BOSTON, July 27, 2010 (GLOBE NEWSWIRE) -- Meridian Interstate Bancorp, Inc. (the "Company" or "Meridian") (Nasdaq:EBSB), the holding company for East Boston Savings Bank (the "Bank"), announced net income of $3.2 million, or $0.15 per share (basic and diluted), for the quarter ended June 30, 2010 compared to $962,000, or $0.04 per share (basic and diluted), for the quarter ended June 30, 2009. For the six months ended June 30, 2010, net income was $6.1 million, or $0.28 per share (basic and diluted) compared to a net loss of $146,000, or $0.01 per share (basic and diluted), for the six months ended June 30, 2009. The six months ended June 30, 2010 reflects combined results following the acquisition of Mt. Washington Cooperative Bank ("Mt. Washington") on January 4, 2010.
Richard J. Gavegnano, Chairman and Chief Executive Officer, noted, "I am pleased to report that our financial results for the second quarter of 2010 have continued to be strong, with net income of $3.2 million, earnings per share of $0.15 and a return on equity of 6.24%. Amid indications that the economy in the greater Boston area is continuing to improve, and as demand grows for our loan and deposit products, we have maintained high net interest margins, stable asset quality and increased fee income. We are well positioned strategically for the remaining six months of the year and beyond as the Bank remains a very strong competitor in our market area."
Net interest income before provision for loan losses increased $6.8 million, or 80.3%, to $15.3 million for the quarter ended June 30, 2010 from $8.5 million for the quarter ended June 30, 2009. The net interest rate spread and net interest margin were 3.67% and 3.85%, respectively, for the quarter ended June 30, 2010 compared to 2.77% and 3.18%, respectively, for the quarter ended June 30, 2009. For the six months ended June 30, 2010, net interest income before provision for loan losses increased $13.9 million, or 86.4%, to $30.0 million from $16.1 million for the six months ended June 30, 2009. The net interest rate spread and net interest margin were 3.71% and 3.88%, respectively, for the six months ended June 30, 2010 compared to 2.68% and 3.13%, respectively, for the six months ended June 30, 2009. The increases in net interest income were due primarily to the Mt. Washington merger and organic loan growth, along with continuing declines in interest costs of deposits and borrowings.
The average balance of the Company's loan portfolio, which is principally comprised of real estate loans, increased by $414.1 million, or 54.7%, to $1.2 billion, which was partially offset by the decline in the yield on loans of nine basis points to 5.76% for the quarter ended June 30, 2010 compared to the quarter ended June 30, 2009. The Company's cost of deposits declined by 101 basis points to 1.39%, which was partially offset by the increase in the average balance of interest-bearing deposits of $415.2 million, or 50.3%, to $1.2 billion for the quarter ended June 30, 2010 compared to the quarter ended June 30, 2009. The Company's yield on interest-earning assets declined by five basis points to 5.17% for the quarter ended June 30, 2010 compared to 5.22% for the quarter ended June 30, 2009, while the cost of interest-bearing liabilities declined 95 basis points to 1.50% for the quarter ended June 30, 2010 compared to 2.45% for the quarter ended June 30, 2009.
The Company's provision for loan losses was $794,000 for the quarter ended June 30, 2010 compared to $568,000 for the quarter ended June 30, 2009. For the six months ended June 30, 2010, the provision for loan losses was $2.2 million compared to $1.1 million for the six months ended June 30, 2009. These increases were based primarily on management's assessment of loan portfolio growth and composition changes, an ongoing evaluation of credit quality and current economic conditions. The allowance for loan losses was $11.3 million or 0.95% of total loans outstanding at June 30, 2010, compared to $9.2 million, or 1.12% of total loans outstanding at December 31, 2009. The decrease in the ratio of the allowance for loan losses to total loans outstanding was primarily due to $345.8 million of loans acquired in the Mt. Washington merger at fair value and the application of current accounting guidance that precludes the combination of allowance for loan loss amounts associated with such loans acquired.
