Riverview Bancorp Reports First Quarter Results

Riverview Bancorp, Inc. (NASDAQ:RVSB) (“Riverview” or the “Company”) today reported a net loss of $1.8 million, or $0.08 per share, in its first fiscal quarter ended June 30, 2012, compared to a net loss of $16.0 million, or $0.71 per share in the preceding quarter and net income of $714,000, or $0.03 per share, in its first fiscal quarter a year ago.

“Identifying and resolving problem credits and maintaining an adequate reserve balance remains a top priority,” said Pat Sheaffer, Chairman and CEO. “We continue to aggressively make progress in these areas and our non-performing loan balances and net charge-offs are steadily being reduced.”

Credit Quality

Riverview recorded a $4.0 million provision for loan losses in the first quarter of fiscal year 2013, compared to $17.5 million in the preceding quarter and $1.6 million in the first quarter of fiscal year 2012. The total allowance for loan losses increased to $21.0 million at June 30, 2012, compared to $19.9 million at March 31, 2012. The allowance for loan losses represented 3.39% of total loans and 57.02% of non-performing loans (NPLs) at June 30, 2012. NPLs decreased to $36.8 million, or 5.95% of total loans at June 30, 2012, compared to $44.2 million, or 6.45% of total loans at March 31, 2012.

Net charge-offs in the first quarter of fiscal 2013 totaled $2.9 million, compared to $13.5 million in the fourth quarter of fiscal 2012 and $459,000 in the first quarter a year ago.

“We continue to maintain elevated levels of reserves while working our way through this difficult credit cycle,” said Ron Wysaske, President and COO. “The local and regional economy remains challenging and our top priority is to focus our diligent efforts on reducing and resolving nonperforming assets. Riverview remains an important economic participant as one of the few community banks in the region and the only community bank headquartered in Clark County.”

Riverview’s real estate owned (REO) increased $3.3 million during the quarter to $22.1 million at June 30, 2012 due to the transfer of $8.5 million in loans to REO during the quarter. REO sales during the quarter totaled $4.4 million with write-downs of $787,000. Despite the increase in REO during the quarter, the Company remains optimistic that it will be able to decrease REO over the remainder of the year due to the accelerating sales during the past several quarters. Specifically, the Company has seen a rise in sales activity for land and building lots.

Non-performing assets (NPAs) declined to $58.9 million at June 30, 2012 compared to $62.9 million at March 31, 2012 and $40.3 million a year ago. At June 30, 2012, Riverview’s NPAs were 7.22% of total assets, compared to 7.35% at the end of the preceding quarter and 4.55% a year ago.

Balance Sheet Review

“During the first quarter we sold $31.4 million in single-family mortgage loans to the Federal Home Loan Mortgage Corporation (FHLMC),” said Wysaske. “We were able to take advantage of the favorable interest rates to sell a block of loans for a gain of $650,000. The sale of these loans resulted in a reduction in the Bank’s interest rate risk and increased our overall capital and liquidity positions.” Net loans totaled $597.1 million at June 30, 2012 compared to $664.9 million at March 31, 2012 and $677.3 million a year ago.

Riverview has continued to focus on reducing its concentration in land development and speculative construction loans. The balance of these portfolios declined to $34.0 million at June 30, 2012 compared to $49.6 million three months earlier. Land development loans totaled $29.1 million, and speculative construction loans totaled $4.9 million, representing a combined 5.5% of the total loan portfolio at June 30, 2012 compared to 7.3% of the total loan portfolio three months earlier. “This steady reduction has significantly reduced our exposure to these market segments,” stated Wysaske.

The Company currently has identified 21% of the land development portfolio as impaired and has charged these loans down to their estimated fair value, less selling costs, based on updated third party appraisals. Additionally, the Company currently has a $4.0 million allowance on the outstanding land development portfolio.

The commercial real estate (“CRE”) loan portfolio totaled $346.2 million as of June 30, 2012, of which 28% was owner-occupied and 72% was investor-owned. At June 30, 2012, the CRE portfolio contained nine loans totaling $16.7 million that were non-performing, representing 4.8% of the total CRE portfolio and 45.4% of total nonperforming loans.

