UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 2008
RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)
Washington 0-22957 91-1838969
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
900 Washington Street, Suite 900, Vancouver, Washington 98660
(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (360) 693-6650
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))
Item 2.02 Results of Operations and Financial Condition.
On January 22, 2008, Riverview Bancorp, Inc. issued its earnings release
for the quarter ended December 31, 2007. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
99.1 News Release of Riverview Bancorp, Inc. dated January 22, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
RIVERVIEW BANCORP, INC.
DATE: January 22, 2008 By: /s/Patrick Sheaffer
-------------------------------------
Patrick Sheaffer
Chairman and Chief Executive Officer
(Principal Executive Officer)
Exhibit 99.1
News Release Dated January 22, 2008
Contacts: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp, Inc. Reports Profits of $2.2 Million in Fiscal Third
-----------------------------------------------------------------------
Quarter as Strong Credit Quality Continues
------------------------------------------
VANCOUVER, WA -- January 22, 2008 -- Riverview Bancorp, Inc. (Nasdaq GSM:RVSB)
today reported that continued excellent credit quality contributed to fiscal
third quarter 2008 earnings. For the quarter ended December 31, 2007, net
income was $2.2 million, or $0.21 per diluted share, compared to the record
earnings of $3.2 million, or $0.28 per diluted share, posted in the third
quarter of fiscal 2007. For the first nine months of fiscal 2008, net income
was $7.5 million, or $0.67 per diluted share, compared to $8.8 million, or
$0.77 per diluted share, in the first nine months of fiscal 2007.
``The last several months have been very challenging for Riverview, as well as
the entire banking industry,'' stated Pat Sheaffer, Chairman and CEO. ``While
our focus on core deposit growth and strict lending standards has resulted in
continued asset growth, it has also reduced our profitability relative to last
year's record setting earnings. However, we have been able to stabilize our
net interest margin and maintain our credit quality despite a difficult
banking environment.''
``Population growth in the Southwest Washington and metropolitan Portland,
Oregon area remains strong, although we have seen the local housing markets
cool off compared to the record setting pace of the last few years,'' said Ron
Wysaske, President and COO. ``Despite the population growth, however, our real
estate construction portfolio is now down to $151 million from $165 million a
year ago as we maintain our tight credit standards.''
Third Quarter Fiscal 2008 Highlights (at or for the period ended
December 31, 2007, compared to December 31, 2006)
* Net income was $2.2 million, or $0.21 per diluted share.
* Asset quality remains strong -- Non-performing assets are 0.14% of
total assets.
* Net interest margin was 4.71%.
* Riverview Asset Management Corp. increased assets under management
8% to $311 million.
* Asset management fees increased 8% to $545,000.
* Cash dividends increased 10% to $0.11 per share bringing our
current dividend yield to 4.21% based on the recent share price.
Credit Quality
``Asset quality remains an important focus for us in what has become a highly
competitive market,'' said Wysaske. ``While we have no sub-prime residential
real estate loans in our portfolio, we continue to keep a watchful eye on our
regional market and closely monitor credit risk. Credit quality remains solid,
reflecting our diversified portfolio, disciplined credit practices, and
experienced lending staff.'' Non-performing assets were $1.1 million, or 0.14%
of total assets, at December 31, 2007, compared to $206,000, or 0.03% of total
assets, at September 30, 2007 and $1.3 million, or 0.15% of total assets, at
December 31, 2006. The increase from the previous linked quarter is
attributable to the addition of five nonaccrual loans, totaling $937,000,
which includes one commercial loan, one commercial real estate loan, one real
estate construction loan, and two residential real estate loans. The allowance
for loan losses, including unfunded loan commitments of $407,000, was $9.9
million, or 1.37% of net loans at quarter-end, compared to $9.0 million, or
1.27% of net loans, a year ago. Management believes the allowance for loan
losses is adequate to cover probable losses inherent in the loan portfolio
based upon its analysis of the loan portfolio's credit quality and the current
economic conditions.
Operating Results
For the third quarter of fiscal 2008, the net interest margin was 4.71%
compared to 4.72% in the previous linked quarter and 4.89% in the third fiscal
quarter a year ago. For the first nine months of fiscal 2008, the net interest
margin was 4.75% compared to 5.03% in the first nine months of fiscal 2007.
``During the quarter our margin stabilized despite challenging market
conditions. We expect improved spreads in light of the Federal Reserve rate
cuts over the past four
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 2
months, and anticipate our margin will stabilize or improve as we see the
effect of our interest-bearing deposits re-price,'' said Wysaske.
