Riverview Bancorp, Inc. (NASDAQ:RVSB) (“Riverview” or the
“Company”) today reported a net loss of $1.8 million, or $0.08 per
share, in its first fiscal quarter ended June 30, 2012, compared to
a net loss of $16.0 million, or $0.71 per share in the preceding
quarter and net income of $714,000, or $0.03 per share, in its
first fiscal quarter a year ago.
“Identifying and resolving problem credits and maintaining an
adequate reserve balance remains a top priority,” said Pat
Sheaffer, Chairman and CEO. “We continue to aggressively make
progress in these areas and our non-performing loan balances and
net charge-offs are steadily being reduced.”
Credit Quality
Riverview recorded a $4.0 million provision for loan losses in
the first quarter of fiscal year 2013, compared to $17.5 million in
the preceding quarter and $1.6 million in the first quarter of
fiscal year 2012. The total allowance for loan losses increased to
$21.0 million at June 30, 2012, compared to $19.9 million at March
31, 2012. The allowance for loan losses represented 3.39% of total
loans and 57.02% of non-performing loans (NPLs) at June 30, 2012.
NPLs decreased to $36.8 million, or 5.95% of total loans at June
30, 2012, compared to $44.2 million, or 6.45% of total loans at
March 31, 2012.
Net charge-offs in the first quarter of fiscal 2013 totaled $2.9
million, compared to $13.5 million in the fourth quarter of fiscal
2012 and $459,000 in the first quarter a year ago.
“We continue to maintain elevated levels of reserves while
working our way through this difficult credit cycle,” said Ron
Wysaske, President and COO. “The local and regional economy remains
challenging and our top priority is to focus our diligent efforts
on reducing and resolving nonperforming assets. Riverview remains
an important economic participant as one of the few community banks
in the region and the only community bank headquartered in Clark
County.”
Riverview’s real estate owned (REO) increased $3.3 million
during the quarter to $22.1 million at June 30, 2012 due to the
transfer of $8.5 million in loans to REO during the quarter. REO
sales during the quarter totaled $4.4 million with write-downs of
$787,000. Despite the increase in REO during the quarter, the
Company remains optimistic that it will be able to decrease REO
over the remainder of the year due to the accelerating sales during
the past several quarters. Specifically, the Company has seen a
rise in sales activity for land and building lots.
Non-performing assets (NPAs) declined to $58.9 million at June
30, 2012 compared to $62.9 million at March 31, 2012 and $40.3
million a year ago. At June 30, 2012, Riverview’s NPAs were 7.22%
of total assets, compared to 7.35% at the end of the preceding
quarter and 4.55% a year ago.
Balance Sheet Review
“During the first quarter we sold $31.4 million in single-family
mortgage loans to the Federal Home Loan Mortgage Corporation
(FHLMC),” said Wysaske. “We were able to take advantage of the
favorable interest rates to sell a block of loans for a gain of
$650,000. The sale of these loans resulted in a reduction in the
Bank’s interest rate risk and increased our overall capital and
liquidity positions.” Net loans totaled $597.1 million at June 30,
2012 compared to $664.9 million at March 31, 2012 and $677.3
million a year ago.
Riverview has continued to focus on reducing its concentration
in land development and speculative construction loans. The balance
of these portfolios declined to $34.0 million at June 30, 2012
compared to $49.6 million three months earlier. Land development
loans totaled $29.1 million, and speculative construction loans
totaled $4.9 million, representing a combined 5.5% of the total
loan portfolio at June 30, 2012 compared to 7.3% of the total loan
portfolio three months earlier. “This steady reduction has
significantly reduced our exposure to these market segments,”
stated Wysaske.
The Company currently has identified 21% of the land development
portfolio as impaired and has charged these loans down to their
estimated fair value, less selling costs, based on updated third
party appraisals. Additionally, the Company currently has a $4.0
million allowance on the outstanding land development
portfolio.
The commercial real estate (“CRE”) loan portfolio totaled $346.2
million as of June 30, 2012, of which 28% was owner-occupied and
72% was investor-owned. At June 30, 2012, the CRE portfolio
contained nine loans totaling $16.7 million that were
non-performing, representing 4.8% of the total CRE portfolio and
45.4% of total nonperforming loans.
Deposits decreased $38.6 million as a result of the Company’s
targeted efforts to reduce its higher cost deposits, using the
$31.4 million loan sale to FHLMC while also increasing the Bank’s
capital. The deposit reduction was comprised of an $8.8 million
reduction in Internet deposits, an $11.4 million reduction in other
non-branch deposits and a planned $14.9 million reduction in the
Bank’s only deposit concentration to its largest corporate
depositor.
Total deposits stood at $705.9 million at June 30, 2012 compared
to $744.5 million at March 31, 2012 and $742.9 million a year ago.
Core deposits, which include checking accounts, savings accounts,
money market deposit accounts and retail CDs, accounted for 94.8%
of total deposits at June 30, 2012 compared to 92.5% at March 31,
2012 and 90.7% a year ago. The loan to deposit ratio is currently
at 88% as of June 30, 2012.
Net Interest Margin
Riverview’s net interest margin was 4.22% for the first fiscal
quarter compared to 4.12% for the preceding quarter. The increase
in net interest margin from the preceding quarter was primarily due
to fewer interest income reversals due to the slowdown of new loans
placed on non-accrual status during the quarter. The reversal of
interest on non-accrual loans decreased the net interest margin by
three basis points during the first quarter. The cost of interest
bearing deposits during the current quarter was 0.54%, a decrease
of five basis points from the preceding quarter and a decrease of
27 basis points from the first quarter a year ago. The reductions
in high cost deposits should also help to improve the Bank’s
overall cost of deposits in future quarters.
Income Statement
Net interest income was $8.1 million in the first fiscal
quarter, compared to $8.0 million in the preceding quarter and $8.8
million in the first quarter a year ago. Non-interest income was
$2.4 million in the first fiscal quarter compared to $1.6 million
in the preceding quarter and $1.9 million in the first fiscal
quarter a year ago. The increase in non-interest income this
quarter was driven by the sale of $31.4 million in single-family
mortgages to the FHLMC, which resulted in a $650,000 gain on sale
of loans. The increase was also due partially to an increase in
mortgage banking activity during the quarter.
Non-interest expense, or operating expense, was $8.3 million in
the first fiscal quarter compared to $8.2 million in the preceding
quarter and $8.2 million in the first quarter a year ago.
In fiscal 2012, the Company established a valuation allowance
against its deferred tax asset. At June 30, 2012, the total
valuation allowance was $17.6 million. Management will review the
deferred tax asset on a quarterly basis to determine the
appropriate valuation allowance, if needed. Any future reversals of
the deferred tax asset valuation allowance would decrease the
Company’s income tax expense and increase its after tax net income
in the period of reversal.
Capital and Liquidity
The Bank continues to maintain capital levels in excess of the
regulatory requirements to be categorized as “well capitalized”
with a total risk-based capital ratio of 13.18% and a Tier 1
leverage ratio of 9.35% at June 30, 2012.
At June 30, 2012, the Bank had available total and contingent
liquidity of over $500 million, including over $300 million of
borrowing capacity from the Federal Home Loan Bank of Seattle and
the Federal Reserve Bank of San Francisco, and more than $100
million from cash and short-term investments.
Gresham Branch
In June 2012, Riverview opened its eighteenth branch and its
fourth in Oregon. This new full service branch will fill a
long-standing need for community banking in the Gresham market
area.
Non-GAAP Financial
Measures
In addition to results presented in accordance with generally
accepted accounting principles in the United States of America
(GAAP), this press release contains certain non-GAAP financial
measures. Riverview believes that certain non-GAAP financial
measures provide investors with information useful in understanding
the company’s financial performance; however, readers of this
report are urged to review these non-GAAP financial measures in
conjunction with GAAP results as reported.
Financial measures that exclude intangible assets are non-GAAP
measures. To provide investors with a broader understanding of
capital adequacy, Riverview provides non-GAAP financial measures
for tangible common equity, along with the GAAP measure. Tangible
common equity is calculated as shareholders’ equity less goodwill
and other intangible assets. In addition, tangible assets are total
assets less goodwill and other intangible assets.
The following table provides a reconciliation of ending
shareholders’ equity (GAAP) to ending tangible shareholders’ equity
(non-GAAP), and ending assets (GAAP) to ending tangible assets
(non-GAAP).