Non-performing loans increased to $32.3 million, or 2.73% of total loans outstanding at June 30, 2010, from $21.7 million, or 2.64% of total loans outstanding at December 31, 2009. Non-performing assets increased to $36.5 million, or 2.11% of total assets, at June 30, 2010, from $24.6 million, or 2.03% of total assets, at December 31, 2009, primarily due to assets acquired in the Mt. Washington acquisition. Non-performing assets at June 30, 2010 were comprised of $13.1 million of construction loans, $3.0 million of commercial real estate loans, $11.7 million of one-to four-family mortgage loans, $3.1 million of multi-family mortgage loans, $1.1 million of home equity loans, $209,000 of commercial business loans and foreclosed real estate of $4.2 million. Non-performing assets at June 30, 2010 include $12.8 million acquired in the Mt. Washington merger comprised of $11.3 million of non-performing loans and $1.5 million of foreclosed real estate.
Non-interest income increased $1.2 million, or 114.7%, to $2.2 million for the quarter ended June 30, 2010 from $1.0 million for the quarter ended June 30, 2009, primarily due to increases of $691,000 in customer service fees, $249,000 resulting from other-than-temporary impairment losses recorded in the prior year quarter and $104,000 in equity income from the Company's Hampshire First Bank affiliate. For the six months ended June 30, 2010, non-interest income increased $2.6 million, or 121.9%, to $4.7 million from $2.1 million for the six months ended June 30, 2009, primarily due to increases of $1.4 million in customer service fees, $465,000 in gain on sales of loans, $373,000 from other-than-temporary impairment losses recorded in the prior year period and $201,000 in equity income from Hampshire First Bank. The increases in customer service fees were primarily due to service charges on deposit relationships acquired in the Mt. Washington merger and additional growth in deposits. The increases in gain on sales of loans reflected higher gains on sales of loans originated for sale during the first half of 2010 and gains totaling $352,000 on sales of fixed-rate bi-weekly mortgage loans during the first quarter of 2010.
Non-interest expense increased $4.1 million, or 52.7%, to $11.7 million for the quarter ended June 30, 2010 from $7.7 million for the quarter ended June 30, 2009, primarily due to increases of $2.3 million in salaries and employee benefits, $680,000 in occupancy and equipment expenses, $275,000 in data processing costs, $267,000 in marketing and advertising, $339,000 in professional services and $501,000 in other general and administrative expenses. For the six months ended June 30, 2010, non-interest expense increased $5.7 million, or 33.0%, to $23.1 million from $17.4 million for the six months ended June 30, 2009, primarily due to increases of $2.2 million in salaries and employee benefits, $1.3 million in occupancy and equipment expenses, $591,000 in data processing costs, $499,000 in marketing and advertising, $407,000 in professional services and $980,000 in other general and administrative expenses. The increases in non-interest expenses were primarily due to higher expense levels following the Mt. Washington merger. The Company's efficiency ratio improved to 67.06% for the quarter ended June 30, 2010 from 78.76% for the quarter ended June 30, 2009. For the six months ended June 30, 2010, the efficiency ratio improved to 66.39% from to 93.21% for the quarter ended June 30, 2009.
Mr. Gavegnano noted, "Our efficiency ratios for the second quarter and first half of 2010 improved significantly compared to the same periods last year despite the higher non-interest expense levels following completion of the Mt. Washington acquisition. We are continuing to build on the synergies between the East Boston Savings Bank and Mt. Washington Divisions as our banking franchise grows even stronger in Suffolk County and our surrounding market area."
The Company recorded a provision for income taxes of $1.7 million for the quarter ended June 30, 2010, reflecting an effective tax rate of 34.8%, compared to $293,000, or 23.3%, for the quarter ended June 30, 2009. For the six months ended June 30, 2010, the provision for income taxes was $3.4 million, reflecting an effective tax rate of 35.9%, compared to an income tax benefit of $77,000, or 34.5%, for the six months ended June 30, 2009. The increase in the income tax provision is primarily due to increased income before income taxes.
Total assets increased $516.8 million, or 42.7%, to $1.7 billion at June 30, 2010 from $1.2 billion at December 31, 2009, reflecting $465.0 million of assets acquired in the Mt. Washington merger. Cash and cash equivalents increased $51.6 million, or more than twofold, to $71.6 million at June 30, 2010 from $20.0 million at December 31, 2009, including $14.4 million of cash acquired in the Mt. Washington merger. Securities available for sale increased $51.5 million, or 17.5%, to $344.8 million at June 30, 2010 from $293.4 million at December 31, 2009, including $45.5 million of securities acquired in the Mt. Washington merger. Net loans increased $359.5 million, or 44.2%, to $1.2 billion at June 30, 2010 from $813.3 million at December 31, 2009, primarily due to $345.8 million of loans acquired in the Mt. Washington merger, partially offset by sales of fixed-rate bi-weekly mortgage loans totaling $34.1 million in the first quarter of 2010.
