Attached files
| file | filename |
|---|---|
| 8-K - Northwest Bancshares, Inc. | v208937_8k.htm |
EXHIBIT
99.1
PRESS
RELEASE OF NORTHWEST BANCSHARES, INC.
EARNINGS
RELEASE
FOR
IMMEDIATE RELEASE
|
Contact:
|
William
J. Wagner, President and Chief Executive Officer (814)
726-2140
|
|
William
W. Harvey, Jr., Executive Vice President and Chief Financial Officer (814)
726-2140
|
Northwest
Bancshares, Inc. Announces 76% Increase in
Annual
Earnings and Dividend Declaration
Warren,
Pennsylvania – January 25, 2011
Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended
December 31, 2010 of $12.7 million, or $0.12 per diluted share. This
represents an increase of $11.7 million over the same quarter last year when net
income was $1.0 million, or $0.01 per diluted share, and a decrease of $2.8
million compared to the quarter ended September 30, 2010 when net income was
$15.5 million, or $0.14 per diluted share. The annualized returns on
average shareholders’ equity and average assets for the current quarter were
3.90% and 0.63% compared to 0.46% and 0.05% for the same quarter last year and
4.72% and 0.76% for the quarter ended September 30, 2010.
The
Company also announced that its Board of Directors declared a quarterly cash
dividend of $0.10 per share payable on February 17, 2011, to shareholders of
record as of February 4, 2011. This represents the 65th
consecutive quarter in which the Company has paid a cash dividend.
In making
this announcement, William J. Wagner, President and CEO, noted, “We are pleased
to report record annual earnings of $57.5 million during a year when the banking
industry continued to be challenged by economic and regulatory
issues. Our core earnings for the year increased approximately 32%
over the previous year while we grew our loan portfolio by 4.4% and our deposits
by 2.5%. Most notably, our checking deposits grew by $102.4 million,
or 8.2%. Given the significant strength of our current capital
position, we initiated our previously-announced common stock repurchase program
on December 20, 2010, and prior to the end of the year purchased 555,000 shares,
at an average purchase price of $11.69. Following the completion of
these repurchases, our tangible common equity ratio was 14.2%, and all capital
ratios were far in excess of regulatory requirements.”
Net
interest income increased by $9.2 million, or 15.8%, to $67.2 million for the
quarter ended December 31, 2010, from $58.0 million for the quarter ended
December 31, 2009, which was primarily attributable to an increase in interest
income from loans receivable and a decrease in the cost of
deposits. Interest income on loans receivable increased by $2.8
million, or 3.5%, to $83.1 million as the Company’s average loans outstanding
increased by $323.2 million, or 6.2%. Interest expense on deposits
decreased by $5.8 million, or 25.5%, to $17.0 million as a result of a decrease
in market interest rates and continued improvement in the mix of deposits as
lower-cost transaction accounts growing more rapidly than other types of
deposits.
The
provision for loan losses decreased by $582,000, or 4.0%, to $13.9 million for
the quarter ended December 31, 2010, from $14.5 million a year
ago. As of December 31, 2010, the allowance for loan losses was $76.4
million, or 1.38% of total loans, compared to $70.4 million, or 1.33% of total
loans, as of December 31, 2009. Loans 90 days or more delinquent were
$100.4 million as of December 31, 2010, compared to $109.8 million as of
December 31, 2009. The ratio of nonperforming assets to total assets
increased to 2.08%, from 1.81% at the beginning of the year, as the Company was
more aggressive in placing troubled, but current, loans on
nonaccrual.
Noninterest
income decreased by $2.1 million, or 12.3%, to $15.2 million for the quarter
ended December 31, 2010, from $17.3 million for the quarter ended December 31,
2009. This decrease was primarily attributable to a $3.5 million
bargain purchase gain recorded in the quarter ended December 31, 2009 related to
the acquisition of Keystone State Savings Bank. Partially offsetting
this decrease were increases in mortgage banking income and insurance commission
income. Mortgage banking income increased by $431,000, or 43.4%, to
$1.4 million for the quarter ended December 31, 2010, from $992,000 for the
quarter ended December 31, 2009 resulting from more favorable pricing in the
secondary market. Insurance commission income increased by $743,000,
or 120.0%, to $1.4 million for the quarter ended December 31, 2010, from
$619,000 for the quarter ended December 31, 2009 due to the acquisition of
Veracity Benefits Design, Inc., an employee benefits firm specializing in
services to employer and employee groups.
Noninterest
expense decreased by $13.5 million, or 21.1%, to $50.7 million for the quarter
ended December 31, 2010, from $64.2 million in the prior year. This
decrease is primarily due to a $13.8 million non-recurring contribution expense
recognized during the quarter ended December 31, 2009 related to the
establishment of a charitable foundation in conjunction with our second-step
common stock offering. Partially offsetting this decrease were
increases in premises and occupancy costs and processing expenses relating to
the growth of the company. Premises and occupancy costs increased by
$233,000, or 4.3%, to $5.7 million of the quarter ended December 31, 2010, from
$5.4 million for the quarter ended December 31, 2009. Processing
expenses increased by $212,000, or 3.6%, to $6.0 million for the quarter ended
December 31, 2010, from $5.8 million for the quarter ended December 31,
2009.
Net
income for the year ended December 31, 2010 of $57.5 million, or $0.53 per
diluted share, represents an increase of $24.8 million, or 76.2% compared to net
income of $32.7 million, or $0.30 per diluted share, for the year ended December
31, 2009. The annualized returns on average shareholders’ equity and
average assets were 4.40% and 0.71%, respectively, for the current year compared
to 4.71% and 0.46%, respectively, in the prior year. Year over year,
net interest income increased by $29.0 million, or 12.7%, noninterest income
increased by $7.6 million, or 14.2%, and noninterest expense decreased by $4.0
million, or 2.0%.
