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 25, 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
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31,
2012
|
December 31,
2011
|
March 31,
2011
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $33,437, $23,146
|
$ | 46,393 | $ | 36,313 | $ | 51,752 | ||||||
and $37,349)
|
||||||||||||
Certificate of deposits
|
41,473 | 42,718 | 14,900 | |||||||||
Loans held for sale
|
480 | 659 | 173 | |||||||||
Investment securities held to maturity, at amortized cost
|
493 | 493 | 506 | |||||||||
Investment securities available for sale, at fair value
|
6,314 | 6,337 | 6,320 | |||||||||
Mortgage-backed securities held to maturity, at amortized
|
171 | 177 | 190 | |||||||||
Mortgage-backed securities available for sale, at fair value
|
974 | 1,146 | 1,777 | |||||||||
Loans receivable (net of allowance for loan losses of $19,921, $15,926
|
||||||||||||
and $14,968)
|
664,888 | 678,626 | 672,609 | |||||||||
Real estate and other pers. property owned
|
18,731 | 20,667 | 27,590 | |||||||||
Prepaid expenses and other assets
|
6,362 | 6,087 | 5,887 | |||||||||
Accrued interest receivable
|
2,158 | 2,378 | 2,523 | |||||||||
Federal Home Loan Bank stock, at cost
|
7,350 | 7,350 | 7,350 | |||||||||
Premises and equipment, net
|
17,068 | 16,351 | 16,100 | |||||||||
Deferred income taxes, net
|
603 | 594 | 9,447 | |||||||||
Mortgage servicing rights, net
|
278 | 299 | 396 | |||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Core deposit intangible, net
|
137 | 157 | 219 | |||||||||
Bank owned life insurance
|
16,553 | 16,406 | 15,952 | |||||||||
TOTAL ASSETS
|
$ | 855,998 | $ | 862,330 | $ | 859,263 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts
|
$ | 744,455 | $ | 735,046 | $ | 716,530 | ||||||
Accrued expenses and other liabilities
|
9,398 | 9,574 | 9,396 | |||||||||
Advance payments by borrowers for taxes and insurance
|
800 | 409 | 680 | |||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | |||||||||
Capital lease obligation
|
2,513 | 2,531 | 2,567 | |||||||||
Total liabilities
|
779,847 | 770,241 | 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,
|
||||||||||||
March 31, 2012 – 22,471,890 issued and outstanding;
|
225 | 225 | 225 | |||||||||
December 31, 2011 - 22,471,890 issued and outstanding;
|
||||||||||||
March 31, 2011 – 22,471,890 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
65,610 | 65,621 | 65,639 | |||||||||
Retained earnings
|
11,536 | 27,493 | 43,193 | |||||||||
Unearned shares issued to employee stock ownership trust
|
(593 | ) | (619 | ) | (696 | ) | ||||||
Accumulated other comprehensive loss
|
(1,171 | ) | (1,153 | ) | (1,417 | ) | ||||||
Total shareholders’ equity
|
75,607 | 91,567 | 106,944 | |||||||||
Noncontrolling interest
|
544 | 522 | 465 | |||||||||
Total equity
|
76,151 | 92,089 | 107,409 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 855,998 | $ | 862,330 | $ | 859,263 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
|||||||||||||||
Consolidated Statements of Operations
|
|||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
||||||||||
INTEREST INCOME:
|
|||||||||||||||
Interest and fees on loans receivable
|
$ | 9,130 | $ | 9,669 | $ | 10,239 | $ | 38,894 | $ | 42,697 | |||||
Interest on investment securities-taxable
|
36 | 28 | 49 | 145 | 164 | ||||||||||
Interest on investment securities-non taxable
|
7 | 11 | 12 | 42 | 55 | ||||||||||
Interest on mortgage-backed securities
|
10 | 12 | 18 | 51 | 88 | ||||||||||
Other interest and dividends
|
127 | 109 | 70 | 400 | 210 | ||||||||||
Total interest income
|
9,310 | 9,829 | 10,388 | 39,532 | 43,214 | ||||||||||
INTEREST EXPENSE:
|
|||||||||||||||
Interest on deposits
|
