News
Release
Evans Bancorp, Inc. One Grimsby Drive Hamburg, NY 14075
IMMEDIATE RELEASE
Evans Bancorp Reaches $1 Billion in Assets and Reports Second Quarter Net Income Growth of 20%
HAMBURG, NY, July 28, 2016 – Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE MKT: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the second quarter ended June 30, 2016.
HIGHLIGHTS OF THE 2016 SECOND QUARTER
| · | | Total assets reached $1.0 billion as of June 30, 2016 |
| · | | Net income was $2.0 million, or $0.46 per diluted share, a 20% increase from prior year |
| · | | Record loan growth: loan portfolio of $853 million up 20% year over year |
| · | | Strong annual deposit growth across all product categories: deposit portfolio of $870 million up 12% |
| · | | Net interest income increased 11% from last year’s second quarter to $8.5 million |
Net income was $2.0 million, or $0.46 per diluted share, in the second quarter of 2016, compared with $1.7 million or $0.40 per diluted share in the first quarter of 2016 and $1.7 million or $0.39 per diluted share in last year’s second quarter. The increase reflects improved net interest income and a reduction in the Company’s allowance for loan loss, partially offset by lower non-interest income and higher non-interest expenses. Return on average equity was 8.56% for the second quarter of 2016 compared with 7.43% in the previous quarter and 7.62% in the second quarter of 2015.
“Record loan growth in the quarter put us over the $1 billion in assets mark, an important milestone that underscores our success at establishing Evans as Western New York’s leading, locally-based community bank,” said David J. Nasca, President and CEO of Evans Bancorp. “Results were very positive across the board with 20% growth in our loan portfolio and 12% growth in deposits producing 11% growth in net interest income year-over-year. These results demonstrate success at organically growing the business and our ability to capitalize on the market disruption opportunity occurring with KeyCorp’s acquisition of First Niagara as well as the benefits from Western New York’s economic expansion.”
Net Interest Income
($ in thousands) | | | 2Q 2016 | | | | 1Q 2016 | | | | 2Q 2015 |
Interest income | | | 9,694 | | | | 9,356 | | | | 8,636 |
Interest expense | | | 1,178 | | | | 1,096 | | | | 988 |
Net interest income | | | 8,516 | | | | 8,260 | | | | 7,648 |
Provision for loan losses | | | (376) | | | | 208 | | | | 415 |
Net interest income after provision | | | 8,892 | | | | 8,052 | | | | 7,233 |
Net interest income increased $0.3 million, or 3%, from the first quarter of 2016 and $0.9 million, or 11%, from the prior-year second quarter, reflecting strong loan and demand deposit growth. The Company’s commercial loan portfolio continues to grow at significant rates as average commercial loans, including both commercial and industrial and commercial real estate loans, were $642 million in the second quarter, up 4% from
$616 million in the first quarter of 2016 and 18% from $543 million in the second quarter of 2015. Net interest margin of 3.65% declined 4 basis points from the 2016 first quarter, but improved 4 basis points from the second
Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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quarter of last year. The margin contraction from the trailing quarter reflects a continued decrease in loan yields as market rates remain historically low in a highly competitive market. The margin improvement from last year was due to a shift in interest-earning assets mix as average loans grew 16% and comprised 86% of average interest-earning assets compared with 82% in the second quarter of 2015. Loans have earned higher yields than investment securities and short-term interest-earning cash over the past two years.
The Company released $0.4 million in allowance for loan losses compared with a provision for loan loss in the 2016 first quarter and in last year’s second quarter. The loan loss provision reversal reflects favorable credit quality trends in the loan portfolio as well as improvement in specific loan relationships.
John B. Connerton, Executive Vice President and Chief Financial Officer, noted, “We have had excellent loan growth while maintaining our conservative culture and consistent underwriting standards. This provides confidence in the quality of our loan assets. There were several factors that led to the release of reserves, including an improved collateral position on an impaired loan, a sustained period of low charge-offs, and the upgrade of several large criticized loan relationships.”
