Continued Balance Sheet Growth
Total assets increased by $0.8 billion, or 6%, to $13.8 billion at March 31, 2012, from $13.0 billion at December 31, 2011, and by $1.9 billion, or 16%, from $11.9 billion at March 31, 2011. Our interest-earning assets for the first quarter 2012 were largely comprised of:
Loan Origination and Portfolio Activities
- Residential loans held for investment which increased by 37% to $4.5 billion from the first quarter of 2011;
- Commercial loans and leases which increased by 13% to $1.8 billion from the first quarter of 2011;
- GNMA pool buyouts which increased by 68% to $2.7 billion from the first quarter of 2011; and
- Investment securities which decreased by 22% to $2.2 billion from the first quarter of 2011.
Organic originations of residential loans, commercial loans and leases totaled $2.2 billion for the first quarter of 2012.
Deposit and Other Funding Sources
Total deposits grew by $0.3 billion, or 3%, to $10.6 billion at March 31, 2012 from $10.3 billion at December 31, 2011, and by $0.9, billion or 9%, from $9.7 billion at March 31, 2011. At March 31, 2012, our deposits were comprised of the following:
- Non-interest bearing accounts were $1.4 billion or 13% of total deposits;
- Interest-bearing checking accounts were $2.1 billion or 20% of total deposits;
- Savings and money market accounts were $3.8 billion or 36% of total deposits;
- Global markets money market and time accounts were $1.3 billion or 13% of total deposits; and
- Time deposit accounts, excluding global markets, were $1.9 billion or 18% of total deposits.
Total other borrowings were $1.7 billion at March 31, 2012, compared to $1.3 billion at December 31, 2011, as a result of an increase in term Federal Home Loan Bank advances to fund continued loan growth and to take advantage of historically low long-term borrowing rates.