1
[PULASKI FINANCIAL CORP. LETTERHEAD]
PULASKI FINANCIAL REPORTS IMPROVED ASSET QUALITY;
FOURTH QUARTER NET INCOME TOTALS $2.3 MILLION
o ASSET QUALITY IMPROVES DURING QUARTER:
o NON-PERFORMING ASSETS DECLINE 2%
o CHARGE-OFFS DECLINE TO AN ANNUALIZED RATE OF 0.11%
o NET INTEREST INCOME GROWS 19% FOR QUARTER AND 17% FOR YEAR
o RETAIL BANKING REVENUES INCREASE 18% FOR QUARTER AND 13% FOR YEAR
o DEMAND FOR PORTFOLIO LOANS STRONG WITH 21% ANNUAL GROWTH IN
LOANS RECEIVABLE
o CORE DEPOSITS EXPAND 5% DURING QUARTER AND 23% FOR YEAR
ST. LOUIS, OCTOBER 23, 2007--Pulaski Financial Corp. (NASDAQ Global Select:
PULB) today announced earnings for the quarter ended September 30, 2007 of $2.3
million, or $0.23 per diluted share, compared with earnings of $2.6 million, or
$0.26 per diluted share, for the same quarter last year. For the year, earnings
were $9.0 million, or $0.88 per diluted share, compared with $9.8 million, or
$1.01 per diluted share, in fiscal 2006.
The Company noted that results for fiscal 2006 included a $2.5 million gain on
the sale of its Kansas City branch location, partially offset by a $250,000
charitable contribution to a St. Louis community-based organization. These two
items had a net favorable impact on diluted earnings per share of $0.15 for the
year ended September 30, 2006. The Company also noted that earnings for fiscal
2007 were negatively impacted by a $3.9 million provision for loan losses, which
was a $2.4 million increase compared to the previous year.
Chairman and CEO William A. Donius commented, "We were pleased to see
improvements in asset quality during the quarter, and we are encouraged by the
continued low level of charge-offs, which totaled $1.3 million, or 0.13% of
average loans, for the year. The decline in the national housing market remains
a concern, but we believe that any future credit problems that we might
encounter in our residential loan portfolio will be far less severe than those
the national market has experienced."
NET INTEREST INCOME INCREASES ON STRONG LOAN AND CORE DEPOSIT GROWTH
Net interest income rose 19% to $7.9 million for the fourth fiscal quarter of
2007 compared with $6.7 million for the same 2006 period, and was up 9% compared
with the third fiscal quarter of 2007. Net interest income rose 17% to $29.0
million in fiscal 2007 compared with $24.8 million for the previous fiscal year.
The growth in net interest income was fueled by strong growth in loans and
deposits.
The Company's loan portfolio grew 21%, or $164.6 million, during the year to
$949.8 million at September 30, 2007. For the quarter, loans receivable
increased 3%, or $30.4 million. Commercial real estate and commercial and
industrial loans accounted for approximately 54% and 60% of this growth for the
three- and twelve-month periods, respectively. At September 30,
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2007, the Company had a pipeline of approved but unclosed commercial loans
totaling $54.8 million and another $383 million in pending loan applications.
Donius commented, "We've historically demonstrated the ability to generate
quality assets in all areas of the bank. This was evident in the current quarter
in our commercial lending group, who continued to grow and perform at a very
high level. We added key personnel to this group during each of the last two
quarters."
Also contributing to the increase in net interest income was growth in total
deposits, including core deposits, which are generally the Company's lowest-cost
funding source. Core deposit growth has been one of Pulaski's primary strategic
objectives. The Company is achieving this objective, in part, by increasing its
physical footprint in key business centers of St. Louis, including new bank
locations in Richmond Heights, downtown St. Louis and Clayton. This strategy has
yielded immediate success as core deposits rose 23%, or $59.1 million, during
the year to $317.7 million at September 30, 2007. Total deposits increased
$179.9 million to $835.5 million at September 30, 2007.
