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: October 25, 2018
|
/s/ David Lam
|
|
David Lam
Chief Financial Officer
(Principal Financial Officer)
|
Contact: Kevin Lycklama, President & CEO
Riverview Bancorp, Inc. 360-693-6650
|
|
·
|
Net income of $4.2 million, or $0.19 per diluted share.
|
·
|
Net interest margin (NIM) expanded by 30 basis points to 4.33% compared to the second quarter a year ago.
|
·
|
Return on average assets increased to 1.46%. compared to the second quarter a year ago.
|
·
|
Return on average equity improved to 13.68% compared to the second quarter a year ago.
|
·
|
Total loans increased $23.3 million during the quarter to $849.8 million at September 30, 2018.
|
·
|
Non-performing assets improved to 0.20% of total assets.
|
·
|
Tangible book value per share was $4.17.
|
·
|
Total risk-based capital ratio was 15.82% and Tier 1 leverage ratio was 10.72%.
|
·
|
Riverview Trust Company's assets under management increased $38.8 million, or 6.7%, to $614.0 million.
|
·
|
Declared a quarterly cash dividend of $0.035 per share, generating a current dividend yield of 1.70% based on the October 12, 2018 share price.
|
(Dollars in thousands)
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
March 31,
2018
|
||||||||||||
Shareholders' equity
|
$
|
122,410
|
$
|
119,828
|
$
|
116,742
|
$
|
116,901
|
||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
27,076
|
||||||||||||
Core deposit intangible, net
|
1,011
|
1,057
|
1,219
|
1,103
|
||||||||||||
Tangible shareholders' equity
|
$
|
94,323
|
$
|
91,695
|
$
|
88,447
|
$
|
88,722
|
||||||||
Total assets
|
$
|
1,148,447
|
$
|
1,140,268
|
$
|
1,147,680
|
$
|
1,151,535
|
||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
27,076
|
||||||||||||
Core deposit intangible, net
|
1,011
|
1,057
|
1,219
|
1,103
|
||||||||||||
Tangible assets
|
$
|
1,120,360
|
$
|
1,112,135
|
$
|
1,119,385
|
$
|
1,123,356
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||
(In thousands, except share data) (Unaudited)
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
March 31,
2018
|
||||||||||||
ASSETS
|
||||||||||||||||
Cash (including interest-earning accounts of $12,537, $15,791,
|
$
|
27,080
|
$
|
33,268
|
$
|
76,245
|
$
|
44,767
|
||||||||
$59,315 and $30,052)
|
||||||||||||||||
Certificate of deposits held for investment
|
3,984
|
4,971
|
9,797
|
5,967
|
||||||||||||
Loans held for sale
|
-
|
-
|
347
|
210
|
||||||||||||
Investment securities:
|
||||||||||||||||
Available for sale, at estimated fair value
|
190,792
|
200,100
|
200,584
|
213,221
|
||||||||||||
Held to maturity, at amortized cost
|
38
|
40
|
46
|
42
|
||||||||||||
Loans receivable (net of allowance for loan losses of $11,513,
|
||||||||||||||||
$11,349, $10,617, and $10,766)
|
838,329
|
815,237
|
773,087
|
800,610
|
||||||||||||
Real estate owned
|
-
|
-
|
298
|
298
|
||||||||||||
Prepaid expenses and other assets
|
5,104
|
3,759
|
4,227
|
3,870
|
||||||||||||
Accrued interest receivable
|
3,671
|
3,578
|
3,111
|
3,477
|
||||||||||||
Federal Home Loan Bank stock, at cost
|
1,353
|
1,353
|
1,181
|
1,353
|
||||||||||||
Premises and equipment, net
|
15,403
|
15,674
|
15,740
|
15,783
|
||||||||||||
Deferred income taxes, net
|
5,352
|
5,039
|
6,167
|
4,813
|
||||||||||||
Mortgage servicing rights, net
|
344
|
380
|
406
|
388
|
