FCLF » Topics » Interest income.

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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