Attached files
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| 8-K - CURRENT REPORT - MUTUALFIRST FINANCIAL INC | v228540_8k.htm |
PRESS RELEASE
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Date:
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July 13, 2011
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From:
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MutualFirst Financial, Inc.For
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Publication:
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Immediately
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Contact:
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Chris Cook, Senior Vice President, Treasurer and CFO of
MutualFirst Financial, Inc. (765) 747-2945
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MutualFirst Announces Second Quarter 2011 Earnings
Muncie, Indiana - MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company of MutualBank (the “Bank”), announced today net income to common shareholders for the second quarter ended June 30, 2011 of $1.2 million, or $.18 for basic and diluted earnings per common share. This compared to net income available for common shareholder for the same period in 2010 of $1.3 million, or $.19 for basic and diluted earnings per common share. Annualized return on assets was .46% and return on average tangible common equity was 5.14% for the second quarter of 2011 compared to .48% and 5.66% respectively, for the same period of last year.
Net income available for common shareholders for the six months ended June 30, 2011 was $85,000, or $.01 for basic and diluted earnings per common share compared to net income available to common shareholders of $2.2 million, or $.32 for basic and diluted earnings per common share for the six months ended June 30, 2010. Annualized return on assets was .14% and return on average tangible common equity was .18% for the first half of 2011 compared to .42% and 4.77% respectively, for the same period of last year.
Other financial highlights for the second quarter ended June 30, 2011 included:
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·
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Gross loans stabilized in the second quarter after declining $29.6 million in the first quarter of 2011.
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·
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Deposits decreased $12.9 million in the second quarter as higher rate certificate of deposit balances declined $19.2 million.
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·
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Tangible common equity increased to 7.19% in the second quarter of 2011.
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·
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Allowance for loan losses to non-performing loans was 52.98% as of June 30, 2011 compared to 52.97% as of March 31, 2011. Allowance for loan losses to loans receivable was 1.65% as of June 30, 2011 compared to 1.64% as of March 31, 2011.
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·
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Net charge offs on an annualized basis were .64% in the second quarter 2011 compared to 1.94% in the first quarter of 2011.
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·
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Net interest margin was 3.19% for the second quarter 2011 compared to 3.14% in the first quarter 2011.
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·
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Non-interest income for the quarter ended June 30, 2011 increased $453,000 compared to the first quarter 2011.
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·
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Non-interest expense for the second quarter 2011 decreased $413,000 compared to the first quarter 2011.
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“We were encouraged by the positive signs in the second quarter including the positive earnings, increasing net interest margin, increasing non-interest income and decreasing non-interest expense. The stabilization in the loan portfolio balances and credit metrics was another positive sign in the quarter,” said David W. Heeter, President and CEO.
Balance Sheet
Assets increased $23.0 million as of June 30, 2011 compared to December 31, 2010, primarily due to the increase in investments securities by $59.3 million which were partially offset by decreases in gross loans held for investment and sale of $39.7 million. The increase in investment securities was in shorter term government agency mortgage backed securities and was primarily funded by proceeds from loan payments and increased deposits. In the second quarter of 2011, gross loans held for investment and sale stabilized decreasing $474,000 compared to a decrease of $39.2 million in the first quarter of 2011. Heeter commented, “The stabilization in our loan portfolio was a favorable indicator that loan production has improved compared to the first quarter of this year.”
Deposits increased by $40.0 million as the Bank has seen increased activity in all of its markets for core deposit relationships in the first half of 2011. The increase in deposits has been primarily in core transactional accounts which increased $46.7 million while certificates of deposit decreased $6.7 million in the first half of 2011. Core transactional deposits increased to 43% of the Bank’s total deposits as of June 30, 2011 compared to 40% as of December 31, 2010. The increase in deposits allowed the Bank to retire higher rate maturing debt, mainly FHLB advances, of $21.9 million in the first half of 2011.
Allowance for loan losses decreased by $415,000, to $16.0 million as of June 30, 2011 compared to December 31, 2010, but increased $160,000 in the second quarter of 2011. Net charge offs in the second quarter were $1.5 million, or .64% of total loans on an annualized basis, compared to $4.8 million, or 1.94% of total loans on an annualized basis in the first quarter of 2011. The allowance for loan losses to non-performing loans as of June 30, 2011 was 52.98% compared to 52.97% as of March 31, 2011 and 42.16% as of December 31, 2010. The allowance for loan losses to total loans as of June 30, 2011 was 1.65%, an increase from 1.64% as of March 31, 2011 and December 31, 2010. Heeter commented, “We believe that our allowance for loan losses adequately reflects the risk in our portfolio and the current risk in the economy as we move forward.”
