Northwest Bancorp, Inc. Announces Quarterly Earnings and Dividend Declaration
- Press Release
- Source: Northwest Bancorp, Inc.
- On 12:53 pm EDT, Thursday October 22, 2009
WARREN, Pa., Oct. 22 /PRNewswire-FirstCall/ -- Northwest Bancorp, Inc. (Nasdaq: NWSB - News) announced net income for the quarter ended September 30, 2009 of $12.1 million, or $0.25 per diluted share. This represents an increase of $2.3 million, or 22.7%, over the same quarter last year when net income was $9.8 million, or $0.20 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 7.48% and 0.68% compared to 6.31% and 0.57% for the same quarter last year.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| NWSB | 23.10 | -0.16 |
In making this announcement, William J. Wagner, President and CEO, noted, "We are pleased to report positive earnings when many institutions in our industry are reporting operating losses. In addition, our core earnings components for the quarter were strong with a net interest margin of 3.54% of average assets, non-interest income of 0.79% of average assets, and noninterest expense of 2.53% of average assets. Unfortunately, economic conditions have caused our Company to record higher provisions for loan losses which has greatly impacted earnings over the past year. We also continued to improve our balance sheet, as we experienced significant growth in home equity and commercial loans during the quarter while also realizing good growth in deposits, with an emphasis on checking accounts and savings accounts."
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.22 per share payable on November 12, 2009, to shareholders of record as of November 2, 2009. This represents the 60(th) consecutive quarter in which the Company has paid a cash dividend.
Net interest income decreased by $700,000, or 1.2%, for the quarter ended September 30, 2009 compared to the same quarter last year. Net interest margin for the quarter ended September 30, 2009 was 3.54% compared to 3.71% for the quarter ended September 30, 2008. The decrease resulted primarily from the Company carrying, on average, $298.2 million more in overnight funds than in the previous year earning an average rate of 0.30% compared to an average rate of 2.69% in the previous year. As a result of strong deposit growth combined with a reduction of the Company's mortgage loan portfolio the Company was carrying historically high levels of overnight funds.
The provision for loan losses increased by $2.8 million to $9.8 million for the quarter ended September 30, 2009 compared to $7.0 million for the same quarter last year. This increase is primarily the result of continued weakness in economic conditions and the resulting impact on the Company's borrowers. Loans with payments 90 days or more delinquent have increased to $117.1 million at September 30, 2009 from $99.2 million at December 31, 2008 and $94.9 million at September 30, 2008. Loans 90 days or more delinquent were $122.6 million at June 30, 2009. Net losses from loans charged-off were $8.8 million for the quarter ended September 30, 2009 compared to $2.3 million for the quarter ended September 30, 2008. Net losses from loans charged-off were $14.5 million and $6.5 million for the nine-month periods ended September 30, 2009 and 2008, respectively.
Noninterest expense increased by $2.3 million, or 5.3%, to $45.0 million for the quarter ended September 30, 2009 from $42.7 million for the quarter ended September 30, 2008 primarily due to increases in FDIC insurance assessments and marketing expenses. Federal deposit insurance premiums increased by $1.4 million, or 133.4%, as the Company was able to use available credits in the prior year to partially offset premiums. Marketing expenses increased by $926,000, or 78.7%, to $2.1 million for the quarter ended September 30, 2009 from $1.2 million for the quarter ended September 30, 2008. The increase is primarily the result of the Company's marketing campaign focused on the acquisition of checking account relationships.
Net income for the nine-month period ended September 30, 2009 of $31.6 million, or $0.65 per diluted share, represents a decrease of $5.2 million, or 14.2% compared to net income of $36.9 million, or $0.76 per diluted share, for the nine-month period ended September 30, 2008. This decrease resulted primarily from the Company recording a provision for loan losses which was $14.7 million, or 116.4%, higher than the previous year. The increase in the provision was considered necessary given the current economic environment. Also contributing to the decrease in income was a $3.3 million special assessment by the FDIC. Partially offsetting these reductions was an $11.8 million, or 7.4%, increase in net interest income. The annualized returns on average shareholders' equity and average assets were 6.68% and 0.60%, respectively, for the current nine-month period compared to 7.92% and 0.72%, respectively, in the prior year.
Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancorp, Inc., through its subsidiary Northwest Savings Bank, currently operates 170 community-banking locations in Pennsylvania, New York, Ohio, Maryland and Florida. Northwest Savings Bank is a full-service financial institution offering a complete line of retail and business banking products as well as investment management and trust services. The Company also operates 50 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company. Northwest Bancorp, Inc.'s stock is listed on the NASDAQ Global Select Market. Additional information regarding Northwest Bancorp, Inc. can be accessed on-line at www.northwestsavingsbank.com.
Forward-Looking Statements - This press release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancorp, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans that could result from an economic downturn; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses; and (7) increased risk associated with an increase in commercial real-estate and business loans and non-performing loans. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.
Northwest Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except per share amounts)
(Unaudited)
September 30, December 31,
Assets 2009 2008
------ ---- ----
Cash and cash equivalents $60,308 55,815
Interest-earning deposits in
other financial institutions 219,227 16,795
Federal funds sold and other
short-term investments 631 7,312
Marketable securities
available-for-sale (amortized
cost of $1,111,234 and $1,144,435) 1,126,430 1,139,170
--------- ---------
Total cash, interest-
earning deposits and
marketable securities 1,406,596 1,219,092
Loans held for sale 17,871 18,738
Mortgage loans - one- to four-
family 2,308,948 2,447,506
Home equity loans 1,041,912 1,013,876
Consumer loans 291,015 289,602
Commercial real estate loans 1,177,722 1,071,182
Commercial business loans 380,128 355,917
------- -------
Total loans receivable 5,217,596 5,196,821
Allowance for loan losses (67,775) (54,929)
------- -------
Loans receivable, net 5,149,821 5,141,892
Federal Home Loan Bank
stock, at cost 63,143 63,143
Accrued interest receivable 26,508 27,252
Real estate owned, net 19,838 16,844
Premises and Equipment, net 123,511 115,842
Bank owned life insurance 127,075 123,479
Goodwill 171,363 171,363
Mortgage servicing rights 8,201 6,280
Other intangible assets 5,024 7,395
Other assets 30,961 37,659
------ ------
Total assets $7,132,041 6,930,241
========== =========
Liabilities and Shareholders' equity
------------------------------------
Liabilities:
Noninterest-bearing demand
deposits $448,853 394,011
Interest-bearing demand
deposits 744,596 706,120
Savings deposits 1,609,404 1,480,620
Time deposits 2,584,979 2,457,460
--------- ---------
Total deposits 5,387,832 5,038,211
Borrowed funds 896,644 1,067,945
Advances by borrowers for
taxes and insurance 13,140 26,190
Accrued interest payable 4,627 5,194
Other liabilities 73,784 70,663
Junior subordinated
debentures 103,094 108,254
------- -------
Total liabilities 6,479,121 6,316,457
Shareholders' equity:
Preferred stock, $0.10 par
value: 50,000,000 shares
authorized, no shares issued - -
Common stock, $0.10 par value:
500,000,000 shares authorized,
51,266,340 and 51,244,974 issued,
respectively 5,127 5,124
Paid-in-capital 219,831 218,332
Retained earnings 511,792 490,326
Accumulated other
comprehensive loss (14,407) (30,575)
Treasury stock of 2,742,800
shares, at cost (69,423) (69,423)
------- -------
Total shareholders' equity 652,920 613,784
------- -------
Total liabilities and
shareholders' equity $7,132,041 6,930,241
========== =========
Equity to assets 9.15% 8.86%
Tangible common
equity to assets 6.74% 6.36%
Book value per
share $13.46 $12.65
Tangible book
value per share $9.64 $8.84
Closing market
price per share $22.84 $21.38
