Delaware
|
000-28304
|
33-0704889
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
3756
Central Avenue, Riverside,
California
|
92506
|
(Address
of principal executive
offices)
|
(Zip
Code)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions.
|
[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
|
[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
|
[
] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
|
[
] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
|
Date: July 28, 2008 | PROVIDENT FINANCIAL HOLDINGS, INC. |
/s/Craig G. Blunden | |
Craig G. Blunden | |
Chairman, President and Chief Executive Officer | |
(Principal Executive Officer) | |
/s/Donavon P. Ternes | |
Donavon P. Ternes | |
Chief Operating Officer and Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
3756 Central Avenue | Contacts: | |
Riverside, CA 92506 | Craig G. Blunden, CEO | |
(951) 686 – 6060 | Donavon P. Ternes, COO, CFO |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Consolidated
Statements of Financial Condition
(Unaudited
– Dollars In Thousands)
|
||||||||
June
30,
2008
|
June
30,
2007
|
|||||||
Assets
|
||||||||
Cash
and due from banks
|
$ | 12,614 | $ | 11,024 | ||||
Federal
funds sold
|
2,500 | 1,800 | ||||||
Cash
and cash equivalents
|
15,114 | 12,824 | ||||||
Investment
securities – held to maturity
|
||||||||
(fair
value $ - and $18,837, respectively)
|
- | 19,001 | ||||||
Investment
securities – available for sale at fair value
|
153,102 | 131,842 | ||||||
Loans
held for investment, net of allowance for loan losses of
|
||||||||
$19,402
and $14,845, respectively
|
1,368,633 | 1,350,696 | ||||||
Loans
held for sale, at lower of cost or market
|
28,461 | 1,337 | ||||||
Receivable
from sale of loans
|
- | 60,513 | ||||||
Accrued
interest receivable
|
7,273 | 7,235 | ||||||
Real
estate owned, net
|
9,355 | 3,804 | ||||||
FHLB
– San Francisco stock
|
32,125 | 43,832 | ||||||
Premises
and equipment, net
|
6,513 | 7,123 | ||||||
Prepaid
expenses and other assets
|
12,095 | 10,716 | ||||||
Total
assets
|
$ | 1,632,671 | $ | 1,648,923 | ||||
Liabilities
and Stockholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Non
interest-bearing deposits
|
$ | 48,056 | $ | 45,112 | ||||
Interest-bearing
deposits
|
964,354 | 956,285 | ||||||
Total
deposits
|
1,012,410 | 1,001,397 | ||||||
Borrowings
|
479,335 | 502,774 | ||||||
Accounts
payable, accrued interest and other liabilities
|
16,336 | 15,955 | ||||||
Total
liabilities
|
1,508,081 | 1,520,126 | ||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, $.01 par value (2,000,000 shares authorized;
none
issued and outstanding)
|
||||||||
- | - | |||||||
Common
stock, $.01 par value (15,000,000 shares authorized;
12,435,865
and 12,428,365 shares issued, respectively;
6,207,719
and 6,376,945 shares outstanding, respectively) ….
