EX-99.A 2 c72980exv99wa.htm EXHIBIT 99(A) Filed by Bowne Pure Compliance
 

Exhibit 99(a)
(INTEGRA LOGO)
News Release
Integra Bank Corporation Reports First Quarter 2008 Results
   
Net Income Per Diluted Share was $0.24
 
   
Non-Performing Loans Increase to 1.28% of Total Loans from 0.98% in Fourth Quarter 2007
 
   
Provision for Loan Losses Increases $1.4 million from Fourth Quarter of 2007
 
   
Net Interest Margin Declines 19 Basis Points to 3.23% Following 200 Basis Points of Fed Interest Rate Cuts
 
   
Commercial Loan Growth Remains Strong at 16% Annualized from Fourth Quarter of 2007—Low Cost Deposit Growth Also Strong at 15%
EVANSVILLE, INDIANA — April 14, 2008 — Integra Bank Corporation (Nasdaq Global Market: IBNK) today reported net income for the first quarter of 2008 of $5.0 million, a decline of $0.8 million or 14.5% from the fourth quarter of 2007. Diluted earnings per share were $0.24, compared to $0.28 for the fourth quarter of 2007, a decline of 14.3%. Returns on assets and equity were 0.59% and 5.99% for the first quarter of 2008, as compared to 0.69% and 6.99% for the fourth quarter of 2007.
Comparisons in this release are from the first quarter of 2008 to the fourth quarter of 2007. The Company believes that the April 2007 acquisition of Prairie Financial Corporation and the recent dramatic change in credit conditions make comparisons to the fourth quarter of 2007 more meaningful than comparisons to the first quarter of 2007.
First quarter 2008 results, as compared to fourth quarter 2007, included increases in the provision for loan losses of $1.4 million, non-interest expense of $0.8 million, and income taxes of $0.8 million, as well as a decrease in net interest income of $1.1 million. An increase in non-interest income of $3.2 million partially offset these changes. Net interest income was $23.5 million for the first quarter of 2008, compared to $24.7 million for the fourth quarter of 2007, while the net interest margin decreased 19 basis points to 3.23%. Commercial loans increased $63.4 million, or 16.2% annualized. This increase in loan volume partially offset the decline in the net interest margin that occurred largely due to decreases in commercial loan interest rates which are tied to market rates. The Federal Reserve lowered the key interbank borrowing rate by 200 basis points during the first quarter of 2008. Non-interest income was $10.7 million for the first quarter of 2008, compared to $7.5 million for the preceding quarter. Fourth quarter 2007 non-interest income included a $2.7 million other-than-temporary impairment (OTTI) charge. The allowance to total loans increased 4 basis points to 1.22% while net charge-offs increased 15 basis points to 0.40%. Non-performing assets increased $7.7 million, or 30.2%, while the allowance to non-performing loans decreased from 120% to 95%.
“Our earnings for the first quarter were below our expectations, largely as a result of our increased provision for loan losses,” stated Mike Vea, Chairman, President and CEO. “Nonetheless, we were pleased with several components of our first quarter results. Our loan and low cost deposit growth rates were very strong in what is a very tough, declining economic environment. Additionally, our fee income exceeded our expectations in what is typically a low quarter for fee income,” Vea added.
“In the current economic environment, which appears to be a twenty year credit correction cycle, credit quality, liquidity and capital are the key items of focus,” Vea commented. “During the first quarter, we charged off $1.4 million from one floor plan lending relationship. This charge-off comprised 24 basis points of the 40 basis points of net charge-offs we recorded during the quarter. As we stated in January, the majority of our current credit weakness is from our Chicago residential homebuilder portfolio and we continue to believe we are adequately secured within that portfolio,” added Vea.