Net interest income in the third fiscal quarter of 2008 decreased to $8.9
million compared to $9.3 million in the third fiscal quarter a year ago,
largely due to our interest-bearing assets re-pricing down faster than our
interest-bearing liabilities as a result of the recent Federal Reserve rate
cuts. For the first nine months of fiscal 2008, net interest income was $26.4
million, compared to $27.5 million in the first nine months of fiscal 2007.
Non-interest income was down slightly to $2.2 million for the quarter,
compared to $2.4 million a year ago. For the first nine months of fiscal 2008,
non-interest income was $6.7 million compared to $6.8 million for the first
nine months a year ago. ``Although fee income from Riverview Asset Management
Corp. increased 15% during the first nine months of the year, it was offset by
declining mortgage broker loan fees reflecting the continued slowdown in the
real estate market,'' said Wysaske.
Non-interest expenses were $7.0 million in the third quarter of fiscal 2008,
an increase from $6.5 million in the third quarter of fiscal 2007. The
increase in non-interest expense is the result of the opening of new
facilities and the continued expansion of our lending team. ``During the third
quarter, Riverview opened a new lending center at 9200 SE Sunnybrook Road
Portland, Oregon. This location features a team of three commercial lenders
and will be our second lending center to serve the east Portland area,''
stated Sheaffer. ``The hiring of these additional quality lenders has helped
contribute to our continued loan growth in the third quarter and we believe
will generate a good deal of new business in the future.''
The efficiency ratio was 63.69% for the third quarter, compared to 55.09% in
the third quarter a year ago and 62.40% for the first nine months of fiscal
2008, compared to 56.90% for the same period a year ago. The increase in the
efficiency ratio is due primarily to the decline in the net interest margin
and the increase in non-interest expense discussed above. ``We expect our
efficiency ratio to improve as we continue to grow into our increased
capacity,'' said Wysaske.
Riverview's return on average assets was 1.06% for the third quarter and 1.21%
year-to-date, compared to 1.53% and 1.45% for the respective periods last
year. Return on average equity was 9.30% for the quarter and 10.17% for the
first nine months of fiscal 2008, compared to 13.00% and 12.15%, respectively,
for the same periods last year.
Balance Sheet Growth
Total assets were $844 million at the end of December 2007, compared to $821
million at September 30, 2007 and $836 million a year ago.
``The loan portfolio is still expanding, although at a more moderate pace
compared to record levels set during the last few years,'' Wysaske said. ``Our
goal remains keeping a well-diversified loan portfolio while maintaining
excellent credit quality. Loan growth and credit quality should drive revenue
growth going forward.'' Loan growth was up $28.9 million, or 4%, over the
linked September 2007 quarter-end. Net loans were $716 million at December 31,
2007, compared to $697 million a year ago. Commercial and construction loans
account for 89% of the total loan portfolio, similar to last year. The
following table breaks out loans by category:
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 3
December 31, 2007 December 31, 2006
----------------- -----------------
(Dollars in thousands)
LOAN DATA
---------
Commercial and construction
Commercial $ 99,259 13.68% $ 99,285 14.06%
Other real estate mortgage 391,878 54.03% 364,187 51.59%
Real estate construction 150,951 20.81% 165,008 23.38%
--------- ------ --------- ------
Total commercial and
construction 642,088 88.52% 628,480 89.03%
Consumer
Real estate one-to-four family 78,479 10.82% 73,268 10.38%
Other installment 4,774 0.66% 4,151 0.59%
-------- ------ --------- ------
Total consumer 83,253 11.48% 77,419 10.97%
--------- ---------
Total loans $ 725,341 100.00% $ 705,899 100.00%
========= =========
Total deposits were $623 million at the end of December 2007 compared to $651
million at the end of December 2006. Non-interest checking balances represent
13% of total deposits and interest checking balances represent 18% of total
deposits. Core deposits, defined as all deposits excluding certificates of
deposit, were $429 million at the end of December 2007, and represent 69% of
total deposits.
The following table breaks out deposits by category:
December 31, 2007 December 31, 2006
----------------- -----------------
(Dollars in thousands)
DEPOSIT DATA
------------
Interest checking $ 112,062 18.00% $ 145,347 22.32%
Regular savings 26,216 4.21% 29,491 4.53%
Money market deposit accounts 210,084 33.74% 179,010 27.49%
Non-interest checking 80,710 12.96% 88,244 13.55%
Certificates of deposit 193,538 31.09% 209,105 32.11%
--------- ------ --------- ------
Total deposits $ 622,610 100.00% $ 651,197 100.00%
Shareholders' Equity
Shareholders' equity was $92.4 million, compared to $98.0 million a year ago.
