News
Release
Evans Bancorp, Inc. One Grimsby Drive Hamburg, NY 14075
Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
HAMBURG, NY, October 27, 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 third quarter ended September 30, 2016.
THIRD QUARTER 2016 HIGHLIGHTS
| · | | Record loan growth: Loan portfolio of $913 million up 25% year-over-year and 7% from the trailing second quarter |
| · | | Net interest income increased 11% from last year’s third quarter to $9.1 million. |
| · | | Strong year-over-year deposit growth across all product categories. Total deposits up 15% to $898 million. |
| · | | New account openings up 32% compared with the second quarter. |
| · | | Net income was $2.2 million, or $0.51 per diluted share. |
Net income was $2.2 million, or $0.51 per diluted share, in the third quarter of 2016, compared with $2.0 million, or $0.46 per diluted share, in the trailing second quarter of 2016 and $2.5 million, or $0.58 per diluted share, in last year’s third quarter. The increase from the 2016 trailing second quarter reflects higher net interest income and noninterest income, partially offset by higher provision for loan loss. The decline from the third quarter of 2015 reflects the after-tax gain of $0.5 million or $0.11 per diluted share last year from an insurance settlement related to a fire sustained at a branch location. Return on average equity was 9.23% for the third quarter of 2016 compared with 8.56% in the trailing second quarter and 11.20% in the third quarter of 2015.
“We continue to deliver strong growth and increasing revenue as both our loan and deposit portfolios have been expanding at a very healthy pace. This has driven a double-digit increase in net interest income, even as we face continued headwinds from interest rates and a very competitive market environment,” said David J. Nasca, President and CEO of Evans Bancorp. “Over the last year, we have organically grown loans by 25% and deposits by 15%. New account openings were 32% higher in the third quarter. We believe these are an excellent indicator of the strong customer response to Evans’ value proposition as a full service, locally-based community bank and our ability to execute our strategy and acquire new clients in a market going through transition.”
Mr. Nasca added, “Our significant investments over the last few years in talent, technology and infrastructure have enabled us to capitalize on opportunities from the area’s economic expansion, the market disruption related to KeyCorp’s recent acquisition of First Niagara, and our enhanced competitive positioning.”
Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 2 of 8
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Net Interest Income |
($ in thousands) |
| | | | | | | | | | | |
| | 3Q 2016 | | | 2Q 2016 | | | 3Q 2015 |
| | | | | | | | | | | |
Interest income | | $ | 10,241 | | | $ | 9,694 | | | $ | 9,099 |
Interest expense | | | 1,172 | | | | 1,178 | | | | 960 |
Net interest income | | | 9,069 | | | | 8,516 | | | | 8,139 |
Provision (credit) for loan losses | | | 1,006 | | | | (376) | | | | 396 |
Net interest income after provision (credit) | | $ | 8,063 | | | $ | 8,892 | | | $ | 7,743 |
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Net interest income increased $0.6 million, or 6%, from the second quarter of 2016 and $0.9 million, or 11%, from the prior-year third quarter, reflecting strong loan and demand deposit growth. The Company’s commercial loan portfolio continued to grow at a significant rate as average commercial loans, including both commercial real estate and commercial and industrial loans, were $712 million in the third quarter, up 11% from $642 million in the trailing second quarter and up 28% from $557 million in the 2015 third quarter.
Net interest margin of 3.67% declined 18 basis points from the 2015 third quarter, but improved 2 basis points from the second quarter of 2016. The margin contraction from last year reflects a continued decrease in loan yields as market rates remain historically low in a highly competitive market. The margin improvement from the trailing second quarter was due to a decrease in the cost of interest-bearing liabilities as interest-bearing deposit rates declined 4 basis points. This improvement in deposit pricing was somewhat offset by a decrease in loan yields.
The increase in loan loss provision reflects the Company’s significant loan growth and a small increase of commercial loan relationships to criticized status, partially offset by favorable credit quality trends including lower non-performing loans at September 30, 2016 compared with June 30, 2016 and a sustained charge-off ratio that is historically low. The increase in non-performing loans at the end of the recent quarter when compared with the end of the third quarter of 2015 is primarily due to the downgrade of a single loan relationship in the fourth quarter of 2015.
