·
|
Net
Income grew 82% to $27.0 million, driving the Bank’s return on equity
(“ROE”) to 18.0% p.a.
|
·
|
Operating
income(1)
increased 86% to $26.1 million, reflecting higher gains on the Bank’s
treasury and asset management activities, which grew 460% to $18.2
million.
|
·
|
The
average commercial portfolio grew 7% to $3.8 billion.
|
·
|
The
Bank’s efficiency ratio improved from 35% to 28%.
|
·
|
Net
income grew 202%.
|
·
|
Operating
income increased 258%, driven by higher gains on the Bank’s treasury asset
management activities, and increased net interest income.
|
·
|
The
average loan portfolio increased 31%, the average commercial portfolio
grew 18%.
|
·
|
Net
Income amounted to $41.8 million, or $1.15 per share, an increase
of 63%.
|
·
|
Operating
income reached $40.2 million, an increase of 143%, driven primarily
by
higher gains on the Bank’s proprietary asset management activities,
increased net interest income, and higher gains on securities available
for sale.
|
(US$
million, except percentages and per share amounts)
|
6M06
|
6M07
|
2Q06
|
1Q07
|
2Q07
|
Net
interest income
|
$26.5
|
$33.8
|
$14.9
|
$17.1
|
$16.7
|
Operating
income
|
$16.5
|
$40.2
|
$7.3
|
$14.0
|
$26.1
|
Net
income
|
$25.6
|
$41.8
|
$8.9
|
$14.8
|
$27.0
|
EPS
(1)
|
$0.68
|
$1.15
|
$0.24
|
$0.41
|
$0.74
|
Return
on average equity (“ROE”) p.a.
|
8.7%
|
14.2%
|
6.2%
|
10.2%
|
18.0%
|
Tier
1 capital ratio
|
28.9%
|
21.2%
|
28.9%
|
22.3%
|
21.2%
|
Net
interest margin
|
1.75%
|
1.76%
|
1.87%
|
1.82%
|
1.70%
|
Book
value per common share
|
$15.29
|
$16.68
|
$15.29
|
$16.24
|
$16.68
|
Market
price per common share
|
$15.63
|
$18.80
|
$15.63
|
$16.64
|
$18.80
|
Market
Capitalization
|
$571
|
$683
|
$571
|
$605
|
$683
|
Total
assets
|
$3,532
|
$4,205
|
$3,532
|
$4,274
|
$4,205
|
Total
stockholders’ equity
|
$559
|
$606
|
$559
|
$590
|
$606
|
(1) Earnings per share calculations are based on the average number of shares outstanding during each period. |
(In US$ million) | ||||||||||||||||||||||
Operating
Income
|
Change
|
|||||||||||||||||||||
1Q07
|
2Q07
|
Change
|
Net
interest
income
|
Non-interest
operating
income
|
Operating
expenses
|
Total
|
||||||||||||||||
Commercial
Division
|
$
|
10.0
|
$
|
10.1
|
$
|
0.1
|
$
|
0.5
|
$
|
0.1
|
$
|
(0.6
|
)
|
$
|
0.1
|
|||||||
Treasury
Division
|
4.0
|
16.1
|
12.0
|
(0.9
|
)
|
15.0
|
(2.1
|
)
|
12.0
|
|||||||||||||
Consolidated
|
$
|
14.0
|
$
|
26.1
|
$
|
12.1
|
$
|
(0.3
|
)
|
$
|
15.1
|
$
|
(2.7
|
)
|
$
|
12.1
|
||||||
(In
US$ million, except percentages)
|
||||||||||||||||
6M06
|
6M07
|
2Q06
|
1Q07
|
2Q07
|
||||||||||||
Net
Interest Income
|
||||||||||||||||
Commercial
Division
|
$
|
23.1
|
$
|
30.2
|
$
|
12.9
|
$
|
14.8
|
$
|
15.4
|
||||||
Treasury
Division
|
3.4
|
3.6
|
2.0
|
2.2
|
1.4
|
|||||||||||
Consolidated
|
$
|
26.5
|
$
|
33.8
|
$
|
14.9
|
$
|
17.1
|
$
|
16.7
|
||||||
Net
Interest Margin (1)
|
1.75%
|
|
1.76%
|
|
1.87%
|
|
1.82%
|
|
1.70%
|
|
||||||
(1) Net interest income divided by average balance of interest-earning assets. |
(In
US$ thousands)
|
||||||||||||||||
6M06
|
6M07
|
2Q06
|
1Q07
|
2Q07
|
||||||||||||
Letters
of credit
|
$
|
1,796
|
$
|
1,322
|
$
|
815
|
$
|
654
|
$
|
669
|
||||||
Guarantees
|
769
|
497
|
331
|
248
|
250
|
|||||||||||
Loans
|
208
|
455
|
100
|
233
|
222
|
|||||||||||
Other
(1)
|
107
|
525
|
63
|
141
|
385
|
|||||||||||
Fees
and commissions, net
|
$
|
2,881
|
$
|
2,800
|
$
|
1,309
|
$
|
1,275
|
$
|
1,525
|
||||||
(1)
Includes
commission expenses.
