SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 23, 1996
Long Island Bancorp, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23526 11-3198508
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
201 Old Country Road
Melville, New York 11747-2724
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (516) 547-2000
Not Applicable
(Former Name of Former Address, if Changed Since Last Report)
This document contains exactly 3 pages.
Item 1. Changes in Control Registrant
Not Applicable
Item 2. Acquisition or Disposition of Assets
Not Applicable
Item 3. Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable
Item 5. Other Events
Press Release of Long Island Bancorp, Inc.
dated July 23, 1996
Item 6. Resignations of Registrant's Directors
Not Applicable
Item 7. Financial Statements and Exhibits
(a) Not Applicable
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LONG ISLAND BANCORP, INC.
By: /s/ Mark Fuster
------------------------
Name: Mark Fuster
Title: Chief Financial Officer
(principal financial and
accounting officer)
Date: July 23, 1996
LONG ISLAND
BANCORP, INC. NEWS RELEASE
201 Old Country Road
Melville, New York 11747
Contact:
Mary M. Feder
Vice President, Investor Relations
516-547-2607
LONG ISLAND BANCORP, INC. REPORTS THIRD QUARTER EARNINGS
Melville, New York, July 23, 1996 - Long Island Bancorp, Inc. (NASDAQ:
LISB), the holding company for The Long Island Savings Bank, FSB today reported
net income for the third quarter ended June 30, 1996 of $11.3 million and
earnings per share of $0.47 compared with $11.0 million and $0.45 per share in
the third quarter of 1995. For the nine months ended June 30, 1996 net income
and earnings per share amounted to $34.2 million and $1.40, respectively,
compared with $31.6 million and $1.29 per share, respectively in the nine months
ended June 30, 1995.
Commenting on the financial performance this quarter, John J. Conefry,
Jr., Chairman of the Board and Chief Executive Officer stated, "We have
continued to maintain a consistent level of earnings in a narrowing interest
margin environment. We are pleased with the continued solid performance of loan
originations in the first nine months of our fiscal year and with the
acquisition of additional mortgage origination offices in Pennsylvania and
North Carolina and we continue to experience positive growth in our core
consumer banking business."
EARNINGS SUMMARY FOR THE QUARTER ENDED JUNE 30, 1996
The Company's net interest income increased by $0.4 million to $39.1
million in the quarter ended June 30, 1996 compared with $38.7 million in the
same quarter of 1995. The increase in net interest income is primarily
attributable to the investment of additional borrowed funds at a positive
interest rate spread which increased net interest income while creating downward
pressure on the net interest margin. Average borrowed funds increased $206.6
million in 1996 compared with 1995. The net interest margin declined to 3.29% in
the 1996 quarter from 3.46% in the 1995 quarter primarily as a result of the
expanded borrowing levels and their associated costs.
Total non-interest income increased by $2.8 million, or 33.4%, to $10.9
million for the quarter ended June 30, 1996 from $8.1 million for the same
quarter in 1995. The principal components of the increase were improvements in
net gains on sale activity of $1.8 million, net gain on investments in real
estate and premises of $0.7 million and total fees and other income of $0.3
million. The $1.8 million increase in the net gains on sale activity reflects
the execution of management's strategy of periodically taking profits in the
Company's loan, investment and funding portfolios. As interest rates changed
during the quarter, the Company recognized profits in the available-for-sale
portfolios which resulted in increased liquidity and improved the Company's
ability to take advantage of higher yielding investments as they become
available. The increase of $0.7 million in net gain on investment in real estate
and premises reflects the refund of real estate taxes stemming from tax
certiorari proceedings and the disposition, at a slight profit, of two
non-strategic properties. The increase of $0.3 million in fees and other income
resulted principally from commissions generated from the activities of the
Company's insurance and securities subsidiary coupled with increased loan fees
and service charges stemming from the growth of the mortgage servicing
portfolio.
Total non-interest expense increased by $3.0 million, or 11.6%, to
$29.2 million in the quarter ended June 30, 1996 from $26.2 million in the
comparable 1995 quarter. The increase in non-interest expense is principally a
result of increased expenditures of $1.0 million for advertising and promotion
costs related to the Company's television campaign, greater compensation costs
of $0.6 million reflecting the appreciation of the Company's common stock and
greater depreciation and occupancy costs of $0.7 million resulting from the
Company's recent expansion and technological investments.