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Asset Quality | |
($ in thousands) | |
| | | | | | | | | | | | |
| | 3Q 2016 | | | 2Q 2016 | | | 3Q 2015 | |
| | | | | | | | | | | | |
Total non-performing loans | | $ | 15,279 | | | $ | 16,076 | | | $ | 8,170 | |
Total net loan charge-offs (recoveries) | | | 67 | | | | (30) | | | | 50 | |
Non-performing loans/ Total loans | | | 1.67 | % | | | 1.88 | % | | | 1.12 | % |
Net loan charge-offs/ Average loans | | | 0.03 | % | | | (0.01) | % | | | 0.03 | % |
Allowance for loan losses/ Total loans | | | 1.50 | % | | | 1.50 | % | | | 1.84 | % |
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John B. Connerton, Executive Vice President and Chief Financial Officer, noted, “Asset quality remains very strong. We have grown our loan portfolio without compromising our disciplined underwriting standards. Our overall favorable credit fundamentals are reflected by continued low charge-off rates and strong reserve levels in comparison to peers.”
Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 3 of 8
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Non-Interest Income |
($ in thousands) |
| | | | | | | | | | | |
| | 3Q 2016 | | | 2Q 2016 | | | 3Q 2015 |
| | | | | | | | | | | |
Deposit service charges | | $ | 475 | | | $ | 403 | | | $ | 455 |
Insurance service and fee revenue | | | 1,855 | | | | 1,572 | | | | 1,972 |
Bank-owned life insurance | | | 144 | | | | 141 | | | | 134 |
Loss on tax credit investment | | | - | | | | (2,139) | | | | - |
Refundable NY state historic tax credit | | | - | | | | 1,508 | | | | - |
Gain on insurance proceeds | | | - | | | | - | | | | 734 |
Other income | | | 861 | | | | 795 | | | | 962 |
Total non-interest income | | $ | 3,335 | | | $ | 2,280 | | | $ | 4,257 |
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Previous quarters included the impact of large transactions such as a net reduction of noninterest income of $0.6 million related to an investment in an historic rehabilitation tax credit in the second quarter of 2016 and a $0.7 million gain in the third quarter of 2015 from an insurance settlement related to a fire sustained at a branch location. There were no comparable transactions in the third quarter of 2016.
Insurance revenue increased $0.3 million from the trailing second quarter due to the seasonal increase in commercial lines insurance commissions. The $0.1 million decline from the previous year’s third quarter was due to a decrease in personal lines insurance commissions and financial services sales revenue, partially offset by strong commercial lines insurance revenue growth.
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Non-Interest Expense |
($ in thousands) |
| | | | | | | | | | | |
| | 3Q 2016 | | | 2Q 2016 | | | 3Q 2015 |
| | | | | | | | | | | |
Salaries and employee benefits | | $ | 5,402 | | | $ | 5,467 | | | $ | 5,253 |
Occupancy | | | 732 | | | | 740 | | | | 675 |
Repairs and maintenance | | | 200 | | | | 212 | | | | 230 |
Advertising and public relations | | | 232 | | | | 190 | | | | 188 |
Professional services | | | 535 | | | | 656 | | | | 674 |
Technology and communications | | | 304 | | | | 339 | | | | 354 |
FDIC insurance | | | 201 | | | | 182 | | | | 151 |
Litigation expense | | | - | | | | - | | | | (175) |
Other expenses | | | 1,105 | | | | 933 | | | | 930 |
Total non-interest expenses | | $ | 8,711 | | | $ | 8,719 | | | $ | 8,280 |
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The Company experienced stability across most expense categories when compared with the second quarter of 2016 as efforts continue to optimize returns from the investments management has made during a rapid growth phase in recent years. The third quarter of 2015 included a $0.2 million reversal of the Company’s litigation reserve after settling a legal matter during the period.
Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 4 of 8
Salaries and benefits costs decreased $0.1 million in the recent third quarter when compared with the second quarter of 2016, reflecting stabilization in the number of employees at the Company. The modest increase from last year’s third quarter reflects annual merit increases and strategic hires to support the Company’s continued growth, most notably in the expansion of its commercial banking team with new commercial loan officers, business development officers and related support staff.
Income tax expense of $0.5 million was recorded for the third quarter of 2016, roughly flat to the second quarter of 2016, but $0.7 million less than the $1.2 million income tax provision recognized in last year’s third quarter. The effective tax rate for the quarter was 17.5% compared with 18.3% in the second quarter of 2016 and 32.6% in the third quarter of 2015. The lower effective tax rate over the two most recent quarters reflects the impact of the tax credit investment transaction in the second quarter of 2016.
Balance Sheet Highlights
Total assets reached $1.1 billion as of September 30, 2016, a 6% increase from $1.0 billion at June 30, 2016 and 18% higher than $921 million at September 30, 2015. The Company experienced the highest loan growth in its history this quarter as the loan portfolio increased from the 2016 second-quarter end by $60 million, or 7%, to $913 million. Loan growth from the end of last year’s third quarter was $182 million, or 25%, and was predominantly in the commercial real estate and commercial and industrial loan portfolios.
Total deposits of $898 million were 3% higher than $870 million at the end of this year’s second quarter and 15% higher than the 2015 third 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 9%, savings deposit growth of 14%, and time deposit growth of 23%.
Capital Management
The Company consistently maintains regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 9.55% at September 30, 2016. Book value per share increased to $22.20 at September 30, 2016 compared with $22.11 at June 30, 2016 and $21.16 at September 30, 2015. Tangible book value per share was $20.31 at September 30, 2016, compared with $20.22 at the end of the second quarter of 2016 and $19.25 at the end of last year’s third quarter.
Outlook
Mr. Nasca concluded, “2016 has been a year of great momentum as Evans’ business and franchise have grown, most notably passing the $1 billion in assets milestone at mid-year. Our strategies to benefit from market disruption have delivered excellent results to date, and we see continued opportunity going forward. Our track record of successful execution gives us confidence as we move into the next phase of our 2020 strategic plan focused on leveraging a stronger platform and significant investments made in talent and infrastructure to drive continued growth in our business with greater earnings power and returns.”
Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 5 of 8
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 $1.1 billion in assets and $898 million in deposits at September 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 Executive 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 Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 6 of 8
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EVANS BANCORP, INC. AND SUBSIDIARIES |
SELECTED FINANCIAL DATA (UNAUDITED) |
(in thousands, except shares and per share data) |
| | | | | | | | | | | | | | | | | | | | |