The
Company also announced that its Board of Directors authorized the closing of its
three offices in the south Florida market, which have combined deposits of $59.0
million and loans of $106.1 million. The offices will be closed in
2011, but the timing of the closings has not been determined.
Founded
in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc.,
through its subsidiary Northwest Savings Bank, currently operates 171 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 52 consumer finance offices in Pennsylvania through its subsidiary,
Northwest Consumer Discount Company. Northwest Bancshares, Inc.’s
stock is listed on the NASDAQ Global Select Market. Additional
information regarding Northwest Bancshares, 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
Bancshares, 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
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Financial Condition
(Dollars
in thousands, except per share amounts)
|
December 31,
|
||||||||
|
Assets
|
2010
|
2009
|
||||||
|
Cash
and cash equivalents
|
$ | 40,708 | 69,265 | |||||
|
Interest-earning
deposits in other financial institutions
|
677,771 | 1,037,893 | ||||||
|
Federal
funds sold and other short-term investments
|
632 | 632 | ||||||
|
Marketable
securities available-for-sale (amortized cost of $945,791 and
$1,059,177)
|
950,683 | 1,067,089 | ||||||
|
Marketable
securities held-to-maturity (fair value of $354,126 and
$0)
|
357,922 | - | ||||||
|
Total
cash, interest-earning deposits and marketable securities
|
2,027,716 | 2,174,879 | ||||||
|
Loans
held for sale
|
11,376 | 1,164 | ||||||
|
Mortgage
loans - one- to four- family
|
2,386,928 | 2,334,538 | ||||||
|
Home
equity loans and lines of credit
|
1,092,606 | 1,067,584 | ||||||
|
Consumer
loans
|
259,123 | 286,292 | ||||||
|
Commercial
real estate loans
|
1,350,319 | 1,238,217 | ||||||
|
Commercial
business loans
|
433,653 | 371,670 | ||||||
|
Total
loans receivable
|
5,534,005 | 5,299,465 | ||||||
|
Allowance
for loan losses
|
(76,412 | ) | (70,403 | ) | ||||
|
Loans
receivable, net
|
5,457,593 | 5,229,062 | ||||||
|
Federal
Home Loan Bank stock, at cost
|
60,080 | 63,242 | ||||||
|
Accrued
interest receivable
|
26,216 | 25,780 | ||||||
|
Real
estate owned, net
|
20,780 | 20,257 | ||||||
|
Premises
and Equipment, net
|
128,101 | 124,316 | ||||||
|
Bank
owned life insurance
|
132,237 | 128,270 | ||||||
|
Goodwill
|
171,882 | 171,363 | ||||||
|
Other
intangible assets
|
3,942 | 4,678 | ||||||
|
Other
assets
|
119,608 | 83,451 | ||||||
|
Total
assets
|
$ | 8,148,155 | 8,025,298 | |||||
|
Liabilities and Shareholders'
equity
|
||||||||
|
Liabilities
|
||||||||
|
Noninterest-bearing
demand deposits
|
$ | 575,281 | 487,036 | |||||
|
Interest-bearing
demand deposits
|
782,257 | 768,110 | ||||||
|
Savings
deposits
|
1,948,882 | 1,744,537 | ||||||
|
Time
deposits
|
2,457,916 | 2,624,741 | ||||||
|
Total
deposits
|
5,764,336 | 5,624,424 | ||||||
|
Borrowed
funds
|
891,293 | 897,326 | ||||||
|
Advances
by borrowers for taxes and insurance
|
22,868 | 22,034 | ||||||
|
Accrued
interest payable
|
1,716 | 4,493 | ||||||
|
Other
liabilities
|
57,398 | 57,412 | ||||||
|
Junior
subordinated debentures
|
103,094 | 103,094 | ||||||
|
Total
liabilities
|
6,840,705 | 6,708,783 | ||||||
|
Shareholders'
equity
|
||||||||
|
Preferred
stock, $0.01 par value, 50,000,000 shares authorized, no shares
issued
|
- | - | ||||||
|
Common
stock, $0.01 par value: 500,000,000 shares authorized, 110,295,117
shares
|
||||||||
|
and
110,641,858 shares issued, respectively
|
1,103 | 1,106 | ||||||
|
Paid-in-capital
|
824,164 | 828,195 | ||||||
|
Retained
earnings
|
523,089 | 508,842 | ||||||
|
Unallocated
common stock of Employee Stock Ownership Plan
|
(27,409 | ) | (11,651 | ) | ||||
|
Accumulated
other comprehensive loss
|
(13,497 | ) | (9,977 | ) | ||||
|
Total
shareholders' equity
|
1,307,450 | 1,316,515 | ||||||
|
Total
liabilities and shareholders' equity
|
$ | 8,148,155 | 8,025,298 | |||||
|
Equity
to assets
|
16.05 | % | 16.40 | % | ||||
|
Tangible
common equity to assets
|
14.19 | % | 14.53 | % | ||||
|
Book
value per share
|
$ | 11.85 | $ | 11.90 | ||||
|
Tangible
book value per share
|
$ | 10.26 | $ | 10.31 | ||||
|
Closing
market price per share
|
$ | 11.78 | $ | 11.27 | ||||
|
