CASH 2018 Annual Report

87 Average Balances, Interest Rates and Yields The following table presents, for the periods indicated, the total dollar amount of interest income from average interest- earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Only the yield/rate have tax equivalent adjustments. Non-accruing loans and leases have been included in the table as loans or leases carrying a zero yield. Year Ended September 30, 2018 2017 2016 (Dollars in Thousands) Average Outstanding Balance Interest Earned / Paid Yield / Rate (1) Average Outstanding Balance Interest Earned / Paid Yield / Rate (2) Average Outstanding Balance Interest Earned / Paid Yield / Rate (2) Interest-earning assets: Cash & fed funds sold $ 87,536 $ 2,249 2.57 % $ 150,338 $ 1,382 0.92 % $ 66,759 $ 737 1.54 % Mortgage-backed securities 618,985 15,479 2.50 % 747,027 16,571 2.22 % 728,738 15,771 2.16 % Tax exempt investment securities 1,381,838 34,402 3.30 % 1,303,830 31,930 3.77 % 1,061,198 24,965 3.56 % Asset-backed securities 167,477 5,773 3.45 % 115,716 2,999 2.59 % 54,993 1,199 2.18 % Other investment securities 76,412 2,156 2.82 % 115,958 3,104 2.68 % 101,258 2,537 2.51 % Total investments 2,244,712 57,810 3.07 % 2,282,531 54,604 3.15 % 1,946,187 44,472 2.95 % Total commercial finance 474,766 36,726 7.74 % 216,478 10,199 4.71 % 135,334 7,276 5.38 % Total consumer finance 230,553 15,965 6.92 % 100,815 6,704 6.65 % — — — % Total tax services 112,583 819 0.73 % 49,026 11 0.02 % 3,804 — — % National Lending loans and leases (3) 817,902 53,510 6.54 % 366,319 16,914 4.62 % 139,138 7,276 5.23 % Community Banking loans (4) 1,009,255 44,965 4.46 % 820,980 35,203 4.29 % 671,308 28,911 4.31 % Total loans and leases 1,827,157 98,475 5.39 % 1,187,299 52,117 4.39 % 810,446 36,187 4.47 % Total interest-earning assets 4,159,405 $ 158,534 4.08 % 3,620,168 $ 108,103 3.46 % 2,823,392 $ 81,396 3.34 % Non-interest-earning assets 452,767 362,133 193,286 Total assets $ 4,612,172 $ 3,982,301 $ 3,016,678 Interest-bearing liabilities: Interest-bearing checking $ 90,199 $ 211 0.23 % $ 42,231 $ 172 0.41 % $ 36,317 $ 97 0.27 % Savings 56,834 37 0.07 % 55,484 31 0.06 % 59,670 24 0.04 % Money markets 48,320 123 0.25 % 46,466 87 0.19 % 46,115 75 0.16 % Time deposits 130,944 1,803 1.38 % 103,115 830 0.80 % 79,825 418 0.52 % Wholesale deposits 738,796 12,989 1.76 % 558,855 4,931 0.88 % — — — % Total interest-bearing deposits 1,065,093 15,163 1.42 % 806,151 6,051 0.75 % 221,927 614 0.28 % Overnight fed funds purchased 326,786 6,294 1.93 % 259,378 2,649 1.02 % 339,035 1,607 0.47 % FHLB advances 68,356 947 1.39 % 52,956 1,045 1.97 % 61,454 709 1.15 % Subordinated debentures 73,413 4,488 6.11 % 73,273 4,448 6.07 % 9,437 539 5.71 % Other borrowings 28,014 1,093 3.90 % 15,939 680 4.27 % 14,575 622 4.27 % Total borrowings 496,569 12,822 2.58 % 401,546 8,822 2.20 % 424,501 3,477 0.82 % Total interest-bearing liabilities 1,561,662 27,985 1.79 % 1,207,697 14,873 1.23 % 646,428 4,091 0.63 % Non-interest bearing deposits 2,455,360 — — % 2,286,358 — 0.00 % 2,017,977 — — % Total deposits and interest-bearing liabilities 4,017,022 $ 27,985 0.70 % 3,494,055 $ 14,873 0.43 % 2,664,405 $ 4,091 0.15 % Other non-interest bearing liabilities 100,880 87,084 44,786 Total liabilities 4,117,902 3,581,139 2,709,191 Shareholders' equity 494,270 401,162 307,487 Total liabilities and stockholders' equity $ 4,612,172 $ 3,982,301 $ 3,016,678 Net interest income and net interest rate spread including non-interest bearing deposits $ 130,549 3.38 % $ 93,230 3.04 % $ 77,305 3.18 % Net interest margin 3.14 % 2.58 % 2.74 % Tax equivalent effect 0.27 % 0.47 % 0.45 % Net interest margin, tax equivalent (5) 3.41 % 3.05 % 3.19 %