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: October 31,
2008
Home
Federal Bancorp, Inc.
(Exact
name of registrant as specified in its charter)
| Maryland | 000-52995 | 26-0886727 |
| (State or other jurisdiction | (Commission File | (I.R.S. Employer |
| of incorporation) | Number) | Identification No.) |
500
12th
Avenue South
Nampa,
Idaho 83651
(Address
of principal executive offices and zip code)
(208)
466-4634
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions.
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of
Operations and Financial Condition.
On October 31, 2008 Home Federal
Bancorp, Inc. issued its earnings release for the fourth quarter of its fiscal
year ended September 30, 2008. 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.
|
(d)
|
Exhibits.
|
|
|
99.1
|
Press
release of Home Federal Bancorp, Inc. dated October 31,
2008
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
| HOME FEDERAL BANCORP, INC. | |
| Date: October 31, 2008 | By: /s/Eric S. Nadeau |
| Eric S. Nadeau | |
| Executive Vice President and Chief FinancialOfficer |
Exhibit
99.1
Press
release of Home Federal Bancorp, Inc. dated October 31, 2008
 500
12th
Ave. South * Nampa, ID 83651
|
Contact:
Home
Federal Bancorp, Inc.
Len
E. Williams, President & CEO
Eric
S. Nadeau, EVP, Treasurer & CFO
208-466-4634
www.myhomefed.com
|
HOME
FEDERAL BANCORP, INC.
ANNOUNCES
FOURTH QUARTER AND ANNUAL EARNINGS
Nampa, ID (October 31, 2008) –
Home Federal Bancorp, Inc. (the “Company”) (Nasdaq GSM: HOME), the parent
company of Home Federal Bank (the “Bank”), today announced fourth quarter
earnings for the fiscal year ending September 30, 2008. For the
quarter ended September 30, 2008, the Company reported net income of $1.0
million, or $0.06 per diluted share compared to $1.2 million, or $0.07 per
diluted share, for the same period a year ago. Net income for the
fiscal year ended September 30, 2008, was $4.0 million, or $0.25 per diluted
share, compared to $5.3 million, or $0.31 per diluted share, for the fiscal year
ended September 30, 2007. Earnings per share for the prior periods
have been adjusted to reflect the impact of the second-step conversion and
reorganization of the Company, which was completed on December 19,
2007.
Operating
Results
Revenues
for the quarter ended September 30, 2008, which consisted of net interest income
before the provision for loan losses plus noninterest income, increased 11% to
$8.6 million, compared to $7.7 million for the quarter ended September 30,
2007. Net interest income before the provision for loan losses
increased 15% to $5.9 million for the quarter ended September 30, 2008 compared
to $5.1 million for the same quarter of the prior year. The increase
in net interest income is primarily attributable to a decrease in interest
expense. Balances of Federal Home Loan Bank borrowings were lower for
the quarter ended September 30, 2008 than in the same period of the prior year
as maturing advances were repaid with excess liquidity.
Revenues
for the fiscal year ended September 30, 2008, increased 2% to $33.1 million,
compared to $32.6 million for the same period of last year. Net
interest income before the provision for loan losses increased 6% to $22.6
million compared to $21.3 million for the same period of the prior
year.
The
Company’s net interest margin increased 37 basis points to 3.41% for the quarter
ended September 30, 2008, from 3.04% for the same quarter last
year. The net interest margin for the fiscal year ended September 30,
2008 increased 18 basis points to 3.21% from 3.03% for the same period a year
earlier. The improvement in the net interest margin is primarily
attributable to the increase in interest-earning assets during fiscal 2008 that
resulted from the proceeds of the Company’s second step conversion and stock
offering completed on December 19, 2007. In addition, decreases in
interest expense and a shift in the loan portfolio toward higher yielding
commercial real estate loans from residential mortgage loans also contributed to
the increase in the margin in 2008.
A
provision for loan losses of $1.1 million was established by management in
connection with its analysis of the loan portfolio for the quarter ended
September 30, 2008, compared to $338,000 for the same quarter of the prior
year. The provision for loan losses was $2.4 million for the fiscal
year ended September 30, 2008, compared to $409,000 for the prior fiscal
year. Asset quality performance is discussed further below in this
release.
