Average Funds Cost - The annualized ratio of dividend and interest expense divided by average net total funds.
|
|
- Cynthia York
- 6 years ago
- Views:
Transcription
1 ALM Glossary Adjusted (Adj.) Total Assets (TAs) - Reported (i.e., net) total assets plus allowance for losses minus investment-related repurchase agreement borrowings. Asset Yield - The annualized ratio of interest income from loans and investments divided by average adjusted total assets. Asset yield also equals earning asset yield multiplied by the average-balance earning asset mix. Average Funds Cost - The annualized ratio of dividend and interest expense divided by average net total funds. Bullet Investments - Investments and securities that have no embedded options and their entire principal balances are due on their final maturity dates. Capital Contribution - The combined dollar impact of net operating income, non-operating income, net charge offs, interest refunds, and unexplained entries on a credit union's total capital during any accounting period. Classified Assets - The sum of delinquency factor, unrealized losses of held-to-maturity securities, and other identifiable potential losses associated with other assets if those assets had to be sold at their fair (rather than book) values. In this context, classified assets estimate the dollar amount that the book value of a credit union's total assets may be overstated from a fair-value perspective. Complex Investments - Include (a) investments with embedded options other than call features; (b) fixed-rate investments with WALs greater than three years; (c) variable-rate investments with next rateadjustment periods greater than three years; (d) variable-rate investments that have coupon formulas that are based on more than one index; (e) variable-rate investments that have coupon formulas that are inversely related to one or more indices; or (f) mutual funds (excluding money-market funds). Core Investments - The sum of all investments (excluding the NCUSIF deposit) minus investments financed by reverse repurchase agreement borrowings. Cost of Funds - The annualized ratio of dividend and interest expense divided by average adjusted total assets. Cost of funds also equals average funds cost multiplied by the average-balance total funds mix. Delinquency Factor - The aggregate dollar amount of loans over two months delinquent and other real estate owned (OREO) that is statistically likely to be charged off within a year. When calculating a credit union's delinquency factor, estimates are made for the percentages (i.e., loss factors) of both OREO and loan balances that are classified 2-6 months, 6-12 months, and over 12 months delinquent that are apt to be charged off over the next 12 months. Loss factors of 10%, 50%, and 90%, respectively, are often used by regulators for loans classified 2-6 months, 6-12 months, and over 12 months delinquent, while a 20% loss factor for OREO is typical. Delinquency Ratio - The ratio of delinquent loans divided by gross loans. Delinquent Loans - The sum of loans classified as 2-6 months, 6-12 months, and over 12 months delinquent. Earning Assets - The sum of gross loans, core investments and surplus cash from which interest income is generated. Earning Asset Mix - The ratio of earning assets divided by adjusted total assets. Earning asset mix indicates the percentage of adjusted total assets that a credit union has invested in gross loans, core investments, and surplus cash. Earning Asset Yield - The annualized ratio of interest income from gross loans and core investments divided by average earning assets.
2 Effective Duration - The average percent change in a financial instrument's fair value per 100 basis point change in market rates over a +/-300 basis point range. Embedded Options - Features which allow an investment's characteristics (such as coupon rate, coupon-rate formula, final maturity, or weighted-average life) to change during the investment's term. Embedded options include, among other things, call features, coupon-rate caps/floors, and prepayment features. All mortgage-backed securities have embedded options. Equity Capital - The sum of regular reserves, undivided earnings, appropriations of undivided earnings that have been designated by the board of directors or regulatory authorities, net income that has not been transferred to undivided earnings, accumulated unrealized gains/losses on available-for-sale securities, accumulated net gains/losses on cash flow hedges, miscellaneous equity accounts (including donated equity) that did not originate from net income and have not closed into retained earnings, and other comprehensive income that did not originate from net income. Equity Duration - The average change in a credit union's net economic value (NEV) that is expressed as a percentage of equity capital per 100 basis point shift in market interest rates over a specific range of rate changes (e.g., +/-300 basis points). # FTEs/$mm LNs&SDs (Staffing Ratio) - The average number (#) of full-time equivalent employees (FTEs) per million ($mm) dollars of aggregate average-balance gross loans (LNs) and share drafts (SDs). Loans and share drafts are used in the denominator of this ratio since these two services are generally much more labor intensive than are other types of credit union activities. Fair Value - The price at which a financial instrument could be either bought or sold in a normal armslength transaction. Financing Costs - Dividend and interest expense paid on net total funds. Note: Interest expense associated with investment-related reverse repurchase agreement borrowings is subtracted (i.e., netted) from the related investments' interest income and the resulting net interest income is included in the credit union's investment income. Fixed & OREO/TAs - The ratio of aggregate fixed assets and other real estate owned (OREO) divided by adjusted total assets. Gross Loans (LNs) - The sum of all loans before subtracting allowance for loan losses. Gross Spread - The annualized ratio of net interest income divided by average adjusted total assets. Gross spread also equals asset yield minus cost of funds and it is the ROA component that can be adversely affected by rapid changes in money market rates if a credit union is mismatched from a ratesensitivity (i.e., repriceable GAP) perspective. Interest Income - The sum of loan and investment income. Investment Income - The sum of interest and dividend income derived from investments (including CUSOs) and trading account securities (including both realized and unrealized gains/losses). If a credit union has investments that are financed by investment-related reverse repurchase agreement borrowings, only their net interest income (i.e., after the netting of interest expenses associated with these borrowings) is included in investment income. Investment Yield - The annualized ratio of investment income divided by the average balance of core investments and surplus cash. Liquidity Ratio - A proxy for a credit union's liquidity that is calculated as the sum of total loans, core investments that have either fixed maturities greater than six months or effective durations greater than.5%, other real estate owned, and fixed assets divided by the sum of total member shares (all types but excluding borrowed funds and non-member deposits) and equity capital. A credit union's liquidity is typically low when its liquidity ratio exceeds 90% and high when its liquidity ratio is less than 75%.