||||||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
27,076
|
||||||||||||
Core deposit intangible, net
|
1,011
|
1,057
|
1,219
|
1,103
|
||||||||||||
Bank owned life insurance
|
28,910
|
28,736
|
28,149
|
28,557
|
||||||||||||
TOTAL ASSETS
|
$
|
1,148,447
|
$
|
1,140,268
|
$
|
1,147,680
|
$
|
1,151,535
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||
LIABILITIES:
|
||||||||||||||||
Deposits
|
$
|
982,272
|
$
|
982,350
|
$
|
990,299
|
$
|
995,691
|
||||||||
Accrued expenses and other liabilities
|
13,767
|
8,579
|
10,838
|
9,391
|
||||||||||||
Advance payments by borrowers for taxes and insurance
|
1,050
|
580
|
920
|
637
|
||||||||||||
Junior subordinated debentures
|
26,530
|
26,507
|
26,438
|
26,484
|
||||||||||||
Capital lease obligation
|
2,418
|
2,424
|
2,443
|
2,431
|
||||||||||||
Total liabilities
|
1,026,037
|
1,020,440
|
1,030,938
|
1,034,634
|
||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||
Serial preferred stock, $.01 par value; 250,000 authorized,
|
||||||||||||||||
issued and outstanding, none
|
-
|
-
|
-
|
-
|
||||||||||||
Common stock, $.01 par value; 50,000,000 authorized,
|
||||||||||||||||
September 30, 2018 - 22,598,712 issued and outstanding;
|
||||||||||||||||
June 30, 2018 – 22,570,179 issued and outstanding;
|
226
|
226
|
225
|
226
|
||||||||||||
September 30, 2017 - 22,533,912 issued and outstanding;
|
||||||||||||||||
March 31, 2018 – 22,570,179 issued and outstanding;
|
||||||||||||||||
Additional paid-in capital
|
65,044
|
64,882
|
64,612
|
64,871
|
||||||||||||
Retained earnings
|
63,642
|
60,204
|
53,034
|
56,552
|
||||||||||||
Unearned shares issued to employee stock ownership plan
|
-
|
-
|
(26
|
)
|
-
|
|||||||||||
Accumulated other comprehensive loss
|
(6,502
|
)
|
(5,484
|
)
|
(1,103
|
)
|
(4,748
|
)
|
||||||||
Total shareholders' equity
|
122,410
|
119,828
|
116,742
|
116,901
|
||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,148,447
|
$
|
1,140,268
|
$
|
1,147,680
|
$
|
1,151,535
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
Sept. 30, 2018
|
June 30, 2018
|
Sept. 30, 2017
|
Sept. 30, 2018
|
Sept. 30, 2017
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$
|
10,943
|
$
|
10,777
|
$
|
9,994
|
$
|
21,720
|
$
|
19,783
|
||||||||||
Interest on investment securities - taxable
|
1,116
|
1,198
|
1,079
|
2,314
|
2,212
|
|||||||||||||||
Interest on investment securities - nontaxable
|
36
|
37
|
14
|
73
|
28
|
|||||||||||||||
Other interest and dividends
|
118
|
93
|
228
|
211
|
315
|
|||||||||||||||
Total interest and dividend income
|
12,213
|
12,105
|
11,315
|
24,318
|
22,338
|
|||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
259
|
260
|
313
|
519
|
635
|
|||||||||||||||
Interest on borrowings
|
352
|
358
|
277
|
710
|
545
|
|||||||||||||||
Total interest expense
|
611
|
618
|
590
|
1,229
|
1,180
|
|||||||||||||||
Net interest income
|
11,602
|
11,487
|
10,725
|
23,089
|
21,158
|
|||||||||||||||
Provision for (recapture of) loan losses
|
250
|
(200
|
)
|
-
|
50
|
-
|
||||||||||||||
Net interest income after provision for, recapture of, loan losses
|
11,352
|
11,687
|
10,725
|
23,039
|
21,158
|
|||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
1,690
|
1,755
|
1,490
|
3,445
|
2,897
|
|||||||||||||||
Asset management fees
|
943
|
926
|
818
|
1,869
|
1,671
|
|||||||||||||||