|
(In US$ million) | ||||||||||||||||
|
30JUN06
|
30SEP06
|
31DEC06
|
31MAR07
|
30JUN07
|
|||||||||||
Allowance
for loan losses:
|
||||||||||||||||
At
beginning of period
|
$
|
43.2
|
$
|
45.2
|
$
|
49.8
|
$
|
51.3
|
$
|
56.6
|
||||||
Provisions
|
2.0
|
4.6
|
1.5
|
5.4
|
6.2
|
|||||||||||
Recoveries
|
0.0
|
0.0
|
0.0
|
0.0
|
6.2
|
|||||||||||
End
of period balance
|
$
|
45.2
|
$
|
49.8
|
$
|
51.3
|
$
|
56.6
|
$
|
69.0
|
||||||
Reserve
for losses on off-balance sheet credit risk:
|
||||||||||||||||
Balance
at beginning of the year
|
$
|
40.9
|
$
|
37.3
|
$
|
30.1
|
$
|
27.2
|
$
|
21.0
|
||||||
Provisions
(reversals)
|
(3.6
|
)
|
(7.2
|
)
|
(2.9
|
)
|
(6.2
|
)
|
(7.6
|
)
|
||||||
End
of period balance
|
$
|
37.3
|
$
|
30.1
|
$
|
27.2
|
$
|
21.0
|
$
|
13.5
|
||||||
Total
allowance for credit losses
|
$
|
82.5
|
$
|
79.9
|
$
|
78.5
|
$
|
77.6
|
$
|
82.4
|
||||||
(In
US$ thousands)
|
||||||||||||||||
6M06
|
6M07
|
2Q06
|
1Q07
|
2Q07
|
||||||||||||
Salaries
and other employee expenses
|
$
|
7,025
|
$
|
10,497
|
$
|
3,495
|
$
|
4,263
|
$
|
6,234
|
||||||
Depreciation
|
396
|
1,267
|
222
|
627
|
639
|
|||||||||||
Professional
services
|
1,469
|
1,963
|
768
|
740
|
1,223
|
|||||||||||
Maintenance
and repairs
|
474
|
570
|
206
|
291
|
279
|
|||||||||||
Other
operating expenses
|
3,283
|
3,551
|
1,631
|
1,664
|
1,887
|
|||||||||||
Total
Operating Expenses
|
$
|
12,648
|
$
|
17,847
|
$
|
6,321
|
$
|
7,586
|
$
|
10,262
|
||||||
1.
|
$2.0
million increase in salaries and other employee expenses mostly related
to
deferred variable compensation of the Bank’s proprietary asset management
team, in line with the solid performance of this business line;
|
2.
|
$0.5
million increase in professional services, due to legal expenses
associated with the Bank’s proprietary asset management activity and other
commercial business, as well as the renewal of the Bank’s EMTN Program.
|
3.
|
$0.2
million increase in other operating expenses, associated primarily
with
increased business travel expenses.
|
(US$
million, except percentages)
|
|||
30JUN06
|
31MAR07
|
30JUN07
|
|
Tier
1 Capital
|
$559
|
$590
|
$606
|
Total
Capital
|
$583
|
$623
|
$642
|
Risk-weighted
assets
|
$1,934
|
$2,642
|
$2,862
|
Tier
1 Capital Ratio (*)
|
28.9%
|
22.3%
|
21.2%
|
Total
Capital Ratio (*)
|
30.1%
|
23.6%
|
22.4%
|
Leverage
ratio (capital / total assets)
|
15.8%
|
13.8%
|
14.4%
|
(*)
Ratios
are calculated based on U.S. Federal Reserve Board and Basel I
capital
adequacy guidelines.
