[logo]
HMN Financial, Inc.
1016 Civic Center Drive NW
Rochester, MN 55901
Phone 507-535-1200
Fax 507-535-1300
NEWS RELEASE CONTACT: Michael McNeil
President
HMN Financial, Inc. (507) 535-1202
FOR IMMEDIATE RELEASE
HMN FINANCIAL, INC. ANNOUNCES SECOND QUARTER RESULTS
Second Quarter Highlights
Diluted earnings per share up $0.20, or 62.5%, over the second quarter of 2002
Net interest income increased by $645,000, or 12.2%, over the second quarter of 2002
Loan sale gains increased $1.0 million, or 206.2%, over second quarter of 2002
Amortization of mortgage servicing rights increased $937,000, or 547.6%, over second quarter
of 2002
Year to Date Highlights
Diluted earnings per share up $0.05, or 6.1%, over the first six months of 2002
Amortization of mortgage servicing rights increased $1.5 million, or 396.6%, over first six months
of 2002
EARNINGS SUMMARY |
| Three Months Ended |
|
| Six Months Ended |
| ||||
|
| June 30, |
|
| June 30, |
| ||||
|
|
|
|
| ||||||
|
| 2003 |
| 2002 |
|
| 2003 |
| 2002 |
|
|
|
|
|
|
|
| ||||
Net Income | $ | 2,030,228 |
| 1,268,039 |
| $ | 3,419,768 |
| 3,236,011 |
|
Diluted earnings per share |
| 0.52 |
| 0.32 |
|
| 0.87 |
| 0.82 |
|
Return on average assets |
| 1.06 | % | 0.72 | % |
| 0.91 | % | 0.92 | % |
Return on average equity |
| 10.45 | % | 6.75 | % |
| 8.84 | % | 8.79 | % |
Book value per share | $ | 17.44 | $ | 16.71 |
| $ | 17.44 | $ | 16.71 |
|
ROCHESTER, MINNESOTA, July 25, 2003. . . HMN Financial, Inc. (HMN) (NASDAQ:HMNF), the $786 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $2.0 million for the second quarter of 2003, up $762,000, or 60.1%, from net income of $1.3 million for the second quarter of 2002. Diluted earnings per common share for the second quarter of 2003 were $0.52, up $0.20, from $0.32 for the second quarter of 2002.
more . . .
Second Quarter Results
Net Interest Income
In comparing the second quarter of 2003 to the second quarter of 2002, net interest income increased by $645,000, or 12.2%, to $5.9 million for the second quarter of 2003. Interest income was $11.0 million for the second quarter of 2003, an increase of $525,000 from $10.5 million for the same period in 2002. Interest income increased primarily because of an increase in the average interest earning assets outstanding. During the 12-month period ending on June 30, 2003, the Federal Reserve reduced the Federal Funds interest rate two times and the Wall Street Journal prime rate decreased from 4.75% to 4.00%. As a result, loans with rates that were indexed to prime, such as commercial loans and consumer lines of credit, earned less interest income. The decrease in rates was more than offset by the growth in interest earning assets. The increase in interest earning assets was caused primarily by increases in originated commercial real estate loans that were funded by increased deposits, Federal Home Loan B ank advances, and investment sales. Deposits increased between the periods primarily due to the growth in checking and money market account balances. Interest expense declined by $120,000 primarily because of a decrease in the interest rates paid on deposit accounts and because of the increase in checking and money market accounts, which generally have lower interest rates than other deposit accounts.
Provision for Loan Losses
The provision for loan losses was $490,000 for the second quarter of 2003, an increase of $180,000, or 58.1%, from $310,000 for the second quarter of 2002. The provision for loan losses increased primarily due to the $27 million in growth that was experienced in the commercial and consumer loan portfolios during the quarter. Commercial and consumer loans generally require a larger provision due to the greater inherent credit risk of these loans. Total non-performing assets were $7.0 million at June 30, 2003, an increase of $799,000, or 13.0%, from $6.2 million at March 31, 2003.
