EX-99.2 3 dex992.htm QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT Quarterly Financial and Statistical Supplement

Exhibit 99.2

BANKFINANCIAL CORPORATION

FIRST QUARTER 2008

QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT

FOR THE LATEST FIVE QUARTERS

Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform with the current period’s presentation.

The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period-end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

PERFORMANCE MEASUREMENTS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Return on assets (ratio of net income to average total assets) (1)

     0.87 %     0.25 %     0.59 %     0.61 %     0.42 %

Return on equity (ratio of net income to average equity(1)

     4.37       1.23       2.90       3.01       2.03  

Net interest rate spread (1)

     3.29       3.02       2.91       2.88       2.97  

Net interest margin (1)

     3.93       3.80       3.76       3.74       3.84  

Efficiency ratio

     73.57       92.05       77.38       80.79       81.66  

Noninterest expense to average total assets (1)

     3.60       3.86       3.26       3.28       3.31  

Average interest-earning assets to average interest-bearing liabilities

     128.96       130.01       130.11       131.30       132.31  

Offices

     18       18       18       18       18  

Employees (full time equivalents)

     404       425       416       418       425  
SUMMARY INCOME STATEMENT:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Total interest income

   $ 20,742     $ 21,925     $ 23,124     $ 23,111     $ 23,793  

Total interest expense

     7,469       8,880       9,899       9,760       9,765  
                                        

Net interest income before provision

     13,273       13,045       13,225       13,351       14,028  

Provision (credit) for loan losses

     (51 )     10       460       (354 )     581  
                                        

Net interest income

     13,324       13,035       12,765       13,705       13,447  

Noninterest income

     4,706       2,502       2,777       2,327       2,042  

Noninterest expense

     13,228       14,311       12,383       12,666       13,122  
                                        

Income before income tax

     4,802       1,226       3,159       3,366       2,367  

Income tax expense

     1,610       297       922       1,028       716  
                                        

Net income

   $ 3,192     $ 929     $ 2,237     $ 2,338     $ 1,651  
                                        

Basic earnings per common share

   $ 0.16     $ 0.05     $ 0.11     $ 0.11     $ 0.08  
                                        

Diluted earnings per common share

   $ 0.16     $ 0.05     $ 0.11     $ 0.11     $ 0.08  
                                        
NONINTEREST INCOME AND EXPENSE:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  
Noninterest Income:           

Deposit service charges and fees

   $ 825     $ 915     $ 938     $ 918     $ 835  

Other fee income

     475       484       495       499       461  

Insurance commissions and annuities income

     246       287       251       225       244  

Gain on sales of loans

     70       34       43       1       48  

Gain (loss) on sales of investment securities

     1,385       —         399       —         —    

Gain on unredeemed VISA Stock

     1,240       —         —         —         —    

Gain on disposition of premises and equipment

     9       (4 )     —         7       6  

Loan servicing fee income

     213       204       182       214       211  

Amortization and impairment of servicing assets

     (311 )     (64 )     (131 )     (106 )     (95 )

REO operations

     (11 )     (13 )     (4 )     —         —    

Earnings on bank-owned life insurance

     217       231       219       135       —    

Other

     348       428       385       434       332  
                                        

Total noninterest income

   $ 4,706     $ 2,502     $ 2,777     $ 2,327     $ 2,042  
                                        
Noninterest Expense:           

Compensation and benefits

   $ 8,220     $ 8,020     $ 7,773     $ 7,860     $ 8,437  

Office occupancy and equipment

     1,947       1,615       1,428       1,399       1,507  

Advertising

     164       320       409       455       228  

Data processing

     904       848       821       823       749  

Supplies, telephone and postage

     522       572       485       484       568  

Amortization of intangibles

     452       464       469       469       477  

Visa Settlement

     —         1,240       —         —         —    

Other

     1,019       1,232       998       1,176       1,156  
                                        

Total noninterest expenses

   $ 13,228     $ 14,311     $ 12,383     $ 12,666     $ 13,122  
                                        

 

(1) Annualized

 

Page 2


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

SUMMARY BALANCE SHEET:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  
ASSETS:           

