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: January 31, 2012 | /s/Kevin J. Lycklama |
Kevin J. Lycklama
|
|
Chief Financial Officer
(Principal Financial Officer)
|
Contacts: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
|
·
|
Credit Quality: Nonperforming loans (NPLs) increased to $32.0 million, or 4.61% of total loans. Real estate owned (REO) decreased to $20.7 million from $25.6 million at September 30, 2011.
|
·
|
Capital and Liquidity: The Company remains very well capitalized with total risk-based capital ratio of 13.14% and a tangible common equity ratio of 7.84%. Liquidity remains strong with no outstanding borrowings and increased on-balance sheet liquidity.
|
·
|
Balance Sheet Review: Branch deposit growth remained strong during the quarter. Branch deposits increased $9.6 million and total deposits increased $5.8 million during the quarter. Average deposits increased $18.4 million during the quarter and $31.6 million from the same quarter as the prior year. Loan balances decreased $2.2 million as loan growth has continued to be challenging. Average loan balances decreased $1.7 million during the quarter.
|
·
|
Net Interest Margin: The net interest margin during the third fiscal quarter was 4.21%.
|
·
|
Income Statement: Net loss was $16.6 million, or $0.74 per diluted share, as a result of the increase in the provision for loan losses and the deferred tax asset valuation.
|
·
|
Deferred Tax Asset Valuation: The Company established a deferred tax asset valuation allowance of $8.7 million. This allowance represents a non-cash accounting entry that may be reversed in future periods if, among other considerations, the Company returns to sustained profitability. Reversals of this allowance would increase the Company’s net income in these future periods.
|
|
December 31,
|
September 30,
|
December 31,
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2011
|
2011
|
2010
|
2011
|
||||||||||||
Shareholders’ equity
|
$ | 91,567 | $ | 108,149 | $ | 106,030 | $ | 106,944 | ||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Other intangible assets, net
|
456 | 511 | 665 | 615 | ||||||||||||
Tangible shareholders’ equity
|
$ | 65,539 | $ | 82,066 | $ | 79,793 | $ | 80,757 | ||||||||
Total assets
|
$ | 862,330 | $ | 873,396 | $ | 838,417 | $ | 859,263 | ||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Other intangible assets, net
|
456 | 511 | 665 | 615 | ||||||||||||
Tangible assets
|
$ | 836,302 | $ | 847,313 | $ | 812,180 | $ | 833,076 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||
(In thousands, except share data) (Unaudited)
|
December 31, 2011
|
September 30, 2011
|
December 31, 2010
|
March 31, 2011
|
||||||||||||
ASSETS
|
||||||||||||||||
Cash (including interest-earning accounts of $23,146, $32,955, $27,548
|
$ | 36,313 | $ | 50,148 | $ | 35,900 | $ | 51,752 | ||||||||
and $37,349)
|
||||||||||||||||
Certificate of deposits
|
42,718 | 23,847 | 17,141 | 14,900 | ||||||||||||
Loans held for sale
|
659 | 264 | 581 | 173 | ||||||||||||
Investment securities held to maturity, at amortized cost
|
493 | 499 | 505 | 506 | ||||||||||||
Investment securities available for sale, at fair value
|
6,337 | 6,707 | 6,255 | 6,320 | ||||||||||||
Mortgage-backed securities held to maturity, at amortized
|
177 | 181 | 194 | 190 | ||||||||||||
Mortgage-backed securities available for sale, at fair value
|
1,146 | 1,341 | 2,007 | 1,777 | ||||||||||||