|
6M06
|
6M07
|
2Q06
|
1Q07
|
2Q07
|
|
ROE
(return on average stockholders’ equity)
|
8.7%
|
14.2%
|
6.2%
|
10.2%
|
18.0%
|
ROA
(return on average assets)
|
1.7%
|
2.1%
|
1.1%
|
1.5%
|
2.7%
|
§
|
Bladex
joins Russell 3000®
Index:
On July 9, 2007, Bladex announced that the Bank’s stock (NYSE: BLX) was
added to the broad-market Russell 3000®
Index
as of June 22, 2007. Membership in the Russell 3000, means automatic
inclusion in the large-cap Russell 1000®
Index
or in the small-cap Russell 2000®
as
well as in the appropriate growth and value style indexes.
|
§
|
New
Chief Operating Officer and Controller:
Effective July 1, 2007, the Bank appointed Mr. Miguel Moreno as its
new
Chief Operating Officer (COO). Mr. Moreno previously served as the
Bank’s
Controller. Also, the Bank appointed Mr. Bismark Rodríguez as the Bank’s
Controller. Mr. Rodríguez previously served as the Bank’s Vice-President -
Internal Audit.
|
§
|
Quarterly
Common Dividend Payment: On
July 6, 2007 the Bank paid a regular quarterly dividend of US$0.22
per
share pertaining to the second quarter, to stockholders of record
as of
June 26, 2007.
|
§
|
Cooperation
Agreement with China Development Bank: On
May 18, 2007, Bladex signed a Cooperation Agreement with China Development
Bank (“CDB”), geared towards developing common objectives and
opportunities with a focus on trade and infrastructure projects in
Latin
America.
|
This
press release contains forward-looking statements of expected future
developments. The Bank wishes to ensure that such statements are
accompanied by meaningful cautionary statements pursuant to the safe
harbor established by the Private Securities Litigation Reform Act
of
1995. The forward-looking statements in this press release refer
to the
growth of the credit portfolio, including the trade portfolio, the
increase in the number of the Bank’s corporate clients, the positive trend
of lending spreads, the increase in activities engaged in by the
Bank that
are derived from the Bank’s client base, anticipated
operating income and return on equity in future periods, including
income
derived from the Treasury Division, the
improvement in the financial and performance strength of the Bank
and the
progress the Bank is making. These forward-looking statements reflect
the
expectations of the Bank’s management and are based on currently available
data; however, actual experience with respect to these factors is
subject
to future events and uncertainties, which could materially impact
the
Bank’s expectations. Among the factors that can cause actual performance
and results to differ materially are as follows: the
anticipated growth of the Bank’s credit portfolio; the continuation of the
Bank’s preferred creditor status; the impact of increasing interest rates
and of improving macroeconomic environment in the Region on the Bank’s
financial condition; the execution of the Bank’s strategies and
initiatives, including its revenue diversification strategy; the
adequacy
of the Bank’s allowance for credit losses; the need for additional
provisions for credit losses; the Bank’s ability to achieve future growth,
to reduce its liquidity levels and increase its leverage; the Bank’s
ability to maintain its investment-grade credit ratings; the availability
and mix of future sources of funding for the Bank’s lending operations;
potential trading losses; the possibility of fraud; and the adequacy
of
the Bank’s sources of liquidity to replace large deposit
withdrawals.
|
CONSOLIDATED
BALANCE SHEETS
|
EXHIBIT
I
|
AT
THE END OF,
|
|
|
|
|
||||||||||||||||||
(A)
|
(B)
|
(C)
|
(C)
- (B)
|
(C)
- (A)
|
||||||||||||||||||
Jun.
30, 2006
|
Mar.
31, 2007
|
Jun.