Total deposits increased $431.6 million, or 46.8%, to $1.4 billion at June 30, 2010 from $922.5 million at December 31, 2009, reflecting $380.6 million of deposits acquired in the Mt. Washington merger along with organic deposit growth of $51.0 million. Total borrowings increased $76.7 million, or 101.7%, to $152.1 million at June 30, 2010 from $75.4 million at December 31, 2009, reflecting $80.9 million of Federal Home Loan Bank advances acquired in the Mt. Washington merger.
Total stockholders' equity increased $6.1 million, or 3.0%, to $206.5 million at June 30, 2010, from $200.4 million at December 31, 2009, due primarily to $6.1 million in net income. Stockholders' equity to assets was 11.95% at June 30, 2010, compared to 16.54% at December 31, 2009. Book value per share increased to $9.17 at June 30, 2010 from $9.07 at December 31, 2009. Tangible book value per share decreased to $8.68 at June 30, 2010 from $9.07 at December 31, 2009, primarily due to goodwill resulting from the Mt. Washington merger. Market price per share increased $2.20, or 25.3%, to $10.90 at June 30, 2010 from $8.70 at December 31, 2009. At June 30, 2010, the Company and the Bank continued to exceed all regulatory capital requirements.
As of June 30, 2010, the Company had repurchased 109,700 shares of its stock at an average price of $11.27 per share, or 23.2% of the 472,428 shares authorized for repurchase under the Company's third stock repurchase program announced on April 9, 2010.
Mr. Gavegnano added, "With the shares we repurchased this quarter in our latest buy-back program, we have repurchased 1,041,200 shares since December 2008 as we have sought to further enhance shareholder value."
Meridian Interstate Bancorp, Inc. is the holding company for East Boston Savings Bank. East Boston Savings Bank is a Massachusetts-chartered stock savings bank that operates from 20 full service locations in the greater Boston metropolitan area. East Boston Savings Bank was originally founded in 1848. We offer a variety of deposit and loan products to individuals and businesses located in our primary market, which consists of Essex, Middlesex and Suffolk Counties, Massachusetts. For additional information, visit www.ebsb.com.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "expects," "project," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of Meridian Interstate Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, and competition and the risk factors described in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Meridian Interstate Bancorp, Inc.'s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
MERIDIAN INTERSTATE BANCORP, INC. AND SUBSIDIARIES | ||
Consolidated Balance Sheets | ||
(Unaudited) | ||
(Dollars in thousands) | June 30, 2010 | December 31, 2009 |
ASSETS | ||
Cash and due from banks | $ 71,387 | $ 9,010 |
Federal funds sold | 228 | 10,956 |
Total cash and cash equivalents | 71,615 | 19,966 |
Certificates of deposit - affiliate bank | 3,100 | 3,000 |
Securities available for sale, at fair value | 344,837 | 293,367 |
Federal Home Loan Bank stock, at cost | 12,538 | 4,605 |
Loans held for sale | 4,851 | 955 |
Loans | 1,184,031 | 822,542 |
Less allowance for loan losses | (11,265) | (9,242) |
Loans, net | 1,172,766 | 813,300 |
Bank-owned life insurance | 33,239 | 23,721 |
Foreclosed real estate, net | 4,221 | 2,869 |
Investment in affiliate bank | 11,181 | 11,005 |
Premises and equipment, net | 32,968 | 23,195 |
Accrued interest receivable | 7,625 | 6,231 |
