Exhibit 13
Revised
SELECTED CONSOLIDATED FINANCIAL DATA
Financial Condition As of June 30
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1995 1994 1993 1992 1991
---- ---- ---- ---- ----
(Dollars In Thousands)
Assets $391,058 $364,713 $311,349 $295,094 $263,768
Loans receivable, net 343,852 324,711 267,497 239,052 207,315
Loans held for sale - - 10,209 9,731 15,997
Mortgage-backed securities held to maturity 1,672 1,778 5,130 7,304 1,130
Mortgage-backed securities available for sale 8,441 6,165 1,733 2,767 2,992
Investments /1/ 17,795 14,776 11,390 21,712 22,492
Savings accounts 283,909 276,900 255,075 255,338 225,865
Advances from FHLB 60,036 47,695 19,217 3,247 5,816
Other borrowings 9,332 3,118 3,055 4,895 3,788
Stockholders' equity 34,578 33,684 31,233 28,076 24,984
Operations For the Year Ended June 30
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1995 1994 1993 1992 1991
---- ---- ---- ---- ----
(In Thousands Except Per Share Amounts)
Interest income $ 26,154 $ 22,914 $ 24,254 $ 26,478 $ 26,398
Interest expense 14,463 9,225 9,615 13,373 15,378
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Net interest income 11,691 13,689 14,639 13,105 11,020
Provision for loan losses 412 725 722 529 214
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Net interest income after provision for
loan losses 11,279 12,964 13,917 12,576 10,806
Noninterest income 950 1,286 1,335 1,022 996
Noninterest expense 9,170 9,125 8,656 7,235 6,910
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Income before tax 3,059 5,125 6,596 6,363 4,892
Income tax expense (1,127) (2,067) (2,859) (2,876) (2,060)
Cumulative effect of change in accounting
principle for income taxes /2/ - 220 - - -
-------- -------- -------- -------- --------
Net income $ 1,932 $ 3,278 $ 3,737 $ 3,487 $ 2,832
-------- -------- -------- -------- --------
Earnings per share /3/
Primary $ .67 $ 1.13 $ 1.29 $ 1.20 $ .99
Fully diluted $ .67 $ 1.12 $ 1.29 $ 1.20 $ .98
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Dividends declared per share $ .44 $ .41 $ .32 $ .28 $ 0
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Other Selected Data As of or for the Year Ended June 30
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1995 1994 1993 1992 1991
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Net interest rate spread 2.88% 4.14% 4.87% 4.60% 4.15%
Net yield on average interest-earning assets 3.14% 4.36% 5.11% 4.98% 4.57%
Return on average assets 0.50% 1.00% 1.24% 1.26% 1.12%
Return on average equity 5.64% 9.95% 12.47% 13.05% 11.94%
Average equity to average assets ratio 8.82% 10.03% 9.98% 9.69% 9.35%
Dividend payout ratio/4/ 57.23% 25.63% 14.90% 9.80% --
Average interest-earning assets to
average interest-bearing liabilities 106.52% 107.37% 107.25% 107.55% 106.70%
Ratio of total operating expenses to
total average assets 2.36% 2.78% 2.88% 2.62% 2.72%
Ratio of nonperforming assets to average assets 0.74% 1.37% 0.92% 0.44% 0.32%
Branch office 8 8 7 7 6
1 Includes certificates of deposit, overnight federal funds, income funds,
U.S. Government securities and interest-bearing cash balances.
2 See note 1 of Notes to Consolidated Financial Statements.
3 See note 11 of Notes to Consolidated Financial Statements.
4 Aggregate cash dividends paid during the fiscal year divided by net income