Exhibit 99.1
FOR IMMEDIATE RELEASE: October 19, 2000
CONTACTS: Catherine Califano, S.V.P. /C.F.O., Haven Bancorp
Tel. (516) 683-4483
Annette Esposito, F.V.P./Communications Director,
Haven Bancorp
Tel. (516) 683-4231
HAVEN BANCORP REPORTS THIRD QUARTER RESULTS
Westbury, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding
company for CFS Bank, today reported net income of $7.0 million,
or $0.77 per basic common share ($0.73 per share, diluted) for
the third quarter of 2000, compared to $3.0 million, or $0.34 per
basic common share ($0.32 per share, diluted) in the third
quarter of 1999. Net income for the nine months ended September
30, 2000, was $14.2 million, or $1.58 per basic common share
($1.51 per share, diluted), compared to $8.9 million, or $1.02
per basic common share ($0.97 per share, diluted) for the first
nine months of 1999. Net income for the nine months ended
September 30, 2000, excluding pre-tax restructuring charges, net
of recoveries, totaling $6.9 million taken in the first quarter
of 2000, would have been $18.5 million, or $2.07 per basic common
share ($1.97 per share, diluted).
Philip S. Messina, Chairman and Chief Executive Officer, stated,
"We are pleased to report a 138% increase in net income from the
third quarter of 1999. This outcome was due to the continued
growth in the revenues from our supermarket branches and the
savings realized from the restructuring of our mortgage
operations, the reduction of our workforce and the elimination of
certain other discretionary expenses which began in the first
quarter of 2000. We have experienced two solid and consistent
quarters since we restructured certain of our operations in the
first quarter of this year."
"Earnings per share were $0.73 per share, diluted, in the third
quarter of 2000 compared to $0.76 per share, diluted, in the
second quarter of 2000. The third quarter was impacted by an
increase in our ESOP compensation expense due to a 47% increase
in Haven's average stock price during the quarter. In addition,
weighted average shares outstanding increased by approximately
225,000 shares due to option exercises during the quarter."
"We look forward to our strategic partnership with Queens County
Bancorp, Inc. A special meeting of Haven stockholders will be
held on November 20, 2000 to approve and adopt the Agreement and
Plan of Merger with Queens County. We are confident that the
merger of Haven Bancorp with Queens County offers the greatest
value to our shareholders," concluded Messina.
As of September 30, 2000, the Bank had 62 supermarket branches
with total deposits of $929.3 million, an increase of $21.0
million, or 2.3%, from $908.3 million at June 30, 2000. Core
deposits equaled 46.0% of total supermarket branch deposits,
compared to a ratio of 44.2% in traditional branches. The total
number of core deposit accounts in the supermarket branches was
approximately 193,000 as of September 30, 2000, compared to
182,000 as of September 30, 1999. Non-interest income from
supermarket branches totaled $5.7 million in the third quarter of
2000 compared to $5.4 million in the second quarter of 2000.
Non-interest expense from supermarket branches, including
allocated overhead, has remained stable at $9.1 million in the
third and second quarters of 2000. For the first nine months of
2000, non-interest income from supermarket branches totaled $15.8
million and non-interest expense from supermarket branches,
including allocated overhead, totaled $27.4 million for the
period.
Net interest income for the third quarter of 2000 was $19.0
million, a 2.5% increase over net interest income of $18.6
million in the third quarter of 1999. The net interest margin in
the third quarter of 2000 remained at 2.68% compared to the third
quarter of 1999. For the first nine months of 2000, net interest
income totaled $58.4 million, a 10.9% increase over the $52.7
million recorded in the first nine months of 1999. The net
interest margin for the first nine months of 2000 was 2.74%
compared to 2.78% for the first nine months of 1999.
Commercial and multi-family real estate loan originations for our
portfolio totaled $110.2 million in the third quarter of 2000,
compared to $59.2 million originated in the third quarter of
1999. Commercial and multi-family real estate loan originations
for our portfolio totaled $193.1 million in the first nine months
of 2000, compared to $142.6 million originated in the first nine
months of 1999. During the third quarter of 2000, the Bank
purchased $77.1 million in multi-family loans from Queens County
Savings Bank. Commercial and multi-family real estate loan
originations include $41.1 million of construction and land loans
originated in the first nine months of 2000, compared to $2.1
million for the first nine months of 1999.