Full time equivalent
employees 1,862 1,860
Number of banking
offices 170 167
Northwest Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income - Unaudited
(Dollars in thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Interest income:
Loans receivable $79,637 82,113 240,400 243,522
Mortgage-backed
securities 6,580 9,180 20,858 25,864
Taxable investment
securities 1,242 2,660 4,138 9,726
Tax-free investment
securities 2,716 3,200 8,376 9,221
Interest-earning
deposits 253 208 415 2,714
--- --- --- -----
Total interest
income 90,428 97,361 274,187 291,047
Interest expense:
Deposits 23,472 30,521 72,555 109,802
Borrowed funds 10,114 9,298 30,418 21,827
------ ----- ------ ------
Total interest
expense 33,586 39,819 102,973 131,629
Net interest
income 56,842 57,542 171,214 159,418
Provision for loan
losses 9,830 6,950 27,347 12,639
----- ----- ------ ------
Net interest
income after
provision for
loan losses 47,012 50,592 143,867 146,779
Noninterest income:
Impairment losses on
securities (3,727) (10,879) (12,417) (12,351)
Noncredit related
losses on securities
not expected to be
sold (recognized in
other comprehensive
income) 2,836 - 7,236 -
----- - ----- -
Net impairment losses (891) (10,879) (5,181) (12,351)
Gain on sale of
investments, net 97 2,867 377 3,838
Service charges
and fees 8,883 8,749 24,867 24,540
Trust and other
financial
services income 1,496 1,696 4,349 5,227
Insurance commission
income 731 594 2,039 1,757
Gain/ (loss) on
sale of real
estate owned, net (62) (98) (3,934) (439)
Income from bank
owned life
insurance 1,208 1,215 3,596 3,584
Mortgage banking
income 1,168 147 4,892 818
Non-cash recovery
of MSRs 160 - 1,550 -
Other operating
income 1,195 819 2,886 2,958
----- --- ----- -----
Total noninterest
income 13,985 5,110 35,441 29,932
Noninterest expense:
Compensation and
employee benefits 23,292 22,755 69,957 67,721
Premises and
occupancy costs 5,319 5,481 16,521 16,524
Office operations 3,270 3,532 9,575 10,052
Processing expenses 5,221 4,872 15,483 13,791
Marketing expenses 2,102 1,176 5,046 3,585
Federal deposit
insurance premiums 2,381 1,020 6,161 2,864
FDIC Special
Assessment - - 3,288 -
Professional
services 668 584 1,899 1,914
Amortization of
intangible assets 701 953 2,371 3,539
Loss on early
extinguishment
of debt - - - 705
Other expense 2,033 2,366 5,956 5,959
----- ----- ----- -----
Total noninterest
expense 44,987 42,739 136,257 126,654
------ ------ ------- -------
Income before
income taxes 16,010 12,963 43,051 50,057
Income taxes 3,956 3,140 11,404 13,170
----- ----- ------ ------
Net income $12,054 9,823 31,647 36,887
======= ===== ====== ======
Basic earnings per
share $0.25 $0.20 $0.65 $0.76
Diluted earnings
per share $0.25 $0.20 $0.65 $0.76
Annualized return
on average equity 7.48% 6.31% 6.68% 7.92%
Annualized return
on average assets 0.68% 0.57% 0.60% 0.72%
Basic common shares
outstanding 48,469,337 48,372,190 48,447,944 48,353,864
Diluted common
shares
outstanding 48,669,298 48,628,776 48,594,860 48,598,407
Northwest Bancorp, Inc. and Subsidiaries
Supplementary data - Unaudited
(Dollars in thousands)
Three months Nine months
ended September 30, ended September 30,
2009 2008 2009 2008
---- ---- ---- ----
Allowance for loan losses
Beginning balance $66,777 43,293 54,929 41,784
Provision 9,830 6,950 27,347 12,639
Charge-offs mortgage (417) (433) (1,300) (1,181)
Charge-offs consumer (1,679) (2,038) (4,515) (4,868)
Charge-offs commercial (7,176)* (647) (9,701) (2,065)
Recoveries 440 799 1,015 1,615
--- --- ----- -----
Ending balance $67,775 47,924 67,775 47,924
======= ====== ====== ======
* - Primarily attributable to three credits. $2.1 million related to a
marina in Florida, $1.8 million related to a moving/ storage company
in central Pennsylvania and $1.8 million related to a land
development in Delaware.