Asset Quality
| | | | | | | | | | | | | |
($ in thousands) | | 2Q 2016 | | 1Q 2016 | | | 2Q 2015 |
Total non-performing loans | | $ | 16,076 | | | $ | 17,941 | | | | $ | 10,994 | |
Total net loan charge-offs (recoveries) | | | (30) | | | | (28) | | | | | 83 | |
Non-performing loans/Total loans | | | 1.88 | % | | | 2.25 | % | | | | 1.55 | % |
Net loan charge-offs/Average loans | | | (0.01) | % | | | (0.02) | % | | | | 0.05 | % |
Allowance for loans losses/Total loans | | | 1.50 | % | | | 1.65 | % | | | | 1.84 | % |
The ratio of the allowance for loan losses to total loans declined due to strong loan growth and a sustained level of low historical charge-offs. Non-performing loans decreased during the quarter due to a lower balance of loans that are 90 days past due and accruing.
Non-interest Income
B | | | | | | | | | | | |
($ in thousands) | | 2Q 2016 | | 1Q 2016 | | | 2Q 2015 |
Deposit service charges | | | 403 | | | | 443 | | | 411 |
Insurance service and fee revenue | | | 1,572 | | | | 1,748 | | | 1,821 |
Bank-owned life insurance | | | 141 | | | | 136 | | | 152 |
Loss on tax credit investment | | | (2,139) | | | | - | | | - |
Refundable NY state historic tax credit | | | 1,508 | | | | - | | | | - |
Other income | | | 795 | | | | 667 | | | | 1,092 |
Total non-interest income | | | 2,280 | | | | 2,994 | | | | 3,476 |
Evans is actively engaged in the community by financing historic rehabilitation projects in Buffalo and enhances its yield by investing in related tax credits. When a project is completed, Evans begins to recognize tax benefits with a related reduction in the investment. In the current quarter, a $1.5 million refundable New York State tax credit was recorded in non-interest income and a corresponding $0.6 million tax benefit was realized in income tax expense, offset by a $2.1 million write-off on the investment. The Company will recognize additional tax benefits of approximately $280 thousand in each of the next two quarters related to this current project.
Insurance agency revenue was down $0.2 million from the 2016 first quarter due to a seasonal decrease in profit sharing revenue. The $0.2 million decline from the 2015 second quarter reflects the benefits realized from the high level of claims adjustment fees earned for services provided to assess damages of local properties impacted by the previous year’s severe winter. Other non-interest income was down from the prior-year period due to lower mortgage servicing rights and the planned run-off of data center income.
Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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Non-interest Expense
| | | | | | | | | | | |
($ in thousands) | | 2Q 2016 | | 1Q 2016 | | 2Q 2015 |
Salaries and employee benefits | | | 5,467 | | | | 5,514 | | | | 5,066 |
Occupancy | | | 740 | | | | 699 | | | | 697 |
Repairs and maintenance | | | 212 | | | | 176 | | | | 215 |
Advertising and public relations | | | 190 | | | | 285 | | | | 231 |
Professional services | | | 656 | | | | 580 | | | | 670 |
Technology and communications | | | 339 | | | | 422 | | | | 262 |
FDIC insurance | | | 182 | | | | 159 | | | | 148 |
Litigation Expense | | | - | | | | (100) | | | | - |
Other expenses | | | 933 | | | | 793 | | | | 952 |
Total non-interest expenses | | | 8,719 | | | | 8,528 | | | | 8,241 |
Total non-interest expense increased $0.2 million, or 2%, from the first quarter of 2016 and $0.5 million, or 6%, from the prior-year period. Salaries and benefits costs were relatively flat from the first quarter of 2016, reflecting stabilization in the number of employees at the Company during the second quarter. The increase from last year’s second quarter reflects annual merit increases and strategic hires to support the Company’s continued growth. Evans has expanded its commercial team with new commercial loan officers, business development officers and related support staff.