Noninterest
income was basically flat year over year at $2.6 million for both the quarters
ended September 30, 2008 and 2007. Fee income from deposit accounts
increased $51,000 during the fourth quarter of 2008 compared to the fourth
quarter of 2007. For the fiscal year ended September 30, 2008,
noninterest income decreased 7% to $10.5 million, compared to $11.3 million for
the prior fiscal year. A
decrease in gain on sale of loans of $655,000 was the primary reason for the
decline.
Home Federal Bancorp, Inc.
October 31, 2008
Page 2 of 7
Noninterest
expense for the quarter ended September 30, 2008, increased $515,000, or 9%, to
$6.0 million, from $5.4 million for the comparable period a year earlier. The
Company’s efficiency ratio was 69.7% for the quarter ended September 30, 2008
compared to 70.5% for the same quarter a year ago. Compensation and benefit
expenses increased $733,000, or 25%, to $3.6 million for the quarter ended
September 30, 2008, compared to $2.9 million for the same quarter a year
ago. The majority of the increase in compensation expense in 2008 is
attributable to higher
costs associated with the Bank’s employee stock ownership plan, the
reversal of incentive accruals in the prior year, and an upward adjustment
in accrued vacation in 2008. The efficiency ratio was 73.8% for the fiscal year
ended September 30, 2008 compared to 72.5% for the prior fiscal
year.
Balance
Sheet
Total
assets increased 2% to $725.1 million at September 30, 2008, compared to $710.0
million a year earlier. The $15.1 million increase in total assets
was primarily attributable to $88.3 million in net proceeds raised from the
Company’s second-step conversion and stock offering completed on December 19,
2007. This increase was partially offset by decreases in deposits and
borrowings during this same period of $31.7 million and $43.8 million,
respectively.
Securities. Mortgage-backed
securities increased $26.5 million to $188.8 million at September 30, 2008,
compared to $162.3 million at September 30, 2007. The increase is
attributable to purchases made with proceeds from the Company’s second step
conversion and stock offering. Approximately 98% of the Company’s
mortgage-backed securities were issued by U.S. government sponsored enterprises.
The Company does not own subordinated debt or preferred or common equity
securities issued by Freddie Mac or Fannie Mae. At September 30, 2008, the
Company held $9.6 million of stock in the Federal Home Loan Bank of
Seattle.
Loans. Net loans (excluding
loans held for sale) at September 30, 2008, decreased 4% to $459.8 million,
compared to $480.1 million at September 30, 2007. One- to four-family
residential loans represented 45% of the Bank’s loan portfolio at September 30,
2008, compared to 52% at September 30, 2007. The Company currently originates
conventional one- to four-family residential loans for sale in the secondary
market. As a result, the residential loan portfolio will likely continue to
decline as new loans are not added to the portfolio. The Company plans to
continue its increased emphasis on commercial and small business banking
products. Commercial loans, including commercial real estate, multi-family,
construction and acquisition and development loans, totaled $198.6 million at
September 30, 2008, compared to $187.7 million at September 30,
2007
Asset Quality. Loans
delinquent 30 to 89 days totaled $6.5 million at September 30, 2008, compared to
$2.0 million at June 30, 2008, and $2.8 million at September 30, 2007.
Non-performing assets and impaired loans totaled $10.6 million or 2% of gross
loans at September 30, 2008, compared to $3.5 million at June 30, 2008, and $2.1
million at September 30, 2007. The allowance for loan losses was $4.6 million,
or 0.98% of gross loans, at September 30, 2008, compared to $3.0 million, or
0.62% of gross loans, at September 30, 2007. The increase in
non-performing and impaired loans is a result of the rapid deterioration of the
residential construction market in the Treasure Valley.
The
following table summarizes the change in nonperforming and impaired loans from
June 30, 2008:
|
September
30, 2008
|
June
30, 2008
|
|||||||||||||||
|
(in
thousands)
|
Balance
|
Loss Reserve
|
Balance
|
Loss Reserve
|
||||||||||||
|
Land
acquisition and development
|
$ | 3,975 | $ | 916 | $ | 906 | $ | 277 | ||||||||
|
One-
to four-family construction
|
4,239 | 596 | 458 | 55 | ||||||||||||
|
One-
to four-family residential
|
1,701 | 219 | 1,381 | 324 | ||||||||||||
|
Other
|
30 | 2 | 10 | -- | ||||||||||||
|
Total
nonperforming and impaired loans
|
$ | 9,945 | $ | 1,733 | $ | 2,755 | $ | 656 | ||||||||
Home Federal Bancorp, Inc.
