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Amalgamated Bank Reports Third Quarter 2019 Financial Results

Amalgamated Bank Reports Third Quarter 2019 Financial Results
Amalgamated Bank Reports Third Quarter 2019 Financial Results

NEW YORK, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Amalgamated Bank (AMAL) (“Amalgamated”) today announced financial results for the period ended September 30, 2019.

Third Quarter 2019 Highlights

  • Net income for the quarter of $13.2 million, or $0.41 per diluted share, compared to $9.4 million, or $0.29 per diluted share, for the third quarter of 2018

  • Core net income (non-GAAP) for the quarter of $13.3 million, or $0.41 per diluted share, compared to $12.1 million, or $0.38 per diluted share, for the third quarter of 2018

  • Deposit growth of $185.9 million, or 17.8% annualized, from $4.1 billion at June 30, 2019

  • Average deposit growth of $117.4 million, or 11.3% annualized, as compared to the second quarter of 2019

  • Loan growth of $176.3 million, or 21.4% annualized, as compared to June 30, 2019

  • Cost of deposits of 0.37%, as compared to 0.34% for the second quarter of 2019 and 0.25% for the third quarter of 2018

  • Net interest margin of 3.50%, compared to 3.66% for the second quarter of 2019 and 3.65% for the third quarter of 2018

  • Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 9.03%, 13.49%, and 14.55%, respectively, at September 30, 2019

  • First U.S. bank to endorse United Nations’ Principles for Responsible Banking (UNPRB); Joined UNPRB Collective Commitment to Climate Action and Global Partnership for Carbon Accounting Financials Received the Small Cap Board Diversity Award by the National Association of Corporate Directors

Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “Our third quarter results demonstrate the continued growth of our franchise as we surpassed $5.0 billion in assets, a significant milestone for Amalgamated. This growth was driven by continued strength in our average deposits which increased at an 11.3% annualized rate in the quarter, including $91.5 million growth in political deposits at period end as we continue to bank a majority of the candidates running for President. We also delivered 21.4% annualized loan growth as our expansion into ‘sustainable’ lending continues to gain traction and the headwind from our decision to run off our indirect C&I portfolio abates. Looking to the balance of the year, we are well positioned as our pipelines in alternative energy, C&I, CRE, and Multifamily are healthy. Lastly, we have remained disciplined on costs, having reduced our forward looking expense base by approximately $2.4 million annually through the renegotiation of a major vendor contract and the closure of our Chelsea bank branch. Expense control remains a priority of our management team as we strive to improve the Bank’s profitability.”

Results of Operations, Quarter Ended September 30, 2019

Net income for the third quarter of 2019 was $13.2 million, or $0.41 per diluted share, compared to $11.2 million, or $0.35 per diluted share, for the second quarter of 2019 and $9.4 million, or $0.29 per diluted share, for the third quarter of 2018. The $3.8 million increase in net income for the third quarter of 2019, compared to the third quarter of 2018, was primarily due to a $2.2 million decrease in non-interest expense due to the initial public offering of our stock in the third quarter of 2018, a $1.7 million increase in net interest income, and a $1.3 million decrease in provision expense due to a $1.7 million recovery in the quarter, partially offset by a $1.6 million increase in income tax expense.

Core net income (non-GAAP) for the third quarter of 2019 was $13.3 million, or $0.41 per diluted share, compared to $11.6 million, or $0.36 per diluted share, for the second quarter of 2019 and $12.1 million, or $0.38 per diluted share, for the third quarter of 2018. Core net income for the third quarter of 2019 exclude branch closure expenses, loss on the sale of securities, severance, and the tax effect of such adjustments.

Net interest income was $41.8 million for the third quarter of 2019, compared to $41.9 million for the second quarter of 2019 and $40.0 million for the third quarter of 2018. The year-over-year increase of $1.7 million, or 4.3%, was primarily attributable to an increase in average loans of $266.5 million, an increase in average securities of $164.2 million, and an increase in the yield on average securities of 17 basis points. These increases were partially offset by an increase in average interest bearing deposits of $48.4 million, an increase in average FHLB borrowings of $60.2 million, an increase in the average rate paid on interest bearing deposits of 24 basis points, and an increase in the rate paid on FHLB borrowings of 49 basis points. We also recognized $0.8 million of accretion income on acquired loans, adding seven basis points to our net interest margin in the third quarter of 2019.

