | | | | | |
| | 6/30/14 | | 3/31/14 | | 12/31/13 | | 09/30/13 | | 6/30/13 |
| | 2nd Qtr. | | 1st Qtr. | | 4th Qtr. | | 3rd Qtr. | | 2nd Qtr. |
| Interest-Earning Assets: | | | | | | | | | |
| Securities | 2.35 | % | | 2.46 | % | | 2.41 | % | | 2.25 | % | | 2.20 | % |
| Net loans | 4.25 | % | | 4.26 | % | | 4.27 | % | | 4.33 | % | | 4.39 | % |
| Total interest-earning assets | 3.81 | % | | 3.84 | % | | 3.82 | % | | 3.83 | % | | 3.84 | % |
| | | | | | | | | | |
| Interest-Bearing Liabilities: | | | | | | | | | |
| Total deposits | 0.33 | % | | 0.35 | % | | 0.37 | % | | 0.39 | % | | 0.41 | % |
| Total borrowings | 1.97 | % | | 1.87 | % | | 2.01 | % | | 2.00 | % | | 2.03 | % |
| Total interest-bearing liabilities | 0.69 | % | | 0.68 | % | | 0.69 | % | | 0.67 | % | | 0.67 | % |
| | | | | | | | | | |
| Interest rate spread | 3.12 | % | | 3.16 | % | | 3.13 | % | | 3.16 | % | | 3.17 | % |
| Net interest margin | 3.24 | % | | 3.28 | % | | 3.26 | % | | 3.28 | % | | 3.29 | % |
| | | | | | | | | | |
| Ratio of interest-earning assets to interest-bearing liabilities | 1.22x |
| | 1.22x |
| | 1.23x |
| | 1.22x |
| | 1.21x |
|
|
| | | | | | | | | | | | | | | | | | | |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY |
| Net Interest Margin Analysis |
| Average Year to Date Balances |
| (Unaudited) (Dollars in Thousands) |
| | | | | | | | | | | | |
| | June 30, 2014 | | June 30, 2013 |
| | Average | | | | Average | | Average | | | | Average |
| | Balance | | Interest | | Yield | | Balance | | Interest | | Yield |
| Interest-Earning Assets: | | | | | | | | | | | |
| Deposits | $ | 23,857 |
| | $ | 29 |
| | 0.25% | | $ | 15,470 |
| | $ | 21 |
| | 0.28% |
| Federal funds sold and other short term investments | 1,320 |
| | — |
| | 0.02% | | 1,408 |
| | — |
| | 0.04% |
| Investment securities (1) | 377,237 |
| | 5,576 |
| | 2.96% | | 351,012 |
| | 5,606 |
| | 3.19% |
| Securities available for sale | 1,145,943 |
| | 12,576 |
| | 2.20% | | 1,225,034 |
| | 11,508 |
| | 1.88% |
| Federal Home Loan Bank stock | 60,795 |
| | 1,169 |
| | 3.88% | | 40,389 |
| | 804 |
| | 4.01% |
| Net loans: (2) | | | | | | | | | | | |
| Total mortgage loans | 3,740,450 |
| | 78,933 |
| | 4.21% | | 3,432,966 |
| | 75,920 |
| | 4.41% |
| Total commercial loans | 965,132 |
| | 22,095 |
| | 4.58% | | 840,112 |
| | 20,026 |
| | 4.77% |
| Total consumer loans | 580,366 |
| | 11,531 |
| | 4.01% | | 570,973 |
| | 11,832 |
| | 4.18% |
| Total net loans | 5,285,948 |
| | 112,559 |
| | 4.25% | | 4,844,051 |
| | 107,778 |
| | 4.45% |
| Total Interest-Earning Assets | $ | 6,895,100 |
| | $ | 131,909 |
| | 3.82% | | $ | 6,477,364 |
| | $ | 125,717 |
| | 3.89% |
| | | | | | | | | | | | |
Non-Interest Earning Assets: | | | | | | | | | | | |
| Cash and due from banks | 67,029 |
| | | | | | 71,465 |
| | | | |
| Other assets | 690,654 |
| | | | | | 669,467 |