Non-Interest Income and Expense
Non-interest income was $2.7 million for the second quarter of 2003, an increase of $1.5 million, or 125.9%, from $1.2 million for the same period in 2002. Non-interest income increased by $1.0 million due to an increase in the gains recognized on the sale of single family residential loans. Non-interest income also increased by $198,000 due to increased gains recognized on the sale of securities, $165,000 due to an increase in fees and service charges, $62,000 due to an increase in mortgage servicing fees, and $83,000 due to an increase in the earnings in limited partnerships.
Non-interest expense was $5.2 million for the second quarter of 2003, an increase of $655,000, or 14.5%, from $4.5 million for the same period in 2002. Amortization of mortgage servicing rights increased by $937,000 primarily due to a valuation reserve of $640,000 that was established and because of increased amortization of mortgage servicing rights on single family loans that prepaid during the quarter. Other operating expenses decreased by $241,000 primarily due to a decrease in expenses related to the mortgage banking operation in Brooklyn Park, Minnesota which was phased out in the second half of 2002. Income tax expense increased by $433,000 between the periods primarily due to increased taxable income.
Return on Assets and Equity
Return on average assets for the second quarter of 2003 was 1.06%, compared to 0.72% for the second quarter of 2002. Return on average equity was 10.45% for the second quarter of
more . . .
2003, compared to 6.75% for the same quarter in 2002. Book value per common share at June 30, 2003 was $17.44, compared to $16.71 at June 30, 2002.
Six Month Period Results
Net Income
Net income was $3.4 million for the six month period ended June 30, 2003, an increase of $184,000, or 5.7%, compared to $3.2 million for the six month period ended June 30, 2002.
Diluted earnings per share for the six month period in 2003 were $0.87, up $0.05 or 6.1%, from $0.82 for the same six month period in 2002.
Net Interest Income
In comparing the six month operating period results of 2003 to the six month period in 2002, net interest income increased by $716,000, or 6.7%, to $11.4 million for the six month period ended June 30, 2003. Interest income was $21.5 million for the six month period ended June 30, 2003, a decrease of $145,000, or 0.7%, from $21.7 million for the same six month period in 2002. Interest income declined primarily due to a reduction in interest rates on loans and investments between the two periods. Interest expense was $10.1 million for the six month period ended June 30, 2003, a decrease of $861,000, or 7.9%, from $10.9 million for the same period in 2002. Interest expense declined due to a decrease in the interest rates paid on deposit accounts between the periods.
Provision for Loan Losses
The provision for loan losses was $1.4 million for the six month period of 2003, an increase of $325,000 from $1.0 million for the same six month period in 2002. The provision for loan losses increased primarily due to the $74 million in growth that was experienced in the commercial and consumer loan portfolios during the first six months of 2003. Commercial and consumer loans generally require a larger provision due to the greater inherent credit risk of these loans. Total non-performing assets were $7.0 million at June 30, 2003, an increase of $2.1 million, or 42.0%, from $4.9 million at December 31, 2002. The increase in non-performing assets was due primarily to an increase in non-accruing loans. Non-accruing single family loans increased by $753,000, non-accruing commercial real estate loans increased by $881,000, non-accruing consumer loans increased by $241,000, and non-accruing commercial business loans increased by $262,000.
Non-Interest Income and Expense
Non-interest income was $5.3 million for the first six months of 2003, an increase of $1.8 million, or 52.3%, from $3.5 million for the same period in 2002. Non-interest income increased by $1.4 million due to increased gains on the sale of single family loans. Low mortgage rates during the first six months of 2003 resulted in higher loan orginations when compared to the first six months of 2002 as consumers took advantage of the low mortgage interest rates to purchase a home or refinance their existing home mortgage. Gains on the sale of securities increased by $770,000 during the period as investments were sold to fund a portion of the loan growth that was experienced during the first six months of 2003. Fee and service charge income increased by $193,000 between the two periods due to an increase in the fees charged, services offered, and the number of deposit accounts. Mortgage servicing fees increased by $118,000 between the periods because more loans were being serviced. These increases in n on-interest income were partially offset by a $650,000 decrease in earnings from limited partnerships.
more . . .
