Washington
|
000-22957
|
91-1838969
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
900 Washington Street, Suite 900, Vancouver, Washington
|
98660
|
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
|
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
RIVERVIEW BANCORP, INC. | |
Date: May 6, 2011 | /s/Kevin J. Lycklama |
Kevin J. Lycklama
|
|
Chief Financial Officer
(Principal Financial Officer)
|
·
|
Income & Earnings: Earnings improved both on a linked-quarter and year-over-year basis. Net income was $854,000, or $0.04 per diluted share, for the fourth consecutive profitable quarter and an increase from $579,000 reported in the third fiscal quarter ended December 31, 2010.
|
·
|
Balance Sheet Growth: Net loans increased $12.5 million during the quarter. Increases were concentrated in both small business loans and quality single-family residential mortgages.
|
·
|
Net Interest Margin (NIM): NIM increased during the quarter and remained strong at 4.71%. Net interest income increased slightly from the fourth fiscal quarter ended March 31, 2010.
|
·
|
Non-Performing Loans: NPLs decreased to $12.3 million, or 1.79% of total loans, the lowest level in thirteen quarters. This compares to $16.9 million three months earlier and $36.0 million a year ago. In the fourth quarter, $5.3 million of loans were moved off of non-accrual status, while $724,000 of new loans were added.
|
·
|
Real Estate Owned Properties: REO decreased to $27.6 million from $30.7 million reported at the previous quarter ended December 31, 2010. The decrease is primarily due to the sale of existing properties and the slowdown of new problem credits.
|
·
|
Non-Interest Expense: Non-interest expense decreased to $8.6 million compared to $11.9 million in the fourth quarter of fiscal 2010 primarily due to a decrease in REO expenses, including write-downs on existing properties.
|
·
|
Cost of Deposits: Fifteenth consecutive quarter of reduction in cost of deposits. Deposit costs decreased by 10 basis points from the prior quarter and 50 basis points from the fourth quarter a year ago.
|
·
|
Capital/Liquidity: Increased total risk-based capital ratio to 14.61% and remains very well capitalized. Liquidity remains strong with no outstanding borrowings.
|
·
|
Recognized as one of Oregon’s 100 Best Places to Work 2011 by Oregon Business Magazine.
|
·
|
Named one of the Top 75 Corporate Philanthropists 2011 in Washington State by the Puget Sound Business Journal.
|
March 31,
|
Dec. 31,
|
March 31,
|
||||||||||
(Dollars in thousands)
|
2011
|
2010
|
2010
|
|||||||||
Shareholders’ equity
|
$ | 106,944 | $ | 106,030 | $ | 83,934 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
615 | 665 | 823 | |||||||||
Tangible shareholders’ equity
|
$ | 80,757 | $ | 79,793 | $ | 57,539 | ||||||
Total assets
|
$ | 859,263 | $ | 838,417 | $ | 837,953 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
615 | 665 | 823 | |||||||||
Tangible assets
|
$ | 833,076 | $ | 812,180 | $ | 811,558 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2011
|
Dec. 31, 2010
|
March 31, 2010
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $37,349, $27,548, and $3,384)
|
$ | 51,752 | $ | 35,900 | $ | 13,587 | ||||||
Certificate of deposits
|
14,900 | 17,141 | - | |||||||||
Loans held for sale
|
173 | 581 | 255 | |||||||||