Prepaid deposit insurance | 4,113 | 5,114 |
Deferred tax asset, net | 11,631 | 1,523 |
Goodwill | 11,230 | -- |
Other assets | 2,313 | 2,535 |
Total assets | $ 1,728,228 | $ 1,211,386 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits: | ||
Non interest-bearing | $ 106,529 | $ 63,606 |
Interest-bearing | 1,247,545 | 858,869 |
Total deposits | 1,354,074 | 922,475 |
Short-term borrowings - affiliate bank | 6,362 | 3,102 |
Short-term borrowings - other | 10,025 | 22,108 |
Long-term debt | 135,715 | 50,200 |
Accrued expenses and other liabilities | 15,584 | 13,086 |
Total liabilities | 1,521,760 | 1,010,971 |
Stockholders' equity: | ||
Common stock, no par value 50,000,000 shares authorized; 23,000,000 shares issued | -- | -- |
Additional paid-in capital | 96,728 | 100,972 |
Retained earnings | 115,291 | 109,189 |
Accumulated other comprehensive income | 6,055 | 5,583 |
Treasury stock, at cost, 113,091 and 517,500 shares at June 30, 2010 and December 31, 2009, respectively | (1,266) | (4,535) |
Unearned compensation - ESOP, 724,500 and 745,200 shares at June 30, 2010 and December 31, 2009, respectively | (7,245) | (7,452) |
Unearned compensation - restricted shares, 381,315 and 383,935 shares at June 30, 2010 and December 31, 2009, respectively | (3,095) | (3,342) |
Total stockholders' equity | 206,468 | 200,415 |
Total liabilities and stockholders' equity | $ 1,728,228 | $ 1,211,386 |
MERIDIAN INTERSTATE BANCORP, INC. AND SUBSIDIARIES | ||||
Consolidated Statements of Operations | ||||
(Unaudited) | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||
(Dollars in thousands, except per share amounts) | 2010 | 2009 | 2010 | 2009 |
Interest and dividend income: | ||||
Interest and fees on loans | $ 16,829 | $ 11,046 | $ 33,039 | $ 21,691 |
Interest on debt securities | 3,389 | 2,554 | 6,830 | 5,009 |
Dividends on equity securities | 228 | 299 | 433 | 592 |
Interest on certificates of deposit | 17 | 14 | 34 | 56 |
Interest on other interest-earning assets | 36 | 6 | 48 | 18 |
Total interest and dividend income | 20,499 | 13,919 | 40,384 | 27,366 |
Interest expense: | ||||
Interest on deposits | 4,310 | 4,938 | 8,509 | 10,201 |
Interest on short-term borrowings | 15 | 7 | 44 | 42 |
Interest on long-term debt | 895 | 502 | 1,781 | 999 |
Total interest expense | 5,220 | 5,447 | 10,334 | 11,242 |
Net interest income | 15,279 | 8,472 | 30,050 | 16,124 |
Provision for loan losses | 794 | 568 | 2,168 | 1,114 |
Net interest income, after provision for loan losses | 14,485 | 7,904 | 27,882 | 15,010 |
Non-interest income: | ||||
Customer service fees | 1,490 | 799 | 2,904 | 1,496 |
Loan fees | 140 | 127 | 298 | 277 |
Gain on sales of loans, net | 199 | 116 | 764 | 299 |
Other-than-temporary impairment losses | -- | (249) | -- | (373) |
Income from bank-owned life insurance | 287 | 240 | 579 | 454 |
Equity income (loss) on investment in affiliate bank | 106 | 2 | 176 | (25) |
Total non-interest income | 2,222 | 1,035 | 4,721 | 2,128 |
Non-interest expenses: | ||||
Salaries and employee benefits | 6,446 | 4,101 | 12,613 | 10,415 |
Occupancy and equipment | 1,377 | 697 | 2,861 | 1,561 |
Data processing | 749 | 474 | 1,503 | 912 |
Marketing and advertising | 580 | 313 | 1,046 | 547 |
Professional services | 755 | 416 | 1,475 | 1,068 |
Foreclosed real estate expense, net | 122 | 223 | 276 | 478 |
Deposit insurance | 577 | 830 | 1,092 | 1,140 |
Other general and administrative | 1,131 | 630 | 2,220 | 1,240 |