3 Loan Maturity - An estimate (in months) of the average maturity of a credit union's total loan portfolio that is calculated by dividing the average balance of gross loans during a specific time span by average monthly loan repayments that occurred during the period. Loan Yield - The annualized ratio of loan income divided by average gross loans. Long-Term Real Estate Loans - Total real estate loans less the aggregate sum of real estate loans that will either contractually refinance, reprice, or mature within five years. Member Fee Income - Regularly occurring fee income charged members for services such as share drafts, ATMs, processing late payments, safety deposit boxes, credit/debit cards, home banking, etc. Minimum Cash - An estimate of a credit union's minimum daily non-earning cash requirements in settlement accounts, checking accounts, teller cash, ATMs, and accounts at the Federal Reserve. Mix - The percentage of adjusted total assets that a credit union has either: invested in a particular type of asset (such as the various categories of loans and core investments) in the case of specific asset mixes; or financed by a particular type of funding source (such as share certificates, regular shares, non-member deposits, etc) in the case of funding mixes. For example, loan mix is gross loans divided by adjusted total assets, while share draft mix is share draft balances divided by adjusted total assets. Mixes can be calculated on either a month-end basis or average balances over a specific time period. Note: Earning asset mix is the sum of the gross loan, core investment, and surplus cash mixes, while total funds mix is the sum of the various funding mixes. Money Market Shares - Either share or draft accounts with dividend rates that closely track changes in money market rates according to their rate sensitivity factor. N.OPER.EXP./LNs&SDs - The ratio of annualized net operating expenses divided by the aggregate average-balance of gross loans (LNs) and share drafts (SDs). Net Capital - An estimate of the fair value of a credit union's total capital. When calculating net capital, classified assets are subtracted from total capital. Hence, net capital can be used as a proxy for a credit union's solvency since a negative value implies insolvency. The net capital to adjusted total asset ratio depicts the estimated fair value of a credit union's total capital per dollar of book-value adjusted total assets. Net Capital Margin - The annualized net contribution to total capital divided by average adjusted total assets. Net contribution (i.e., capital contribution) reflects the combined impact of net operating income, non-operating income, net charge offs, interest refunds, and unexplained entries on total capital. Net Charge Offs (NCOs) - Annualized loan charge offs minus recoveries. Net Economic Value (NEV) - The fair value of a credit union's earning assets (i.e., loans and investments) minus the fair value of its funding liabilities (including all term and non-term share and deposit accounts). Net Interest Income - Interest income from loans and investments minus financing costs (dividend and interest expense). Annualized net interest income is the numerator of a gross spread calculation. Net Operating Expenses - Operating expenses minus total fee income. Net Operating Expense Ratio (NOER) - Annualized net operating expenses divided by average adjusted total assets. Net Operating Income - Calculated as net interest income minus net operating expenses, net operating income reflects a credit union's operating profitability before non-operating income, unrealized gains/losses, loan loss provisions, reserve transfers and interest refunds are taken into account.