Residential real estate loan originations and purchases for our
portfolio totaled $13.1 million in the third quarter of 2000,
compared to $203.3 million originated and purchased for portfolio
in the third quarter of 1999. In addition, $1.1 million of
residential loans were originated or purchased for sale in the
secondary market during the third quarter of 2000 compared to
$153.3 million in the third quarter of 1999. The decrease in
loan originations and purchases for portfolio and for sale in the
secondary market was due to the wind down of the residential
mortgage origination operations which began in the second quarter
2
of 2000. Residential real estate originations and purchases for
our portfolio totaled $72.3 million in the first nine months of
2000 compared to $481.5 million for the comparable period in
1999. In addition, $131.9 million of residential loans were
originated or purchased for sale in the secondary market during
the first nine months of 2000 compared to $462.3 million in the
comparable period in 1999.
The provision for loan losses in the third quarter of 2000 was
$0.6 million compared to $1.0 million in third quarter of 1999.
The decrease in the provision was due to the decrease in the
growth of the residential loan portfolio and the decrease in non-
performing loans. The allowance for loan losses was $17.6
million, or 0.93% of loans, at September 30, 2000 compared to
$16.7 million, or 0.92% of loans, at December 31, 1999. For the
first nine months of 2000, the provision for loan losses totaled
$1.7 million compared to $2.6 million for the first nine months
of 1999. Non-performing assets at September 30, 2000 totaled
$7.4 million, or 0.25% of total assets. Non-performing loans,
comprised of non-accrual and restructured loans, were $6.8
million and real estate owned, net, was $0.6 million at September
30, 2000. At September 30, 1999, non-performing assets totaled
$8.7 million, or 0.30% of total assets; non-performing loans
totaled $8.2 million and real estate owned, net, equaled $0.5
million.
In the third quarter of 2000, non-interest income, excluding net
gains on sales of interest-earning assets, increased to $8.8
million, or 17.9%, from $7.5 million in the third quarter of
1999. The growth in non-interest income reflects the impact of
the continued maturation of our supermarket banking program.
Retail banking fees increased 32.2% in the 2000 third quarter to
$5.9 million from $4.5 million in the 1999 third quarter.
Insurance, annuity and mutual fund fees for the third quarter of
2000 increased 6.9% to $2.4 million from $2.2 million in the 1999
third quarter. Mortgage banking income was $0.1 million in the
third quarters of 2000 and 1999, respectively. For the first
nine months of 2000, non-interest income, excluding net gains on
sales of interest-earning assets was $26.0 million, an increase
of 14.3% over $22.8 million in the first nine months of 1999.
The growth in non-interest income reflects the impact of the
continued maturation of our supermarket banking program, which
was offset by a decrease in mortgage banking income.
Non-interest expense decreased by $4.5 million, or 22.0% to $15.8
million in the third quarter of 2000 compared to $20.3 million
for the 1999 third quarter and $17.2 million for the second
quarter of 2000. The decrease was due to the restructuring of
the residential mortgage division, the reduction of the Company's
workforce and the elimination of certain discretionary expenses.
For the first nine months of 2000, non-interest expense was $53.5
3
million, excluding net restructuring charges, a decrease of 11.2%
from $60.2 million in the same period of 1999.
At September 30, 2000, Haven had total assets of $2.96 billion.
Stockholders' equity was $123.6 million, or $13.23 book value per
share, compared to $105.6 million, or $11.73 book value per share
at December 31, 1999. This increase was primarily due to net
income of $14.2 million for the nine-month period ended September
30, 2000. CFS Bank's tangible, core and risk-based capital
ratios at September 30, 2000, were 6.30%, 6.30% and 13.17%,
respectively. These ratios exceeded the minimum regulatory
requirements of 2.00%, 4.00% and 8.00%, respectively. The Bank
is considered "well capitalized" by regulatory standards.
Headquartered in Westbury, New York, Haven Bancorp, Inc. is the
holding company for CFS Bank, a community-oriented institution
offering deposit products, residential and commercial real estate
loans and a full range of financial services including discount
brokerage, mutual funds, annuities and insurance products through
eight full-service banking offices and 62 supermarket branches
located in New York City, Nassau, Suffolk, Rockland and
Westchester Counties, New Jersey and Connecticut. Haven provides
auto, homeowners and business lines of insurance through its
subsidiary, CFS Insurance Agency, Inc. The Bank's deposits are
insured by the FDIC.