Total non-interest expenses | 11,737 | 7,684 | 23,086 | 17,361 |
Income (loss) before income taxes | 4,970 | 1,255 | 9,517 | (223) |
Provision (benefit) for income taxes | 1,728 | 293 | 3,415 | (77) |
Net income (loss) | $ 3,242 | $ 962 | $ 6,102 | $ (146) |
Income (loss) per share: | ||||
Basic | $ 0.15 | $ 0.04 | $ 0.28 | $ (0.01) |
Diluted | $ 0.15 | $ 0.04 | $ 0.28 | $ (0.01) |
Weighted average shares: | ||||
Basic | 22,124,539 | 22,024,179 | 22,128,822 | 21,991,924 |
Diluted | 22,140,597 | 22,024,179 | 22,136,851 | 21,991,924 |
MERIDIAN INTERSTATE BANCORP, INC. AND SUBSIDIARIES | ||||||
Net Interest Income Analysis | ||||||
(Unaudited) | ||||||
For the Three Months Ended June 30, | ||||||
2010 | 2009 | |||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Cost (4) | Average Balance | Interest | Yield/ Cost (4) |
Assets: | ||||||
Interest-earning assets: | ||||||
Loans (1) | $ 1,171,274 | $ 16,829 | 5.76% | $ 757,131 | $ 11,046 | 5.85% |
Securities and certificates of deposit | 351,891 | 3,634 | 4.14 | 290,433 | 2,867 | 3.96 |
Other interest-earning assets | 67,882 | 36 | 0.21 | 22,125 | 6 | 0.11 |
Total interest-earning assets | 1,591,047 | 20,499 | 5.17 | 1,069,689 | 13,919 | 5.22 |
Noninterest-earning assets | 134,686 | 82,769 | ||||
Total assets | $ 1,725,733 | $ 1,152,458 | ||||
Liabilities and stockholders' equity: | ||||||
Interest-bearing liabilities: | ||||||
NOW deposits | $ 114,469 | 136 | 0.48% | $ 37,913 | 37 | 0.39% |
Money market deposits | 307,323 | 888 | 1.16 | 226,777 | 1,074 | 1.90 |
Savings and other deposits | 186,255 | 256 | 0.55 | 128,148 | 293 | 0.92 |
Certificates of deposit | 632,873 | 3,030 | 1.92 | 432,899 | 3,534 | 3.27 |
Total interest-bearing deposits | 1,240,920 | 4,310 | 1.39 | 825,737 | 4,938 | 2.40 |
FHLB advances and other borrowings | 156,160 | 910 | 2.34 | 64,212 | 509 | 3.18 |
Total interest-bearing liabilities | 1,397,080 | 5,220 | 1.50 | 889,949 | 5,447 | 2.45 |
Noninterest-bearing demand deposits | 104,493 | 61,772 | ||||
Other noninterest-bearing liabilities | 16,497 | 10,853 | ||||
Total liabilities | 1,518,070 | 962,574 | ||||
Total stockholders' equity | 207,663 | 189,884 | ||||
Total liabilities and stockholders' equity | $ 1,725,733 | $ 1,152,458 | ||||
Net interest-earning assets | $ 193,967 | $ 179,740 | ||||
Net interest income | $ 15,279 | $ 8,472 | ||||
Interest rate spread (2) | 3.67% | 2.77% | ||||
Net interest margin (3) | 3.85% | 3.18% | ||||
Average interest-earning assets to average interest-bearing liabilities | 113.88% | 120.20% | ||||
(1) Loans on non-accrual status are included in average balances. | ||||||
(2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||
(3) Net interest margin represents net interest income divided by average interest-earning assets. | ||||||
(4) Annualized. |
MERIDIAN INTERSTATE BANCORP, INC. AND SUBSIDIARIES | ||||||
Net Interest Income Analysis | ||||||
(Unaudited) | ||||||
For the Six Months Ended June 30, | ||||||
2010 | 2009 | |||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Cost (4) | Average Balance | Interest | Yield/ Cost (4) |
Assets: | ||||||
Interest-earning assets: | ||||||
Loans (1) | $ 1,161,329 | $ 33,039 | 5.74% | $ 742,085 | $ 21,691 | 5.89% |
Securities and certificates of deposit | 346,640 | 7,297 | 4.25 | 272,016 | 5,657 | 4.19 |
Other interest-earning assets | 53,551 | 48 | 0.18 | 26,220 | 18 | 0.14 |
Total interest-earning assets | 1,561,520 | 40,384 | 5.22 | 1,040,321 | 27,366 | 5.30 |
Noninterest-earning assets | 136,662 | 83,764 | ||||