Investment securities held to maturity, at amortized cost
|
506 | 505 | 517 | |||||||||
Investment securities available for sale, at fair value
|
6,320 | 6,255 | 6,802 | |||||||||
Mortgage-backed securities held to maturity, at amortized
|
190 | 194 | 259 | |||||||||
Mortgage-backed securities available for sale, at fair value
|
1,777 | 2,007 | 2,828 | |||||||||
Loans receivable (net of allowance for loan losses of $14,968, $17,463 and $21,642)
|
672,609 | 660,075 | 712,837 | |||||||||
Real estate and other pers. property owned
|
27,590 | 30,704 | 13,325 | |||||||||
Prepaid expenses and other assets
|
5,887 | 6,206 | 7,934 | |||||||||
Accrued interest receivable
|
2,523 | 2,498 | 2,849 | |||||||||
Federal Home Loan Bank stock, at cost
|
7,350 | 7,350 | 7,350 | |||||||||
Premises and equipment, net
|
16,100 | 15,655 | 16,487 | |||||||||
Deferred income taxes, net
|
9,447 | 11,307 | 11,177 | |||||||||
Mortgage servicing rights, net
|
396 | 423 | 509 | |||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Core deposit intangible, net
|
219 | 242 | 314 | |||||||||
Bank owned life insurance
|
15,952 | 15,802 | 15,351 | |||||||||
TOTAL ASSETS
|
$ | 859,263 | $ | 838,417 | $ | 837,953 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts
|
$ | 716,530 | $ | 696,749 | $ | 688,048 | ||||||
Accrued expenses and other liabilities
|
9,396 | 9,697 | 6,833 | |||||||||
Advance payments by borrowers for taxes and insurance
|
680 | 227 | 427 | |||||||||
Federal Home Loan Bank advances
|
- | - | 23,000 | |||||||||
Federal Reserve Bank advances
|
- | - | 10,000 | |||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | |||||||||
Capital lease obligation
|
2,567 | 2,578 | 2,610 | |||||||||
Total liabilities
|
751,854 | 731,932 | 753,599 | |||||||||
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,
|
||||||||||||
March 31, 2011 – 22,471,890 issued and outstanding;
|
225 | 225 | 109 | |||||||||
December 31, 2010 – 22,471,890 issued and outstanding;
|
||||||||||||
March 31, 2010 – 10,923,773 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
65,639 | 65,642 | 46,948 | |||||||||
Retained earnings
|
43,193 | 42,339 | 38,878 | |||||||||
Unearned shares issued to employee stock ownership trust
|
(696 | ) | (722 | ) | (799 | ) | ||||||
Accumulated other comprehensive loss
|
(1,417 | ) | (1,454 | ) | (1,202 | ) | ||||||
Total shareholders’ equity
|
106,944 | 106,030 | 83,934 | |||||||||
Noncontrolling interest
|
465 | 455 | 420 | |||||||||
Total equity
|
107,409 | 106,485 | 84,354 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 859,263 | $ | 838,417 | $ | 837,953 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||
Consolidated Statements of Operations
|
||||||
Three Months Ended
|
Twelve Months Ended
|
|||||
(In thousands, except share data) (Unaudited)
|
March 31, 2011
|
Dec. 31, 2010
|
March 31, 2010
|
March 31, 2011
|
March 31, 2010
|
|
INTEREST INCOME:
|
||||||
Interest and fees on loans receivable
|
$ 10,239
|
$ 10,593
|
$ 10,950
|
$ 42,697
|
$ 45,675
|
|
Interest on investment securities-taxable
|
49
|
28
|
47
|
164
|
267
|
|
Interest on investment securities-non taxable
|
12
|
14
|
15
|
55
|
104
|
|
Interest on mortgage-backed securities
|
18
|
21
|
29
|
88
|
136
|
|
Other interest and dividends
|
70
|
77
|
17
|
210
|
80
|
|
Total interest income
|
10,388
|
10,733
|
11,058
|