Full
time equivalent employees
|
1,881 | 1,867 | ||||||
|
Number
of banking offices
|
171 | 171 | ||||||
Northwest
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Income - Unaudited
(Dollars
in thousands, except per share amounts)
|
Three months ended
|
||||||||||||
|
December
31,
|
September
30,
|
|||||||||||
|
2010
|
2009
|
2010
|
||||||||||
|
Interest
income:
|
||||||||||||
|
Loans
receivable
|
83,096 | 80,322 | 83,372 | |||||||||
|
Mortgage-backed
securities
|
5,886 | 6,405 | 6,534 | |||||||||
|
Taxable
investment securities
|
428 | 1,246 | 489 | |||||||||
|
Tax-free
investment securities
|
3,111 | 2,678 | 3,090 | |||||||||
|
Interest-earning
deposits
|
496 | 226 | 524 | |||||||||
|
Total
interest income
|
93,017 | 90,877 | 94,009 | |||||||||
|
Interest
expense:
|
||||||||||||
|
Deposits
|
17,025 | 22,839 | 17,772 | |||||||||
|
Borrowed
funds
|
8,762 | 9,994 | 9,587 | |||||||||
|
Total
interest expense
|
25,787 | 32,833 | 27,359 | |||||||||
|
Net
interest income
|
67,230 | 58,044 | 66,650 | |||||||||
|
Provision
for loan losses
|
13,918 | 14,500 | 9,871 | |||||||||
|
Net
interest income after provision for loan losses
|
53,312 | 43,544 | 56,779 | |||||||||
|
Noninterest
income:
|
||||||||||||
|
Impairment
losses on securities
|
(1,841 | ) | (5,920 | ) | (1,830 | ) | ||||||
|
Noncredit
related losses on securities not expected
|
||||||||||||
|
to
be sold (recognized in other comprehensive income)
|
1,006 | 5,004 | 1,438 | |||||||||
|
Net
impairment losses
|
(835 | ) | (916 | ) | (392 | ) | ||||||
|
Gain
on sale of investments, net
|
8 | 26 | 17 | |||||||||
|
Service
charges and fees
|
9,296 | 9,343 | 9,821 | |||||||||
|
Trust
and other financial services income
|
1,907 | 1,958 | 1,600 | |||||||||
|
Insurance
commission income
|
1,362 | 619 | 1,393 | |||||||||
|
Loss
on real estate owned, net
|
(279 | ) | (120 | ) | (2,014 | ) | ||||||
|
Income
from bank owned life insurance
|
1,228 | 1,195 | 1,212 | |||||||||
|
Mortgage
banking income
|
1,423 | 992 | 752 | |||||||||
|
Gain
on bargain purchase of Keystone State Savings Bank
|
- | 3,503 | - | |||||||||
|
Other
operating income
|
1,058 | 695 | 1,439 | |||||||||
|
Total
noninterest income
|
15,168 | 17,295 | 13,828 | |||||||||
|
Noninterest
expense:
|
||||||||||||
|
Compensation
and employee benefits
|
25,328 | 25,637 | 24,565 | |||||||||
|
Premises
and occupancy costs
|
5,675 | 5,442 | 5,648 | |||||||||
|
Office
operations
|
3,233 | 3,372 | 4,460 | |||||||||
|
Processing
expenses
|
6,041 | 5,829 | 5,863 | |||||||||
|
Marketing
expenses
|
2,930 | 4,106 | 2,208 | |||||||||
|
Federal
deposit insurance premiums
|
2,334 | 2,148 | 2,424 | |||||||||
|
Professional
services
|
291 | 691 | 1,126 | |||||||||
|
Amortization
of intangible assets
|
518 | 649 | 725 | |||||||||
|
Real
estate owned expense
|
636 | 691 | 654 | |||||||||
|
Acquisition
expense
|
591 | - | 220 | |||||||||
|
Contribution
to Northwest Charitable Foundation
|
- | 13,822 | - | |||||||||
|
Other
expense
|
3,122 | 1,850 | 1,155 | |||||||||
|
Total
noninterest expense
|
50,699 | 64,237 | 49,048 | |||||||||
|
Income
before income taxes
|
17,781 | (3,398 | ) | 21,559 | ||||||||
|
Income
tax expense
|
5,043 | (4,404 | ) | 6,068 | ||||||||
|
Net
income
|
12,738 | 1,006 | 15,491 | |||||||||
|
Basic
earnings per share
|
$ | 0.12 | $ | 0.01 | $ | 0.14 | ||||||
|
Diluted
earnings per share
|
$ | 0.12 | $ | 0.01 | $ | 0.14 | ||||||
|
Annualized
return on average equity
|
3.90 | % | 0.46 | % | 4.72 | % | ||||||
|
Annualized
return on average assets
|
0.63 | % | 0.05 | % | 0.76 | % | ||||||
|
Basic
common shares outstanding
|
108,337,001 | 109,286,606 | 108,340,566 | |||||||||
|
Diluted
common shares outstanding
|
108,848,189 | 109,820,238 | 108,914,069 | |||||||||
Northwest
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Income
(Dollars
in thousands, except per share amounts)
|
Year
ended
|
||||||||
|
December
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Interest
income:
|
||||||||
|
Loans
receivable
|
328,948 | 320,121 | ||||||
|
Mortgage-backed
securities
|
25,271 | 27,263 | ||||||
|
Taxable
investment securities
|
2,514 | 5,384 | ||||||
|
Tax-free
investment securities
|
11,738 | 11,054 | ||||||
|
Interest-earning
deposits
|
2,097 | 641 | ||||||
|
Total
interest income
|
370,568 | 364,463 | ||||||