Net charge-offs to
average loans,
annualized 0.68% 0.18% 0.40% 0.22%
------------------- ---- ---- ---- ----
September 30, December 31,
2009 2008 2008 2007
---- ---- ---- ----
Nonperforming loans $117,138 94,948 99,203 49,610
Real estate owned, net 19,838 8,698 16,844 8,667
------ ----- ------ -----
Nonperforming assets $136,976 103,646 116,047 58,277
======== ======= ======= ======
Nonperforming loans to
total loans 2.27% 1.85% 1.91% 1.03%
Nonperforming assets to
total assets 1.92% 1.50% 1.67% 0.87%
Allowance for loan
losses to total loans 1.32% 0.93% 1.06% 0.86%
Allowance for loan
losses to nonperforming
loans 57.86% 50.47% 55.37% 84.22%
------------------------ ----- ----- ----- -----
Northwest Bancorp, Inc. and Subsidiaries
Supplementary data
(Dollars in thousands)
Loans past due
schedule
(Number of loans
and dollar
amount of loans) (Unaudited)
September 30, December 31,
--------------- ------------------------------------
2009 * 2008 * 2007 *
---- ---- ----
Loans past due
30 days to 59
days:
One- to four-
family
residential
loans 73 $4,185 0.2% 392 $32,988 1.3% 361 $27,270 1.1%
Consumer
loans 983 9,427 0.7% 1,157 11,295 0.9% 1,331 10,550 0.8%
Multifamily
and commercial
RE loans 77 15,177 1.3% 99 18,901 1.8% 88 11,331 1.3%
Commercial
business
loans 63 7,684 2.0% 86 7,700 2.2% 70 9,947 3.0%
-- ----- --- -- ----- --- -- -----
Total loans past
due 30 days
to 59 days 1,196 $36,473 0.7% 1,734 $70,884 1.4% 1,850 $59,098 1.2%
===== ======= === ===== ======= === ===== =======
Loans past due
60 days to 89
days:
One- to four-
family
residential
loans 84 $5,662 0.2% 101 $7,599 0.3% 99 $6,077 0.3%
Consumer
loans 387 2,702 0.2% 379 2,836 0.2% 437 2,676 0.2%
Multifamily
and commercial
RE loans 60 11,766 1.0% 54 8,432 0.8% 41 4,984 0.6%
Commercial
business
loans 33 3,323 0.9% 45 3,801 1.1% 34 2,550 0.8%
-- ----- --- -- ----- --- -- -----
Total loans past
due 60 days
to 89 days 564 $23,453 0.4% 579 $22,668 0.4% 611 $16,287 0.3%
=== ======= === === ======= === === =======
Loans past due
90 days or more:
One- to four-
family
residential
loans 288 $30,846 1.3% 223 $20,435 0.8% 193 $12,542 0.5%
Consumer
loans 662 11,551 0.9% 687 9,756 0.7% 744 7,582 0.6%
Multifamily
and commercial
RE loans 202 49,336 4.2% 155 43,828 4.1% 105 24,323 2.9%
Commercial
business
loans 127 25,405 6.7% 114 25,184 7.1% 84 5,163 1.6%
--- ------ --- --- ------ --- -- -----
Total loans
past due
90 days or
more 1,279 $117,138 2.2% 1,179 $99,203 1.9% 1,126 $49,610 1.0%
===== ======== === ===== ======= === ===== =======
* - Represents delinquency, in dollars, divided by the respective total
amount of that type of loan outstanding.