Stockholders’ equity was $136.0 million at June 30, 2011, an increase of $4.9 from December 31, 2010. The increase was due primarily to unrealized gains on securities of $5.4 million and net income of $987,000. This increase was partially offset by dividend payments of $838,000 to common shareholders and $810,000 to preferred shareholders. The Company’s tangible book value per share as of June 30, 2011 increased to $14.27 compared to $13.49 as of December 31, 2010 and tangible common equity ratio was 7.19% as of June 30, 2011 compared to 6.93% as of December 31, 2010. The Bank’s risk-based capital ratio was well in excess of “well-capitalized” levels as defined by all regulatory standards as of June 30, 2011.
Income Statement
Net interest income before the provision for loan losses decreased $324,000 for the quarter ended June 30, 2011 compared to the same period in 2010. The decrease was a result of the decline in the net interest margin from 3.23% in the second quarter of 2010 to 3.19% in the second quarter of 2011 and a decline in average earning assets of $22.9 million. On a linked quarter basis, net interest income before the provision for loan losses increased $239,000 as net interest margin increased by 5 basis points and average earning assets increased by $9.6 million.
Net interest income before the provision for loan losses decreased $497,000 for the first half of 2011 compared to the same period in 2010. The decrease was a result of the decline in the net interest margin from 3.20% in the first half of 2010 to 3.16% in the first half of 2011 and the decline in average earning assets of $13.5 million.
The provision for loan losses for the second quarter of 2011 increased to $1.7 million compared to $1.5 million during last year’s comparable period. The increase was attributable to increased non-performing loans and non-performing assets when compared to June 30, 2010. Non-performing loans to total loans at June 30, 2011 was 3.12% compared to 2.49% at June 30, 2010. Non-performing assets to total assets were 2.67% at June 30, 2011 compared to 2.31% at June 30, 2010. Net charge offs for the second quarter of 2011 were $1.5 million, or .64% of loans on an annualized basis compared to $1.9 million, or .74% of loans on an annualized basis in the second quarter of 2010.
The provision for loan losses for the first half of 2011 increased to $5.9 million compared to $3.1 million during last year’s comparable period. The increase was primarily due to net charge offs of $4.8 million in the first quarter of 2011. The charge offs were for previously identified problem loans that were mostly collateralized by real estate. Non-performing loans to total loans at June 30, 2011 were 3.12% compared to 3.90% at December 31, 2010. This decrease in non-performing loans was in all segments of our portfolio. Non-performing assets to total assets were 2.67% at June 30, 2011 compared to 3.20% at December 31, 2010.
Non-interest income for the second quarter of 2011 was $3.4 million a decrease of $19,000 compared to the second quarter of 2010. Regulatory changes on overdrafts in July of 2010 resulted in the Company’s reduced service charges on deposit accounts by $161,000 in the second quarter of 2011 compared to the second quarter of 2010. Gain on loan sales increased $140,000 primarily due to a recovery of $205,000 on previously written down mortgage servicing rights. On a linked quarter basis, non-interest income increased $453,000, primarily in service charges on deposit accounts of $122,000 and the above mentioned increase in gain on loan sales.
Non-interest income for the first half of 2011 was $6.3 million, a decrease of $238,000 compared to the first half of 2010. Service charges on deposit accounts decreased primarily due to regulatory changes by $296,000, gain on sale of investments decreased by $245,000 primarily due to fewer sales of investment securities and gain on loan sales decreased by $123,000 primarily due to decreased loan production. These decreases were offset by the stabilization of values for trust preferred securities which resulted in a $535,000 decrease in other than temporary impairment.
Non-interest expense decreased $422,000 when comparing the second quarter of 2011 with that of 2010. Repossessed asset expenses decreased by $246,000, FDIC expense related to deposit insurance decreased $121,000 due to the new FDIC fee structure, and software maintenance expense decreased $90,000 in the second quarter of 2011 compared to the same period in 2010. These decreases were partially offset by increased professional fees of $133,000.