4 Net Total Assets - Reported total assets which are net of the allowance for loan losses. Net Total Funds - The sum of member share accounts (all types), non-member deposits, and nonreverse notes payable on which either dividends or interest is paid. Dividends and interest payable are also included in a credit union's net total funds. Note: Net total funds exclude investment-related reverse repurchase agreement borrowings. Net Worth - The sum of regular reserves, undivided earnings, appropriations of undivided earnings that have been designated by the board of directors or regulatory authorities, and net income that has not been transferred to undivided earnings. For a low income-designated credit union, net worth also includes uninsured secondary capital accounts that are subordinate to all other claims, including claims of creditors, shareholders, and the National Credit Union Share Insurance Fund. Non-Interest Income - The same as total fee income. Non-Operating Income - Sources of income and expenses that do not occur on a regular basis and that are not considered components of net operating income. Examples include realized gains/losses resulting from the sale of either securities or fixed assets, non-recurring income/expenses, payments received on bonding claims, and legal settlements. Non-Reverse (Rv) Notes Payable - The sum of all notes payable (NP), borrowed funds, promissory notes, and subordinated debt minus investment-related reverse repurchase agreement borrowings. Operating Expenses - All expenses except dividends and interest, non-operating expenses (or losses), investment losses (both realized and unrealized), loan loss provisions and reserve transfers. Operating Return on Assets (ROA) - The summary measurement of a credit union's core profitability which can be determined either by dividing annualized net operating income by average adjusted total assets or by subtracting the net operating expense ratio from gross spread. Option-Free Investments - Investments with no embedded options. Other Operating Income - Regularly occurring income (other than interest income and member fee income) such as (but not limited to) lease/rental income, endorsement fees, and gains/losses associated with the sale of real estate loans in the secondary markets. Rate Sensitivity Factor (RSF) - An indication of the responsiveness of either an earning asset's yield or a particular funding source's dividend (or interest) rate to a change in money market rates. For example, if the yield on a pool of variable-rate loans rose 75 basis points for each 100 basis point increase in money market rates (such as six-month T-bill rates), the pool of loans would have a 75% RSF. Similarly, if the dividend rate of a credit union's IRA shares changed 50 basis points for each 100 basis point change in money market rates, the estimated RSF associated with these IRA shares would be 50%. Before measuring a credit union's six-month repriceable GAP, RSFs must be determined (or estimated) for variable-rate loans, floating-rate investments, IRA shares, money market shares, regular shares, share drafts, and other types of share accounts that don't have contractual maturity dates. Repriceable Assets - Earning assets that either mature within the next six months or have yields (in the case of variable-rate loans and floating-rate investments) which would respond to changes in money market rates in accordance with their respective rate sensitivity factors. Repriceable Funds - The sum of funds (such as share certificates, borrowed funds, and non-member deposits) that have contractual maturity dates within the next six months and other funding sources (such as IRA shares, money market shares, and regular shares) that can be sensitivity adjusted in accordance with their respective rate sensitivity factors. Repriceable GAP - Repriceable assets minus repriceable funds. Repriceable GAP Ratio - The ratio of repriceable GAP divided by adjusted total assets that indicates the potential responsiveness of a credit union's gross spread to changes in money market rates.
5 $m S&F/FTE Employees (Compensation Ratio) - Annualized salary and fringe (S&F) expenses that are denominated in thousands ($m) of dollars divided by the average number of full-time equivalent (FTE) employees. $m S&F/$mm LNs&SDs - The product of the staffing and compensation ratios that indicates annualized salary and fringe (S&F) expenses in thousands ($m) of dollars incurred by a credit union to deliver each million ($mm) dollars of aggregate average-balance gross loans (LNs) and share drafts (SDs) to its members. Share Certificates (SC) - The sum of all member share certificates (both regular and IRA) that have contractual maturity dates. Although most SCs have fixed contractual maturity dates when they are issued, some SCs could also be callable at the credit union's option while others may contain embedded options that allow members to either lengthen or shorten the SC's original maturity date. Statutory Reserves - The sum of regular reserves and allowance for loan losses. Statutory reserves are capital accounts that are controlled by regulation rather than by a credit union's board of directors. Surplus Cash - Reported non-earning cash balances minus an estimate of a credit union's minimum cash needs. Surplus cash can be either positive or negative and it is included with core investments when calculating investment yield. Total Capital - The sum of the allowance for loan & lease losses and equity capital. For a low incomedesignated credit union, total capital also includes uninsured secondary capital accounts that are subordinate to all other claims, including claims of creditors, shareholders, and the National Credit Union Share Insurance Fund. Total Fee Income - The sum of member fee income and other operating income. Total fee income is often referred to as non-interest income. Total Funds Mix - The percentage of adjusted total assets financed by net total funds (i.e., non-reverse notes payable, non-member deposits, share certificates, IRA shares, money market share accounts, club accounts, regular shares, and share drafts). Unexplained Entries - Changes in total capital from one accounting period to another that cannot be explained by typical factors affecting total capital, such as net operating income, non-operating income, net charge offs, and interest refunds. Direct entries (such as changes in the aggregate fair value of available-for-sale securities) to any of the various capital accounts that were not recorded in the statement of income and expenses will result in unexplained entries. Variable-Rate Loans - Either open- or closed-end loans with yields that respond to changes in money market rates according to their rate sensitivity factors. Weighted-Average Life (WAL) - The weighted-average time of a financial instrument's principal repayments (both scheduled and unscheduled) where each repayment's weight is its percentage of the instrument's total remaining principal. The WAL for a bullet investment is its final maturity.
STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2009 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS)
STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2009 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS) Credit Union Name: QUORUM Federal Charter/Certificate Number: 22769 This page must
More informationSTATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2010 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS)
STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2010 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS) Credit Union Name: QUORUM Federal Charter/Certificate Number: 22769 This page must
More informationSTATEMENT OF FINANCIAL CONDITION AS OF MARCH 31, 2011 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS)
STATEMENT OF FINANCIAL CONDITION AS OF MARCH 31, 2011 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS) Credit Union Name: QUORUM Federal Charter/Certificate Number: 22769 This page must be
More informationSTATEMENT OF FINANCIAL CONDITION AS OF MARCH 31, 2012 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS.)