Income tax expense decreased by $0.2 million to $7.9 million in the
quarter ended June 30, 1996 from $8.1 million in the comparable 1995 quarter.
This decrease is primarily attributable to reductions in the deferred tax
valuation reserve.
EARNINGS SUMMARY FOR THE NINE MONTHS ENDED JUNE 30, 1996
Net interest income increased by $0.5 million to $115.7 million for the
nine month period ended June 30, 1996 compared with $115.2 million in 1995. The
investment of additional average borrowed funds of $188.4 million at a positive
interest rate spread was the primary contributing factor. The utilization of
this strategy and the downward shift in the yield curve from a year ago did,
however, create downward pressure on the net interest margin which declined to
3.30% in the 1996 period from 3.50% in 1995.
The provision for possible loan losses was reduced by $0.3 million to
$4.7 million for the nine months ended June 30, 1996 from $5.0 million in 1995.
This reduction reflects management's assessment of the level of non-performing
loans, which at June 30, 1996 was $52.9 million compared with $55.1 million at
June 30, 1995 and the improvement in the ratio of non-performing loans to total
gross loans of 1.81% at June 30, 1996, down from 2.65% at June 30, 1995.
Total non-interest income increased by $9.4 million, or 45.7%, to $30.0
million in the nine months ended June 30, 1996 from $20.6 million in 1995. The
increase in total non-interest income was due to improvements in total fees and
other income of $1.8 million, total net gains on sale activity of $4.7 million
and net gain on investment in real estate and premises of $2.8 million.
The increase in total fees and other income of $1.8 million reflects
greater loan fees and service charges of $0.5 million from higher loan volume,
greater loan servicing fees of $0.3 million from expanded loan servicing
activities, increased income from insurance and securities commissions of $0.7
million primarily from improved market conditions coupled with the Company's
expanded delivery channels and lastly, from greater miscellaneous income of $0.4
million from increased volume in secondary mortgage marketing activities.
Net gains on sale activity increased by $4.7 million primarily due to
the realization of profits in the available-for-sale portfolios which reflects
management's investment strategy previously described. Further contributing to
the $4.7 million increase was the 1995 write-down of $1.8 million stemming from
the Company's investment in Nationar, a failed bank service institution.
Net gain on investment in real estate and premises improved by $2.8
million primarily reflecting the disposition of five non-strategic investment
properties coupled with the refund of real estate taxes previously mentioned.
Total non-interest expense increased by $5.9 million, or 7.6%, to $82.0
million in 1996 as compared with $76.1 million in the comparable 1995 period. A
portion of this change was due to an increase in compensation and benefits costs
of $1.3 million reflecting the November 30, 1994 acquisitions of the operations
of Entrust Financial Corporation and Developer's Mortgage Corporation as well as
an increase in stock based compensation. The increase in stock based
compensation was directly related to the improvement in the market price of the
Company's common stock. Advertising expense increased $1.9 million principally
as a result of a recently instituted television campaign to promote the mortgage
and consumer banking businesses. The $1.7 million increase in office occupancy
and equipment costs reflects the Company's major upgrade of its technological
support to continue the expansion of the Company's mortgage operations and the
modernization of consumer banking.
Income tax expense increased by $1.8 million to $24.8 million in the
nine months ended June 30,1996 from $23.0 million in 1995 primarily reflecting
higher pre-tax income.
BALANCE SHEET SUMMARY
Total assets at June 30, 1996 were $5.2 billion, an increase of $319.4
million from the amount reported at September 30, 1995. The growth in assets is
principally attributable to an increase of $802.1 million in total loans
receivable held for investment partially offset by a $560.4 million decrease in
mortgage-backed securities. Loan volume for the nine months ended June 30, 1996
was $1.7 billion of which $305.5 million represents bulk purchases of loans.
The increase in total liabilities primarily reflects an increase in
borrowed funds of $267.2 million and an increase in deposits of $57.6 million.
