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): October 23, 2007

RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)

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)

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))

<PAGE>

Item 2.02 Results of Operations and Financial Condition.

        On October 23, 2007, Riverview Bancorp, Inc. issued its earnings release for the quarter ended September 30, 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 October 23, 2007.

 

<PAGE>

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.
   
   
  /s/Patrick Sheaffer                                    
Date: October 23, 2007 Patrick Sheaffer
  Chairman and Chief Executive Officer
  (Principal Executive Officer)

 

 

<PAGE>

 

Exhibit 99.1

News Release Dated October 23, 2007

<PAGE>

 

 

   

 

              

Contacts: Pat Sheaffer or Ron Wysaske,
  Riverview Bancorp, Inc. 360-693-6650



Riverview Bancorp, Inc. Earns $2.4 Million in Fiscal Second Quarter,
Core Deposits Increase 11% and Strong Credit Quality Continues

Vancouver, WA - October 23, 2007 - Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) today reported that strong core deposit growth and continued excellent credit quality contributed to fiscal second quarter 2008 earnings. For the quarter ended September 30, 2007, net income was $2.4 million, or $0.22 per diluted share, compared to the record earnings of $3.0 million, or $0.26 per diluted share, posted in the second quarter of fiscal 2007. For the first six months of fiscal 2008, net income was $5.3 million, or $0.47 per diluted share, compared to $5.6 million, or $0.49 per diluted share, in the first six months of fiscal 2007. All per share data has been adjusted to reflect the August 2006 2-for-1 stock split.

"While our second quarter profits were below last year's record setting earnings, they reflect the very strong franchise we are building in the healthy Southwestern Washington and metropolitan Portland, Oregon markets," stated Pat Sheaffer, Chairman and CEO. "Leveraging our reputation as a provider of premier customer service has helped us gather low cost deposits and utilize them to fund our healthy and growing loan portfolio."

Second Quarter Fiscal 2008 Highlights (at or for the period ended September 30, 2007, compared to September 30, 2006)

  • Net income was $2.4 million, or $0.22 per diluted share.
  • Asset quality remains excellent - Non-performing assets are just 0.03% of total assets.
  • Core deposits increased 11%.
  • Net interest margin was 4.72%.
  • Riverview Asset Management Corp. increased assets under management 9.6% to $302.9 million.
  • Asset management fees increased 12.7% to $513,000.

Operating Results
For the second quarter of fiscal 2008, the net interest margin was 4.72% compared to 4.83% in the previous linked quarter and 4.97% in the second fiscal quarter a year ago. For the first six months of fiscal 2008, the net interest margin was 4.78% compared to 5.10% in the first half of fiscal 2007. "The yield curve remained a challenge for us as well as the entire banking industry. We expect improved spreads in light of the recent Federal Reserve rate cut, and anticipate our margin will stabilize or improve as we see the effect of our interest bearing deposits re-price," said Ron Wysaske, President and COO.

Reflecting the impact of the increase in funding costs, net interest income in the second fiscal quarter of 2008 decreased to $8.7 million compared to $9.1 million in the second fiscal quarter a year ago. For the first six months of fiscal 2008, net interest income was $17.5 million, compared to $18.1 million in the first six months of fiscal 2007. Non-interest income was down slightly to $2.2 million for the quarter, compared to $2.3 million a year ago, primarily due to lower mortgage broker loan fees that are included in fees and service charges. However, for the first six months of fiscal 2008, non-interest income increased 3% to $4.5 million compared to $4.4 million for the first six months a year ago, largely due to fee income from Riverview Asset Management Corp., which increased 19% to $1.1 million during the first half of fiscal 2008.

Non-interest expenses were $6.8 million in the second quarter of fiscal 2008, unchanged from the previous linked quarter and an increase from $6.3 million in the second quarter of fiscal 2007. The efficiency ratio was 62.61% for the second quarter, compared to 54.93% in the second quarter a year ago and 61.76% for the first six months of fiscal 2008, compared to 57.84% for the same period a year ago. "We have increased our infrastructure to accommodate expanding our franchise in Southwest Washington and into Oregon in the last six months," said Wysaske. "We expect our efficiency ratio to return to more normalized levels in the second half of the year."