 

 


 

Commercial and Direct Consumer Loan Growth Continues
Higher yielding commercial loan average balances increased $63.4 million during the first quarter, as compared to the preceding quarter, a 16.2% annualized growth rate. Growth was broadly based, coming primarily from commercial real estate, as well as from the company’s Cincinnati, Evansville and Chicago markets. Commercial loan average balances were 54.4% of earning assets for the first quarter of 2008, up from 53.2% for the fourth quarter of 2007, and up from 42.3% for the first quarter of 2007.
Direct consumer and home equity loan average balances increased $2.2 million in the first quarter, or 2.8% annualized. The increases in commercial, consumer and home equity loans more than offset planned declines of $5.1 million in indirect consumer loans and residential mortgage loans of $22.7 million. Both the indirect and residential mortgage reductions were in line with the company’s strategy to improve its earning asset mix.
Net Interest Margin and Net Interest Income
The net interest margin was 3.23% for the first quarter of 2008, a 19 basis point decline from the fourth quarter of 2007. A decrease in the yield on earning assets of 0.63% to 6.37% exceeded the decrease in the cost of interest bearing liabilities of 0.48% to 3.47%. Net interest income decreased $1.1 million, or 4.6%, to $23.5 million. Increases in higher yielding average commercial loan balances of $63.4 million or 16.2% annualized and low cost deposits of $28.4 million, or 14.6% annualized, only partially offset the impact of floating rate assets repricing more quickly than floating rate liabilities as fed funds rates declined 200 basis points during the quarter.
“While our net interest margin declined as a result of the rate cuts that occurred during the last two quarters, we expect the margin to rebound during the last three quarters of the year as our liabilities reprice and catch up with our assets that reprice more quickly,” stated Mike Vea. “The amount and timing of any future rate cuts remains uncertain and will impact us, as well as the rest of the banking industry, particularly if those cuts are significant,” added Vea.
Non-Interest Income
Non-interest income was $10.7 million for the first quarter of 2008, an increase of $3.2 million, or 42.4% from the fourth quarter of 2007. The fourth quarter of 2007 included an other-than-temporary impairment charge of $2.7 million. Service charges on deposit accounts decreased $0.6 million, or 11.1%, driven by seasonally lower overdraft fee income. This decrease was more than offset by increases in annuity income, which increased $0.3 million or 113.9%, and an increase in positive mark-to-market adjustments on trading securities and free standing derivatives of $0.8 million. During the quarter, the company sold all securities in its investment portfolio that it had classified as trading.
Non-Interest Expense
Non-interest expense was $24.1 million for the first quarter of 2008, an increase of $0.8 million, or 3.2% from the fourth quarter of 2007. Increases in personnel expense of $0.3 million and loan and real estate owned expenses of $0.3 million, as well as a $0.4 million check kiting loss, were partially offset by a $0.5 million decline in professional fees.
Credit Quality
The provision for loan losses was $3.6 million for the first quarter of 2008, compared to $2.3 million for the fourth quarter of 2007. Net charge-offs for the first quarter totaled $2.3 million, compared to $1.4 million in the fourth quarter of 2007. Net charge-offs and the provision for loan losses for the first quarter of 2008 include a $1.4 million loss on an automobile dealer floor plan. The net charge-off ratio for the first quarter of 2008 was 40 basis points, which includes the floor plan charge-off of 24 basis points. This compares to 25 basis points in net charge-offs for the fourth quarter of 2007.

 

 


 

The allowance for loan losses at March 31, 2008, was 95% of non-performing and 1.22% of total loans, compared to 120% and 1.18% at December 31, 2007. The ratio of non-performing loans to total loans at March 31, 2008, was 1.28%, compared to 0.98% at December 31, 2007. Non-performing loans in the company’s Chicago region represented approximately 60% of the company’s total non-performing loans at both March 31, 2008 and December 31, 2007. Non-performing loans increased $7.4 million from December 31, 2007, while other real estate owned increased $0.3 million.
“Our credit exposure continues to come primarily from our residential builder construction portfolio, which is located predominately in our Chicago region,” stated Mike Vea. “As we stated in January, we continue to believe that these loans are adequately secured. Losses from work outs within the builder portfolio during the first quarter were less than one basis point of net charge-offs. We continue to expect future losses to be in line with the expectations we had in January,” added Vea.
Income Taxes
The effective tax rate for the first quarter of 2008 was 23.5%, compared to 20.2% for all of 2007. Income tax expense for 2007 included receipt of a federal income tax refund of $0.9 million. The effective rate for the year, exclusive of that refund, would have been 22.5%.
Capital
Integra’s capital ratios remain strong, are within the regulatory requirements for being well capitalized as well as within internal policy guidelines, and were basically unchanged from December 31, 2007.
Conference Call
Integra executive management will hold a conference call to discuss the contents of this news release, business highlights and its financial outlook on Tuesday, April 15, 2008, at 8:00 a.m. CDT. The telephone number for the conference call is (877) 591-4949, confirmation code 2131324. The conference call will also be available by webcast at http://www.integrabank.com.
About Integra
Headquartered in Evansville, Indiana, Integra Bank Corporation is the parent of Integra Bank N.A. As of March 31, 2008, Integra has $3.4 billion in total assets and operates 80 banking centers and 135 ATMs at locations in Indiana, Kentucky, Illinois and Ohio. Moody’s Investors Service has assigned an investment grade rating of A3 for Integra Bank’s long-term deposits. Integra Bank Corporation’s Corporate Governance Quotient (CGQ) rating as of April 1, 2008, has IBNK outperforming 97.1% of the companies in the Russell 3000 Index and 97.0% of the companies in the banking group. This rating is updated monthly by Institutional Shareholder Services and measures public companies’ corporate governance performance to a set of corporate governance factors that reflects the current regulatory environment. Integra Bank Corporation’s common stock is listed on the Nasdaq Global Market under the symbol IBNK. Additional information may be found at Integra’s web site, www.integrabank.com.