October 31, 2008
Page 3 of 7
Commenting
on asset quality, President and Chief Executive Officer Len E. Williams stated,
“Clearly we are disappointed with the deterioration in our construction and land
development loan portfolios. However, we recognized last year that these
portfolios were about to undergo stress, so we increased the monitoring of the
performance of all of our construction and land development loans. At
September 30, 2008, construction and land development loans comprised 7% of our
loan portfolio.”
Deposits. Deposits decreased
8% to $372.9 million at September 30, 2008, compared to $404.6 million at
September 30, 2007. Demand deposits and savings accounts increased
$6.1 million, or 3%, to $195.5 million at September 30, 2008. The
increase was a result of growth in money market and non-interest bearing
commercial demand deposit accounts. Certificates of deposit decreased
$37.8 million, or 18%, to $177.4 million at September 30, 2008, compared to
$215.2 million at September 30, 2007. The decrease in certificates of
deposit was primarily the result of the Bank choosing not to match rates offered
by local competitors that in some instances exceeded the Bank’s cost of
alternative funding sources. Advances from the Federal Home Loan Bank
of Seattle decreased 24% to $137.0 million at September 30, 2008 compared to
$180.7 million at September 30, 2007. The decrease resulted from
maturing advances being repaid with excess liquidity.
Equity. Stockholders’ equity
increased $92.6 million, or 82%, to $205.2 million at September 30, 2008,
compared to $112.6 million at September 30, 2007. The increase was primarily a
result of the $88.3 million in net proceeds received from the second-step
conversion and stock offering. The Company sold approximately 9.4
million shares of common stock in its subscription, community and syndicated
community offerings and issued approximately 7.1 million shares of common stock
in exchange for the previously outstanding shares of the Bank’s former mid-tier
holding company. A portion of the offering proceeds was used to fund
a loan to the Company’s employee stock ownership plan (“ESOP”), which purchased
approximately 816,000 shares of the Company’s common stock for an aggregate of
$8.2 million.
Other
significant activity among equity accounts over the past twelve months included
$4.0 million in net income, the allocation of earned ESOP shares, equity
compensation and the exercise of stock options totaling $2.4 million, and an
$826,000 decrease in unrealized losses on securities available for sale, offset
by $3.0 million in cash dividends paid to stockholders. The Company’s
book value per share as of September 30, 2008 was $11.81 per share based upon
17,374,161 outstanding shares of common stock.
Commentary
on the Troubled Asset Relief Program (TARP)
On
October 24, 2008, the Company’s Board of Directors passed a resolution that
stated the Company will not participate in the U.S. Treasury Department’s
Capital Purchase Program under the TARP. Mr. Williams commented, “In December
2007, we raised $88.3 million of common stock for Home Federal Bancorp, Inc.,
through our second step conversion. At September 30, 2008, Home Federal Bank’s
risk based capital ratio was 32.8%. We do not intend to apply for government
assistance through the TARP Capital Purchase Program. We believe our high
capital level and liquid balance sheet provides us flexibility in today’s
environment to execute our organic growth and acquisition plans without TARP
capital.”
Home Federal Bancorp, Inc.
October 31, 2008
Page 4 of 7
About
the Company
Home
Federal Bancorp, Inc. is a Maryland corporation headquartered in Nampa, Idaho,
and is the savings and loan holding company of Home Federal Bank, a federal
savings bank that was originally organized as a building and loan association in
1920. The Company serves the Treasure Valley region of southwestern
Idaho that includes Ada, Canyon, Elmore and Gem Counties, through 15
full-service banking offices and one loan center. The Company’s
common stock is traded on the NASDAQ Global Select Market under the symbol
“HOME.” The Company’s stock is also included in the America’s
Community Bankers NASDAQ Index. For more information, visit the
Company’s web site at www.myhomefed.com.
