Our team members share the same commitment to growing the company profitably and enhancing the value we create for customers and shareholders.
This is not to suggest that we'll be any less concerned about the profitable return on and deployment of our capital. However, until industry regulatory capital standards are better defined, ROE is difficult to meaningfully manage. And as you know, our capital position has always been and remains a strong.
On our last call, we said we would consider increasing our cash dividend as business conditions and our financial performance permit, and as the Board of Directors deems prudent. We were pleased to follow our $0.01 increase in April by the same amount again this quarter.
Our progress is also evident on our second quarter asset quality numbers, as Phil will discuss, we saw improvement in all our core credit metrics and while we still have a great deal of work ahead of us, it's very encouraging to see these across the board improvements.We continue to aggressively pursue our new business development efforts with customers and prospects. These sales efforts have enabled us to grow existing relationships and attract new ones. As business and consumer confidence improves, we would expect our work to produce increased levels of new business.Another development occurred during the second quarter was a further decrease in funding cost that helped us expand our net interest margin. As you would know, there are a lot of moving parts to this number and there can, of course, be economic as well as seasonal fluctuations. The key is that we continue to grow lower cost deposit balances, particularly, in the non-interest checking category. These are primary transaction accounts from customers and businesses that help us grow households and create new cross-selling opportunities.We do not publish our specific household growth numbers for competitive reasons, however, we attribute our very strong year-over-year demand deposit growth, and more than 6% increase in small business accounts to aggressive segment management, calling efforts and promotional activity. All parts of our ongoing growth strategy.Read the rest of this transcript for free on seekingalpha.com
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