Interest rates on mortgage loans decreased during the first six months of 2003 which caused the value of HMN's investment in a limited partnership that owns mortgage loan servicing assets to decrease in value. The value of servicing rights generally decreases when mortgage rates
decrease because of the anticipated increase in prepayments expected to be received on the mortgage servicing assets.
Non-interest expense was $10.4 million for the first six months of 2003, an increase of $1.7 million, or 19.9%, from $8.7 million for the same period in 2002. The increase was primarily the result of a $1.5 million increase in the amortization of mortgage servicing rights caused by record loan prepayments during the first six months of 2003 and because of an $800,000 impairment reserve established on the servicing portfolio during the period. Compensation and benefit expense increased by $287,000 due to costs associated with a separation agreement with a former executive officer and because of annual payroll and health insurance cost increases. Occupancy increased by $184,000 due to the increased number of facilities maintained during the six month period in 2003.
Return on Assets and Equity
Return on average assets for the six month period ended June 30, 2003 was 0.91%, compared to 0.92% for the same period in 2002. Return on average equity was 8.84% for the six-month period ended in 2003, compared to 8.79% for the same period in 2002.
President's Statement
President Michael McNeil said, "HMN has continued to follow its business plan of growing the Company while changing its mix of both assets and liabilities. These changes have improved the profitability of HMN's core business which resulted in quarterly and six month diluted earnings per share increases of $0.20 and $0.05, respectively."
General Information
HMN Financial, Inc. and Home Federal Savings Bank are headquartered in Rochester, Minnesota. The Bank operates nine offices in southern Minnesota and two in Iowa. Eagle Crest Capital Bank, a division of Home Federal Savings Bank, operates a branch in Edina, Minnesota.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to those relating to HMN's financial expectations for earnings and revenues. A number of factors could cause actual results to differ materially from HMN's assumptions and expectations. These factors include possible legislative changes and adverse economic, business and competitive developments such as shrinking interest margins; deposit outflows; reduced demand for financial services and loan products; changes in accounting policies and guidelines.Additional factors that may cause actual results to differ from HMN's assumptions and expectations include those set forth in HMN's most recent filings with the Securities and Exchange Commission. All forward-looking statements are qualified by, and should be considered in conjunction with, such caut ionary statements.
(Three pages of selected consolidated financial information are included with this release.)
***END***
HMN FINANCIAL, INC. AND SUBSIDIARIES | |||||
Consolidated Balance Sheets | |||||
(unaudited) | |||||
|
| June 30, |
| December 31, |
|
|
| 2003 |
| 2002 |
|
Assets |
|
|
|
|
|
Cash and cash equivalents | $ | 20,592,743 |
| 27,729,007 |
|
Securities available for sale: |
|
|
|
|
|
Mortgage-backed and related securities |
|
|
|
|
|
(amortized cost $21,238,966 and $51,677,294) |
| 21,120,738 |
| 51,895,832 |
|
Other marketable securities |
|
|
|
|
|
(amortized cost $82,586,128 and $67,282,379) |
| 84,510,254 |
| 69,501,417 |
|
|
|
|
| ||
|