Loans receivable (net of allowance for loan losses of $15,926, $14,672,
|
||||||||||||||||
$17,463, and $14,968)
|
678,626 | 680,838 | 660,075 | 672,609 | ||||||||||||
Real estate and other pers. property owned
|
20,667 | 25,585 | 30,704 | 27,590 | ||||||||||||
Prepaid expenses and other assets
|
6,087 | 6,020 | 6,206 | 5,887 | ||||||||||||
Accrued interest receivable
|
2,378 | 2,402 | 2,498 | 2,523 | ||||||||||||
Federal Home Loan Bank stock, at cost
|
7,350 | 7,350 | 7,350 | 7,350 | ||||||||||||
Premises and equipment, net
|
16,351 | 16,568 | 15,655 | 16,100 | ||||||||||||
Deferred income taxes, net
|
594 | 9,307 | 11,307 | 9,447 | ||||||||||||
Mortgage servicing rights, net
|
299 | 334 | 423 | 396 | ||||||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Core deposit intangible, net
|
157 | 177 | 242 | 219 | ||||||||||||
Bank owned life insurance
|
16,406 | 16,256 | 15,802 | 15,952 | ||||||||||||
TOTAL ASSETS
|
$ | 862,330 | $ | 873,396 | $ | 838,417 | $ | 859,263 | ||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||
LIABILITIES:
|
||||||||||||||||
Deposit accounts
|
$ | 735,046 | $ | 729,259 | $ | 696,749 | $ | 716,530 | ||||||||
Accrued expenses and other liabilities
|
9,574 | 9,459 | 9,697 | 9,396 | ||||||||||||
Advance payments by borrowers for taxes and insurance
|
409 | 797 | 227 | 680 | ||||||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Capital lease obligation
|
2,531 | 2,544 | 2,578 | 2,567 | ||||||||||||
Total liabilities
|
770,241 | 764,740 | 731,932 | 751,854 | ||||||||||||
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,
|
||||||||||||||||
December 31, 2011 - 22,471,890 issued and outstanding;
|
||||||||||||||||
September 30, 2011 - 22,471,890 issued and outstanding;
|
225 | 225 | 225 | 225 | ||||||||||||
December 31, 2010 – 22,471,890 issued and outstanding;
|
||||||||||||||||
March 31, 2011 – 22,471,890 issued and outstanding;
|
||||||||||||||||
Additional paid-in capital
|
65,621 | 65,626 | 65,642 | 65,639 | ||||||||||||
Retained earnings
|
27,493 | 44,088 | 42,339 | 43,193 | ||||||||||||
Unearned shares issued to employee stock ownership trust
|
(619 | ) | (644 | ) | (722 | ) | (696 | ) | ||||||||
Accumulated other comprehensive loss
|
(1,153 | ) | (1,146 | ) | (1,454 | ) | (1,417 | ) | ||||||||
Total shareholders’ equity
|
91,567 | 108,149 | 106,030 | 106,944 | ||||||||||||
Noncontrolling interest
|
522 | 507 | 455 | 465 | ||||||||||||
Total equity
|
92,089 | 108,656 | 106,485 | 107,409 | ||||||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 862,330 | $ | 873,396 | $ | 838,417 | $ | 859,263 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$ | 9,669 | $ | 9,815 | $ | 10,593 | $ | 29,764 | $ | 32,458 | ||||||||||
Interest on investment securities-taxable
|
28 | 36 | 28 | 109 | 115 | |||||||||||||||
Interest on investment securities-non taxable
|
11 | 12 | 14 | 35 | 43 | |||||||||||||||
Interest on mortgage-backed securities
|
12 | 13 | 21 | 41 | 70 | |||||||||||||||
Other interest and dividends
|
109 | 89 | 77 | 273 | 140 | |||||||||||||||
Total interest income
|
9,829 | 9,965 | 10,733 | 30,222 | 32,826 | |||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
1,061 | 1,158 | 1,567 | 3,449 | 5,232 | |||||||||||||||
Interest on borrowings
|
381 | 372 | 359 | 1,121 | 1,119 | |||||||||||||||
Total interest expense
|
1,442 | 1,530 | 1,926 | 4,570 | 6,351 | |||||||||||||||
Net interest income
|