Cash

   $ 25,530     $ 28,279     $ 30,694     $ 32,071     $ 35,357  

Interest-bearing deposits and short-term investments

     3,611       669       14,003       33,887       30,947  

Securities available for sale, net

     73,545       77,049       67,686       69,085       106,884  

Loans held for sale

     1,786       173       2,031       620       143  

Loans receivable, net

     1,246,983       1,253,999       1,276,303       1,282,645       1,298,489  

Federal Home Loan Bank stock

     15,598       15,598       15,598       15,598       15,598  

Premises and equipment

     34,014       34,487       34,171       34,437       34,571  

Intangible assets

     29,883       30,335       30,799       31,268       31,750  

Investment in bank-owned life insurance

     19,802       19,585       19,354       19,135       —    

Other assets

     24,316       20,370       14,157       13,182       13,382  
                                        

Total assets

   $ 1,475,068     $ 1,480,544     $ 1,504,796     $ 1,531,928     $ 1,567,121  
                                        
LIABILITIES AND EQUITY:           

Deposits

   $ 1,057,613     $ 1,073,650     $ 1,098,541     $ 1,105,237     $ 1,105,846  

Borrowings

     112,020       96,433       81,138       100,862       134,300  

Other liabilities

     15,850       19,324       21,496       18,917       17,388  
                                        

Total liabilities

     1,185,483       1,189,407       1,201,175       1,225,016       1,257,534  

Stockholders’ equity

     289,585       291,137       303,621       306,912       309,587  
                                        

Total liabilities and stockholders’ equity

   $ 1,475,068     $ 1,480,544     $ 1,504,796     $ 1,531,928     $ 1,567,121  
                                        
CAPITAL RATIOS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

BankFinancial Corporation:

          

Equity to total assets (end of period)

     19.63 %     19.66 %     20.18 %     20.03 %     19.76 %

Tangible equity to tangible total assets (end of period)

     18.11       17.95       18.51       18.37       18.10  

BankFinancial FSB:

          

Risk-based total capital ratio

     16.55       16.54       19.07       20.26       20.64  

Risk-based tier 1 capital ratio

     15.77       15.74       18.22       19.43       19.74  

Tier 1 leverage ratio

     14.20       13.95       15.16       15.94       15.51  

Stock repurchases - $ (000’s)

   $ 3,899     $ 5,273     $ 5,643     $ 3,780     $ 19,261  

Stock repurchases – shares

     254,800       335,900       377,406       232,643       1,131,974  
COMMON STOCK AND DIVIDENDS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Stock Prices:

          

Close

   $ 15.91     $ 15.82     $ 15.82     $ 15.45     $ 16.27  

High

     16.44       16.67       16.39       16.75       17.98  

Low

     13.66       14.54       13.01       15.45       16.10  

Cash dividends paid

   $ 0.07     $ 0.07     $ 0.07     $ 0.07     $ 0.07  
DEPOSITS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Non-interest-bearing demand

   $ 112,557     $ 111,554     $ 111,772     $ 126,304     $ 122,422  

Interest-bearing NOW

     318,355       306,517       297,589       282,300       277,683  

Money market

     224,078       250,682       266,737       262,265       258,400  

Savings

     99,718       97,280       101,176       107,030       114,793  

Certificates of deposit - Retail

     301,990       305,610       314,450       317,946       321,444  

Certificates of deposit - Wholesale

     915       2,007       6,817       9,392       11,104  
                                        

Total certificates of deposit

     302,905       307,617       321,267       327,338       332,548  
                                        

Total deposits

   $ 1,057,613     $ 1,073,650     $ 1,098,541     $ 1,105,237     $ 1,105,846  
                                        

 

Page 3


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  
LOANS:           

One- to four-family residential real estate

   $ 340,439     $ 345,245     $ 373,830     $ 381,447     $ 391,759  

Multi-family mortgage loans

     301,957       291,395       288,883       291,963       299,566  

Nonresidential real estate

     327,542       325,885       326,368       321,943       314,275  

Construction and land loans

     60,020       64,483       61,482       68,024       68,742  

Commercial loans

     76,164       83,233       80,358       84,410       90,103  

Commercial leases

     142,069       144,841       145,761       134,217       134,327  

Consumer loans

     3,408       3,506       4,009       4,697       3,531  

Other loans (including municipal)

     4,334       4,544       4,544       4,544       4,752  
                                        

Total loans

     1,255,933       1,263,132       1,285,235       1,291,245       1,307,055  

Loans in process

     (161 )     (168 )     (63 )     (87 )     154  

Net deferred loan origination costs

     2,041       2,086       2,211       2,266       2,402  

Allowance for loan losses

     (10,830 )     (11,051 )     (11,080 )     (10,779 )     (11,122 )
                                        

Loans, net

   $ 1,246,983     $ 1,253,999     $ 1,276,303     $ 1,282,645     $ 1,298,489  
                                        
CREDIT QUALITY RATIOS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  
Nonperforming Loans and Assets:           