|
Interest
expense:
|
||||||||
|
Deposits
|
75,174 | 95,394 | ||||||
|
Borrowed
funds
|
37,753 | 40,412 | ||||||
|
Total
interest expense
|
112,927 | 135,806 | ||||||
|
Net
interest income
|
257,641 | 228,657 | ||||||
|
Provision
for loan losses
|
40,486 | 41,847 | ||||||
|
Net
interest income after provision
|
||||||||
|
for
loan losses
|
217,155 | 186,810 | ||||||
|
Noninterest
income:
|
||||||||
|
Impairment
losses on securities
|
(2,741 | ) | (12,408 | ) | ||||
|
Noncredit
related losses on securities not expected
|
||||||||
|
to
be sold (recognized in other comprehensive income)
|
1,193 | 6,311 | ||||||
|
Net
impairment losses
|
(1,548 | ) | (6,097 | ) | ||||
|
Gain
on sale of investments, net
|
2,208 | 403 | ||||||
|
Service
charges and fees
|
37,921 | 34,811 | ||||||
|
Trust
and other financial services income
|
7,252 | 6,307 | ||||||
|
Insurance
commission income
|
5,190 | 2,658 | ||||||
|
Loss
on real estate owned, net
|
(2,572 | ) | (4,054 | ) | ||||
|
Income
from bank owned life insurance
|
5,080 | 4,791 | ||||||
|
Mortgage
banking income
|
2,196 | 7,434 | ||||||
|
Gain
on bargain purchase of Keystone State Savings Bank
|
- | 3,503 | ||||||
|
Other
operating income
|
4,671 | 3,581 | ||||||
|
Total
noninterest income
|
60,398 | 53,337 | ||||||
|
Noninterest
expense:
|
||||||||
|
Compensation
and employee benefits
|
100,709 | 95,594 | ||||||
|
Premises
and occupancy costs
|
22,665 | 21,963 | ||||||
|
Office
operations
|
13,864 | 12,947 | ||||||
|
Processing
expenses
|
23,152 | 21,312 | ||||||
|
Marketing
expenses
|
9,875 | 9,152 | ||||||
|
Federal
deposit insurance premiums
|
9,054 | 8,309 | ||||||
|
FDIC
special assessment
|
- | 3,288 | ||||||
|
Professional
services
|
2,728 | 2,590 | ||||||
|
Amortization
of intangible assets
|
2,784 | 3,020 | ||||||
|
Real
estate owned expense
|
2,901 | 2,461 | ||||||
|
Acquisition
expense
|
1,229 | - | ||||||
|
Contribution
to Northwest Charitable Foundation
|
- | 13,822 | ||||||
|
Other
expense
|
7,547 | 6,036 | ||||||
|
Total
noninterest expense
|
196,508 | 200,494 | ||||||
|
Income
before income taxes
|
81,045 | 39,653 | ||||||
|
Income
tax expense
|
23,522 | 7,000 | ||||||
|
Net
income
|
57,523 | 32,653 | ||||||
|
Basic
earnings per share
|
$ | 0.53 | $ | 0.30 | ||||
|
Diluted
earnings per share
|
$ | 0.53 | $ | 0.30 | ||||
|
Annualized
return on average equity
|
4.40 | % | 4.71 | % | ||||
|
Annualized
return on average assets
|
0.71 | % | 0.46 | % | ||||
|
Basic
common shares outstanding
|
108,308,834 | 109,078,129 | ||||||
|
Diluted
common shares outstanding
|
108,931,377 | 109,459,875 | ||||||
Northwest
Bancshares, Inc. and Subsidiaries
Asset
Quality
(Dollars
in thousands)
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
December
31,
|
December
31,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Allowance
for loan losses
|
||||||||||||||||
|
Beginning
balance
|
$ | 77,245 | 67,775 | 70,403 | 54,929 | |||||||||||
|
Provision
|
13,918 | 14,500 | 40,486 | 41,847 | ||||||||||||
|
Charge-offs
mortgage
|
(2,550 | ) | (137 | ) | (4,497 | ) | (1,437 | ) | ||||||||
|
Charge-offs
consumer
|
(2,789 | ) | (2,530 | ) | (10,494 | ) | (7,045 | ) | ||||||||
|
Charge-offs
commercial
|
(10,318 | ) | (9,633 | ) | (21,881 | ) | (19,334 | ) | ||||||||
|
Recoveries
|
906 |
#
|
428 | 2,395 | 1,443 | |||||||||||
|
Ending
balance
|
$ | 76,412 | 70,403 | 76,412 | 70,403 | |||||||||||
|
Net
charge-offs to average loans, annualized
|
1.06 | % | 0.91 | % | 0.63 | % | 0.51 | % | ||||||||
|
December
31,
|
||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||
|
Nonperforming
loans
|
$ | 148,391 | 124,626 | 99,203 | 49,610 | |||||||||||
|
Real
estate owned, net
|
20,780 | 20,257 | 16,844 | 8,667 | ||||||||||||
|
Nonperforming
assets
|
$ | 169,171 | 144,883 | 116,047 | 58,277 | |||||||||||
|
Nonperforming
loans to total loans
|
2.68 | % | 2.35 | % | 1.91 | % | 1.03 | % | ||||||||
|
Nonperforming
assets to total assets
|
2.08 | % | 1.81 | % | 1.67 | % | 0.87 | % | ||||||||
|
Allowance
for loan losses to total loans
|
1.38 | % | 1.33 | % | 1.06 | % | 0.86 | % | ||||||||
|
Allowance
for loan losses to nonperforming loans
|
51.49 | % | 56.49 | % | 55.37 | % | 84.22 | % | ||||||||
Northwest
Bancshares, Inc. and Subsidiaries
Delinquency
(Dollars
in thousands)
|