Income tax expense of $0.5 million was recognized for the second quarter of 2016, compared with an income tax expense of $0.8 million in each of the first quarter of 2016 and the second quarter of 2015. The effective tax rate for the quarter was 18.3%, compared with 31.9% in the first quarter of 2016 and 32.1% in the second quarter of 2015. The decrease in the effective tax rate reflects the impact of the historic tax credit transaction. The Company expects the effective tax rate for the remainder of 2016 to more closely reflect the year-to-date effective tax rate of 25.2%.
Balance Sheet Highlights
Total assets reached $1.0 billion as of June 30, 2016, a 3% increase from $990 million at March 31, 2016 and a 12% increase over $909 million in assets at June 30, 2015. The Company experienced the highest loan growth in its history this quarter as the loan portfolio increased $57 million, or 7%, to $853 million. Loan growth from the end of last year’s second quarter was $142 million, or 20%, and was predominantly in the commercial real estate and commercial and industrial loan portfolios.
Total deposits of $870 million were 2% higher than $849 million at the end of this year’s first quarter and 12% higher than the 2015 second quarter-end. The year-over-year growth was across all of the Company’s product categories, including demand deposit growth of 15%, NOW account growth of 12%, savings deposit growth of 11%, and time deposit growth of 13%.
Capital Management
The Company consistently maintains regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 10.06% at June 30, 2016. Book value per share increased to $22.11 at June 30, 2016 compared with $21.54 at March 31, 2016 and $20.80 at June 30, 2015. Tangible book value per share was $20.22 at June 30, 2016, compared with $19.64 at the end of the first quarter of 2016 and $18.89 at the end of last year’s second quarter.
Outlook
Mr. Nasca commented, “We have refined our focus with our 2020 strategic plan. It provides a road map for the next stage of our development and growth. We believe that the investments we have made in talent and infrastructure for the last several years establishes a solid platform to launch Evans to the next level and
Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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strengthen our earnings power. Over the next couple years, we believe our performance and execution will allow us to maintain significant asset growth and drive accelerated earnings growth.”
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $1.0 billion in assets and $870 million in deposits at June 30, 2016. Evans is a full-service community bank, with 14 branches, providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Bancorp's wholly-owned insurance subsidiary, The Evans Agency, LLC, provides property and casualty insurance through seven insurance offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.
Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.
Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.
| |
For more information contact: | -OR- |
John B. Connerton Senior Vice President and Chief Financial Officer | Deborah K. Pawlowski Kei Advisors LLC |
Phone: (716) 926-2000
Email: jconner@evansbank.com | Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com |
TABLES FOLLOW
Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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EVANS BANCORP, INC. AND SUBSIDIARIES |
SELECTED FINANCIAL DATA (UNAUDITED) |
(in thousands, except shares and per share data) |