Northwest Bancorp, Inc. and Subsidiaries
Analysis of loan portfolio by geographic location as of
September 30, 2009 - Unaudited:
(Dollars in thousands)
Loans outstanding:
------------------
Mortgage (1) Consumer (2)
-------- --------
Pennsylvania $1,991,846 85.6% 1,202,649 90.2%
New York 133,041 5.7% 75,365 5.7%
Ohio 15,708 0.7% 13,011 1.0%
Maryland 151,961 6.5% 29,794 2.2%
Florida 34,263 1.5% 12,108 0.9%
------ --- ------ ---
Total $2,326,819 100.0% 1,332,927 100.0%
========== ===== ========= =====
Commercial (3) Total (4)
---------- -----
Pennsylvania 1,030,202 66.1% 4,224,697 80.9%
New York 284,845 18.3% 493,251 9.5%
Ohio 8,750 0.6% 37,469 0.7%
Maryland 173,349 11.1% 355,104 6.8%
Florida 60,704 3.9% 107,075 2.1%
------ --- ------- ---
Total 1,557,850 100.0% 5,217,596 100.0%
========= ===== ========= =====
(1) - Percentage of total mortgage loans
(2) - Percentage of total consumer loans
(3) - Percentage of total commercial loans
(4) - Percentage of total loans
Loans 90 or more past due:
--------------------------
Mortgage (5) Consumer (6)
-------- --------
Pennsylvania $21,470 1.1% 8,983 0.7%
New York 338 0.3% 337 0.4%
Ohio 196 1.2% 70 0.5%
Maryland 702 0.5% 578 1.9%
Florida 8,140 23.8% 1,583 13.1%
----- ---- ----- ----
Total $30,846 1.3% 11,551 0.9%
======= === ====== ===
Commercial (7) Total (8)
---------- -----
Pennsylvania 47,295 4.6% 77,748 1.8%
New York 966 0.3% 1,641 0.3%
Ohio 496 5.7% 762 2.0%
Maryland 11,931 6.9% 13,211 3.7%
Florida 14,053 23.2% 23,776 22.2%
------ ---- ------ ----
Total 74,741 4.8% 117,138 2.2%
====== === ======= ===
(5) - Percentage of mortgage loans in that geographic area
(6) - Percentage of consumer loans in that geographic area
(7) - Percentage of commercial loans in that geographic area
(8) - Percentage of total loans in that geographic area
Northwest Bancorp, Inc. and Subsidiaries
Supplementary data - Unaudited
(Dollars in thousands)
Marketable securities available-for-sale as of September 30, 2009:
------------------------------------------------------------------
Gross Gross
unrealized unrealized
Amortized holding holding Market
cost gains losses value
--------- ---------- ---------- ----------
Debt issued by the U.S.
government and agencies:
Due in one year or less $78 - (1) 77
Debt issued by government
sponsored enterprises:
Due in one year - five
years 1,974 174 - 2,148
Due in five years - ten
years 22,175 1,260 - 23,435
Due after ten years 52,525 3,658 (2) 56,181
Equity securities 954 405 (77) 1,282
Municipal securities:
Due in one year - five
years 2,872 75 - 2,947
Due in five years - ten
years 38,744 1,548 - 40,292
Due after ten years 208,558 6,886 (384) 215,060
Corporate trust preferred
securities:
Due in one year - five
years 500 - - 500
Due after ten years 27,176 165 (11,430) 15,911
Mortgage-backed securities:
Fixed rate pass-through 156,847 7,698 (5) 164,540
Variable rate
pass-through 233,832 7,869 (238) 241,463
Fixed rate CMO 42,750 964 (1,484) 42,230
Variable rate CMO 322,249 1,907 (3,792) 320,364
--------- ---------- ---------- ----------
Total mortgage-backed
securities 755,678 18,438 (5,519) 768,597
--------- ---------- ---------- ----------
Total marketable
securities available-
for-sale $1,111,234 32,609 (17,413) 1,126,430
========= ========== ========== ==========
Issuers of mortgage-backed securities as of September 30, 2009:
---------------------------------------------------------------
Fannie Mae $259,653 7,705 (507) 266,851
Ginnie Mae 130,807 1,697 (361) 132,143
Freddie Mac 333,282 9,036 (881) 341,437
Non-agency 31,936 - (3,770) 28,166
--------- ---------- ---------- ----------
Total $755,678 18,438 (5,519) 768,597
========= ========== ========== ==========
Average Balance Sheet - Unaudited
(Dollars in Thousands)
The following table sets forth certain information relating to the
Company's average balance sheet and reflects the average yield on assets
and average cost of liabilities for the periods indicated. Such yields
and costs are derived by dividing income or expense by the average
balance of assets or liabilities, respectively, for the periods
presented. Average balances are calculated using daily averages.
