Average money market accounts also rose, from $494.7 million for the first quarter of 2010 to $522.5 million for the first quarter of 2011, reflecting an increase of $27.8 million or 5.6 percent. The Corporation’s reduction in certificate of deposit balances and its focus on core deposit growth, as well as certain customers tending to “park” funds in money market accounts in lower interest rate environments, accounted for this growth.
Average certificates of deposit (CDs) declined from $305.7 million for the March 2010 quarter to $219.4 million for the March 2011 quarter, a decline of $86.3 million or 28.2 percent. The Corporation allowed higher cost CDs to run-off, and replaced those funds with lower cost, more stable core deposits.
From December 31, 2010 to March 31, 2011, total deposits increased $12.1 million or 1.0 percent. The Corporation’s checking, savings and money market balances increased $26.3 million, while higher costing CD balances declined by $14.4 million.
Mr. Kissel commented, “Our continued growth in core deposits coupled with our reduced reliance on higher cost certificates of deposit, has reduced our cost of funds, and enhanced our franchise value.”PGB Trust and Investments PGB Trust and Investments generated $2.7 million in fee income in the first quarter of 2011, compared to $2.4 million in the same quarter of 2010. The market value of the assets under administration of the Trust Division increased from $1.89 billion at March 31, 2010 to just under $2.00 billion at March 31, 2011. Craig C. Spengeman, President of PGB Trust & Investments commented, “We continue to see increases in our asset management business and related recurring fee income. We also continue to add new clients, as individuals seek our professional advice. We are pleased with the performance of our assets under administration - our performance reflects the sound financial management of our trust and investment professionals.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV