Northwest Bancshares, Inc. Announces First Quarter 2013 Earnings and Dividend Declaration

22 Apr, 2013, 10:15 ET from Northwest Bancshares, Inc.

WARREN, Pa., April 22, 2013 /PRNewswire/ -- Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2013 of $15.3 million, or $0.17 per diluted share. This represents an increase of $117,000, or 0.8%, over the same quarter last year when net income was $15.2 million, or $0.16 per diluted share, and a decrease of $1.0 million, or 6.3%, compared to the quarter ended December 31, 2012 when net income was $16.3 million, or $0.18 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.45% and 0.78% compared to 5.29% and 0.76% for the same quarter last year and 5.65% and 0.81% for the quarter ended December 31, 2012.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.12 per share payable on May 16, 2013, to shareholders of record as of May 2, 2013. This represents the 74th consecutive quarter in which the Company has paid a cash dividend.

Net interest income decreased by $917,000, or 1.4%, to $64.5 million for the quarter ended March 31, 2013, from $65.4 million for the quarter ended March 31, 2012, as a $4.7 million decrease in interest income on loans receivable and a $1.3 million decrease in interest income from investment securities was partially offset by a $5.1 million decrease in interest paid on deposit accounts. These changes from the previous year were primarily due to continued competitive pricing pressure, decreases in market interest rates and adjustable rate loans re-pricing at lower interest rates.

The provision for loan losses increased by $871,000, or 13.9%, to $7.2 million for the quarter ended March 31, 2013, from $6.3 million for the quarter ended March 31, 2012. As of March 31, 2013, the allowance for loan losses was $72.0 million, or 1.28% of total loans, compared to $72.9 million, or 1.30% of total loans, as of March 31, 2012 and $73.2 million, or 1.28% of total loans, as of December 31, 2012. The increase in the provision for loan losses is partially attributable to an increase in nonperforming loans to $125.7 million as of March 31, 2013, from $125.0 million as of March 31, 2012. Additionally, net charge-offs for the quarter ended March 31, 2013, increased by $3.9 million, to $8.4 million compared to $4.5 million in the same quarter last year.

Noninterest income increased by $2.3 million, or 16.4%, to $15.9 million for the quarter ended March 31, 2013, from $13.6 million for the quarter ended March 31, 2012, due primarily to a decrease in loss on real estate owned of $940,000. Additionally, insurance commission income increased by $577,000 as a result of the recent acquisition of the Bert Insurance Group.

Noninterest expense increased by $195,000, or 0.4%, to $51.5 million for the quarter ended March 31, 2013, from $51.3 million for the quarter ended March 31, 2012, due primarily to an increase in premises and occupancy costs of $405,000, or 7.0%. This increase is primarily the result of increased snow removal costs compared to last year. Partially offsetting this increase was a decrease in processing expense of $289,000, which was primarily due to a decrease in ATM and debit card transaction processing expense.

Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Savings Bank. Founded in 1896, Northwest Savings Bank is a full-service financial institution offering a complete line of business and personal banking products as well as benefits and wealth management services. Northwest operates 166 community banking offices in Pennsylvania, New York, Ohio and Maryland and 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company. Northwest Bancshares, Inc.'s common stock is listed on the NASDAQ Global Select Market. Additional information regarding Northwest Bancshares, Inc. can be accessed on-line at www.northwestsavingsbank.com.

Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses; and (7) increased risk associated with an increase in commercial real-estate and business loans. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.