Nonperforming loans

   $ 8,737     $ 12,058     $ 9,557     $ 9,720     $ 8,759  

Real estate owned

     899       820       252       —         —    
                                        

Nonperforming assets

   $ 9,636     $ 12,878     $ 9,809     $ 9,720     $ 8,759  
                                        
Asset Quality Ratios:           

Nonperforming assets to total assets

     0.65 %     0.87 %     0.65 %     0.63 %     0.56 %

Nonperforming loans to total loans

     0.70       0.95       0.74       0.75       0.67  

Allowance for loan losses to nonperforming loans

     123.96       91.65       115.94       110.90       126.98  

Allowance for loan losses to total loans

     0.86       0.87       0.86       0.83       0.85  

Net charge-off ratio (1)

     0.05       0.01       0.05       0.00       0.02  
ALLOWANCE FOR LOAN LOSSES:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Beginning balance

   $ 11,051     $ 11,080     $ 10,779     $ 11,122     $ 10,622  

Provision (credit) for loan losses

     (51 )     10       460       (354 )     581  

Loans charged off

     (173 )     (46 )     (159 )     (3 )     (97 )

Recoveries

     3       7       —         14       16  
                                        

Ending balance

   $ 10,830     $ 11,051     $ 11,080     $ 10,779     $ 11,122  
                                        

 

(1) Annualized

 

Page 4


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

SELECTED AVERAGE BALANCES:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Average total assets

   $ 1,471,387     $ 1,484,541     $ 1,518,670     $ 1,543,985     $ 1,584,765  

Average earning assets

     1,358,390       1,362,890       1,397,286       1,432,238       1,481,465  

Average total loans

     1,257,089       1,277,238       1,291,593       1,297,583       1,323,345  

Average investment securities

     83,536       64,097       73,370       98,791       112,206  

Average FHLB stock

     15,598       15,598       15,598       15,598       15,598  

Average other earning assets

     2,167       5,957       16,725       20,266       30,316  

Average interest-bearing deposits

     943,549       966,082       986,113       978,601       981,956  

Average total borrowings

     109,791       82,220       87,782       112,209       137,715  

Average interest-bearing liabilities

     1,053,340       1,048,302       1,073,895       1,090,810       1,119,671  

Average total stockholders’ equity

     292,353       301,911       308,041       310,219       325,806  
SELECTED YIELDS AND COST OF FUNDS (1):    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Average earning assets

     6.14 %     6.38 %     6.57 %     6.47 %     6.51 %

Average total loans

     6.26       6.46       6.67       6.60       6.66  

Average investment securities

     5.52       6.47       5.90       5.66       5.51  

Average FHLB stock

     —         —         2.77       2.75       3.72  

Average other earning assets

     3.34       4.66       5.08       5.30       5.15  

Average interest-bearing deposits

     2.69       3.22       3.55       3.48       3.42  

Average total borrowings

     4.25       5.04       4.81       4.51       4.38  

Average interest-bearing liabilities

     2.85       3.36       3.66       3.59       3.54  

Interest rate spread

     3.29       3.02       2.91       2.88       2.97  

Net interest margin

     3.93       3.80       3.76       3.74       3.84  
EARNINGS PER SHARE COMPUTATIONS:    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Net income

   $ 3,192     $ 929     $ 2,237     $ 2,338     $ 1,651  
                                        

Average common shares outstanding

     22,101,410       22,429,477       22,692,613       23,124,955       23,924,011  

Less: Unearned ESOP shares

     (1,704,262 )     (1,728,813 )     (1,753,480 )     (1,777,881 )     (1,802,198 )

Less: Unvested restricted stock

     (434,801 )     (575,800 )     (619,385 )     (618,600 )     (637,882 )
                                        

Weighted average common shares outstanding

     19,962,347       20,124,864       20,319,748       20,728,474       21,483,931  

Plus: Dilutive common shares equivalents

     5,657       —         97,765       26,049       53,611  
                                        

Weighted average dilutive shares outstanding

     19,968,004       20,124,864       20,417,513       20,754,523       21,537,542  
                                        

Number of antidilutive stock options excluded from the diluted earnings per share calculation

     2,336,803       1,597,400       1,576,200       1,557,500       1,301,000  

Weighted average exercise price of anti-dilutive option shares

   $ 16.51     $ 17.40     $ 17.34     $ 17.36     $ 17.63  

Earnings per basic share

   $ 0.16     $ 0.05     $ 0.11     $ 0.11     $ 0.08  
                                        

Earnings per diluted share

   $ 0.16     $ 0.05     $ 0.11     $ 0.11     $ 0.08  
                                        

 