Loans
past due schedule
|
||||||||||||||||||||||||||||||||||||
|
(Number
of loans and dollar amount of loans)
|
||||||||||||||||||||||||||||||||||||
|
December
31,
|
||||||||||||||||||||||||||||||||||||
|
2010
|
*
|
2009
|
*
|
2008
|
*
|
|||||||||||||||||||||||||||||||
|
Loans
past due 30 days to 59 days:
|
||||||||||||||||||||||||||||||||||||
|
One-
to four- family residential loans
|
427 | $ | 35,329 | 1.5 | % | 350 | $ | 27,998 | 1.2 | % | 392 | $ | 32,988 | 1.3 | % | |||||||||||||||||||||
|
Consumer
loans
|
1,238 | 12,635 | 0.9 | % | 1,100 | 11,226 | 0.8 | % | 1,157 | 11,295 | 0.9 | % | ||||||||||||||||||||||||
|
Multifamily
and commercial RE loans
|
82 | 16,287 | 1.2 | % | 85 | 16,152 | 1.3 | % | 99 | 18,901 | 1.8 | % | ||||||||||||||||||||||||
|
Commercial
business loans
|
48 | 6,590 | 1.5 | % | 48 | 3,293 | 0.9 | % | 86 | 7,700 | 2.2 | % | ||||||||||||||||||||||||
|
Total
loans past due 30 days to 59 days
|
1,795 | $ | 70,841 | 1.3 | % | 1,583 | $ | 58,669 | 1.1 | % | 1,734 | $ | 70,884 | 1.4 | % | |||||||||||||||||||||
|
Loans
past due 60 days to 89 days:
|
||||||||||||||||||||||||||||||||||||
|
One-
to four- family residential loans
|
106 | $ | 9,848 | 0.4 | % | 85 | $ | 6,772 | 0.3 | % | 101 | $ | 7,599 | 0.3 | % | |||||||||||||||||||||
|
Consumer
loans
|
437 | 4,580 | 0.3 | % | 392 | 3,029 | 0.2 | % | 379 | 2,836 | 0.2 | % | ||||||||||||||||||||||||
|
Multifamily
and commercial RE loans
|
39 | 14,365 | 1.1 | % | 35 | 5,811 | 0.5 | % | 54 | 8,432 | 0.8 | % | ||||||||||||||||||||||||
|
Commercial
business loans
|
9 | 1,678 | 0.4 | % | 26 | 2,474 | 0.7 | % | 45 | 3,801 | 1.1 | % | ||||||||||||||||||||||||
|
Total
loans past due 60 days to 89 days
|
591 | $ | 30,471 | 0.6 | % | 538 | $ | 18,086 | 0.3 | % | 579 | $ | 22,668 | 0.4 | % | |||||||||||||||||||||
|
Loans
past due 90 days or more:
|
||||||||||||||||||||||||||||||||||||
|
One-
to four- family residential loans
|
275 | $ | 29,751 | 1.2 | % | 279 | $ | 29,373 | 1.3 | % | 223 | $ | 20,435 | 0.8 | % | |||||||||||||||||||||
|
Consumer
loans
|
564 | 12,828 | 0.9 | % | 727 | 12,544 | 0.9 | % | 687 | 9,756 | 0.7 | % | ||||||||||||||||||||||||
|
Multifamily
and commercial RE loans
|
181 | 44,965 | 3.3 | % | 199 | 49,594 | 4.0 | % | 155 | 43,828 | 4.1 | % | ||||||||||||||||||||||||
|
Commercial
business loans
|
111 | 12,877 | 3.0 | % | 124 | 18,269 | 4.9 | % | 114 | 25,184 | 7.1 | % | ||||||||||||||||||||||||
|
Total
loans past due 90 days or more
|
1,131 | $ | 100,421 | 1.8 | % | 1,329 | $ | 109,780 | 2.1 | % | 1,179 | $ | 99,203 | 1.9 | % | |||||||||||||||||||||
* -
Represents delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
Northwest
Bancshares, Inc. and Subsidiaries
Analysis
of loan portfolio by geographic location as of December 31, 2010:
(Dollars
in thousands)
|
Loans outstanding:
|
||||||||||||||||||||||||||||||||
|
Mortgage
|
(1)
|
Consumer
|
(2)
|
Commercial
|
(3)
|
Total
|
(4)
|
|||||||||||||||||||||||||
|
Pennsylvania
|
$ | 1,942,824 | 81.0 | % | 1,170,012 | 86.6 | % | 1,077,440 | 60.4 | % | 4,190,276 | 75.7 | % | |||||||||||||||||||
|
New
York
|
162,367 | 6.8 | % | 113,153 | 8.4 | % | 381,671 | 21.4 | % | 657,191 | 11.9 | % | ||||||||||||||||||||
|
Ohio
|
20,111 | 0.8 | % | 15,222 | 1.1 | % | 41,834 | 2.4 | % | 77,167 | 1.4 | % | ||||||||||||||||||||
|
Maryland
|
194,607 | 8.1 | % | 35,248 | 2.6 | % | 155,731 | 8.7 | % | 385,586 | 7.0 | % | ||||||||||||||||||||
|
Florida
|
30,908 | 1.3 | % | 12,487 | 0.9 | % | 62,673 | 3.5 | % | 106,068 | 1.9 | % | ||||||||||||||||||||
|
All
other
|
47,487 | 2.0 | % | 5,607 | 0.4 | % | 64,623 | 3.6 | % | 117,717 | 2.1 | % | ||||||||||||||||||||
|
Total
|
$ | 2,398,304 | 100.0 | % | 1,351,729 | 100.0 | % | 1,783,972 | 100.0 | % | 5,534,005 | 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)
|
Commercial
|
(7)
|
Total
|
(8)
|
|||||||||||||||||||||||||
|
Pennsylvania
|
$ | 17,891 | 0.9 | % | 9,673 | 0.8 | % | 33,304 | 3.1 | % | 60,868 | 1.5 | % | |||||||||||||||||||
|
New
York
|
1,463 | 0.9 | % | 523 | 0.5 | % | 1,940 | 0.5 | % | 3,926 | 0.6 | % | ||||||||||||||||||||
|
Ohio
|
134 | 0.7 | % | 87 | 0.6 | % | - | 0.0 | % | 221 | 0.3 | % | ||||||||||||||||||||
|
Maryland
|
4,573 | 2.3 | % | 1,169 | 3.3 | % | 6,051 | 3.9 | % | 11,793 | 3.1 | % | ||||||||||||||||||||
|
Florida
|