| | | | | | | | | | | | | | | | | | | | |
| | 6/30/2016 | | 3/31/2016 | | 12/31/2015 | | 9/30/2015 | | 6/30/2015 |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investment Securities | | $ | 110,629 | | | $ | 116,294 | | | $ | 98,758 | | | $ | 106,651 | | | $ | 106,734 | |
Loans | | | 853,306 | | | | 796,773 | | | | 773,984 | | | | 731,239 | | | | 710,832 | |
Allowance for loan losses | | | (12,773) | | | | (13,119) | | | | (12,883) | | | | (13,456) | | | | (13,110) | |
Goodwill and intangible assets | | | 8,101 | | | | 8,101 | | | | 8,101 | | | | 8,101 | | | | 8,101 | |
All other assets | | | 62,335 | | | | 81,866 | | | | 71,147 | | | | 88,356 | | | | 95,990 | |
Total assets | | $ | 1,021,598 | | | $ | 989,915 | | | $ | 939,107 | | | $ | 920,891 | | | $ | 908,547 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' | | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | | |
Demand deposits | | | 187,774 | | | | 174,276 | | | | 183,098 | | | | 170,022 | | | | 163,862 | |
NOW deposits | | | 88,993 | | | | 95,622 | | | | 83,674 | | | | 79,983 | | | | 79,266 | |
Regular savings deposits | | | 480,290 | | | | 463,672 | | | | 439,993 | | | | 436,331 | | | | 431,555 | |
Time deposits | | | 112,828 | | | | 115,479 | | | | 96,217 | | | | 95,967 | | | | 99,482 | |
Total deposits | | | 869,885 | | | | 849,049 | | | | 802,982 | | | | 782,303 | | | | 774,165 | |
Borrowings | | | 41,841 | | | | 34,224 | | | | 32,151 | | | | 32,640 | | | | 32,339 | |
Other liabilities | | | 15,083 | | | | 14,482 | | | | 12,718 | | | | 16,275 | | | | 13,848 | |
Total stockholders' equity | | | 94,789 | | | | 92,160 | | | | 91,256 | | | | 89,673 | | | | 88,195 | |
| | | | | | | | | | | | | | | | | | | | |
SHARES AND CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | |
Common shares outstanding | | | 4,286,939 | | | | 4,279,296 | | | | 4,257,179 | | | | 4,238,448 | | | | 4,239,929 | |
Book value per share | | $ | 22.11 | | | $ | 21.54 | | | $ | 21.44 | | | $ | 21.16 | | | $ | 20.80 | |
Tangible book value per share | | $ | 20.22 | | | $ | 19.64 | | | $ | 19.53 | | | $ | 19.25 | | | $ | 18.89 | |
Tier 1 leverage ratio | | | 10.06 | % | | | 10.18 | % | | | 10.45 | % | | | 10.32 | % | | | 10.23 | % |
Tier 1 risk-based capital ratio | | | 11.45 | % | | | 11.94 | % | | | 11.82 | % | | | 12.03 | % | | | 12.63 | % |
Total risk-based capital ratio | | | 12.70 | % | | | 13.20 | % | | | 13.07 | % | | | 13.29 | % | | | 13.89 | % |
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ASSET QUALITY DATA | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | $ | 16,076 | | | $ | 17,941 | | | $ | 16,042 | | | $ | 8,170 | | | $ | 10,994 | |
Total net loan charge-offs (recoveries) | | | (30) | | | | (28) | | | | 776 | | | | 50 | | | | 83 | |
| | | | | | | | | | | | | | | | | | | | |
Non-performing loans/Total loans | | | 1.88 | % | | | 2.25 | % | | | 2.07 | % | | | 1.12 | % | | | 1.55 | % |
Net loan charge-offs/Average loans | | | (0.01) | % | | | (0.02) | % | | | 0.42 | % | | | 0.03 | % | | | 0.05 | % |
Allowance for loans losses/Total loans | | | 1.50 | % | | | 1.65 | % | | | 1.66 | % | | | 1.84 | % | | | 1.84 | % |
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Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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EVANS BANCORP, INC AND SUBSIDIARIES |
SELECTED OPERATIONS DATA (UNAUDITED) |
(in thousands, except share and per share data) |
| | | | | | | | | | | | | | | | | | | | |
| | 2016 | | 2016 | | 2015 | | 2015 | | 2015 |
| | Second Quarter | | First Quarter | | Fourth Quarter | | Third Quarter | | Second Quarter |