 

 


 

Safe Harbor
Certain statements made in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words “may,” “will,” “should,” “would,” “anticipate,” “expect,” “plan,” “believe,” “intend,” and similar expressions identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) the impact of the current slowing economy, including disruptions in the housing and credit markets, either national or in the markets in which Integra does business; (2) changes in the interest rate environment that reduce net interest margin; (3) charge-offs and loan loss provisions; (4) the ability of Integra to maintain required capital levels and adequate sources of funding and liquidity; (5) changes and trends in capital markets; (6) competitive pressures among depository institutions that increase significantly; (7) effects of critical accounting policies and judgments; (8) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; (9) legislative or regulatory changes or actions, or significant litigation that adversely affect Integra or the business in which Integra is engaged; (10) ability to attract and retain key personnel; (11) ability to secure confidential information through the use of computer systems and telecommunications network; and (12) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity, and other factors described in our periodic reports filed with the SEC. We undertake no obligation to revise or update these risks, uncertainties and other factors except as may be set forth in our periodic reports.
Contacts:
Mike Vea, Chairman, President and CEO — 812-464-9604
Martin Zorn, CFO, EVP-Finance and Risk — 812-461-5794
Gretchen Dunn, Shareholder Relations — 812-464-9677
Web site:
http://www.integrabank.com

 

 


 

Summary Operating Results Data
Here is a summary of Integra’s first quarter 2008 operating results:
Net income of $5.0 million for first quarter 2008
   
Compared with $5.8 million for the fourth quarter 2007
 
   
Compared with $7.4 million for first quarter 2007
Diluted net income per share of $0.24 for first quarter 2008
   
Compared with $0.28 for the fourth quarter 2007
 
   
Compared with $0.41 for first quarter 2007
Return on assets of 0.59% for first quarter 2008
   
Compared with 0.69% for fourth quarter 2007
 
   
Compared with 1.12% for first quarter 2007
Return on equity of 5.99% for first quarter 2008
   
Compared with 6.99% for fourth quarter 2007
 
   
Compared with 12.62% for first quarter 2007
Net interest margin of 3.23% for first quarter 2008
   
Compared with 3.42% for fourth quarter 2007
 
   
Compared with 3.48% for first quarter 2007
Allowance for loan losses of $28.6 million or 1.22% of loans at March 31, 2008
   
Compared with $27.3 million or 1.18% at December 31, 2007
 
   
Compared with $21.2 million or 1.18% at March 31, 2007
 
   
Equaled 95.1% of non-performing loans at March 31, 2008, compared with 120.3% at December 31, 2007 and 238.8% at March 31, 2007
Non-performing loans of $30.1 million or 1.28% of loans at March 31, 2008
   
Compared with $22.7 million or 0.98% of loans at December 31, 2007
 
   
Compared with $8.9 million or 0.50% at March 31, 2007
Annualized net charge-off rate of 0.40% for first quarter 2008
   
Compared with 0.25% for fourth quarter 2007
 
   
Compared with 0.17% for first quarter 2007

 

 


 

INTEGRA BANK CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)
                         
