Valley National Bancorp(VLY) - 2025 Q2 - Quarterly Results

Executive Summary This section provides an overview of Valley National Bancorp's financial performance and key strategic highlights from the CEO Overall Financial Performance Valley National Bancorp reported a significant increase in net income and adjusted net income for Q2 2025 compared to the previous quarter and prior year, driven by improved profitability metrics Overall Financial Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (millions) | $133.2 | $106.1 | $70.4 | | Diluted EPS | $0.22 | $0.18 | $0.13 | | Adjusted Net Income (millions) | $134.4 | $106.1 | $71.6 | | Adjusted Diluted EPS | $0.23 | $0.18 | $0.13 | CEO Commentary CEO Ira Robbins highlighted continued balance sheet strength, commercial loan growth, and positive profitability trends, emphasizing focus on low-cost deposits and improved credit results - Continued balance sheet strength and commercial loan growth[2] - Profitability metrics are trending positively, consistent with expectations for improvement throughout the year[2] - Significant reduction in provision for loan losses on both a quarter-over-quarter and year-over-year basis, with allowance coverage ratio remaining comfortable[2] Net Interest Income and Margin This section analyzes the company's net interest income and net interest margin, detailing the factors influencing their changes Net Interest Income Net interest income on a tax equivalent basis increased significantly quarter-over-quarter and year-over-year, primarily driven by higher yields on new loan originations, increased average loan balances, and taxable investment purchases Net Interest Income (FTE) | Metric (FTE) | Q2 2025 (millions) | Q1 2025 (millions) | Q2 2024 (millions) | QoQ Change (millions) | YoY Change (millions) | | :------------- | :----------------- | :----------------- | :----------------- | :-------------------- | :-------------------- | | Net Interest Income | $433.7 | $421.3 | $402.9 | +$12.3 | +$30.7 | | Interest Income | $806.3 | $786.0 | $834.8 | +$20.3 | -$28.5 | | Interest Expense | $372.6 | $364.6 | $431.8 | +$8.0 | -$59.2 | - Increase in net interest income from Q1 2025 was mainly driven by higher yields on new loan originations, increases in average loans and taxable investments, and one additional day[3][6] - Increase in total interest expense was largely due to a $548.7 million increase in average time deposit balances, increased cost of certain non-maturity deposits, and the additional day in Q2 2025[6] Net Interest Margin The net interest margin on a tax equivalent basis improved both quarter-over-quarter and year-over-year, primarily due to a higher yield on average interest-earning assets, partially offset by a slight increase in the cost of interest-bearing liabilities Net Interest Margin (FTE) | Metric (FTE) | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change (bps) | YoY Change (bps) | | :------------- | :------ | :------ | :------ | :--------------- | :--------------- | | Net Interest Margin | 3.01% | 2.96% | 2.84% | +5 | +17 | | Yield on Avg. Interest Earning Assets | 5.60% | 5.53% | 5.88% | +7 | -28 | | Cost of Avg. Interest Bearing Liabilities | 3.56% | 3.54% | 4.15% | +2 | -59 | | Cost of Total Avg. Deposits | 2.67% | 2.65% | 3.18% | +2 | -51 | - The increase in net interest margin compared to Q1 2025 was mostly due to a 7 basis point increase in the yield on average interest earning assets, largely caused by higher interest rates on new loan originations and higher yielding investment purchases[7] Loan Portfolio This section examines the company's loan portfolio, including growth trends, composition, and concentration in commercial real estate Loan Growth and Composition Total loans experienced annualized growth, primarily driven by significant increases in commercial and industrial (C&I) and automobile loans, while commercial real estate (CRE) loans saw a decrease Loan Growth and Composition | Loan Category | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | Annualized Growth Rate | | :-------------- | :----------------------- | :------------------------ | :-------------------- | :--------------------- | | Total