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 2

Riverview's return on average assets was 1.19% for the second quarter and 1.29% year-to-date, compared to 1.45% and 1.41% for the respective periods last year. Return on average equity was 9.98% for the quarter and 10.58% for the first six months of fiscal 2008, compared to 12.22% and 11.70%, respectively, for the same periods last year.

Balance Sheet Growth
"In spite of a very competitive market for deposits, we have been successful at growing core deposits to fund our loan growth," Wysaske said. "Non-interest checking balances represent 13% of total deposits and interest checking balances represent 20% of total deposits." Total deposits were $660 million at the end of September 2007 compared to $640 million at the end of September 2006. Core deposits, defined as all deposits excluding certificates of deposit, increased 11% over the past year to $480 million, and represent 73% of total deposits. The following table breaks out deposits by category:

         

At the year

 

At the six months ended September 30,    

ended March 31,

 

2007

2006

2007

 

                      (Dollars in thousands)             

   

DEPOSIT DATA

           

Interest checking

$       132,340

20.06%

$   153,631

23.99%

$   144,451

21.71%

Regular savings

27,408

4.15%

32,896

5.14%

29,472

4.43%

Money market deposit accounts

235,091

35.63%

145,612

22.74%

205,007

30.81%

Non-interest checking

85,492

12.96%

101,852

15.90%

86,601

13.01%

Certificates of deposit

179,454

27.20%

206,413

32.23%

199,874

30.04%

Total deposits

$       659,785

100.00%

$   640,404

100.00%

$   665,405

100.00%

             

 

Total assets were $821 million at the end of September 2007, compared to $844 million a year ago.

"During the current quarter we saw our loan growth improve," Wysaske said. "Growth in the loan portfolio will drive revenue growth." Net loans at September 30, 2007 grew 3.6% over the linked June 2007 quarter end. "As our loan portfolio grows, our goal is to keep it well-diversified and maintain our excellent credit quality. Loan growth and excellent credit quality should drive revenue growth going forward," stated Wysaske. Net loans were $687 million at September 30, 2007, compared to $691 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:

 

At the quarter

 

At the quarter

 

ended September 30,

 

ended September 30,

 

2007

 

2006

 

(Dollars in thousands)

LOAN DATA (1)

         

Commercial and construction

         

   Commercial

$     90,515

13.00%

 

$    95,689

13.69%

   Other real estate mortgage

367,380

52.75%

 

360,756

51.62%

   Real estate construction

162,429

23.32%

 

166,233

23.78%

     Total commercial and construction

620,324

89.07%

 

622,678

89.09%

Consumer

         

   Real estate one-to-four family

71,725

10.30%

 

72,319

10.35%

   Other installment

4,432

0.63%

 

3,916

0.56%

     Total consumer

76,157

10.93%

 

76,235

10.91%

           

Total loans

$    696,481

100.00%

 

$   698,913

100.00%

           

(1) Certain prior period loan balances have been reclassified to conform to management's current year presentation.

Shareholders' Equity
Shareholders' equity was $92.6 million, compared to $95.8 million a year ago. Book value per share improved to $8.42 at the end of September 2007, compared to $8.28 a year earlier, and tangible book value per share improved to $6.01 at

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 3

quarter-end, compared to $5.97 a year ago. During fiscal 2008, 775,000 shares have been purchased on the open market under the announced Repurchase Plans. Under the current Repurchase Plan announced June 21, 2007, there are 225,000 shares remaining to be purchased. Riverview remains a well-capitalized institution.

Credit Quality and Performance Measures
"Our lending team has done an excellent job at maintaining loan quality," noted Wysaske. "We continue to keep a watchful eye on industry and regional trends and closely monitor credit risk." Riverview has no sub-prime residential real estate loans in portfolio. Non-performing assets were $206,000, or 0.03% of total assets, at September 30, 2007, compared to $1.7 million, or 0.20% of total assets, at September 30, 2006. The allowance for loan losses, including unfunded loan commitments of $422,000, was $9.5 million, or 1.36% of net loans at quarter-end, compared to $8.6 million, or 1.24% of net loans, a year ago.

Conference Call
The management team of Riverview Bancorp, Inc. will host a conference call on Wednesday, October 24, at 8:00 a.m. PDT, to discuss the second quarter results. The conference call can be accessed live by telephone at 303-262-2211. To listen to the call online go the "About Riverview" page of Riverview's website at
www.riverviewbank.com.