Deposits decreased $38.6 million as a result of the Company’s targeted efforts to reduce its higher cost deposits, using the $31.4 million loan sale to FHLMC while also increasing the Bank’s capital. The deposit reduction was comprised of an $8.8 million reduction in Internet deposits, an $11.4 million reduction in other non-branch deposits and a planned $14.9 million reduction in the Bank’s only deposit concentration to its largest corporate depositor.

Total deposits stood at $705.9 million at June 30, 2012 compared to $744.5 million at March 31, 2012 and $742.9 million a year ago. Core deposits, which include checking accounts, savings accounts, money market deposit accounts and retail CDs, accounted for 94.8% of total deposits at June 30, 2012 compared to 92.5% at March 31, 2012 and 90.7% a year ago. The loan to deposit ratio is currently at 88% as of June 30, 2012.

Net Interest Margin

Riverview’s net interest margin was 4.22% for the first fiscal quarter compared to 4.12% for the preceding quarter. The increase in net interest margin from the preceding quarter was primarily due to fewer interest income reversals due to the slowdown of new loans placed on non-accrual status during the quarter. The reversal of interest on non-accrual loans decreased the net interest margin by three basis points during the first quarter. The cost of interest bearing deposits during the current quarter was 0.54%, a decrease of five basis points from the preceding quarter and a decrease of 27 basis points from the first quarter a year ago. The reductions in high cost deposits should also help to improve the Bank’s overall cost of deposits in future quarters.

Income Statement

Net interest income was $8.1 million in the first fiscal quarter, compared to $8.0 million in the preceding quarter and $8.8 million in the first quarter a year ago. Non-interest income was $2.4 million in the first fiscal quarter compared to $1.6 million in the preceding quarter and $1.9 million in the first fiscal quarter a year ago. The increase in non-interest income this quarter was driven by the sale of $31.4 million in single-family mortgages to the FHLMC, which resulted in a $650,000 gain on sale of loans. The increase was also due partially to an increase in mortgage banking activity during the quarter.

Non-interest expense, or operating expense, was $8.3 million in the first fiscal quarter compared to $8.2 million in the preceding quarter and $8.2 million in the first quarter a year ago.

In fiscal 2012, the Company established a valuation allowance against its deferred tax asset. At June 30, 2012, the total valuation allowance was $17.6 million. Management will review the deferred tax asset on a quarterly basis to determine the appropriate valuation allowance, if needed. Any future reversals of the deferred tax asset valuation allowance would decrease the Company’s income tax expense and increase its after tax net income in the period of reversal.

Capital and Liquidity

The Bank continues to maintain capital levels in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 13.18% and a Tier 1 leverage ratio of 9.35% at June 30, 2012.

At June 30, 2012, the Bank had available total and contingent liquidity of over $500 million, including over $300 million of borrowing capacity from the Federal Home Loan Bank of Seattle and the Federal Reserve Bank of San Francisco, and more than $100 million from cash and short-term investments.

Gresham Branch

In June 2012, Riverview opened its eighteenth branch and its fourth in Oregon. This new full service branch will fill a long-standing need for community banking in the Gresham market area.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).
      June 30,       March 31,       June 30,
( Dollars in thousands)   2012         2012 2011
 
Shareholders’ equity $ 73,820 $ 75,607 $ 107,818
Goodwill 25,572 25,572 25,572
Other intangible assets, net 566 415 561
 
Tangible shareholders’ equity $ 47,682 $ 49,620 $ 81,685
 
Total assets $ 814,730 $ 855,998 $ 885,625
Goodwill 25,572 25,572 25,572
Other intangible assets, net 566 415 561
 
Tangible assets $ 788,592 $ 830,011 $ 859,492
 

About Riverview

Riverview Bancorp, Inc. ( www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $815 million, it is the parent company of the 89 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 18 branches, including thirteen in the Portland-Vancouver area and three lending centers.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the Company’s ability to raise common capital, the amount of capital it intends to raise and its intended use of that capital. The credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company’s market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company’s reserve for loan losses, write-down assets, change Riverview Community Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; the Company’s compliance with regulatory enforcement actions we have entered into with the OCC as successor to the OTS and the possibility that our noncompliance could result in the imposition of additional enforcement actions and additional requirements or restrictions on our operations; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services and the other risks described from time to time in our filings with the Securities and Exchange Commission.

Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2012 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating and stock price performance.
                         
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data) (Unaudited)           June 30, 2012         Mar. 31, 2012         June 30, 2011
ASSETS
 

Cash (including interest-earning accounts of $58,539, $33,437 and $58,044)
$ 71,362 $ 46,393 $ 70,010
Certificates of deposit held for investment 40,975 41,473 18,875
Loans held for sale 100 480 190
Investment securities held to maturity, at amortized cost 487 493 499
Investment securities available for sale, at fair value 6,291 6,314 6,506
Mortgage-backed securities held to maturity, at amortized 168 171 185
Mortgage-backed securities available for sale, at fair value 813 974 1,545

Loans receivable (net of allowance for loan losses of $20,972, $19,921 and $16,059)
597,138 664,888 677,310
Real estate and other pers. property owned 22,074 18,731 27,213
Prepaid expenses and other assets 4,550 6,362 5,973
Accrued interest receivable 2,084 2,158 2,494
Federal Home Loan Bank stock, at cost 7,350 7,350 7,350
Premises and equipment, net 17,887 17,068 15,864
Deferred income taxes, net 612 603 9,375
Mortgage servicing rights, net 448 278 364
Goodwill 25,572 25,572 25,572
Core deposit intangible, net 118 137 197
Bank owned life insurance   16,701     16,553     16,103  
 
TOTAL ASSETS $ 814,730   $ 855,998   $ 885,625  
 
LIABILITIES AND EQUITY
 
LIABILITIES:
Deposit accounts $ 705,892 $ 744,455 $ 742,859
Accrued expenses and other liabilities 8,675 9,398 8,824
Advance payments by borrowers for taxes and insurance 605 800 406
Junior subordinated debentures 22,681 22,681 22,681
Capital lease obligation   2,495     2,513     2,556  
Total liabilities 740,348 779,847 777,326
 
EQUITY:
Shareholders' equity

Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding, none
- - -
Common stock, $.01 par value; 50,000,000 authorized,
June 30, 2012 – 22,471,890 issued and outstanding; 225 225 225
March 31, 2012 – 22,471,890 issued and outstanding;

-

-

-
June 30, 2011 – 22,471,890 issued and outstanding;

-

-

-
Additional paid-in capital 65,593 65,610 65,634
Retained earnings 9,756 11,536 43,907
Unearned shares issued to employee stock ownership trust (567 ) (593 ) (670 )
Accumulated other comprehensive loss   (1,187 )   (1,171 )   (1,278 )
Total shareholders’ equity 73,820 75,607 107,818
 
Noncontrolling interest   562     544     481  
Total equity   74,382     76,151     108,299  
 
TOTAL LIABILITIES AND EQUITY $ 814,730   $ 855,998   $ 885,625  
 
                     
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three Months Ended

(In thousands, except share data) (Unaudited)
          June 30, 2012       March 31, 2012       June 30, 2011
INTEREST INCOME:
Interest and fees on loans receivable $ 9,045 $ 9,130 $ 10,280
Interest on investment securities-taxable 53 36 45
Interest on investment securities-non taxable 8 7 12
Interest on mortgage-backed securities 8 10 16
Other interest and dividends   129           127           75
Total interest income 9,243 9,310 10,428
 
INTEREST EXPENSE:
Interest on deposits 823 908 1,230
Interest on borrowings   349           387           368
Total interest expense   1,172           1,295           1,598
Net interest income 8,071 8,015 8,830
Less provision for loan losses   4,000           17,500           1,550
 
Net interest income (loss) after provision for loan losses 4,071 (9,485 ) 7,280
 
NON-INTEREST INCOME:
Fees and service charges 1,057 914 1,042
Asset management fees 604 604 625
Gain on sale of loans held for sale 727 87 23
Bank owned life insurance income 149 146 151
Other   (97 )         (190 )         63
Total non-interest income 2,440 1,561 1,904
 
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,793 3,850 4,511
Occupancy and depreciation 1,234 1,253 1,163
Data processing 314 285 288
Amortization of core deposit intangible 19 20 22
Advertising and marketing expense 219 184 245
FDIC insurance premium 287 288 273
State and local taxes 148 139 179
Telecommunications 121 110 107
Professional fees 421 283 339
Real estate owned expenses 939 1,130 430
Other   781           687           600
Total non-interest expense   8,276           8,229           8,157
 