| 105,630,992 |
| 121,397,249 |
|
|
|
|
| ||
Loans held for sale |
| 13,855,160 |
| 15,126,509 |
|
Loans receivable, net |
| 606,930,531 |
| 533,905,652 |
|
Accrued interest receivable |
| 3,302,099 |
| 3,050,636 |
|
Real estate, net |
| 706,375 |
| 426,691 |
|
Federal Home Loan Bank stock, at cost |
| 11,965,000 |
| 11,880,500 |
|
Mortgage servicing rights, net |
| 2,447,952 |
| 2,691,031 |
|
Premises and equipment, net |
| 12,591,030 |
| 12,875,816 |
|
Investment in limited partnerships |
| 537,606 |
| 862,666 |
|
Goodwill |
| 3,800,938 |
| 3,800,938 |
|
Core deposit intangible |
| 505,730 |
| 561,331 |
|
Prepaid expenses and other assets |
| 2,331,659 |
| 3,214,792 |
|
Due from brokers/trustees |
| 712,100 |
| 0 |
|
|
|
|
| ||
Total assets | $ | 785,909,915 |
| 737,522,818 |
|
|
|
|
| ||
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Deposits | $ | 463,185,005 |
| 432,951,462 |
|
Federal Home Loan Bank advances |
| 235,300,000 |
| 218,300,000 |
|
Accrued interest payable |
| 419,501 |
| 849,427 |
|
Advance payments by borrowers for taxes and insurance |
| 620,416 |
| 707,213 |
|
Accrued expenses and other liabilities |
| 7,999,274 |
| 7,614,406 |
|
Deferred tax liabilities |
| 1,233,300 |
| 1,456,600 |
|
|
|
|
| ||
Total liabilities |
| 708,757,496 |
| 661,879,108 |
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
|
Minority interest |
| (369,401) |
| (420,846) |
|
Stockholders' equity: |
|
|
|
|
|
Serial preferred stock ($.01 par value): |
|
|
|
|
|
Authorized 500,000 shares; issued and outstanding none |
| 0 |
| 0 |
|
Common stock ($.01 par value): |
|
|
|
|
|
Authorized 11,000,000; issued shares 9,128,662 |
| 91,287 |
| 91,287 |
|
Additional paid-in capital |
| 57,930,389 |
| 58,885,279 |
|
Retained earnings, subject to certain restrictions |
| 81,728,909 |
| 79,660,481 |
|
Accumulated other comprehensive income |
| 1,167,597 |
| 1,575,577 |
|
Unearned employee stock ownership plan shares |
| (4,834,671) |
| (4,931,385) |
|
Treasury stock, at cost 4,683,752 and 4,722,856 shares |
| (58,561,691) |
| (59,216,683) |
|
|
|
|
| ||
Total stockholders' equity |
| 77,521,820 |
| 76,064,556 |
|
|
|
|
| ||
Total liabilities and stockholders' equity | $ | 785,909,915 |
| 737,522,818 |
|
|
|
|
| ||
|
|
|
|
|
|
HMN FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(unaudited)
|
| Three Months Ended |
| Six Months Ended | ||||
|
| June 30, |
| June 30, | ||||
|
|
| ||||||
|
| 2003 |
| 2002 |
| 2003 |
| 2002 |
|
|
|
|
| ||||
Interest income: |
|
|
|
|
|
|
|
|
Loans receivable | $ | 10,243,717 |
| 9,019,269 |
| 19,883,641 |
| 18,768,775 |
Securities available for sale: |
|
|
|
|
|
|
|
|
Mortgage-backed and related |
| (39,454) |
| 554,104 |
| 102,759 |
| 1,012,165 |
Other marketable |
| 690,848 |
| 704,003 |
| 1,252,067 |
| 1,436,796 |
Cash equivalents |
| 56,980 |
| 168,773 |
| 85,897 |
| 259,352 |
Other |
| 84,033 |
| 65,040 |
| 182,684 |
| 174,702 |
|
|
|
|
| ||||
Total interest income |
| 11,036,124 |
| 10,511,189 |
| 21,507,048 |
| 21,651,790 |
|
|
|
|
| ||||
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
| 2,492,554 |
| 2,633,678 |
| 4,963,817 |
| 5,747,225 |
Federal Home Loan Bank advances |
| 2,615,630 |
| 2,594,935 |
| 5,094,302 |
| 5,171,798 |
|
|
|
|
| ||||
Total interest expense |
| 5,108,184 |
| 5,228,613 |
| 10,058,119 |
| 10,919,023 |
|
|
|
|
| ||||
Net interest income |
| 5,927,940 |
| 5,282,576 |
| 11,448,929 |
| 10,732,767 |
Provision for loan losses |
| 490,000 |
| 310,000 |
| 1,355,000 |
| 1,030,000 |
|
|
|
|
| ||||
Net interest income after provision for loan losses |
| 5,437,940 |