4,768 | 15.4 | % | 1,326 | 10.6 | % | 8,145 | 13.0 | % | 14,239 | 13.4 | % | ||||||||||||||||||||
|
All
other
|
922 | 1.9 | % | 50 | 0.9 | % | 8,402 | 13.0 | % | 9,374 | 8.0 | % | ||||||||||||||||||||
|
Total
|
$ | 29,751 | 1.2 | % | 12,828 | 0.9 | % | 57,842 | 3.2 | % | 100,421 | 1.8 | % | |||||||||||||||||||
(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
Bancshares, Inc. and Subsidiaries
Investment
Portfolio
(Dollars
in thousands)
|
Marketable securities available-for-sale as of
December 31, 2010:
|
||||||||||||||||
|
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
|
$ | 67 | - | - | 67 | |||||||||||
|
Debt
issued by government sponsored enterprises:
|
||||||||||||||||
|
Due
in one year - five years
|
1,989 | 93 | - | 2,082 | ||||||||||||
|
Due
in five years - ten years
|
6,495 | 347 | - | 6,842 | ||||||||||||
|
Due
after ten years
|
9,948 | - | (53 | ) | 9,895 | |||||||||||
|
Equity
securities
|
861 | 86 | (1 | ) | 946 | |||||||||||
|
Municipal
securities:
|
||||||||||||||||
|
Due
in one year - five years
|
3,382 | 125 | - | 3,507 | ||||||||||||
|
Due
in five years - ten years
|
37,898 | 1,023 | - | 38,921 | ||||||||||||
|
Due
after ten years
|
173,255 | 1,158 | (8,548 | ) | 165,865 | |||||||||||
|
Corporate
trust preferred securities:
|
||||||||||||||||
|
Due
in one year or less
|
100 | - | - | 100 | ||||||||||||
|
Due
in one year - five years
|
500 | - | - | 500 | ||||||||||||
|
Due
after ten years
|
25,417 | 196 | (7,353 | ) | 18,260 | |||||||||||
|
Mortgage-backed
securities:
|
||||||||||||||||
|
Fixed
rate pass-through
|
111,581 | 7,153 | (12 | ) | 118,722 | |||||||||||
|
Variable
rate pass-through
|
167,685 | 7,260 | (8 | ) | 174,937 | |||||||||||
|
Fixed
rate non-agency CMO
|
13,825 | 91 | (843 | ) | 13,073 | |||||||||||
|
Fixed
rate agency CMO
|
112,483 | 1,067 | (759 | ) | 112,791 | |||||||||||
|
Variable
rate non-agency CMO
|
3,274 | - | (379 | ) | 2,895 | |||||||||||
|
Variable
rate agency CMO
|
277,031 | 4,525 | (276 | ) | 281,280 | |||||||||||
|
Total
mortgage-backed securities
|
685,879 | 20,096 | (2,277 | ) | 703,698 | |||||||||||
|
Total
marketable securities available-for-sale
|
$ | 945,791 | 23,124 | (18,232 | ) | 950,683 | ||||||||||
|
Marketable securities held-to-maturity as of
December 31, 2010:
|
||||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
unrealized
|
unrealized
|
|||||||||||||||
|
Amortized
|
holding
|
holding
|
Market
|
|||||||||||||
|
cost
|
gains
|
losses
|
value
|
|||||||||||||
|
Debt
issued by government sponsored enterprises:
|
||||||||||||||||
|
Due
in one year - five years
|
$ | 26,500 | 36 | - | 26,536 | |||||||||||
|
Municipal
securities:
|
||||||||||||||||
|
Due
after ten years
|
80,020 | 7 | (3,940 | ) | 76,087 | |||||||||||
|
Mortgage-backed
securities:
|
||||||||||||||||
|
Fixed
rate pass-through
|
29,820 | 410 | (4 | ) | 30,226 | |||||||||||
|
Variable
rate pass-through
|
9,853 | 79 | - | 9,932 | ||||||||||||
|
Fixed
rate agency CMO
|
186,948 | 924 | (1,701 | ) | 186,171 | |||||||||||
|
Variable
rate agency CMO
|
24,781 | 393 | - | 25,174 | ||||||||||||
|
Total
mortgage-backed securities
|
251,402 | 1,806 | (1,705 | ) | 251,503 | |||||||||||
|
Total
marketable securities held-to-maturity
|
$ | 357,922 | 1,849 | (5,645 | ) | 354,126 | ||||||||||
|
Issuers of mortgage-backed securities as of
December31, 2010:
|
||||||||||||||||
|
Fannie
Mae
|
$ | 347,993 | 8,713 | (1,244 | ) | 355,462 | ||||||||||
|
Ginnie
Mae
|
219,589 | 4,880 | (638 | ) | 223,831 | |||||||||||
|
Freddie
Mac
|
328,754 | 8,218 | (866 | ) | 336,106 | |||||||||||
|
SBA
|
23,094 | - | - | 23,094 | ||||||||||||
|
Non-agency
|
17,851 | 91 | (1,234 | ) | 16,708 | |||||||||||
|
Total
|
$ | 937,281 | 21,902 | (3,982 | ) | 955,201 | ||||||||||
Northwest
Bancshares, Inc. and Subsidiaries
Investment
Portfolio - Continued
(Dollars
in thousands)
|
Book
|
As
a %
|
|||||||
|
Value
|
of
Book
|
|||||||
|
12/31/2010
|
Value
|
|||||||
|
Municipal
securities by state:
|
||||||||
|
Pennsylvania
|
||||||||
|
School
district
|
$ | 140,162 | 47.58 | % | ||||
|
General
obligation
|
59,725 | 20.28 | % | |||||
|
Revenue
bonds
|
16,664 | 5.66 | % | |||||
|
Total
Pennsylvania
|
216,551 | 73.52 | % | |||||
|
New
York
|
33,920 | 11.52 | % | |||||
|
Ohio
|
6,426 | 2.18 | % | |||||
|
All
other states
|
37,658 | 12.78 | % | |||||
