Total deposits increased $21.9 million or 5% on an annualized basis, as of December 31, 2012 compared with September 30, 2012 total deposits and increased by approximately $84.7 million or 5% compared with December 31, 2011.
|End of Period Deposit Balances||12/31/12||09/30/12||12/31/11|
|(dollars in thousands)|
|Non-interest-bearing Demand Deposits||$ 349,174||$ 327,450||$ 282,335|
|IB Demand, Savings, and MMDA Accounts||962,574||933,561||899,584|
|Time Deposits < $100,000||233,422||248,290||273,663|
|Time Deposits > $100,000||95,761||109,736||100,616|
|$ 1,640,931||$ 1,619,037||$ 1,556,198|
Results of Operations Highlights – Year ended December 31, 2012
Net income for the year ended December 31, 2012 totaled $24,055,000 or $1.90 per share, an increase of $3,806,000 or approximately 18% on a per share basis, from the year ended December 31, 2011 net income of $20,249,000 or $1.61 per share.
|Summary Average Balance Sheet|
|(Tax-equivalent basis / dollars in thousands)|
|Year Ended December 31, 2012||Year Ended December 31, 2011|
|Principal Balance||Income/ Expense||Yield/Rate||Principal Balance||Income/ Expense||Yield/Rate|
|Federal Funds Sold and Other Short-term Investments||$ 44,999||$ 91||0.20%||$ 85,217||$ 216||0.25%|
|Loans and Leases||1,147,891||61,951||5.40%||1,114,181||64,684||5.81%|
|Total Interest Earning Assets||$ 1,812,800||$ 78,731||4.34%||$ 1,698,757||$ 81,382||4.79%|
|Demand Deposit Accounts||$ 313,812||$ 256,544|
|IB Demand, Savings, and MMDA Accounts||$ 947,707||$ 1,764||0.19%||$ 870,652||$ 4,314||0.50%|
|FHLB Advances and Other Borrowings||118,201||3,954||3.35%||126,922||4,194||3.30%|
|Total Interest-Bearing Liabilities||$ 1,423,101||$ 10,912||0.77%||$ 1,391,582||$ 16,180||1.16%|
|Cost of Funds||0.60%||0.95%|
|Net Interest Income||$ 67,819||$ 65,202|
|Net Interest Margin||3.74%||3.84%|
During the year ended December 31, 2012, net interest income totaled $66,248,000 representing an increase of $2,267,000 or 4% from the year ended December 31, 2011 net interest income of $63,981,000. The increased net interest income during 2012 compared with 2011 was driven by a higher level of earning assets including both average loan growth and growth in the securities portfolio. The tax equivalent net interest margin for the year ended December 31, 2012 was 3.74% compared to 3.84% in 2011. The decline in the net interest margin during 2012 compared with the 2011 was largely attributable to the continued downward pressure on earning asset yields being driven by a historically low market interest rate environment and a very competitive marketplace for lending opportunities. Partially mitigating the decline in earning assets yields was a 35 basis points decline in the Company's cost of funds during 2012 compared to 2011 which was driven by a continued decline in deposit rates.
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