INCOME (LOSS) BEFORE INCOME TAXES (1,765 ) (16,153 ) 1,027
PROVISION (BENEFIT) FOR INCOME TAXES   15           (196 )         313
NET INCOME (LOSS) $ (1,780 )       $ (15,957 )       $ 714
 
Earnings (loss) per common share:
Basic $ (0.08 ) $ (0.71 ) $ 0.03
Diluted $ (0.08 ) $ (0.71 ) $ 0.03
Weighted average number of shares outstanding:
Basic 22,333,329 22,327,171 22,308,696
Diluted 22,333,329 22,327,171 22,309,353
 
                         
(Dollars in thousands) At or for the three months ended
June 30, 2012 March 31, 2012 June 30, 2011

AVERAGE BALANCES

Average interest-earning assets
$ 768,156 $ 788,488 $ 761,194
Average interest-bearing liabilities 636,132 652,607 636,935
Net average earning assets 132,024 135,881 124,259
Average loans 671,798 695,973 691,394
Average deposits 732,812 741,320 715,610
Average equity 76,483 91,171 109,178
Average tangible equity 50,506 65,156 83,011
 
 

ASSET QUALITY
June 30, 2012 March 31, 2012 June 30, 2011
 
Non-performing loans 36,782 44,163 13,110
Non-performing loans to total loans 5.95% 6.45% 1.89%
Real estate/repossessed assets owned 22,074 18,731 27,213
Non-performing assets 58,856 62,894 40,323
Non-performing assets to total assets 7.22% 7.35% 4.55%
Net loan charge-offs in the quarter 2,949 13,505 459
Net charge-offs in the quarter/average net loans 1.76% 7.80% 0.27%
 
Allowance for loan losses 20,972 19,921 16,059

Average interest-earning assets to average interest-bearing liabilities
120.75% 120.82% 119.51%

Allowance for loan losses to non-performing loans
57.02% 45.11% 122.49%
Allowance for loan losses to total loans 3.39% 2.91% 2.32%
Shareholders’ equity to assets 9.06% 8.83% 12.17%
 
 

CAPITAL RATIOS
Total capital (to risk weighted assets) 13.18% 12.11% 14.72%
Tier 1 capital (to risk weighted assets) 11.91% 10.84% 13.46%
Tier 1 capital (to leverage assets) 9.35% 8.76% 11.02%
Tangible common equity (to tangible assets) 6.05% 5.98% 9.50%
 
 

DEPOSIT MIX
June 30, 2012 March 31, 2012 June 30, 2011
 
Interest checking $ 81,064 $ 106,904 $ 105,363
Regular savings 47,596 45,741 37,855
Money market deposit accounts 230,695 244,919 229,994
Non-interest checking 132,231 116,882 113,780
Certificates of deposit   214,306   230,009   255,867
Total deposits $ 705,892 $ 744,455 $ 742,859
 
           

COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
               
Commercial Commercial
Real Estate Real Estate & Construction
Commercial Mortgage Construction Total

June 30, 2012
(Dollars in thousands)
Commercial $ 79,795 $ - $ - $ 79,795
Commercial construction - - 10,321 10,321
Office buildings - 94,602 - 94,602
Warehouse/industrial - 48,563 - 48,563
Retail/shopping centers/strip malls - 76,467 - 76,467
Assisted living facilities - 30,484 - 30,484
Single purpose facilities - 96,124 - 96,124
Land - 29,131 - 29,131
Multi-family - 39,949 - 39,949
One-to-four family   -   -   5,126   5,126
Total $ 79,795 $ 415,320 $ 15,447 $ 510,562
 

March 31, 2012
(Dollars in thousands)
Commercial $ 87,238 $ - $ - $ 87,238
Commercial construction - - 13,496 13,496
Office buildings - 94,541 - 94,541
Warehouse/industrial - 48,605 - 48,605
Retail/shopping centers/strip malls - 80,595 - 80,595
Assisted living facilities - 35,866 - 35,866
Single purpose facilities - 93,473 - 93,473
Land - 38,888 - 38,888
Multi-family - 42,795 - 42,795
One-to-four family   -   -   12,295   12,295
Total $ 87,238 $ 434,763 $ 25,791 $ 547,792
 