The net interest margin increased during the September 2007 quarter to 3.03%
from 2.87% for the quarter ended June 30, 2007, but decreased from 3.07% for the
quarter ended September 30, 2006. The increase from June 30, 2007 was the result
of strong growth in the Company's loan portfolio and in deposits, which are
generally available at interest rates lower than the Company's other funding
sources. The decline from the September 30, 2006 quarter was due primarily to
strong competition for loan originations, which created pressure on loan yields.
ASSET QUALITY IMPROVES
Asset quality improved during the quarter as the balance of non-performing
assets declined from $15.3 million, or 1.35% of total assets, at June 30, 2007
to $15.0 million, or 1.32% of total assets, at September 30, 2007. The Company's
largest non-performing asset at September 30, 2007 was a $2.6 million loan
secured by commercial real estate that was classified as non-accrual. Management
is optimistic it will work out of this non-performing asset in the near future
and believes the loan was adequately collateralized at September 30, 2007.
Net charge-offs for the quarter ended September 30, 2007 were $267,000, or 0.11%
of average loans on an annualized basis, compared with $422,000, or 0.17% of
average loans on an annualized basis, for the June 2007 quarter and $168,000, or
0.08% of average loans on an annualized basis, for the quarter ended September
30, 2006. For the year, net charge-offs were $1.3 million, or 0.13% of average
loans, in 2007 compared with $772,000, or 0.09% of average loans, in 2006. Net
charge-offs for the current year primarily included $874,000 in charge-offs on
single-family residential mortgage loans and $239,000 in charge-offs on
commercial real estate and construction loans.
The provision for loan losses increased $339,000 to $689,000 for the quarter
ended September 30, 2007 compared with $350,000 for the same quarter the year
before, but dropped $1.2 million from $1.9 million for the quarter ended June
30, 2007. The provision for loan losses in the current-year quarter related
primarily to growth in the Company's performing loan portfolio, including
substantial growth in commercial loans, which carry a higher level of inherent
risk than residential loans, and also to charge-offs. For the year, the
provision for loan losses totaled $3.9 million in 2007 compared with $1.5
million in 2006. The ratios of the allowance for loan losses to total loans and
to non-performing loans were 1.02% and 88.09%, respectively, at September 30,
2007 compared with 0.92% and 110.91%, respectively, at September 30, 2006.
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MORTGAGE REVENUES DECLINE WHILE OTHER REVENUES SHOW STRONG GROWTH
Total non-interest income decreased $239,000, or 8%, to $2.9 million for the
quarter ended September 30, 2007 compared with $3.2 million for the same 2006
quarter. For the year, non-interest income decreased $738,000, or 5%, to $12.8
million in 2007 compared with $13.5 million for the prior fiscal year. The
Company completed the sale of its only depository branch in Kansas City,
Missouri during February 2006 resulting in a $2.5 million gain. Excluding this
gain, non-interest income rose $1.7 million, or 16%, for 2007.
The decline in total non-interest income for the quarter was primarily due to a
$553,000 drop in mortgage revenues to $774,000 for the quarter ended September
30, 2007 compared with mortgage revenues of $1.3 million in the prior-year
quarter. Consistent with national trends, significant volatility in the real
estate loan market resulted in a 23% decline in the volume of mortgage loans
originated for sale by the Company during the quarter. This volatility also
created losses on ineffective hedges of the Company's pending mortgage loan
application pipeline. "The Company has temporarily suspended its mortgage
hedging practices until rates in the mortgage loan market become more stable,"
Donius commented. For the year, mortgage revenues declined slightly to $4.8
million in 2007 compared with $4.9 million in 2006.
Retail banking fees increased 18% to $959,000 for the quarter ended September
30, 2007 compared with the same quarter in 2006 and increased 13% to $3.4
million for the year ended September 30, 2007 compared with the same 2006
period. The increases were driven by strong deposit growth.
`
Revenues from the Company's appraisal services totaled $338,000 for the quarter
and exceeded $1 million for the year. With operations beginning in July 2006,
the Company's appraisal division has rapidly become a strong contributor to
earnings, operating at an efficiency ratio of approximately 65%.