Non-interest expense decreased $280,000 when comparing the first half of 2011 with that of 2010. Repossessed asset expenses decreased by $278,000, software maintenance expense decreased by $169,000 and FDIC expense related to deposit insurance decreased $59,000 in the first half of 2011 compared to the same period in 2010. These decreases were partially offset by increased salary and benefit expense of $195,000 and increased professional fees of $151,000.
MutualFirst Financial, Inc. and MutualBank, an Indiana-based financial institution, has thirty-two full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank also has two Wealth Management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan. MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services. The Company’s stock is traded on the NASDAQ National Market under the symbol “MFSF” and can be found on the internet at www.bankwithmutual.com.
Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
| MUTUALFIRST FINANCIAL INC. | ||||||
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June 30,
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March 31,
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December 31,
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||||||||||||||||||
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Balance Sheet (Unaudited):
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2011
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2011
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2010
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|||||||||||||||||
| (000 | ) | (000 | ) | (000 | ) | |||||||||||||||
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Assets
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||||||||||||||||||||
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Cash and cash equivalents
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$ | 34,287 | $ | 78,711 | $ | 26,821 | ||||||||||||||
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Investment securities - AFS
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304,463 | 270,081 | 245,165 | |||||||||||||||||
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Loans held for sale
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654 | 925 | 10,483 | |||||||||||||||||
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Loans, gross
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965,440 | 965,643 | 995,273 | |||||||||||||||||
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Allowance for loan loss
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(15,957 | ) | (15,797 | ) | (16,372 | ) | ||||||||||||||
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Net loans
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949,483 | 949,846 | 978,901 | |||||||||||||||||
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Premise and equipment
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32,305 | 32,584 | 32,966 | |||||||||||||||||
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FHLB of Indianapolis stock
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14,391 | 16,682 | 16,682 | |||||||||||||||||
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Investment in limited partnerships
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3,368 | 3,496 | 3,624 | |||||||||||||||||
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Cash surrender value of life insurance
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46,328 | 45,916 | 45,566 | |||||||||||||||||
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Prepaid FDIC premium
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3,427 | 3,730 | 4,208 | |||||||||||||||||
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Core deposit and other intangibles
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3,919 | 4,224 | 4,533 | |||||||||||||||||
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Deferred income tax benefit
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16,616 | 19,101 | 20,030 | |||||||||||||||||
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Other assets
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20,691 | 21,922 | 17,923 | |||||||||||||||||
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Total assets
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1,429,932 | 1,447,218 | 1,406,902 | |||||||||||||||||
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Liabilities and Stockholders' Equity
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Deposits
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1,161,570 | 1,174,459 | 1,121,569 | |||||||||||||||||
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FHLB advances
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106,656 | 114,769 | 128,538 | |||||||||||||||||
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Other borrowings
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12,794 | 12,981 | 13,167 | |||||||||||||||||
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Other liabilities
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12,890 | 14,037 | 12,488 | |||||||||||||||||
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Stockholders' equity
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136,022 | 130,972 | 131,140 | |||||||||||||||||
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Total liabilities and stockholders' equity
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1,429,932 | 1,447,218 | 1,406,902 | |||||||||||||||||
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Three Months
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Three Months
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Three Months
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Six Months
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Six Months
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Ended
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Ended
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Ended
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Ended
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Ended
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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Income Statement (Unaudited):
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2011 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
| (000 | ) | (000 | ) | (000 | ) | (000 | ) | (000 | ) | |||||||||||
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Total interest income
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$ | 15,807 | $ | 15,683 | $ | 17,403 | $ | 31,490 | $ | 34,647 | ||||||||||
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Total interest expense
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5,253 | 5,368 | 6,525 | 10,621 | 13,281 | |||||||||||||||
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Net interest income
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10,554 | 10,315 | 10,878 | 20,869 | 21,366 | |||||||||||||||
