Maryland
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0-49731
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52-1726127
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification Number)
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200 Westgate Circle, Suite 200, Annapolis, Maryland
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21401
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(Address of principal executive offices)
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(Zip Code)
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410-260-2000
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(Registrant’s telephone number, including area code)
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS.
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Severn Bancorp, Inc.
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|
Dated: July 15, 2011
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By: /Alan J. Hyatt/
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Alan J. Hyatt, President
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Severn Bancorp, Inc.
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||||||||
Selected Financial Data
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||||||||
(dollars in thousands, except per share data)
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||||||||
(Unaudited)
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||||||||
For the Three Months Ended
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||||||||
June 30,
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March 31,
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December 31,
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September 30,
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June 30,
|
||||
2011
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2011
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2010
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2010
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2010
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||||
Summary Operating Results:
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||||||||
Interest income
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$ 11,254
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$ 11,698
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$ 11,809
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$ 12,083
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$ 13,045
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|||
Interest expense
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3,946
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4,126
|
4,448
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4,906
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4,995
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|||
Net interest income
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7,308
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7,572
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7,361
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7,177
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8,050
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|||
Provision for loan losses
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2,987
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634
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1,200
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1,000
|
1,000
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|||
Net interest income after provision
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||||||||
for loan losses
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4,321
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6,938
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6,161
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6,177
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7,050
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|||
Non-interest income
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447
|
562
|
921
|
724
|
537
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|||
Non-interest expense
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6,171
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6,709
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5,980
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6,031
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6,533
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|||
Income (loss) before income taxes
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(1,403)
|
791
|
1,102
|
870
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1,054
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|||
Income tax expense (benefit)
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(557)
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344
|
495
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385
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461
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|||
Net income (loss)
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$ (846)
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$ 447
|
$ 607
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$ 485
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$ 593
|
|||
Per Share Data:
|
||||||||
Basic earnings (loss) per share
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$ -0.13
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$ 0.00
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$ 0.02
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$ 0.01
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$ 0.02
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|||
Diluted earnings (loss) per share
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$ -0.13
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$ 0.00
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$ 0.02
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$ 0.01
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$ 0.02
|
|||
Common stock dividends per share
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$ -
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$ -
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$ -
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$ -
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$ -
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|||
Average basic shares outstanding
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10,066,679
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10,066,679
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10,066,679
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10,066,679
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10,066,679
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|||
Average diluted shares outstanding
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10,066,679
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10,066,679
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10,066,679
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10,066,679
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10,076,763
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|||
Performance Ratios:
|
||||||||
Return on average assets
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-0.09%
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0.05%
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0.06%
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0.05%
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0.06%
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|||
Return on average equity
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-0.80%
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0.44%
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0.61%
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0.47%
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0.60%
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|||
Net interest margin
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3.39%
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3.48%
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3.37%
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3.17%
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3.63%
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|||
Efficiency ratio*
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60.37%
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58.57%
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57.84%
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62.85%
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56.97%
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|||
*
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The efficiency ratio is general and administrative expenses as a percentage of net interest income plus non-interest income
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|||||||
As of
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||||||||
June 30,
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March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||
2011
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2011
|
2010
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2010
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2010
|
||||
Balance Sheet Data:
|
||||||||
Total assets
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$ 937,372
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$ 967,736
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$ 962,543
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$ 975,894
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$ 1,002,284
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|||
Total loans receivable
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766,443
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780,412
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808,808
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816,726
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840,049
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|||
Allowance for loan losses
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(31,103)
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(29,252)
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(29,871)
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(30,335)
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(34,040)
|
|||
Net loans
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735,340
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751,160
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778,937
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786,391
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806,009
|
|||
Deposits
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687,842
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718,298
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714,776
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717,319
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742,042
|
|||
Stockholders' equity
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105,005
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106,213
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106,100
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105,813
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105,647
|
|||
Bank's Tier 1 core capital to total assets
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12.3%
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12.1%
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12.3%
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12.1%
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11.6%
|
|||
Book value per share
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$ 7.78
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$ 7.90
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$ 7.89
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$ 7.86
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$ 7.85
|
|||
Asset Quality Data:
|
||||||||
Non-accrual loans
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$ 42,088
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$ 44,984
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$ 46,164
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$ 53,563
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$ 47,857
|
|||
Foreclosed real estate
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17,291
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18,898
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20,955
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18,783
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16,272
|
|||
Total non-performing assets
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59,379
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63,882
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67,119
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72,346
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64,129
|
|||
Total non-accrual loans to net loans
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5.7%
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6.0%
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5.9%
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6.8%
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5.9%
|
|||
Allowance for loan losses
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31,103
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29,252
|
29,871
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30,335
|
34,040
|
|||
Allowance for loan losses to total loans
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4.1%
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3.7%
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3.7%
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3.7%
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4.1%
|
|||
Allowance for loan losses to total
|
||||||||
non-performing loans
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73.9%
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65.0%
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64.7%
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56.6%
|
71.1%
|
|||
Total non-accrual loans to total assets
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4.5%
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4.6%
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4.8%
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5.5%
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4.8%
|
|||
Total non-performing assets to total assets
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6.3%
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6.6%
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7.0%
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7.4%
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6.4%
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