    March 31,     December 31,     March 31,  
ASSETS   2008     2007     2007  
Cash and due from banks
  $ 81,156     $ 72,360     $ 58,474  
Federal funds sold and other short-term investments
    3,992       3,630       3,996  
Loans held for sale (at lower of cost or market value)
    6,480       5,928       1,311  
Securities available for sale
    632,758       582,954       595,988  
Securities held for trading
          53,782        
Regulatory stock
    29,181       29,179       24,362  
Loans:
                       
Commercial loans
    1,660,472       1,604,785       1,040,004  
Consumer loans
    419,577       423,481       412,576  
Mortgage loans
    260,701       283,112       337,480  
Less: Allowance for loan losses
    (28,590 )     (27,261 )     (21,165 )
 
                 
Net loans
    2,312,160       2,284,117       1,768,895  
Premises and equipment
    50,228       50,552       45,964  
Goodwill
    122,824       123,050       44,491  
Other intangible assets
    11,221       11,652       6,599  
Other assets
    151,324       132,922       106,131  
 
                 
TOTAL ASSETS
  $ 3,401,324     $ 3,350,126     $ 2,656,211  
 
                 
 
                       
LIABILITIES
                       
Deposits:
                       
Non-interest-bearing demand
  $ 295,942     $ 265,554     $ 250,474  
Savings & interest checking
    555,844       516,925       492,171  
Money market
    390,610       401,098       303,063  
Certificates of deposit and other time deposits
    1,065,727       1,156,560       950,020  
 
                 
Total deposits
    2,308,123       2,340,137       1,995,728  
Short-term borrowings
    367,022       272,270       208,667  
Long-term borrowings
    360,754       376,707       187,426  
Other liabilities
    33,561       33,208       25,683  
 
                 
TOTAL LIABILITIES
    3,069,460       3,022,322       2,417,504  
 
                       
SHAREHOLDERS’ EQUITY
                       
Preferred stock - 1,000 shares authorized — None outstanding
                       
Common stock — $1.00 stated value - 29,000 shares authorized
    20,657       20,650       17,675  
Additional paid-in capital
    207,332       206,991       132,465  
Retained earnings
    104,961       104,913       92,706  
Accumulated other comprehensive income (loss)
    (1,086 )     (4,750 )     (4,139 )
 
                 
TOTAL SHAREHOLDERS’ EQUITY
    331,864       327,804       238,707  
 
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  $ 3,401,324     $ 3,350,126     $ 2,656,211  
 
                 

 

 


 

INTEGRA BANK CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for per share data)
                                         
    Three Months Ended  
    March 31,     December 31,     September 30,     June 30,     March 31,  
    2008     2007     2007     2007     2007  
INTEREST INCOME
                                       
Interest and fees on loans and leases
  $ 38,782     $ 43,217     $ 43,586     $ 41,486     $ 32,130  
Interest and dividends on securities available for sale
    7,267       7,313       7,294       7,495       7,289  
Interest on securities held for trading
    525       364                    
Dividends on regulatory stock
    376       345       314       281       346  
Interest on loans held for sale
    103       85       77       45       28  
Interest on federal funds sold and other investments
    38       60       56       60       49  
 
                             
Total interest income
    47,091       51,384       51,327       49,367       39,842  
 
                                       
INTEREST EXPENSE
                                       
Interest on deposits
    16,392       19,251       19,790       20,017       14,684  
Interest on short-term borrowings
    2,166       2,501       2,648       2,264       2,018  
Interest on long-term borrowings
    5,015       4,977       4,191       3,519       2,811  
 
                             
Total interest expense
    23,573       26,729       26,629       25,800       19,513  
 
                             
 
                                       
NET INTEREST INCOME
    23,518       24,655       24,698       23,567       20,329  
Provision for loan losses
    3,634       2,280       723       455       735  
 
                             
Net interest income after provision for loan losses
    19,884       22,375       23,975       23,112       19,594  
 
                                       
NON-INTEREST INCOME
                                       
Service charges on deposit accounts
    4,699       5,283       5,408       5,408       4,218  
Trust income
    559       587       588       602       614  
Debit card income-interchange
    1,243       1,284       1,136       1,064       895  
Other service charges and fees
    1,579       1,039       1,286       1,133       1,204  
Securities gains (losses)
    24       (2,718 )     219       56       166  
Gain (Loss) on sale of other assets
          48       (5 )     60       539  
Other
    2,630       2,015       1,755       1,608       1,579  
 