Stockholders' equity decreased by $4.5 million during the nine months
ended June 30, 1996. The decrease reflects the declaration of $6.9 million in
dividends, the net purchase of treasury stock in the amount of $32.6 million and
a $4.6 million decline in unrealized gains on securities classified as
available-for-sale which was partially offset by earnings of $34.2 million and
$5.4 million related to the Company's stock benefit plans. At June 30, 1996,
book value per share amounted to $21.03.
Long Island Bancorp, Inc. is the holding company for The Long Island
Savings Bank, FSB. The Long Island Savings Bank, FSB is a federally chartered
FDIC-insured institution which serves its customers through 36 full service
branch offices throughout Queens, Nassau and Suffolk counties. The Bank also
operates mortgage loan offices across Long Island and in Connecticut, Delaware,
Georgia, Maryland, New Jersey, North Carolina, Pennsylvania and Virginia, and
maintains an Internet home page at the address: http: //www.lisb.com.
(Financial tables attached)
LONG ISLAND BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS, EXCEPT SHARE DATA)
JUNE 30, SEPTEMBER 30,
1996 1995
--------------- ---------------
A S S E T S
Cash and cash equivalents (including interest-earning assets of
$26,459 and $10,850, respectively) $ 86,679 $ 67,410
Investment in debt and equity securities, net:
Held-to-maturity, net (estimated fair value of
$0 and $55,871, respectively) 55,839
---
Available-for-sale 283,326 233,408
Mortgage-backed securities, net:
Held-to-maturity (estimated fair value of
$23,326 and $1,339,014, respectively) 23,326 1,337,903
Available-for-sale 1,693,011 938,847
Stock in Federal Home Loan Bank of New York, at cost 40,754 35,132
Loans held for sale, net 87,881 49,372
Loans receivable held for investment, net:
Real estate loans, net 2,683,028 1,900,204
Commercial loans, net 7,237 8,706
Other loans, net 140,727 120,189
--------------- ---------------
Loans, net 2,830,992 2,029,099
Less allowance for possible loan losses (34,105) (34,358)
--------------- ---------------
Total loans receivable held for investment, net 2,796,887 1,994,741
Office properties and equipment, net 91,444 86,239
Accrued interest receivable, net 32,564 31,752
Real estate owned, net 7,511 8,893
Investment in real estate, net 6,985 12,286
Prepaid expenses and other assets 53,649 38,472
Mortgage servicing rights, net 17,002 11,328
--------------- ---------------
Total assets $ 5,221,019 $ 4,901,622
=============== ===============
L I A B I L I T I E S A N D S T O C K H O L D E R S ' E Q U I T Y
Liabilities:
Deposits, net $ 3,631,157 $ 3,573,529
Official checks outstanding 32,222 42,812
Borrowed funds 900,831 633,675
Mortgagors' escrow liabilities 44,574 71,400
Accrued expenses and other liabilities 90,524 54,032
--------------- ---------------
Total liabilities 4,699,308 4,375,448
Stockholders' equity:
Preferred stock ( $0.01 par value, 5,000,000 shares authorized;
none issued) --- ---
Common stock ($0.01 par value, 45,000,000 shares authorized;
26,816,464 shares issued, 24,805,349 and 26,076,486
outstanding, respectively) 268 268
Additional paid-in capital 302,126 298,518
Unallocated Employee Stock Ownership Plan (19,634) (21,443)
Unearned Management Recognition & Retention Plan (6,016) (7,071)
Unrealized gain on securities available-for-sale, net of tax 2,341 6,947
Retained income-partially restricted 290,410 264,105
Treasury stock, at cost (2,011,115 and 739,978 shares, (47,784) (15,150)
respectively)
--------------- ---------------
Total stockholders' equity 521,711 526,174
--------------- ---------------