| 4,972,576 |
| 10,093,929 |
| 9,702,767 |
|
|
|
|
| ||||
Non-interest income: |
|
|
|
|
|
|
|
|
Fees and service charges |
| 555,036 |
| 390,352 |
| 987,176 |
| 794,161 |
Mortgage servicing fees |
| 238,729 |
| 177,229 |
| 455,305 |
| 337,162 |
Securities gains, net |
| 224,751 |
| 26,583 |
| 815,786 |
| 45,508 |
Gains on sales of loans |
| 1,526,558 |
| 498,469 |
| 2,991,790 |
| 1,543,029 |
Earnings (losses) in limited partnerships |
| 31,528 |
| (51,946) |
| (323,314) |
| 326,975 |
Other |
| 114,694 |
| 150,914 |
| 335,794 |
| 408,980 |
|
|
|
|
| ||||
Total non-interest income |
| 2,691,296 |
| 1,191,601 |
| 5,262,537 |
| 3,455,815 |
|
|
|
|
| ||||
Non-interest expense: |
|
|
|
|
|
|
|
|
Compensation and benefits |
| 2,027,572 |
| 2,068,560 |
| 4,307,074 |
| 4,020,044 |
Occupancy |
| 769,518 |
| 726,261 |
| 1,593,317 |
| 1,409,688 |
Federal deposit insurance premiums |
| 17,855 |
| 18,671 |
| 36,791 |
| 38,107 |
Advertising |
| 100,988 |
| 146,537 |
| 185,852 |
| 289,082 |
Data processing |
| 289,938 |
| 286,925 |
| 561,046 |
| 551,384 |
Amortization of mortgage servicing rights, net of valuation adjustments and servicing costs |
| 1,108,101 |
| 171,104 |
| 1,898,631 |
| 382,306 |
Other |
| 867,136 |
| 1,107,948 |
| 1,811,687 |
| 1,981,054 |
|
|
|
|
| ||||
Total non-interest expense |
| 5,181,108 |
| 4,526,006 |
| 10,394,398 |
| 8,671,665 |
|
|
|
|
| ||||
Income before income tax expense |
| 2,948,128 |
| 1,638,171 |
| 4,962,068 |
| 4,486,917 |
Income tax expense |
| 917,900 |
| 485,100 |
| 1,542,300 |
| 1,325,200 |
|
|
|
|
| ||||
Income before minority interest |
| 2,030,228 |
| 1,153,071 |
| 3,419,768 |
| 3,161,717 |
Minority interest |
| 0 |
| (114,968) |
| 0 |
| (74,294) |
|
|
|
|
| ||||
Net income | $ | 2,030,228 |
| 1,268,039 |
| 3,419,768 |
| 3,236,011 |
|
|
|
|
| ||||
Basic earnings per share | $ | 0.54 |
| 0.34 |
| 0.91 |
| 0.87 |
|
|
|
|
| ||||
Diluted earnings per share | $ | 0.52 |
| 0.32 |
| 0.87 |
| 0.82 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
HMN FINANCIAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Selected Consolidated Financial Information | |||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Selected Financial Data: |
| Three Months Ended |
| Six Months Ended | |||||||||||||||||||||||||
(dollars in thousands, except per share data) |
|
| |||||||||||||||||||||||||||
I. OPERATING DATA: |
|
|
|
|
|
| |||||||||||||||||||||||
Interest income | $ | 11,036 |
| 10,511 |
| 21,507 |
| 21,652 |
| ||||||||||||||||||||
Interest expense |
| 5,108 |
| 5,228 |
| 10,058 |
| 10,919 |
| ||||||||||||||||||||
Net interest income |
| 5,928 |
| 5,283 |
| 11,449 |
| 10,733 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
II. AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Assets(1) |
| 771,117 |
| 705,781 |
| 754,504 |
| 711,042 |
| ||||||||||||||||||||
Loans receivable, net |
| 587,879 |
| 451,681 |
| 563,528 |
| 454,054 |
| ||||||||||||||||||||
Mortgage-backed and related securities(1) |
| 13,291 |
| 65,912 |
| 26,521 |
| 64,319 |
| ||||||||||||||||||||
Interest-earning assets(1) |
| 734,320 |
| 669,235 |
| 717,292 |
| 676,704 |
| ||||||||||||||||||||
Interest-bearing liabilities |
| 684,973 |
| 622,220 |
| 668,320 |
| 628,182 |
| ||||||||||||||||||||
Equity(1) |
| 77,957 |
| 75,378 |
| 78,040 |
| 74,265 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
III. PERFORMANCE RATIOS:(1) |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Return on average assets (annualized) |
| 1.06 | % | 0.72 | % | 0.91 | % | 0.92 | % | ||||||||||||||||||||