Interest income | | | 9,694 | | | | 9,356 | | | | 9,437 | | | | 9,099 | | | | 8,636 | |
Interest expense | | | 1,178 | | | | 1,096 | | | | 1,001 | | | | 960 | | | | 988 | |
Net interest income | | | 8,516 | | | | 8,260 | | | | 8,436 | | | | 8,139 | | | | 7,648 | |
Provision for loan losses (credit) | | | (376) | | | | 208 | | | | 204 | | | | 396 | | | | 415 | |
Net interest income after provision | | | 8,892 | | | | 8,052 | | | | 8,232 | | | | 7,743 | | | | 7,233 | |
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Deposit service charges | | | 403 | | | | 443 | | | | 461 | | | | 455 | | | | 411 | |
Insurance service and fee revenue | | | 1,572 | | | | 1,748 | | | | 1,572 | | | | 1,972 | | | | 1,821 | |
Bank-owned life insurance | | | 141 | | | | 136 | | | | 140 | | | | 134 | | | | 152 | |
Loss on tax credit investment | | | (2,139) | | | | - | | | | - | | | | - | | | | - | |
Refundable NY state historic tax credit | | | 1,508 | | | | - | | | | - | | | | - | | | | - | |
Gain on insurance proceeds | | | - | | | | - | | | | - | | | | 734 | | | | - | |
Other income | | | 795 | | | | 667 | | | | 748 | | | | 962 | | | | 1,092 | |
Total non-interest income | | | 2,280 | | | | 2,994 | | | | 2,921 | | | | 4,257 | | | | 3,476 | |
| | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 5,467 | | | | 5,514 | | | | 5,365 | | | | 5,253 | | | | 5,066 | |
Occupancy | | | 740 | | | | 699 | | | | 722 | | | | 675 | | | | 697 | |
Repairs and maintenance | | | 212 | | | | 176 | | | | 204 | | | | 230 | | | | 215 | |
Advertising and public relations | | | 190 | | | | 285 | | | | 227 | | | | 188 | | | | 231 | |
Professional services | | | 656 | | | | 580 | | | | 499 | | | | 674 | | | | 670 | |
Technology and communications | | | 339 | | | | 422 | | | | 308 | | | | 354 | | | | 262 | |
FDIC insurance | | | 182 | | | | 159 | | | | 161 | | | | 151 | | | | 148 | |
Litigation Expense | | | - | | | | (100) | | | | - | | | | (175) | | | | - | |
Other expenses | | | 933 | | | | 793 | | | | 1,179 | | | | 930 | | | | 952 | |
Total non-interest expenses | | | 8,719 | | | | 8,528 | | | | 8,665 | | | | 8,280 | | | | 8,241 | |
| | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 2,453 | | | | 2,518 | | | | 2,488 | | | | 3,720 | | | | 2,468 | |
Income tax provision | | | 450 | | | | 804 | | | | 734 | | | | 1,211 | | | | 793 | |
Net income | | | 2,003 | | | | 1,714 | | | | 1,754 | | | | 2,509 | | | | 1,675 | |
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PER SHARE DATA | | | | | | | | | | | | | | | | | | | | |
Net income per common share-diluted | | $ | 0.46 | | | $ | 0.40 | | | $ | 0.41 | | | $ | 0.58 | | | $ | 0.39 | |
Cash dividends per common share | | $ | - | | | $ | 0.38 | | | $ | - | | | $ | 0.36 | | | $ | - | |
Weighted average number of diluted shares | | | 4,346,599 | | | | 4,328,034 | | | | 4,315,489 | | | | 4,312,275 | | | | 4,309,688 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | |
Return on average total assets | | | 0.80 | % | | | 0.71 | % | | | 0.75 | % | | | 1.10 | % | | | 0.74 | % |
Return on average stockholders' equity | | | 8.56 | % | | | 7.43 | % | | | 7.72 | % | | | 11.20 | % | | | 7.62 | % |
Efficiency ratio | | | 76.30 | % | | | 75.78 | % | | | 76.30 | % | | | 66.79 | % | | | 74.08 | % |
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Evans Bancorp Reports Quarterly Net Income Growth of 20%
July 28, 2016
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EVANS BANCORP, INC AND SUBSIDIARIES |
SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) |
(in thousands) |