Forward-Looking
Statements:
Statements
in this news release regarding future events, performance or results are
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 (“PSLRA”) and are made pursuant to the safe
harbors of the PSLRA. These forward-looking statements relate to,
among other things, expectations of the business environment in which the
Company operates, projections of future performance, perceived opportunities in
the market, potential future credit experience, and statements regarding the
Company’s mission and vision. These forward-looking statements are
based upon current management expectations and may, therefore, involve risks and
uncertainties. Actual results could be materially different from
those expressed or implied by the forward-looking statements. Factors that could
cause results to differ include but are not limited to: general economic and
banking business conditions, competitive conditions between banks and non-bank
financial service providers, interest rate fluctuations, the credit risk of
lending activities, including changes in the level and trend of loan
delinquencies and write-offs; results of examinations by our banking
regulators, regulatory
and accounting changes, the value of mortgage servicing rights, risks related to
construction and development lending, commercial and small business banking and
other risks. Additional factors that could cause actual results to
differ materially are disclosed in Home Federal Bancorp, Inc.'s recent filings
with the Securities and Exchange Commission, including but not limited to its
Annual Report on Form 10-K for the year ended September 30, 2007, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking
statements are accurate only as of the date released, and we do not undertake
any responsibility to update or revise any forward-looking statements to reflect
subsequent events or circumstances.
Home Federal Bancorp, Inc.
October 31, 2008
Page 5 of 7
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share data) (Unaudited)
|
September
30,
2008
|
September
30,
2007
|
||||||
|
ASSETS
|
||||||||
|
Cash and amounts due from depository institutions
|
$ | 23,270 | $ | 20,588 | ||||
|
Certificates
of deposit in correspondent bank
|
5,000 | - | ||||||
|
Mortgage-backed securities available for sale, at fair
value
|
188,787 | 162,258 | ||||||
|
Federal Home Loan Bank (“FHLB”) stock, at cost
|
9,591 | 9,591 | ||||||
|
Loans
receivable, net of allowance for loan losses of $4,579 and
$2,988
|
459,813 | 480,118 | ||||||
|
Loans
held for sale
|
2,831 | 4,904 | ||||||
|
Accrued interest receivable
|
2,681 | 2,804 | ||||||
|
Property and equipment, net
|
15,246 | 12,364 | ||||||
|
Mortgage servicing rights, net
|
1,707 | 2,047 | ||||||
|
Bank owned life insurance
|
11,590 | 11,168 | ||||||
|
Real estate and other property owned
|
650 | 549 | ||||||
|
Deferred income tax asset
|
1,770 | 1,245 | ||||||
|
Other assets
|
2,134 | 2,318 | ||||||
|
TOTAL
ASSETS
|
$ | 725,070 | $ | 709,954 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
LIABILITIES
|
||||||||
|
Deposit accounts:
|
||||||||
|
Noninterest-bearing demand deposits
|
$ | 41,398 | $ | 38,643 | ||||
|
Interest-bearing demand deposits
|
127,714 | 127,659 | ||||||
|
Savings
deposits
|
26,409 | 23,116 | ||||||
|
Certificates
of deposit
|
177,404 | 215,191 | ||||||
|
Total
deposit accounts
|
372,925 | 404,609 | ||||||
|
Advances by borrowers for taxes and insurance
|
1,386 | 1,605 | ||||||
|
Interest payable
|
552 | 731 | ||||||
|
Deferred compensation
|
5,191 | 4,515 | ||||||
|
FHLB advances
|
136,972 | 180,730 | ||||||
|
Other liabilities
|
2,857 | 5,127 | ||||||
|
Total liabilities
|
519,883 | 597,317 | ||||||
|
STOCKHOLDERS’ EQUITY
|
||||||||
|
Serial preferred stock, $.01 par value; 10,000,000
authorized,
|
||||||||
|
issued
and outstanding, none
|
- | - | ||||||
|
Common stock, $.01 par value; 90,000,000 authorized,
|
||||||||
|
issued
and outstanding:
|
||||||||
|
Sept. 30, 2008 - 17,412,449 issued, 17,374,161
outstanding
|
174 | 152 | ||||||
|
Sept. 30, 2007 - 15,278,803 issued, 15,232,243 outstanding
|
||||||||
|
Additional paid-in capital
|
157,205 | 59,613 | ||||||
|
Retained earnings
|
59,814 | 58,795 | ||||||
|
Unearned shares issued to ESOP
|
(10,606 | ) | (3,698 | ) | ||||
|
Accumulated other comprehensive loss
|
(1,400 | ) | (2,225 | ) | ||||
|
Total stockholders’ equity
|
205,187 | 112,637 | ||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 725,070 | $ | 709,954 | ||||
Home Federal Bancorp, Inc.