Haven Bancorp, Inc. and Queens County Bancorp, Inc. filed a joint
proxy statement/prospectus dated October 13, 2000 and other
relevant documents concerning the merger of the two companies
with the United States Securities and Exchange Commission (the
"SEC"). WE URGE INVESTORS TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors are able to obtain these documents free of charge at
the SEC's web site (www.sec.gov). In addition, documents filed
with the SEC by Haven Bancorp are available free of charge from
Haven Bancorp, 615 Merrick Avenue, Westbury, New York 11590.
Documents filed with the SEC by Queens County Bancorp are
available without charge from the Vice President, Investor
Relations, Queens County Bancorp, 38-25 Main Street, Flushing,
New York 11354.
The directors, executive officers, and certain other members of
management of Haven Bancorp and Queens County Bancorp may be
soliciting proxies in favor of the merger from the companies'
respective shareholders. For information about these directors,
executive officers, and members of management, shareholders are
asked to refer to the most recent proxy statements issued by the
respective companies, which are available at the addresses
provided in the preceding paragraph.
4
Safe Harbor Provisions of the Private Litigation Reform Act of
1995
Statements made herein that are forward-looking in nature within
the meaning of the Private Securities Litigation Reform Act of
1995, are subject to risks and uncertainties that could cause
actual results to differ materially. Such risks and
uncertainties include, but are not limited to, those related to
overall business conditions, particularly in the consumer
financial services, mortgage and insurance markets in which Haven
operates, fiscal and monetary policy, competitive products and
pricing, credit risk management, changes in regulations affecting
financial institutions and other risks and uncertainties
discussed in Haven's SEC filings, including its 1999 Form 10-K,
as amended. Haven disclaims any obligation to publicly announce
future events or developments, which may affect the forward-
looking statements contained herein.
HAVEN BANCORP, INC.
Selected Financial Ratios and Selected Financial Data
Selected Financial Ratios
Three Months Ended Nine Months Ended
September 30, September 30,
(annualized) (annualized)
------------------ -----------------
2000 1999 2000 1999
---- ---- ---- ----
Return on average assets 0.94% 0.41% 0.64% 0.44%
Return on average assets
excluding restructuring charges 0.94 0.41 0.83 0.44
Return on average equity 23.89 10.59 17.42 10.19
Return on average equity
excluding restructuring charges 23.89 10.59 22.73 10.19
Net interest spread 2.66 2.62 2.70 2.73
Net interest margin 2.68 2.68 2.74 2.78
Operating expenses to average
assets(1) 2.12 2.73 2.39 2.95
(1) For the purpose of this calculation, operating expenses equal
non-interest expense excluding amortization of goodwill, real
estate owned operations, net and non-performing loan expenses
totaling $38,000 and $477,000 for the three months ended
September 30, 2000 and 1999, respectively, and $231,000 and $1.0
million for the nine months ended September 30, 2000 and 1999,
respectively. Also excluded from operating expenses are net
restructuring charges of $6.9 million for the nine months ended
September 30, 2000.
5
September 30, December 31,
2000 1999
------------ -----------
Stockholders' equity to total assets 4.18% 3.56%
Stockholders' equity per share $13.23 $11.73
Non-performing loans to total loans 0.36% 0.42%
Non-performing assets to total assets 0.25 0.27
Allowance for loan losses to non-
performing loans 257.23 216.56
Allowance for loan losses to total loans 0.93 0.92
Selected Financial Data ! Retail Branches(1)
TRADITIONAL BRANCHES
8 Branches
September 30, 2000 Number % of Traditional
of Accounts Balance Branch Deposits
----------- --------- ----------------
Total Deposits 168,420 $1,227.0 billion
Checking 67,346 $ 165.0 million 13.5%
Savings & Money Market 59,842 $ 376.8 million 30.7%
Certificates 41,232 $ 685.2 million 55.8%
Cost of deposits 4.04%
Fee income contribution(2) $2.9 million
SUPERMARKET BRANCHES
62 Branches
8 Branches
September 30, 2000 Number % of Traditional
of Accounts Balance Branch Deposits
----------- --------- ----------------
Total Deposits 221,472 $929.3 million
Checking 122,871 $115.4 million 12.4%
Savings & Money Market 70,103 $312.5 million 33.6%
Certificates 28,498 $501.4 million 54.0%
Cost of deposits 4.83%
Fee income contribution(2) $5.7 million
(1) Excludes approximately $3.2 million of deposits held in the
administrative branch.
