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 28, 2016 | /s/ Kevin J. Lycklama |
Kevin J. Lycklama
Chief Financial Officer
(Principal Financial Officer)
|
Contacts: |
Pat Sheaffer, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
|
(Dollars in thousands)
|
December 31, 2015
|
September 30, 2015
|
December 31, 2014
|
March 31, 2015
|
||||||||||||
Shareholders' equity
|
$ | 105,993 | $ | 106,362 | $ | 101,912 | $ | 103,801 | ||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Other intangible assets, net
|
386 | 392 | 401 | 401 | ||||||||||||
Tangible shareholders' equity
|
$ | 80,035 | $ | 80,398 | $ | 75,939 | $ | 77,828 | ||||||||
Total assets
|
$ | 886,152 | $ | 896,302 | $ | 828,435 | $ | 858,750 | ||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Other intangible assets, net
|
386 | 392 | 401 | 401 | ||||||||||||
Tangible assets
|
$ | 860,194 | $ | 870,338 | $ | 802,462 | $ | 832,777 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||
(In thousands, except share data) (Unaudited)
|
December 31, 2015
|
September 30, 2015
|
December 31, 2014
|
March 31, 2015
|
||||||||||||
ASSETS
|
||||||||||||||||
Cash (including interest-earning accounts of $16,461, $55,094, $5,872
|
$ | 28,967 | $ | 68,865 | $ | 21,981 | $ | 58,659 | ||||||||
and $45,490)
|
||||||||||||||||
Certificate of deposits held for investment
|
17,761 | 21,247 | 27,214 | 25,969 | ||||||||||||
Loans held for sale
|
400 | 950 | 724 | 778 | ||||||||||||
Investment securities:
|
||||||||||||||||
Available for sale, at estimated fair value
|
154,292 | 134,571 | 118,366 | 112,463 | ||||||||||||
Held to maturity, at amortized
|
77 | 80 | 88 | 86 | ||||||||||||
Loans receivable (net of allowance for loan losses of $10,173, $10,113
|
||||||||||||||||
$11,701, and $10,762)
|
600,540 | 585,784 | 567,398 | 569,010 | ||||||||||||
Real estate owned
|
388 | 909 | 1,604 | 1,603 | ||||||||||||
Prepaid expenses and other assets
|
3,236 | 3,256 | 3,049 | 3,238 | ||||||||||||
Accrued interest receivable
|
2,429 | 2,181 | 2,024 | 2,139 | ||||||||||||
Federal Home Loan Bank stock, at cost
|
988 | 988 | 6,120 | 5,924 | ||||||||||||
Premises and equipment, net
|
14,814 | 15,059 | 15,683 | 15,434 | ||||||||||||
Deferred income taxes, net
|
10,814 | 11,153 | 13,500 | 12,568 | ||||||||||||
Mortgage servicing rights, net
|
386 | 392 | 393 | 399 | ||||||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | 25,572 | ||||||||||||
Bank owned life insurance
|
25,488 | 25,295 | 24,719 | 24,908 | ||||||||||||
TOTAL ASSETS
|
$ | 886,152 | $ | 896,302 | $ | 828,435 | $ | 858,750 | ||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||
LIABILITIES:
|
||||||||||||||||
Deposits
|
$ | 747,565 | $ | 756,996 | $ | 689,330 | $ | 720,850 | ||||||||
Accrued expenses and other liabilities
|
7,178 | 6,497 | 9,397 | 8,111 | ||||||||||||
Advance payments by borrowers for taxes and insurance
|
256 | 712 | 199 | 495 | ||||||||||||
Federal Home Loan Bank advances
|
- | - | 2,100 | - | ||||||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Capital lease obligations
|
2,479 | 2,484 | 2,298 | 2,276 | ||||||||||||
Total liabilities
|