N.A. = Not Applicable

(1) Annualized

 

Page 5


BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

The Company utilizes a number of different financial measures, both GAAP and non-GAAP, in making operating, budgeting and planning decisions for future periods. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. The Company believes that the use of the non-GAAP financial measures described below provides the Board of Directors and management, and may provide some investors, with a more complete understanding of the Company’s operating results and trends, and facilitate comparisons to historical and peer performance. The Company’s non-GAAP financial measures should be considered supplemental in nature and should not be considered in isolation, or as superior to or a substitute for, financial measures that are prepared in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may differ from similar non-GAAP financial measures that are used by other companies, thus limiting their usefulness as a comparative tool.

Amortization of Intangibles Expense. The Company believes that the exclusion from its net income of expense for the amortization of the core deposit intangible assets resulting from its acquisition of Success Bancshares and University National Bank facilitates the comparison of the Company’s operating results to the Company’s historical performance and to the performance of other financial institutions with different acquisition histories. In addition, the level of amortization of core deposit intangible assets arising from an acquisition can vary significantly depending on the valuation methodology used and the interest rate environment that existed at the time of the acquisition.

Equity-based Compensation. The Company believes that the exclusion of equity-based compensation expense from its net income facilitates the comparison of the Company’s operating results to the Company’s historical performance, including the prior periods in which it operated as a mutual institution and had no stock outstanding. In addition, the Company believes that this non-GAAP measure facilitates the comparison of the Company’s performance to the performance of other financial institutions that have different or more seasoned equity-based compensation plans, including plans pursuant to which stock option awards vested prior to the effective date of SFAS No. 123R.

Gain on sale of Visa stock and Gain on unredeemed Visa stock. The Company believes that the exclusion of these gains, related to the completion of Visa’s IPO in March of 2008, from its net income facilitates the comparison of the Company’s operating results to the Company’s historical performance

Visa Settlement. The Company believes that the exclusion of this one-time litigation expense due to our proportionate share of Visa litigation charges from its net income facilitates the comparison of the Company’s operating results to the Company’s historical performance

Core Return on Assets. The Company believes that adjusting the calculation of its return on assets to exclude the equity-based compensation expense, the amortization of intangibles expenses and the Visa settlement expense furthers the purposes described above. Thus, the Company calculates core return on assets by dividing net income for a period, adjusted to exclude these expenses, by its average assets for the period.

Core Return on Equity. The Company believes that adjusting the calculation of its return on equity to exclude the equity-based compensation expense, the amortization of intangibles expenses and the Visa settlement expense furthers the purposes described above. Thus, the Company calculates core return on equity by dividing average stockholders’ equity for a period by net income, adjusted to exclude these expenses, for the period.

 

Page 6


Core Dilutive Earnings per Share. The Company believes that adjusting the calculation of its dilutive earnings per share to exclude the equity-based compensation expense, the amortization of intangibles expenses and the Visa settlement expense furthers the purposes described above. Thus, the Company calculates core dilutive earnings per share by net income, adjusted to exclude these expenses, for the period by the weighted average dilutive common shares outstanding, for the period.

Core Noninterest Expense to Average Total Assets. The Company believes that adjusting the calculation of its noninterest expense to average total assets to exclude the equity-based compensation expense, the amortization of intangibles expenses and the Visa settlement expense furthers the purposes described above. Thus, the Company calculates noninterest expense to average total assets by dividing noninterest expense, adjusted to exclude these expenses, by average total assets for the period.

Core Efficiency Ratio. The Company believes that adjusting the calculation of its efficiency ratio to exclude the equity-based compensation expense, the amortization of intangibles expenses and the Visa settlement expense furthers the purposes described above. Thus, the Company calculates core efficiency ratio by dividing noninterest expense, adjusted to exclude these expenses, by the sum of net interest income and noninterest income.

There are inherent limitations associated with the use of each of the above non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and reflect the exclusion of items that are recurring and will be reflected in the Company’s financial results in the future. The Company has further highlighted these and the other limitations described above by providing a reconciliation of the GAAP amounts that have been excluded from these non-GAAP financial measures.