30, 2007
|
CHANGE
|
% |
CHANGE
|
%
|
||||||||||||||||
(In
US$ million)
|
|
|
|
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||
Cash
and due from banks
|
$
|
279
|
$
|
308
|
$
|
326
|
$
|
18
|
6
|
%
|
$
|
47
|
17
|
%
|
||||||||
Trading
assets
|
15
|
94
|
143
|
49
|
52
|
128
|
862
|
|||||||||||||||
Securities
available for sale
|
340
|
446
|
168
|
(277
|
)
|
(62
|
)
|
(171
|
)
|
(50
|
)
|
|||||||||||
Securities
held to maturity
|
135
|
80
|
0
|
(80
|
)
|
(100
|
)
|
(135
|
)
|
(100
|
)
|
|||||||||||
Loans
|
2,709
|
3,302
|
3,415
|
113
|
3
|
707
|
26
|
|||||||||||||||
Less:
|
||||||||||||||||||||||
Allowance
for loan losses
|
(45
|
)
|
(57
|
)
|
(69
|
)
|
(12
|
)
|
22
|
(24
|
)
|
53
|
||||||||||
Unearned
income and deferred loan fees
|
(4
|
)
|
(4
|
)
|
(4
|
)
|
0
|
(3
|
)
|
0
|
(2
|
)
|
||||||||||
Loans,
net
|
2,659
|
3,241
|
3,342
|
101
|
3
|
683
|
26
|
|||||||||||||||
Customers'
liabilities under acceptances
|
40
|
6
|
21
|
15
|
239
|
(19
|
)
|
(48
|
)
|
|||||||||||||
Premises
and equipment, net
|
4
|
11
|
10
|
(1
|
)
|
(10
|
)
|
6
|
141
|
|||||||||||||
Accrued
interest receivable
|
41
|
52
|
52
|
(0
|
)
|
(1
|
)
|
11
|
26
|
|||||||||||||
Other
assets
|
19
|
37
|
144
|
107
|
294
|
125
|
677
|
|||||||||||||||
TOTAL
ASSETS.
|
$
|
3,532
|
$
|
4,274
|
$
|
4,205
|
($69
|
)
|
(2
|
)%
|
$
|
673
|
19
|
%
|
||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||
Demand
|
$
|
1
|
$
|
102
|
$
|
109
|
$
|
6
|
6
|
%
|
$
|
108
|
n.m.
|
(*)
|
||||||||
Time
|
1,234
|
1,278
|
1,272
|
(6
|
)
|
(0
|
)
|
38
|
3
|
|||||||||||||
Total
Deposits
|
1,235
|
1,380
|
1,381
|
1
|
0
|
146
|
12
|
|||||||||||||||
Securities
sold under repurchase agreements
|
425
|
446
|
113
|
(333
|
)
|
(75
|
)
|
(312
|
)
|
(73
|
)
|
|||||||||||
Short-term
borrowings
|
621
|
949
|
945
|
(4
|
)
|
(0
|
)
|
324
|
52
|
|||||||||||||
Medium
and long-term debt and borrowings
|
474
|
732
|
813
|
81
|
11
|
339
|
72
|
|||||||||||||||
Trading
liabilities
|
79
|
80
|
178
|
98
|
124
|
99
|
126
|
|||||||||||||||
Acceptances
outstanding
|
40
|
6
|
21
|
15
|
239
|
(19
|
)
|
(48
|
)
|
|||||||||||||
Accrued
interest payable
|
29
|
34
|
36
|
2
|
7
|
8
|
26
|
|||||||||||||||
Reserve
for losses on off-balance sheet credit risk
|
37
|
21
|
13
|
(8
|
)
|
(36
|
)
|
(24
|
)
|
(64
|
)
|
|||||||||||
Other
liabilities
|
34
|
36
|
99
|
63
|
173
|
65
|
194
|
|||||||||||||||
TOTAL
LIABILITIES
|
$
|
2,973
|
$
|
3,684
|
$
|
3,599
|
($85
|
)
|
(2
|
)%
|
$
|
626
|
21
|
%
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||||||||||||||||
Common
stock, no par value, assigned value of US$6.67
|
280
|
280
|
280
|
|||||||||||||||||||
Additional
paid-in capital in exces of assigned value
|
135
|
135
|
135
|
|||||||||||||||||||
Capital
reserves
|
95
|
95
|
95
|
|||||||||||||||||||
Retained
earnings
|
186
|
212
|
231
|
|||||||||||||||||||
Accumulated
other comprehensive income
|
(6
|
)
|
2
|
(1
|
)
|
|||||||||||||||||
Treasury
stock
|
(132
|
)
|
(135
|
)
|
(134
|
)
|
||||||||||||||||
TOTAL
STOCKHOLDERS' EQUITY
|
$
|
559
|
$
|
590
|
$
|
606
|
$
|
16
|
3
|
%
|
$
|
48
|
9
|
%
|
||||||||
|
|
|
||||||||||||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
3,532
|
$
|
4,274
|
$
|
4,205
|
($69
|
)
|
(2
|
)%
|
$
|
673
|
19
|
%
|
||||||||
$
|
0
|
CONSOLIDATED
STATEMENTS OF INCOME
|
EXHIBIT
II
|
FOR
THE THREE MONTHS ENDED
|
||||||||||||||||||||||
(A)
|
(B)
|
(C)
|
(C)
- (B)
|
(C)
- (A)
|
||||||||||||||||||
Jun.