43,214
|
46,262
|
|
INTEREST EXPENSE:
|
||||||
Interest on deposits
|
1,337
|
1,567
|
2,102
|
6,569
|
9,635
|
|
Interest on borrowings
|
364
|
359
|
389
|
1,483
|
1,741
|
|
Total interest expense
|
1,701
|
1,926
|
2,491
|
8,052
|
11,376
|
|
Net interest income
|
8,687
|
8,807
|
8,567
|
35,162
|
34,886
|
|
Less provision for loan losses
|
500
|
1,600
|
5,850
|
5,075
|
15,900
|
|
Net interest income after provision for loan losses
|
8,187
|
7,207
|
2,717
|
30,087
|
18,986
|
|
NON-INTEREST INCOME:
|
||||||
Fees and service charges
|
916
|
955
|
997
|
4,047
|
4,513
|
|
Asset management fees
|
546
|
520
|
451
|
2,079
|
1,885
|
|
Gain on sale of loans held for sale
|
54
|
96
|
175
|
393
|
887
|
|
Impairment of investment security
|
-
|
-
|
(88)
|
-
|
(1,003)
|
|
Bank owned life insurance income
|
150
|
151
|
147
|
601
|
603
|
|
Other
|
73
|
142
|
164
|
769
|
381
|
|
Total non-interest income
|
1,739
|
1,864
|
1,846
|
7,889
|
7,266
|
|
NON-INTEREST EXPENSE:
|
||||||
Salaries and employee benefits
|
4,601
|
4,090
|
4,021
|
16,716
|
15,326
|
|
Occupancy and depreciation
|
1,180
|
1,208
|
1,123
|
4,677
|
4,814
|
|
Data processing
|
293
|
274
|
252
|
1,067
|
957
|
|
Amortization of core deposit intangible
|
24
|
23
|
27
|
96
|
111
|
|
Advertising and marketing expense
|
172
|
187
|
105
|
749
|
627
|
|
FDIC insurance premium
|
400
|
402
|
394
|
1,640
|
1,912
|
|
State and local taxes
|
136
|
184
|
326
|
638
|
732
|
|
Telecommunications
|
111
|
105
|
104
|
428
|
440
|
|
Professional fees
|
352
|
311
|
391
|
1,310
|
1,317
|
|
Real estate owned expenses
|
634
|
897
|
4,634
|
1,817
|
6,421
|
|
Other
|
663
|
572
|
549
|
2,358
|
2,316
|
|
Total non-interest expense
|
8,566
|
8,253
|
11,926
|
31,496
|
34,973
|
|
INCOME (LOSS) BEFORE INCOME TAXES
|
1,360
|
818
|
(7,363)
|
6,480
|
(8,721)
|
|
PROVISION (BENEFIT) FOR INCOME TAXES
|
506
|
239
|
(2,660)
|
2,165
|
(3,277)
|
|
NET INCOME (LOSS)
|
$ 854
|
$ 579
|
$ (4,703)
|
$ 4,315
|
$ (5,444)
|
|
Earnings (loss) per common share:
|
||||||
Basic
|
$ 0.04
|
$ 0.03
|
$ (0.44)
|
$ 0.24
|
$ (0.51)
|
|
Diluted
|
$ 0.04
|
$ 0.03
|
$ (0.44)
|
$ 0.24
|
$ (0.51)
|
|
Weighted average number of shares outstanding:
|
||||||
Basic
|
22,302,538
|
22,296,378
|
10,729,788
|
18,341,191
|
10,720,525
|
|
Diluted
|
22,302,538
|
22,297,043
|
10,729,788
|
18,341,308
|
10,720,525
|
(Dollars in thousands)
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
March 31, 2011
|
Dec. 31, 2010
|
March 31, 2010
|
March 31, 2011
|
March 31, 2010
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$ | 748,907 | $ | 760,826 | $ | 766,159 | $ | 758,847 | $ | 796,166 | ||||||||||
Average interest-bearing liabilities
|
639,503 | 645,014 | 686,175 | 649,342 | 697,081 | |||||||||||||||
Net average earning assets
|
109,404 | 115,812 | 79,984 | 109,505 | 99,085 | |||||||||||||||
Average loans
|
685,507 | 692,025 | 736,850 | 703,861 | 759,490 | |||||||||||||||
Average deposits
|
705,456 | 711,305 | 672,852 | 708,169 | 666,181 | |||||||||||||||
Average equity
|
108,114 | 107,728 | 89,849 | 100,643 | 90,746 | |||||||||||||||
Average tangible equity
|
81,896 | 81,443 | 63,429 | 74,337 | 64,280 | |||||||||||||||
ASSET QUALITY
|
March 31, 2011 | Dec. 31, 2010 | March 31, 2010 | |||||||
Non-performing loans
|
12,323
|
16,879
|
36,011
|
|||||||
Non-performing loans to total loans
|
1.79%
|
2.49%