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Provision for loan losses
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1,700 | 4,200 | 1,525 | 5,900 | 3,050 | |||||||||||||||
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Net interest income after provision
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for loan losses
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8,854 | 6,115 | 9,353 | 14,969 | 18,316 | |||||||||||||||
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Non-interest income
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Fees and service charges
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1,726 | 1,604 | 1,887 | 3,331 | 3,627 | |||||||||||||||
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Net gain (loss) on sale of investments
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1 | 74 | 35 | 75 | 320 | |||||||||||||||
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Other than temporary impairment of securities
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0 | (193 | ) | (151 | ) | (193 | ) | (728 | ) | |||||||||||
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Equity in losses of limited partnerships
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(116 | ) | (34 | ) | (128 | ) | (149 | ) | (255 | ) | ||||||||||
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Commissions
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1,005 | 951 | 1,082 | 1,956 | 2,024 | |||||||||||||||
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Net gain (loss) on loan sales
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349 | 92 | 209 | 441 | 564 | |||||||||||||||
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Net servicing fees
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18 | 27 | 31 | 44 | 68 | |||||||||||||||
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Increase in cash surrender value of life insurance
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374 | 351 | 372 | 724 | 755 | |||||||||||||||
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Other income
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17 | 49 | 56 | 67 | 159 | |||||||||||||||
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Total non-interest income
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3,374 | 2,921 | 3,393 | 6,296 | 6,534 | |||||||||||||||
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Non-interest expense
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Salaries and benefits
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5,340 | 5,523 | 5,332 | 10,863 | 10,668 | |||||||||||||||
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Occupancy and equipment
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1,390 | 1,463 | 1,372 | 2,852 | 2,797 | |||||||||||||||
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Data processing fees
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379 | 401 | 387 | 780 | 798 | |||||||||||||||
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Professional fees
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376 | 360 | 243 | 736 | 585 | |||||||||||||||
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Marketing
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300 | 300 | 306 | 600 | 604 | |||||||||||||||
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Deposit insurance
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332 | 508 | 453 | 840 | 899 | |||||||||||||||
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Software subscriptions and maintenance
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313 | 318 | 403 | 631 | 800 | |||||||||||||||
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Intangible amortization
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306 | 309 | 353 | 614 | 706 | |||||||||||||||
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Repossessed assets expense
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368 | 435 | 614 | 803 | 1,081 | |||||||||||||||
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Other expenses
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958 | 858 | 1,021 | 1,820 | 1,881 | |||||||||||||||
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Total non-interest expense
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10,062 | 10,475 | 10,484 | 20,539 | 20,819 | |||||||||||||||
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Income before taxes
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2,166 | (1,439 | ) | 2,262 | 726 | 4,031 | ||||||||||||||
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Income tax provision (benefit)
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485 | (746 | ) | 487 | (261 | ) | 913 | |||||||||||||
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Net income
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1,681 | (693 | ) | 1,775 | 987 | 3,118 | ||||||||||||||
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Preferred stock dividends and amortization
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451 | 451 | 451 | 902 | 902 | |||||||||||||||
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Net income available to common shareholders
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$ | 1,230 | $ | (1,144 | ) | $ | 1,324 | $ | 85 | $ | 2,216 | |||||||||
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Average Balances, Net Interest Income, Yield Earned and Rates Paid
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Three
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Three
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mos ended
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mos ended
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6/30/2011
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6/30/2010
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Average
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Interest
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Average
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Average
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Interest
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Average
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|||||||||||||||||||
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Outstanding
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Earned/
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Yield/
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Outstanding
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Earned/
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Yield/
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|||||||||||||||||||
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Balance
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Paid
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Rate
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Balance