NON-INTEREST EXPENSE
Non-interest expense rose to $6.7 million in the fourth quarter, an increase of
$1.2 million, or 23%, over the same quarter last year primarily as the result of
an increase in compensation and employee benefits expense and occupancy,
equipment and data processing expense. Compensation and employee benefits
expense, which represented approximately 49% of total non-interest expense for
the quarter, increased to $3.2 million compared with $2.6 million in the same
period a year ago. This was due mostly to the addition of employees hired to
staff the new banking locations and staff expansion necessary to support loan
activity. Occupancy, equipment and data processing expense increased to $1.6
million compared with $1.3 million in the same period a year ago primarily as
the result of the Company's new locations.
OUTLOOK
"We expect to see continued growth in loans receivable and core deposits which
will generate additional net interest income and strengthen 2008 earnings. Our
asset quality improved during the quarter and we are optimistic that the changes
we made in our underwriting policies and practices will have lasting benefits
resulting in steady improvement in our asset quality. Our new bank locations are
expected to quickly attract valuable core deposits, but will have their largest
negative impact on earnings in the first quarter of fiscal 2008. We are
confident this investment in our future will produce strong returns as early as
fiscal 2009 and will add significant value to our franchise," Donius stated.
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"Given these trends, we expect to see stronger results next year resulting in
high single-digit to low double-digit percentage growth in our 2008 diluted
earnings per share compared with fiscal 2007. However, the entire banking
industry is operating in a challenging environment caused by uncertainties in
the national housing and mortgage sectors, volatile interest rates and ongoing
national credit concerns. Volatility in the secondary mortgage market had a
significant negative impact on our fourth quarter 2007 earnings. We cannot fully
predict the impact these external market factors will have on our 2008 results,"
Donius continued.
CONFERENCE CALL TOMORROW
Pulaski Financial management will discuss fourth quarter results and other
developments tomorrow, October 24, 2007, during a conference call beginning at
11 a.m. EDT (10 a.m. CDT). The call also will be simultaneously webcast and
archived for three months at: http://www.viavid.net/dce.aspx?sid=000046AA.
-------------------------------------------
Participants in the conference call may dial 877-407-9039 a few minutes before
start time. The call also will be available for replay through November 7, 2007
at 877-660-6853, account number 3055 and conference I.D. 258811.
ABOUT PULASKI FINANCIAL
Pulaski Financial Corp., operating in its 85th year through its subsidiary,
Pulaski Bank, serves customers throughout the St. Louis metropolitan area. The
bank offers a full line of quality retail-banking products through twelve
full-service branch offices in St. Louis and three loan production offices in
Kansas City and the Illinois portion of the St. Louis metroplex. The Company's
website can be accessed at www.pulaskibankstl.com.
This news release may contain forward-looking statements about Pulaski Financial
Corp., which the Company intends to be covered under the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995. Statements
that are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking statements
cover, among other things, anticipated future revenue and expenses and the
future plans and prospects of the Company. These statements often include the
words "may," "could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "potentially," "probably,"
"projects," "outlook" or similar expressions. You are cautioned that
forward-looking statements involve uncertainties, and important factors could
cause actual results to differ materially from those anticipated, including
changes in general business and economic conditions, changes in interest rates,
legal and regulatory developments, increased competition from both banks and
non-banks, changes in customer behavior and preferences, and effects of critical
accounting policies and judgments. For discussion of these and other risks that
may cause actual results to differ from expectations, refer to our Annual Report
on Form 10-K for the year ended September 30, 2006, and our Quarterly Report on
Form 10-Q for the quarters ending December 31, 2006, March 31, 2007 and June 30,
2007 on file with the SEC, including the sections entitled "Risk Factors." These
risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.
Forward-looking statements speak only as of the date they are made, and the
Company undertakes no obligation to update them in light of new information or
future events.
FOR ADDITIONAL INFORMATION CONTACT:
William A. Donius, Chairman & CEO Tad Gage or Woody Wallace
Pulaski Financial Corp. The Investor Relations Company
(314) 878-2210 Ext. 3610 (312) 245-2700
TABLES FOLLOW...