Loans | $49,391.4 | $48,657.1 | +$734.3 | 6.0% | | C&I Loans | $10,870.0 | $10,150.2 | +$719.8 | 28.4% | | Automobile Loans| $2,178.8 | $2,041.2 | +$137.6 | 27.0% | | Residential Mortgage | $5,709.9 | $5,636.4 | +$73.6 | - | | Total CRE Loans | $28,825.9 | $29,114.5 | -$288.6 | - | - C&I loan growth was largely due to a continued strategic focus on organic growth within this category[9] - Automobile loan increase was mainly due to high quality consumer demand generated by the indirect auto dealer network and low prepayment activity[9] Commercial Real Estate (CRE) Concentration The CRE loan portfolio decreased due to normal repayments and selective origination activity, leading to a decline in the CRE loan concentration ratio Commercial Real Estate (CRE) Concentration | Metric | June 30, 2025 | March 31, 2025 | | :-------------------------------- | :------------ | :------------- | | Total CRE Loans (millions) | $28,825.9 | $29,114.5 | | CRE Loan Concentration Ratio | 349% | 353% | - The decrease in CRE loans was largely driven by runoff from repayment activity and efforts to focus new CRE loan originations on more profitable holistic banking clients[9] Deposits and Other Borrowings This section details the trends and composition of the company's deposits and other borrowing activities, including debt redemptions Deposit Trends and Composition Total deposit balances increased, primarily driven by growth in time deposits and non-interest bearing deposits, partially offset by a decrease in savings, NOW, and money market accounts Deposit Trends and Composition | Deposit Category | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :----------------- | :----------------------- | :------------------------ | :-------------------- | | Total Deposits | $50,725.2 | $49,965.8 | +$759.4 | | Time Deposits | $12,886.8 | $11,923.9 | +$962.9 | | Non-Interest Bearing | $11,746.7 | $11,628.5 | +$118.2 | | Savings, NOW, Money Market | $26,091.6 | $26,413.2 | -$321.6 | - The increase in time deposit balances was mainly driven by continued deposit inflows from new promotional retail CD offerings and additional fully-insured indirect (brokered) customer CDs[10] - Non-interest bearing deposit balances increased mostly due to higher commercial customer deposit inflows[10] Other Borrowings and Debt Redemptions Short-term borrowings increased due to FHLB advances, while long-term borrowings remained relatively stable after the redemption of subordinated notes was offset by new long-term FHLB advances Other Borrowings and Debt Redemptions | Borrowing Type | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :--------------- | :----------------------- | :------------------------ | :-------------------- | | Short-term Borrowings | $162.2 | $59.0 | +$103.2 | | Long-term Borrowings | $2,903.0 | $2,903.0 | Unchanged | - The company redeemed $115 million of 5.25 percent fixed-to-floating rate subordinated notes and repaid $100 million of 4.55 percent fixed rate subordinated notes, resulting in a $922 thousand pre-tax loss on early debt extinguishment[4][11] Credit Quality This section provides an analysis of the company's credit quality, including allowance for credit losses, non-performing assets, and accruing past due loans Allowance and Provision for Credit Losses The provision for credit losses for loans significantly decreased quarter-over-quarter and year-over-year, reflecting the impact of loan growth and charge-offs, partially offset by a decline in quantitative reserves Allowance and Provision for Credit Losses | Metric | Q2 2025 (millions) | Q1 2025 (millions) | Q2 2024 (millions) | QoQ Change (millions) | YoY Change (millions) | | :-------------------------------- | :----------------- | :----------------- | :----------------- | :-------------------- | :-------------------- | | Provision for Credit Losses for Loans | $37.8 | $62.7 | $82.1 | -$24.9 | -$44.3 | | Net Loan Charge-offs | $37.8 | $41.9 | $36.8 | -$4.1 | +$1.0 | | Allowance for Credit Losses for Loans | $594.0 | $594.1 | $532.5 | -$0.1 | +$61.5 | | ACL for Loans as % of Total Loans | 1.20% | 1.22% | 1.06% | -0.02% | +0.14% | - The Q2 2025 provision reflects the impact of loan