Net interest margin was 3.50% for the third quarter of 2019, compared to 3.66% in the second quarter of 2019, and 3.65% in the third quarter of 2018. The 16 basis point decrease in the third quarter compared to the linked quarter, was primarily due to a 20 basis point decrease in the yield on loans as the result of the indirect C&I portfolio run-off and lower market rates and due to higher rates on interest bearing deposits.

Provisions for loan losses totaled a release of $0.6 million in the third quarter of 2019, compared to an expense of $2.1 million in the second quarter of 2019 and an expense of $0.8 million for the third quarter of 2018. The provision release in the third quarter of 2019 was primarily driven by the recovery of $1.7 million related to one indirect C&I loan that had previously been charged-off, partially offset by $0.8 million in net charge-offs in C&I and by other factors. The provision for the third quarter of 2018 was primarily due to an increase in loan balances, partially offset by a reduction in loss factors.

Non-interest income was $7.7 million in the third quarter of 2019 compared to $6.3 million in the second quarter of 2019, and $7.5 million in the third quarter of 2018. The $1.3 million increase in the third quarter of 2019 compared to the linked quarter was primarily due to an increase in Trust Department and service charge fees as well as a lower losses on investment securities and no losses in the sale of other real estate owned in the third quarter of 2019. The $0.1 million, or 1.5%, increase in the third quarter of 2019, compared to the same period in 2018, was primarily due to a $0.2 million increase in Trust Department fees, partially offset by other factors.

Non-interest expense for the third quarter of 2019 was $31.9 million, an increase of $0.9 million from $31.0 million in the second quarter of 2019, and a decrease of $2.2 million from $34.1 million in the third quarter of 2018. The $0.9 million increase in the third quarter compared to the linked quarter was due to higher expenses related to projects, such as SOX readiness and an increase in bonus pool for employees, partially offset by a reduction in the off balance sheet provision and FDIC assessment expense.

The third quarter of 2019 included a provision for income tax expense of $4.9 million, compared to a provision of $3.9 million for second quarter of 2019, and provision of $3.3 million for the third quarter of 2018. Our effective tax rate was 27.1% for the three months ended September 30, 2019, compared to 26.1% and 25.8% for the same period in 2018 and the linked quarter respectively.

Total loans at September 30, 2019 were $3.5 billion, an increase of $176.3 million, or 21.4% annualized, compared to June 30, 2019, and an increase of $302.8 million, or 9.6%, as compared to $3.2 billion as of September 30, 2018. Loan growth in the third quarter of 2019 was primarily driven by a $83.3 million increase in residential first lien and PACE loans, a $56.9 million increase in multifamily loans, and a $45.6 million increase in C&I loans.

Deposits at September 30, 2019 were $4.3 billion, an increase of $185.9 million, or 17.8% annualized, as compared to $4.1 billion as of June 30, 2019, and an increase of $289.6 million, or 7.2%, compared to $4.0 billion as of September 30, 2018. Deposits held by politically-active customers, such as campaigns, PACs and state and national party committees were $510.9 million as of September 30, 2019, an increase of $91.5 million, compared to $419.4 million as of June 30, 2019, and an increase of $113.1 million compared to $397.8 million, as of September 30, 2018. Noninterest-bearing deposits represented 45.9% of average deposits and 45.4% of ending deposits for the three months ended September 30, 2019.

Results of Operations, Nine Months Ended September 30, 2019

Net income for the nine months ended September 30, 2019 was $35.2 million, or $1.09 per diluted share, compared to $28.7 million, or $0.96 per diluted share, for same period in 2018. The $6.5 million increase in net income for the nine months ended September 30, 2019, compared to the same period in 2018, was primarily due to a $14.8 million increase in net interest income, partially offset by a $4.9 million increase in the provision for loan losses, a $2.7 million increase in income tax expense, and $1.4 million increase in non-interest expense.

