ATB Financial today reported third quarter earnings of $41.4 million for the period ending Dec. 31, 2005, down $9.3 million since the same time last year.
ATB said increased non-interest expenses impacted this quarter’s net income. Salary, wages and benefits, and professional and consulting costs were up $10.9 million.
ATB’s equity now stands at $1.3 billion, up $191.4 million compared to Dec. 31, 2004.
“The real story during this quarter was our Investor Services line of business surpassing the $2 billion milestone in assets under management and administration,” said Bob Normand, president and CEO. “We are confident our Investor Services team has a compelling offer for the marketplace and clearly our customers agree. What makes this success even more noteworthy, this line of business has only been operating at ATB for about three years.”
Compared to the third quarter in fiscal year 2004-2005:
- net income was $41.4 million, down 18.37%;
- total assets were $17.4 billion, up 14.40%;
- net loans were $14.5 billion, up 12.75%;
- total deposits were $15.7 billion, up 13.67%;
- net interest income was $119.6 million, up 15.13%;
- non-interest expenses were $104.8 million, up 19.60%; the efficiency ratio (non-interest expenses as a percentage of operating revenues) declined to 68.38% from 62.77%.