STATEMENT OF FINANCIAL CONDITION AS OF MARCH 31, 212 (ROUND CENTS TO THE NEAREST WHOLE DOLLAR. DO NOT REPORT CENTS.) Credit Union Name: 36 ASSETS CASH: 1. Cash on Hand (Coin and Currency)........ 73A 1,796,82
More information11 Ratios Every Credit Union Professional Should Know
Want your credit union to soar above the rest? 11 Ratios Every Credit Union Professional Should Know Presented by: Deborah L. Rightmire, CCUE Vice President Asset/Liability Management Texas Credit Union
More informationAsset/Liability Management Series Session 1 Presenter: Sasha Khandoker ALM Analyst
Asset/Liability Management Series Session 1 Presenter: Sasha Khandoker ALM Analyst 1 2 1 What is ALM? Why are we asked to perform ALM? What is the goal of ALM? How can we use it? 3 *The process of evaluating
More informationNATIONAL CREDIT UNION ADMINISTRATION THIRD QUARTER CALL REPORT. MUST BE RECEIVED BY: October 19, 2012
NATIONAL CREDIT UNION ADMINISTRATION ALEXANDRIA, VA 22314-3428 OFFICIAL BUSINESS MUST BE RECEIVED BY: October 19, 2012 TO THE BOARD OF DIRECTORS OF THE CREDIT UNION ADDRESSED: This booklet contains the
More informationALM and Interest Rate Risk
ALM and Interest Rate Risk By Tim Harrington, CPA TIM Touch Inspire Motivate About Tim Harrington, CPA 28 years credit union experience 36 years business/consulting experience Consulted on nearly 1,000
More informationAsset/Liability Management Series Session 2 Presenter: Christopher M. Uhl, CMA, MOSM Senior ALM Consultant
Strategic Solutions Institute Click here to view a recording of this webinar Asset/Liability Management Series Session 2 Presenter: Christopher M. Uhl, CMA, MOSM Senior ALM Consultant 1 2 1 3 MASTERING
More informationManaging Interest Rate Risk (I): GAP and Earnings Sensitivity
Managing Interest Rate Risk (I): GAP and Earnings Sensitivity Interest Rate Risk Interest Rate Risk The potential loss from unexpected changes in interest rates which can significantly alter a bank s profitability
More informationRatio Analysis. Count of CU in Peer Group : N/A Dec-2011 Dec-2012
Ratio Analysis Dec-2011 Dec-2012 Dec-2008 Dec-2009 Dec-2010 Dec-2011 PEER Avg Percentile** Dec-2012 PEER Avg Percentile** CAPITAL ADEQUACY Net Worth/Total Assets 10.61 9.89 10.06 10.21 N/A N/A 10.44 N/A
More informationAsset/Liability Management Series Session 1 Presenter: Sasha Khandoker ALM Analyst
Asset/Liability Management Series Session 1 Presenter: Sasha Khandoker ALM Analyst 1 2 1 What is ALM? Why are we asked to perform ALM? What is the goal of ALM? How can we use it? 3 Creating and managing
More informationInterest Rate Risk. Asset Liability Management. Asset Liability Management. Interest Rate Risk. Risk-Return Tradeoff. ALM Policy and Procedures
Interest Rate Risk Asset Liability Management The potential significant changes in a bank s profitability and market value of equity due to unexpected changes in interest rates Reinvestment rate risk Interest
More informationFINANCIAL STATEMENT ANALYSIS & RATIO ANALYSIS
FINANCIAL STATEMENT ANALYSIS & RATIO ANALYSIS June 13, 2013 Presented By Mike Ensweiler Director of Business Development Agenda General duties of directors What questions should directors be able to answer
More informationComment Call (14 02) NCUA Prompt Corrective Action Risk-Based Capital Proposal
Comment Call (14 02) NCUA Prompt Corrective Action Risk-Based Capital Proposal Impact: Federal and State Chartered Credit Unions Relevant Department: CEO/CFO/Accounting Priority Level: High Background
More informationInvestment Policy Fiscal Year
Investment Policy Fiscal Year 2016-17 I. Introduction The investment policies and practices of the Contra Costa Transportation Authority (the Authority) are based on the principles of prudent money management
More informationBridgewater Bank Regulatory Disclosures June 30, 2014
Bridgewater Bank Regulatory Disclosures June 30, 2014 This document was prepared to fulfill regulatory requirements of the Office of the Superintendent of Financial Institutions Canada. Public disclosure
More informationAdministration and Projects Committee STAFF REPORT June 4, 2015 Page 2 of 2 Upon review of permitted investments available to the Authority, State law
Administration and Projects Committee STAFF REPORT Meeting Date: June 4, 2015 Subject Approval of the Authority s Investment Policy for FY 2015-16 Summary of Issues Recommendations Financial Implications
More information3 rd quarter of Management Discussion & Analysis and Complete Financial Statements. Itaú Unibanco Holding S.A.