30, 2006
|
Mar.
31, 2007
|
Jun.
30, 2007
|
CHANGE
|
|
% |
CHANGE
|
% | |||||||||||||||
|
(In
US$ thousand, except per share data)
|
|||||||||||||||||||||
INCOME
STATEMENT DATA:
|
||||||||||||||||||||||
Interest
income
|
$
|
47,957
|
$
|
60,993
|
$
|
63,243
|
$
|
2,250
|
4
|
%
|
$
|
15,286
|
32
|
%
|
||||||||
Interest
expense
|
(33,021
|
)
|
(43,917
|
)
|
(46,497
|
)
|
(2,580
|
)
|
6
|
(13,476
|
)
|
41
|
||||||||||
NET
INTEREST INCOME
|
14,936
|
17,076
|
16,745
|
(331
|
)
|
(2
|
)
|
1,810
|
12
|
|||||||||||||
Provision
for loan losses
|
(1,973
|
)
|
(5,354
|
)
|
(6,235
|
)
|
(881
|
)
|
16
|
(4,262
|
)
|
216
|
||||||||||
NET
INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||||
FOR
LOAN LOSSES
|
12,962
|
11,722
|
10,510
|
(1,212
|
)
|
(10
|
)
|
(2,452
|
)
|
(19
|
)
|
|||||||||||
OTHER
INCOME (EXPENSE):
|
||||||||||||||||||||||
Reversal
for losses on off-balance sheet credit risk
|
3,602
|
6,158
|
7,581
|
1,422
|
23
|
3,979
|
110
|
|||||||||||||||
Fees
and commissions, net
|
1,309
|
1,275
|
1,525
|
250
|
20
|
215
|
16
|
|||||||||||||||
Derivatives
and hedging activities
|
(106
|
)
|
(485
|
)
|
1
|
486
|
100
|
107
|
101
|
|||||||||||||
Impairment
on assets
|
0
|
0
|
(500
|
)
|
(500
|
)
|
n.m.
|
(*)
|
(500
|
)
|
n.m.
|
(*)
|
||||||||||
Trading
gains
|
(2,376
|
)
|
1,008
|
14,278
|
13,270
|
n.m.
|
(*)
|
16,653
|
701
|
|||||||||||||
Net
gains on sale of securities available for sale
|
0
|
2,699
|
3,906
|
1,208
|
45
|
3,906
|
n.m.
|
(*)
|
||||||||||||||
Gain
(loss) on foreign currency exchange
|
(144
|
)
|
1
|
(56
|
)
|
(57
|
)
|
n.m.