Core net income (non-GAAP) for the nine months ended September 30, 2019 were $35.6 million, or $1.10 per diluted share, compared to $31.9 million or $0.97 per diluted share, for the same period last year. Core net income for the first nine months of 2019 exclude branch closures, severance, loss on the sale of securities, and the tax effect of such adjustments.

Net interest income was $124.4 million for the nine months ended September 30, 2019, an increase of $14.8 million, or 13.6%, from the same period in 2018. This increase was primarily attributable to an increase in average loans of $292.8 million, an increase in average securities of $227.0 million, and an increase in the yield on average securities and FHLB stock of 36 basis points. These increases were partially offset by an increase in average interest bearing deposits of $280.6 million, an increase in the rate paid on interest bearing deposits of 15 basis points, and an increase in the rate paid on FHLB borrowings of 81 basis points.

We had income tax expense of $12.5 million for the nine months ended September 30, 2019, compared to $9.8 million for the same period in 2018. The $2.7 million increase in income tax expense was primarily due to an increase in pre-tax earnings of $9.3 million in the nine months ended September 30, 2019, compared to the same period in 2018. Our effective tax rate was 26.3% for the nine months ended September 30, 2019, compared to 25.4% for the same period in 2018.

Financial Condition

Total assets were $5.0 billion at September 30, 2019, compared to $4.7 billion at December 31, 2018. The increase of $344.3 million was driven primarily by a $256.4 million increase in loans, net, a $67.1 million increase in investment securities and the addition of a $53.3 million “Rights to use” asset as the result of adopting ASC 842 - leases in the first quarter of 2019.

Nonperforming assets totaled $71.6 million, or 1.42% of total assets at September 30, 2019, a decrease of $2.4 million, compared with $73.9 million, or 1.50% of period end total assets at June 30, 2019. The decrease in nonperforming assets at September 30, 2019 compared to June 30, 2019 was primarily driven by a $13.9 million reduction in loans 90 days past due and accruing, partially offset by the addition of a $9.3 million accruing restructured loan due to the restructuring of one indirect C&I loan and the addition of a $3.7 million non-accruing restructured construction loan.

The allowance for loan losses increased $0.1 million to $33.7 million at September 30, 2019 from $33.6 million at June 30, 2019. At September 30, 2019, the Bank had $71.0 million of impaired loans for which a specific allowance of $6.2 million was made, compared to $59.3 million of impaired loans at June 30, 2019 for which a specific allowance of $3.9 million was made. The ratio of allowance to total loans was 0.96% at September 30, 2019, 1.01% at June 30, 2019 and 1.14% at September 30, 2018.

Capital

As of September 30, 2019, our Tier 1 Leverage Capital Ratio was 9.03%, Common Equity Tier 1 Capital Ratio was 13.49%, and Total Risk-Based Capital Ratio was 14.55%, compared to 9.04%, 13.57%, and 14.67%, respectively, as of June 30, 2019. As of September 30, 2018, our Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 8.94%, 12.95%, and 14.20%, respectively. Stockholders’ equity at September 30, 2019 was $486.3 million, compared to $474.9 million at June 30, 2019.

Tangible book value (or tangible common equity) per share was $14.74 as of September 30, 2019 compared to $14.25 as of June 30, 2019 and $12.57 as of September 30, 2018.

Conference Call

As previously announced, Amalgamated Bank will host a conference call to discuss its third quarter 2019 results today, October 28, 2019 at 10:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Bank Third Quarter 2019 Earnings Call. A telephonic replay will be available approximately two hours after the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13695040. The telephonic replay will be available until 11:59 pm (Eastern Time) on November 4, 2019.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at http://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

The presentation materials for the call can be accessed on the investor relations section of our website at http://ir.amalgamatedbank.com/.