Total assets | $ 1,698,182 | $ 1,124,085 | ||||
Liabilities and stockholders' equity: | ||||||
Interest-bearing liabilities: | ||||||
NOW deposits | $ 111,137 | 265 | 0.48% | $ 37,265 | 83 | 0.45% |
Money market deposits | 304,069 | 1,781 | 1.18 | 205,108 | 2,101 | 2.07 |
Savings and other deposits | 182,616 | 502 | 0.55 | 125,584 | 595 | 0.96 |
Certificates of deposit | 622,354 | 5,961 | 1.93 | 430,232 | 7,422 | 3.48 |
Total interest-bearing deposits | 1,220,176 | 8,509 | 1.41 | 798,189 | 10,201 | 2.58 |
FHLB advances and other borrowings | 156,040 | 1,825 | 2.36 | 65,973 | 1,041 | 3.18 |
Total interest-bearing liabilities | 1,376,216 | 10,334 | 1.51 | 864,162 | 11,242 | 2.62 |
Noninterest-bearing demand deposits | 99,701 | 60,247 | ||||
Other noninterest-bearing liabilities | 16,664 | 9,979 | ||||
Total liabilities | 1,492,581 | 934,388 | ||||
Total stockholders' equity | 205,601 | 189,697 | ||||
Total liabilities and stockholders' equity | $ 1,698,182 | $ 1,124,085 | ||||
Net interest-earning assets | $ 185,304 | $ 176,159 | ||||
Net interest income | $ 30,050 | $ 16,124 | ||||
Interest rate spread (2) | 3.71% | 2.68% | ||||
Net interest margin (3) | 3.88% | 3.13% | ||||
Average interest-earning assets to average interest-bearing liabilities | 113.46% | 120.38% | ||||
(1) Loans on non-accrual status are included in average balances. | ||||||
(2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||
(3) Net interest margin represents net interest income divided by average interest-earning assets. | ||||||
(4) Annualized. |
MERIDIAN INTERSTATE BANCORP, INC. AND SUBSIDIARIES | |||||||
Selected Financial Highlights | |||||||
(Unaudited) | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||
June 30, 2010 |
June 30, 2009 |
June 30, 2010 |
June 30, 2009 |
||||
Key Performance Ratios | |||||||
Return (loss) on average assets (1) | 0.75% | 0.33% | 0.72% | (0.03)% | |||
Return (loss) on average equity (1) | 6.24 | 2.03 | 5.94 | (0.15) | |||
Stockholders' equity to total assets | 11.95 | 16.26 | 11.95 | 16.26 | |||
Interest rate spread (1) (2) | 3.67 | 2.77 | 3.71 | 2.68 | |||
Net interest margin (1) (3) | 3.85 | 3.18 | 3.88 | 3.13 | |||
Noninterest expense to average assets (1) | 2.72 | 2.67 | 2.72 | 3.09 | |||
Efficiency ratio (4) | 67.06 | 78.76 | 66.39 | 93.21 | |||
June 30, 2010 |
December 31, 2009 |
June 30, 2009 |
|||||
Asset Quality Ratios | |||||||
Allowance for loan losses/total loans | 0.95% | 1.12% | 1.06% | ||||
Allowance for loan losses/nonperforming loans | 34.86 | 42.59 | 47.61 | ||||
Non-performing loans/total loans | 2.73 | 2.63 | 2.22 | ||||
Non-performing loans/total assets | 1.87 | 1.79 | 1.44 | ||||
Non-performing assets/total assets | 2.11 | 2.03 | 1.70 | ||||
Share Related | |||||||
Book value per share | $ 9.17 | $ 9.07 | $ 8.62 | ||||
Tangible book value per share | $ 8.68 | $ 9.07 | $ 8.62 | ||||
Market value per share | $ 10.90 | $ 8.70 | $ 7.45 | ||||
Shares outstanding at end of period | 22,505,594 | 22,098,565 | 22,357,549 | ||||
(1) Annualized. | |||||||
(2) Interest rate spread represents the difference between the yield on interest-earning assets | |||||||
and the cost of interest-bearing liabilities. | |||||||
(3) Net interest margin represents net interest income divided by average interest-earning assets. | |||||||
(4) The efficiency ratio represents non-interest expense, divided by the sum of net interest income | |||||||
and non-interest income, excluding gains or losses on the sale of securities. |