|
||||||||
124 | 124 | |||||||
Additional
paid-in capital
|
75,164 | 72,935 | ||||||
Retained
earnings
|
143,663 | 146,194 | ||||||
Treasury
stock at cost (6,228,146 and 6,051,420 shares,
respectively)
|
||||||||
(94,798 | ) | (90,694 | ) | |||||
Unearned
stock compensation
|
(102 | ) | (455 | ) | ||||
Accumulated
other comprehensive income, net of tax
|
539 | 693 | ||||||
Total
stockholders’ equity
|
124,590 | 128,797 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 1,632,671 | $ | 1,648,923 |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Consolidated
Statements of Operations
(Unaudited
- In Thousands, Except Earnings Per Share)
|
||||||||||||||||
Quarter
Ended
June
30,
|
Twelve
Months Ended
June
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Interest
income:
|
||||||||||||||||
Loans
receivable, net
|
$ | 21,481 | $ | 22,841 | $ | 86,340 | $ | 91,525 | ||||||||
Investment
securities
|
1,962 | 1,767 | 7,567 | 7,149 | ||||||||||||
FHLB
– San Francisco stock
|
502 | 521 | 1,822 | 2,225 | ||||||||||||
Interest-earning
deposits
|
2 | 19 | 20 | 69 | ||||||||||||
Total
interest income
|
23,947 | 25,148 | 95,749 | 100,968 | ||||||||||||
Interest
expense:
|
||||||||||||||||
Checking
and money market deposits
|
332 | 413 | 1,607 | 1,524 | ||||||||||||
Savings
deposits
|
580 | 784 | 2,896 | 2,823 | ||||||||||||
Time
deposits
|
6,734 | 7,640 | 30,073 | 26,867 | ||||||||||||
Borrowings
|
4,525 | 6,469 | 19,737 | 28,031 | ||||||||||||
Total
interest expense
|
12,171 | 15,306 | 54,313 | 59,245 | ||||||||||||
Net interest income, before provision (recovery) for loan losses
|
11,776 | 9,842 | 41,436 | 41,723 | ||||||||||||
Provision
(recovery) for loan losses
|
5,803 | (490 | ) | 12,612 | 5,078 | |||||||||||
Net interest income, after provision (recovery) for loan losses
|
5,973 | 10,332 | 28,824 | 36,645 | ||||||||||||
Non-interest
income:
|
||||||||||||||||
Loan
servicing and other fees
|
422 | 706 | 1,776 | 2,132 | ||||||||||||
(Loss)
gain on sale of loans, net
|
(216 | ) | 601 | 1,146 | 9,318 | |||||||||||
Deposit
account fees
|
743 | 530 | 2,954 | 2,087 | ||||||||||||
Net
(loss) gain on sale of real estate
|
(462 | ) | 1 | (932 | ) | 2,359 | ||||||||||
Other
|
(60 | ) | 376 | 409 | 1,665 | |||||||||||
Total
non-interest income
|
427 | 2,214 | 5,353 | 17,561 | ||||||||||||
Non-interest
expense:
|
||||||||||||||||
Salaries
and employee benefits
|
4,491 | 5,780 | 18,953 | 22,867 | ||||||||||||
Premises
and occupancy
|
647 | 984 | 2,830 | 3,314 | ||||||||||||
Equipment
|
382 | 349 | 1,552 | 1,570 | ||||||||||||
Professional
expenses
|
457 | 346 | 1,573 | 1,193 | ||||||||||||
Sales
and marketing expenses
|
109 | 221 | 524 | 945 | ||||||||||||
Other
|
1,652 | 1,258 | 4,693 | 4,742 | ||||||||||||
Total
non-interest expense
|
7,738 | 8,938 | 30,125 | 34,631 | ||||||||||||
(Loss)
income before taxes
|
(1,338 | ) | 3,608 | 4,052 | 19,575 | |||||||||||
(Benefit)
provision for income taxes
|
(195 | ) | 1,777 | 2,582 | 9,124 | |||||||||||
Net
(loss) income
|
$ | (1,143 | ) | $ | 1,831 | $ | 1,470 | $ | 10,451 | |||||||
Basic
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.29 | $ | 0.24 | $ | 1.59 | |||||||
Diluted
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.28 | $ | 0.24 | $ | 1.57 | |||||||
Cash
dividends per share
|
$ | 0.10 | $ | 0.18 | $ | 0.64 | $ | 0.69 |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Consolidated
Statements of Financial Condition – Sequential Quarter
(Unaudited
– Dollars In Thousands)
|
||||||||
June
30,
2008
|
March
31,
2008
|
|||||||
Assets
|
||||||||
Cash
