| Financial Highlights | |||||||
| For the Three Months Ended (Unaudited) (000s, except % and per share amounts ) |
March 31 2010 |
December 31 2009 |
March 31 |
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OPERATING RESULTS |
|||||||
| Net Income | $ | 41,719 | $ |
40,481 | $ |
31,418 | |
| Total Revenue | 122,673 | 121,381 | 120,721 | ||||
| Earnings per Share - Basic | $ | 1.20 | $ |
1.17 | $ |
0.91 | |
| Earnings per Share - Diluted | 1.20 | 1.16 | 0.91 | ||||
| Return on Shareholders' Equity | 27.4% | 28.4% | 27.9% | ||||
| Return on Average Assets | 2.3% | 2.4% | 2.2% | ||||
| Net Interest Margin | 2.7% | 2.8% | 2.7% | ||||
| Spread of Loans over Deposits | 3.2% | 3.2% | 2.9% | ||||
| Efficiency Ratio | 26.0% | 27.1% | 27.6% | ||||
| Efficiency Ratio (TEB *) | 25.3% | 26.1% | 27.1% | ||||
| *Taxable Equivalent Basis (TEB) | |||||||
|
Most banks and trust companies analyze and report their financial results on a TEB to provide uniform measurement and comparison of net interest income. Net interest income (as presented in the consolidated statements of income) includes tax-exempt income from certain securities. The adjustment to TEB increases income and the provision for income taxes to what they would have been had the income from tax-exempt securities been taxed at the statutory tax rate. The TEB adjustments of $2.1 million for the first quarter ($2.8 million – Q4 2009 and $1.3 million – Q1 2009) increased reported interest income. TEB does not have a standard meaning prescribed by Canadian GAAP and therefore may not be comparable to similar measures used by other companies. Net interest income and income taxes are discussed on a TEB basis throughout this MD&A. |
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