| Financial Highlights | |||||||||
| For the Period Ended June 30 (Unaudited) | Three Months Ended | Six Months Ended | |||||||
(000s, except Per Share and Percentage Amounts) |
2010 | 2009 | 2010 | 2009 | |||||
OPERATING RESULTS |
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| Net Income | $ | 43,393 | $ |
34,351 | $ | 85,112 | $ |
65,769 | |
| Total Revenue | 132,768 | 121,778 | 255,441 | 242,499 | |||||
| Earnings per Share - Basic | $ | 1.25 | $ |
1.00 | $ | 2.45 | $ |
1.91 | |
| Earnings per Share - Diluted | 1.25 | 0.99 | 2.45 | 1.90 | |||||
| Return on Shareholders' Equity | 27.1% | 27.9% | 27.4% | 27.7% | |||||
| Return on Average Assets | 2.4% | 2.3% | 2.3% | 2.2% | |||||
| Net Interest Margin | 2.6% | 2.8% | 2.7% | 2.6% | |||||
| Spread of Loans over Deposits | 2.9% | 3.2% | 3.1% | 3.1% | |||||
| Efficiency Ratio | 27.4% | 25.7% | 26.7% | 26.6% | |||||
| Efficiency Ratio (TEB *) | 26.7% | 25.1% | 26.1% | 26.1% | |||||
| (Non-interest Expense/Net Interest Income Plus Fee Income) |
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| *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 $2.0 million for the second quarter and $4.1 million for the first six months of 2010 ($1.5 million for the second quarter and $2.8 million for the first six months of 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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