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: April 30, 2015 | /s/Kevin J. Lycklama |
Chief Financial Officer
(Principal Financial Officer)
|
![]() |
![]() |
Contacts: Pat Sheaffer, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
|
·
|
Reinstated quarterly cash dividend of $0.01125 per share.
|
·
|
Fourth quarter net income was $1.5 million, or $0.07 per diluted share.
|
·
|
Fourth quarter pre-tax income increased to $2.2 million compared to $1.7 million in the preceding quarter and $1.5 million a year ago.
|
·
|
Net interest margin expanded 13 basis points during the quarter to 3.71%.
|
·
|
Net loans increased to $569.0 million compared to $520.9 million a year ago (9.2% increase).
|
·
|
Classified assets decreased $6.0 million during the current quarter to $16.8 million (26.4% decline).
|
·
|
NPAs declined to 0.81% of total assets from 2.64% a year ago.
|
·
|
Riverview Asset Management Corporation’s assets under management increased $32.7 million during the quarter to $409.3 million.
|
·
|
Total risk-based capital ratio was 15.89% and Tier 1 leverage ratio was 10.89%.
|
(Dollars in thousands)
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
|||||||||
Shareholders' equity
|
$ | 103,801 | $ | 101,912 | $ | 97,978 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
401 | 401 | 395 | |||||||||
Tangible shareholders' equity
|
$ | 77,828 | $ | 75,939 | $ | 72,011 | ||||||
Total assets
|
$ | 858,750 | $ | 828,435 | $ | 824,521 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
401 | 401 | 395 | |||||||||
Tangible assets
|
$ | 832,777 | $ | 802,462 | $ | 798,554 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $45,490, $5,872
|
$ | 58,659 | $ | 21,981 | $ | 68,577 | ||||||
and $51,715)
|
||||||||||||
Certificate of deposits held for investment
|
25,969 | 27,214 | 36,925 | |||||||||
Loans held for sale
|
778 | 724 | 1,024 | |||||||||
Investment securities available for sale, at fair value
|
15,751 | 17,150 | 23,394 | |||||||||
Mortgage-backed securities held to maturity, at amortized
|
86 | 88 | 101 | |||||||||
Mortgage-backed securities available for sale, at fair value
|
96,712 | 101,216 | 78,575 | |||||||||
Loans receivable (net of allowance for loan losses of $10,762, $11,701
|
||||||||||||
and $12,551)
|
569,010 | 567,398 | 520,937 | |||||||||
Real estate and other pers. property owned
|
1,603 | 1,604 | 7,703 | |||||||||
Prepaid expenses and other assets
|
3,236 | 3,041 | 3,197 | |||||||||
Accrued interest receivable
|
2,139 | 2,024 | 1,836 | |||||||||
Federal Home Loan Bank stock, at cost
|
5,924 | 6,120 | 6,744 | |||||||||
Premises and equipment, net
|
15,434 | 15,683 | 16,417 | |||||||||
Deferred income taxes, net
|
12,568 | 13,500 | 15,433 | |||||||||
Mortgage servicing rights, net
|
399 | 393 | 369 | |||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Core deposit intangible, net
|
2 | 8 | 26 | |||||||||
Bank owned life insurance
|
24,908 | 24,719 | 17,691 | |||||||||
TOTAL ASSETS
|
$ | 858,750 | $ | 828,435 | $ | 824,521 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts
|
$ | 720,850 | $ | 689,330 | $ | 690,066 | ||||||
Accrued expenses and other liabilities
|
8,111 | 9,397 | 10,497 | |||||||||
Advance payments by borrowers for taxes and insurance
|
495 | 199 | 467 | |||||||||
Federal Home Loan Bank Advances