October 31, 2008
Page 6 of 7
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF INCOME
(In
thousands, except share data) (Unaudited)
|
Three
Months Ended
September
30,
|
Year
Ended
September
30,
|
||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Interest
and dividend income:
|
||||||||||||||||
|
Loan
interest
|
$ | 7,296 | $ | 8,222 | $ | 30,686 | $ | 33,553 | ||||||||
|
Investment
interest
|
121 | 122 | 1,012 | 345 | ||||||||||||
|
Mortgage-backed
security interest
|
2,279 | 2,019 | 8,742 | 8,692 | ||||||||||||
|
FHLB
dividends
|
33 | 15 | 143 | 48 | ||||||||||||
|
Total
interest and dividend income
|
9,729 | 10,378 | 40,583 | 42,638 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
2,170 | 3,133 | 10,685 | 12,279 | ||||||||||||
|
FHLB
advances
|
1,656 | 2,115 | 7,250 | 9,057 | ||||||||||||
|
Total
interest expense
|
3,826 | 5,248 | 17,935 | 21,336 | ||||||||||||
|
Net
interest income
|
5,903 | 5,130 | 22,648 | 21,302 | ||||||||||||
|
Provision
for loan losses
|
1,114 | 338 | 2,431 | 409 | ||||||||||||
|
Net
interest income after provision for loan losses
|
4,789 | 4,792 | 20,217 | 20,893 | ||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Service
charges and fees
|
2,346 | 2,329 | 9,077 | 9,308 | ||||||||||||
|
Gain
on sale of loans
|
204 | 251 | 764 | 1,419 | ||||||||||||
|
Increase
in cash surrender value of bank owned life insurance
|
107 | 104 | 421 | 405 | ||||||||||||
|
Loan
servicing fees
|
115 | 129 | 484 | 549 | ||||||||||||
|
Mortgage
servicing rights, net
|
(134 | ) | (222 | ) | (340 | ) | (445 | ) | ||||||||
|
Other
|
9 | 5 | 84 | 45 | ||||||||||||
|
Total
noninterest income
|
2,647 | 2,596 | 10,490 | 11,281 | ||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Compensation
and benefits
|
3,619 | 2,886 | 15,211 | 14,249 | ||||||||||||
|
Occupancy
and equipment
|
765 | 726 | 3,007 | 2,871 | ||||||||||||
|
Data
processing
|
530 | 548 | 2,198 | 2,097 | ||||||||||||
|
Advertising
|
257 | 487 | 1,043 | 1,427 | ||||||||||||
|
Postage
and supplies
|
149 | 163 | 617 | 650 | ||||||||||||
|
Professional
services
|
255 | 236 | 788 | 856 | ||||||||||||
|
Insurance
and taxes
|
150 | 106 | 533 | 429 | ||||||||||||
|
Other
|
233 | 291 | 1,042 | 1,057 | ||||||||||||
|
Total
noninterest expense
|
5,958 | 5,443 | 24,439 | 23,636 | ||||||||||||
|
Income
before income taxes
|
1,478 | 1,945 | 6,268 | 8,538 | ||||||||||||
|
Income
tax expense
|
484 | 750 | 2,263 | 3,267 | ||||||||||||
|
NET
INCOME
|
$ | 994 | $ | 1,195 | $ | 4,005 | $ | 5,271 | ||||||||
|
Earnings
per common share:
|
||||||||||||||||
|
Basic
|
$0.06 | $0.07 | (1) | $0.25 | (1) | $0.32 | (1) | |||||||||
|
Diluted
|
0.06 | 0.07 | (1) | 0.25 | (1) | 0.31 | (1) | |||||||||
|
Weighted
average number of shares outstanding:
|
||||||||||||||||
|
Basic
|
16,042,720 | 16,665,710 | (1) | 16,233,200 | (1) | 16,602,082 | (1) | |||||||||
|
Diluted
|
16,078,302 | 16,737,825 | (1) | 16,252,747 | (1) | 16,767,219 | (1) | |||||||||
|
Dividends
declared per share:
|
$0.055 | $0.048 | (1) | $0.213 | (1) | $0.194 | (1) | |||||||||
(1) Earnings per share,
dividends per share and average common shares outstanding have been adjusted to
reflect the impact of the second-step conversion and reorganization of the
Company, which occurred on December 19, 2007.