| | | | |
| Total Assets | $ | 7,652,783 |
| | | | | | $ | 7,218,296 |
| | | | |
| | | | | | | | | | | | |
Interest-Bearing Liabilities: | | | | | | | | | | | |
| Demand deposits | $ | 2,680,946 |
| | $ | 3,581 |
| | 0.27% | | $ | 2,672,770 |
| | $ | 3,819 |
| | 0.29% |
| Savings deposits | 935,888 |
| | 439 |
| | 0.09% | | 928,377 |
| | 485 |
| | 0.11% |
| Time deposits | 796,448 |
| | 3,405 |
| | 0.86% | | 913,801 |
| | 5,259 |
| | 1.16% |
| Total Deposits | 4,413,282 |
| | 7,425 |
| | 0.34% | | 4,514,948 |
| | 9,563 |
| | 0.43% |
| Borrowed funds | 1,248,220 |
| | 11,882 |
| | 1.92% | | 837,851 |
| | 8,848 |
| | 2.13% |
| Total Interest-Bearing Liabilities | $ | 5,661,502 |
| | $ | 19,307 |
| | 0.69% | | $ | 5,352,799 |
| | $ | 18,411 |
| | 0.69% |
| | | | | | | | | | | | |
| Non-Interest Bearing Liabilities | 946,635 |
| | | | | | 873,619 |
| | | | |
| Total Liabilities | 6,608,137 |
| | | | | | 6,226,418 |
| | | | |
| Stockholders' equity | 1,044,646 |
| | | | | | 991,878 |
| | | | |
| Total Liabilities and Stockholders' Equity | $ | 7,652,783 |
| | | | | | $ | 7,218,296 |
| | | | |
| | | | | | | | | | | | |
| Net interest income | | | 112,602 |
| | | | | | 107,306 |
| | |
| | | | | | | | | | | | |
| Net interest rate spread | | | | | 3.13% | | | | | | 3.20% |
| Net interest-earning assets | $ | 1,233,598 |
| | | | | | $ | 1,124,565 |
| | | | |
| | | | | | | | | | | | |
| Net interest margin (3) | | | | | 3.25% | | | | | | 3.32% |
| Ratio of interest-earning assets to | | | | | | | | | | | |
| total interest-bearing liabilities | 1.22x |
| | | | | | 1.21x |
| | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| (1) Average outstanding balance amounts shown are amortized cost. |
| | | | | | | | | | | | |
| (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans. |
| | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
| (3) Annualized net interest income divided by average interest-earning assets. |
|
| | | | | | | | |
| The following table summarizes the year-to-date net interest margin for the previous three years. |
| | | | | | |
| | Six Months Ended |
| | 6/30/14 | | 6/30/13 | | 6/30/12 |
| Interest-Earning Assets: | | | | | |
| Securities | 2.41 | % | | 2.20 | % | | 2.48 | % |
| Net loans | 4.25 | % | | 4.45 | % | | 4.80 | % |
| Total interest-earning assets | 3.82 | % | | 3.89 | % | | 4.15 | % |
| | | | | | |
| Interest-Bearing Liabilities: | | | | | |
| Total deposits | 0.34 | % | | 0.43 | % | | 0.60 | % |
| Total borrowings | 1.92 | % | | 2.13 | % | | 2.22 | % |
| Total interest-bearing liabilities | 0.69 | % | | 0.69 | % | | 0.87 | % |
| | | | | | |
| Interest rate spread | 3.13 | % | | 3.20 | % | | 3.28 | % |
| Net interest margin | 3.25 | % | | 3.32 | % | | 3.41 | % |
| | | | | | |
| Ratio of interest-earning assets to interest-bearing liabilities | 1.21x |
| | 1.21x |
| | 1.18x |
|