780,159 | 789,370 | 726,005 | 754,413 | ||||||||||||
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, 2015 - 22,507,890 issued and outstanding;
|
||||||||||||||||
September 30, 2015 - 22,507,890 issued and outstanding;
|
225 | 225 | 225 | 225 | ||||||||||||
December 31, 2014 - 22,471,890 issued and outstanding;
|
||||||||||||||||
March 31, 2015 – 22,489,890 issued and outstanding;
|
||||||||||||||||
Additional paid-in capital
|
64,417 | 65,333 | 65,217 | 65,268 | ||||||||||||
Retained earnings
|
41,773 | 40,460 | 36,565 | 37,830 | ||||||||||||
Unearned shares issued to employee stock ownership plan
|
(206 | ) | (232 | ) | (310 | ) | (284 | ) | ||||||||
Accumulated other comprehensive income (loss)
|
(216 | ) | 576 | 215 | 762 | |||||||||||
Total shareholders’ equity
|
105,993 | 106,362 | 101,912 | 103,801 | ||||||||||||
Noncontrolling interest
|
- | 570 | 518 | 536 | ||||||||||||
Total equity
|
105,993 | 106,932 | 102,430 | 104,337 | ||||||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 886,152 | $ | 896,302 | $ | 828,435 | $ | 858,750 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
Dec. 31, 2015
|
Dec. 31, 2014
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$ | 7,109 | $ | 6,789 | $ | 6,498 | $ | 20,758 | $ | 19,155 | ||||||||||
Interest on investment securities
|
702 | 702 | 595 | 1,986 | 1,765 | |||||||||||||||
Other interest and dividends
|
110 | 111 | 110 | 340 | 359 | |||||||||||||||
Total interest and dividend income
|
7,921 | 7,602 | 7,203 | 23,084 | 21,279 | |||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
290 | 300 | 322 | 893 | 1,024 | |||||||||||||||
Interest on borrowings
|
144 | 139 | 163 | 417 | 458 | |||||||||||||||
Total interest expense
|
434 | 439 | 485 | 1,310 | 1,482 | |||||||||||||||
Net interest income
|
7,487 | 7,163 | 6,718 | 21,774 | 19,797 | |||||||||||||||
Recapture of loan losses
|
- | (300 | ) | (400 | ) | (800 | ) | (1,050 | ) | |||||||||||
Net interest income after recapture of loan losses
|
7,487 | 7,463 | 7,118 | 22,574 | 20,847 | |||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
1,312 | 1,132 | 1,032 | 3,740 | 3,260 | |||||||||||||||
Asset management fees
|
830 | 801 | 718 | 2,455 | 2,248 | |||||||||||||||
Net gain on sale of loans held for sale
|
125 | 79 | 154 | 425 | 435 | |||||||||||||||
Bank owned life insurance
|
193 | 190 | 196 | 580 | 528 | |||||||||||||||
Other, net
|
(43 | ) | 14 | 164 | (18 | ) | 226 | |||||||||||||
Total non-interest income
|
2,417 | 2,216 | 2,264 | 7,182 | 6,697 | |||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
4,452 | 4,236 | 4,472 | 13,102 | 12,987 | |||||||||||||||
Occupancy and depreciation
|
1,200 | 1,154 | 1,223 | 3,523 | 3,632 | |||||||||||||||
Data processing
|
424 | 431 | 495 | 1,345 | 1,399 | |||||||||||||||
Advertising and marketing expense
|
149 | 208 | 169 | 533 | 522 | |||||||||||||||
FDIC insurance premium
|
127 | 122 | 143 | 375 | 498 | |||||||||||||||
State and local taxes
|
102 | 123 | 162 | 362 | 416 | |||||||||||||||
Telecommunications
|
71 | 74 | 73 | 218 | 223 | |||||||||||||||
Professional fees
|
222 | 218 | 302 | 673 | 848 | |||||||||||||||
Real estate owned expenses
|