(2) For the three months ended September 30, 2000.
6
HAVEN BANCORP, INC.
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2000 1999 2000 1999
---- ---- ---- ----
Interest income:
Loans $34,798 $31,339 $103,328 $85,490
Mortgage-backed securities 12,384 12,952 38,034 38,288
Money market investments 120 53 380 122
Debt and equity securities 5,004 4,134 14,153 9,294
------ ------ ------- -------
Total interest income 52,306 48,478 155,895 133,194
------ ------ ------- -------
Interest expense:
Deposits:
Savings accounts 4,203 5,114 13,220 14,798
NOW accounts 192 428 863 1,171
Money market accounts 543 430 1,715 1,289
Certificate accounts 17,725 13,554 49,377 37,378
Borrowed funds 10,633 10,400 32,299 25,880
------ ------ ------ ------
Total interest expense 33,296 29,926 97,474 80,516
------ ------ ------ ------
Net interest income before provision for loan losses 19,010 18,552 58,421 52,678
Provision for loan losses 596 1,035 1,746 2,590
------ ------ ------ ------
Net interest income after provision for loan losses 18,414 17,517 56,675 50,088
------ ------ ------ ------
Non-interest income:
Loan fees and servicing income 267 528 874 1,455
Mortgage banking income 86 97 1,341 3,042
Retail banking fees 5,911 4,472 16,587 11,416
Net gain on sales of interest-earning assets 146 111 271 1,680
Insurance, annuity and mutual fund fees 2,384 2,231 6,805 6,374
Other 190 170 426 487
------ ------ ------ ------
Total non-interest income 8,984 7,609 26,304 24,454
------ ------ ------ ------
Non-interest expense:
Compensation and benefits 8,375 10,917 27,954 32,884
Occupancy and equipment 3,106 3,482 9,871 10,265
Real estate owned operations, net (22) 112 (119) (72)
Federal deposit insurance premiums 105 255 333 763
Restructuring charges - - 6,877 -
Other 4,268 5,520 15,411 16,320
------ ------ ------ ------
Total non-interest expense 15,832 20,286 60,327 60,160
------ ------ ------ ------
Income before income tax expense 11,566 4,840 22,652 14,382
Income tax expense 4,555 1,890 8,455 5,504
------ ------ ------ ------
Net income $7,011 $2,950 $14,197 $8,878
====== ====== ====== ======
Net income per common share: Basic $ 0.77 $ 0.34 $ 1.58 $ 1.02
====== ====== ====== ======
Diluted $ 0.73 $ 0.32 $ 1.51 $ 0.97
====== ====== ====== ======
7
HAVEN BANCORP, INC.
Consolidated Statements of Financial Condition
(In thousands, except for share data)
September 30, December 31,
2000 1999
----------- ------------
ASSETS
Cash and due from banks $ 52,308 $ 41,479
Money market investments 15,100 1,238
Securities available for sale (Note 3) 903,750 937,299
Loans held for sale 1,425 82,709
Federal Home Loan Bank of NY stock, at cost 27,865 27,865
Loans receivable:
First mortgage loans 1,855,282 1,777,208
Cooperative apartment loans 5,233 3,669
Other loans 21,421 25,948
--------- ---------
Total loans receivable 1,881,936 1,806,825
Less allowance for loan losses (17,586) (16,699)
--------- ---------
Loans receivable, net 1,864,350 1,790,126
Premises and equipment, net 33,489 35,928
Accrued interest receivable 15,788 15,825
Other assets 44,801 33,381
--------- ---------
Total assets $2,958,876 $2,965,850
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $2,159,499 $2,080,613
Borrowed funds 652,228 749,232
Other liabilities 23,561 30,422
--------- ---------
Total liabilities 2,835,288 2,860,267
--------- ---------
Stockholders' Equity:
Preferred stock, $.01 par value, 2,000,000
shares authorized, none issued - -
Common stock, $.01 par value, 30,000,000 shares authorized,
9,918,750 shares issued; 9,343,315 and 9,000,237 shares out-
standing at September 30, 2000 and December 31, 1999, respectively 100 100
Additional paid-in capital 54,011 52,336
Retained earnings, substantially restricted 101,937 89,083
Accumulated other comprehensive loss:
Unrealized loss on securities available for sale, net of tax effect (24,170) (25,465)
Treasury stock, at cost (575,435 and 918,513 shares at September
30, 2000 and December 31, 1999, respectively) (6,641) (8,934)
Unallocated common stock held by Bank's ESOP (726) (934)
Unearned common stock held by Bank's Recognition Plans and Trusts (206) (231)
Unearned compensation (717) (372)
--------- ---------
Total stockholders' equity 123,588 105,583
--------- ---------
Total liabilities and stockholders' equity $2,958,876 $2,965,850
========= =========
8
Haven Bancorp, Inc.