and due from banks
|
$ | 12,614 | $ | 12,807 | ||||
Federal
funds sold
|
2,500 | 4,625 | ||||||
Cash
and cash equivalents
|
15,114 | 17,432 | ||||||
Investment
securities – available for sale at fair value
|
153,102 | 168,588 | ||||||
Loans
held for investment, net of allowance for loan losses of
|
||||||||
$19,402
and $16,742, respectively
|
1,368,633 | 1,406,785 | ||||||
Loans
held for sale, at lower of cost or market
|
28,461 | 18,841 | ||||||
Accrued
interest receivable
|
7,273 | 7,336 | ||||||
Real
estate owned, net
|
9,355 | 7,717 | ||||||
FHLB
– San Francisco stock
|
32,125 | 31,680 | ||||||
Premises
and equipment, net
|
6,513 | 6,585 | ||||||
Prepaid
expenses and other assets
|
12,095 | 9,335 | ||||||
Total
assets
|
$ | 1,632,671 | $ | 1,674,299 | ||||
Liabilities
and Stockholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Non
interest-bearing deposits
|
$ | 48,056 | $ | 46,884 | ||||
Interest-bearing
deposits
|
964,354 | 985,283 | ||||||
Total
deposits
|
1,012,410 | 1,032,167 | ||||||
Borrowings
|
479,335 | 499,744 | ||||||
Accounts
payable, accrued interest and other liabilities
|
16,336 | 15,215 | ||||||
Total
liabilities
|
1,508,081 | 1,547,126 | ||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, $.01 par value (2,000,000 shares authorized;
none
issued and outstanding)
|
||||||||
- | - | |||||||
Common
stock, $.01 par value (15,000,000 shares authorized;
12,435,865
and 12,435,865 shares issued, respectively;
6,207,719
and 6,207,719 shares outstanding, respectively)
|
||||||||
124 | 124 | |||||||
Additional
paid-in capital
|
75,164 | 74,763 | ||||||
Retained
earnings
|
143,663 | 145,427 | ||||||
Treasury
stock at cost (6,228,146 and 6,228,146 shares,
respectively)
|
||||||||
(94,798 | ) | (94,798 | ) | |||||
Unearned
stock compensation
|
(102 | ) | (181 | ) | ||||
Accumulated
other comprehensive income, net of tax
|
539 | 1,838 | ||||||
Total
stockholders’ equity
|
124,590 | 127,173 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 1,632,671 | $ | 1,674,299 |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Consolidated
Statements of Operations – Sequential Quarter
(Unaudited
– In Thousands, Except Earnings Per Share)
|
||||||||
Quarter
Ended
|
||||||||
June
30,
|
March
31,
|
|||||||
2008
|
2008
|
|||||||
Interest
income:
|
||||||||
Loans
receivable, net
|
$ | 21,481 | $ | 21,645 | ||||
Investment
securities
|
1,962 | 1,959 | ||||||
FHLB
– San Francisco stock
|
502 | 419 | ||||||
Interest-earning
deposits
|
2 | 4 | ||||||
Total
interest income
|
23,947 | 24,027 | ||||||
Interest
expense:
|
||||||||
Checking
and money market deposits
|
332 | 351 | ||||||
Savings
deposits
|
580 | 725 | ||||||
Time
deposits
|
6,734 | 7,393 | ||||||
Borrowings
|
4,525 | 4,839 | ||||||
Total
interest expense
|
12,171 | 13,308 | ||||||
Net
interest income, before provision for loan losses
|
11,776 | 10,719 | ||||||
Provision
for loan losses
|
5,803 | 3,150 | ||||||
Net
interest income, after provision for loan losses
|
5,973 | 7,569 | ||||||
Non-interest
income:
|
||||||||
Loan
servicing and other fees
|
422 | 350 | ||||||
(Loss)
gain on sale of loans, net
|
(216 | ) | 306 | |||||
Deposit
account fees
|
743 | 768 | ||||||
Net
loss on sale of real estate
|
(462 | ) | (302 | ) | ||||
Other
|
(60 | ) | 482 | |||||
Total
non-interest income
|
427 | 1,604 | ||||||
Non-interest
expense:
|
||||||||
Salaries
and employee benefits
|
4,491 | 4,816 | ||||||
Premises
and occupancy
|
647 | 645 | ||||||
Equipment
|
382 | 379 | ||||||
Professional
expenses
|
457 | 323 | ||||||
Sales
and marketing expenses
|
109 | 112 | ||||||