|
(*)
|
87
|
61
|
|||||||||||
Other
income, net
|
6
|
41
|
0
|
(41
|
)
|
(100
|
)
|
(6
|
)
|
(98
|
)
|
|||||||||||
NET
OTHER INCOME (EXPENSE):
|
2,291
|
10,697
|
26,734
|
16,037
|
150
|
24,443
|
1,067
|
|||||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||||||||
Salaries
and other employee expenses
|
(3,495
|
)
|
(4,263
|
)
|
(6,234
|
)
|
(1,971
|
)
|
46
|
(2,739
|
)
|
78
|
||||||||||
Depreciation
of premises and equipment
|
(222
|
)
|
(627
|
)
|
(639
|
)
|
(12
|
)
|
2
|
(418
|
)
|
188
|
||||||||||
Professional
services
|
(768
|
)
|
(740
|
)
|
(1,223
|
)
|
(483
|
)
|
65
|
(455
|
)
|
59
|
||||||||||
Maintenance
and repairs
|
(206
|
)
|
(291
|
)
|
(279
|
)
|
12
|
(4
|
)
|
(73
|
)
|
36
|
||||||||||
Other
operating expenses
|
(1,631
|
)
|
(1,664
|
)
|
(1,887
|
)
|
(223
|
)
|
13
|
(257
|
)
|
16
|
||||||||||
TOTAL
OPERATING EXPENSES
|
(6,321
|
)
|
(7,586
|
)
|
(10,262
|
)
|
(2,676
|
)
|
35
|
(3,941
|
)
|
62
|
||||||||||
NET
INCOME
|
$
|
8,933
|
$
|
14,834
|
$
|
26,983
|
$
|
12,150
|
82
|
%
|
$
|
18,050
|
202
|
%
|
||||||||
PER
COMMON SHARE DATA:
|
||||||||||||||||||||||
Net
income per share
|
0.24
|
0.41
|
0.74
|
|||||||||||||||||||
Diluted
earnings per share
|
0.23
|
0.40
|
0.73
|
|||||||||||||||||||
Average
basic shares
|
37,556
|
36,329
|
36,335
|
|||||||||||||||||||
Average
diluted shares
|
38,096
|
36,990
|
37,062
|
|||||||||||||||||||
PERFORMANCE
RATIOS:
|
||||||||||||||||||||||
Return
on average assets
|
1.1
|
%
|
1.5
|
%
|
2.7
|
%
|
||||||||||||||||
Return
on average stockholders' equity
|
6.2
|
%
|
10.2
|
%
|
18.0
|
%
|
||||||||||||||||
Net
interest margin
|
1.87
|
%
|
1.82
|
%
|
1.70
|
%
|
||||||||||||||||
Net
interest spread
|
0.82
|
%
|
0.88
|
%
|
0.76
|
%
|
||||||||||||||||
Operating
expenses to total average assets
|
0.78
|
%
|
0.79
|
%
|
1.01
|
%
|
||||||||||||||||
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
|
||
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
EXHIBIT
III
|
FOR
THE SIX MONTHS ENDED JUNE 30,
|
|||||||
2006
|
2007
|
||||||
(In
US$ thousand, except per share amounts & ratios)
|
|||||||
INCOME
STATEMENT DATA:
|
|||||||
Net
interest income
|
$
|
26,517
|
$
|
33,821
|
|||
Fees
and commissions, net
|
2,881
|
2,800
|
|||||
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
9,040
|
2,150
|
|||||
Derivatives
and hedging activities
|
(276
|
)
|
(483
|
)
|
|||
Impairment
on assets
|
0
|
(500
|
)
|
||||
Trading
gains
|
(2,376
|
)
|
15,286
|
||||
Net
gains on sale of securities available for sale
|
2,568
|
6,605
|
|||||
Gain
(loss) on foreign currency exchange
|
(129
|
)
|
(56
|
)
|
|||
Other
income, net
|
6
|
41
|
|||||
Operating
expenses
|
(12,648
|
)
|
(17,847
|
)
|
|||
NET
INCOME
|
$
|
25,583
|
$
|
41,817
|
|||
|
|||||||
BALANCE
SHEET DATA (In US$ millions):
|
|||||||
Investment
securities and trading assets
|
489
|
311
|
|||||
Loans,
net
|
2,659
|
3,342
|
|||||
Total
assets
|
3,532
|
4,205
|
|||||
Deposits
|
1,235
|
1,381
|
|||||
Securities
sold under repurchase agreements
|
425
|
113
|
|||||
Short-term
borrowings
|
621
|
945
|
|||||
Medium
and long-term debt and borrowings
|
474
|
813
|
|||||
Trading
liabilities
|
79
|
178
|
|||||
Total
liabilities
|
2,973
|
3,599
|
|||||
Stockholders'
equity
|
559
|
606
|
|||||
PER
COMMON SHARE DATA:
|