|
- | 2,100 | - | |||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | |||||||||
Capital lease obligation
|
2,276 | 2,298 | 2,361 | |||||||||
Total liabilities
|
754,413 | 726,005 | 726,072 | |||||||||
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, 2015 – 22,489,890 issued and outstanding;
|
225 | 225 | 225 | |||||||||
December 31, 2014 - 22,471,890 issued and outstanding;
|
||||||||||||
March 31, 2014 – 22,471,890 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
65,268 | 65,217 | 65,195 | |||||||||
Retained earnings
|
37,830 | 36,565 | 33,592 | |||||||||
Unearned shares issued to employee stock ownership trust
|
(284 | ) | (310 | ) | (387 | ) | ||||||
Accumulated other comprehensive loss
|
762 | 215 | (647 | ) | ||||||||
Total shareholders’ equity
|
103,801 | 101,912 | 97,978 | |||||||||
Noncontrolling interest
|
536 | 518 | 471 | |||||||||
Total equity
|
104,337 | 102,430 | 98,449 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 858,750 | $ | 828,435 | $ | 824,521 |
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
March 31,
2015
|
March 31,
2014
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$ | 6,741 | $ | 6,498 | $ | 6,034 | $ | 25,896 | $ | 25,423 | ||||||||||
Interest on investment securities-taxable
|
100 | 75 | 80 | 357 | 271 | |||||||||||||||
Interest on mortgage-backed securities
|
409 | 520 | 268 | 1,917 | 424 | |||||||||||||||
Other interest and dividends
|
97 | 110 | 154 | 456 | 686 | |||||||||||||||
Total interest income
|
7,347 | 7,203 | 6,536 | 28,626 | 26,804 | |||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
302 | 322 | 436 | 1,326 | 1,973 | |||||||||||||||
Interest on borrowings
|
132 | 163 | 146 | 590 | 595 | |||||||||||||||
Total interest expense
|
434 | 485 | 582 | 1,916 | 2,568 | |||||||||||||||
Net interest income
|
6,913 | 6,718 | 5,954 | 26,710 | 24,236 | |||||||||||||||
Recapture of loan losses
|
(750 | ) | (400 | ) | (1,200 | ) | (1,800 | ) | (3,700 | ) | ||||||||||
Net interest income after recapture of loan losses
|
7,663 | 7,118 | 7,154 | 28,510 | 27,936 | |||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
1,057 | 1,032 | 957 | 4,317 | 4,258 | |||||||||||||||
Asset management fees
|
727 | 718 | 694 | 2,975 | 2,630 | |||||||||||||||
Gain on sale of loans held for sale
|
161 | 154 | 58 | 596 | 667 | |||||||||||||||
Bank owned life insurance income
|
188 | 196 | 134 | 716 | 553 | |||||||||||||||
Other
|
45 | 164 | 7 | 271 | 259 | |||||||||||||||
Total non-interest income
|
2,178 | 2,264 | 1,850 | 8,875 | 8,367 | |||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
4,818 | 4,472 | 4,059 | 17,805 | 15,755 | |||||||||||||||
Occupancy and depreciation
|
1,146 | 1,223 | 1,190 | 4,778 | 4,811 | |||||||||||||||
Data processing
|
408 | 495 | 417 | 1,807 | 2,058 | |||||||||||||||
Amortization of core deposit intangible
|
6 | 6 | 7 | 24 | 40 | |||||||||||||||
Advertising and marketing expense
|
106 | 169 | 148 | 628 | 726 | |||||||||||||||
FDIC insurance premium
|
129 | 143 | 259 | 627 | 1,487 | |||||||||||||||
State and local taxes
|
143 | 162 | 122 | 559 | 462 | |||||||||||||||
Telecommunications
|
72 | 73 | 77 | 295 | 304 | |||||||||||||||
Professional fees
|
241 | 302 | 295 | 1,089 | 1,290 | |||||||||||||||
Real estate owned expenses
|