Net gain on sale of loans held for sale
|
44
|
152
|
157
|
196
|
382
|
|||||||||||||||
Bank owned life insurance
|
174
|
179
|
204
|
353
|
411
|
|||||||||||||||
Other, net
|
167
|
40
|
44
|
207
|
90
|
|||||||||||||||
Total non-interest income, net
|
3,018
|
3,052
|
2,713
|
6,070
|
5,451
|
|||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
5,283
|
5,578
|
5,251
|
10,861
|
10,673
|
|||||||||||||||
Occupancy and depreciation
|
1,351
|
1,359
|
1,412
|
2,710
|
2,758
|
|||||||||||||||
Data processing
|
622
|
631
|
580
|
1,253
|
1,196
|
|||||||||||||||
Amortization of core deposit intangible
|
46
|
46
|
58
|
92
|
116
|
|||||||||||||||
Advertising and marketing
|
266
|
192
|
256
|
458
|
490
|
|||||||||||||||
FDIC insurance premium
|
85
|
76
|
136
|
161
|
281
|
|||||||||||||||
State and local taxes
|
182
|
168
|
177
|
350
|
331
|
|||||||||||||||
Telecommunications
|
88
|
93
|
103
|
181
|
207
|
|||||||||||||||
Professional fees
|
387
|
284
|
261
|
671
|
676
|
|||||||||||||||
Other
|
605
|
592
|
525
|
1,197
|
1,205
|
|||||||||||||||
Total non-interest expense
|
8,915
|
9,019
|
8,759
|
17,934
|
17,933
|
|||||||||||||||
INCOME BEFORE INCOME TAXES
|
5,455
|
5,720
|
4,679
|
11,175
|
8,676
|
|||||||||||||||
PROVISION FOR INCOME TAXES
|
1,224
|
1,278
|
1,620
|
2,502
|
2,963
|
|||||||||||||||
NET INCOME
|
$
|
4,231
|
$
|
4,442
|
$
|
3,059
|
$
|
8,673
|
$
|
5,713
|
||||||||||
Earnings per common share:
|
||||||||||||||||||||
Basic
|
$
|
0.19
|
$
|
0.20
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||||
Diluted
|
$
|
0.19
|
$
|
0.20
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
22,579,839
|
22,570,179
|
22,518,941
|
22,575,009
|
22,511,935
|
|||||||||||||||
Diluted
|
22,658,737
|
22,651,732
|
22,609,480
|
22,655,297
|
22,599,851
|
ASSET QUALITY
|
Sept. 30, 2018
|
June 30, 2018
|
Sept. 30, 2017
|
|||||||||
Non-performing loans
|
$
|
2,283
|
$
|
2,344
|
$
|
2,745
|
||||||
Non-performing loans to total loans
|
0.27
|
%
|
0.28
|
%
|
0.35
|
%
|
||||||
Real estate/repossessed assets owned
|
$
|
-
|
$
|
-
|
$
|
298
|
||||||
Non-performing assets
|
$
|
2,283
|
$
|
2,344
|
$
|
3,043
|
||||||
Non-performing assets to total assets
|
0.20
|
%
|
0.21
|
%
|
0.27
|
%
|
||||||
Net loan charge-offs (recoveries) in the quarter
|
$
|
86
|
$
|
(783
|
)
|
$
|
(20
|
)
|
||||
Net charge-offs (recoveries) in the quarter/average net loans
|
0.04
|
%
|
(0.39
|
)%
|
(0.01
|
)%
|
||||||
Allowance for loan losses
|
$
|
11,513
|
$
|
11,349
|
$
|
10,617
|
||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
148.43
|
%
|
144.42
|
%
|
141.06
|
%
|
||||||
Allowance for loan losses to
|
||||||||||||
non-performing loans
|
504.29
|
%
|
484.17
|
%
|
386.78
|
%
|
||||||
Allowance for loan losses to total loans
|
1.35
|
%
|
1.37
|
%
|
1.35
|
%
|
||||||
Shareholders' equity to assets
|
10.66
|
%
|
10.51
|
%
|
10.17
|
%
|
||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
15.82
|
%
|
15.59
|
%
|
15.07
|
%
|
||||||
Tier 1 capital (to risk weighted assets)
|
14.54
|
%
|
14.33
|
%
|
13.82
|
%
|
||||||
Common equity tier 1 (to risk weighted assets)
|
14.54
|
%
|
14.33
|
%
|
13.82
|
%
|
||||||
Tier 1 capital (to average tangible assets)
|
10.72
|
%
|
10.46
|
%
|
9.75
|
%
|
||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
8.42
|
%
|
8.24
|
%
|
7.90
|
%
|
DEPOSIT MIX
|
Sept. 30, 2018
|