65 | 167 | 99 | 511 | 901 | |||||||||||||||
Other
|
537 | 551 | 508 | 1,736 | 1,629 | |||||||||||||||
Total non-interest expense
|
7,349 | 7,284 | 7,646 | 22,378 | 23,055 | |||||||||||||||
INCOME BEFORE INCOME TAXES
|
2,555 | 2,395 | 1,736 | 7,378 | 4,489 | |||||||||||||||
PROVISION FOR INCOME TAXES
|
849 | 743 | 587 | 2,425 | 1,516 | |||||||||||||||
NET INCOME
|
$ | 1,706 | $ | 1,652 | $ | 1,149 | $ | 4,953 | $ | 2,973 | ||||||||||
Earnings per common share:
|
||||||||||||||||||||
Basic
|
$ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.22 | $ | 0.13 | ||||||||||
Diluted
|
$ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.22 | $ | 0.13 | ||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
22,455,543 | 22,449,386 | 22,394,910 | 22,446,463 | 22,388,775 | |||||||||||||||
Diluted
|
22,506,341 | 22,490,351 | 22,439,195 | 22,491,546 | 22,421,330 |
(Dollars in thousands)
|
At or for the three months ended
|
At or for the nine months ended
|
||||||||||||||||||
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
Dec. 31, 2015
|
Dec. 31, 2014
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$ | 806,760 | $ | 783,371 | $ | 744,351 | $ | 789,403 | $ | 739,951 | ||||||||||
Average interest-bearing liabilities
|
597,989 | 594,667 | 573,417 | 593,851 | 576,670 | |||||||||||||||
Net average earning assets
|
208,771 | 188,704 | 170,934 | 195,552 | 163,281 | |||||||||||||||
Average loans
|
606,760 | 576,218 | 554,376 | 585,936 | 548,041 | |||||||||||||||
Average deposits
|
753,405 | 737,851 | 693,695 | 738,172 | 689,964 | |||||||||||||||
Average equity
|
108,115 | 106,771 | 102,327 | 106,838 | 101,021 | |||||||||||||||
Average tangible equity
|
82,151 | 80,794 | 76,358 | 80,865 | 75,053 |
ASSET QUALITY
|
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
|||||||||
Non-performing loans
|
$ | 3,941 | $ | 3,771 | $ | 7,729 | ||||||
Non-performing loans to total loans
|
0.65 | % | 0.63 | % | 1.33 | % | ||||||
Real estate/repossessed assets owned
|
$ | 388 | $ | 909 | $ | 1,604 | ||||||
Non-performing assets
|
$ | 4,329 | $ | 4,680 | $ | 9,333 | ||||||
Non-performing assets to total assets
|
0.49 | % | 0.52 | % | 1.13 | % | ||||||
Net recoveries in the quarter
|
$ | (60 | ) | $ | (76 | ) | $ | (100 | ) | |||
Net recoveries in the quarter/average net loans
|
(0.04 | )% | (0.05 | )% | (0.07 | )% | ||||||
Allowance for loan losses
|
$ | 10,173 | $ | 10,113 | $ | 11,701 | ||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
134.91 | % | 131.73 | % | 129.81 | % | ||||||
Allowance for loan losses to
|
||||||||||||
non-performing loans
|
258.13 | % | 268.18 | % | 151.39 | % | ||||||
Allowance for loan losses to total loans
|
1.67 | % | 1.70 | % | 2.02 | % | ||||||
Shareholders’ equity to assets
|
11.96 | % | 11.87 | % | 12.30 | % |
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
16.08 | % | 16.45 | % | 15.59 | % | ||||||
Tier 1 capital (to risk weighted assets)
|
14.83 | % | 15.19 | % | 14.33 | % | ||||||
Common equity tier 1 (to risk weighted assets)
|
14.83 | % | 15.19 | % | N/A | |||||||
Tier 1 capital (to leverage assets)
|
11.11 | % | 11.22 | % | 10.72 | % | ||||||