About the Company
Riverview Bancorp, Inc. (
www.riverviewbank.com) is headquartered in Vancouver, Washington - just north of Portland, Oregon on the I-5 corridor. With assets of $821 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 three lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.

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.

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 4

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

September 30, 2007, March 31, 2007 and September 30, 2006

 

September 30,

 

March 31,

 

September 30,

(In thousands, except share data) (Unaudited)

                               2007

2007

2006

ASSETS

           

Cash (including interest-earning accounts of $15,271, $7,818

   and $15,198)

$   36,877  

$   31,423  

$   43,453  

Loans held for sale

604  

-  

197  

Investment securities available for sale, at fair value

   (amortized cost of $8,735, $19,258 and $23,017)

8,761  

19,267  

22,963  

Mortgage-backed securities held to maturity, at amortized

   cost (fair value of $1,039, $1,243 and $1,495)

1,027  

1,232  

1,477  

Mortgage-backed securities available for sale, at fair value

   (amortized cost of $6,043, $6,778 and $7,608)

5,943  

6,640  

7,404  

Loans receivable (net of allowance for loan losses of $9,062,

   $8,653 and $8,263)

687,419  

682,951  

690,650  

Real estate and other pers. property owned

74  

-  

-  

Prepaid expenses and other assets

2,957  

1,905  

2,021  

Accrued interest receivable

3,850  

3,822  

4,117  

Federal Home Loan Bank stock, at cost

7,350  

7,350  

7,350  

Premises and equipment, net

21,336  

21,402  

21,011  

Deferred income taxes, net

4,089  

4,108  

3,716  

Mortgage servicing rights, net

332  

351  

368  

Goodwill

25,572  

25,572  

25,572  

Core deposit intangible, net

630  

711  

799  

Bank owned life insurance

13,893  

13,614  

13,349  

TOTAL ASSETS

$ 820,714  

$ 820,348  

$ 844,447  

           

LIABILITIES AND SHAREHOLDERS' EQUITY

           

LIABILITIES:

Deposit accounts

$ 659,785  

$ 665,405  

$ 640,404  

Accrued expenses and other liabilities

8,982  

9,349  

7,921  

Advance payments by borrowers for taxes and insurance

376  

397  

377  

Federal Home Loan Bank advances

33,600  

35,050  

90,000  

Junior subordinated debentures

22,681  

7,217  

7,217  

Capital lease obligation

2,704  

2,721  

2,737  

Total liabilities

728,128  

720,139  

748,656  

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, 2007- 10,996,650 issued, 10,996,650 outstanding;

110  

117  

116  

   March 31, 2007 - 11,707,980 issued, 11,707,980 outstanding;

   September 30, 2006- 11,575,480 issued, 11,575,472 outstanding;

Additional paid-in capital

47,953  

58,438  

57,794  

Retained earnings

45,629  

42,848  

39,134  

Unearned shares issued to employee stock ownership trust

(1,057) 

(1,108) 

(1,083) 

Accumulated other comprehensive loss

(49) 

(86) 

(170) 

Total shareholders' equity

92,586  

100,209  

95,791  

           

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 820,714  

$ 820,348  

$ 844,447  

           

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 5

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(Unaudited)

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

         

Consolidated Statements of Income for the Three and Six Months

Three Months Ended       

Six Months Ended

  Ended September 30, 2007 and 2006

September 30,

September 30,

(In thousands, except share data) (Unaudited)

2007

2006

2007

2006

INTEREST INCOME:

         

Interest and fees on loans receivable

$      14,631

$       14,834

 

$       29,511

$       28,603

Interest on investment securities-taxable

140

221

 

312

442

Interest on investment securities-non taxable

38

42

 

76

84

Interest on mortgage-backed securities

85

109

 

176

223

Other interest and dividends

420

96

 

663

148

     Total interest income

15,314

15,302

 

30,738

29,500

           

INTEREST EXPENSE:

         

Interest on deposits

6,033

4,908

 

12,223

9,130

Interest on borrowings

587

1,267

 

993

2,230

     Total interest expense

6,620

6,175

 

13,216

11,360

     Net interest income

8,694

9,127

 

17,522

18,140

     Less provision for loan losses

400

600

 

450

950

           

Net interest income after provision for loan losses

8,294

8,527

 

17,072

17,190

           

NON-INTEREST INCOME:

         

   Fees and service charges

1,382

1,449

 