Interest rate spread information: |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Average during period |
| 3.04 |
| 2.93 |
| 3.01 |
| 2.95 |
| ||||||||||||||||||||
End of period |
| 3.04 |
| 2.98 |
| 3.04 |
| 2.98 |
| ||||||||||||||||||||
Net interest margin |
| 3.24 |
| 3.17 |
| 3.22 |
| 3.20 |
| ||||||||||||||||||||
Ratio of operating expense to average |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
total assets (annualized) |
| 2.69 |
| 2.57 |
| 2.78 |
| 2.46 |
| ||||||||||||||||||||
Return on average equity (annualized) |
| 10.45 |
| 6.75 |
| 8.84 |
| 8.79 |
| ||||||||||||||||||||
Efficiency |
| 60.11 |
| 69.91 |
| 62.20 |
| 61.12 |
| ||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||||
|
| June 30, |
| December 31, |
| June 30, |
|
|
| ||||||||||||||||||||
|
| 2003 |
| 2002 |
| 2002 |
|
|
| ||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||||
IV. ASSET QUALITY: |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total non-performing assets | $ | 6,968 |
| 4,907 |
| 4,796 |
|
|
| ||||||||||||||||||||
Non-performing assets to total assets |
| 0.89 | % | 0.67 | % | 0.69 | % |
|
| ||||||||||||||||||||
Total non-performing loans | $ | 5,587 |
|
|
| 3,507 |
| 2,570 |
|
|
| ||||||||||||||||||
Non-performing loans to total loans |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
receivable, net |
| 0.92 | % | 0.66 | % | 0.55 | % |
|
| ||||||||||||||||||||
Allowance for loan losses | $ | 6,088 |
| 4,824 |
| 4,109 |
|
|
| ||||||||||||||||||||
Allowance for loan losses to total assets |
| 0.77 | % | 0.65 | % | 0.59 | % |
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Allowance for loan losses to total loans |
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receivable, net |
| 1.00 |
| 0.90 |
| 0.87 |
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Allowance for loan losses to |
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non-performing loans |
| 108.97 |
| 137.54 |
| 159.88 |
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V. BOOK VALUE PER SHARE: |
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Book value per share | $ | 17.44 |
| 17.28 |
| 16.71 |
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Six Months Ended | Year Ended | Six Months Ended | |||||||||||||||||||||||||||
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VI. CAPITAL RATIOS: |
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Stockholders' equity to total assets, |
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at end of period |
| 9.86 | % | 10.31 | % | 10.64 | % |
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Average stockholders' equity to |
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| ||||||||||||||||||||
average assets(1) |
| 10.34 |
| 10.66 |
| 10.44 |
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Ratio of average interest-earning assets to |
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| ||||||||||||||||||||
average interest-bearing liabilities(1) |
| 107.33 |
| 107.53 |
| 107.72 |
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| June 30, |
| December 31, |
| June 30, |
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|
| 2003 |
| 2002 |
| 2002 |
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VII. EMPLOYEE DATA: |
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Number of employees(2) |
| 190 |
| 195 |
| 188 |
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- Average balances were calculated based upon amortized cost without the market value impact of SFAS 115.
- Number of employees is calculated on a full time equivalent basis.