Other
|
1,652 | 1,024 | ||||||
Total
non-interest expense
|
7,738 | 7,299 | ||||||
(Loss)
income before taxes
|
(1,338 | ) | 1,874 | |||||
(Benefit)
provision for income taxes
|
(195 | ) | 917 | |||||
Net
(loss) income
|
$ | (1,143 | ) | $ | 957 | |||
Basic
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.16 | |||
Diluted
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.15 | |||
Cash
dividends per share
|
$ | 0.10 | $ | 0.18 |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Financial
Highlights
(Unaudited
- Dollars in Thousands, Except Share Information )
|
||||||||||||||||
Quarter
Ended
June
30,
|
Twelve
Months Ended
June
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
SELECTED
FINANCIAL RATIOS:
|
||||||||||||||||
Return
on average assets
|
(0.28 | )% | 0.43 | % | 0.09 | % | 0.61 | % | ||||||||
Return
on average stockholders’ equity
|
(3.62 | )% | 5.59 | % | 1.15 | % | 7.77 | % | ||||||||
Stockholders’
equity to total assets
|
7.63 | % | 7.81 | % | 7.63 | % | 7.81 | % | ||||||||
Net
interest spread
|
2.70 | % | 2.08 | % | 2.36 | % | 2.23 | % | ||||||||
Net
interest margin
|
2.93 | % | 2.37 | % | 2.61 | % | 2.51 | % | ||||||||
Efficiency
ratio
|
63.41 | % | 74.14 | % | 64.38 | % | 58.42 | % | ||||||||
Average
interest-earning assets to average
|
||||||||||||||||
interest-bearing
liabilities
|
107.14 | % | 107.41 | % | 107.35 | % | 107.72 | % | ||||||||
SELECTED
FINANCIAL DATA:
|
||||||||||||||||
Basic
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.29 | $ | 0.24 | $ | 1.59 | |||||||
Diluted
(loss) earnings per share
|
$ | (0.19 | ) | $ | 0.28 | $ | 0.24 | $ | 1.57 | |||||||
Book
value per share
|
$ | 20.07 | $ | 20.20 | $ | 20.07 | $ | 20.20 | ||||||||
Shares
used for basic EPS computation
|
6,167,125 | 6,341,326 | 6,171,480 | 6,557,550 | ||||||||||||
Shares
used for diluted EPS computation
|
6,167,125 | 6,436,816 | 6,214,425 | 6,675,717 | ||||||||||||
Total
shares issued and outstanding
|
6,207,719 | 6,376,945 | 6,207,719 | 6,376,945 | ||||||||||||
ASSET
QUALITY RATIOS AND DELINQUENT LOANS:
|
||||||||||||||||
Non-performing
loans to loans held for investment, net
|
1.73 | % | 1.18 | % | ||||||||||||
Non-performing
assets to total assets
|
2.02 | % | 1.20 | % | ||||||||||||
Allowance
for loan losses to non-performing loans
|
81.90 | % | 93.32 | % | ||||||||||||
Allowance
for loan losses to gross loans held for
|
||||||||||||||||
investment
|
1.40 | % | 1.09 | % | ||||||||||||
Net
charge-offs to average loans receivable
|
0.89 | % | 0.11 | % | ||||||||||||
Non-performing
loans
|
$ | 29,881 | $ | 19,417 | ||||||||||||
Loans
30 to 89 days delinquent
|
$ | 7,367 | $ | 1,493 | ||||||||||||
REGULATORY
CAPITAL RATIOS:
|
||||||||||||||||
Tangible
equity ratio
|
7.23 | % | 7.62 | % | ||||||||||||
Core
capital ratio
|
7.23 | % | 7.62 | % | ||||||||||||
Total
risk-based capital ratio
|
12.30 | % | 12.49 | % | ||||||||||||
Tier
1 risk-based capital ratio
|
11.05 | % | 11.39 | % | ||||||||||||
LOANS
ORIGINATED FOR SALE:
|
||||||||||||||||
Retail
originations
|
$ | 40,145 | $ | 59,254 | $ | 135,470 | $ | 296,356 | ||||||||
Wholesale
originations
|
73,809 | 129,239 | 263,256 | 830,260 | ||||||||||||
Total
loans originated for sale
|
$ | 113,954 | $ | 188,493 | $ | 398,726 | $ | 1,126,616 | ||||||||
LOANS
SOLD:
|
||||||||||||||||
Servicing
released
|
$ | 104,291 | $ | 220,077 | $ | 368,925 | $ | 1,119,330 | ||||||||
Servicing
retained
|
- | 1,479 | 4,534 | 4,108 | ||||||||||||
Total
loans sold
|
$ | 104,291 | $ | 221,556 | $ | 373,459 | $ | 1,123,438 |
PROVIDENT
FINANCIAL HOLDINGS, INC.