Home Federal Bancorp, Inc.
October 31, 2008
Page 7 of 7
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
ADDITIONAL
FINANCIAL INFORMATION
(Dollars
in thousands, except share data) (Unaudited)
|
At
Or For The
Year
Ended
Sept.
30, 2008
|
At
Or For The
Year
Ended
Sept.
30, 2007
|
||||||
|
FINANCIAL
CONDITION DATA
|
||||||||
|
Average
interest-earning assets
|
$705,794 | $703,675 | ||||||
|
Average
interest-bearing liabilities
|
512,061 | 582,936 | ||||||
|
Net
average earning assets
|
193,733 | 120,739 | ||||||
|
Average
interest-earning assets to average
interest-bearing
liabilities
|
137.83 | % | 120.71 | % | ||||
|
Stockholders’
equity to assets
|
28.30 | 15.87 | ||||||
|
ASSET
QUALITY
|
||||||||
|
Allowance
for loan losses
|
$4,579 | $2,988 | ||||||
|
Non-performing
loans
|
9,945 | 1,531 | ||||||
|
Non-performing
assets
|
10,596 | 2,080 | ||||||
|
Allowance
for loan losses to non-performing loans
|
46.04 | % | 195.17 | % | ||||
|
Allowance
for loan losses to gross loans
|
0.98 | 0.62 | ||||||
|
Non-performing
loans to gross loans
|
2.14 | 0.32 | ||||||
|
Non-performing
assets to total assets
|
1.46 | 0.29 | ||||||
|
At
Or For The Three
Months
Ended Sept. 30,
|
At
Or For The Year Ended
Sept.
30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
SELECTED
PERFORMANCE RATIOS
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Return
on average assets (1)
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0.54 | % | 0.67 | % | 0.54 | % | 0.71 | % | ||||||||
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Return
on average equity (1)
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1.94 | 4.27 | 2.16 | 4.75 | ||||||||||||
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Pre-tax,
pre-provision return on average
assets (5)
|
1.42 | 1.28 | 1.17 | 1.21 | ||||||||||||
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Net
interest margin (1)
|
3.41 | 3.04 | 3.21 | 3.03 | ||||||||||||
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Efficiency
ratio (2)
|
69.68 | 70.46 | 73.75 | 72.54 | ||||||||||||
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PER
SHARE DATA
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Basic
earnings per share
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$0.06 | $0.07 | (4) | $0.25 | (4) | $0.32 | (4) | |||||||||
|
Diluted
earnings per share
|
0.06 | 0.07 | (4) | 0.25 | (4) | 0.31 | (4) | |||||||||
|
Book
value per share
|
11.81 | 6.51 | (4) | 11.81 | 6.51 | (4) | ||||||||||
|
Cash
dividends declared per share
|
0.055 | 0.048 | (4) | 0.213 | (4) | 0.194 | (4) | |||||||||
|
Average
number of shares outstanding:
|
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|
Basic
(3)
|
16,042,720 | 16,665,710 | (4) | 16,233,200 | (4) | 16,602,082 | (4) | |||||||||
|
Diluted
(3)
|
16,078,302 | 16,737,825 | (4) | 16,252,747 | (4) | 16,767,219 | (4) | |||||||||
| (1) |
Amounts
are annualized.
|
| (2) |
Noninterest
expense divided by net interest income plus noninterest
income.
|
|
(3)
|
Amounts
calculated exclude ESOP shares not committed to be released and unvested
restricted shares granted under the 2005 Recognition and Retention
Plan.
|
|
(4)
|
Earnings
per share, book value per share, dividends per share and average common
shares outstanding have been adjusted to reflect the impact of the
second-step conversion and reorganization of the Company, which occurred
on December 19, 2007.
|
|
(5)
|
Income
before income taxes plus provision for loan losses divided by average
assets for the period presented.
|