| | 9/30/2016 | | 6/30/2016 | | 3/31/2016 | | 12/31/2015 | | 9/30/2015 |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investment Securities | | $ | 104,859 | | | $ | 110,629 | | | $ | 116,294 | | | $ | 98,758 | | | $ | 106,651 | |
Loans | | | 912,852 | | | | 853,306 | | | | 796,773 | | | | 773,984 | | | | 731,239 | |
Allowance for loan losses | | | (13,712) | | | | (12,773) | | | | (13,119) | | | | (12,883) | | | | (13,456) | |
Goodwill and intangible assets | | | 8,101 | | | | 8,101 | | | | 8,101 | | | | 8,101 | | | | 8,101 | |
All other assets | | | 72,563 | | | | 62,335 | | | | 81,866 | | | | 71,147 | | | | 88,356 | |
Total assets | | $ | 1,084,663 | | | $ | 1,021,598 | | | $ | 989,915 | | | $ | 939,107 | | | $ | 920,891 | |
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LIABILITIES AND STOCKHOLDERS' | | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | | |
Demand deposits | | | 195,869 | | | | 187,774 | | | | 174,276 | | | | 183,098 | | | | 170,022 | |
NOW deposits | | | 87,047 | | | | 88,993 | | | | 95,622 | | | | 83,674 | | | | 79,983 | |
Regular savings deposits | | | 496,926 | | | | 480,290 | | | | 463,672 | | | | 439,993 | | | | 436,331 | |
Time deposits | | | 118,123 | | | | 112,828 | | | | 115,479 | | | | 96,217 | | | | 95,967 | |
Total deposits | | | 897,965 | | | | 869,885 | | | | 849,049 | | | | 802,982 | | | | 782,303 | |
Borrowings | | | 74,136 | | | | 41,841 | | | | 34,224 | | | | 32,151 | | | | 32,640 | |
Other liabilities | | | 17,364 | | | | 15,083 | | | | 14,482 | | | | 12,718 | | | | 16,275 | |
Total stockholders' equity | | | 95,198 | | | | 94,789 | | | | 92,160 | | | | 91,256 | | | | 89,673 | |
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SHARES AND CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | |
Common shares outstanding | | | 4,287,400 | | | | 4,286,939 | | | | 4,279,296 | | | | 4,257,179 | | | | 4,238,448 | |
Book value per share | | $ | 22.20 | | | $ | 22.11 | | | $ | 21.54 | | | $ | 21.44 | | | $ | 21.16 | |
Tangible book value per share | | $ | 20.31 | | | $ | 20.22 | | | $ | 19.64 | | | $ | 19.53 | | | $ | 19.25 | |
Tier 1 leverage ratio | | | 9.55 | % | | | 10.06 | % | | | 10.18 | % | | | 10.45 | % | | | 10.32 | % |
Tier 1 risk-based capital ratio | | | 10.82 | % | | | 11.45 | % | | | 11.94 | % | | | 11.82 | % | | | 12.03 | % |
Total risk-based capital ratio | | | 12.07 | % | | | 12.70 | % | | | 13.20 | % | | | 13.07 | % | | | 13.29 | % |
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ASSET QUALITY DATA | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | $ | 15,279 | | | $ | 16,076 | | | $ | 17,941 | | | $ | 16,042 | | | $ | 8,170 | |
Total net loan charge-offs (recoveries) | | | 67 | | | | (30) | | | | (28) | | | | 776 | | | | 50 | |
| | | | | | | | | | | | | | | | | | | | |
Non-performing loans/Total loans | | | 1.67 | % | | | 1.88 | % | | | 2.25 | % | | | 2.07 | % | | | 1.12 | % |
Net loan charge-offs/Average loans | | | 0.03 | % | | | (0.01) | % | | | (0.02) | % | | | 0.42 | % | | | 0.03 | % |
Allowance for loans losses/Total loans | | | 1.50 | % | | | 1.50 | % | | | 1.65 | % | | | 1.66 | % | | | 1.84 | % |
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Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 7 of 8
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EVANS BANCORP, INC AND SUBSIDIARIES |
SELECTED OPERATIONS DATA (UNAUDITED) |
(in thousands, except share and per share data) |
| | | | | | | | | | | | | | | | | | | | |
| | 2016 | | 2016 | | 2016 | | 2015 | | 2015 |
| | Third Quarter | | Second Quarter | | First Quarter | | Fourth Quarter | | Third Quarter |