Financial
Highlights
(Unaudited)
|
|||||||||
(Dollars
in Thousands)
|
As of June 30,
|
||||||||
2008
|
2007
|
||||||||
INVESTMENT
SECURITIES:
|
Balance
|
Rate
|
Balance
|
Rate
|
|||||
Held
to maturity:
|
|||||||||
U.S.
government sponsored enterprise debt securities
|
$ -
|
-
|
%
|
$ 19,000
|
3.15
|
%
|
|||
U.S. government agency mortgage-backed securities (“MBS”)
|
-
|
-
|
1
|
8.81
|
|||||
Total
investment securities held to maturity
|
-
|
-
|
19,001
|
3.15
|
|||||
Available
for sale (at fair value):
|
|||||||||
U.S.
government sponsored enterprise debt securities
|
5,111
|
4.00
|
9,683
|
3.20
|
|||||
U.S.
government agency MBS
|
90,938
|
5.09
|
57,539
|
4.99
|
|||||
U.S.
government sponsored enterprise MBS
|
54,254
|
5.38
|
59,066
|
5.05
|
|||||
Private
issue collateralized mortgage obligations
|
2,225
|
4.77
|
4,641
|
4.28
|
|||||
Freddie
Mac common stock
|
98
|
364
|
|||||||
Fannie
Mae common stock
|
8
|
26
|
|||||||
Other
common stock
|
468
|
523
|
|||||||
Total
investment securities available for sale
|
153,102
|
5.13
|
131,842
|
4.83
|
|||||
Total
investment securities
|
$
153,102
|
5.13
|
%
|
$
150,843
|
4.61
|
%
|
|||
LOANS
HELD FOR INVESTMENT:
|
|||||||||
Single-family
(1 to 4 units)
|
$ 808,836
|
5.95
|
%
|
$ 827,656
|
5.89
|
%
|
|||
Multi-family
(5 or more units)
|
399,733
|
6.45
|
330,231
|
6.67
|
|||||
Commercial
real estate
|
136,176
|
6.95
|
147,545
|
7.10
|
|||||
Construction
|
32,907
|
8.59
|
60,571
|
9.22
|
|||||
Commercial
business
|
8,633
|
6.87
|
10,054
|
8.59
|
|||||
Consumer
|
625
|
9.84
|
509
|
12.15
|
|||||
Other
|
3,728
|
8.67
|
9,307
|
10.03
|
|||||
Total
loans held for investment
|
1,390,638
|
6.27
|
%
|
1,385,873
|
6.40
|
%
|
|||
Undisbursed
loan funds
|
(7,864
|
)
|
(25,484
|
)
|
|||||
Deferred
loan costs
|
5,261
|
5,152
|
|||||||
Allowance
for loan losses
|
(19,402
|
)
|
(14,845
|
)
|
|||||
Total
loans held for investment, net
|
$1,368,633
|
$1,350,696
|
|||||||
Purchased
loans serviced by others included above
|
$ 146,514
|
6.56
|
%
|
$ 159,787
|
6.89
|
%
|
|||
DEPOSITS:
|
|||||||||
Checking
accounts – non interest-bearing
|
$
48,056
|
-
|
%
|
$
45,112
|
-
|
%
|
|||
Checking
accounts – interest-bearing
|
122,065
|
0.63
|
122,588
|
0.76
|
|||||
Savings
accounts
|
144,883
|
1.61
|
153,036
|
2.04
|
|||||
Money
market accounts
|
33,675
|
1.93
|
32,054
|
2.43
|
|||||
Time
deposits
|
663,731
|
3.93
|
648,607
|
4.85
|
|||||
Total
deposits
|
$1,012,410
|
2.95
|
%
|
$1,001,397
|
3.62
|
%
|
|||
Note: The
interest rate or yield/cost described in the rate or yield/cost column is
the weighted-average interest rate or yield/cost of all instruments, which
are included in the balance of the respective line item.
|
PROVIDENT
FINANCIAL HOLDINGS, INC.