June 30, March
31, June 30, (Dollars in thousands)
2012 2012
2011 Shareholders’ equity $ 73,820 $ 75,607 $ 107,818
Goodwill 25,572 25,572 25,572 Other intangible assets, net 566 415
561 Tangible shareholders’ equity $ 47,682 $ 49,620 $ 81,685
Total assets $ 814,730 $ 855,998 $ 885,625 Goodwill 25,572
25,572 25,572 Other intangible assets, net 566 415 561
Tangible assets $ 788,592 $ 830,011 $ 859,492
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered
in Vancouver, Washington – just north of Portland, Oregon on the
I-5 corridor. With assets of $815 million, it is the parent company
of the 89 year-old Riverview Community Bank, as well as Riverview
Asset Management Corp. The Bank offers true community banking
services, focusing on providing the highest quality service and
financial products to commercial and retail customers. There are 18
branches, including thirteen in the Portland-Vancouver area and
three lending centers.
“Safe Harbor” statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements that are subject to risks and uncertainties, including,
but not limited to: the Company’s ability to raise common capital,
the amount of capital it intends to raise and its intended use of
that capital. The credit risks of lending activities, including
changes in the level and trend of loan delinquencies and write-offs
and changes in the Company’s allowance for loan losses and
provision for loan losses that may be impacted by deterioration in
the housing and commercial real estate markets; changes in general
economic conditions, either nationally or in the Company’s market
areas; changes in the levels of general interest rates, and the
relative differences between short and long term interest rates,
deposit interest rates, the Company’s net interest margin and
funding sources; fluctuations in the demand for loans, the number
of unsold homes, land and other properties and fluctuations in real
estate values in the Company’s market areas; secondary market
conditions for loans and the Company’s ability to sell loans in the
secondary market; results of examinations of us by the Office of
Comptroller of the Currency or other regulatory authorities,
including the possibility that any such regulatory authority may,
among other things, require us to increase the Company’s reserve
for loan losses, write-down assets, change Riverview Community
Bank’s regulatory capital position or affect the Company’s ability
to borrow funds or maintain or increase deposits, which could
adversely affect its liquidity and earnings; the Company’s
compliance with regulatory enforcement actions we have entered into
with the OCC as successor to the OTS and the possibility that our
noncompliance could result in the imposition of additional
enforcement actions and additional requirements or restrictions on
our operations; legislative or regulatory changes that adversely
affect the Company’s business including changes in regulatory
policies and principles, or the interpretation of regulatory
capital or other rules; the Company’s ability to attract and retain
deposits; further increases in premiums for deposit insurance; the
Company’s ability to control operating costs and expenses; the use
of estimates in determining fair value of certain of the Company’s
assets, which estimates may prove to be incorrect and result in
significant declines in valuation; difficulties in reducing risks
associated with the loans on the Company’s balance sheet; staffing
fluctuations in response to product demand or the implementation of
corporate strategies that affect the Company’s workforce and
potential associated charges; computer systems on which the Company
depends could fail or experience a security breach; the Company’s
ability to retain key members of its senior management team; costs
and effects of litigation, including settlements and judgments; the
Company’s ability to successfully integrate any assets,
liabilities, customers, systems, and management personnel it may in
the future acquire into its operations and the Company’s ability to
realize related revenue synergies and cost savings within expected
time frames and any goodwill charges related thereto; increased
competitive pressures among financial services companies; changes
in consumer spending, borrowing and savings habits; the
availability of resources to address changes in laws, rules, or
regulations or to respond to regulatory actions; the Company’s
ability to pay dividends on its common stock; and interest or
principal payments on its junior subordinated debentures; adverse
changes in the securities markets; inability of key third-party
providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial
institution regulatory agencies or the Financial Accounting
Standards Board, including additional guidance and interpretation
on accounting issues and details of the implementation of new
accounting methods; other economic, competitive, governmental,
regulatory, and technological factors affecting the Company’s
operations, pricing, products and services and the other risks
described from time to time in our filings with the Securities and
Exchange Commission.
Such forward-looking statements may include projections. Any
such projections were not prepared in accordance with published
guidelines of the American Institute of Certified Public
Accountants or the Securities Exchange Commission regarding
projections and forecasts nor have such projections been audited,
examined or otherwise reviewed by independent auditors of the
Company. In addition, such projections are based upon many
estimates and inherently subject to significant economic and
competitive uncertainties and contingencies, many of which are
beyond the control of management of the Company. Accordingly,
actual results may be materially higher or lower than those
projected. The inclusion of such projections herein should not be
regarded as a representation by the Company that the projections
will prove to be correct.