 

 

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(Dollars in thousands, except per share amounts)

(Unaudited)

March  31,

December 31,

Assets

2013

2012

Cash and cash equivalents

$                      71,607

88,277

Interest-earning deposits in other financial institutions

512,949

362,794

Federal funds sold and other short-term investments

634

633

Marketable securities available-for-sale (amortized cost of $1,085,155 and 1,053,122)

1,112,104

1,079,074

Marketable securities held-to-maturity (fair value of $149,105 and $161,969)

143,253

155,081

Total cash, interest-earning deposits and marketable securities

1,840,547

1,685,859

Residential mortgage loans held for sale

3,823

15,441

Residential mortgage loans

2,370,561

2,400,208

Home equity loans 

1,052,485

1,076,637

Other consumer loans

218,464

235,367

Commercial real estate loans

1,572,948

1,585,833

Commercial loans

392,004

388,994

Total loans receivable

5,610,285

5,702,480

Allowance for loan losses

(72,009)

(73,219)

Loans receivable, net

5,538,276

5,629,261

Federal Home Loan Bank stock, at cost

47,332

46,834

Accrued interest receivable

23,963

23,313

Real estate owned, net

24,035

26,165

Premises and Equipment, net

138,950

138,824

Bank owned life insurance

138,123

137,044

Goodwill 

174,463

174,461

Other intangible assets

3,181

3,529

Other assets

65,620

77,310

Total assets

$                7,994,490

7,942,600

Liabilities and Shareholders' equity

Liabilities

Noninterest-bearing demand deposits

$                   787,308

755,429

Interest-bearing demand deposits

864,168

851,771

Savings deposits

2,327,623

2,271,311

Time deposits

1,821,052

1,886,089

Total deposits

5,800,151

5,764,600

Borrowed funds

859,860

860,047

Advances by borrowers for taxes and insurance

27,160

23,325

Accrued interest payable

1,180

888

Other liabilities

55,465

62,177

Junior subordinated debentures

103,094

103,094

Total liabilities

6,846,910

6,814,131

Shareholders' equity

Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued

-

-

Common stock, $0.01 par value: 500,000,000 shares authorized, 93,802,335 shares

and 93,652,960 shares issued and outstanding, respectively

938

937

Paid-in-capital

615,160

613,249

Retained earnings

565,594

550,296

Unallocated common stock of Employee Stock Ownership Plan

(24,137)

(24,525)

Accumulated other comprehensive loss

(9,975)

(11,488)

Total shareholders' equity

1,147,580

1,128,469

Total liabilities and shareholders' equity

$                7,994,490

7,942,600

Equity to assets

14.35%

14.21%

Tangible common equity to assets

12.41%

12.23%

Book value per share

$                         12.23

$                         12.05

Tangible book value per share

$                         10.34

$                         10.14

Closing market price per share

$                         12.68

$                         12.14

Full time equivalent employees

2,063

2,042

Number of banking offices

166

165

 

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(Dollars in thousands, except per share amounts)

Quarter ended

March 31,

December 31,

2013

2012

2012

Interest income:

Loans receivable

$                    73,474

78,159

76,701

Mortgage-backed securities

3,441

4,691

3,697

Taxable investment securities

905

573

743

Tax-free investment securities

2,063

2,446

2,132

Interest-earning deposits

251

380

382

Total interest income

80,134

86,249

83,655

Interest expense:

Deposits

7,814

12,944

9,042

Borrowed funds

7,831

7,899

7,998

Total interest expense

15,645

20,843

17,040

Net interest income

64,489

65,406

66,615

Provision for loan losses

7,158

6,287

8,173

Net interest income after provision

for loan losses

57,331

59,119

58,442

Noninterest income:

Impairment losses on securities

-

(545)

-

Noncredit related losses on securities not expected

to be sold (recognized in other comprehensive income)

-

307

-

Net impairment losses

-

(238)

-

Gain/ (loss) on sale of investments, net

101

44

394

Service charges and fees

8,190

8,425

8,587

Trust and other financial services income

2,204

2,116

2,288

Insurance commission income

2,295

1,718

1,463

Loss on real estate owned, net

(130)

(1,070)

(2,804)

Income from bank owned life insurance

1,085

1,117

1,589

Mortgage banking income

956

531

1,874

Other operating income

1,176

997

964

Total noninterest income

15,877

13,640

14,355

Noninterest expense:

Compensation and employee benefits

27,930

27,838

28,302

Premises and occupancy costs

6,153

5,748

5,680

Office operations

3,268

3,324

3,419

Processing expenses

5,853

6,142

6,459

Marketing expenses

1,900

2,036

134

Federal deposit insurance premiums

1,438

1,620

1,211

Professional services

1,693

1,697

1,869

Amortization of intangible assets

348

295

219

Real estate owned expense

599

740

477

Other expense

2,289

1,836

2,662

Total noninterest expense

51,471

51,276

50,432

Income before income taxes

21,737

21,483

22,365

Income tax expense

6,439

6,302

6,040

Net income

$                    15,298

15,181

16,325

Basic earnings per share

$                          0.17

0.16

0.18

Diluted earnings per share

$                          0.17

0.16

0.18

Annualized return on average equity

5.45%

5.29%

5.65%

Annualized return on average assets

0.78%

0.76%

0.81%

Basic common shares outstanding

90,403,909

94,115,522

92,716,973

Diluted common shares outstanding

90,878,903

94,665,333

92,929,614

 

Northwest Bancshares, Inc. and Subsidiaries

Asset quality

(Dollars in thousands)

March 31,  2013

December 31, 

2012

March 31, 2012

December 31,

2011

Non-accrual loans current:

Residential mortgage loans

$                1,728

797

-

-

Home equity loans

1,050

635

-

-

Other consumer loans

87

44

-

-

Commercial real estate loans

25,203

24,960

18,462

13,057

Commercial loans

9,069

5,424

4,232

13,480

Total non-accrual loans current

$             37,137

31,860

22,694

26,537

Non-accrual loans delinquent 30 days to 59 days:

Residential mortgage loans

$                1,789

-

-

-

Home equity loans

222

-

-

-

Other consumer loans

26

-

-

-

Commercial real estate loans

5,105

5,549

3,068

3,274

Commercial loans

2,631

2,002

6,258

90

Total non-accrual loans delinquent 30 days to 59 days

$                9,773

7,551

9,326

3,364

Non-accrual loans delinquent 60 days to 89 days:

Residential mortgage loans

$                1,969

-

-

-

Home equity loans

330

-

-

-

Other consumer loans

74

-

-

-

Commercial real estate loans

2,506

2,802

2,269

1,560

Commercial loans

1,318

9,652

534

3,808

Total non-accrual loans delinquent 60 days to 89 days

$                6,197

12,454

2,803

5,368

Non-accrual loans delinquent 90 days or more:

Residential mortgage loans

$             24,416

24,286

28,696

28,221

Home equity loans

7,967

8,479

9,100

9,560

Other consumer loans

1,802

1,936

1,983

2,667

Commercial real estate loans

22,204

24,550

34,601

44,603

Commercial loans

16,246

9,096

15,810

10,785

Total non- accrual loans delinquent 90 days or more

$             72,635

68,347

90,190

95,836

Total non-accrual loans

$          125,742

120,212

125,013

131,105

March 31,

December 31,

March 31,

December 31,

2013

2012

2012

2011

Nonperforming loans

$          125,742

120,212

125,013

131,105

Real estate owned, net

24,035

26,165

28,895

26,887

Nonperforming assets

$          149,777

146,377

153,908

157,992

Non-accrual troubled debt restructuring *

$             46,109

41,166

29,606

29,575

Accruing troubled debt restructuring

45,256

48,278

37,697

39,854

Total troubled debt restructuring

$             91,365

89,444

67,303

69,429

Nonperforming loans to total loans

2.24%

2.11%

2.23%

2.36%

Nonperforming assets to total assets

1.87%

1.84%

1.91%

1.99%

Allowance for loan losses to total loans

1.28%

1.28%

1.30%

1.28%

Allowance for loan losses to nonperforming loans

57.27%

60.91%

58.35%

54.26%

* Amounts included in nonperforming loans above.