                             
Total non-interest income
    10,734       7,538       10,387       9,931       9,215  
 
                                       
NON-INTEREST EXPENSE
                                       
Salaries and employee benefits
    12,394       12,104       11,319       11,693       10,765  
Occupancy
    2,560       2,461       2,474       2,388       2,107  
Equipment
    928       965       832       822       824  
Professional fees
    984       1,509       1,073       893       1,137  
Communication and transportation
    1,456       1,466       1,490       1,303       1,171  
Other
    5,799       4,866       5,054       4,771       4,163  
 
                             
Total non-interest expense
    24,121       23,371       22,242       21,870       20,167  
 
                             
Income before income taxes
    6,497       6,542       12,120       11,173       8,642  
Income taxes expense
    1,524       727       2,914       2,840       1,286  
 
                             
NET INCOME
  $ 4,973     $ 5,815     $ 9,206     $ 8,333     $ 7,356  
 
                             
 
                                       
Earnings per share:
                                       
Basic
  $ 0.24     $ 0.28     $ 0.45     $ 0.41     $ 0.42  
Diluted
    0.24       0.28       0.45       0.41       0.41  
 
                                       
Weighted average shares outstanding:
                                       
Basic
    20,537       20,535       20,527       20,331       17,678  
Diluted
    20,544       20,542       20,545       20,407       17,786  

 

 


 

INTEGRA BANK CORPORATION
SUMMARY OF SELECTED CONSOLIDATED FINANCIAL DATA

(In thousands, except for per share data)
                                         
    March 31,     December 31,     September 30,     June 30,     March 31,  
    2008     2007     2007     2007     2007  
EARNINGS DATA
                                       
Net Interest Income (tax-equivalent)
  $ 24,268     $ 25,436     $ 25,495     $ 24,366     $ 20,945  
Net Income (Loss)
    4,973       5,815       9,206       8,333       7,356  
Basic Earnings Per Share
    0.24       0.28       0.45       0.41       0.42  
Diluted Earnings Per Share
    0.24       0.28       0.45       0.41       0.41  
Dividends Declared
    0.18       0.18       0.18       0.18       0.17  
Book Value
    16.07       15.87       15.74       15.33       13.51  
Tangible Book Value
    9.58       9.35       9.19       8.92       10.61  
 
                                       
PERFORMANCE RATIOS
                                       
Return on Assets
    0.59 %     0.69 %     1.13 %     1.04 %     1.12 %
Return on Equity
    5.99       6.99       11.34       10.71       12.62  
Net Interest Margin (tax-equivalent)
    3.23       3.42       3.52       3.40       3.48  
Tier 1 Capital to Risk Assets
    9.40       9.34       9.30       9.41       11.01  
Capital to Risk Assets
    11.54       11.52       11.52       11.76       12.71  
Tangible Equity to Tangible Assets
    6.05       6.01       5.96       5.97       7.20  
Efficiency Ratio
    67.73       64.20       61.09       62.65       66.46  
 
                                       
AT PERIOD END
                                       
Assets
  $ 3,401,324     $ 3,350,126     $ 3,317,320     $ 3,214,362     $ 2,656,211  
Interest-Earning Assets
    3,013,161       2,986,851       2,933,165       2,862,520       2,415,717  
Commercial Loans
    1,660,472       1,604,785       1,572,013       1,467,730       1,040,004  
Consumer Loans
    419,577       423,481       422,737       426,086       412,576  
Mortgage Loans
    260,701       283,112       305,238       324,411       337,480  
Total Loans
    2,340,750       2,311,378       2,299,988       2,218,227       1,790,060  
Deposits
    2,308,123       2,340,137       2,383,953       2,415,619       1,995,728  
Low Cost Deposits (1)
    851,786       782,479       779,234       791,587       742,645  
Interest-Bearing Liabilities
    2,739,957       2,723,560       2,664,101       2,585,213       2,141,347  
Shareholders’ Equity
    331,864       327,804       325,090       316,313       238,707  
Unrealized Gains (Losses) on Market Securities (FASB 115)
    (334 )     (3,600 )     (4,171 )     (6,848 )     (3,294 )
 