3 rd quarter of 2011 Management Discussion & Analysis and Complete Financial Statements Itaú Unibanco Holding S.A. Contents Management Discussion & Analysis 1 Executive Summary 3 Analysis of Net income
More informationFinancial Results for the Fiscal Year Ended March 31, 2017 ( With Notes to the Unaudited Consolidated Financial Statements )
June 16, 2017 Financial Results for the Fiscal Year Ended March 31, 2017 ( With Notes to the Unaudited Consolidated Financial Statements ) announces financial results for the fiscal year ended March 31,
More informationNote 29: Fair Value of Financial Instruments
Note 29: Fair Value of Financial Instruments We record trading assets and liabilities, derivatives, available-for-sale securities and securities sold but not yet purchased at fair, and other non-trading
More informationUNION HAMILTON REINSURANCE, LTD. (A wholly-owned subsidiary of Wells Fargo & Company) FINANCIAL STATEMENTS
FINANCIAL STATEMENTS As of, and for the Years then Ended (With Independent Auditors Report Thereon) NOT FOR DISCLOSURE Independent Auditors Report The Board of Directors Union Hamilton Reinsurance, Ltd.:
More informationFinancial Results for the Fiscal Year Ended March 31, 2018 ( With Notes to the Unaudited Consolidated Financial Statements )
June 15, 2018 Financial Results for the Fiscal Year Ended March 31, 2018 ( With Notes to the Unaudited Consolidated Financial Statements ) announces financial results for the fiscal year ended March 31,
More informationInterim Financial Publication for Fiscal Year Ended March 31, 2014
Interim Financial Publication for Fiscal Year Ended March 31, 2014 December 27, 2013 Citibank Japan Ltd. ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Kazuya
More informationBridgewater Bank Regulatory Disclosures March 31, 2015
Bridgewater Bank Regulatory Disclosures March 31, 2015 This document was prepared to fulfill regulatory requirements of the Office of the Superintendent of Financial Institutions Canada. Public disclosure
More informationChapter 2 Analyzing Bank Performance
Chapter 2 Analyzing Bank Performance Balance Sheet It is a statement of financial position listing assets owned, liabilities owed, and owner s equity as of a specific date. Assets = Liabilities + Equity.
More informationLiquidity Basics Measuring and Managing Liquidity
Liquidity Basics Measuring and Managing Liquidity Urum Urumoglu Senior Consultant Urum@farin.com 800-236-3724 x4210 1 Course Agenda Understanding Nature of Liquidity Definition of Liquidity Traditional
More informationU.S. Treasury Long-Term Fund Investor Class I Class
PROSPECTUS PRULX PRUUX T. Rowe Price U.S. Treasury Long-Term Fund Investor Class I Class October 1, 2017 A bond fund seeking high income through investments in longterm U.S. Treasury securities. The Securities
More informationFinancial Results for the Nine Months Ended December 31, 2015
February 12, 2016 Financial Results for the Nine Months Ended December 31, 2015 The Daiichi Frontier Life Insurance Co., Ltd. (the "Company"; President: Hiroshi Kanai) announces its financial results for
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation. August 7, 2018
AG Mortgage Investment Trust, Inc. Q2 2018 Earnings Presentation August 7, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationfinancial report 1 st quarter of 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements
financial report 1 st quarter of 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements Contents Management Discussion & Analysis 3 Executive Summary 3 Analysis
More informationThere may be no secondary market for Notes and, even if there is, the value of Notes will be subject to changes in market conditions
RISK FACTORS The following section does not describe all the risks (including those relating to each prospective investor s particular circumstances) with respect to an investment in the Notes of a particular
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2018 Earnings Presentation May 3, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationFinancial Results for the Nine Months Ended December 31, 2010
February 14, 2011 Financial Results for the Nine Months Ended December 31, 2010 Nippon Life Insurance Company (President: Kunie Okamoto) announces financial results for the nine months ended December 31,
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2018 Earnings Presentation November 8, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationT. Rowe Price Limited-Term Bond Portfolio
T. Rowe Price Limited-Term Bond Portfolio Supplement to Prospectus Dated May 1, 2018 The fund pays T. Rowe Price Associates, Inc. (the fund s investment adviser) an annual all-inclusive management fee
More informationMONEY MARKET FUND GLOSSARY
MONEY MARKET FUND GLOSSARY 1-day SEC yield: The calculation is similar to the 7-day Yield, only covering a one day time frame. To calculate the 1-day yield, take the net interest income earned by the fund
More informationThird Quarter 2018 Investor Presentation
Third Quarter 2018 Investor Presentation November 7, 2018 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning
More informationFinancial Institutions
Unofficial Translation This translation is for the convenience of those unfamiliar with the Thai language Please refer to Thai text for the official version -------------------------------------- Notification
More informationU.S. Bond Enhanced Index Fund