Tangible common equity (to tangible assets)
|
9.30 | % | 9.24 | % | 9.46 | % | ||||||
DEPOSIT MIX
|
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
March 31, 2015
|
||||||||||||
Interest checking
|
$ | 130,635 | $ | 132,727 | $ | 107,701 | $ | 115,461 | ||||||||
Regular savings
|
88,603 | 83,094 | 74,111 | 77,132 | ||||||||||||
Money market deposit accounts
|
226,746 | 234,194 | 222,300 | 237,465 | ||||||||||||
Non-interest checking
|
177,624 | 176,131 | 144,189 | 151,953 | ||||||||||||
Certificates of deposit
|
123,957 | 130,850 | 141,029 | 138,839 | ||||||||||||
Total deposits
|
$ | 747,565 | $ | 756,996 | $ | 689,330 | $ | 720,850 |
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||||||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
December 31, 2015
|
(Dollars in thousands)
|
|||||||||||||||
Commercial
|
$ | 72,113 | $ | - | $ | - | $ | 72,113 | ||||||||
Commercial construction
|
- | - | 15,403 | 15,403 | ||||||||||||
Office buildings
|
- | 104,285 | - | 104,285 | ||||||||||||
Warehouse/industrial
|
- | 51,384 | - | 51,384 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 56,008 | - | 56,008 | ||||||||||||
Assisted living facilities
|
- | 1,819 | - | 1,819 | ||||||||||||
Single purpose facilities
|
- | 122,029 | - | 122,029 | ||||||||||||
Land
|
- | 13,061 | - | 13,061 | ||||||||||||
Multi-family
|
- | 34,601 | - | 34,601 | ||||||||||||
One-to-four family construction
|
- | - | 8,346 | 8,346 | ||||||||||||
Total
|
$ | 72,113 | $ | 383,187 | $ | 23,749 | $ | 479,049 | ||||||||
March 31, 2015
|
||||||||||||||||
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 construction
|
- | - | 2,531 | 2,531 | ||||||||||||
Total
|
$ | 77,186 | $ | 345,506 | $ | 30,498 | $ | 453,190 |
LOAN MIX
|
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
March 31, 2015
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial and construction
|
||||||||||||||||
Commercial business
|
$ | 72,113 | $ | 78,138 | $ | 82,284 | $ | 77,186 | ||||||||
Other real estate mortgage
|
383,187 | 380,529 | 337,030 | 345,506 | ||||||||||||
Real estate construction
|
23,749 | 17,304 | 29,199 | 30,498 | ||||||||||||
Total commercial and construction
|
479,049 | 475,971 | 448,513 | 453,190 | ||||||||||||
Consumer
|
||||||||||||||||
Real estate one-to-four family
|
88,839 | 89,520 | 90,865 | 89,801 | ||||||||||||
Other installment
|
42,825 | 30,406 | 39,721 | 36,781 | ||||||||||||
Total consumer
|
131,664 | 119,926 | 130,586 | 126,582 | ||||||||||||
Total loans
|
610,713 | 595,897 | 579,099 | 579,772 | ||||||||||||
Less:
|
||||||||||||||||
Allowance for loan losses
|
10,173 | 10,113 | 11,701 | 10,762 | ||||||||||||
Loans receivable, net
|
$ | 600,540 | $ | 585,784 | $ | 567,398 | $ | 569,010 |
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||||||||||||
December 31, 2015
|
(dollars in thousands)
|
|||||||||||||||||||||||
Commercial real estate
|
$ | 273 | $ | 1,289 | $ | 913 | $ | - | $ | - | $ | 2,475 | ||||||||||||
Land
|
- | 801 | - | - | - | 801 | ||||||||||||||||||
Consumer
|
114 | - | 141 | 233 | 177 | 665 | ||||||||||||||||||
Total non-performing loans
|
387 | 2,090 | 1,054 | 233 | 177 | 3,941 | ||||||||||||||||||