 

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BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands; except per share) – (Unaudited)

 

FOR THE QUARTERS

MARCH 31, 2008 AND 2007

   Three months ended
March 31,
 
     2008     2007  

Core Operating Income:

    

Net Income

   $ 3,192     $ 1,651  

Adjustments:

    

Equity-based compensation and benefits

     1,249       1,261  

Amortization of core deposit intangible

     452       476  

Gain on sales of investment securities

     (1,385 )     —    

Gain on unredeemed Visa stock

     (1,240 )     —    

Tax effect on adjustments assuming 39.745% tax rate

     367       (690 )
                

Core Operating Income

   $ 2,635     $ 2,698  
                

Return on assets (ratio of net income to average total assets) (1)

     0.87 %     0.42 %

Core return on assets (ratio of core operating income to average total assets) (1)

     0.72 %     0.68 %

Return on equity (ratio of net income to average equity) (1)

     4.37 %     2.03 %

Core return on equity (ratio of core operating income to average equity) (1)

     3.61 %     3.31 %

Dilutive earnings per common share

   $ 0.16     $ 0.08  

Core dilutive earnings per common share

   $ 0.13     $ 0.13  

Core Noninterest Expenses:

    

Noninterest Expenses

   $ 13,228     $ 13,122  

Adjustments:

    

Equity-based compensation and benefits

     (1,249 )     (1,261 )

Amortization of core deposit intangible

     (452 )     (476 )
                

Core Noninterest Expenses

   $ 11,527     $ 11,385  
                

Noninterest expense to average total assets (1)

     3.60 %     3.31 %

Core noninterest expense to average total assets (1)

     3.13 %     2.87 %

Efficiency ratio (ratio of noninterest expense to net interest income plus noninterest income)

     73.57 %     81.66 %

Core efficiency ratio (ratio of core noninterest expense to net interest income plus core noninterest income)

     75.08 %     70.85 %

 

(1) Annualized for the three-month periods.

 

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FOR THE LATEST FIVE QUARTERS    2008     2007  
     IQ     IVQ     IIIQ     IIQ     IQ  

Core Operating Income:

          

Net Income

   $ 3,192     $ 929     $ 2,237     $ 2,338     $ 1,651  

Adjustments:

          

Equity-based compensation and benefits

     1,249       1,219       1,311       1,294       1,261  

Amortization of core deposit intangible

     452       464       469       469       476  

Gain on sales of investment securities

     (1,385 )     —         —         —         —    

Gain on unredeemed Visa stock

     (1,240 )     1,240       —         —         —    

Tax effect on adjustments assuming 39.745% tax rate

     367       (1,162 )     (707 )     (701 )     (690 )
                                        

Core Operating Income

   $ 2,635     $ 2,690     $ 3,310     $ 3,400     $ 2,698  
                                        

Return on assets (ratio of net income to average total assets) (1)

     0.87 %     0.25 %     0.59 %     0.61 %     0.42 %

Core return on assets (ratio of core operating income to average total assets) (1)

     0.72 %     0.72 %     0.87 %     0.88 %     0.68 %

Return on equity (ratio of net income to average equity)(1)

     4.37 %     1.23 %     2.90 %     3.01 %     2.03 %

Core return on equity (ratio of core operating income to average equity) (1)

     3.61 %     3.56 %     4.30 %     4.38 %     3.31 %

Dilutive earnings per common share

   $ 0.16     $ 0.05     $ 0.11     $ 0.11     $ 0.08  

Core dilutive earnings per common share

   $ 0.13     $ 0.13     $ 0.16     $ 0.16     $ 0.13  

Core Operating Expenses:

          

Noninterest Expenses

   $ 13,228     $ 14,311     $ 12,383     $ 12,666     $ 13,122  

Adjustments:

          

Equity-based compensation and benefits

     (1,249 )     (1,219 )     (1,311 )     (1,294 )     (1,261 )

Amortization of core deposit intangible

     (452 )     (464 )     (469 )     (469 )     (476 )
                                        

Core Noninterest Expenses

   $ 11,527     $ 11,388     $ 10,603     $ 10,903     $ 11,385  
                                        

Noninterest expense to average total assets (1)

     3.60 %     3.86 %     3.26 %     3.28 %     3.31 %

Core noninterest expense to average total assets (1)

     3.13 %     3.07 %     2.79 %     2.82 %     2.87 %

Efficiency ratio (ratio of noninterest expense to net interest income plus noninterest income)

     73.57 %     92.05 %     77.38 %     80.79 %     81.66 %

Core efficiency ratio (ratio of core noninterest expense to net interest income plus core noninterest income)

     75.08 %     73.25 %     66.26 %     69.54 %     70.85 %

 

(1) Annualized for the three-month periods.

 

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