Total deposits were $2.3 billion at December 31, 2011, up 24.4 percent from year-end 2010 and 3.3 percent from September 30, 2011. Growth from year-end 2010 was driven by organic growth of 12.1 percent and the addition of $212.2 million in deposits from the First Ipswich acquisition. Transaction deposits (non-certificate of deposits) trends remain positive with growth of 41.9 percent from year-end 2010 and a 5.5 percent increase from September 30, 2011. The transaction deposit growth from September 30, 2011 was driven primarily by demand deposit and money market accounts. For the three months ended December 31, 2011, the average balance of transaction deposits rose to 63.8 percent of the average balance of total deposits compared to 53.7 percent at year-end 2010 and 62.4 percent from September 30, 2011.
The Company’s reduction in its investment securities portfolio from $304.5 million at December 31, 2010 to $217.4 million at December 31, 2011 is a result of limited investment opportunities in the market.
The Company had monies in escrow of $113.0 million at December 31, 2011 to fund the Bancorp Rhode Island acquisition on January 1, 2012.
Federal Home Loan Bank (FHLB) advances for the fourth quarter 2011 were $498.6 million, increases of $123.0 million from year-end 2010 and $60.6 million from September 30, 2011. The increased borrowings were used primarily to fund loan growth and the acquisitions.NET INTEREST INCOME Net interest income for the fourth quarter 2011 increased to $28.6 million from $24.6 million in the fourth quarter 2010 and increased compared to $28.0 million in the third quarter 2011. Net interest margin for the fourth quarter 2011 was 3.80 percent, representing an improvement of 2 basis points from the fourth quarter 2010 and an increase of 7 basis points from the third quarter 2011, largely as a result of the continued restructuring of the deposit base into lower-cost transaction accounts. On a year-to-date basis, net interest income was $110.5 million, an increase of $13.9 million, or 14.4 percent, from 2010. Net interest margin for 2011 was 3.77 percent compared to 3.75 percent for 2010.
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