Consolidated Average Balance Sheet - Yield/Rate Analysis
(Dollars in thousands)
Three months ended September 30,
2000 1999
------------------------ ------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ------- ------- -------- -------
(Dollars in thousands)
Assets:
Interest-earning assets:
Mortgage loans $1,860,302 $34,267 7.37% $1,688,701 $30,615 7.25%
Other loans 21,959 531 9.67 39,093 724 7.41
Mortgage-backed securities 691,076 12,384 7.17 800,778 12,952 6.47
Money market investments 13,169 120 3.63 2,717 53 7.80
Debt and equity securities 254,169 5,004 7.88 236,259 4,134 7.00
--------- ------ --------- ------
Total interest-earning assets 2,840,675 52,306 7.37 2,767,548 48,478 7.01
Non-interest earning assets 135,661 ------ 138,167 ------
--------- ---------
Total assets 2,976,336 2,905,715
========= =========
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings accounts 637,743 4,203 2.62 654,038 5,114 3.13
Certificate accounts 1,174,542 17,725 6.00 1,027,514 13,554 5.28
NOW accounts 282,979 192 0.27 243,768 428 0.70
Money market accounts 64,989 543 3.34 55,249 430 3.11
Borrowed funds 666,311 10,633 6.38 743,586 10,400 5.59
--------- ------ --------- ------
Total interest-bearing liabilities 2,826,564 33,296 4.71 2,724,155 29,926 4.39
Other liabilities 32,387 ------ 70,176 ------
--------- ---------
Total liabilities 2,858,951 2,794,331
Stockholders' equity 117,385 111,384
--------- ---------
Total liabilities and stockholders' equity $2,976,336 $2,905,715
========= =========
Net interest income $19,010 $18,552
====== ======
Net interest spread 2.66% 2.62%
==== ====
Net interest margin 2.68% 2.68%
==== ====
9
Haven Bancorp, Inc.
Consolidated Average Balance Sheet - Yield/Rate Analysis
(Dollars in thousands)
Nine months ended September 30,
2000 1999
------------------------ ------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ------- ------- -------- -------
(Dollars in thousands)
Assets:
Interest-earning assets:
Mortgage loans $1,850,670$101,722 7.33% $1,517,812 $83,130 7.30%
Other loans 23,630 1,606 9.06 36,769 2,360 8.56
Mortgage-backed securities 713,503 38,034 7.11 784,139 38,288 6.51
Money market investments 10,349 380 4.90 2,149 122 7.57
Debt and equity securities 243,896 14,153 7.74 184,446 9,294 6.72
--------- ------- --------- ------
Total interest-earning assets 2,842,048 155,895 7.31 2,525,315 133,194 7.03
Non-interest earning assets 124,931 ------- 150,900 ------
--------- ---------
Total assets 2,966,979 2,676,215
========= =========
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings accounts 640,679 13,220 2.76 622,453 14,798 3.17
Certificate accounts 1,148,443 49,377 5.74 950,846 37,378 5.24
NOW accounts 277,462 863 0.42 234,998 1,171 0.66
Money market accounts 69,462 1,715 3.30 56,533 1,289 3.04
Borrowed funds 685,069 32,299 6.29 629,823 25,880 5.48
--------- ------ --------- ------
Total interest-bearing liabilities 2,821,115 97,474 4.61 2,494,653 80,516 4.30
Other liabilities 37,183 ------ 65,437 ------
--------- ---------
Total liabilities 2,858,298 2,560,090
Stockholders' equity 108,681 116,125
--------- ---------
Total liabilities and stockholders' equity $2,966,979 $2,676,215
========= =========
Net interest income $58,421 $52,678
====== ======
Net interest spread 2.70% 2.73%
==== ====
Net interest margin 2.74% 2.78%
==== ====
10
HAVEN BANCORP, INC.