8,387 | 8,435 | 8,807 | 25,652 | 26,475 | |||||||||||||||
Less provision for loan losses
|
8,100 | 2,200 | 1,600 | 11,850 | 4,575 | |||||||||||||||
Net interest income after provision for loan losses
|
287 | 6,235 | 7,207 | 13,802 | 21,900 | |||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
962 | 1,078 | 955 | 3,082 | 3,131 | |||||||||||||||
Asset management fees
|
568 | 570 | 520 | 1,763 | 1,533 | |||||||||||||||
Gain on sale of loans held for sale
|
29 | 21 | 96 | 73 | 339 | |||||||||||||||
Bank owned life insurance income
|
151 | 153 | 151 | 455 | 451 | |||||||||||||||
Other
|
(180 | ) | 10 | 142 | (107 | ) | 696 | |||||||||||||
Total non-interest income
|
1,530 | 1,832 | 1,864 | 5,266 | 6,150 | |||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
4,014 | 3,514 | 4,090 | 12,039 | 12,115 | |||||||||||||||
Occupancy and depreciation
|
1,211 | 1,166 | 1,208 | 3,540 | 3,497 | |||||||||||||||
Data processing
|
306 | 542 | 274 | 1,136 | 774 | |||||||||||||||
Amortization of core deposit intangible
|
20 | 20 | 23 | 62 | 72 | |||||||||||||||
Advertising and marketing expense
|
286 | 283 | 187 | 814 | 577 | |||||||||||||||
FDIC insurance premium
|
289 | 286 | 402 | 848 | 1,240 | |||||||||||||||
State and local taxes
|
150 | 81 | 184 | 410 | 502 | |||||||||||||||
Telecommunications
|
109 | 108 | 105 | 324 | 317 | |||||||||||||||
Professional fees
|
334 | 298 | 311 | 971 | 958 | |||||||||||||||
Real estate owned expenses
|
2,781 | 756 | 897 | 3,967 | 1,183 | |||||||||||||||
Other
|
692 | 791 | 572 | 2,083 | 1,695 | |||||||||||||||
Total non-interest expense
|
10,192 | 7,845 | 8,253 | 26,194 | 22,930 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(8,375 | ) | 222 | 818 | (7,126 | ) | 5,120 | |||||||||||||
PROVISION FOR INCOME TAXES
|
8,220 | 41 | 239 | 8,574 | 1,659 | |||||||||||||||
NET INCOME (LOSS)
|
$ | (16,595 | ) | $ | 181 | $ | 579 | $ | (15,700 | ) | $ | 3,461 | ||||||||
Earnings (loss) per common share:
|
||||||||||||||||||||
Basic
|
$ | (0.74 | ) | $ | 0.01 | $ | 0.03 | $ | (0.70 | ) | $ | 0.20 | ||||||||
Diluted
|
$ | (0.74 | ) | $ | 0.01 | $ | 0.03 | $ | (0.70 | ) | $ | 0.20 | ||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||||||
Basic
|
22,321,011 | 22,314,854 | 22,296,378 | 22,314,876 | 17,044,751 | |||||||||||||||
Diluted
|
22,321,011 | 22,314,854 | 22,297,043 | 22,314,876 | 17,044,751 |
(Dollars in thousands)
|
At or for the three months ended
|
At or for the nine months ended
|
||||||||||||||||||
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$ | 790,922 | $ | 770,719 | $ | 760,826 | $ | 774,326 | $ | 761,816 | ||||||||||
Average interest-bearing liabilities
|
651,368 | 640,605 | 645,014 | 642,974 | 653,352 | |||||||||||||||
Net average earning assets
|
139,554 | 130,114 | 115,812 | 131,352 | 108,464 | |||||||||||||||
Average loans
|
694,205 | 695,941 | 692,025 | 693,856 | 709,868 | |||||||||||||||
Average deposits
|
742,899 | 724,473 | 711,305 | 727,704 | 709,057 | |||||||||||||||
Average equity
|
109,301 | 109,729 | 107,728 | 109,402 | 98,198 | |||||||||||||||
Average tangible equity
|
83,238 | 83,614 | 81,443 | 83,287 | 71,864 | |||||||||||||||
ASSET QUALITY
|
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010 | |||||||||||||||||
Non-performing loans
|
32,037 | 29,680 | 16,879 | |||||||||||||||||
Non-performing loans to total loans
|
4.61 | % | 4.27 | % | 2.49 | % | ||||||||||||||
Real estate/repossessed assets owned
|