|
4.90%
|
|||||||
Real estate/repossessed assets owned
|
27,590
|
30,704
|
13,325
|
|||||||
Non-performing assets
|
39,913
|
47,583
|
49,336
|
|||||||
Non-performing assets to total assets
|
4.65%
|
5.68%
|
5.89%
|
|||||||
Net loan charge-offs in the quarter
|
2,995
|
3,166
|
2,437
|
|||||||
Net charge-offs in the quarter/average net loans
|
1.77%
|
1.82%
|
1.34%
|
|||||||
Allowance for loan losses
|
14,968
|
17,463
|
21,642
|
|||||||
Allowance for loan losses and unfunded loan
|
||||||||||
commitments
|
15,134
|
17,634
|
21,827
|
|||||||
Average interest-earning assets to average
|
||||||||||
interest-bearing liabilities
|
117.11%
|
117.95%
|
111.66%
|
|||||||
Allowance for loan losses to
|
||||||||||
non-performing loans
|
121.46%
|
103.46%
|
60.10%
|
|||||||
Allowance for loan losses to total loans
|
2.18%
|
2.58%
|
2.95%
|
|||||||
Allowance for loan losses and
|
||||||||||
unfunded loan commitments to total loans
|
2.20%
|
2.60%
|
2.97%
|
|||||||
Shareholders’ equity to assets
|
12.45%
|
12.65%
|
10.02%
|
|||||||
LOAN MIX
|
March 31, 2011 | Dec. 31, 2010 | March 31, 2010 | |||||||
Commercial and construction
|
||||||||||
Commercial
|
$ 85,511
|
$ 85,768
|
$ 108,368
|
|||||||
Other real estate mortgage
|
461,955
|
454,058
|
459,178
|
|||||||
Real estate construction
|
27,385
|
32,870
|
75,456
|
|||||||
Total commercial and construction
|
574,851
|
572,696
|
643,002
|
|||||||
Consumer
|
||||||||||
Real estate one-to-four family
|
110,437
|
102,488
|
88,861
|
|||||||
Other installment
|
2,289
|
2,354
|
2,616
|
|||||||
Total consumer
|
112,726
|
104,842
|
91,477
|
|||||||
Total loans
|
687,577
|
677,538
|
734,479
|
|||||||
Less:
|
||||||||||
Allowance for loan losses
|
14,968
|
17,463
|
21,642
|
|||||||
Loans receivable, net
|
$ 672,609
|
$ 660,075
|
$ 712,837
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||
Commercial
|
Commercial
|
|||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||
March 31, 2011
|
(Dollars in thousands)
|
|||||||
Commercial
|
$ 85,511
|
$ -
|
$ -
|
$ 85,511
|
||||
Commercial construction
|
-
|
-
|
8,608
|
8,608
|
||||
Office buildings
|
-
|
95,529
|
-
|
95,529
|
||||
Warehouse/industrial
|
-
|
49,627
|
-
|
49,627
|
||||
Retail/shopping centers/strip malls
|
-
|
85,719
|
-
|
85,719
|
||||
Assisted living facilities
|
-
|
35,162
|
-
|
35,162
|
||||
Single purpose facilities
|
-
|
98,651
|
-
|
98,651
|
||||
Land
|
-
|
55,258
|
-
|
55,258
|
||||
Multi-family
|
-
|
42,009
|
-
|
42,009
|
||||
One-to-four family
|
-
|
-
|
18,777
|
18,777
|
||||
Total
|
$ 85,511
|
$ 461,955
|
$ 27,385
|
$ 574,851
|
||||
March 31, 2010
|
(Dollars in thousands)
|
|||||||
Commercial
|
$ 108,368
|
$ -
|
$ -
|
$ 108,368
|
||||
Commercial construction
|
-
|
-
|
40,017
|
40,017
|
||||
Office buildings
|
-
|
90,000
|
-
|
90,000
|
||||
Warehouse/industrial
|
-
|
46,731
|
-
|
46,731
|
||||
Retail/shopping centers/strip malls
|
-
|
80,982
|
-
|
80,982
|
||||
Assisted living facilities
|
-
|
39,604
|
-
|
39,604
|
||||
Single purpose facilities
|
-
|
93,866
|
-
|
93,866
|
||||
Land
|
-
|
74,779
|
-
|
74,779
|
||||
Multi-family
|
-
|
33,216
|
-
|
33,216
|
||||
One-to-four family
|
-
|
-
|
35,439
|
35,439
|
||||
Total
|
$ 108,368
|
$ 459,178
|
$ 75,456
|
$ 643,002
|
||||
(Dollars in thousands)
|
||||||||
DEPOSIT MIX
|
March 31, 2011 |
Dec. 31, 2010
|
March 31, 2010
|
|||||