The Company cautions readers not to place undue reliance on any
forward-looking statements. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. The Company
does not undertake and specifically disclaims any obligation to
revise any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause our actual results for
fiscal 2012 and beyond to differ materially from those expressed in
any forward-looking statements by, or on behalf of, us, and could
negatively affect the Company’s operating and stock price
performance.
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY Consolidated Balance Sheets (In thousands,
except share data) (Unaudited)
June 30, 2012 Mar. 31,
2012 June 30, 2011
ASSETS
Cash (including interest-earning accounts
of $58,539, $33,437 and $58,044)
$ 71,362 $ 46,393 $ 70,010 Certificates of deposit held for
investment 40,975 41,473 18,875 Loans held for sale 100 480 190
Investment securities held to maturity, at amortized cost 487 493
499 Investment securities available for sale, at fair value 6,291
6,314 6,506 Mortgage-backed securities held to maturity, at
amortized 168 171 185 Mortgage-backed securities available for
sale, at fair value 813 974 1,545
Loans receivable (net of allowance for
loan losses of $20,972, $19,921 and $16,059)
597,138 664,888 677,310 Real estate and other pers. property owned
22,074 18,731 27,213 Prepaid expenses and other assets 4,550 6,362
5,973 Accrued interest receivable 2,084 2,158 2,494 Federal Home
Loan Bank stock, at cost 7,350 7,350 7,350 Premises and equipment,
net 17,887 17,068 15,864 Deferred income taxes, net 612 603 9,375
Mortgage servicing rights, net 448 278 364 Goodwill 25,572 25,572
25,572 Core deposit intangible, net 118 137 197 Bank owned life
insurance 16,701 16,553 16,103
TOTAL ASSETS $ 814,730 $ 855,998 $
885,625
LIABILITIES AND EQUITY
LIABILITIES: Deposit accounts $ 705,892 $ 744,455 $ 742,859 Accrued
expenses and other liabilities 8,675 9,398 8,824 Advance payments
by borrowers for taxes and insurance 605 800 406 Junior
subordinated debentures 22,681 22,681 22,681 Capital lease
obligation 2,495 2,513 2,556
Total liabilities 740,348 779,847 777,326 EQUITY:
Shareholders' equity
Serial preferred stock, $.01 par value;
250,000 authorized, issued and outstanding, none
- - - Common stock, $.01 par value; 50,000,000 authorized, June 30,
2012 – 22,471,890 issued and outstanding; 225 225 225 March 31,
2012 – 22,471,890 issued and outstanding;
-
-
-
June 30, 2011 – 22,471,890 issued and outstanding;
-
-
-
Additional paid-in capital 65,593 65,610 65,634 Retained earnings
9,756 11,536 43,907 Unearned shares issued to employee stock
ownership trust (567 ) (593 ) (670 ) Accumulated other
comprehensive loss (1,187 ) (1,171 ) (1,278 )
Total shareholders’ equity 73,820 75,607 107,818
Noncontrolling interest 562 544
481 Total equity 74,382 76,151
108,299 TOTAL LIABILITIES AND EQUITY $ 814,730
$ 855,998 $ 885,625
RIVERVIEW BANCORP, INC. AND SUBSIDIARY Consolidated
Statements of Operations Three Months Ended
(In thousands, except share data)
(Unaudited)
June 30, 2012
March 31, 2012 June
30, 2011 INTEREST INCOME: Interest and fees on loans receivable
$ 9,045 $ 9,130 $ 10,280 Interest on investment securities-taxable
53 36 45 Interest on investment securities-non taxable 8 7 12
Interest on mortgage-backed securities 8 10 16 Other interest and
dividends 129 127
75 Total interest income 9,243 9,310
10,428 INTEREST EXPENSE: Interest on deposits 823 908 1,230
Interest on borrowings 349
387 368 Total interest
expense 1,172 1,295
1,598 Net interest income 8,071
8,015 8,830 Less provision for loan losses 4,000
17,500
1,550 Net interest income (loss) after provision for