Book value per share improved to $8.46 at the end of December 2007, compared
to $8.44 a year earlier. During fiscal 2008, 875,000 shares have been
purchased on the open market under the announced Repurchase Plans. Under the
current Repurchase Plan announced June 21, 2007, there are 125,000 shares
remaining to be purchased. Riverview remains a well-capitalized institution.
About the Company
Riverview Bancorp, Inc. (http://www.riverviewbank.com) is headquartered in
Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor.
With assets of $844 million, it is the parent company of the 84 year-old
Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset
Management Corp. There are 18 branches, including ten in fast growing Clark
County, three in the Portland metropolitan area and four lending centers. The
Bank offers true community banking services, focusing on providing the highest
quality service and financial products to commercial and retail ustomers.
Statements concerning future performance, developments or events, concerning
expectations for growth and market forecasts, and any other guidance on future
periods, constitute forward-looking statements, which are subject to a number
of risks and uncertainties that might cause actual results to differ
materially from stated objectives. These factors include but are not limited
to: RVSB's ability to acquire shares according to internal repurchase
guidelines, regional economic conditions and the company's ability to
efficiently manage expenses. Additional factors that could cause actual
results to differ materially are disclosed in Riverview Bancorp's recent
filings with the SEC, including but not limited to Annual Reports on Form
10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 4
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
December 31, 2007, March 31, 2007 and December 31, 2006
(In thousands, except share data) Dec. 31, March 31, Dec. 31,
(Unaudited) 2007 2007 2006
---------------------------------------------------------------------
ASSETS
Cash (including interest-earning
accounts of $14,415, $7,818 and
$6,197) $ 32,998 $ 31,423 $ 30,396
Loans held for sale 395 -- --
Investment securities available for
sale, at fair value (amortized cost
of $7,826, $19,258 and $20,650) 7,762 19,267 20,648
Mortgage-backed securities held to
maturity, at amortized cost (fair
value of $956, $1,243 and $1,356) 950 1,232 1,347
Mortgage-backed securities available
for sale, at fair value (amortized
cost of $5,701, $6,778 and $7,141) 5,676 6,640 6,977
Loans receivable (net of allowance
for loan losses of $9,505, $8,653
and $8,628) 715,836 682,951 697,271
Real estate and other pers. property
owned 74 -- --
Prepaid expenses and other assets 3,513 1,905 2,105
Accrued interest receivable 3,740 3,822 4,131
Federal Home Loan Bank stock, at cost 7,350 7,350 7,350
Premises and equipment, net 21,109 21,402 21,547
Deferred income taxes, net 4,065 4,108 3,685
Mortgage servicing rights, net 331 351 374
Goodwill 25,572 25,572 25,572
Core deposit intangible, net 593 711 755
Bank owned life insurance 14,033 13,614 13,482
--------- --------- ---------
TOTAL ASSETS $ 843,997 $ 820,348 $ 835,640
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposit accounts $ 622,610 $ 665,405 $ 651,197
Accrued expenses and other
liabilities 9,483 9,349 9,781
Advance payments by borrowers for
taxes and insurance 166 397 123
Federal Home Loan Bank advances 94,000 35,050 66,600
Junior subordinated debentures 22,681 7,217 7,217
Capital lease obligation 2,695 2,721 2,729
--------- --------- ---------
Total liabilities 751,635 720,139 737,647
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,
2007- 10,911,773 issued and
outstanding; March 31, 2007 -
11,707,980 issued and outstanding;
December 31, 2006- 11,612,219 issued
and outstanding; 109 117 116
Additional paid-in capital 46,676 58,438 57,888
Retained earnings 46,667 42,848 41,232
Unearned shares issued to employee
stock ownership trust (1,031) (1,108) (1,134)
Accumulated other comprehensive loss (59) (86) (109)
--------- --------- ---------
Total shareholders' equity 92,362 100,209 97,993
--------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 843,997 $ 820,348 $ 835,640
========= ========= =========
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income for the Three and Nine Months Ended
December 31, 2007 and 2006
(In thousands, except Three Months Ended Nine Months Ended
share data) December 31, December 31,
(Unaudited) 2007 2006 2007 2006
--------------------------------------------- ----------------------
INTEREST INCOME:
Interest and fees on
loans receivable $ 14,950 $ 15,617 $ 44,461 $ 44,220
Interest on investment
securities-taxable 91 217 403 659
Interest on investment
securities-non taxable 35 41 111 125
Interest on mortgage-
backed securities 78 102 254 325
Other interest and
dividends 182 101 845 249
---------------------- ----------------------
Total interest income 15,336 16,078 46,074 45,578
---------------------- ----------------------
INTEREST EXPENSE:
Interest on deposits 5,340 5,548 17,563 14,678
Interest on borrowings 1,138 1,212 2,131 3,442
---------------------- ----------------------
Total interest expense 6,478 6,760 19,694 18,120
---------------------- ----------------------
Net interest income 8,858 9,318 26,380 27,458
Less provision for
loan losses 650 375 1,100 1,325
---------------------- ----------------------
Net interest income
after provision for
loan losses 8,208 8,943 25,280 26,133
---------------------- ----------------------
NON-INTEREST INCOME:
Fees and service
charges 1,269 1,535 4,078 4,315
Asset management fees 545 504 1,606 1,395
Gain on sale of loans
held for sale 93 150 276 333
Loan servicing income 44 44 110 125
Gain on sale of credit
card portfolio -- -- -- 133
Bank owned life
insurance income 140 133 419 390
Other 59 44 179 125
---------------------- ----------------------
Total non-interest
income 2,150 2,410 6,668 6,816
---------------------- ----------------------
NON-INTEREST EXPENSE:
Salaries and employee
benefits 4,245 3,688 12,121 11,055
Occupancy and
depreciation 1,304 1,185 3,850 3,394
Data processing 224 220 600 777
Amortization of core
deposit intangible 38 44 118 140
Advertising and
marketing expense 217 269 869 927
FDIC insurance premium 20 18 58 55
State and local taxes 182 166 531 454
Telecommunications 96 115 292 328
Professional fees 216 199 611 575
Other 469 557 1,573 1,797
---------------------- ----------------------
Total non-interest
expense 7,011 6,461 20,623 19,502
---------------------- ----------------------
INCOME BEFORE INCOME
TAXES 3,347 4,892 11,325 13,447
PROVISION FOR INCOME
TAXES 1,134 1,654 3,843 4,605
---------------------- ----------------------
NET INCOME $ 2,213 $ 3,238 $ 7,482 $ 8,842
====================== ======================
Earnings per common
share:
Basic $ 0.21 $ 0.29 $ 0.68 $ 0.78
Diluted 0.21 0.28 0.67 0.77
Weighted average number
of shares outstanding:
Basic 10,684,780 11,313,623 10,992,242 11,291,175
Diluted 10,773,107 11,522,519 11,106,944 11,478,306
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 6
At or for the nine months ended At or for the year
December 31, ended March 31,
2007 2006 2007
---- ---- ----
FINANCIAL (Dollars in thousands)
CONDITION
DATA
----------
Average interest-
earning assets $738,053 $726,909 $731,089
Average interest-
bearing liabilities 628,104 609,037 614,546
Net average
earning assets 109,949 117,872 116,543
Non-performing assets 1,142 1,276 226
Non-performing loans 1,068 1,276 226
Allowance for
loan losses 9,505 8,628 8,653
Allowance for loan
losses and unfunded
loan commitments 9,912 8,983 9,033
Average interest-
earning assets to
average interest-
bearing liabilities 117.50% 119.35% 118.96%
Allowance for loan
losses to non-
performing loans 889.98% 676.18% 3,828.76%
Allowance for loan
losses to net loans 1.31% 1.22% 1.25%
Allowance for loan
losses and unfunded
loan commitments to
net loans 1.37% 1.27% 1.31%
Non-performing loans
to total net loans 0.15% 0.18% 0.03%
Non-performing assets
to total assets 0.14% 0.15% 0.03%
Shareholders' equity
to assets 10.94% 11.73% 12.22%
Number of banking
facilities 20 19 19
LOAN DATA (1)
-------------
Commercial and
construction
Commercial $ 99,259 13.68% $ 99,285 14.06% $ 91,174 13.18%
Other real
estate mortgage 391,878 54.03% 364,187 51.59% 360,930 52.19%
Real estate
construction 150,951 20.81% 165,008 23.38% 166,073 24.01%
-----------------------------------------------------
Total commercial
and construction 642,088 88.52% 628,480 89.03% 618,177 89.38%
Consumer
Real estate one-
to-four family 78,479 10.82% 73,268 10.38% 69,808 10.10%
Other installment 4,774 0.66% 4,151 0.59% 3,619 0.52%
-----------------------------------------------------
Total consumer 83,253 11.48% 77,419 10.97% 73,427 10.62%
-----------------------------------------------------
Total loans 725,341 100.00% 705,899 100.00% 691,604 100.00%
Less:
Allowance for
loan losses 9,505 8,628 8,653
-------- -------- --------
Loans receivable,
net $715,836 $697,271 $682,951
======== ======== ========
(1) Certain prior period loan balances have been reclassified to conform to
management's current year presentation.