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PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED BALANCE SHEET DATA SEPTEMBER 30, JUNE 30, SEPTEMBER 30,
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 2007 2007 2006
-------------- ------------ ------------
Total assets $1,131,457 $1,135,660 $ 962,467
Loans receivable, net 949,826 919,397 785,199
Allowance for loan losses 10,421 9,999 7,817
Loans held for sale, net 58,536 85,367 60,452
Investment securities (includes equity securities) 16,988 14,899 17,449
FHLB stock 8,306 8,892 9,524
Mortgage-backed & related securities 3,027 3,167 3,631
Cash and cash equivalents 23,675 36,072 22,123
Deposits 835,489 825,569 655,577
FHLB advances 158,400 168,000 172,800
Subordinated debentures 19,589 19,589 19,589
Stockholders' equity 80,804 80,199 75,827
Book value per share $8.13 $8.04 $7.62
ASSET QUALITY RATIOS
Nonperforming loans as a percent of total loans 1.16% 1.22% 0.83%
Nonperforming assets as a percent of total assets 1.32% 1.35% 1.02%
Allowance for loan losses as a percent of total loans 1.02% 0.99% 0.92%
Allowance for loan losses as a percent of nonperforming loans 88.09% 80.82% 110.91%
THREE MONTHS TWELVE MONTHS
SELECTED OPERATING DATA Ended September 30, Ended September 30,
----------------------------- ---------------------------
(DOLLARS IN THOUSANDS) 2007 2006 2007 2006
-------- -------- -------- --------
Interest income $ 19,295 $ 15,653 $ 70,811 $ 53,843
Interest expense 11,383 8,982 41,834 29,027
-------- -------- -------- --------
Net interest income 7,912 6,671 28,977 24,816
Provision for loan losses 689 350 3,855 1,501
-------- -------- -------- --------
Net interest income after provision for loan losses 7,223 6,321 25,122 23,315
-------- -------- -------- --------
Retail banking fees 959 816 3,415 3,033
Mortgage revenues 774 1,326 4,845 4,862
Revenue from title company operations 174 183 844 742
Revenue from investment division operations 128 179 663 598
Revenue from appraisal division operations 338 186 1,021 186
Gain on sale of securities 129 67 273 123
Gain on sale of branch - - - 2,474
Other 438 423 1,750 1,531
-------- -------- -------- --------
Total non-interest income 2,940 3,180 12,811 13,549
-------- -------- -------- --------
Compensation expense 3,248 2,564 12,375 10,445
Occupancy, equipment and data processing 1,625 1,321 5,760 5,083
Advertising 411 381 1,424 1,124
Professional services 374 294 1,353 1,237
Real estate foreclosure expense and losses, net 134 136 482 228
(Gain) loss on derivative financial instruments (142) (140) (586) 194
Charitable donations 19 48 123 373
Other 993 811 3,518 2,917
-------- -------- -------- --------
Total non-interest expense 6,662 5,415 24,449 21,601
-------- -------- -------- --------
Income before income taxes 3,501 4,086 13,484 15,263
Income taxes 1,193 1,468 4,501 5,425
-------- -------- -------- --------
Net income $ 2,308 $ 2,618 $ 8,983 $ 9,838
======== ======== ======== ========
PERFORMANCE RATIOS
Return on average assets 0.82% 1.11% 0.85% 1.14%
Return on average equity 11.16% 13.73% 11.07% 14.98%
Interest rate spread 2.67% 2.76% 2.63% 2.87%
Net interest margin 3.03% 3.07% 2.97% 3.12%
SHARE DATA
Weighted average shares outstanding-basic 9,778,411 9,787,193 9,814,396 9,205,525
Weighted average shares outstanding-diluted 10,222,156 10,256,175 10,255,702 9,717,733
EPS-basic $0.24 $0.27 $0.92 $1.07
EPS-diluted $0.23 $0.26 $0.88 $1.01
Dividends $0.090 $0.085 $0.35 $0.33
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PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS, Continued
LOANS RECEIVABLE SEPTEMBER 30, JUNE 30, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2007 2007 2006
------------- ------------- -------------
Real estate mortgage:
One to four family residential $ 332,206 $ 330,703 $ 314,746
Multi-family residential 30,219 24,660 13,629
Commercial real estate 200,206 192,192 150,529
--------- --------- ---------
Total real estate mortgage 562,631 547,555 478,904
--------- --------- ---------
Real estate construction and development:
One to four family residential 45,428 41,776 31,985
Multi-family residential 13,899 13,978 6,042
Commercial real estate 39,594 31,981 19,168
--------- --------- ---------
Total real estate construction and development 98,921 87,735 57,195
--------- --------- ---------
Commercial & Industrial loans 77,642 76,927 48,785
Equity line of credit 219,539 215,119 207,153
Consumer and installment 6,918 6,845 6,276
--------- --------- ---------
965,651 934,181 798,313
--------- --------- ---------
Add (less):
Deferred loan (costs) fees 5,163 5,197 4,879
Loans in process (10,567) (9,982) (10,176)
Allowance for loan losses (10,421) (9,999) (7,817)
--------- --------- ---------
(15,825) (14,784) (13,114)
--------- --------- ---------
Total $ 949,826 $ 919,397 $ 785,199
========= ========= =========
Weighted average rate at end of period 7.44% 7.62% 7.50%
========= ========= =========
SEPTEMBER 30, 2007 JUNE 30, 2007 SEPTEMBER 30, 2006
---------------------- -------------------- --------------------
WEIGHTED WEIGHTED WEIGHTED
DEPOSITS AVERAGE AVERAGE AVERAGE
(DOLLARS IN THOUSANDS) INTEREST INTEREST INTEREST
BALANCE RATE BALANCE RATE BALANCE RATE
-------------------------------------------------------------------
Demand Deposit Accounts:
Noninterest-bearing checking $ 57,005 0.00% $ 54,262 0.00% $ 38,830 0.00%
Interest-bearing checking 57,815 1.79% 62,424 1.75% 53,448 1.66%
Money market 173,950 4.05% 155,992 4.28% 134,383 4.12%
Passbook savings accounts 28,909 0.29% 30,030 0.27% 31,895 0.39%
---------- ---------- ----------
Total demand deposit accounts 317,679 2.57% 302,708 2.59% 258,556 2.53%
---------- ---------- ----------
Certificates of Deposit: (1)
$100,000 or less 239,401 5.45% 236,274 5.39% 207,900 5.02%
Greater than $100,000 278,409 4.73% 286,587 4.74% 189,121 4.43%
---------- ---------- ----------
Total certificates of deposit 517,810 5.06% 522,861 5.03% 397,021 4.74%
---------- ---------- ----------
Total deposits $ 835,489 4.11% $ 825,569 4.14% $ 655,577 3.87%
========== ========== ==========
(1) Includes brokered deposits $ 190,445 $ 208,236 $ 118,500
========== ========== ==========
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PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
NONPERFORMING ASSETS SEPTEMBER 30, JUNE 30, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2007 2007 2006
------------- ------------- -------------
Non-accrual loans:
Residential real estate $ 2,082 $ 2,058 $ 794
Commercial 3,708 3,238 -
Real estate-construction and development - 144 -
Home equity 554 652 119
Other 105 138 27
---------- ---------- ----------
Total non-accrual loans 6,449 6,230 940
---------- ---------- ----------
Accruing loans past due 90 days or more:
Residential real estate 2,564 2,317 3,984
Commercial 44 383 125
Real estate-construction and development - - -
Home equity 1,063 1,666 1,456
Other 150 25 21
---------- ---------- ----------
Total accruing loans past due 90 days or more 3,821 4,391 5,586
---------- ---------- ----------
Restructured loans 210 210 220
Other nonperforming loans 1,351 1,542 302
---------- ---------- ----------
Total non-performing loans 11,831 12,373 7,048
Real estate acquired in settlement of loans 3,090 2,892 2,764
Other nonperforming assets 43 43 44
---------- ---------- ----------
Total non-performing assets $ 14,964 $ 15,308 $ 9,856
========== ========== ==========
ALLOWANCE FOR LOAN LOSSES THREE MONTHS ENDED SEPTEMBER 30, TWELVE MONTHS ENDED SEPTEMBER 30,
