Excluding the impact of purchase accounting, net interest margin (contractual net interest margin) was 3.48% for the second quarter of 2012, compared to 3.64% for the first quarter of 2012 and 3.54% for the second quarter a year ago. (1)The decrease in the contractual net interest margin compared to the prior quarter is due to declines in contractual loan yields due to lower interest rates, higher average cash balances, and higher average long-term borrowings from the FHLB.
First Republic Reports Strong Second Quarter Results
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