growth mainly within the C&I loan portfolio and loan charge-offs, partially offset by a decline in quantitative reserves in certain loan categories and lower specific reserves associated with collateral dependent loans[16] Non-Performing Assets (NPAs) Total non-performing assets saw a slight increase, primarily due to a rise in non-accrual loans, particularly within CRE, partially offset by a decrease in other real estate owned (OREO) Non-Performing Assets (NPAs) | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :-------------------------------- | :----------------------- | :------------------------ | :-------------------- | | Total NPAs | $360.8 | $356.2 | +$4.6 | | Non-Accrual Loans | $354.4 | $346.5 | +$7.9 | | Non-Accrual Loans as % of Total Loans | 0.72% | 0.71% | +0.01% | | OREO | $4.8 | $7.7 | -$2.9 | - Non-accrual loans increased mainly because of a net increase in non-performing CRE loans, partially offset by a decline in non-performing C&I loans due to full charge-offs[12] Accruing Past Due Loans Accruing past due loans increased significantly quarter-over-quarter, primarily driven by increases in the 30-59 and 60-89 days past due categories, largely due to specific CRE and construction loans, many of which were subsequently resolved in July 2025 Accruing Past Due Loans | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :-------------------------------- | :----------------------- | :------------------------ | :-------------------- | | Total Accruing Past Due Loans | $199.2 | $51.7 | +$147.5 | | Total Accruing Past Due Loans as % of Total Loans | 0.40% | 0.11% | +0.29% | 30 to 59 Days Past Due Loans 30 to 59 days past due increased substantially, largely due to one significant CRE loan and one construction loan, both of which were subsequently paid in full or resolved in July 2025 30 to 59 Days Past Due | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :----------------------- | :----------------------- | :------------------------ | :-------------------- | | Total 30-59 Days Past Due| $123.0 | $33.4 | +$89.5 | | Key Loans Included | $39.2M CRE, $35.0M Construction | - | - | - The $39.2 million CRE loan 30 to 59 days past due was subsequently paid in full by the borrower in July 2025[14] 60 to 89 Days Past Due Loans 60 to 89 days past due also increased significantly, primarily due to a large CRE loan that was subsequently modified and brought current in July 2025 60 to 89 Days Past Due | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :----------------------- | :----------------------- | :------------------------ | :-------------------- | | Total 60-89 Days Past Due| $73.3 | $10.5 | +$62.8 | | Key Loans Included | $60.6M CRE | - | - | - The $60.6 million CRE loan in this category was subsequently modified and brought current to its restructured terms in July 2025[14] 90 or More Days Past Due Loans 90 or more days past due and still accruing interest decreased, mainly due to a reduction in residential mortgage loan delinquencies 90 or More Days Past Due | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | QoQ Change (millions) | | :----------------------- | :----------------------- | :------------------------ | :-------------------- | | Total 90+ Days Past Due | $2.9 | $7.8 | -$4.8 | - All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection[14] Capital Adequacy This section assesses Valley National Bancorp's capital position, focusing on key regulatory capital ratios and their quarterly changes Capital Ratios Valley's capital ratios remained strong, with slight increases in Tier 1, Common Equity Tier 1, and Tier 1 Leverage ratios, while the Total Risk-Based Capital ratio saw a minor reduction due to a subordinated debt redemption Capital Ratios | Capital Ratio | June 30, 2025 | March 31, 2025 | QoQ Change (bps) | | :-------------- | :------------ | :------------- | :--------------- | | Total Risk-Based Capital | 13.67% | 13.91% | -24 | | Tier 1 Capital | 11.57% | 11.53% | +4 | | Common Equity Tier 1 Capital | 10.85% | 10.80% | +5 | | Tier 1 Leverage Capital | 9.49% | 9.41% | +8 | - The reduction in the total risk-based capital ratio reflects the early redemption of $115 million of 5.25 