Interest income | | | 10,241 | | | | 9,694 | | | | 9,356 | | | | 9,437 | | | | 9,099 | |
Interest expense | | | 1,172 | | | | 1,178 | | | | 1,096 | | | | 1,001 | | | | 960 | |
Net interest income | | | 9,069 | | | | 8,516 | | | | 8,260 | | | | 8,436 | | | | 8,139 | |
Provision for loan losses (credit) | | | 1,006 | | | | (376) | | | | 208 | | | | 204 | | | | 396 | |
Net interest income after provision | | | 8,063 | | | | 8,892 | | | | 8,052 | | | | 8,232 | | | | 7,743 | |
| | | | | | | | | | | | | | | | | | | | |
Deposit service charges | | | 475 | | | | 403 | | | | 443 | | | | 461 | | | | 455 | |
Insurance service and fee revenue | | | 1,855 | | | | 1,572 | | | | 1,748 | | | | 1,572 | | | | 1,972 | |
Bank-owned life insurance | | | 144 | | | | 141 | | | | 136 | | | | 140 | | | | 134 | |
Loss on tax credit investment | | | - | | | | (2,139) | | | | - | | | | - | | | | - | |
Refundable NY state historic tax credit | | | - | | | | 1,508 | | | | - | | | | - | | | | - | |
Gain on insurance proceeds | | | - | | | | - | | | | - | | | | - | | | | 734 | |
Other income | | | 861 | | | | 795 | | | | 667 | | | | 748 | | | | 962 | |
Total non-interest income | | | 3,335 | | | | 2,280 | | | | 2,994 | | | | 2,921 | | | | 4,257 | |
| | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 5,402 | | | | 5,467 | | | | 5,514 | | | | 5,365 | | | | 5,253 | |
Occupancy | | | 732 | | | | 740 | | | | 699 | | | | 722 | | | | 675 | |
Repairs and maintenance | | | 200 | | | | 212 | | | | 176 | | | | 204 | | | | 230 | |
Advertising and public relations | | | 232 | | | | 190 | | | | 285 | | | | 227 | | | | 188 | |
Professional services | | | 535 | | | | 656 | | | | 580 | | | | 499 | | | | 674 | |
Technology and communications | | | 304 | | | | 339 | | | | 422 | | | | 308 | | | | 354 | |
FDIC insurance | | | 201 | | | | 182 | | | | 159 | | | | 161 | | | | 151 | |
Litigation expense | | | - | | | | - | | | | (100) | | | | - | | | | (175) | |
Other expenses | | | 1,105 | | | | 933 | | | | 793 | | | | 1,179 | | | | 930 | |
Total non-interest expenses | | | 8,711 | | | | 8,719 | | | | 8,528 | | | | 8,665 | | | | 8,280 | |
| | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 2,687 | | | | 2,453 | | | | 2,518 | | | | 2,488 | | | | 3,720 | |
Income tax provision | | | 471 | | | | 450 | | | | 804 | | | | 734 | | | | 1,211 | |
Net income | | | 2,216 | | | | 2,003 | | | | 1,714 | | | | 1,754 | | | | 2,509 | |
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PER SHARE DATA | | | | | | | | | | | | | | | | | | | | |
Net income per common share-diluted | | $ | 0.51 | | | $ | 0.46 | | | $ | 0.40 | | | $ | 0.41 | | | $ | 0.58 | |
Cash dividends per common share | | $ | 0.38 | | | $ | - | | | $ | 0.38 | | | $ | - | | | $ | 0.36 | |
Weighted average number of diluted shares | | | 4,362,479 | | | | 4,346,599 | | | | 4,328,034 | | | | 4,315,489 | | | | 4,312,275 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | |
Return on average total assets | | | 0.84 | % | | | 0.80 | % | | | 0.71 | % | | | 0.75 | % | | | 1.10 | % |
Return on average stockholders' equity | | | 9.23 | % | | | 8.56 | % | | | 7.43 | % | | | 7.72 | % | | | 11.20 | % |
Efficiency ratio | | | 70.23 | % | | | 76.30 | % | | | 75.78 | % | | | 76.30 | % | | | 66.79 | % |
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Evans Bancorp Reports Record Loan Growth in 2016 Third Quarter
October 27, 2016
Page 8 of 8
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EVANS BANCORP, INC AND SUBSIDIARIES |
SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) |
(in thousands) |