                         

LOAN MIX
June 30, 2012 March 31, 2012 June 30, 2011
Commercial and construction
Commercial $ 79,795 $ 87,238 $ 84,158
Other real estate mortgage 415,320 434,763 465,391
Real estate construction   15,447   25,791   25,924
Total commercial and construction 510,562 547,792 575,473
Consumer
Real estate one-to-four family 105,298 134,975 115,578
Other installment   2,250   2,042   2,318
Total consumer 107,548 137,017 117,896
     
Total loans 618,110 684,809 693,369
 
Less:
Allowance for loan losses   20,972   19,921   16,059
Loans receivable, net $ 597,138 $ 664,888 $ 677,310
 
                                       

DETAIL OF NON-PERFORMING ASSETS
 
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total

June 30, 2012
(Dollars in thousands)
Non-performing assets
 
Commercial $ - $ 176 $ 1,960 $ - $ - $ 2,136
Commercial real estate 4,222 - 9,001 - 3,478 16,701
Land - 800 3,384 - - 4,184
Multi-family - 4,177 3,030 - - 7,207
Commercial construction - - - - - -
One-to-four family construction 1,018 603 393 - - 2,014
Real estate one-to-four family 440 447 3,653 - - 4,540
Consumer   -   -   -   -   -   -
Total non-performing loans 5,680 6,203 21,421 - 3,478 36,782
 
REO   2,123   6,829   10,072   3,050   -   22,074
 
Total non-performing assets $ 7,803 $ 13,032 $ 31,493 $ 3,050 $ 3,478 $ 58,856
 
                                       

DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
 
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total

June 30, 2012
(Dollars in thousands)
Land and Spec Construction Loans
 
Land Development Loans $ 5,909 $ 2,426 $ 20,796 $ - $ - $ 29,131
Spec Construction Loans   1,018   604   3,038   243   -   4,903
 
Total Land and Spec Construction $ 6,927 $ 3,030 $ 23,834 $ 243 $ - $ 34,034
 
         
At or for the three months ended

SELECTED OPERATING DATA
June 30, 2012         March 31, 2012         June 30, 2011
 
Efficiency ratio (4) 78.74% 85.93% 75.99%
Coverage ratio (6) 97.52% 97.40% 108.25%
Return on average assets (1) -0.85% -7.40% 0.33%
Return on average equity (1) -9.33% -70.39% 2.62%
 

NET INTEREST SPREAD
Yield on loans 5.40% 5.32% 5.96%
Yield on investment securities 3.04% 2.36% 2.93%
Total yield on interest earning assets 4.83% 4.79% 5.50%
 
Cost of interest bearing deposits 0.54% 0.59% 0.81%
Cost of FHLB advances and other borrowings 5.56% 6.23% 5.85%
Total cost of interest bearing liabilities 0.74% 0.80% 1.01%
 
Spread (7) 4.09% 3.99% 4.49%
Net interest margin 4.22% 4.12% 4.66%
 

PER SHARE DATA
Basic earnings per share (2) $ (0.08) $ (0.71) $ 0.03
Diluted earnings per share (3) (0.08) (0.71) 0.03
Book value per share (5) 3.28 3.36 4.80
Tangible book value per share (5) 2.12 2.21 3.63
Market price per share:
High for the period $ 2.29 $ 2.46 $ 3.18
Low for the period 1.08 2.03 2.80
Close for period end 1.25 2.26 3.07
 
Average number of shares outstanding:
Basic (2) 22,333,329 22,327,171 22,308,696
Diluted (3) 22,333,329 22,327,171 22,309,353
 

(1)  Amounts for the quarterly periods are annualized.

(2)  Amounts exclude ESOP shares not committed to be released.

(3)  Amounts exclude ESOP shares not committed to be released and include common stock equivalents.

(4)  Non-interest expense divided by net interest income and non-interest income.

(5)  Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.

(6)  Net interest income divided by non-interest expense.

(7)  Yield on interest-earning assets less cost of funds on interest bearing liabilities.

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