| | 2016 | | 2016 | | 2015 | | 2015 | | 2015 |
| | Second Quarter | | First Quarter | | Fourth Quarter | | Third Quarter | | Second Quarter |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Loans, net | | $ | 801,115 | | | $ | 772,672 | | | $ | 740,337 | | | $ | 706,568 | | | $ | 691,608 | |
Investment securities | | | 115,610 | | | | 103,094 | | | | 103,940 | | | | 112,339 | | | | 103,641 | |
Interest bearing deposits at banks | | | 15,916 | | | | 18,862 | | | | 19,185 | | | | 27,501 | | | | 51,094 | |
Total interest-earning assets | | | 932,641 | | | | 894,628 | | | | 863,462 | | | | 846,408 | | | | 846,343 | |
Non interest-earning assets | | | 65,539 | | | | 66,375 | | | | 66,115 | | | | 66,102 | | | | 64,396 | |
Total Assets | | $ | 998,180 | | | $ | 961,003 | | | $ | 929,577 | | | $ | 912,510 | | | $ | 910,739 | |
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NOW | | | 88,966 | | | | 88,220 | | | | 80,810 | | | | 78,335 | | | | 78,979 | |
Regular savings | | | 473,791 | | | | 447,318 | | | | 439,108 | | | | 431,127 | | | | 430,930 | |
Time deposits | | | 114,545 | | | | 108,954 | | | | 96,478 | | | | 97,321 | | | | 105,051 | |
Total interest-bearing deposits | | | 677,302 | | | | 644,492 | | | | 616,396 | | | | 606,783 | | | | 614,960 | |
Other borrowings | | | 36,031 | | | | 34,250 | | | | 32,443 | | | | 32,113 | | | | 31,533 | |
Total interest-bearing liabilities | | | 713,333 | | | | 678,742 | | | | 648,839 | | | | 638,896 | | | | 646,493 | |
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Demand deposits | | | 178,106 | | | | 176,074 | | | | 175,362 | | | | 168,883 | | | | 162,632 | |
Other non-interest bearing liabilities | | | 13,142 | | | | 13,879 | | | | 14,549 | | | | 15,122 | | | | 13,665 | |
Stockholders' equity | | | 93,599 | | | | 92,308 | | | | 90,827 | | | | 89,609 | | | | 87,949 | |
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Total Liabilities and Equity | | $ | 998,180 | | | $ | 961,003 | | | $ | 929,577 | | | $ | 912,510 | | | $ | 910,739 | |
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YIELD/RATE | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Loans, net | | | 4.43 | % | | | 4.52 | % | | | 4.59 | % | | | 4.76 | % | | | 4.59 | % |
Investment securities | | | 2.71 | % | | | 2.39 | % | | | 3.59 | % | | | 2.42 | % | | | 2.58 | % |
Interest bearing deposits at banks | | | 0.83 | % | | | 0.23 | % | | | 0.29 | % | | | 0.23 | % | | | 0.26 | % |
Total interest-earning assets | | | 4.16 | % | | | 4.18 | % | | | 4.37 | % | | | 4.30 | % | | | 4.08 | % |
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NOW | | | 0.35 | % | | | 0.39 | % | | | 0.40 | % | | | 0.40 | % | | | 0.43 | % |
Regular savings | | | 0.51 | % | | | 0.47 | % | | | 0.43 | % | | | 0.41 | % | | | 0.38 | % |
Time deposits | | | 1.23 | % | | | 1.26 | % | | | 1.29 | % | | | 1.27 | % | | | 1.42 | % |
Total interest-bearing deposits | | | 0.61 | % | | | 0.60 | % | | | 0.56 | % | | | 0.55 | % | | | 0.56 | % |
Other borrowings | | | 1.57 | % | | | 1.60 | % | | | 1.64 | % | | | 1.64 | % | | | 1.62 | % |
Total interest-bearing liabilities | | | 0.66 | % | | | 0.65 | % | | | 0.62 | % | | | 0.60 | % | | | 0.61 | % |
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Interest rate spread | | | 3.50 | % | | | 3.53 | % | | | 3.75 | % | | | 3.70 | % | | | 3.47 | % |
Contribution of interest-free funds | | | 0.15 | % | | | 0.16 | % | | | 0.16 | % | | | 0.15 | % | | | 0.14 | % |
Net interest margin | | | 3.65 | % | | | 3.69 | % | | | 3.91 | % | | | 3.85 | % | | | 3.61 | % |
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