Interest checking
|
$ 77,399
|
$ 78,327
|
$ 70,837
|
|||||
Regular savings
|
37,231
|
34,913
|
32,131
|
|||||
Money market deposit accounts
|
236,321
|
216,155
|
209,580
|
|||||
Non-interest checking
|
102,429
|
94,269
|
83,794
|
|||||
Certificates of deposit
|
263,150
|
273,085
|
291,706
|
|||||
Total deposits
|
$ 716,530
|
$ 696,749
|
$ 688,048
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
March 31, 2011
|
(dollars in thousands)
|
|||||||||||||
Non-performing assets
|
||||||||||||||
Commercial
|
$ 339
|
$ 776
|
$ 1,756
|
$ -
|
$ -
|
$ 2,871
|
||||||||
Commercial real estate
|
-
|
634
|
751
|
-
|
-
|
1,385
|
||||||||
Land
|
-
|
-
|
1,525
|
-
|
1,379
|
2,904
|
||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
One-to-four family construction
|
2,118
|
2,088
|
-
|
-
|
-
|
4,206
|
||||||||
Real estate one-to-four family
|
-
|
310
|
647
|
-
|
-
|
957
|
||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Total non-performing loans
|
2,457
|
3,808
|
4,679
|
-
|
1,379
|
12,323
|
||||||||
REO
|
4,023
|
8,657
|
11,017
|
3,893
|
-
|
27,590
|
||||||||
Total non-performing assets
|
$ 6,480
|
$ 12,465
|
$ 15,696
|
$ 3,893
|
$ 1,379
|
$ 39,913
|
||||||||
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
|
March 31, 2011 |
|
(dollars in thousands) | |||||||||||
Land and Spec Construction Loans
|
||||||||||||||
Land Development Loans
|
$ 6,074
|
$ 4,159
|
$ 36,183
|
$ -
|
$ 8,842
|
$ 55,258
|
||||||||
Spec Construction Loans
|
2,118
|
8,491
|
5,716
|
149
|
-
|
16,474
|
||||||||
Total Land and Spec Construction
|
$ 8,192
|
$ 12,650
|
$ 41,899
|
$ 149
|
$ 8,842
|
$ 71,732
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||
SELECTED OPERATING DATA
|
March 31, 2011
|
Dec. 31, 2010
|
March 31, 2010
|
March 31, 2011
|
March 31, 2010
|
||||
Efficiency ratio (4)
|
82.16%
|
77.34%
|
114.53%
|
73.16%
|
82.97%
|
||||
Coverage ratio (6)
|
101.41%
|
106.71%
|
71.83%
|
111.64%
|
99.75%
|
||||
Return on average assets (1)
|
0.41%
|
0.27%
|
-2.22%
|
0.51%
|
-0.62%
|
||||
Return on average equity (1)
|
3.20%
|
2.13%
|
-21.23%
|
4.29%
|
-6.00%
|
||||
Average rate earned on interest-earned assets
|
5.63%
|
5.60%
|
5.86%
|
5.70%
|
5.82%
|
||||
Average rate paid on interest-bearing liabilities
|
1.08%
|
1.18%
|
1.47%
|
1.24%
|
1.63%
|
||||
Spread (7)
|
4.55%
|
4.42%
|
4.39%
|
4.46%
|
4.19%
|
||||
Net interest margin
|
4.71%
|
4.60%
|
4.54%
|
4.64%
|
4.39%
|
||||
PER SHARE DATA
|
|||||||||
Basic earnings per share (2)
|
$ 0.04
|
$ 0.03
|
$ (0.44)
|
$ 0.24
|
$ (0.51)
|
||||
Diluted earnings per share (3)
|
0.04
|
0.03
|
(0.44)
|
0.24
|
(0.51)
|
||||
Book value per share (5)
|
4.76
|
4.72
|
7.68
|
4.76
|
7.68
|
||||
Tangible book value per share (5)
|
3.59
|
3.55
|
5.27
|
3.59
|
5.27
|
||||
Market price per share:
|
|||||||||
High for the period
|
$ 3.21
|
$ 2.80
|
$ 2.94
|
$ 3.81
|
$ 4.32
|
||||
Low for the period
|
2.69
|
2.00
|
2.21
|
1.73
|
2.21
|
||||
Close for period end
|
3.04
|
2.72
|
2.30
|
3.04
|
2.30
|
||||
Cash dividends declared per share
|
-
|
-
|
-
|
-
|
-
|
||||
Average number of shares outstanding:
|
|||||||||
Basic (2)
|
22,302,538
|
22,296,378
|
10,729,788
|
18,341,191
|
10,720,525
|
||||
Diluted (3)
|
22,302,538
|
22,297,043
|
10,729,788
|
18,341,308
|
10,720,525
|
(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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