908 | 1,061 | 1,337 | 4,357 | 6,569 | ||||||||||
Interest on borrowings
|
387 | 381 | 364 | 1,508 | 1,483 | ||||||||||
Total interest expense
|
1,295 | 1,442 | 1,701 | 5,865 | 8,052 | ||||||||||
Net interest income
|
8,015 | 8,387 | 8,687 | 33,667 | 35,162 | ||||||||||
Less provision for loan losses
|
17,500 | 8,100 | 500 | 29,350 | 5,075 | ||||||||||
Net interest income (loss) after provision for loan losses
|
(9,485 | ) | 287 | 8,187 | 4,317 | 30,087 | |||||||||
NON-INTEREST INCOME:
|
|||||||||||||||
Fees and service charges
|
914 | 962 | 916 | 3,996 | 4,047 | ||||||||||
Asset management fees
|
604 | 568 | 546 | 2,367 | 2,079 | ||||||||||
Gain on sale of loans held for sale
|
87 | 29 | 54 | 160 | 393 | ||||||||||
Bank owned life insurance income
|
146 | 151 | 150 | 601 | 601 | ||||||||||
Other
|
(190 | ) | (180 | ) | 73 | (297 | ) | 769 | |||||||
Total non-interest income
|
1,561 | 1,530 | 1,739 | 6,827 | 7,889 | ||||||||||
NON-INTEREST EXPENSE:
|
|||||||||||||||
Salaries and employee benefits
|
3,850 | 4,014 | 4,601 | 15,889 | 16,716 | ||||||||||
Occupancy and depreciation
|
1,253 | 1,211 | 1,180 | 4,793 | 4,677 | ||||||||||
Data processing
|
285 | 306 | 293 | 1,421 | 1,067 | ||||||||||
Amortization of core deposit intangible
|
20 | 20 | 24 | 82 | 96 | ||||||||||
Advertising and marketing expense
|
184 | 286 | 172 | 998 | 749 | ||||||||||
FDIC insurance premium
|
288 | 289 | 400 | 1,136 | 1,640 | ||||||||||
State and local taxes
|
139 | 150 | 136 | 549 | 638 | ||||||||||
Telecommunications
|
110 | 109 | 111 | 434 | 428 | ||||||||||
Professional fees
|
283 | 334 | 352 | 1,254 | 1,310 | ||||||||||
Real estate owned expenses
|
1,130 | 2,781 | 634 | 5,097 | 1,817 | ||||||||||
Other
|
687 | 692 | 663 | 2,770 | 2,358 | ||||||||||
Total non-interest expense
|
8,229 | 10,192 | 8,566 | 34,423 | 31,496 | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(16,153 | ) | (8,375 | ) | 1,360 | (23,279 | ) | 6,480 | |||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
(196 | ) | 8,220 | 506 | 8,378 | 2,165 | |||||||||
NET INCOME (LOSS)
|
$ | (15,957 | ) | $ | (16,595 | ) | $ | 854 | $ | (31,657 | ) | $ | 4,315 | ||
Earnings (loss) per common share:
|
|||||||||||||||
Basic
|
$ | (0.71 | ) | $ | (0.74 | ) | $ | 0.04 | $ | (1.42 | ) | $ | 0.24 | ||
Diluted
|
$ | (0.71 | ) | $ | (0.74 | ) | $ | 0.04 | $ | (1.42 | ) | $ | 0.24 | ||
Weighted average number of shares outstanding:
|
|||||||||||||||
Basic
|
22,327,171 | 22,321,011 | 22,302,538 | 22,317,933 | 18,341,191 | ||||||||||
Diluted
|
22,327,171 | 22,321,011 | 22,302,538 | 22,317,933 | 18,341,308 |
(Dollars in thousands)
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$ | 788,488 | $ | 790,922 | $ | 748,907 | $ | 777,864 | $ | 758,847 | ||||||||||
Average interest-bearing liabilities
|
652,607 | 651,368 | 639,503 | 645,369 | 649,342 | |||||||||||||||
Net average earning assets
|
135,881 | 139,554 | 109,404 | 132,495 | 109,505 | |||||||||||||||
Average loans
|
695,973 | 694,205 | 685,507 | 694,382 | 703,861 | |||||||||||||||
Average deposits
|
741,320 | 742,899 | 705,456 | 731,089 | 708,169 | |||||||||||||||
Average equity
|
91,171 | 109,301 | 108,114 | 104,869 | 100,643 | |||||||||||||||
Average tangible equity
|
65,156 | 83,238 | 81,896 | 78,779 | 74,337 |
ASSET QUALITY
|
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
|||
Non-performing loans
|
44,163
|
32,037
|
12,323
|
|||
Non-performing loans to total loans
|
6.45%
|
4.61%
|
1.79%
|
|||
Real estate/repossessed assets owned
|
18,731
|
20,667
|
27,590
|
|||
Non-performing assets
|
62,894
|
52,704
|
39,913
|
|||
Non-performing assets to total assets
|
7.35%
|
6.11%
|
4.65%
|
|||
Net loan charge-offs in the quarter
|
13,505
|
6,846
|
2,995
|
|||
Net charge-offs in the quarter/average net loans