2,809

2,780

   Asset management fees

513

455

 

1,061

891

   Gain on sale of loans held for sale

92

111

 

183

183

   Loan servicing income

27

36

 

66

81

   Gain on sale of credit card portfolio

-

66

 

-

133

   Bank owned life insurance income

140

129

 

279

257

   Other

62

45

 

120

81

     Total non-interest income

2,216

2,291

 

4,518

4,406

           

NON-INTEREST EXPENSE:

         

Salaries and employee benefits

3,908

3,532

 

7,876

7,367

Occupancy and depreciation

1,244

1,135

 

2,546

2,209

Data processing

208

222

 

376

557

Amortization of core deposit intangible

38

46

 

80

96

Advertising and marketing expense

370

356

 

652

658

FDIC insurance premium

19

13

 

38

37

State and local taxes

178

133

 

349

288

Telecommunications

92

101

 

196

213

Professional fees

172

198

 

395

376

Other

602

536

 

1,104

1,240

Total non-interest expense

6,831

6,272

 

13,612

13,041

           

INCOME BEFORE INCOME TAXES

3,679

4,546

 

7,978

8,555

PROVISION FOR INCOME TAXES

1,249

1,573

 

2,709

2,951

NET INCOME

$         2,430

$        2,973

 

$         5,269

$          5,604

           

Earnings per common share:

         

Basic

$           0.22

$          0.26

 

$           0.47

$            0.50

Diluted

0.22

0.26

 

0.47

0.49

Weighted average number of shares outstanding:

         

Basic

10,904,464

11,302,927

 

11,146,813

11,289,143

Diluted

11,026,598

11,473,750

 

11,275,562

11,463,125

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 6

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
FINANCIAL HIGHLIGHTS

   
At or for the six months ended September 30,
At or for the year
ended March 31,
   

2007  

 

2006  

 

2007    

FINANCIAL CONDITION DATA

 

         (Dollars in thousands)                         

   

Average interest-earning assets

 

$ 732,999  

 

$ 711,372  

 

$ 731,089  

 

Average interest-bearing liabilities

 

621,295  

 

592,679  

 

614,546  

 

Net average earning assets

 

111,704  

 

118,693  

 

116,543  

 

Non-performing assets

 

206  

 

1,704  

 

226  

 

Non-performing loans

 

132  

 

1,704  

 

226  

 

Allowance for loan losses

 

9,062  

 

8,263  

 

8,653  

 

Allowance for loan losses and unfunded loan

         

   commitments

 

9,484  

 

8,648  

 

9,033  

 

Average interest-earning assets to average

         

   interest-bearing liabilities

 

117.98% 

 

120.03% 

 

118.96% 

 

Allowance for loan losses to

             

   non-performing loans

 

6,865.15% 

 

484.92% 

 

3,828.76% 

 

Allowance for loan losses to net loans

1.30% 

 

1.18% 

 

1.25% 

 

Allowance for loan losses and

             

   unfunded loan commitments to net loans

1.36% 

 

1.24% 

 

1.31% 

 

Non-performing loans to total net loans

0.02% 

 

0.24% 

 

0.03% 

 

Non-performing assets to total assets

0.03% 

 

0.20% 

 

0.03% 

 

Shareholders' equity to assets

 

11.28% 

 

11.34% 

 

12.22% 

 

Number of banking facilities

 

19  

 

18  

 

19  

 
               

LOAN DATA (1)

             

Commercial and construction

             

   Commercial

 

$ 90,515  

13.00%

$ 95,689  

13.69%

$ 91,174  

13.18%

   Other real estate mortgage

 

367,380  

52.75%

360,756  

51.62%

360,930  

52.19%

   Real estate construction

 

162,429  

23.32%

166,233  

23.78%

166,073  

24.01%

      Total commercial and construction

620,324  

89.07%

622,678  

89.09%

618,177  

89.38%

Consumer

             

   Real estate one-to-four family

 

71,725  

10.30%

72,319  

10.35%

69,808  

10.10%

   Other installment

 

4,432  

0.63%

3,916  

0.56%

3,619  

0.52%

      Total consumer

 

76,157  

10.93%

76,235  

10.91%

73,427  

10.62%

               

Total loans

 

696,481  

100.00%

698,913  

100.00%

691,604  

100.00%

               

Less:

             

   Allowance for loan losses

 

9,062  

 

8,263  

 

8,653  

 

   Loans receivable, net

 

$ 687,419  

 

$ 690,650  

 

$ 682,951  

 
               

(1) Certain prior period loan balances have been reclassified to conform to management's current year presentation.