--------------------------------- ---------------------------------
(DOLLARS IN THOUSANDS) 2007 2006 2007 2006
---------- --------- --------- --------
Allowance for loan losses, beginning of period $ 9,999 $ 7,635 $ 7,817 $ 6,806
Provision charged to expense 689 350 3,855 1,501
Allowance for loans acquired in
business combination - - - 282
Loans charged-off (283) (171) (1,293) (782)
Recoveries of loans previously charged-off 16 3 42 10
---------- --------- --------- --------
Allowance for loan losses, end of period $ 10,421 $ 7,817 $ 10,421 $ 7,817
========== ========= ========= ========
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PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(UNAUDITED)
THREE MONTHS ENDED
-----------------------------------------------------------------------------
September 30, 2007 September 30, 2006
------------------------------------- -------------------------------
INTEREST AVERAGE INTEREST AVERAGE
(DOLLARS IN THOUSANDS) AVERAGE AND YIELD/ AVERAGE AND YIELD/
BALANCE DIVIDENDS COST BALANCE DIVIDENDS COST
----------------------------------- -------------------------------
Interest-earning assets:
Loans receivable $ 947,757 $ 17,837 7.53% $ 781,026 $ 14,340 7.34%
Loans available for sale 68,399 1,092 6.39% 58,345 969 6.64%
Other interest-earning assets 29,804 366 4.91% 28,897 344 4.76%
----------- -------- ---------- --------
Total interest-earning assets 1,045,960 19,295 7.38% 868,268 15,653 7.21%
-------- --------
Noninterest-earning assets 77,326 73,050
----------- ----------
Total assets $ 1,123,286 $ 941,318
=========== ==========
Interest-bearing liabilities:
Deposits $ 773,185 $ 8,725 4.51% $ 602,249 $ 6,172 4.10%
Borrowed money 192,975 2,658 5.51% 205,438 2,809 5.47%
----------- -------- ---------- --------
Total interest-bearing liabilities 966,160 11,383 4.71% 807,687 8,981 4.45%
-------- --------
Noninterest-bearing deposits 52,079 36,998
Noninterest-bearing liabilities 22,288 20,371
Stockholders' equity 82,759 76,262
----------- ----------
Total liabilities and stockholders' equity $ 1,123,286 $ 941,318
=========== ==========
Net interest income $ 7,912 $ 6,672
======== ========
Interest rate spread 2.67% 2.76%
Net interest margin 3.03% 3.07%
TWELVE MONTHS ENDED
-----------------------------------------------------------------------------
September 30, 2007 September 30, 2006
----------------------------------- -------------------------------
INTEREST AVERAGE INTEREST AVERAGE
(DOLLARS IN THOUSANDS) AVERAGE AND YIELD/ AVERAGE AND YIELD/
BALANCE DIVIDENDS COST BALANCE DIVIDENDS COST
----------------------------------- -------------------------------
Interest-earning assets:
Loans receivable $ 878,057 $ 65,220 7.43% $ 716,045 $ 49,592 6.93%
Loans available for sale 64,415 3,992 6.20% 48,518 3,000 6.18%
Other interest-earning assets 32,322 1,599 4.95% 30,962 1,251 4.04%
----------- -------- ---------- --------
Total interest-earning assets 974,794 70,811 7.26% 795,525 53,843 6.77%
-------- --------
Noninterest-earning assets 78,454 66,512
------------ ----------
Total assets $ 1,053,248 $ 862,037
============ ==========
Interest-bearing liabilities:
Deposits $ 713,051 $ 31,337 4.39% $ 552,626 $ 19,625 3.55%
Borrowed money 191,257 10,497 5.49% 191,166 9,402 4.92%
----------- -------- ---------- --------
Total interest-bearing liabilities 904,308 41,834 4.63% 743,792 29,027 3.90%
-------- --------
Noninterest-bearing deposits 47,605 31,365
Noninterest-bearing liabilities 20,197 21,204
Stockholders' equity 81,138 65,676
----------- ----------
Total liabilities and stockholders' equity $ 1,053,248 $ 862,037
=========== ==========
Net interest income $ 28,977 $ 24,816
======== ========
Interest rate spread 2.63% 2.87%
Net interest margin 2.97% 3.12%
# # #