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This excerpt taken from the FCLF 10-Q filed May 11, 2009. Interest
income. Interest and fee income on loans increased to $6.1
million for the three months ended March 31, 2009 from $4.8 million for the
comparable period in 2008. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. The average balance of loans was $429.3 million and $296.9
million for the three months ended March 31, 2009 and 2008, respectively. The
average balance increased due to the Partners Bank acquisition. The
average yield on loans decreased to 5.80% for the three months ended March 31,
2009 from 6.49% for the comparable period in 2008.
Interest
income on securities increased to $1.1 million for the three months ended March
31, 2009 from $725,000 for the comparable period in 2008. The
increase was due primarily to a higher average balance offset by a decline in
yield. The average balance of securities was $99.1 million and $53.1
million for the three months ended March 31, 2009 and 2008,
respectively. The average balance increased due to the Partners Bank
acquisition. The average yield on securities decreased to 4.38% from
5.46% for the three months ended March 31, 2009 and 2008,
respectively.
Interest
on other interest-earning deposits decreased to $60,000 for the three months
ended March 31, 2009 from $314,000 for the comparable period in
2008. The average balance of other interest-earning deposits
increased to $76.4 million from $31.6 million for the three months ended March
31, 2009 and 2008, respectively, however, the average yield on other
interest-earning deposits decreased to 0.32% for the three months ended March
31, 2009 from 3.97% for the year earlier period. The lower yield on
other interest-earning deposits was due to a declining interest rate
environment, specifically the federal fund rate, which reprices on a daily
basis.
This excerpt taken from the FCLF 10-Q filed Nov 10, 2008. Interest
income. Interest and fee income on loans increased to $5.0
million for the three months ended September 30, 2008 from $4.6 million for the
comparable period in 2007. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. Interest and fee income on loans increased $1.6 million to
$14.7 million for the nine months ended September 30, 2008 from $13.1 million
for the comparable period in 2007. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. The average balance of loans was $313.6 million and $255.8
million for the nine months ended September 30, 2008 and 2007, respectively. The
average yield on loans decreased to 6.26% for the nine months ended September
30, 2008 from 6.83% for the comparable period in 2007.
Interest
income on securities decreased to $597,000 for the three months ended September
30, 2008 from $716,000 for the comparable period in 2007. The
decrease was due primarily to a decline in yield. The average yield
on securities decreased to 4.47% from 5.17% for the three months ended September
30, 2008 and 2007, respectively. Interest income on securities
decreased by $72,000 for the nine months ended September 30,
2008. The decrease was due to a decline in yield. The
average yield on securities decreased to 4.92% from 5.18% for the nine months
ended September 30, 2008 and 2007, respectively.
Due to
substantial rate cuts in the federal funds rate, the Company has had a
significant number of higher yielding bonds called. The Company must
maintain an investment portfolio that meets its pledging and collateral needs.
Therefore, the called bonds were replaced with current market yielding
securities which had lower yields than the securities called.
Interest
income on other interest-earning deposits decreased to $161,000 for the three
months ended September 30, 2008 from $342,000 for the comparable period in
2007. The average balance of other interest-earning deposits
increased to $26.9 million from $26.3 million for the three months ended
September 30, 2008 and 2007, respectively, however, the average yield on other
interest-earning deposits decreased to 2.38% from 5.16% for the three months
ended September 30, 2008 and 2007, respectively. Interest income on
other interest-earning deposits decreased to $612,000 for the nine months ended
September 30, 2008 from $1.4 million for the same comparable period in
2007. The average balance of other interest-earning deposits was
$26.5 million and $36.8 million for the nine months ended September 30, 2008 and
2007, respectively. The average yield on other interest-earning
deposits decreased to 3.08% for the nine months ended September 30, 2008
compared to 5.16% for the nine months ended September 30, 2007.
This excerpt taken from the FCLF 10-Q filed Aug 11, 2008. Interest
income. Interest and fee income on loans increased to $4.9
million for the three months ended June 30, 2008 from $4.4 million for the
comparable period in 2007. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. Interest and fee income on loans increased $1.2 million to
$9.7 million for the six months ended June 30, 2008 from $8.5 million for the
comparable period in 2007. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. The average balance of loans was $306.5 million and $250.8
million for the six months ended June 30, 2008 and 2007, respectively. The
average yield on loans decreased to 6.35% for the six months ended June 30, 2008
from 6.81% for the comparable period in 2007.
Interest
income on securities decreased to $650,000 for the three months ended June 30,
2008 from $684,000 for the comparable period in 2007. The decrease
was due primarily to a decline in yield. The average yield on
securities decreased to 4.81% from 5.23% for the three months ended June 30,
2008 and 2007, respectively. Interest income on securities increased
by $47,000 to $1.4 million for the six months ended June 30, 2008 from $1.3
million for the comparable period in 2007. The increase was due to a
higher average balance of securities totaling $53.7 million and $51.5 million
for the six months ended June 30, 2008 and 2007, respectively.
Interest
income on other interest-earning deposits decreased to $137,000 for the three
months ended June 30, 2008 from $450,000 for the comparable period in
2007. The average balance of other interest-earning deposits
decreased to $21.0 million from $33.9 million for the three months ended June
30, 2008 and 2007, respectively. The average yield on other
interest-earning deposits decreased to 2.63% from 5.37% for the three months
ended June 30, 2008 and 2007, respectively. Interest income on other
interest-earning deposits decreased to $451,000 for the six months ended June
30, 2008 from $1.1 million for the same comparable period in
2007. The average balance of other interest-earning deposits was
$26.3 million and $42.1 million for the six months ended June 30, 2008 and 2007,
respectively. The average yield on other interest-earning deposits
decreased to 3.45% for the six months ended June 30, 2008 compared to 5.18% for
the six months ended June 30, 2007. Components of interest income
vary from time to time based on the availability and interest rates of loans,
securities, and other interest-earning assets.
This excerpt taken from the FCLF 10-Q filed May 12, 2008. Interest
income. Interest and fee income on loans increased to $4.8
million for the three months ended March 31, 2008 from $4.2 million for the
comparable period in 2007. Interest income on loans increased
primarily as a result of a higher average balance offset by a lower
yield. The average balance of loans was $296.9 million and $244.8
million for the three months ended March 31, 2008 and 2007, respectively. The
average yield on loans decreased to 6.49% for the three months ended March 31,
2008 from 6.83% for the comparable period in 2007.
Interest
income on securities increased to $725,000 for the three months ended March 31,
2008 from $644,000 for the comparable period in 2007. The increase
was due to a higher yield and a higher average balance of securities totaling
$53.1 million and $49.9 million for the three months ended March 31, 2008 and
2007, respectively.
Interest
income on other interest-earning deposits decreased to $314,000 for the three
months ended March 31, 2008 from $632,000 for the comparable period in
2007. The average balance of other interest-earning deposits was
$31.6 million and $50.5 million for the three months ended March 31, 2008 and
2007, respectively. The average yield on other interest-earning
deposits decreased to 3.97% for the three months ended March 31, 2008 compared
to 5.01% for the three months ended March 31, 2007. Components of
interest income vary from time to time based on the availability and interest
rates of loans, securities, and other interest-earning assets.
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