June 30, 2018
|
Sept. 30, 2017
|
March 31, 2018
|
||||||||||||
Interest checking
|
$
|
182,947
|
$
|
184,286
|
$
|
175,127
|
$
|
192,989
|
||||||||
Regular savings
|
138,082
|
136,368
|
134,116
|
134,931
|
||||||||||||
Money market deposit accounts
|
252,738
|
259,340
|
274,409
|
265,661
|
||||||||||||
Non-interest checking
|
300,659
|
288,890
|
270,678
|
278,966
|
||||||||||||
Certificates of deposit
|
107,846
|
113,466
|
135,969
|
123,144
|
||||||||||||
Total deposits
|
$
|
982,272
|
$
|
982,350
|
$
|
990,299
|
$
|
995,691
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction | |||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
September 30, 2018
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
155,487
|
$
|
-
|
$
|
-
|
$
|
155,487
|
||||||||
Commercial construction
|
-
|
-
|
45,330
|
45,330
|
||||||||||||
Office buildings
|
-
|
122,465
|
-
|
122,465
|
||||||||||||
Warehouse/industrial
|
-
|
87,630
|
-
|
87,630
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
66,458
|
-
|
66,458
|
||||||||||||
Assisted living facilities
|
-
|
2,840
|
-
|
2,840
|
||||||||||||
Single purpose facilities
|
-
|
182,984
|
-
|
182,984
|
||||||||||||
Land
|
-
|
15,939
|
-
|
15,939
|
||||||||||||
Multi-family
|
-
|
54,942
|
-
|
54,942
|
||||||||||||
One-to-four family construction
|
-
|
-
|
17,465
|
17,465
|
||||||||||||
Total
|
$
|
155,487
|
$
|
533,258
|
$
|
62,795
|
$
|
751,540
|
||||||||
March 31, 2018
|
||||||||||||||||
Commercial business
|
$
|
137,672
|
$
|
-
|
$
|
-
|
$
|
137,672
|
||||||||
Commercial construction
|
-
|
-
|
23,158
|
23,158
|
||||||||||||
Office buildings
|
-
|
124,000
|
-
|
124,000
|
||||||||||||
Warehouse/industrial
|
-
|
89,442
|
-
|
89,442
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
68,932
|
-
|
68,932
|
||||||||||||
Assisted living facilities
|
-
|
2,934
|
-
|
2,934
|
||||||||||||
Single purpose facilities
|
-
|
165,289
|
-
|
165,289
|
||||||||||||
Land
|
-
|
15,337
|
-
|
15,337
|
||||||||||||
Multi-family
|
-
|
63,080
|
-
|
63,080
|
||||||||||||
One-to-four family construction
|
-
|
-
|
16,426
|
16,426
|
||||||||||||
Total
|
$
|
137,672
|
$
|
529,014
|
$
|
39,584
|
$
|
706,270
|
LOAN MIX
|
Sept. 30, 2018
|
June 30, 2018
|
Sept. 30, 2017
|
March 31, 2018
|
||||||||||||
Commercial and construction
|
||||||||||||||||
Commercial business
|
$
|
155,487
|
$
|
148,257
|
$
|
118,444
|
$
|
137,672
|
||||||||
Other real estate mortgage
|
533,258
|
524,117
|
500,382
|
529,014
|
||||||||||||
Real estate construction
|
62,795
|
53,156
|
53,878
|
39,584
|
||||||||||||
Total commercial and construction
|
751,540
|
725,530
|
672,704
|
706,270
|
||||||||||||
Consumer
|
||||||||||||||||
Real estate one-to-four family
|
86,950
|
88,212
|
90,764
|
90,109
|
||||||||||||
Other installment
|
11,352
|
12,844
|
20,236
|
14,997
|
||||||||||||
Total consumer
|
98,302
|
101,056
|
111,000
|
105,106
|
||||||||||||
Total loans
|
849,842
|
826,586
|
783,704
|
811,376
|
||||||||||||
Less:
|
||||||||||||||||
Allowance for loan losses
|
11,513
|
11,349
|
10,617
|
10,766
|
||||||||||||
Loans receivable, net
|
$
|
838,329
|
$
|
815,237
|
$
|
773,087
|
$
|
800,610
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||||
Other
|
Southwest
|
|||||||||||||||
Oregon
|
Washington
|
Other
|
Total
|
|||||||||||||
September 30, 2018
|
(dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