 

Northwest Bancshares, Inc. and Subsidiaries

Delinquency

(Dollars in thousands)

Loan delinquency schedule

(Number of loans and dollar amount of loans)

March 31,

December 31,

March 31,

December 31,

2013

*

2012

*

2012

*

2011

*

Loans delinquent 30 days to 59 days:

Residential mortgage loans

410

$      33,054

1.4%

430

32,921

1.4%

366

$      29,414

1.2%

427

$      33,671

1.4%

Home equity loans

204

6,254

0.6%

224

6,534

0.6%

201

7,086

0.7%

222

7,426

0.7%

Consumer loans

789

3,684

1.7%

1,122

5,456

2.3%

647

2,854

1.2%

903

4,854

2.0%

Commercial real estate loans

93

12,833

0.8%

87

13,001

0.8%

77

9,275

0.6%

104

10,680

0.7%

Commercial loans

49

4,620

1.2%

41

3,233

0.8%

29

7,069

1.7%

32

2,027

0.5%

Total loans delinquent 30 days to 59 days

1,545

$      60,445

1.1%

1,904

61,145

1.1%

1,320

$      55,698

1.0%

1,688

58,658

1.1%

Loans delinquent 60 days to 89 days:

Residential mortgage loans

54

$         4,577

0.2%

100

9,387

0.4%

22

$         1,466

0.1%

99

$         8,629

0.4%

Home equity loans

67

2,321

0.2%

65

1,977

0.2%

50

2,313

0.2%

47

1,953

0.2%

Consumer loans

302

1,145

0.5%

448

1,830

0.8%

262

1,083

0.5%

412

1,787

0.7%

Commercial real estate loans

32

4,448

0.3%

33

4,596

0.3%

27

3,203

0.2%

38

3,122

0.2%

Commercial loans

19

1,654

0.4%

17

10,158

2.5%

16

1,376

0.3%

25

4,958

1.3%

Total loans delinquent 60 days to 89 days

474

$      14,145

0.3%

663

27,948

0.5%

377

$         9,441

0.2%

621

20,449

0.4%

Loans delinquent 90 days or more:

Residential mortgage loans

233

$      24,416

1.0%

266

24,286

1.0%

275

$      28,696

1.2%

273

$      28,221

1.2%

Home equity loans

179

7,967

0.8%

175

8,479

0.8%

167

9,100

0.9%

177

9,560

0.9%

Consumer loans

374

1,802

0.8%

427

1,936

0.8%

348

1,983

0.8%

456

2,667

1.1%

Commercial real estate loans

127

22,204

1.4%

146

24,550

1.6%

120

34,601

2.3%

131

44,603

3.1%

Commercial loans

51

16,246

4.1%

61

9,096

2.2%

56

15,810

3.9%

66

10,785

2.8%

Total loans delinquent 90 days or more

964

$      72,635

1.3%

1,075

68,347

1.2%

966

$      90,190

1.6%

1,103

95,836

1.7%

Total loans delinquent

2,983

$   147,225

2.6%

3,642

157,440

2.8%

2,663

$   155,329

2.8%

3,412

$   174,943

3.2%

* - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.  

 

Northwest Bancshares, Inc. and Subsidiaries

Loans by credit quality indicators as of March 31, 2013 

(Dollars in thousands)

Recorded

investment

Special

in loans

Pass

mention

Substandard

 Doubtful 

 Loss 

receivable

Personal Banking:

Residential mortgage loans

$         2,355,253

-

17,952

-

1,179

2,374,384

Home equity loans

1,044,568

-

7,917

-

-

1,052,485

Other consumer loans

217,215

-

1,249

-

-

218,464

Total Personal Banking

3,617,036

-

27,118

-

1,179

3,645,333

Business Banking:

Commercial real estate loans

1,351,901

67,543

149,190

4,314

-

1,572,948

Commercial loans

324,303

13,955

52,539

1,207

-

392,004

Total Business Banking

1,676,204

81,498

201,729

5,521

-

1,964,952

$         5,293,240

81,498

228,847

5,521

1,179

5,610,285

Northwest Bancshares, Inc. and Subsidiaries

Loans by credit quality indicators as of December 31, 2012

(Dollars in thousands)

Recorded

investment

Special

in loans

Pass

mention

Substandard

 Doubtful 

 Loss 

receivable

Personal Banking:

Residential mortgage loans

$         2,395,809

-

18,743

48

1,049

2,415,649

Home equity loans

1,068,183

-

8,454

-

-

1,076,637

Other consumer loans

234,106

-

1,261

-

-

235,367

Total Personal Banking

3,698,098

-

28,458

48

1,049

3,727,653

Business Banking:

Commercial real estate loans

1,352,118

68,130

163,751

1,834

-

1,585,833

Commercial loans

320,228

13,077

52,742

2,947

-

388,994

Total Business Banking

1,672,346

81,207

216,493

4,781

-

1,974,827

$         5,370,444

81,207

244,951

4,829

1,049

5,702,480

 

Northwest Bancshares, Inc. and Subsidiaries

Allowance for loan losses

(Dollars in thousands)

Quarter ended

Year ended

March 31, 

December 31, 

2013

2012

2012

2011

Allowance for loan losses 

Beginning balance

$             73,219

71,138

71,138

76,412

Provision

7,158

6,287

26,338

34,170

Charge-offs residential mortgage

(679)

(1,043)

(4,295)

(4,198)

Charge-offs home equity

(370)

(892)

(4,066)

(4,734)

Charge-offs other consumer

(1,404)

(1,287)

(5,919)

(5,283)

Charge-offs commercial real estate

(3,990)

(1,473)

(9,919)

(12,508)

Charge-offs commercial

(2,680)

(649)

(6,254)

(15,641)

Recoveries

755

860

6,196

2,920

Ending balance

$             72,009

72,941

73,219

71,138

Net charge-offs to average loans, annualized

0.59%

0.32%

0.43%

0.72%

 

Northwest Bancshares, Inc. and Subsidiaries

Municipal securities portfolio

(Dollars in thousands)

March 31, 2013

As a %

Market

 Book 

Unrealized

of book

 value 

 value 

gain

value

Municipal securities by state:

Pennsylvania

School districts

$                 93,934

90,618

3,316

47.3%

General obligations

33,377

31,992

1,385

16.7%

Revenue bonds

2,991

2,949

42

1.5%

Total Pennsylvania

130,302

125,559

4,743

65.5%

New York

26,044

25,352

692

13.2%

Ohio

6,315

5,973

342

3.1%

All other states

37,144

34,687

2,457

18.2%

$              199,805

191,571

8,234

December 31, 2012

As a %

Market

 Book 

Unrealized

of book

 value 

 value 

gain

value

Municipal securities by state:

Pennsylvania

School districts

$                 96,271

91,951

4,320

46.7%

General obligations

37,205

35,418

1,787

18.0%

Revenue bonds

3,006

2,948

58

1.5%

Total Pennsylvania

136,482

130,317

6,165

66.2%

New York

26,831

25,954

877

13.2%

Ohio

6,390

5,973

417

3.0%

All other states

37,683

34,659

3,024

17.6%

$              207,386

196,903

10,483

 

Northwest Bancshares, Inc. and Subsidiaries

Average balance sheet 

(Dollars in thousands)

The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of liabilities for the periods indicated.  Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented.  Average balances are calculated using daily averages.

 Quarter ended March 31, 

2013

2012

 Average 

 Interest 

 Avg. 

 Average 

 Interest 

 Avg. 