About Amalgamated Bank

Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of 13 branches in New York City, Washington D.C., and San Francisco. Amalgamated was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2019, our total assets were $5.0 billion, total net loans were $3.5 billion, and total deposits were $4.3 billion. Additionally, as of September 30, 2019, the trust business held $32.0 billion in assets under custody and $12.6 billion in assets under management.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core net income,” “Tangible common equity,” “Tangible book value,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

Our management utilizes this information to compare our operating performance for 2019 versus certain periods in 2018 and to internally prepared projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business that are excluded vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies.

The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to what we believe to be the most directly comparable GAAP measures are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.

Media Contact:
Kaye Verville
The Levinson Group
kaye@mollylevinson.com
202-244-1785

Investor Contact:
Jamie Lillis
Solebury Trout
shareholderrelations@amalgamatedbank.com
800-895-4172

Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except for per share amount)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

2019

2019

2018

2019

2018

INTEREST AND DIVIDEND INCOME

Loans

$

35,768

$

35,559

$

33,788

$

106,623

$

95,284

Securities

10,542

10,524

8,707

30,941

22,325

Federal Home Loan Bank of New York stock

178

191

161

679

801

Interest-bearing deposits in banks

209

254

443

756

1,094

Total interest and dividend income

46,697

46,528

43,099

138,999

119,504

INTEREST EXPENSE

Deposits

3,952

3,499

2,559

10,396

6,860

Borrowed funds

988

1,173

498

4,216

3,104

Total interest expense

4,940

4,672

3,057

14,612

9,964

NET INTEREST INCOME

41,757

41,856

40,042

124,387

109,540

Provision for (recovery of) loan losses

(558

)

2,127

791

3,755

(1,124

)

Net interest income after provision for loan losses

42,315

39,729

39,251

120,632

110,664

NON-INTEREST INCOME

Trust Department fees

4,888

4,508

4,698

14,117

13,983

Service charges on deposit accounts

2,222

2,068

2,225

6,161

5,995

Bank-owned life insurance

415

408

434

1,243

1,237

Gain (loss) on sale of investment securities available for sale, net

(50

)

(377

)

-

(135

)

(110

)

Gain (loss) on other real estate owned, net

-

(315

)

-

(564

)

(494

)

Other

184

57

190

603

153

Total non-interest income

7,659

6,349

7,547

21,425

20,764

NON-INTEREST EXPENSE

Compensation and employee benefits, net

17,765

16,992

17,044

52,187

49,259

Occupancy and depreciation

4,298

4,145

4,172

12,714

12,234

Professional fees

3,120

2,401

5,243

8,686

10,863

Data processing

2,856

2,729

2,787

8,334

7,585

Office maintenance and depreciation

934

830

796

2,651

2,669

Amortization of intangible assets

344

298

406

1,031

580

Advertising and promotion

684

692

1,075

1,998

2,583

Other

1,885

2,915

2,530

6,735

7,206

Total non-interest expense

31,886

31,002

34,053

94,336

92,979

Income before income taxes

18,088

15,076

12,745

47,721

38,449

Income tax expense (benefit)

4,893

3,891

3,328

12,527

9,779

Net income

13,195

11,185

9,417

35,194

28,670

Net income attributable to noncontrolling interests

-

-

-

-

-

Net income attributable to Amalgamated Bank and subsidiaries

$

13,195

$

11,185

$

9,417

$

35,194

$

28,670

Earnings per common share - basic (1)

$

0.41

$

0.35

$

0.30

$

1.11

$

0.96

Earnings per common share - diluted (1)

$

0.41

$

0.35

$

0.29

$

1.09

$

0.96

(1) effected for stock split that occurred on July 27, 2018

Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)

September 30,

December 31,

2019

2018

Assets

(Unaudited)

Cash and due from banks

$

7,016

$

10,510

Interest-bearing deposits in banks

64,223

70,335

Total cash and cash equivalents

71,239

80,845

Securities:

Available for sale, at fair value (amortized cost of $1,212,456 and $1,188,710, respectively)