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 7

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

       

FINANCIAL HIGHLIGHTS

           

(Unaudited)

           
             

COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN PURPOSE

 
  Commercial
& Construction
Total


Commercial
Other
Real Estate
Mortgage
Real
Estate
Construction

September 30, 2007

(Dollars in thousands)

     

Commercial

$      90,515

$       90,515  

$                  -

$                -  

   

Commercial construction

47,829

-  

-

47,829  

   

Office buildings

77,126

-  

77,126

-  

   

Warehouse/industrial

34,892

-  

34,892

-  

   

Retail/shopping centers/strip malls

66,890

-  

66,890

-  

   

Assisted living facilities

11,044

-  

11,044

-  

   

Single purpose facilities

46,248

-  

46,248

-  

   

Land

104,134

-  

104,134

-  

   

Multi-family

27,046

-  

27,046

-  

   

One-to-four family

114,600

-  

-

114,600  

   

   Total

$     620,324

$       90,515  

$       367,380

$     162,429  

   
             

March 31, 2007

(Dollars in thousands)

   

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 six months ended September 30,     

At the year
ended March 31,

 

2007

2006

2007

 

(Dollars in thousands)             

   

DEPOSIT DATA

           

Interest checking

$    132,340

20.06% 

$      153,631

23.99% 

$      144,451

21.71%

Regular savings

27,408

4.15% 

32,896

5.14% 

29,472

4.43%

Money market deposit accounts

235,091

35.63% 

145,612

22.74% 

205,007

30.81%

Non-interest checking

85,492

12.96% 

101,852

15.90% 

86,601

13.01%

Certificates of deposit

179,454

27.20% 

206,413

32.23% 

199,874

30.04%

Total deposits

$    659,785

100.00% 

$      640,404

100.00% 

$      665,405

100.00%

             

<PAGE>

Riverview Bancorp, Inc 2Q08 Earnings
October 23, 2007
Page 8

 

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

     

FINANCIAL HIGHLIGHTS

       

(Unaudited)

       
 

                          

                             

                                

                                 

 

 At or for the three           
months ended September 30,

At or for the six              
months ended September 30,

SELECTED OPERATING DATA

2007

2006

2007

2006

 

                                                           (Dollars in thousands, except share data)

 

Efficiency ratio (4)

62.61% 

54.93% 

61.76% 

57.84% 

Efficiency ratio net of intangible amortization

61.98% 

54.31% 

61.15% 

57.21% 

Coverage ratio (6)

127.27% 

145.52% 

128.72% 

139.10% 

Coverage ratio net of intangible amortization

127.98% 

146.59% 

129.49% 

140.13% 

Return on average assets (1)

1.19% 

1.45% 

1.29% 

1.41% 

Return on average equity (1)

9.98% 

12.22% 

10.58% 

11.70%

Average rate earned on interest-earned assets

8.31% 

8.32% 

8.37% 

8.28% 

Average rate paid on interest-bearing liabilities

4.22% 

4.01% 

4.24% 

3.82% 

Spread (7)

4.09% 

4.31% 

4.13% 

4.46% 

Net interest margin

4.72% 

4.97% 

4.78% 

5.10% 

         

PER SHARE DATA

       

Basic earnings per share (2)

$                    0.22    

$                0.26    

$                 0.47    

$             0.50    

Diluted earnings per share (3)

0.22    

0.26    

0.47    

0.49    

Book value per share (5)

8.42    

8.28    

8.42    

8.28    

Tangible book value per share (5)

6.01    

5.97    

6.01    

5.97    

Market price per share:

       

    High for the period

$                  15.73    

$              13.65    

$               16.28    

$           13.65    

    Low for the period

13.30    

12.58    

13.30    

12.14    

    Close for period end

14.85    

13.50    

14.85    

13.50    

Cash dividends declared per share

0.110    

0.100    

0.220    

0.195    

         

Average number of shares outstanding:

       

    Basic (2)

10,904,464    

11,302,927    

11,146,813    

11,289,143    

    Diluted (3)

11,026,598    

11,473,750    

11,275,562    

11,463,125    

   
(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.

 

<PAGE>