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Paid
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Rate
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| (000 | ) | (000 | ) | (000 | ) | (000 | ) | |||||||||||||||||
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Interest-Earning Assets:
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Interest -bearing deposits
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$ | 49,943 | $ | 30 | 0.24 | % | $ | 88,121 | $ | 56 | 0.25 | % | ||||||||||||
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Mortgage-backed securities:
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Available-for-sale
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273,964 | 2,108 | 3.08 | 175,556 | 1,721 | 3.92 | ||||||||||||||||||
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Held-to-maturity
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0 | 0 | - | 7,481 | 131 | 7.00 | ||||||||||||||||||
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Investment securities:
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Available-for-sale
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19,801 | 151 | 3.05 | 18,346 | 161 | 3.51 | ||||||||||||||||||
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Loans receivable
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964,780 | 13,415 | 5.56 | 1,039,443 | 15,242 | 5.87 | ||||||||||||||||||
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Stock in FHLB of Indianapolis
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16,148 | 103 | 2.55 | 18,632 | 92 | 1.98 | ||||||||||||||||||
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Total interest-earning assets (3)
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1,324,636 | 15,807 | 4.77 | 1,347,579 | 17,403 | 5.17 | ||||||||||||||||||
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Non-interest earning assets, net of allowance
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for loan losses and unrealized gain/loss
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121,458 | 131,466 | ||||||||||||||||||||||
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Total assets
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$ | 1,446,094 | $ | 1,479,045 | ||||||||||||||||||||
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Interest-Bearing Liabilities:
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Demand and NOW accounts
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$ | 229,755 | 323 | 0.56 | $ | 186,499 | 257 | 0.55 | ||||||||||||||||
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Savings deposits
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97,190 | 37 | 0.15 | 91,545 | 36 | 0.16 | ||||||||||||||||||
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Money market accounts
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64,724 | 121 | 0.75 | 66,621 | 156 | 0.94 | ||||||||||||||||||
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Certificate accounts
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665,849 | 3,718 | 2.23 | 669,630 | 4,174 | 2.49 | ||||||||||||||||||
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Total deposits
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1,057,518 | 4,199 | 1.59 | 1,014,295 | 4,623 | 1.82 | ||||||||||||||||||
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Borrowings
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122,978 | 1,054 | 3.43 | 210,792 | 1,902 | 3.61 | ||||||||||||||||||
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Total interest-bearing accounts
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1,180,496 | 5,253 | 1.78 | 1,225,087 | 6,525 | 2.13 | ||||||||||||||||||
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Non-interest bearing deposit accounts
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120,803 | 107,805 | ||||||||||||||||||||||
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Other liabilities
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12,491 | 14,823 | ||||||||||||||||||||||
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Total liabilities
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1,313,790 | 1,347,715 | ||||||||||||||||||||||
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Stockholders' equity
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132,304 | 131,330 | ||||||||||||||||||||||
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Total liabilities and stockholders' equity
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$ | 1,446,094 | $ | 1,479,045 | ||||||||||||||||||||
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Net earning assets
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$ | 144,140 | $ | 122,492 | ||||||||||||||||||||
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Net interest income
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$ | 10,554 | $ | 10,878 | ||||||||||||||||||||
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Net interest rate spread
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2.99 | % | 3.04 | % | ||||||||||||||||||||
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Net yield on average interest-earning assets
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3.19 | % | 3.23 | % | ||||||||||||||||||||
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Average interest-earning assets to
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||||||||||||||||||||||||
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average interest-bearing liabilities
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112.21 | % | 110.00 | % | ||||||||||||||||||||
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Three Months
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Three Months
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Three Months
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Six Months
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Six Months
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Ended
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Ended
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Ended
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Ended
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Ended
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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Selected Financial Ratios and Other Financial Data (Unaudited):
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2011
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2011
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2010
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2011
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2010
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Share and per share data:
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Average common shares outstanding
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Basic