93 | 99 | 363 | 994 | 2,765 | |||||||||||||||
Other
|
527 | 502 | 523 | 2,138 | 2,263 | |||||||||||||||
Total non-interest expense
|
7,689 | 7,646 | 7,460 | 30,744 | 31,961 | |||||||||||||||
INCOME BEFORE INCOME TAXES
|
2,152 | 1,736 | 1,544 | 6,641 | 4,342 | |||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
634 | 587 | (15,097 | ) | 2,150 | (15,081 | ) | |||||||||||||
NET INCOME
|
$ | 1,518 | $ | 1,149 | $ | 16,641 | $ | 4,491 | $ | 19,423 | ||||||||||
Earnings per common share:
|
||||||||||||||||||||
Basic
|
$ | 0.07 | $ | 0.05 | $ | 0.74 | $ | 0.20 | $ | 0.87 | ||||||||||
Diluted
|
$ | 0.07 | $ | 0.05 | $ | 0.74 | $ | 0.20 | $ | 0.87 | ||||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||||||
Basic
|
22,404,870 | 22,394,910 | 22,376,437 | 22,392,744 | 22,367,174 | |||||||||||||||
Diluted
|
22,460,054 | 22,439,195 | 22,385,244 | 22,431,839 | 22,369,046 |
(Dollars in thousands)
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
March 31, 2015
|
Dec. 31, 2014
|
March 31, 2014
|
March 31, 2015
|
March 31, 2014
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$ | 755,848 | $ | 744,351 | $ | 726,218 | $ | 743,870 | $ | 718,802 | ||||||||||
Average interest-bearing liabilities
|
588,664 | 573,417 | 585,686 | 579,627 | 577,543 | |||||||||||||||
Net average earning assets
|
167,184 | 170,934 | 140,532 | 164,243 | 141,259 | |||||||||||||||
Average loans
|
586,159 | 554,376 | 517,419 | 557,440 | 522,806 | |||||||||||||||
Average deposits
|
711,536 | 693,695 | 682,888 | 695,283 | 672,740 | |||||||||||||||
Average equity
|
103,837 | 102,327 | 82,866 | 101,715 | 81,858 | |||||||||||||||
Average tangible equity
|
77,858 | 76,358 | 56,883 | 75,744 | 55,851 |
ASSET QUALITY
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
|||
Non-performing loans
|
5,318
|
7,729
|
14,062
|
|||
Non-performing loans to total loans
|
0.92%
|
1.33%
|
2.64%
|
|||
Real estate/repossessed assets owned
|
1,603
|
1,604
|
7,703
|
|||
Non-performing assets
|
6,921
|
9,333
|
21,765
|
|||
Non-performing assets to total assets
|
0.81%
|
1.13%
|
2.64%
|
|||
Net loan charge-offs in the quarter
|
189
|
(100)
|
297
|
|||
Net charge-offs in the quarter/average net loans
|
0.13%
|
(0.07)%
|
0.23%
|
|||
Allowance for loan losses
|
10,762
|
11,701
|
12,551
|
|||
Average interest-earning assets to average
|
||||||
interest-bearing liabilities
|
128.40%
|
129.81%
|
123.99%
|
|||
Allowance for loan losses to
|
||||||
non-performing loans
|
202.37%
|
151.39%
|
89.25%
|
|||
Allowance for loan losses to total loans
|
1.86%
|
2.02%
|
2.35%
|
|||
Shareholders’ equity to assets
|
12.09%
|
12.30%
|
11.88%
|
|||
CAPITAL RATIOS
|
||||||
Total capital (to risk weighted assets)
|
15.89%
|
15.59%
|
16.66%
|
|||
Tier 1 capital (to risk weighted assets)
|
14.63%
|
14.33%
|
15.40%
|
|||
Common equity tier 1 (to risk weighted assets)
|
14.54%
|
N/A
|
N/A
|
|||
Tier 1 capital (to leverage assets)
|
10.89%
|
10.72%
|
10.71%
|
|||
Tangible common equity (to tangible assets)
|
9.35%
|
9.46%
|
9.02%
|
DEPOSIT MIX
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
|||||||||
Interest checking
|
$ | 115,461 | $ | 107,701 | $ | 104,543 | ||||||
Regular savings
|
77,132 | 74,111 | 66,702 | |||||||||
Money market deposit accounts
|
237,465 | 222,300 | 227,933 | |||||||||
Non-interest checking
|