                                       
AVERAGE BALANCES
                                       
Assets
  $ 3,374,579     $ 3,320,443     $ 3,232,918     $ 3,198,981     $ 2,658,785  
Interest-Earning Assets (2)
    3,017,241       2,964,101       2,882,412       2,866,946       2,417,417  
Commercial Loans
    1,640,194       1,576,840       1,501,430       1,425,439       1,021,373  
Consumer Loans
    420,365       423,197       423,607       427,419       416,532  
Mortgage Loans
    272,500       295,186       313,535       340,430       342,344  
Total Loans
    2,333,059       2,295,223       2,238,572       2,193,288       1,780,249  
Deposits
    2,328,697       2,375,759       2,377,662       2,435,682       1,980,454  
Low Cost Deposits (1)
    808,935       780,531       794,157       799,513       738,439  
Interest-Bearing Liabilities
    2,734,006       2,683,304       2,595,245       2,572,178       2,148,320  
Shareholders’ Equity
    333,799       330,136       322,028       312,063       236,333  
Basic Shares
    20,537       20,535       20,527       20,331       17,678  
Diluted Shares
    20,544       20,542       20,545       20,407       17,786  
(1) Defined as interest checking, demand deposit and savings accounts.
(2) Includes securities available for sale and held for trading at amortized cost.

 

 


 

INTEGRA BANK CORPORATION
SUMMARY OF SELECTED CONSOLIDATED FINANCIAL DATA-con’t

(In thousands, except ratios and yields)
                                         
    March 31,     December 31,     September 30,     June 30,     March 31,  
    2008     2007     2007     2007     2007  
ASSET QUALITY
                                       
 
                                       
Non-Performing Assets:
                                       
Non Accrual Loans
  $ 27,517     $ 18,549     $ 14,543     $ 12,975     $ 8,816  
Loans 90+ Days Past Due
    2,544       4,118       1,508       801       49  
 
                             
Non-Performing Loans
    30,061       22,667       16,051       13,776       8,865  
Other Real Estate Owned
    3,267       2,923       4,016       3,563       1,246  
 
                             
Non-Performing Assets
  $ 33,328     $ 25,590     $ 20,067     $ 17,339     $ 10,111  
 
                             
 
                                       
Allowance for Loan Losses:
                                       
Beginning Balance
  $ 27,261     $ 26,401     $ 26,390     $ 21,165     $ 21,155  
Allowance Associated with Acquisition
                      5,982        
Provision for Loan Losses
    3,634       2,280       723       455       735  
Recoveries
    448       236       362       426       348  
Loans Charged Off
    (2,753 )     (1,656 )     (1,074 )     (1,638 )     (1,073 )
 
                             
Ending Balance
  $ 28,590     $ 27,261     $ 26,401     $ 26,390     $ 21,165  
 
                             
 
                                       
Ratios:
                                       
Allowance for Loan Losses to Loans
    1.22 %     1.18 %     1.15 %     1.19 %     1.18 %
Allowance for Loan Losses to Average Loans
    1.23       1.19       1.18       1.20       1.19  
Allowance to Non-performing Loans
    95.11       120.27       164.48       191.57       238.75  
Non-performing Loans to Loans
    1.28       0.98       0.70       0.62       0.50  
Non-performing Assets to Loans and Other Real Estate Owned
    1.42       1.11       0.87       0.78       0.56  
Net Charge-Off Ratio
    0.40       0.25       0.13       0.22       0.17  
 
                                       
NET INTEREST MARGIN
                                       
 
                                       
Yields (tax-equivalent)
                                       
Loans
    6.61 %     7.41 %     7.67 %     7.52 %     7.25 %
Securities
    5.28       5.34       5.28       5.16       5.17  
Regulatory Stock
    5.15       4.73       4.80       4.36       5.68  
Other Earning Assets
    4.93       5.59       6.16       4.60       5.92  
 
                             
Total Earning Assets
    6.37       7.00       7.19       7.01       6.76  
 
                                       
Cost of Funds
                                       
Interest Bearing Deposits
    3.21       3.63       3.75       3.73       3.44  
Other Interest Bearing Liabilities
    4.19       5.06       5.35       5.45       4.64  
Total Interest Bearing Liabilities
    3.47       3.95       4.07       4.02       3.68  
 
                             
Total Interest Expense to Earning Assets
    3.14       3.58       3.67       3.61       3.28  
 
                             
Net Interest Margin
    3.23 %     3.42 %     3.52 %     3.40 %     3.48 %