loan losses 4,071 (9,485 ) 7,280 NON-INTEREST INCOME: Fees
and service charges 1,057 914 1,042 Asset management fees 604 604
625 Gain on sale of loans held for sale 727 87 23 Bank owned life
insurance income 149 146 151 Other (97 )
(190 ) 63 Total
non-interest income 2,440 1,561 1,904 NON-INTEREST EXPENSE:
Salaries and employee benefits 3,793 3,850 4,511 Occupancy and
depreciation 1,234 1,253 1,163 Data processing 314 285 288
Amortization of core deposit intangible 19 20 22 Advertising and
marketing expense 219 184 245 FDIC insurance premium 287 288 273
State and local taxes 148 139 179 Telecommunications 121 110 107
Professional fees 421 283 339 Real estate owned expenses 939 1,130
430 Other 781 687
600 Total non-interest expense
8,276 8,229
8,157 INCOME (LOSS) BEFORE INCOME TAXES (1,765
) (16,153 ) 1,027 PROVISION (BENEFIT) FOR INCOME TAXES 15
(196 )
313 NET INCOME (LOSS) $ (1,780 ) $
(15,957 ) $ 714 Earnings (loss) per
common share: Basic $ (0.08 ) $ (0.71 ) $ 0.03 Diluted $ (0.08 ) $
(0.71 ) $ 0.03 Weighted average number of shares outstanding: Basic
22,333,329 22,327,171 22,308,696 Diluted 22,333,329 22,327,171
22,309,353
(Dollars in thousands)
At or for the three months ended June 30, 2012
March 31, 2012 June 30, 2011
AVERAGE
BALANCES
Average interest-earning assets
$ 768,156 $ 788,488 $ 761,194 Average interest-bearing liabilities
636,132 652,607 636,935 Net average earning assets 132,024 135,881
124,259 Average loans 671,798 695,973 691,394 Average deposits
732,812 741,320 715,610 Average equity 76,483 91,171 109,178
Average tangible equity 50,506 65,156 83,011
ASSET
QUALITY
June 30, 2012 March 31, 2012 June 30, 2011
Non-performing loans 36,782 44,163 13,110 Non-performing
loans to total loans 5.95% 6.45% 1.89% Real estate/repossessed
assets owned 22,074 18,731 27,213 Non-performing assets 58,856
62,894 40,323 Non-performing assets to total assets 7.22% 7.35%
4.55% Net loan charge-offs in the quarter 2,949 13,505 459 Net
charge-offs in the quarter/average net loans 1.76% 7.80% 0.27%
Allowance for loan losses 20,972 19,921 16,059
Average interest-earning assets to average
interest-bearing liabilities
120.75% 120.82% 119.51%
Allowance for loan losses to
non-performing loans
57.02% 45.11% 122.49% Allowance for loan losses to total loans
3.39% 2.91% 2.32% Shareholders’ equity to assets 9.06% 8.83% 12.17%
CAPITAL
RATIOS
Total capital (to risk weighted assets) 13.18% 12.11% 14.72% Tier 1
capital (to risk weighted assets) 11.91% 10.84% 13.46% Tier 1
capital (to leverage assets) 9.35% 8.76% 11.02% Tangible common
equity (to tangible assets) 6.05% 5.98% 9.50%
DEPOSIT
MIX
June 30, 2012 March 31, 2012 June 30, 2011
Interest checking $ 81,064 $ 106,904 $ 105,363 Regular
savings 47,596 45,741 37,855 Money market deposit accounts 230,695
244,919 229,994 Non-interest checking 132,231 116,882 113,780
Certificates of deposit 214,306 230,009
255,867 Total deposits $ 705,892 $ 744,455 $ 742,859
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOANS
Commercial Commercial Real Estate Real
Estate & Construction Commercial
Mortgage Construction Total
June 30,
2012
(Dollars in thousands) Commercial $ 79,795 $ - $ - $ 79,795
Commercial construction - - 10,321 10,321 Office buildings - 94,602
- 94,602 Warehouse/industrial - 48,563 - 48,563 Retail/shopping
centers/strip malls - 76,467 - 76,467 Assisted living facilities -
30,484 - 30,484 Single purpose facilities - 96,124 - 96,124 Land -
29,131 - 29,131 Multi-family - 39,949 - 39,949 One-to-four family
- - 5,126 5,126 Total $ 79,795 $
415,320 $ 15,447 $ 510,562
March 31,
2012
(Dollars in thousands) Commercial $ 87,238 $ - $ - $ 87,238
Commercial construction - - 13,496 13,496 Office buildings - 94,541