|||||||
Net
income per share
|
0.68
|
1.15
|
|||||
Diluted
earnings per share
|
0.67
|
1.13
|
|||||
Book
value (period average)
|
15.70
|
16.39
|
|||||
Book
value (period end)
|
15.29
|
16.68
|
|||||
(In
US$ thousand);
|
|||||||
Average
basic shares
|
37,809
|
36,332
|
|||||
Average
diluted shares
|
38,300
|
36,853
|
|||||
Basic
shares period end
|
36,531
|
36,348
|
|||||
SELECTED
FINANCIAL RATIOS:
|
|||||||
PERFORMANCE
RATIOS:
|
|||||||
Return
on average assets
|
1.7
|
%
|
2.1
|
%
|
|||
Return
on average stockholders' equity
|
8.7
|
%
|
14.2
|
%
|
|||
Net
interest margin
|
1.75
|
%
|
1.76
|
%
|
|||
Net
interest spread
|
0.64
|
%
|
0.82
|
%
|
|||
Operating
expenses to total average assets
|
0.82
|
%
|
0.91
|
%
|
|||
ASSET
QUALITY RATIOS:
|
|||||||
Non-accruing
loans to total loans, net of discounts (1)
|
1.2
|
%
|
0.0
|
%
|
|||
Charge
offs net of recoveries to total loan portfolio (1)
|
0.0
|
%
|
0.0
|
%
|
|||
Allowance
for loan losses to total loan portfolio (1)
|
1.7
|
%
|
2.0
|
%
|
|||
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
5.7
|
%
|
2.6
|
%
|
|||
CAPITAL
RATIOS:
|
|||||||
Stockholders'
equity to total assets
|
15.8
|
%
|
14.4
|
%
|
|||
Tier
1 capital to risk-weighted assets
|
28.9
|
%
|
21.2
|
%
|
|||
Total
capital to risk-weighted assets
|
30.1
|
%
|
22.4
|
%
|
FOR
THE SIX MONTHS
ENDED
JUNE 30,
|
|||||||||||||
2006
|
2007
|
CHANGE
|
% | ||||||||||
|
|
|
|
|
|||||||||
INCOME
STATEMENT DATA:
|
|||||||||||||
Interest
income
|
$
|
86,066
|
$
|
124,236
|
$
|
38,170
|
44
|
%
|
|||||
Interest
expense
|
(59,549
|
)
|
(90,414
|
)
|
(30,866
|
)
|
52
|
||||||
NET
INTEREST INCOME
|
26,517
|
33,821
|
7,304
|
28
|
|||||||||
Provision
for loan losses
|
(5,745
|
)
|
(11,589
|
)
|
(5,844
|
)
|
102
|
||||||
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
20,772
|
22,232
|
1,460
|
7
|
|||||||||
OTHER
INCOME (EXPENSE):
|
|||||||||||||
Reversal
for losses on off-balance sheet credit risk
|
14,785
|
13,739
|
(1,046
|
)
|
(7
|
)
|
|||||||
Fees
and commissions, net
|
2,881
|
2,800
|
(81
|
)
|
(3
|
)
|
|||||||
Derivatives
and hedging activities
|
(276
|
)
|
(483
|
)
|
(207
|
)
|
75
|
||||||
Impairment
on assets
|
0
|
(500
|
)
|
(500
|
)
|
n.m.
|
(*)
|
||||||
Trading
gains
|
(2,376
|
)
|
15,286
|
17,662
|
743
|
||||||||
Net
gains on sale of securities available for sale
|
2,568
|
6,605
|
4,037
|
157
|
|||||||||
Gain
(loss) on foreign currency exchange
|
(129
|
)
|
(56
|
)
|
73
|
(57
|
)
|
||||||
Other
income, net
|
6
|
41
|
35
|
596
|
|||||||||
NET
OTHER INCOME (EXPENSE)
|
17,459
|
37,432
|
19,973
|
114
|
|||||||||
OPERATING
EXPENSES:
|
|||||||||||||
Salaries
and other employee expenses
|
(7,025
|
)
|
(10,497
|
)
|
(3,471
|
)
|
49
|
||||||
Depreciation
of premises and equipment
|
(396
|
)
|
(1,267
|
)
|
(871
|
)
|
220
|
||||||
Professional
services
|
(1,469
|
)
|
(1,963
|
)
|
(494
|
)
|
34
|
||||||
Maintenance
and repairs
|
(474
|
)
|
(570
|
)
|
(95
|
)
|
20
|
||||||
Other
operating expenses
|
(3,283
|
)
|
(3,551
|
)
|
(268
|
)
|
8
|
||||||
TOTAL
OPERATING EXPENSES
|
(12,648
|
)
|
(17,847
|
)
|
(5,199
|
)
|
41
|
||||||
NET
INCOME
|
$
|
25,583
|
$
|
41,817
|
$
|
16,234
|
63
|
%
|
|||||
|
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
EXHIBIT
V
|
|
FOR
THE THREE MONTHS ENDED,
|