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 7
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(Unaudited)
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
--------------------------------------------------------------------
Commercial Other
& Construction Real Estate Real Estate
Total Commercial Mortgage Construction
----- ---------- -------- ------------
December 31, 2007 (Dollars in thousands)
-----------------
Commercial $ 99,259 $ 99,259 $ -- $ --
Commercial
construction 50,274 -- -- 50,274
Office buildings 83,493 -- 83,493 --
Warehouse/industrial 35,625 -- 35,625 --
Retail/shopping
centers/strip
malls 65,426 -- 65,426 --
Assisted living
facilities 18,396 -- 18,396 --
Single purpose
facilities 51,155 -- 51,155 --
Land 112,314 -- 112,314 --
Multi-family 25,469 -- 25,469 --
One-to-four family 100,677 -- -- 100,677
------------------------------------------------
Total $ 642,088 $ 99,259 $ 391,878 $ 150,951
================================================
March 31, 2007
--------------
Commercial $ 91,174 $ 91,174 $ -- $ --
Commercial
construction 56,226 -- -- 56,226
Office buildings 62,310 -- 62,310 --
Warehouse/
industrial 40,238 -- 40,238 --
Retail/shopping
centers/strip
malls 70,219 -- 70,219 --
Assisted living
facilities 11,381 -- 11,381 --
Single purpose
facilities 41,501 -- 41,501 --
Land 103,240 -- 103,240 --
Multi-family 32,041 -- 32,041 --
One-to-four family 109,847 -- -- 109,847
------------------------------------------------
Total $ 618,177 $ 91,174 $ 360,930 $ 166,073
================================================
At the nine months ended At the year
December 31, ended March 31,
2007 2006 2007
---- ---- ----
(Dollars in thousands)
DEPOSIT DATA
Interest
checking $112,062 18.00% $145,347 22.32% $144,451 21.71%
Regular savings 26,216 4.21% 29,491 4.53% 29,472 4.43%
Money market
deposit
accounts 210,084 33.74% 179,010 27.49% 205,007 30.81%
Non-interest
checking 80,710 12.96% 88,244 13.55% 86,601 13.01%
Certificates of
deposit 193,538 31.09% 209,105 32.11% 199,874 30.04%
-----------------------------------------------------
Total deposits $622,610 100.00% $651,197 100.00% $665,405 100.00%
=====================================================
Riverview Bancorp, Inc. 3Q08 Earnings
January 22, 2008
Page 8
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the three At or for the nine
months ended months ended
December 31, December 31,
SELECTED OPERATING DATA 2007 2006 2007 2006
----------------------- ---- ---- ---- ----
(Dollars in thousands, except share data)
Efficiency ratio(4) 63.69% 55.09% 62.40% 56.90%
Efficiency ratio net
of intangible
amortization 63.14% 54.52% 61.81% 56.29%
Coverage ratio(6) 126.34% 144.22% 127.92% 140.80%
Coverage ratio net of
intangible
amortization 127.03% 145.21% 128.65% 141.81%
Return on average
assets(1) 1.06% 1.53% 1.21% 1.45%
Return on average
equity(1) 9.30% 13.00% 10.17% 12.15%
Average rate earned
on interest-earned
assets 8.14% 8.43% 8.30% 8.33%
Average rate paid on
interest-bearing
liabilities 4.01% 4.18% 4.16% 3.95%
Spread(7) 4.13% 4.25% 4.14% 4.38%
Net interest margin 4.71% 4.89% 4.75% 5.03%
PER SHARE DATA
--------------
Basic earnings per
share(2) $ 0.21 $ 0.29 $ 0.68 $ 0.78
Diluted earnings per
share(3) 0.21 0.28 0.67 0.77
Book value per share(5) 8.46 8.44 8.46 8.44
Tangible book value
per share(5) 6.04 6.14 6.04 6.14
Market price per share:
High for the period $ 15.36 $ 15.72 $ 16.28 $ 15.72
Low for the period 11.55 13.47 11.55 12.14
Close for period end 11.55 15.20 11.55 15.20
Cash dividends declared
per share 0.110 0.100 0.330 0.295
Average number of
shares outstanding:
Basic(2) 10,684,780 11,313,623 10,992,242 11,291,175
Diluted(3) 10,773,107 11,522,519 11,106,944 11,478,306
(1) Amounts are annualized.
(2) Amounts calculated exclude ESOP shares not committed to be
released.
(3) Amounts calculated 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 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.