20,667 | 25,585 | 30,704 | |||||||||||||||||
Non-performing assets
|
52,704 | 55,265 | 47,583 | |||||||||||||||||
Non-performing assets to total assets
|
6.11 | % | 6.33 | % | 5.68 | % | ||||||||||||||
Net loan charge-offs in the quarter
|
6,846 | 3,587 | 3,166 | |||||||||||||||||
Net charge-offs in the quarter/average net loans
|
3.91 | % | 2.04 | % | 1.82 | % | ||||||||||||||
Allowance for loan losses
|
15,926 | 14,672 | 17,463 | |||||||||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||
interest-bearing liabilities
|
121.42 | % | 120.31 | % | 117.95 | % | ||||||||||||||
Allowance for loan losses to
|
||||||||||||||||||||
non-performing loans
|
49.71 | % | 49.43 | % | 103.46 | % | ||||||||||||||
Allowance for loan losses to total loans
|
2.29 | % | 2.11 | % | 2.58 | % | ||||||||||||||
Shareholders’ equity to assets
|
10.62 | % | 12.38 | % | 12.65 | % | ||||||||||||||
CAPITAL RATIOS
|
||||||||||||||||||||
Total capital (to risk weighted assets)
|
13.14 | % | 14.29 | % | 14.72 | % | ||||||||||||||
Tier 1 capital (to risk weighted assets)
|
11.89 | % | 13.03 | % | 13.46 | % | ||||||||||||||
Tier 1 capital (to leverage assets)
|
9.74 | % | 10.79 | % | 11.02 | % | ||||||||||||||
Tangible common equity (to tangible assets)
|
7.84 | % | 9.69 | % | 9.82 | % | ||||||||||||||
DEPOSIT MIX
|
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010
|
March 31, 2011
|
||||||||||||||||
Interest checking
|
$ | 96,757 | $ | 92,006 | $ | 78,327 | $ | 77,399 | ||||||||||||
Regular savings
|
42,453 | 40,871 | 34,913 | 37,231 | ||||||||||||||||
Money market deposit accounts
|
235,902 | 227,095 | 216,155 | 236,321 | ||||||||||||||||
Non-interest checking
|
116,854 | 116,645 | 94,269 | 102,429 | ||||||||||||||||
Certificates of deposit
|
243,080 | 252,642 | 273,085 | 263,150 | ||||||||||||||||
Total deposits
|
$ | 735,046 | $ | 729,259 | $ | 696,749 | $ | 716,530 |
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||
Commercial
|
Commercial
|
|||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||
December 31, 2011
|
(Dollars in thousands)
|
|||||||
Commercial
|
$ 86,759
|
$ -
|
$ -
|
$ 86,759
|
||||
Commercial construction
|
-
|
-
|
10,772
|
10,772
|
||||
Office buildings
|
-
|
99,880
|
-
|
99,880
|
||||
Warehouse/industrial
|
-
|
43,868
|
-
|
43,868
|
||||
Retail/shopping centers/strip malls
|
-
|
83,207
|
-
|
83,207
|
||||
Assisted living facilities
|
-
|
37,160
|
-
|
37,160
|
||||
Single purpose facilities
|
-
|
94,385
|
-
|
94,385
|
||||
Land
|
-
|
45,502
|
-
|
45,502
|
||||
Multi-family
|
-
|
44,286
|
-
|
44,286
|
||||
One-to-four family
|
-
|
-
|
16,772
|
16,772
|
||||
Total
|
$ 86,759
|
$ 448,288
|
$ 27,544
|
$ 562,591
|
||||
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
|
||||
LOAN MIX
|
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010
|
March 31, 2011
|
||||
Commercial and construction
|
||||||||
Commercial
|
$ 86,759
|
$ 88,017
|
$ 85,768
|
$ 85,511
|
||||
Other real estate mortgage
|
448,288
|
455,153
|
454,058
|
461,955
|
||||
Real estate construction
|
27,544
|
30,221
|
32,870
|
27,385
|
||||
Total commercial and construction
|
562,591
|
573,391
|
572,696
|
574,851
|
||||
Consumer
|
||||||||
Real estate one-to-four family
|
129,780
|
119,805
|
102,488
|
110,437
|
||||
Other installment
|
2,181
|
2,314
|
2,354
|
2,289
|
||||
Total consumer
|
131,961
|
122,119
|
104,842
|
112,726
|
||||
Total loans
|
694,552
|
695,510
|
677,538
|
687,577
|
||||
Less:
|