PROSPECTUS PBDIX March 1, 2018 T. Rowe Price U.S. Bond Enhanced Index Fund An index fund seeking to match or incrementally exceed the performance of an index representing the U.S. investment-grade bond
More informationVia Technologies, Inc. and Subsidiaries Consolidated Financial Statements for the Six Months Ended June 30, 2015 and 2014
Via Technologies, Inc. and Subsidiaries Consolidated Financial Statements for the Six Months Ended June 30, 2015 and 2014-1 - CONSOLIDATED BALANCE SHEETS June 30, 2015 (Reviewed) December 31, 2014 (Audited)
More informationBridgewater Bank Regulatory Disclosures March 31, 2016
Bridgewater Bank Regulatory Disclosures March 31, 2016 This document was prepared to fulfill regulatory requirements of the Office of the Superintendent of Financial Institutions Canada. Public disclosure
More informationTRUPARTNER CREDIT UNION, INC. FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2015 WITH INDEPENDENT AUDITORS REPORT
FINANCIAL STATEMENTS YEAR ENDED WITH INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statement of Financial Condition 3 Statement of Operations 4 Statement
More informationFourth Quarter 2017 Investor Presentation
Fourth Quarter 2017 Investor Presentation March 16, 2018 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning
More information3Q 2013 Stockholder Supplement. November 6, 2013
3Q 2013 Stockholder Supplement November 6, 2013 Safe Harbor Notice This presentation, other written or oral communications and our public documents to which we refer contain or incorporate by reference
More informationFirst Quarter 2018 Investor Presentation
First Quarter 2018 Investor Presentation May 9, 2018 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of
More informationBridgewater Bank Regulatory Disclosures December 31, 2017
Bridgewater Bank Regulatory Disclosures December 31, 2017 This document was prepared to fulfill regulatory requirements of the Office of the Superintendent of Financial Institutions Canada. Public disclosure
More informationConsolidated Financial Statements and Report of Independent Certified Public Accountants BETHPAGE FEDERAL CREDIT UNION AND SUBSIDIARIES
Consolidated Financial Statements and Report of Independent Certified Public Accountants BETHPAGE FEDERAL CREDIT UNION AND SUBSIDIARIES TABLE OF CONTENTS Page Report of Independent Certified Public Accountants
More informationVINSCSC2-PTB Summer Street, Boston, MA 02210
Fidelity Variable Insurance Products Asset Manager Portfolio Asset Manager: Growth Portfolio Government Money Market Portfolio Investment Grade Bond Portfolio Strategic Income Portfolio Initial Class,
More informationReviewed ALM Committee, January 2018 POLICY: ALM Policy Approved January 2018
Purpose The Asset-Liability Management (ALM) Policy of NorthPark Community Credit Union (NorthPark) sets forth the policies and guidelines to be followed in the overall management of the credit union s
More informationFinancial Results for the Fiscal Year Ended March 31, 2015
May 15, 2015 Financial Results for the Fiscal Year Ended March 31, 2015 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its
More informationCAISSE POPULAIRE GROUPE FINANCIER LTÉE. Consolidated Financial Statements For the year ended September 30, 2011
CAISSE POPULAIRE GROUPE FINANCIER LTÉE Consolidated Financial Statements For the year ended September 30, 2011 Consolidated Financial Statements For the year ended September 30, 2011 Contents Independent
More informationBridgewater Bank Regulatory Disclosures March 31, 2017
Bridgewater Bank Regulatory Disclosures March 31, 2017 This document was prepared to fulfill regulatory requirements of the Office of the Superintendent of Financial Institutions Canada. Public disclosure
More informationGet ready for FRS 109: Classifying and measuring financial instruments. July 2018
Get ready for FRS 109: Classifying and measuring financial instruments July 2018 Contents Preface 03 1 Overview of classification and measurement requirements 04 2 The business model test 06 2.1 Determining
More informationStrategic And Tactical ALM In A Commercial Bank. Suresh Sankaran
Strategic And Tactical ALM In A Commercial Bank Suresh Sankaran Back To Basics Risks And Economics In a strict sense, there wasn t any risk if the world had behaved as it did in the past - Merton miller,
More informationGuideline. Capital Adequacy Requirements (CAR) Definition of Capital. Effective Date: November 2016 / January
Guideline Subject: Capital Adequacy Requirements (CAR) Chapter 2 Effective Date: November 2016 / January 2017 1 The Capital Adequacy Requirements (CAR) for banks (including federal credit unions), bank
More information4 th quarter of Management Discussion & Analysis and Complete Financial Statements. Itaú Unibanco Holding S.A.
4 th quarter of 2011 Management Discussion & Analysis and Complete Financial Statements Itaú Unibanco Holding S.A. Contents Management Discussion & Analysis 1 Executive Summary 3 Analysis of Net Income
More informationItems Disclosed on Internet Pursuant to Laws and Regulations, and the Articles of Incorporation. Notes to Non-Consolidated Financial Statements
This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall
More informationShort-Term Bond Fund
PROSPECTUS PRWBX TBSIX PASHX T. Rowe Price Short-Term Bond Fund Investor Class I Class Advisor Class October 1, 2017 A bond fund seeking income with minimal fluctuations in principal value through investments
More informationDeutsche Bank Securities
Offering Circular Supplement (To Offering Circular Dated December 31, 2007) $371,572,054 Freddie Mac Multiclass Certificates, Series 3635 Offered Classes: REMIC Classes shown below and MACR Classes shown