Three months ended September 30,
--------------------------------
2009
--------
Average Interest Avg.
Balance Yield/
Cost
ASSETS:
-------
Interest-earning assets:
Loans receivable (a) (b) (d) $5,168,204 80,006 6.15%
Mortgage-backed securities ( c ) 714,548 6,579 3.68%
Investment
securities ( c ) (d) (e) 351,741 5,422 6.17%
FHLB stock 63,143 - 0.00%
Other interest-earning deposits 328,447 253 0.30%
------- ---
Total interest-earning assets 6,626,083 92,260 5.54%
Noninterest earning assets (f) 512,804
-------
TOTAL ASSETS $7,138,887
==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
-------------------------------------
Interest-bearing liabilities:
Savings accounts $842,069 1,592 0.75%
Interest-bearing demand accounts 746,125 555 0.30%
Money market accounts 766,742 1,908 0.99%
Certificate accounts 2,578,266 19,418 2.99%
Borrowed funds (g) 892,081 8,665 3.85%
Junior subordinated debentures 103,094 1,450 5.50%
------- -----
Total interest-bearing liabilities 5,928,377 33,588 2.25%
Noninterest bearing liabilities 566,250
-------
Total liabilities 6,494,627
Shareholders' equity 644,260
-------
TOTAL LIABILITIES AND EQUITY $7,138,887
==========
Net interest income/
Interest rate spread 58,672 3.29%
Net interest-earning assets/
Net interest margin $697,706 3.54%
Ratio of interest-earning assets to
interest-bearing liabilities 1.12X
2008
--------
Average Interest Avg.
Balance Yield/
Cost
ASSETS:
-------
Interest-earning assets:
Loans receivable (a) (b) (d) 5,082,312 82,655 6.44%
Mortgage-backed securities ( c ) 789,144 9,180 4.65%
Investment
securities ( c ) (d) (e) 490,107 7,187 5.87%
FHLB stock 53,187 397 2.99%
Other interest-earning deposits 30,234 208 2.69%
------ ---
Total interest-earning assets 6,444,984 99,627 6.14%
Noninterest earning assets (f) 486,381
-------
TOTAL ASSETS 6,931,365
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
------------------------------------
Interest-bearing liabilities:
Savings accounts 798,662 2,358 1.17%
Interest-bearing demand accounts 731,459 1,415 0.77%
Money market accounts 730,993 3,122 1.70%
Certificate accounts 2,592,183 23,626 3.63%
Borrowed funds (g) 854,809 8,140 3.79%
Junior subordinated debentures 108,279 1,158 4.18%
------- -----
Total interest-bearing liabilities 5,816,385 39,819 2.72%
Noninterest bearing liabilities 492,265
-------
Total liabilities 6,308,650
Shareholders' equity 622,715
-------
TOTAL LIABILITIES AND EQUITY 6,931,365
=========
Net interest income/
Interest rate spread 59,808 3.42%
Net interest-earning assets/
Net interest margin 628,599 3.71%
Ratio of interest-earning assets to
interest-bearing liabilities 1.11X
(a) Average gross loans receivable includes loans held as available-for-
sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of deferred loan
fees/ expenses, which was not material.
( c ) Average balances do not include the effect of unrealized gains or
losses on securities held as available-for-sale.
(d) Interest income on tax-free investment securities and tax-free
loans are presented on a fully taxable equivalent basis.
(e) Average balances include Fannie Mae and Freddie Mac stock.
(f) Average balances include the effect of unrealized gains or losses
on securities held as available-for-sale.
(g) Average balances include FHLB borrowings, securities sold under
agreements to repurchase and other borrowings.