Consolidated Statements of Income
(In thousands, except per share data)
2000 1999
-------------- ---------------------------------------
3Q 2Q 1Q 4Q 3Q 2Q 1Q
------ ------ ------ ------ ------ ------ ------
INTEREST INCOME
Loans $34,798 $34,123 $34,407 $33,923 $31,339 $28,416 $25,735
Mortgage-backed securities 12,384 12,793 12,857 12,566 12,952 12,686 12,650
Money market investments 120 113 147 20 53 39 30
Debt and equity securities 5,004 4,822 4,326 4,160 4,134 3,095 2,065
------ ------ ------ ------ ------ ------ ------
Total Interest Income 52,306 51,851 51,737 50,669 48,478 44,236 40,480
------ ------ ------ ------ ------ ------ ------
INTEREST EXPENSE
Deposits
Savings accounts 4,203 4,501 4,516 4,867 5,114 5,015 4,669
NOW accounts 192 289 382 503 428 419 324
Money market accounts 543 642 529 544 430 440 419
Certificate accounts 17,725 16,081 15,571 14,891 13,554 12,071 11,753
Borrowed funds 10,633 10,519 11,147 11,585 10,400 8,371 7,109
------ ------ ------ ------ ------ ------ ------
Total Interest Expense 33,296 32,032 32,145 32,390 29,926 26,316 24,274
------ ------ ------ ------ ------ ------ ------
Net interest income before
provision for loan losses 19,010 19,819 19,592 18,279 18,552 17,920 16,206
Provision for loan losses 596 585 565 1,035 1,035 880 675
------ ------ ------ ------ ------ ------ ------
Net interest income after
provision for loan losses 18,414 19,234 19,027 17,244 17,517 17,040 15,531
------ ------ ------ ------ ------ ------ ------
NON-INTEREST INCOME
Loan fees and servicing income 267 342 264 1,285 528 422 505
Mortgage banking income 86 171 1,084 692 97 677 2,268
Retail banking fees 5,911 5,811 4,866 4,634 4,472 3,865 3,079
Net gain on sales of interest-
earning assets 146 - 126 (930) 111 1,234 335
Insurance, annuity and mutual
fund fees 2,384 2,252 2,169 1,885 2,231 2,168 1,975
Other 190 141 94 211 170 182 135
------ ------ ------ ------ ------ ------ ------
Total Non-Interest Income 8,984 8,717 8,603 7,777 7,609 8,548 8,297
------ ------ ------ ------ ------ ------ ------
NON-INTEREST EXPENSE
Compensation and benefits 8,375 8,541 11,037 11,803 10,917 10,927 11,040
Occupancy and equipment 3,106 3,156 3,609 2,723 3,482 3,439 3,344
REO operations, net (22) 79 (176) (148) 112 (33) (151)
Federal deposit insurance premiums 105 120 108 302 255 254 254
Restructuring (recoveries) charges - (180) 7,057 - - - -
Other 4,268 5,304 5,840 5,253 5,520 5,662 5,138
------ ------ ------ ------ ------ ------ ------
Total Non-Interest Expense 15,832 17,020 27,475 19,933 20,286 20,249 19,625
------ ------ ------ ------ ------ ------ ------
Income before income tax expense 11,566 10,931 155 5,088 4,840 5,339 4,203
Income tax expense 4,555 3,845 54 1,359 1,890 2,011 1,603
------ ------ ------ ------ ------ ------ ------
Net income $7,011 $7,086 $101 $3,729 $2,950 $3,328 $2,600
====== ====== ====== ====== ====== ====== ======
Net income per common share:
Basic $0.77 $0.80 $0.01 $0.42 $0.34 $0.38 $0.30
====== ====== ====== ====== ====== ====== ======
Diluted $0.73 $0.76 $0.01 $0.40 $0.32 $0.37 $0.29
====== ====== ====== ====== ====== ====== ======
11