 Balance 

 Yield/ 

 Balance 

 Yield/ 

 Cost (h) 

 Cost (h) 

Assets:

Interest-earning assets:

   Loans receivable (a) (b) (d)

$  5,638,332

74,028

5.25%

5,579,071

78,691

5.67%

   Mortgage-backed securities (c) 

725,524

3,441

1.90%

746,954

4,691

2.51%

   Investment securities (c) (d) 

470,386

4,079

3.47%

343,059

4,336

5.06%

   FHLB stock

46,868

38

0.32%

48,246

-

-

   Other interest-earning deposits

452,385

251

0.22%

658,747

380

0.23%

Total interest-earning assets 

7,333,495

81,837

4.46%

7,376,077

88,098

4.80%

Noninterest earning assets (e)

585,516

615,734

Total assets

$  7,919,011

7,991,811

Liabilities and shareholders' equity:

Interest-bearing liabilities:

   Savings accounts

$  1,180,487

894

0.31%

1,100,312

1,106

0.40%

   Interest-bearing demand accounts

840,264

139

0.07%

785,935

227

0.12%

   Money market accounts

1,107,522

742

0.27%

976,194

965

0.40%

   Certificate accounts

1,849,782

6,039

1.32%

2,236,823

10,646

1.91%

   Borrowed funds (f)

853,487

6,426

3.05%

833,843

6,477

3.12%

   Junior subordinated debentures

103,094

1,405

5.45%

103,094

1,422

5.46%

Total interest-bearing liabilities

5,934,636

15,645

1.07%

6,036,201

20,843

1.38%

Noninterest bearing liabilities (g)

845,177

801,157

Total liabilities

6,779,813

6,837,358

Shareholders' equity

1,139,198

1,154,453

Total liabilities and shareholders' equity

$  7,919,011

7,991,811

Net interest income/ Interest rate spread

66,192

3.39%

67,255

3.42%

Net interest-earning assets/ Net interest margin

$  1,398,859

3.61%

1,339,876

3.65%

Ratio of interest-earning assets to

 interest-bearing liabilities

 1.24X 

  1.22X  

(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material.

(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.

(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis.

(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.

(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase.

(g) Average balances include non-interest bearing demand deposits (checking accounts).

(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.21% and 5.63%, respectively, Investment securities - 2.52% 

       and 3.52%, respectively, Interest-earning assets - 4.37% and 4.70%, respectively. GAAP basis net interest rate spreads were 3.30% and 

      3.31%, respectively, and GAAP basis net interest margins were 3.52% and 3.55%, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries

Average balance sheet 

(Dollars in thousands)

The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of liabilities for the periods indicated.  Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented.  Average balances are calculated using daily averages.

 Quarter ended 

 Quarter ended 

March 31, 2013

December 31, 2012

 Average 

 Interest 

 Avg. 

 Average 

 Interest 

 Avg. 

 Balance 

 Yield/ 

 Balance 

 Yield/ 

 Cost (h) 

 Cost (h) 

Assets:

Interest-earning assets:

   Loans receivable (a) (b) (d)

$  5,638,332

74,028

5.25%

5,709,603

77,279

5.41%

   Mortgage-backed securities (c) 

725,524

3,441

1.90%

717,028

3,697

2.06%

   Investment securities (c) (d) 

470,386

4,079

3.47%

408,925

4,022

3.93%

   FHLB stock

46,868

38

0.32%

46,833

51

0.44%

   Other interest-earning deposits

452,385

251

0.22%

608,772

382

0.25%

Total interest-earning assets 

7,333,495

81,837

4.46%

7,491,161

85,431

4.56%

Noninterest earning assets (e)

585,516

502,514

Total assets

$  7,919,011

7,993,675

Liabilities and shareholders' equity:

Interest-bearing liabilities:

   Savings accounts

$  1,180,487

894

0.31%

1,145,405

1,019

0.35%

   Interest-bearing demand accounts

840,264

139

0.07%

837,955

145

0.07%

   Money market accounts

1,107,522

742

0.27%