| $ | 294,555 | |||||||
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 December 31,
|
||||||||||||||||||||||||
|
2010
|
2009
|
|||||||||||||||||||||||
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||||||
|
Balance
|
Yield/
|
Balance
|
Yield/
|
|||||||||||||||||||||
|
Cost
|
Cost
|
|||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning
assets:
|
||||||||||||||||||||||||
|
Loans
receivable (a) (b) (d)
|
$ | 5,565,989 | 83,491 |
5.99%
|
5,242,823 | 80,160 |
6.13%
|
|||||||||||||||||
|
Mortgage-backed
securities (c)
|
879,958 | 5,886 |
2.68%
|
744,755 | 6,405 |
3.44%
|
||||||||||||||||||
|
Investment
securities (c) (d)
|
365,003 | 5,213 |
5.71%
|
349,309 | 5,365 |
6.14%
|
||||||||||||||||||
|
FHLB
stock
|
61,042 | - |
-
|
63,216 | - |
-
|
||||||||||||||||||
|
Other
interest-earning deposits
|
721,174 | 496 |
0.27%
|
477,269 | 226 |
0.19%
|
||||||||||||||||||
|
Total
interest-earning assets
|
7,593,166 | 95,086 |
5.00%
|
6,877,372 | 92,156 |
5.37%
|
||||||||||||||||||
|
Noninterest
earning assets (e)
|
588,945 | 669,511 | ||||||||||||||||||||||
|
Total
assets
|
$ | 8,182,111 | 7,546,883 | |||||||||||||||||||||
|
Liabilities and shareholders'
equity:
|
||||||||||||||||||||||||
|
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
|
Savings
accounts
|
$ | 1,058,373 | 1,695 |
0.64%
|
934,213 | 1,852 |
0.79%
|
|||||||||||||||||
|
Interest-bearing
demand accounts
|
786,488 | 249 |
0.13%
|
755,158 | 434 |
0.23%
|
||||||||||||||||||
|
Money
market accounts
|
906,414 | 1,209 |
0.53%
|
805,347 | 1,768 |
0.87%
|
||||||||||||||||||
|
Certificate
accounts
|
2,456,893 | 13,872 |
2.24%
|
2,604,329 | 18,785 |
2.86%
|
||||||||||||||||||
|
Borrowed
funds (f)
|
892,461 | 7,326 |
3.26%
|
899,711 | 8,558 |
3.77%
|
||||||||||||||||||
|
Junior
subordinated debentures
|
103,094 | 1,436 |
5.45%
|
103,094 | 1,436 |
5.45%
|
||||||||||||||||||
|
Total
interest-bearing liabilities
|
6,203,723 | 25,787 |
1.65%
|
6,101,852 | 32,833 |
2.13%
|
||||||||||||||||||
|
Noninterest
bearing liabilities
|
671,412 | 569,269 | ||||||||||||||||||||||
|
Total
liabilities
|
6,875,135 | 6,671,121 | ||||||||||||||||||||||
|
Shareholders'
equity
|
1,306,976 | 875,762 | ||||||||||||||||||||||
|
Total
liabilities and shareholders' equity
|
$ | 8,182,111 | 7,546,883 | |||||||||||||||||||||
|
Net
interest income/ Interest rate spread
|
69,299 |
3.35%
|
59,323 |
3.24%
|
||||||||||||||||||||
|
Net
interest-earning assets/ Net interest margin
|
$ | 1,389,443 |
3.65%
|
775,520 |
3.45%
|
|||||||||||||||||||
|
Ratio
of interest-earning assets to
|
||||||||||||||||||||||||
|
interest-bearing
liabilities
|
1.22 | X | 1.13 | X | ||||||||||||||||||||
(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 the effect of unrealized gains or losses on securities
held as available-for-sale.
(f)
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.
|
Year
ended December 31,
|
||||||||||||||||||||||||
|
2010
|
2009
|
|||||||||||||||||||||||
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||||||
|
Balance
|
Yield/
|
Balance
|
Yield/
|
|||||||||||||||||||||
|
Cost
|
Cost
|
|||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning
assets:
|
||||||||||||||||||||||||
|
Loans
receivable (a) (b) (d)
|
$ | 5,487,645 | 330,431 |
6.03%
|
5,199,829 | 321,764 |
6.17%
|
|||||||||||||||||
|
Mortgage-backed
securities (c)
|
816,182 | 25,271 |
3.10%
|
720,683 | 27,263 |
3.78%
|
||||||||||||||||||
|
Investment
securities (c) (d)
|
369,858 | 20,572 |
5.56%
|
360,620 | 22,390 |
6.21%
|
||||||||||||||||||
|
FHLB
stock
|
62,688 | - |
-
|
63,162 | - |
-
|
||||||||||||||||||
|
Other
interest-earning deposits
|
805,161 | 2,097 |
0.26%
|
297,228 | 641 |
0.21%
|
||||||||||||||||||
|
Total
interest-earning assets
|
7,541,534 | 378,371 |
5.02%
|
6,641,522 | 372,058 |
5.59%
|
||||||||||||||||||
|
Noninterest
earning assets (e)
|
578,317 | 523,038 | ||||||||||||||||||||||
|
Total
assets
|
$ | 8,119,851 | 7,164,560 | |||||||||||||||||||||
|
Liabilities
and shareholders' equity:
|
||||||||||||||||||||||||
|
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
|
Savings
accounts
|
$ | 1,031,362 | 8,166 |
0.79%
|
850,707 | 6,501 |
0.76%
|
|||||||||||||||||
|
Interest-bearing
demand accounts
|
776,091 | 1,211 |
0.16%
|
739,102 | 2,536 |
0.34%
|
||||||||||||||||||
|