151,953 | 144,189 | 128,635 | |||||||||
Certificates of deposit
|
138,839 | 141,029 | 162,253 | |||||||||
Total deposits
|
$ | 720,850 | $ | 689,330 | $ | 690,066 |
Commercial
|
Commercial
|
|||||||||||||||
Real Estate
|
Real Estate
|
& Construction | ||||||||||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
March 31, 2015
|
(Dollars in thousands)
|
|||||||||||||||
Commercial
|
$ | 77,186 | $ | - | $ | - | $ | 77,186 | ||||||||
Commercial construction
|
- | - | 27,967 | 27,967 | ||||||||||||
Office buildings
|
- | 86,813 | - | 86,813 | ||||||||||||
Warehouse/industrial
|
- | 42,173 | - | 42,173 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 60,736 | - | 60,736 | ||||||||||||
Assisted living facilities
|
- | 1,846 | - | 1,846 | ||||||||||||
Single purpose facilities
|
- | 108,123 | - | 108,123 | ||||||||||||
Land
|
- | 15,358 | - | 15,358 | ||||||||||||
Multi-family
|
- | 30,457 | - | 30,457 | ||||||||||||
One-to-four family
|
- | - | 2,531 | 2,531 | ||||||||||||
Total
|
$ | 77,186 | $ | 345,506 | $ | 30,498 | $ | 453,190 | ||||||||
March 31, 2014
|
||||||||||||||||
Commercial
|
$ | 71,632 | $ | - | $ | - | $ | 71,632 | ||||||||
Commercial construction
|
- | - | 15,618 | 15,618 | ||||||||||||
Office buildings
|
- | 77,476 | - | 77,476 | ||||||||||||
Warehouse/industrial
|
- | 45,632 | - | 45,632 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 63,049 | - | 63,049 | ||||||||||||
Assisted living facilities
|
- | 7,585 | - | 7,585 | ||||||||||||
Single purpose facilities
|
- | 93,766 | - | 93,766 | ||||||||||||
Land
|
- | 16,245 | - | 16,245 | ||||||||||||
Multi-family
|
- | 21,128 | - | 21,128 | ||||||||||||
One-to-four family
|
- | - | 3,864 | 3,864 | ||||||||||||
Total
|
$ | 71,632 | $ | 324,881 | $ | 19,482 | $ | 415,995 |
LOAN MIX
|
March 31, 2015
|
Dec. 31, 2014
|
March 31, 2014
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
Commercial and construction
|
||||||||||||
Commercial
|
$ | 77,186 | $ | 82,284 | $ | 71,632 | ||||||
Other real estate mortgage
|
345,506 | 337,030 | 324,881 | |||||||||
Real estate construction
|
30,498 | 29,199 | 19,482 | |||||||||
Total commercial and construction
|
453,190 | 448,513 | 415,995 | |||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
89,801 | 90,865 | 93,007 | |||||||||
Other installment
|
36,781 | 39,721 | 24,486 | |||||||||
Total consumer
|
126,582 | 130,586 | 117,493 | |||||||||
Total loans
|
579,772 | 579,099 | 533,488 | |||||||||
Less:
|
||||||||||||
Allowance for loan losses
|
10,762 | 11,701 | 12,551 | |||||||||
Loans receivable, net
|
$ | 569,010 | $ | 567,398 | $ | 520,937 |
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||||||||||||
March 31, 2015
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Non-performing assets
|
||||||||||||||||||||||||
Commercial real estate
|
$ | 993 | $ | 1,372 | $ | 926 | $ | - | $ | - | $ | 3,291 | ||||||||||||
Land
|
- | 801 | - | - | - | 801 | ||||||||||||||||||
Consumer
|
440 | 14 | 489 | 265 | 18 | 1,226 | ||||||||||||||||||
Total non-performing loans
|
1,433 | 2,187 | 1,415 | 265 | 18 | 5,318 | ||||||||||||||||||
REO
|
706 | - | 852 | 45 | - | 1,603 | ||||||||||||||||||
Total non-performing assets
|
$ | 2,139 | $ | 2,187 | $ | 2,267 | $ | 310 | $ | 18 | $ | 6,921 |
Northwest
|
Other
|
Southwest
|
||||||||||||||
Oregon
|