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6,903,151 | 6,893,695 | 6,869,535 | 6,898,691 | 6,865,562 | |||||||||||||||
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Diluted
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7,005,882 | 7,044,414 | 6,881,672 | 7,025,416 | 6,872,905 | |||||||||||||||
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Per common share:
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Basic earnings
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$ | 0.18 | $ | (0.17 | ) | $ | 0.19 | $ | 0.01 | $ | 0.32 | |||||||||
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Diluted earnings
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$ | 0.18 | $ | (0.17 | ) | $ | 0.19 | $ | 0.01 | $ | 0.32 | |||||||||
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Dividends
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$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 | ||||||||||
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Dividend payout ratio
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33.33 | % | -35.29 | % | 31.58 | % | 1200.00 | % | 37.50 | % | ||||||||||
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Performance Ratios:
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Return on average assets (ratio of net
|
||||||||||||||||||||
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income to average total assets)(1)
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0.46 | % | -0.19 | % | 0.48 | % | 0.14 | % | 0.42 | % | ||||||||||
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Return on average tangible common equity (ratio of net
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||||||||||||||||||||
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income to average tangible common equity)(1)
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5.14 | % | -4.86 | % | 5.66 | % | 0.18 | % | 4.77 | % | ||||||||||
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Interest rate spread information:
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Average during the period(1)
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2.99 | % | 2.93 | % | 3.04 | % | 2.96 | % | 3.02 | % | ||||||||||
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Net interest margin(1)(2)
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3.19 | % | 3.14 | % | 3.23 | % | 3.16 | % | 3.20 | % | ||||||||||
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Efficiency Ratio
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72.24 | % | 79.14 | % | 73.46 | % | 75.61 | % | 74.62 | % | ||||||||||
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Ratio of average interest-earning
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assets to average interest-bearing
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||||||||||||||||||||
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liabilities
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112.32 | % | 112.59 | % | 110.00 | % | 112.45 | % | 109.42 | % | ||||||||||
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Allowance for loan losses:
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Balance beginning of period
|
$ | 15,797 | $ | 16,372 | $ | 16,635 | $ | 16,372 | $ | 16,414 | ||||||||||
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Charge offs:
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||||||||||||||||||||
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One- to four- family
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820 | 1,371 | 258 | 2,191 | 723 | |||||||||||||||
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Multi-family
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0 | 0 | 232 | 0 | 232 | |||||||||||||||
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Commercial real estate
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292 | 3,273 | 692 | 3,565 | 1,036 | |||||||||||||||
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Construction or development
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Consumer loans
|
652 | 428 | 917 | 1,080 | 1,812 | |||||||||||||||
|
Commercial business loans
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Sub-total
|
1,764 | 5,072 | 2,099 | 6,836 | 3,803 | |||||||||||||||
|
Recoveries:
|
||||||||||||||||||||
|
One- to four- family
|
59 | 44 | 61 | 103 | 146 | |||||||||||||||
|
Multi-family
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Commercial real estate
|
1 | 0 | 0 | 1 | 68 | |||||||||||||||
|
Construction or development
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Consumer loans
|
164 | 253 | 126 | 417 | 373 | |||||||||||||||
|
Commercial business loans
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Sub-total
|
224 | 297 | 187 | 521 | 587 | |||||||||||||||
|
Net charge offs
|
1,540 | 4,775 | 1,912 | 6,315 | 3,216 | |||||||||||||||
|
Additions charged to operations
|
1,700 | 4,200 | 1,525 | 5,900 | 3,050 | |||||||||||||||
|
Balance end of period
|
$ | 15,957 | $ | 15,797 | $ | 16,248 | $ | 15,957 | $ | 16,248 | ||||||||||
|
Net loan charge-offs to average loans (1)
|
0.64 | % | 1.94 | % | 0.74 | % | 1.30 | % | 0.61 | % | ||||||||||
|
June 30,
|
March 31,
|
June 30,
|
||||||||||
| 2011 | 2011 | 2010 | ||||||||||
|
Total shares outstanding
|
6,986,586 | 6,985,087 | 6,984,754 | |||||||||
|
Tangible book value per share
|
$ | 14.27 | $ | 13.51 | $ | 13.86 | ||||||
|
Tangible common equity to tangible assets
|
7.19 | % | 6.72 | % | 6.94 | % | ||||||
|
Nonperforming assets (000's)
|
||||||||||||
|
Non-accrual loans
|
||||||||||||
|
One- to four- family
|
$ | 9,520 | $ | 10,768 | $ | 13,501 | ||||||
|
Commercial real estate
|
10,435 | 10,333 | 7,464 | |||||||||
|
Consumer loans
|
2,553 | 2,858 | 2,013 | |||||||||
|
Commercial business loans
|
1,144 | 1,032 | 592 | |||||||||
|
Total non-accrual loans
|
23,652 | 24,991 | 23,570 | |||||||||
|
Accruing loans past due 90 days or more
|
1,038 | 0 | 876 | |||||||||
|
Restructured loans
|
5,431 | 4,829 | 1,224 | |||||||||
|
Total nonperforming loans
|
30,121 | 29,820 | 25,670 | |||||||||
|
Real estate owned
|
7,151 | 8,096 | 6,171 | |||||||||
|
Other repossessed assets
|
937 | 1,070 | 1,318 | |||||||||
|
Nonperforming securities
|
0 | 0 | 100 | |||||||||
|
Total nonperforming assets
|
$ | 38,209 | $ | 38,986 | $ | 33,259 | ||||||
|
Asset Quality Ratios:
|
||||||||||||
|
Non-performing assets to total assets
|
2.67 | % | 2.69 | % | 2.31 | % | ||||||
|
Non-performing loans to total loans
|
3.12 | % | 3.09 | % | 2.49 | % | ||||||
|
Allowance for loan losses to non-performing loans
|
52.98 | % | 52.97 | % | 63.30 | % | ||||||
|
Allowance for loan losses to loans receivable
|
1.65 | % | 1.64 | % | 1.58 | % | ||||||
|
(1) Ratios for the three and six month periods have been annualized.
|
|
(2) Net interest income divided by average interest earning assets.
|
|
(3) Calculated net of deferred loan fees, loan discounts, loans in process and loss reserves.
|