- 94,541 Warehouse/industrial - 48,605 - 48,605 Retail/shopping
centers/strip malls - 80,595 - 80,595 Assisted living facilities -
35,866 - 35,866 Single purpose facilities - 93,473 - 93,473 Land -
38,888 - 38,888 Multi-family - 42,795 - 42,795 One-to-four family
- - 12,295 12,295 Total $ 87,238 $
434,763 $ 25,791 $ 547,792
LOAN
MIX
June 30, 2012 March 31, 2012 June 30, 2011
Commercial and construction Commercial $ 79,795 $ 87,238 $ 84,158
Other real estate mortgage 415,320 434,763 465,391 Real estate
construction 15,447 25,791 25,924 Total
commercial and construction 510,562 547,792 575,473 Consumer Real
estate one-to-four family 105,298 134,975 115,578 Other installment
2,250 2,042 2,318 Total consumer 107,548
137,017 117,896 Total loans 618,110 684,809
693,369 Less: Allowance for loan losses 20,972
19,921 16,059 Loans receivable, net $ 597,138 $ 664,888 $
677,310
DETAIL OF
NON-PERFORMING ASSETS
Northwest Other Southwest Other Oregon Oregon Washington
Washington Other Total
June 30,
2012
(Dollars in thousands) Non-performing assets Commercial $ -
$ 176 $ 1,960 $ - $ - $ 2,136 Commercial real estate 4,222 - 9,001
- 3,478 16,701 Land - 800 3,384 - - 4,184 Multi-family - 4,177
3,030 - - 7,207 Commercial construction - - - - - - One-to-four
family construction 1,018 603 393 - - 2,014 Real estate one-to-four
family 440 447 3,653 - - 4,540 Consumer - - -
- - - Total non-performing loans 5,680 6,203
21,421 - 3,478 36,782 REO 2,123 6,829
10,072 3,050 - 22,074 Total
non-performing assets $ 7,803 $ 13,032 $ 31,493 $ 3,050 $ 3,478 $
58,856
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS
Northwest Other Southwest Other Oregon Oregon Washington
Washington Other Total
June 30,
2012
(Dollars in thousands) Land and Spec Construction Loans Land
Development Loans $ 5,909 $ 2,426 $ 20,796 $ - $ - $ 29,131 Spec
Construction Loans 1,018 604 3,038 243
- 4,903 Total Land and Spec Construction $
6,927 $ 3,030 $ 23,834 $ 243 $ - $ 34,034
At or for the three months ended
SELECTED OPERATING
DATA
June 30, 2012
March 31, 2012
June 30, 2011 Efficiency ratio (4)
78.74% 85.93% 75.99% Coverage ratio (6) 97.52% 97.40% 108.25%
Return on average assets (1) -0.85% -7.40% 0.33% Return on average
equity (1) -9.33% -70.39% 2.62%
NET INTEREST
SPREAD
Yield on loans 5.40% 5.32% 5.96% Yield on investment securities
3.04% 2.36% 2.93% Total yield on interest earning assets 4.83%
4.79% 5.50% Cost of interest bearing deposits 0.54% 0.59%
0.81% Cost of FHLB advances and other borrowings 5.56% 6.23% 5.85%
Total cost of interest bearing liabilities 0.74% 0.80% 1.01%
Spread (7) 4.09% 3.99% 4.49% Net interest margin 4.22% 4.12% 4.66%
PER SHARE
DATA
Basic earnings per share (2) $ (0.08) $ (0.71) $ 0.03 Diluted
earnings per share (3) (0.08) (0.71) 0.03 Book value per share (5)
3.28 3.36 4.80 Tangible book value per share (5) 2.12 2.21 3.63
Market price per share: High for the period $ 2.29 $ 2.46 $ 3.18
Low for the period 1.08 2.03 2.80 Close for period end 1.25 2.26
3.07 Average number of shares outstanding: Basic (2)
22,333,329 22,327,171 22,308,696 Diluted (3) 22,333,329 22,327,171
22,309,353
(1) Amounts for the quarterly
periods are annualized.
(2) Amounts exclude ESOP shares
not committed to be released.
(3) Amounts exclude ESOP shares
not committed to be released and include common stock
equivalents.
(4) Non-interest expense
divided by net interest income and non-interest income.
(5) Amounts calculated based on
shareholders’ equity and include ESOP shares not committed to be
released.
(6) Net interest income divided
by non-interest expense.
(7) Yield on interest-earning
assets less cost of funds on interest bearing liabilities.
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