Total liabilities and stockholders' equity $ 5,221,019 $ 4,901,622
=============== ===============
LONG ISLAND BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------------------------------------
1996 1995 1996 1995
------------- ----------------------------- -------------
Interest income:
Real estate loans $ 49,680 $ 37,643 $ 130,701 $ 102,326
Commercial loans 163 400 553 868
Other loans 3,714 3,657 10,994 11,273
Mortgage-backed securities 29,970 35,020 105,221 100,574
Debt and equity securities 4,335 5,989 12,682 19,412
------------- ------------- ------------- -------------
Total interest income 87,862 82,709 260,151 234,453
------------- ------------- ------------- -------------
Interest expense:
Deposits 38,427 36,558 116,785 100,973
Borrowed funds 10,296 7,491 27,697 18,309
------------- ------------- ------------- -------------
Total interest expense 48,723 44,049 144,482 119,282
------------- ------------- ------------- -------------
Net interest income 39,139 38,660 115,669 115,171
Provision for possible loan losses 1,600 1,500 4,700 4,970
------------- ------------- ------------- -------------
Net interest income after provision for possible 37,539 37,160 110,969 110,201
loan losses
Non-interest income:
Fees and Other income:
Loan fees and service charges 837 635 2,273 1,746
Loan servicing fees 3,058 3,303 9,215 8,884
Income from insurance and securities commissions 442 253 1,240 590
Deposit service fees 1,463 1,449 4,419 4,471
------------- ------------- ------------- -------------
Total fee income 5,800 5,640 17,147 15,691
Other income 968 849 2,668 2,280
------------- ------------- ------------- -------------
Total Fees and Other income 6,768 6,489 19,815 17,971
Net gains on sale activity:
Net gains on loans and mortgage-backed securities 2,195 924 5,317 2,946
Net gains (losses) on investment in debt and equity 169 (349) 428 (1,925)
securities
------------- ------------- ------------- -------------
Total net gains on sale activity 2,364 575 5,745 1,021
Net gain on investment in real estate and 1,735 1,081 4,394 1,562
premises
------------- ------------- ------------- -------------
Total non-interest income 10,867 8,145 29,954 20,554
Non-interest expense:
General and administrative expense:
Compensation, payroll taxes and fringe benefits 14,255 13,632 41,157 39,899
Advertising 1,836 801 4,267 2,378
Office occupancy and equipment 5,223 4,558 14,952 13,297
Federal insurance premiums 2,292 2,226 6,768 6,755
Other general and administrative expense 4,951 4,411 13,285 12,539
------------- ------------- ------------- -------------
Total general and administrative expense 28,557 25,628 80,429 74,868
Net loss on real estate owned 637 533 1,531 1,268
------------- ------------- ------------- -------------
Total non-interest expense 29,194 26,161 81,960 76,136
------------- ------------- ------------- -------------
Income before income taxes 19,212 19,144 58,963 54,619
Provision for income taxes 7,918 8,134 24,786 23,029
------------- ------------- ------------- -------------
Net income $ 11,294 $ 11,010 34,177 31,590
============= ============= =========== ===========
Primary earnings per common share (a) $ 0.47 $ 0.45 $ 1.40 $ 1.29
============= ============= ============= =============
Fully diluted earnings per common share (a) $ 0.47 $ 0.45 $ 1.40 $ 1.29
============= ============= ============= =============
(a) For the three and nine months ended June 30, 1996, primary and fully
diluted earnings per common share reflect the dilutive effect of stock
options. For the three and nine months ended June 30, 1995, stock options
were not materially dilutive.
LONG ISLAND BANCORP, INC.