More informationFINANCIAL INFORMATION PACKAGE
www.inalco.com FINANCIAL INFORMATION PACKAGE FOR THE FIRST QUARTER OF 2009 As at March 3, 2009 A PARTNER YOU CAN TRUST. SRM-58A(9) (09-04) TABLE OF CONTENTS PAGE HIGHLIGHTS PROFITABILITY 3 SPECIFIED ITEMS
More informationSupplemental Information First Quarter 2016
Supplemental Information This information is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the
More informationINTEREST-RATE RISK: BANKING BOOK. 1. Form BA Interest-rate risk: banking book
534 INTEREST-RATE RISK: BANKING BOOK Page no. 1. Form BA 330 - Interest-rate risk: banking book... 535 2. Regulation 30 - Directives and interpretations for completion of monthly return concerning interest-rate
More informationfinancial report September 30, 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements
financial report September 30, 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements Contents Management Discussion & Analysis 3 Executive Summary 3 Analysis
More information2Q 2013 Stockholder Supplement. August 7, 2013
2Q 2013 Stockholder Supplement August 7, 2013 Safe Harbor Notice This presentation, other written or oral communications and our public documents to which we refer contain or incorporate by reference certain
More informationFar Eastern International Bank. Financial Statements for the Years Ended December 31, 2006 and 2007 and Independent Auditors Report
Far Eastern International Bank Financial Statements for the Years Ended, 2006 and 2007 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and Shareholders Far Eastern International
More informationKeyCorp Beth E. Mooney Don Kimble
KeyCorp Fourth Quarter 2017 Earnings Review January 18, 2018 Beth E. Mooney Chairman and Chief Executive Officer Don Kimble Chief Financial Officer FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION
More informationFinancial Results for the Fiscal Year Ended March 31, 2004
May 28, 2004 Financial Results for the Fiscal Year Ended March 31, 2004 The Dai-ichi Mutual Life Insurance Company (President: Tomijiro Morita) announces financial results for the fiscal year ended March
More information1- Using Interest Rate Swaps to Convert a Floating-Rate Loan to a Fixed-Rate Loan (and Vice Versa)
READING 38: RISK MANAGEMENT APPLICATIONS OF SWAP STRATEGIES A- Strategies and Applications for Managing Interest Rate Risk Swaps are not normally used to manage the risk of an anticipated loan; rather,
More informationDreyfus Short Duration Bond Fund
Dreyfus Short Duration Bond Fund Prospectus April 1, 2014 Class D I Y Z Ticker DSDDX DSIDX DSYDX DSIGX As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these
More informationQ UA R T E R LY R E P O R T MARCH
QUARTERLY REPORT MARCH 31, 2010 Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 375 Jackson Street, St. Paul, Minnesota 55101-1810 or by calling (651) 282-8800.
More informationLAZARD RETIREMENT SERIES, INC. 30 Rockefeller Plaza New York, New York (800) STATEMENT OF ADDITIONAL INFORMATION May 1, 2018
LAZARD RETIREMENT SERIES, INC. 30 Rockefeller Plaza New York, New York 10112-6300 (800) 823-6300 STATEMENT OF ADDITIONAL INFORMATION May 1, 2018 Lazard Retirement Series, Inc. (the "Fund") is a no-load,
More information2Q 2014 Stockholder Supplement. August 6, 2014
2Q 2014 Stockholder Supplement August 6, 2014 Safe Harbor Notice This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which
More informationSLM CORPORATION Supplemental Earnings Disclosure March 31, 2008 (In millions, except per share amounts)
SLM CORPORATION Supplemental Earnings Disclosure (In millions, except per share amounts) (unaudited) (unaudited) (unaudited) SELECTED FINANCIAL INFORMATION AND RATIOS GAAP Basis Net income (loss)... $
More informationCommunity Credit Union of Cumberland Colchester Limited. Financial Statements December 31, 2016
Community Credit Union of Cumberland Colchester Limited Financial Statements December 31, Statement of Changes in Members Equity Retained earnings Surplus shares (note 11) Total equity Balance January
More informationState Bank of India (Canada)
State Bank of India (Canada) Basel II Pillar 3 Disclosures December 2012 Note to Readers This document is prepared in accordance with OSFI expectations (OSFI letters dated July 13, 2011 on Implementation
More informationManual of Reporting Forms and Instructions for Deposit-Taking Institutions
Manual of Reporting Forms and Instructions for Deposit-Taking Institutions AMENDMENT CONTROL LOG Interest Rate Risk Amendment Number Effective Reporting Date Page Number Description Please note that as
More informationBMO Mutual Funds 2015
BMO Mutual Funds 2015 Semi-Annual Financial Statements BMO Short-Term Income Class NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the Fund, appoints
More informationALPHABET SOUP. American Association of Credit Union Leagues. Automated Integrated Regulatory Examination Software
ALPHABET SOUP AACUC AACUL ACH AFC AFS AIRES ALCO ALLL ALM ANPR APR APY APYE ARCUPAC ARM ATA ATM BEY BSA CAMEL CCU African American Credit Union Coalition American Association of Credit Union Leagues Automated
More informationFinancial Highlights
Financial Highlights 2001 2002 2003 Net income ($ millions) 639.1 629.2 493.9 Diluted earnings per share ($) 5.93 6.04 4.99 Return on equity (%) 22.7 19.3 13.7 Shareholders Equity ($ millions) 3,020 3,395
More informationConsolidated Financial Statements Directions Credit Union, Inc.