|
7.80%
|
3.91%
|
1.77%
|
|||
Allowance for loan losses
|
19,921
|
15,926
|
14,968
|
|||
Average interest-earning assets to average
|
||||||
interest-bearing liabilities
|
120.82%
|
121.42%
|
117.11%
|
|||
Allowance for loan losses to
|
||||||
non-performing loans
|
45.11%
|
49.71%
|
121.46%
|
|||
Allowance for loan losses to total loans
|
2.91%
|
2.29%
|
2.18%
|
|||
Shareholders’ equity to assets
|
8.83%
|
10.62%
|
12.45%
|
|||
CAPITAL RATIOS
|
||||||
Total capital (to risk weighted assets)
|
12.11%
|
13.14%
|
14.61%
|
|||
Tier 1 capital (to risk weighted assets)
|
10.84%
|
11.89%
|
13.35%
|
|||
Tier 1 capital (to leverage assets)
|
8.76%
|
9.74%
|
11.24%
|
|||
Tangible common equity (to tangible assets)
|
5.98%
|
7.84%
|
9.69%
|
DEPOSIT MIX
|
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
|||||
Interest checking
|
$ | 106,904 | $ | 96,757 | $ | 77,399 | ||
Regular savings
|
45,741 | 42,453 | 37,231 | |||||
Money market deposit accounts
|
244,919 | 235,902 | 236,321 | |||||
Non-interest checking
|
116,882 | 116,854 | 102,429 | |||||
Certificates of deposit
|
230,009 | 243,080 | 263,150 | |||||
Total deposits
|
$ | 744,455 | $ | 735,046 | $ | 716,530 |
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Commercial
|
Commercial
|
|||||||||||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||||||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
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 | ||||||||
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
|
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
|||||||||
Commercial and construction
|
||||||||||||
Commercial
|
$ | 87,238 | $ | 86,759 | $ | 85,511 | ||||||
Other real estate mortgage
|
434,763 | 448,288 | 461,955 | |||||||||
Real estate construction
|
25,791 | 27,544 | 27,385 | |||||||||
Total commercial and construction
|
547,792 | 562,591 | 574,851 | |||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
134,975 | 129,780 | 110,437 | |||||||||
Other installment
|
2,042 | 2,181 | 2,289 | |||||||||
Total consumer
|
137,017 | 131,961 | 112,726 | |||||||||
Total loans
|
684,809 | 694,552 | 687,577 | |||||||||
Less:
|
||||||||||||
Allowance for loan losses
|
19,921 | 15,926 | 14,968 | |||||||||
Loans receivable, net
|
$ | 664,888 | $ | 678,626 | $ | 672,609 |
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||||||||||||
March 31, 2012
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Non-performing assets
|
||||||||||||||||||||||||
Commercial
|
$ | 194 | $ | 746 | $ | 2,990 | $ | - | $ | - | $ | 3,930 | ||||||||||||
Commercial real estate
|
1,867 | - | 9,735 | - | 2,348 | 13,950 | ||||||||||||||||||
Land
|
- | 1,902 | 6,383 | - | 4,700 | 12,985 | ||||||||||||||||||
Multi-family
|
627 | 1,000 | - | - | - | 1,627 | ||||||||||||||||||
Commercial construction
|
- | - | - | - | - | - | ||||||||||||||||||
One-to-four family construction
|
1,246 | 6,117 | 393 | - | - | 7,756 | ||||||||||||||||||
Real estate one-to-four family
|
678 | 189 | 3,048 | - | - | 3,915 | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Total non-performing loans
|
4,612 | 9,954 | 22,549 | - | 7,048 | 44,163 | ||||||||||||||||||
REO
|
2,477 | 5,863 | 6,825 | 3,566 | - | 18,731 | ||||||||||||||||||
Total non-performing assets
|
$ | 7,089 | $ | 15,817 | $ | 29,374 | $ | 3,566 | $ | 7,048 | $ | 62,894 |
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
|
||||||||||||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||||||||||||
March 31, 2012
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Land and spec construction loans
|
||||||||||||||||||||||||
Land development loans
|
$ | 6,044 | $ | 3,672 | $ | 24,472 | $ | - | $ | 4,700 | $ | 38,888 | ||||||||||||
Spec construction loans
|