Money
market accounts
|
888,081 | 5,977 |
0.67%
|
752,166 | 8,471 |
1.13%
|
||||||||||||||||||
|
Certificate
accounts
|
2,483,481 | 59,820 |
2.41%
|
2,546,867 | 77,886 |
3.06%
|
||||||||||||||||||
|
Borrowed
funds (f)
|
896,843 |
|
32,054 |
3.57%
|
|
936,571 | 34,578 |
3.69%
|
|
|||||||||||||||
|
Junior
subordinated debentures
|
103,094 | 5,699 |
5.45%
|
105,672 | 5,834 |
5.45%
|
||||||||||||||||||
|
Total
interest-bearing liabilities
|
6,178,952 | 112,927 |
1.83%
|
5,931,085 | 135,806 |
2.29%
|
||||||||||||||||||
|
Noninterest
bearing liabilities
|
634,119 | 540,536 | ||||||||||||||||||||||
|
Total
liabilities
|
6,813,071 | 6,471,621 | ||||||||||||||||||||||
|
Shareholders'
equity
|
1,306,780 | 692,939 | ||||||||||||||||||||||
|
Total
liabilities and shareholders' equity
|
$ | 8,119,851 | 7,164,560 | |||||||||||||||||||||
|
Net
interest income/ Interest rate spread
|
265,444 |
3.19%
|
236,252 |
3.30%
|
||||||||||||||||||||
|
Net
interest-earning assets/ Net interest margin
|
$ | 1,362,582 |
3.52%
|
710,437 |
3.56%
|
|||||||||||||||||||
|
Ratio
of interest-earning assets to
|
||||||||||||||||||||||||
|
interest-bearing
liabilities
|
1.22 | X | 1.12 | X | ||||||||||||||||||||
(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 the effect of unrealized gains or losses on securities
held as available-for-sale.
(f)
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.
|
Three
months ended
|
Three
months ended
|
|||||||||||||||||||||||
|
December
31, 2010
|
September
30, 2010
|
|||||||||||||||||||||||
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||||||
|
Balance
|
Yield/
|
Balance
|
Yield/
|
|||||||||||||||||||||
|
Cost
|
Cost
|
|||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning
assets:
|
||||||||||||||||||||||||
|
Loans
receivable (a) (b) (d)
|
$ | 5,565,989 | 83,491 |
5.99%
|
5,569,014 | 83,753 |
6.00%
|
|||||||||||||||||
|
Mortgage-backed
securities (c)
|
879,958 | 5,886 |
2.68%
|
853,714 | 6,534 |
3.06%
|
||||||||||||||||||
|
Investment
securities (c) (d)
|
365,003 | 5,213 |
5.71%
|
378,145 | 5,243 |
5.55%
|
||||||||||||||||||
|
FHLB
stock
|
61,042 | - |
-
|
63,242 | - |
-
|
||||||||||||||||||
|
Other
interest-earning deposits
|
721,174 | 496 |
0.27%
|
706,829 | 524 |
0.29%
|
||||||||||||||||||
|
Total
interest-earning assets
|
7,593,166 | 95,086 |
5.00%
|
7,570,944 | 96,054 |
5.06%
|
||||||||||||||||||
|
Noninterest
earning assets (e)
|
588,945 | 591,977 | ||||||||||||||||||||||
|
Total
assets
|
$ | 8,182,111 | 8,162,921 | |||||||||||||||||||||
|
Liabilities and shareholders'
equity:
|
||||||||||||||||||||||||
|
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
|
Savings
accounts
|
$ | 1,058,373 | 1,695 |
0.64%
|
1,071,708 | 2,203 |
0.82%
|
|||||||||||||||||
|
Interest-bearing
demand accounts
|
786,488 | 249 |
0.13%
|
778,597 | 244 |
0.12%
|
||||||||||||||||||
|
Money
market accounts
|
906,414 | 1,209 |
0.53%
|
903,278 | 1,301 |
0.57%
|
||||||||||||||||||
|
Certificate
accounts
|
2,456,893 | 13,872 |
2.24%
|
2,446,317 | 14,024 |
2.27%
|
||||||||||||||||||
|
Borrowed
funds (f)
|
892,461 | 7,326 |
3.26%
|
898,618 | 8,150 |
3.60%
|
||||||||||||||||||
|
Junior
subordinated debentures
|
103,094 | 1,436 |
5.45%
|
103,094 | 1,437 |
5.45%
|
||||||||||||||||||
|
Total
interest-bearing liabilities
|
6,203,723 | 25,787 |
1.65%
|
6,201,612 | 27,359 |
1.75%
|
||||||||||||||||||
|
Noninterest
bearing liabilities
|
671,412 | 648,905 | ||||||||||||||||||||||
|
Total
liabilities
|
6,875,135 | 6,850,517 | ||||||||||||||||||||||
|
Shareholders'
equity
|
1,306,976 | 1,312,404 | ||||||||||||||||||||||
|
Total
liabilities and shareholders' equity
|
$ | 8,182,111 | 8,162,921 | |||||||||||||||||||||
|
Net
interest income/ Interest rate spread
|
69,299 |
3.35%
|
68,695 |
3.31%
|
||||||||||||||||||||
|
Net
interest-earning assets/ Net interest margin
|
$ | 1,389,443 |
3.65%
|
1,369,332 |
3.63%
|
|||||||||||||||||||
|
Ratio
of interest-earning assets to
|
||||||||||||||||||||||||
|
interest-bearing
liabilities
|
1.22 | X | 1.22 | X | ||||||||||||||||||||
(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 the effect of unrealized gains or losses on securities
held as available-for-sale.
(f)
Average balances include FHLB borrowings, securities sold under agreements to
repurchase and other borrowings.