Oregon
|
Washington
|
Total
|
|||||||||||||
March 31, 2015
|
(Dollars in thousands)
|
|||||||||||||||
Land development and spec construction loans
|
||||||||||||||||
Land development loans
|
$ | 108 | $ | 2,895 | $ | 12,355 | $ | 15,358 | ||||||||
Spec construction loans
|
- | 108 | 1,578 | 1,686 | ||||||||||||
Total land development and spec construction
|
$ | 108 | $ | 3,003 | $ | 13,933 | $ | 17,044 |
At or for the three months ended
|
At or for the twelve months ended
|
|||||||||||||||||||
SELECTED OPERATING DATA
|
March 31,
2015
|
Dec. 31,
2014
|
March 31,
2014
|
March 31,
2015
|
March 31,
2014
|
|||||||||||||||
Efficiency ratio (4)
|
84.58 | % | 85.13 | % | 95.59 | % | 86.40 | % | 98.03 | % | ||||||||||
Coverage ratio (6)
|
89.91 | % | 87.86 | % | 79.81 | % | 86.88 | % | 75.83 | % | ||||||||||
Return on average assets (1)
|
0.73 | % | 0.55 | % | 8.44 | % | 0.54 | % | 2.46 | % | ||||||||||
Return on average equity (1)
|
5.93 | % | 4.45 | % | 81.44 | % | 4.42 | % | 23.73 | % | ||||||||||
NET INTEREST SPREAD
|
||||||||||||||||||||
Yield on loans
|
4.66 | % | 4.65 | % | 4.73 | % | 4.65 | % | 4.86 | % | ||||||||||
Yield on investment securities
|
1.80 | % | 1.73 | % | 1.84 | % | 1.85 | % | 1.65 | % | ||||||||||
Total yield on interest earning assets
|
3.94 | % | 3.84 | % | 3.65 | % | 3.85 | % | 3.73 | % | ||||||||||
Cost of interest bearing deposits
|
0.22 | % | 0.23 | % | 0.32 | % | 0.24 | % | 0.36 | % | ||||||||||
Cost of FHLB advances and other borrowings
|
2.14 | % | 2.48 | % | 2.36 | % | 2.33 | % | 2.37 | % | ||||||||||
Total cost of interest bearing liabilities
|
0.30 | % | 0.34 | % | 0.40 | % | 0.33 | % | 0.44 | % | ||||||||||
Spread (7)
|
3.64 | % | 3.50 | % | 3.25 | % | 3.52 | % | 3.29 | % | ||||||||||
Net interest margin
|
3.71 | % | 3.58 | % | 3.33 | % | 3.59 | % | 3.37 | % | ||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings per share (2)
|
$ | 0.07 | $ | 0.05 | $ | 0.74 | $ | 0.20 | $ | 0.87 | ||||||||||
Diluted earnings per share (3)
|
$ | 0.07 | $ | 0.05 | $ | 0.74 | $ | 0.20 | $ | 0.87 | ||||||||||
Book value per share (5)
|
4.62 | 4.54 | 4.36 | 4.62 | 4.36 | |||||||||||||||
Tangible book value per share (5)
|
3.46 | 3.38 | 3.20 | 3.46 | 3.20 | |||||||||||||||
Market price per share:
|
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High for the period
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$ | 4.74 | $ | 4.49 | $ | 3.49 | $ | 4.74 | $ | 3.49 | ||||||||||
Low for the period
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4.32 | 3.84 | 2.82 | 3.38 | 2.27 | |||||||||||||||
Close for period end
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4.50 | 4.48 | 3.43 | 4.50 | 3.43 | |||||||||||||||
Cash dividends declared per share
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0.01125 | - | - | 0.01125 | - | |||||||||||||||
Average number of shares outstanding:
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Basic (2)
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22,404,870 | 22,394,910 | 22,376,437 | 22,392,744 | 22,367,174 | |||||||||||||||
Diluted (3)
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22,460,054 | 22,439,195 | 22,385,244 | 22,431,839 | 22,369,046 |
(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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