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The increase in net interest income resulted primarily from growth in average interest-earning assets and the increase in net interest margin. Net interest income was $1.2 billion for the quarter, up 24.1% compared to the second quarter a year ago. Total revenues were $1.5 billion for the quarter, up 22.6% compared to the second quarter a year ago. Wealth management assets at Jincluded investment management assets of $100.2 billion, brokerage assets and money market mutual funds of $127.5 billion, and trust and custody assets of $19.1 billion. Such revenues represented 15.4% of the Bank’s total revenues for the quarter. Wealth management revenues totaled $232 million for the quarter, up 26.4% compared to last year’s second quarter. The increase in wealth management assets for the year was due to net client inflow, partially offset by market decline. The decrease in wealth management assets for the quarter was due to market decline. Total wealth management assets were $246.8 billion at June 30, 2022, down 10.0% compared to the prior quarter and up 2.5% compared to a year ago.
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Other sources of funding at Jincluded short-term and long-term FHLB advances, which totaled $11.0 billion, up 22.2% compared to a year ago.ĭeposits had an average rate paid of 9 basis points during the quarter, and average total funding costs were 16 basis points during the quarter. Deposits were our primary source of funding at June 30, 2022, and represented 93% of our funding base.Īt June 30, 2022, checking deposit balances were 71.6% of total deposits. Total deposits increased to $165.6 billion, up 23.0% compared to a year ago. High-quality liquid assets, including eligible cash, totaled $28.2 billion at June 30, 2022, and represented 14.7% of quarterly average total assets. Total investment securities at Jwere $31.2 billion, a 2.9% increase compared to the prior quarter and a 36.1% increase compared to a year ago. Our loan growth was primarily due to increases in single family, multifamily, stock secured and capital call lines of credit, partially offset by a decrease in loans under the Small Business Administration’s Paycheck Protection Program ("PPP"). Loans totaled $151.5 billion at June 30, 2022, up 23.1% compared to a year ago. In addition, multifamily and commercial real estate loans originated were 14% of total originations and had a weighted average loan-to-value ratio of 52%. Single family loan originations were 48% of the total loan origination volume for the quarter and had a weighted average loan-to-value ratio of 61%. This was up 31.1% from the same quarter a year ago, primarily due to increases in single family and multifamily lending. Loan originations were $22.0 billion for the quarter, our best quarter ever.
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The Bank’s Tier 1 leverage ratio was 8.59% at June 30, 2022, compared to 8.70% at March 31, 2022. Tangible book value per common share at Jwas $69.81, up 13.1% from a year ago. The Bank had modest net loan charge-offs of only $1.3 million for the quarter.ĭuring the second quarter, the Bank recorded a provision for credit losses of $31 million, which was primarily driven by loan growth.īook value per common share at Jwas $71.03, up 12.8% from a year ago.
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Nonperforming assets were at a very low 7 basis points of total assets at June 30, 2022. The Bank declared a cash dividend for the second quarter of $0.27 per share of common stock, which is payable on Augto shareholders of record as of July 28, 2022.Ĭredit quality remains very strong. Quarterly Cash Dividend of $0.27 per Share "Tangible book value per share increased 13% year-over-year, to just under $70, and our capital remains strong." "We are pleased to see growth in total revenue of 23% and net interest income of 24% during the second quarter," said Olga Tsokova, Chief Financial Officer (Acting) and Chief Accounting Officer. – Wealth management revenues were $232 million, up 26.4%. – Wealth management assets were $246.8 billion, up 2.5%. – Net charge-offs were only $1.3 million, or less than 1 basis point of average loans. – Nonperforming assets remained at a low 7 basis points of total assets. – Efficiency ratio was 60.5%, compared to 62.0% for the prior quarter. – Net interest margin was 2.80%, compared to 2.68% for the prior quarter. – Loan originations totaled $22.0 billion, our best quarter ever. – Tangible book value per share was $69.81, up 13.1%. – Diluted earnings per share of $2.16, up 10.8%. – Net interest income was $1.2 billion, up 24.1%.