REO
|
313 | - | 30 | 45 | - | 388 | ||||||||||||||||||
Total non-performing assets
|
$ | 700 | $ | 2,090 | $ | 1,084 | $ | 278 | $ | 177 | $ | 4,329 |
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
|
||||||||||||||||
Northwest
|
Other
|
Southwest
|
||||||||||||||
Oregon
|
Oregon
|
Washington
|
Total
|
|||||||||||||
December 31, 2015
|
(dollars in thousands)
|
|||||||||||||||
Land development
|
$ | 100 | $ | 2,801 | $ | 10,160 | $ | 13,061 | ||||||||
Speculative construction
|
- | - | 6,941 | 6,941 | ||||||||||||
Total land development and speculative construction
|
$ | 100 | $ | 2,801 | $ | 17,101 | $ | 20,002 |
At or for the three months ended
|
At or for the nine months ended
|
|||||||||||||||||||
SELECTED OPERATING DATA
|
Dec. 31, 2015
|
Sept. 30, 2015
|
Dec. 31, 2014
|
Dec. 31, 2015
|
Dec. 31, 2014
|
|||||||||||||||
Efficiency ratio (4)
|
74.20 | % | 77.66 | % | 85.13 | % | 77.28 | % | 87.02 | % | ||||||||||
Coverage ratio (6)
|
101.88 | % | 98.34 | % | 87.86 | % | 97.30 | % | 85.87 | % | ||||||||||
Return on average assets (1)
|
0.76 | % | 0.75 | % | 0.55 | % | 0.75 | % | 0.48 | % | ||||||||||
Return on average equity (1)
|
6.28 | % | 6.16 | % | 4.45 | % | 6.17 | % | 3.91 | % | ||||||||||
NET INTEREST SPREAD
|
||||||||||||||||||||
Yield on loans
|
4.66 | % | 4.69 | % | 4.65 | % | 4.72 | % | 4.64 | % | ||||||||||
Yield on investment securities
|
2.09 | % | 2.03 | % | 1.73 | % | 2.06 | % | 1.87 | % | ||||||||||
Total yield on interest earning assets
|
3.91 | % | 3.86 | % | 3.84 | % | 3.89 | % | 3.82 | % | ||||||||||
Cost of interest bearing deposits
|
0.20 | % | 0.21 | % | 0.23 | % | 0.21 | % | 0.25 | % | ||||||||||
Cost of FHLB advances and other borrowings
|
2.28 | % | 2.22 | % | 2.48 | % | 2.22 | % | 2.39 | % | ||||||||||
Total cost of interest bearing liabilities
|
0.29 | % | 0.29 | % | 0.34 | % | 0.29 | % | 0.34 | % | ||||||||||
Spread (7)
|
3.62 | % | 3.57 | % | 3.50 | % | 3.60 | % | 3.48 | % | ||||||||||
Net interest margin
|
3.69 | % | 3.64 | % | 3.58 | % | 3.67 | % | 3.55 | % | ||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings per share (2)
|
$ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.22 | $ | 0.13 | ||||||||||
Diluted earnings per share (3)
|
0.08 | 0.07 | 0.05 | 0.22 | 0.13 | |||||||||||||||
Book value per share (5)
|
4.71 | 4.73 | 4.54 | 4.71 | 4.54 | |||||||||||||||
Tangible book value per share (5)
|
3.56 | 3.57 | 3.38 | 3.56 | 3.38 | |||||||||||||||
Market price per share:
|
||||||||||||||||||||
High for the period
|
$ | 5.11 | $ | 4.75 | $ | 4.49 | $ | 5.11 | $ | 4.49 | ||||||||||
Low for the period
|
4.35 | 4.15 | 3.84 | 4.08 | 3.38 | |||||||||||||||
Close for period end
|
4.69 | 4.75 | 4.48 | 4.69 | 4.48 | |||||||||||||||
Cash dividends declared per share
|
0.0175 | 0.0150 | - | 0.0450 | - | |||||||||||||||
Average number of shares outstanding:
|
||||||||||||||||||||
Basic (2)
|
22,455,543 | 22,449,386 | 22,394,910 | 22,446,463 | 22,388,775 | |||||||||||||||
Diluted (3)
|
22,506,341 | 22,490,351 | 22,439,195 | 22,491,546 | 22,421,330 |
(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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