1,225,106

1,175,170

Held-to-maturity (fair value of $22,396 and $4,105, respectively)

21,259

4,081

Loans receivable, net of deferred loan origination costs (fees)

3,500,724

3,247,831

Allowance for loan losses

(33,697

)

(37,195

)

Loans receivable, net

3,467,027

3,210,636

Accrued interest and dividends receivable

15,932

14,387

Premises and equipment, net

18,912

21,654

Bank-owned life insurance

80,309

79,149

Right-of-use lease asset

49,848

-

Deferred tax asset

32,482

39,697

Goodwill and other intangible assets

20,008

21,039

Other assets

27,647

38,831

Total assets

$

5,029,769

$

4,685,489

Liabilities

Deposits

$

4,322,379

$

4,105,306

Borrowed funds

127,775

92,875

Operating leases

64,512

-

Other liabilities

28,791

47,937

Total liabilities

4,543,457

4,246,118

Commitments and contingencies

-

-

Stockholders’ equity

Common stock, par value $.01 per share (70,000,000 shares authorized; 31,633,691 and

31,771,585 shares issued and outstanding, respectively)

315

318

Additional paid-in capital

307,157

308,678

Retained earnings

171,684

142,231

Accumulated other comprehensive income (loss), net of income taxes

7,022

(11,990

)

Total Amalgamated Bank stockholders' equity

486,178

439,237

Noncontrolling interests

134

134

Total stockholders' equity

486,312

439,371

Total liabilities and stockholders’ equity

$

5,029,769

$

4,685,489

Select Financial Data

As of and for the Three
Months Ended

As of and for the Nine
Months Ended

September 30,

June 30,

September 30,

September 30,

2019

2019

2018

2019

2018

Selected Financial Ratios and Other Data (1)

Earnings per share

Basic

$

0.41

$

0.35

$

0.30

$

1.11

$

0.96

Diluted

0.41

0.35

0.29

1.09

0.96

Core Earnings per share (non-GAAP)

Basic

$

0.42

$

0.36

$

0.38

$

1.12

$

1.07

Diluted

0.41

0.36

0.38

1.10

1.06

Book value per common share

15.37

14.89

13.25

15.37

13.25

(excluding minority interest)

Tangible book value per share (non-GAAP)

14.74

14.25

12.57

14.74

12.57

Common shares outstanding

31,633,691

31,886,669

31,771,585

31,633,691

31,771,585

Weighted average common shares

31,809,083

31,824,930

31,771,585

31,802,004

29,895,897

outstanding, basic

Weighted average common shares

32,176,439

32,237,116

32,099,668

32,251,333

30,006,460

outstanding, diluted

(1) Effected for stock split that occurred on July 27, 2018

Select Financial Data – Select Performance Metrics

As of and for the Three

As of and for the Nine

Months Ended

Months Ended

September 30,

June 30,

September 30,

September 30,

2019

2019

2018

2019

2018

Selected Performance Metrics:

Return on average assets

1.05%

0.92%

0.82%

0.97%

0.89%

Core return on average assets (non-GAAP)

1.06%

0.96%

1.05%

0.98%

0.98%

Return on average equity

10.86%

9.65%

8.96%

10.13%

10.07%

Core return on average tangible common equity (non-GAAP)

11.43%

10.45%

12.17%

10.71%

11.64%

Loan yield

4.22%

4.42%

4.33%

4.36%

4.28%

Securities yield

3.28%

3.34%

3.11%

3.33%

2.97%

Deposit cost

0.37%

0.34%

0.25%

0.34%

0.25%

Net interest margin

3.50%

3.66%

3.65%

3.60%

3.55%

Efficiency ratio

64.53%

64.31%

71.56%

64.70%

71.36%

Core efficiency ratio (non-GAAP)

64.26%

63.50%

64.02%

64.38%

68.11%

Asset Quality Ratios:

Nonaccrual loans to total loans

0.53%

0.49%

0.63%

0.53%

0.63%

Nonperforming assets to total assets

1.42%

1.50%

1.25%

1.42%

1.25%

Allowance for loan losses to nonaccrual loans

183%

209%

180%

183%

180%

Allowance for loan losses to total loans

0.96%

1.01%

1.14%

0.97%

1.14%

Net charge-offs (recoveries) to average loans

-0.07%

0.01%

-0.03%

0.29%

-0.07%

Capital Ratios:

Tier 1 leverage capital ratio

9.03%

9.04%

8.94%

9.03%

8.94%

Tier 1 risk-based capital ratio

13.49%

13.57%

12.95%

13.49%

12.95%

Total risk-based capital ratio

14.55%

14.67%

14.20%

14.55%

14.20%

Common equity tier 1 capital ratio

13.49%

13.57%

12.95%

13.49%

12.95%

Loan Portfolio Composition

(In thousands)

At September 30, 2019

At June 30, 2019

At September 30, 2018

Amount

% of total loans

Amount

% of total loans

Amount

% of total loans

Commercial portfolio:

Commercial and industrial

$

469,882

13.5

%

$

424,319

12.8

%

$

585,279

18.3

%

Multifamily mortgages

982,667

28.1

%

925,747

27.9

%

956,307

30.0

%

Commercial real estate mortgages

441,612

12.6

%

453,393

13.7

%

429,616

13.4

%

Construction and land development mortgages

59,309

1.7

%

58,696

1.7

%

36,704

1.1

%

Total commercial portfolio

1,953,470

55.9

%

1,862,155

56.1

%

2,007,906

62.8

%

Retail portfolio:

Residential 1-4 family (1st mortgage)

1,344,757

38.5

%

1,261,488

38.0

%

1,017,362

31.9

%

Residential 1-4 family (2nd mortgage)

24,859

0.7

%

25,174

0.8

%

28,588

0.9

%

Consumer and other

169,463

4.9

%

168,201

5.1

%

141,660

4.4

%

Total retail

1,539,079

44.1

%

1,454,863

43.9

%

1,187,610

37.2

%

Total loans

3,492,549

100.0

%

3,317,018

100.0

%

3,195,516

100.0

%

Net deferred loan origination fees (costs)

8,175

7,562

5,349

Allowance for loan losses

(33,697

)

(33,630

)

(36,414

)

Total loans, net

$

3,467,027

$

3,290,950

$

3,164,451

Net Interest Income Analysis

Three Months Ended

Three Months Ended

Three Months Ended

September 30, 2019

June 30, 2019

September 30, 2018

(In thousands)

Average
Balance

Income /
Expense

Yield /
Rate

Average
Balance

Income /
Expense

Yield /
Rate

Average
Balance

Income /
Expense

Yield /
Rate

Interest earning assets:

Interest-bearing deposits in banks

$

72,143

$

209

1.15

%

$

70,442

$

254

1.45

%

$

114,464

$

443

1.54

%

Securities and FHLB stock

1,294,930

10,720

3.28

%

1,287,520

10,715

3.34

%

1,130,719

8,867

3.11

%

Loans held for sale

-

-

0.00

%

-

-

0.00

%

11,445

-

0.00

%

Total loans, net (1)

3,363,837

35,768

4.22

%

3,225,129

35,559

4.42

%

3,097,318

33,789

4.33

%

Total interest earning assets

4,730,910

46,697

3.92

%

4,583,091

46,528

4.07

%

4,353,946

43,099

3.93

%

Non-interest earning assets:

Cash and due from banks

6,985

6,838

19,623

Other assets

228,076

264,046

202,593

Total assets

$

4,965,971

$

4,853,975

$

4,576,162

Interest bearing liabilities:

Savings, NOW and money market deposits

$

1,869,675

$

2,478

0.53

%

$

1,857,715

$

1,962

0.42

%

$

1,804,535

$

1,416

0.31

%

Time deposits

417,591

1,474

1.40

%

486,652

1,537

1.27

%

434,352

1,143

1.04

%

Total deposits

2,287,266

3,952

0.69

%

2,344,367

3,499

0.60

%

2,238,887