AND SUBSIDIARY
AVERAGE BALANCE SHEET
FOR THE THREE MONTHS ENDED JUNE 30,
-------------------------------------------------------------------------------------
1996 1995
----------------------------------------- -----------------------------------------
AVERAGE AVERAGE
AVERAGE YIELD\ AVERAGE YIELD\
BALANCE INTEREST COST BALANCE INTEREST COST
-------------- ------------ ----------- --------------- ------------- ----------
(DOLLARS IN THOUSANDS)
INTEREST-EARNING ASSETS:
Interest-earning cash
equivalents $ 36,134 $ 471 5.24 % $ 28,665 $ 402 5.61 %
Debt and equity securities
and FHLB-NY stock, net (1) 272,201 3,864 5.68 376,920 5,587 5.93
Mortgage-backed securities, net 1,766,240 29,970 6.79 2,125,002 35,020 6.59
(1)
Real estate loans, net (2) 2,558,200 49,680 7.77 1,824,390 37,643 8.25
Commercial and other loans, net 129,150 3,877 12.01 116,888 4,057 13.88
(2)
-------------- ------------ -------- --------------- ------------- --------
Total interest-earning assets 4,761,925 87,862 7.38 4,471,865 82,709 7.40
Other non-interest-earning 269,453 229,151
assets
-------------- ------------ --------------- -------------
Total assets $ 5,031,378 $ 87,862 $ 4,701,016 $ 82,709
============== ============ =============== =============
INTEREST-BEARING LIABILITIES:
Deposits, net $ 3,664,799 $ 38,427 4.22 % $ 3,558,235 36,558 4.12 %
Borrowed funds 727,132 10,296 5.70 520,555 7,491 5.77
-------------- ------------ -------- --------------- ------------- --------
Total interest-bearing 4,391,931 48,723 4.46 4,078,790 44,049 4.33
liabilities
Non-interest-bearing 120,721 103,097
liabilities
-------------- ---------------
Total liabilities 4,512,652 4,181,887
Total stockholders' equity 518,726 519,129
-------------- ------------ -------- --------------- ------------- --------
Total liabilities and
stockholders' equity $ 5,031,378 $ 48,723 $ 4,701,016 $ 44,049
============== ------------ =============== -------------
Net interest income/spread (3) $ 39,139 2.92 % $ 38,660 3.07 %
============ ======== ============= ========
Net interest margin as %
of interest-earning assets 3.29 % 3.46 %
(4)
======== ========
Ratio of interest-earning
assets to interest-bearing 108.42 % 109.64 %
liabilities
======== ========
(1) Debt and equity and mortgage-backed securities are shown including the
average market value appreciation of $7.6 million and $1.2 million for the
three months ended June 30, 1996 and 1995, respectively.
(2) Net of unearned discounts, premiums, deferred loan fees, purchase accounting
discounts and premiums and allowance for possible loan losses, and including
non-performing loans and loans held for sale.
(3) Interest rate spread represents the difference between the average rate on
interest-earning assets and the average cost of interest-bearing
liabilities.
(4) Net interest margin represents net interest income divided by average
interest-earning assets.
LONG ISLAND BANCORP, INC.
AND SUBSIDIARY
AVERAGE BALANCE SHEET
FOR THE NINE MONTHS ENDED JUNE 30,
-------------------------------------------------------------------------------------
1996 1995
----------------------------------------- -----------------------------------------
AVERAGE AVERAGE
AVERAGE YIELD\ AVERAGE YIELD\
BALANCE INTEREST COST BALANCE INTEREST COST
-------------- ------------ ----------- --------------- ------------- ----------
(DOLLARS IN THOUSANDS)
INTEREST-EARNING ASSETS:
Interest-earning cash
equivalents $ 32,938 $ 1,330 5.39 % $ 52,531 $ 2,117 5.37 %
Debt and equity securities
and FHLB-NY stock, net (1) 270,104 11,352 5.60 406,920 17,295 5.67
Mortgage-backed securities, net 2,043,011 105,221 6.87 2,124,016 100,574 6.31
(1)
Real estate loans, net (2) 2,206,548 130,701 7.90 1,686,361 102,326 8.09
Commercial and other loans, net 122,142 11,547 12.61 120,131 12,141 13.48
(2)
-------------- ------------ -------- --------------- ------------- --------
Total interest-earning assets 4,674,743 260,151 7.42 4,389,959 234,453 7.12
Other non-interest-earning 263,668 222,649
assets
-------------- ------------ --------------- -------------
Total assets $ 4,938,411 $ 260,151 $ 4,612,608 $ 234,453
============== ============ =============== =============
INTEREST-BEARING LIABILITIES:
Deposits, net $ 3,649,092 $ 116,785 4.27 % $ 3,559,680 100,973 3.79 %
Borrowed funds 644,324 27,697 5.74 455,934 18,309 5.37
-------------- ------------ -------- --------------- ------------- --------
Total interest-bearing 4,293,416 144,482 4.50 4,015,614 119,282 3.97
liabilities
Non-interest-bearing liabilities 119,507 90,803
-------------- ---------------
Total liabilities 4,412,923 4,106,417
Total stockholders' equity 525,488 506,191
-------------- ------------ -------- --------------- ------------- --------
Total liabilities and
stockholders' equity $ 4,938,411 $ 144,482 $ 4,612,608 $ 119,282
============== ------------ =============== -------------
Net interest income/spread (3) $ 115,669 2.92 % $ 115,171 3.15 %
============ ======== ============= ========
Net interest margin as %
of interest-earning assets 3.30 % 3.50 %
(4)
======== ========
Ratio of interest-earning
assets to interest-bearing 108.88 % 109.32 %
liabilities
======== ========
(1) Debt and equity and mortgage-backed securities are shown including the
average market value appreciation of $15.8 million and depreciation of $7.1
million for the nine months ended June 30, 1996 and 1995, respectively.