| | 2016 | | 2016 | | 2016 | | 2015 | | 2015 |
| | Third Quarter | | Second Quarter | | First Quarter | | Fourth Quarter | | Third Quarter |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Loans, net | | $ | 875,999 | | | $ | 801,115 | | | $ | 772,672 | | | $ | 740,337 | | | $ | 706,568 | |
Investment securities | | | 112,025 | | | | 115,610 | | | | 103,094 | | | | 103,940 | | | | 112,339 | |
Interest bearing deposits at banks | | | 1,162 | | | | 15,916 | | | | 18,862 | | | | 19,185 | | | | 27,501 | |
Total interest-earning assets | | | 989,186 | | | | 932,641 | | | | 894,628 | | | | 863,462 | | | | 846,408 | |
Non interest-earning assets | | | 69,489 | | | | 65,539 | | | | 66,375 | | | | 66,115 | | | | 66,102 | |
Total Assets | | $ | 1,058,675 | | | $ | 998,180 | | | $ | 961,003 | | | $ | 929,577 | | | $ | 912,510 | |
| | | | | | | | | | | | | | | | | | | | |
NOW | | | 86,428 | | | | 88,966 | | | | 88,220 | | | | 80,810 | | | | 78,335 | |
Regular savings | | | 487,168 | | | | 473,791 | | | | 447,318 | | | | 439,108 | | | | 431,127 | |
Time deposits | | | 115,644 | | | | 114,545 | | | | 108,954 | | | | 96,478 | | | | 97,321 | |
Total interest-bearing deposits | | | 689,240 | | | | 677,302 | | | | 644,492 | | | | 616,396 | | | | 606,783 | |
Other borrowings | | | 69,307 | | | | 36,031 | | | | 34,250 | | | | 32,443 | | | | 32,113 | |
Total interest-bearing liabilities | | | 758,547 | | | | 713,333 | | | | 678,742 | | | | 648,839 | | | | 638,896 | |
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Demand deposits | | | 187,201 | | | | 178,106 | | | | 176,074 | | | | 175,362 | | | | 168,883 | |
Other non-interest bearing liabilities | | | 16,860 | | | | 13,142 | | | | 13,879 | | | | 14,549 | | | | 15,122 | |
Stockholders' equity | | | 96,067 | | | | 93,599 | | | | 92,308 | | | | 90,827 | | | | 89,609 | |
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Total Liabilities and Equity | | $ | 1,058,675 | | | $ | 998,180 | | | $ | 961,003 | | | $ | 929,577 | | | $ | 912,510 | |
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YIELD/RATE | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Loans, net | | | 4.39 | % | | | 4.43 | % | | | 4.52 | % | | | 4.59 | % | | | 4.76 | % |
Investment securities | | | 2.21 | % | | | 2.71 | % | | | 2.39 | % | | | 3.59 | % | | | 2.42 | % |
Interest bearing deposits at banks | | | 0.34 | % | | | 0.83 | % | | | 0.23 | % | | | 0.29 | % | | | 0.23 | % |
Total interest-earning assets | | | 4.14 | % | | | 4.16 | % | | | 4.18 | % | | | 4.37 | % | | | 4.30 | % |
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NOW | | | 0.23 | % | | | 0.35 | % | | | 0.39 | % | | | 0.40 | % | | | 0.40 | % |
Regular savings | | | 0.47 | % | | | 0.51 | % | | | 0.47 | % | | | 0.43 | % | | | 0.41 | % |
Time deposits | | | 1.22 | % | | | 1.23 | % | | | 1.26 | % | | | 1.29 | % | | | 1.27 | % |
Total interest-bearing deposits | | | 0.57 | % | | | 0.61 | % | | | 0.60 | % | | | 0.56 | % | | | 0.55 | % |
Other borrowings | | | 1.13 | % | | | 1.57 | % | | | 1.60 | % | | | 1.64 | % | | | 1.64 | % |
Total interest-bearing liabilities | | | 0.62 | % | | | 0.66 | % | | | 0.65 | % | | | 0.62 | % | | | 0.60 | % |
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Interest rate spread | | | 3.52 | % | | | 3.50 | % | | | 3.53 | % | | | 3.75 | % | | | 3.70 | % |
Contribution of interest-free funds | | | 0.15 | % | | | 0.15 | % | | | 0.16 | % | | | 0.16 | % | | | 0.15 | % |
Net interest margin | | | 3.67 | % | | | 3.65 | % | | | 3.69 | % | | | 3.91 | % | | | 3.85 | % |
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