percent fixed-to-floating rate subordinated notes due in June 2030, which was previously eligible for full regulatory capital treatment[17] Performance Ratios This section evaluates the company's operational efficiency and profitability through key performance ratios Efficiency Ratio The efficiency ratio improved significantly both quarter-over-quarter and year-over-year, indicating better operational efficiency Efficiency Ratio | Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change (bps) | YoY Change (bps) | | :------- | :------ | :------ | :------ | :--------------- | :--------------- | | Efficiency Ratio | 55.20% | 55.87% | 59.62% | -67 | -442 | Return on Assets and Equity Annualized return on average assets (ROA), shareholders' equity (ROE), and tangible ROE all showed improvements quarter-over-quarter, reflecting enhanced profitability Return on Assets and Equity | Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change (bps) | YoY Change (bps) | | :-------------------------------- | :------ | :------ | :------ | :--------------- | :--------------- | | Annualized ROA | 0.86% | 0.69% | 0.46% | +17 | +40 | | Annualized ROE | 7.08% | 5.69% | 4.17% | +139 | +291 | | Annualized Tangible ROE | 9.62% | 7.76% | 5.95% | +186 | +367 | | Adjusted Annualized ROA | 0.87% | 0.69% | 0.47% | +18 | +40 | | Adjusted Annualized ROE | 7.15% | 5.69% | 4.24% | +146 | +291 | | Adjusted Annualized Tangible ROE | 9.71% | 7.76% | 6.05% | +195 | +366 | Company Information This section provides background on Valley National Bancorp, important forward-looking statement disclaimers, and investor relations contact details About Valley National Bancorp Valley National Bank, the principal subsidiary of Valley National Bancorp, is a regional bank with approximately $63 billion in assets, operating across multiple states and committed to customer service and community growth - Valley National Bank is a regional bank with approximately $63 billion in assets[19] - Operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois[19] Forward-Looking Statements This section provides a standard disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ materially from expectations, including market interest rates, macroeconomic conditions, financial sector instability, and regulatory changes - Statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about business, programs, products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations[20] - Factors that may cause actual results to differ materially include the impact of market interest rates, unfavorable macroeconomic conditions, instability within the U.S. financial sector, negative public opinion, changes in regulations, loss of lower-cost funding, and unexpected declines in commercial real estate values[20][21][23] Investor Relations Information for investors regarding the conference call and contact details for shareholder inquiries - Valley's CEO, Ira Robbins, hosted a conference call on July 24, 2025, at 11:00 AM (ET) to discuss Q2 2025 earnings[18] - Shareholder inquiries and requests for reports should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist[46] Consolidated Financial Statements and Notes This section presents the company's detailed consolidated financial statements, including income statements, balance sheets, and supporting notes and reconciliations Selected Financial Data This section presents a summary of key financial data, including income statement figures, earnings per share, and core financial ratios for the three and six months ended June 30, 2025, and comparative periods Selected Financial Data | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------ | :------- | :------- | | Net Interest Income - FTE (000s) | $433,675| $421,378| $402,984| $855,052 | $797,831 | | Non-interest income (000s) | $62,604 | $58,294 | $51,213 | $120,898 | $112,628 | | Total revenue (000s) | $495,012| $478,399| $452,898| $973,411 | $907,861 | | Net income (000s) | $133,167| $106,058| $70,424 | $239,225 | $166,704 | | Diluted earnings per share | $0.22 | $0.18 | $0.13 | $0.40 | $0.31 | | Net interest margin - FTE | 3.01% | 2.96% | 2.84% | 2.99% | 2.81% | | Annualized return on