Consolidated Financial Statements Directions Credit Union, Inc. CONTENTS Page Independent Auditor s Report 3 Consolidated Statement of Financial Condition 5 Consolidated Statement of Income 6 Consolidated
More informationTOLEDO AREA COMMUNITY CREDIT UNION. FINANCIAL STATEMENTS December 31, 2007
FINANCIAL STATEMENTS Sylvania, Ohio CONSOLIDATED FINANCIAL STATEMENTS CONTENTS REPORT OF INDEPENDENT AUDITORS... 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET... 2 CONSOLIDATED STATEMENT
More informationRisk Management - CAIIB
UNIT 1: COMPONENTS OF ASSETS AND LIABILITIES IN BANK S BALANCE THEIR MANAGEMENT SHEET AND ALM encompasses the analysis and development of goals and objectives, the development of long term strategic plans,
More information4Q 2013 Stockholder Supplement. February 25, 2014
4Q 2013 Stockholder Supplement February 25, 2014 Safe Harbor Notice This presentation, other written or oral communications and our public documents to which we refer contain or incorporate by reference
More informationREPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS AMERICA S CHRISTIAN CREDIT UNION
REPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS AMERICA S CHRISTIAN CREDIT UNION March 31, 2018 and 2017 Table of Contents Report of Independent Auditors 1-2 PAGE Financial Statements Statements
More informationFINANCIAL STATEMENTS OF BNP PARIBAS HOME LOAN SFH
FINANCIAL STATEMENTS OF BNP PARIBAS HOME LOAN SFH Dated 30 June 2015 CONTENTS CORPORATE FINANCIAL STATEMENTS INCOME STATEMENT AT 30 JUNE 2015 3 BALANCE SHEET AT 30 JUNE 2015 4 1. SUMMARY OF THE ACCOUNTING
More informationStatement of Additional Information Dated October 31, HIGHLAND/iBOXX SENIOR LOAN ETF. Ticker: SNLN
Statement of Additional Information Dated October 31, 2017 HIGHLAND/iBOXX SENIOR LOAN ETF Ticker: SNLN Principal U.S. Listing Exchange: NASDAQ, Inc. This Statement of Additional Information ( SAI ) is
More informationALM Strategies In the Current Economic Environment Presented by: Frank Santucci Managing Director ALM Services (October 2015)
1 ALM Strategies In the Current Economic Environment Presented by: Frank Santucci Managing Director ALM Services (October 2015) 1 Asset Liability Management is the process of Measuring, Monitoring and
More informationFinancial Results for the Fiscal Year Ended March 31, 2018
May 15, 2018 Financial Results for the Fiscal Year Ended March 31, 2018 The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Seiji Inagaki) announces its financial results for the fiscal
More informationEARNINGS RELEASE FINANCIAL SUPPLEMENT (REVISED AS OF AUGUST 9, 2012) FIRST QUARTER 2012
EARNINGS RELEASE FINANCIAL SUPPLEMENT (REVISED AS OF AUGUST 9, 2012) FIRST QUARTER 2012 On August 9, 2012, JPMorgan Chase & Co. ( the Firm ) restated its previously-filed interim financial statements for
More informationTABLE OF CONTENTS. President's Letter to Shareholders Selected Consolidated Financial and Other Data... 2
3 TABLE OF CONTENTS Page President's Letter to Shareholders... 1 Selected Consolidated Financial and Other Data... 2 Management's Discussion and Analysis of Financial Condition and Results of Operations...
More informationTown and Country Financial Corporation
Independent Auditor s Report and Consolidated Financial Statements Contents Independent Auditor s Report... 1 Consolidated Financial Statements Balance Sheets... 3 Statements of Income... 4 Statements
More informationFinancial Results for the Fiscal Year Ended March 31, 2016
May 13, 2016 Financial Results for the Fiscal Year Ended March 31, 2016 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its
More informationResona Holdings, Inc. Consolidated Financial Results for Fiscal Year 2016 (April 1, March 31, 2017/ Unaudited) <under Japanese GAAP>
May 12, 2017 Resona Holdings, Inc. Consolidated Financial Results for Fiscal Year 2016 (April 1, 2016 - March 31, 2017/ Unaudited) Code number: 8308 Stock exchange listings: Tokyo
More informationfinancial report December 31, 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements
financial report December 31, 2012 Itaú Unibanco Holding S.A. Management Discussion & Analysis and Complete Financial Statements Contents Management Discussion & Analysis 3 Executive Summary 3 Analysis
More informationEN Annex VI. Definitions of the CIC Table
Country ISO 3166-1-alpha-2 country code Identify the ISO 3166-1-alpha-2 country code where the asset is listed in. An asset is considered as being listed if it is negotiated on a regulated market or on
More informationManaging Interest Rate Risk (I): GAP and Earnings Sensitivity
Managing Interest Rate Risk (I): GAP and Earnings Sensitivity Interest Rate Risk Interest Rate Risk The potential loss from unexpected changes in interest rates which can significantly alter a bank s profitability
More informationFORM 10-Q FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON D.C
FORM 10-Q FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON D.C. 20429 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30,
More informationThe Progressive Corporation 2009 Annual Report to Shareholders
everythingelse The Progressive Corporation 2009 Annual Report to Shareholders THE PROGRESSIVE CORPORATION 2009 ANNUAL REPORT TO SHAREHOLDERS App.-A-1 Annual Report The Progressive Corporation and Subsidiaries
More informationProposed Risk-Based Capital Rule For Credit Unions. Presented by Brenda Lidke & Douglas Winn March 3, 2014
Proposed Risk-Based Capital Rule For Credit Unions Presented by Brenda Lidke & Douglas Winn March 3, 2014 1 Current net worth and risk-based net worth (used for complex credit unions) ratios were implemented
More information