||||||||
Allowance for loan losses
|
15,926
|
14,672
|
17,463
|
14,968
|
||||
Loans receivable, net
|
$ 678,626
|
$ 680,838
|
$ 660,075
|
$ 672,609
|
||||
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
December 31, 2011
|
(dollars in thousands)
|
|||||||||||||
Non-performing assets
|
||||||||||||||
Commercial
|
$ 957
|
$ 601
|
$ 1,440
|
$ -
|
$ -
|
$ 2,998
|
||||||||
Commercial real estate
|
2,756
|
4
|
3,760
|
-
|
2,411
|
8,931
|
||||||||
Land
|
-
|
533
|
8,970
|
-
|
5,000
|
14,503
|
||||||||
Multi-family
|
-
|
598
|
-
|
-
|
-
|
598
|
||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
One-to-four family construction
|
1,579
|
1,707
|
143
|
-
|
-
|
3,429
|
||||||||
Real estate one-to-four family
|
903
|
433
|
242
|
-
|
-
|
1,578
|
||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Total non-performing loans
|
6,195
|
3,876
|
14,555
|
-
|
7,411
|
32,037
|
||||||||
REO
|
3,815
|
6,676
|
6,764
|
3,412
|
-
|
20,667
|
||||||||
Total non-performing assets
|
$ 10,010
|
$ 10,552
|
$ 21,319
|
$ 3,412
|
$ 7,411
|
$ 52,704
|
||||||||
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
December 31, 2011
|
(dollars in thousands)
|
|||||||||||||
Land and Spec Construction Loans
|
||||||||||||||
Land Development Loans
|
$ 6,054
|
$ 4,216
|
$ 30,232
|
$ -
|
$ 5,000
|
$ 45,502
|
||||||||
Spec Construction Loans
|
1,579
|
8,191
|
3,184
|
71
|
-
|
13,025
|
||||||||
Total Land and Spec Construction
|
$ 7,633
|
$ 12,407
|
$ 33,416
|
$ 71
|
$ 5,000
|
$ 58,527
|
At or for the three months ended
|
At or for the nine months ended
|
|||||
SELECTED OPERATING DATA
|
Dec. 31, 2011
|
Sept. 30, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Efficiency ratio (4)
|
102.77%
|
76.41%
|
77.34%
|
84.72%
|
70.28%
|
|
Coverage ratio (6)
|
82.29%
|
107.52%
|
106.71%
|
97.93%
|
115.46%
|
|
Return on average assets (1)
|
-7.42%
|
0.08%
|
0.27%
|
-2.39%
|
0.54%
|
|
Return on average equity (1)
|
-60.24%
|
0.65%
|
2.13%
|
-19.05%
|
4.68%
|
|
NET INTEREST SPREAD
|
||||||
Yield on loans
|
5.53%
|
5.59%
|
6.07%
|
5.69%
|
6.07%
|
|
Yield on investment securities
|
2.66%
|
2.59%
|
2.74%
|
2.72%
|
2.91%
|
|
Total yield on interest earning assets
|
4.93%
|
5.13%
|
5.60%
|
5.18%
|
5.72%
|
|
Cost of interest bearing deposits
|
0.67%
|
0.75%
|
1.00%
|
0.74%
|
1.12%
|
|
Cost of FHLB advances and other borrowings
|
5.99%
|
5.86%
|
5.64%
|
5.89%
|
4.29%
|
|
Total cost of interest bearing liabilities
|
0.88%
|
0.95%
|
1.18%
|
0.94%
|
1.29%
|
|
Spread (7)
|
4.05%
|
4.18%
|
4.42%
|
4.24%
|
4.43%
|
|
Net interest margin
|
4.21%
|
4.35%
|
4.60%
|
4.40%
|
4.62%
|
|
PER SHARE DATA
|
||||||
Basic earnings per share (2)
|
$ (0.74)
|
$ 0.01
|
$ 0.03
|
$ (0.70)
|
$ 0.20
|
|
Diluted earnings per share (3)
|
(0.74)
|
0.01
|
0.03
|
(0.70)
|
0.20
|
|
Book value per share (5)
|
4.07
|
4.81
|
4.72
|
4.07
|
4.72
|
|
Tangible book value per share (5)
|
2.92
|
3.65
|
3.55
|
2.92
|
3.55
|
|
Market price per share:
|
||||||
High for the period
|
$ 2.50
|
$ 3.12
|
$ 2.80
|
$ 3.18
|
$ 3.81
|
|
Low for the period
|
2.11
|
2.20
|
2.00
|
2.11
|
1.73
|
|
Close for period end
|
2.37
|
2.40
|
2.72
|
2.37
|
2.72
|
|
Cash dividends declared per share
|
-
|
-
|
-
|
-
|
-
|
|
Average number of shares outstanding:
|
||||||
Basic (2)
|
22,321,011
|
22,314,854
|
22,296,378
|
22,314,876
|
17,044,751
|
|
Diluted (3)
|
22,321,011
|
22,314,854
|
22,297,043
|
22,314,876
|
17,044,751
|
(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.
|