Financial
Highlights
(Unaudited
– Dollars in Thousands)
|
|||||||||
As
of June 30,
|
|||||||||
2008
|
2007
|
||||||||
Balance
|
Rate
|
Balance
|
Rate
|
||||||
BORROWINGS:
|
|||||||||
Overnight
|
$ 32,600
|
3.12
|
%
|
$ 1,000
|
5.48
|
%
|
|||
Six
months or less
|
95,000
|
2.55
|
173,000
|
4.81
|
|||||
Over
six to twelve months
|
15,000
|
3.33
|
72,000
|
4.14
|
|||||
Over
one to two years
|
112,000
|
3.87
|
30,000
|
3.45
|
|||||
Over
two to three years
|
128,000
|
4.62
|
72,000
|
4.02
|
|||||
Over
three to four years
|
65,000
|
4.41
|
88,000
|
5.23
|
|||||
Over
four to five years
|
20,000
|
3.39
|
65,000
|
4.41
|
|||||
Over
five years
|
11,735
|
4.64
|
1,774
|
6.37
|
|||||
Total
borrowings
|
$
479,335
|
3.81
|
%
|
$
502,774
|
4.55
|
%
|
|||
Quarter
Ended
|
Twelve
Months Ended
|
|||||||
June
30,
|
June
30,
|
|||||||
2008
|
2007
|
2008
|
2007
|
|||||
SELECTED
AVERAGE BALANCE SHEETS:
|
Balance
|
Balance
|
Balance
|
Balance
|
||||
Loans
receivable, net (1)
|
$1,414,780
|
$1,456,518
|
$1,397,877
|
$1,446,781
|
||||
Investment
securities
|
160,612
|
161,421
|
155,509
|
175,439
|
||||
FHLB
– San Francisco stock
|
31,910
|
43,684
|
32,271
|
41,588
|
||||
Interest-earning
deposits
|
513
|
1,439
|
588
|
1,339
|
||||
Total
interest-earning assets
|
$1,607,815
|
$1,663,062
|
$1,586,245
|
$1,665,147
|
||||
Deposits
|
$1,022,007
|
$ 989,641
|
$1,012,138
|
$ 946,499
|
||||
Borrowings
|
478,660
|
558,644
|
465,536
|
599,286
|
||||
Total
interest-bearing liabilities
|
$1,500,667
|
$1,548,285
|
$1,477,674
|
$1,545,785
|
||||
Quarter
Ended
|
Twelve
Months Ended
|
|||||||
June
30,
|
June
30,
|
|||||||
2008
|
2007
|
2008
|
2007
|
|||||
Yield/Cost
|
Yield/Cost
|
Yield/Cost
|
Yield/Cost
|
|||||
Loans
receivable, net (1)
|
6.07%
|
6.27%
|
6.18%
|
6.33%
|
||||
Investment
securities
|
4.89%
|
4.38%
|
4.87%
|
4.07%
|
||||
FHLB
– San Francisco stock
|
6.29%
|
4.77%
|
5.65%
|
5.35%
|
||||
Interest-earning
deposits
|
1.56%
|
5.28%
|
3.40%
|
5.15%
|
||||
Total
interest-earning assets
|
5.96%
|
6.05%
|
6.04%
|
6.06%
|
||||
Deposits
|
3.01%
|
3.58%
|
3.42%
|
3.30%
|
||||
Borrowings
|
3.80%
|
4.64%
|
4.24%
|
4.68%
|
||||
Total
interest-bearing liabilities
|
3.26%
|
3.97%
|
3.68%
|
3.83%
|
(1)
|
Includes
loans held for investment, loans held for sale and receivable from sale of
loans.
|
Note:
The interest rate or yield/cost described in the rate or yield/cost column
is the weighted-average interest rate
or yield/cost of all instruments, which are included in the balance of the
respective line item.
|