Average Balance Sheet - Unaudited
(Dollars in Thousands)
The following table sets forth certain information relating to the
Company's average balance sheet and reflects the average yield on assets
and average cost of liabilities for the periods indicated. Such yields
and costs are derived by dividing income or expense by the average
balance of assets or liabilities, respectively, for the periods
presented. Average balances are calculated using daily averages.
Nine months ended September 30,
-------------------------------
2009
--------
Average Interest Avg.
Balance Yield/
Cost
ASSETS:
-------
Interest-earning assets:
Loans receivable (a) (b) (d) $5,185,359 241,604 6.19%
Mortgage-backed securities ( c ) 712,593 20,858 3.90%
Investment
securities ( c ) (d) (e) 364,437 17,025 6.23%
FHLB stock 63,143 - 0.00%
Other interest-earning deposits 232,852 415 0.24%
------- ---
Total interest-earning assets 6,558,384 279,902 5.67%
Noninterest earning assets (f) 491,480
-------
TOTAL ASSETS $7,049,864
==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
-------------------------------------
Interest-bearing liabilities:
Savings accounts $822,401 4,650 0.76%
Interest-bearing demand accounts 733,714 2,102 0.38%
Money market accounts 733,956 6,703 1.22%
Certificate accounts 2,526,660 59,101 3.13%
Borrowed funds (g) 948,981 26,020 3.67%
Junior subordinated debentures 106,531 4,398 5.44%
------- -----
Total interest-bearing liabilities 5,872,243 102,974 2.34%
Noninterest bearing liabilities 545,623
-------
Total liabilities 6,417,866
Shareholders' equity 631,998
-------
TOTAL LIABILITIES AND EQUITY $7,049,864
==========
Net interest income/
Interest rate spread 176,928 3.33%
Net interest-earning assets/
Net interest margin $686,141 3.60%
Ratio of interest-earning assets to
interest-bearing liabilities 1.12X
2008
--------
Average Interest Avg.
Balance Yield/
Cost
ASSETS:
-------
Interest-earning assets:
Loans receivable (a) (b) (d) 4,966,252 245,133 6.53%
Mortgage-backed securities ( c ) 722,598 25,864 4.77%
Investment
securities ( c ) (d) (e) 498,280 22,798 6.10%
FHLB stock 43,869 1,114 3.39%
Other interest-earning deposits 133,582 2,714 2.68%
------- -----
Total interest-earning assets 6,364,581 297,623 6.20%
Noninterest earning assets (f) 489,750
-------
TOTAL ASSETS 6,854,331
=========
LIABILITIES AND SHAREHOLDERS' EQUITY:
-------------------------------------
Interest-bearing liabilities:
Savings accounts 778,024 6,887 1.19%
Interest-bearing demand accounts 735,217 5,129 0.94%
Money market accounts 724,775 11,750 2.17%
Certificate accounts 2,805,665 86,036 4.11%
Borrowed funds (g) 620,970 17,880 3.86%
Junior subordinated debentures 108,295 3,947 4.81%
------- -----
Total interest-bearing liabilities 5,772,946 131,629 3.06%
Noninterest bearing liabilities 460,172
-------
Total liabilities 6,233,118
Shareholders' equity 621,213
-------
TOTAL LIABILITIES AND EQUITY 6,854,331
=========
Net interest income/
Interest rate spread 165,994 3.14%
Net interest-earning assets/
Net interest margin 591,635 3.48%
Ratio of interest-earning assets to
interest-bearing liabilities 1.10X
(a) Average gross loans receivable includes loans held as available-for-
sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of deferred loan
fees/ expenses, which was not material.
( c ) Average balances do not include the effect of unrealized gains or
losses on securities held as available-for-sale.
(d) Interest income on tax-free investment securities and tax-free
loans are presented on a fully taxable equivalent basis.
(e) Average balances include Fannie Mae and Freddie Mac stock.
(f) Average balances include the effect of unrealized gains or losses on
securities held as available-for-sale.
(g) Average balances include FHLB borrowings, securities sold under
agreements to repurchase and other borrowings.
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