1,246 | 6,117 | 3,006 | 392 | - | 10,761 | ||||||||||||||||||
Total land and spec construction
|
$ | 7,290 | $ | 9,789 | $ | 27,478 | $ | 392 | $ | 4,700 | $ | 49,649 |
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
SELECTED OPERATING DATA
|
March 31, 2012
|
Dec. 31, 2011
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
||||||||||||||
Efficiency ratio (4)
|
85.93 | % | 102.77 | % | 82.16 | % | 85.01 | % | 73.16 | % | |||||||||
Coverage ratio (6)
|
97.40 | % | 82.29 | % | 101.41 | % | 97.80 | % | 111.64 | % | |||||||||
Return on average assets (1)
|
-7.40 | % | -7.42 | % | 0.41 | % | -3.64 | % | 0.51 | % | |||||||||
Return on average equity (1)
|
-70.39 | % | -60.24 | % | 3.20 | % | -30.19 | % | 4.29 | % | |||||||||
NET INTEREST SPREAD
|
|||||||||||||||||||
Yield on loans
|
5.32 | % | 5.53 | % | 6.06 | % | 5.60 | % | 6.07 | % | |||||||||
Yield on investment securities
|
2.36 | % | 2.66 | % | 3.12 | % | 2.63 | % | 2.96 | % | |||||||||
Total yield on interest earning assets
|
4.79 | % | 4.93 | % | 5.63 | % | 5.08 | % | 5.70 | % | |||||||||
Cost of interest bearing deposits
|
0.59 | % | 0.67 | % | 0.88 | % | 0.70 | % | 1.06 | % | |||||||||
Cost of FHLB advances and other borrowings
|
6.23 | % | 5.99 | % | 5.83 | % | 5.97 | % | 4.59 | % | |||||||||
Total cost of interest bearing liabilities
|
0.80 | % | 0.88 | % | 1.08 | % | 0.91 | % | 1.24 | % | |||||||||
Spread (7)
|
3.99 | % | 4.05 | % | 4.55 | % | 4.17 | % | 4.46 | % | |||||||||
Net interest margin
|
4.12 | % | 4.21 | % | 4.71 | % | 4.33 | % | 4.64 | % | |||||||||
PER SHARE DATA
|
|||||||||||||||||||
Basic earnings per share (2)
|
$ | (0.71 | ) | $ | (0.74 | ) | $ | 0.04 | $ | (1.42 | ) | $ | 0.24 | ||||||
Diluted earnings per share (3)
|
(0.71 | ) | (0.74 | ) | 0.04 | (1.42 | ) | 0.24 | |||||||||||
Book value per share (5)
|
3.36 | 4.07 | 4.76 | 3.36 | 4.76 | ||||||||||||||
Tangible book value per share (5)
|
2.21 | 2.92 | 3.59 | 2.21 | 3.59 | ||||||||||||||
Market price per share:
|
|||||||||||||||||||
High for the period
|
$ | 2.46 | $ | 2.50 | $ | 3.21 | $ | 3.18 | $ | 3.81 | |||||||||
Low for the period
|
2.03 | 2.11 | 2.69 | 2.03 | 1.73 | ||||||||||||||
Close for period end
|
2.26 | 2.37 | 3.04 | 2.26 | 3.04 | ||||||||||||||
Cash dividends declared per share
|
- | - | - | - | - | ||||||||||||||
Average number of shares outstanding:
|
|||||||||||||||||||
Basic (2)
|
22,327,171 | 22,321,011 | 22,302,538 | 22,317,933 | 18,341,191 | ||||||||||||||
Diluted (3)
|
22,327,171 | 22,321,011 | 22,302,538 | 22,317,933 | 18,341,308 |
(1)
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Amounts for the quarterly periods are annualized.
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(2)
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Amounts exclude ESOP shares not committed to be released.
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(3)
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Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
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(4)
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Non-interest expense divided by net interest income and non-interest income.
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(5)
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Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
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(6)
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Net interest income divided by non-interest expense.
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(7)
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Yield on interest-earning assets less cost of funds on interest bearing liabilities.
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