(2) Net of unearned discounts, premiums, deferred loan fees, purchase accounting
discounts and premiums and allowance for possible loan losses, and including
non-performing loans and loans held for sale.
(3) Interest rate spread represents the difference between the average rate on
interest-earning assets and the average cost of interest-bearing
liabilities.
(4) Net interest margin represents net interest income divided by average
interest-earning assets.
LONG ISLAND BANCORP, INC.
AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
AT OR FOR THE AT OR FOR THE
THREE MONTHS NINE MONTHS
ENDED JUNE 30, ENDED JUNE 30,
---------------------------------- ----------------------------------
1996 1995 1996 1995
-------------- --------------- --------------- ---------------
SELECTED FINANCIAL RATIOS: (A)
Return on average assets 0.90% 0.94% 0.92% 0.91%
Return on average stockholders' equity 8.71 8.48 8.67 8.32
Average stockholders' equity to average assets 10.31 11.04 10.64 10.97
Stockholders' equity to total assets 9.99 10.90 9.99 10.90
Interest rate spread during period 2.92 3.07 2.92 3.15
Net interest margin 3.29 3.46 3.30 3.50
Operating expenses to average assets 2.27 2.18 2.17 2.16
Efficiency ratio 62.21 56.76 59.36 56.23
Net interest income to operating expenses 1.37x 1.51x 1.44x 1.54x
Average interest-earning assets to average
interest-bearing 108.42 109.64 108.88 109.32
liabilities
SELECTED DATA:
Primary earnings per share (b) $ 0.47 $0.45 $ 1.40 $1.29
Weighted average number of shares outstanding
for primary 23,979,330 24,516,712 24,356,153 24,462,599
earnings per share computation
Fully diluted earnings per share (b) $0.47 $0.45 $1.40 $1.29
Weighted average number of shares outstanding
for fully 24,029,679 24,516,712 24,462,925 24,462,599
diluted earnings per share computation
Book value per share $21.03 $19.66 $21.03 $19.66
Number of shares outstanding for book value per
share 24,805,349 26,504,111 24,805,349 26,504,111
computation
Cash dividends declared per share $0.10 $0.10 $0.30 $0.30
Dividend payout ratio 21.28% 22.22% 21.43% 23.26%
AT JUNE 30,
----------------------------
1996 1995
------------ -----------
ASSET QUALITY RATIOS:
Non-performing loans to total gross loans 1.81% 2.65%
Non-performing assets to total assets 1.16 1.36
Allowance for possible loan losses to non-performing loans 64.50 63.87
REGULATORY CAPITAL AT JUNE 30, 1996 FOR THE LONG ISLAND SAVINGS BANK, FSB:
REGULATORY REGULATORY EXCESS
CAPITAL CAPITAL CAPITAL
REQUIREMENT LEVEL LEVEL
AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT
(DOLLARS IN THOUSANDS)
Tangible capital $ 77,487 1.50% $421,464 8.16% $343,977 6.66%
Core capital 154,973 3.00 421,464 8.16 266,491 5.16
Risk-based capital 211,791 8.00 454,569 17.17 242,778 9.17
(a) Ratios for the three and nine months ended June 30, 1996 and 1995 were
calculated on an annualized basis.
(b) For the three and nine months ended June 30, 1996, primary and fully
diluted earnings per common share reflect the dilutive effect of stock
options. For the three and nine months ended June 30,1995, stock options
were not materially dilutive.