-
|
$
|
168
|
$
|
-
|
$
|
168
|
||||||||
Commercial real estate
|
942
|
193
|
-
|
1,135
|
||||||||||||
Land
|
740
|
-
|
-
|
740
|
||||||||||||
Consumer
|
-
|
173
|
67
|
240
|
||||||||||||
Total non-performing assets
|
$
|
1,682
|
$
|
534
|
$
|
67
|
$
|
2,283
|
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
|
||||||||||||||||
Northwest
|
Other
|
Southwest
|
||||||||||||||
Oregon
|
Oregon
|
Washington
|
Total
|
|||||||||||||
September 30, 2018
|
(dollars in thousands)
|
|||||||||||||||
Land development
|
$
|
199
|
$
|
1,950
|
$
|
13,790
|
$
|
15,939
|
||||||||
Speculative construction
|
571
|
4
|
14,054
|
14,629
|
||||||||||||
Total land development and speculative construction
|
$
|
770
|
$
|
1,954
|
$
|
27,844
|
$
|
30,568
|
At or for the three months ended
|
At or for the six months ended | |||||||||||||||||||
SELECTED OPERATING DATA
|
Sept. 30, 2018
|
June 30, 2018
|
Sept. 30, 2017
|
Sept. 30, 2018
|
Sept. 30, 2017
|
|||||||||||||||
Efficiency ratio (4)
|
60.99
|
%
|
62.03
|
%
|
65.18
|
%
|
61.51
|
%
|
67.39
|
%
|
||||||||||
Coverage ratio (6)
|
130.14
|
%
|
127.36
|
%
|
122.45
|
%
|
128.74
|
%
|
117.98
|
%
|
||||||||||
Return on average assets (1)
|
1.46
|
%
|
1.57
|
%
|
1.06
|
%
|
1.52
|
%
|
1.01
|
%
|
||||||||||
Return on average equity (1)
|
13.68
|
%
|
14.98
|
%
|
10.40
|
%
|
14.32
|
%
|
9.89
|
%
|
||||||||||
NET INTEREST SPREAD
|
||||||||||||||||||||
Yield on loans
|
5.17
|
%
|
5.32
|
%
|
5.06
|
%
|
5.24
|
%
|
5.03
|
%
|
||||||||||
Yield on investment securities
|
2.27
|
%
|
2.31
|
%
|
2.14
|
%
|
2.29
|
%
|
2.18
|
%
|
||||||||||
Total yield on interest-earning assets
|
4.56
|
%
|
4.63
|
%
|
4.25
|
%
|
4.59
|
%
|
4.29
|
%
|
||||||||||
Cost of interest-bearing deposits
|
0.15
|
%
|
0.15
|
%
|
0.17
|
%
|
0.15
|
%
|
0.18
|
%
|
||||||||||
Cost of FHLB advances and other borrowings
|
4.82
|
%
|
4.37
|
%
|
3.81
|
%
|
4.58
|
%
|
3.75
|
%
|
||||||||||
Total cost of interest-bearing liabilities
|
0.34
|
%
|
0.34
|
%
|
0.31
|
%
|
0.34
|
%
|
0.31
|
%
|
||||||||||
Spread (7)
|
4.22
|
%
|
4.29
|
%
|
3.94
|
%
|
4.25
|
%
|
3.98
|
%
|
||||||||||
Net interest margin
|
4.33
|
%
|
4.40
|
%
|
4.03
|
%
|
4.36
|
%
|
4.06
|
%
|
||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings per share (2)
|
$
|
0.19
|
$
|
0.20
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||||
Diluted earnings per share (3)
|
0.19
|
0.20
|
0.14
|
0.38
|
0.25
|
|||||||||||||||
Book value per share (5)
|
5.42
|
5.31
|
5.18
|
5.42
|
5.18
|
|||||||||||||||
Tangible book value per share (5) (non-GAAP)
|
4.17
|
4.06
|
3.93
|
4.17
|
3.93
|
|||||||||||||||
Market price per share:
|
||||||||||||||||||||
High for the period
|
$
|
9.91
|
$
|
9.52
|
$
|
8.48
|
$
|
9.91
|
$
|
8.48
|
||||||||||
Low for the period
|
8.44
|
8.39
|
6.64
|
8.39
|
6.51
|
|||||||||||||||
Close for period end
|
8.84
|
8.44
|
8.40
|
8.84
|
8.40
|
|||||||||||||||
Cash dividends declared per share
|
0.3500
|
0.0350
|
0.0225
|
0.0700
|
0.0450
|
|||||||||||||||
Average number of shares outstanding:
|
||||||||||||||||||||
Basic (2)
|
22,579,839
|
22,570,179
|
22,518,941
|
22,575,009
|
22,511,935
|
|||||||||||||||
Diluted (3)
|
22,658,737
|
22,651,732
|
22,609,480
|
22,655,297
|
22,599,851
|
(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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