average assets | 0.86% | 0.69% | 0.46% | 0.77% | 0.54% | | Efficiency ratio | 55.20% | 55.87% | 59.62% | 55.53% | 59.36% | Balance Sheet Items This section provides a snapshot of key balance sheet items, including assets, loans, deposits, shareholders' equity, and capital ratios, showing trends over several quarters Balance Sheet Items | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | Dec 31, 2024 (millions) | Sep 30, 2024 (millions) | June 30, 2024 (millions) | | :-------------------------------- | :----------------------- | :------------------------ | :---------------------- | :---------------------- | :----------------------- | | Assets | $62,705,358 | $61,865,655 | $62,491,691 | $62,092,332 | $62,058,974 | | Total loans | $49,391,420 | $48,657,128 | $48,799,711 | $49,355,319 | $50,311,702 | | Deposits | $50,725,284 | $49,965,844 | $50,075,857 | $50,395,966 | $50,112,177 | | Shareholders' equity | $7,575,421 | $7,499,897 | $7,435,127 | $6,972,380 | $6,737,737 | | Tangible book value per common share | $9.35 | $9.21 | $9.10 | $9.06 | $8.87 | | Total risk-based capital | 13.67% | 13.91% | 13.87% | 12.56% | 12.17% | Allowance for Credit Losses This table details the allowance for credit losses, including beginning and ending balances, loan charge-offs, recoveries, and the provision for credit losses, for the three and six months ended June 30, 2025, and comparative periods Allowance for Credit Losses | Metric | Q2 2025 (millions) | Q1 2025 (millions) | Q2 2024 (millions) | YTD 2025 (millions) | YTD 2024 (millions) | | :-------------------------------- | :----------------- | :----------------- | :----------------- | :------------------ | :------------------ | | Beginning balance - ACL for loans | $594,054 | $573,328 | $487,269 | $573,328 | $465,550 | | Total net charge-offs | ($37,829) | ($41,949) | ($36,839) | ($79,778) | ($60,394) | | Provision for credit losses for loans | $37,795 | $62,675 | $82,111 | $100,470 | $127,385 | | Ending balance - ACL for loans | $594,020 | $594,054 | $532,541 | $594,020 | $532,541 | | ACL for loans as % of total loans | 1.20% | 1.22% | 1.06% | 1.20% | 1.06% | Asset Quality This section provides detailed asset quality metrics, including accruing past due loans by delinquency stage and non-accrual loans by category, offering insights into the loan portfolio's health Asset Quality | Metric | June 30, 2025 (millions) | March 31, 2025 (millions) | Dec 31, 2024 (millions) | Sep 30, 2024 (millions) | June 30, 2024 (millions) | | :-------------------------------- | :----------------------- | :------------------------ | :---------------------- | :---------------------- | :----------------------- | | Total accruing past due loans | $199,202 | $51,697 | $99,194 | $174,696 | $72,395 | | Total non-accrual loans | $354,359 | $346,451 | $359,498 | $296,319 | $303,279 | | Total non-performing assets | $360,784 | $356,219 | $373,329 | $305,102 | $312,945 | | Total non-accrual loans as a % of loans | 0.72% | 0.71% | 0.74% | 0.60% | 0.60% | | Allowance for losses on loans as a % of non-accrual loans | 163.53% | 166.89% | 155.45% | 185.05% | 171.23% | Notes to Selected Financial Data This section provides important explanatory notes for the selected financial data, including the basis for tax equivalent presentations and the methodology for non-GAAP reconciliations - Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate for comparability[33] - The press release contains certain supplemental financial information determined by methods other than U.S. GAAP, which management uses to analyze performance and provide useful supplemental information to investors[34] Non-GAAP Reconciliations Detailed reconciliations are provided for various non-GAAP financial measures, including adjusted net income, adjusted EPS, adjusted return on assets and equity, efficiency ratio, and tangible book value, to their most directly comparable GAAP measures Non-GAAP Reconciliations | Metric | Q2 2025 (millions) | Q1 2025 (millions) | Q2 2024 (millions) | YTD 2025 (millions) | YTD 2024 (millions) | | :-------------------------------- | :----------------- | :----------------- | :----------------- | :------------------ | :------------------ | | Net income, as reported (GAAP) | $133,167 | $106,058 | $70,424 | $239,225 | $166,704 | | Total non-GAAP adjustments to net income | $1,722 | $11 | $1,701 | $1,733 | $6,093 | | Net income, as adjusted (non-GAAP)| $134,415 | $106,066 | $71,643 | $240,481 | $171,091 | | Diluted earnings, as adjusted (non-GAAP) | $0.23 | $0.18 | $0.13 | $0.40 | $0.32 | | Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) | 9.71% | 7.76% | 6.05% | 8.74% | 7.25% | | Efficiency ratio (non-GAAP) | 55.20% | 55.87% | 59.62% | 55.53% | 59.36% | - Non-GAAP adjustments include loss on extinguishment of debt, FDIC special assessment, losses on available for sale and held to maturity debt securities, restructuring charges, and gain on sale of commercial premium finance lending division[36][40] Consolidated Statements of Financial Condition This table presents the consolidated balance sheet of Valley National Bancorp as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and shareholders' equity Consolidated Statements of Financial Condition | Item | June 30, 2025 (thousands) | December 31, 2024 (thousands) | | :-------------------------------- | :------------------------ | :---------------------------- | | Total Assets | $62,705,358 | $62,491,691 | | Total Loans | $49,391,420 | $48,799,711 | | Less: Allowance for loan losses | ($579,500) | ($558,850) | | Net Loans | $48,811,920 | $48,240,861 | | Total Deposits | $50,725,284 | $50,075,857 | | Total Liabilities | $55,129,937 | $55,056,564 | | Total Shareholders' Equity | $7,575,421 | $7,435,127 | Consolidated Statements of Income This table provides the consolidated income statement for the three and six months ended June 30, 2025, and comparative periods, detailing interest income, interest expense, non-interest income, non-interest expense, and net income Consolidated Statements of Income | Item | Q2 2025 (thousands) | Q1 2025 (thousands) | Q2 2024 (thousands) | YTD 2025 (thousands) | YTD 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------- | :------------------- | | Total interest income | $805,012 | $784,752 | $833,466 | $1,589,764 | $1,662,122 | | Total interest expense | $372,604 | $364,647 | $431,781 | $737,251 | $866,889 | | Net Interest Income | $432,408 | $420,105 | $401,685 | $852,513 | $795,233 | | Provision for credit losses for loans | $37,795 | $62,675 | $82,111 | $100,470 | $127,385 | | Total non-interest income | $62,604 | $58,294 | $51,213 | $120,898 | $112,628 | | Total non-interest expense | $284,122 | $276,618 | $277,497 | $560,740 | $557,807 | | Net Income | $133,167 | $106,058 | $70,424 | $239,225 | $166,704 | | Net Income Available to Common Shareholders | $126,219 | $99,103 | $66,316 | $225,322 | $158,477 | Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and Net Interest Income on a Tax Equivalent Basis This detailed analysis provides average balances, interest income/expense, and average rates for interest-earning assets and interest-bearing liabilities, along with net interest income and margin on a tax equivalent basis for the past three quarters Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and Net Interest Income on a Tax Equivalent Basis | Item | Q2 2025 Avg. Balance (thousands) | Q2 2025 Interest (thousands) | Q2 2025 Rate | Q1 2025 Avg. Balance (thousands) | Q1 2025 Interest (thousands) | Q1 2025 Rate | Q2 2024 Avg. Balance (thousands) | Q2 2024 Interest (thousands) | Q2 2024 Rate | | :-------------------------------- | :----------------------------- | :--------------------------- | :----------- | :----------------------------- | :--------------------------- | :----------- | :----------------------------- | :--------------------------- | :----------- | | Total interest earning assets | $57,553,624 | $806,279 | 5.60% | $56,891,691 | $786,025 | 5.53% | $56,772,950 | $834,765 | 5.88% | | Total interest bearing liabilities| $41,913,735 | $372,604 | 3.56% | $41,230,709 | $364,647 | 3.54% | $41,576,344 | $431,781 | 4.15% | | Net interest income/interest rate spread | - | $433,675 | 2.04% | - | $421,378 | 1.99% | - | $402,984 | 1.73% | | Net interest margin on a fully tax equivalent basis | - | - | 3.01% | - | - | 2.96% | - | - | 2.84% |