EXHIBIT 99
PRESS RELEASE OF PROVIDENT FINANCIAL SERVICES, INC.
Contact:
Kenneth J. Wagner
Investor Relations
Provident Financial Services, Inc.
830 Bergen Avenue
Jersey City, NJ 07306
201-915-5344
Provident Financial Services, Inc. Announces Quarterly Earnings;
9.1% Increase in Quarterly Earnings
JERSEY CITY, NJ, July 17, 2003 - Provident Financial Services, Inc. (NYSE:PFS)
the holding company for The Provident Bank reported net income of $8.8 million
for the quarter ended June 30, 2003, an increase of $736,000 or 9.1% compared to
net income of $8.1 million for the quarter ended June 30, 2002. For the six
months ended June 30, 2003, Provident Financial reported net income of $2.4
million, a decrease of $12.6 million or 84.1% compared to net income of $15.0
million for the six months ended June 30, 2002. This reduction in net income for
the six-month period is due to a one-time expense associated with the $15.6
million net of tax contribution to The Provident Bank Foundation. Provident
Financial reported basic earnings per share of $0.15 for the quarter ended June
30, 2003 and basic earnings per share of $.02 for six months ended June 30,
2003, which includes the results of operations from January 15, 2003.
"Our operating results for the second quarter are characterized by sustained
growth in net interest income, moderate growth in core deposits and continued
maintenance of asset quality," said Paul M. Pantozzi, Chairman of the Board,
Chief Executive Officer and President of Provident Financial Services, Inc. and
The Provident Bank. "While the continuation of low interest rates has resulted
in some margin compression," he added, "our diversified balance sheet and our
low cost of funds positioned us to show growth in net interest income in the
second quarter."
COMPARISON OF OPERATING RESULTS
Total net interest income increased $6.0 million or 21.0% to $34.7 million for
the quarter ended June 30, 2003 compared to $28.7 million for the quarter ended
June 30, 2002. Interest income for the second quarter of 2003 increased $4.2
million or 9.4% to $48.8 million compared to $44.6 million for the comparable
quarter in 2002. Interest expense decreased $1.7 million or 11.2% to $14.1
million for the quarter ended June 30, 2003 compared to $15.8 million for the
quarter ended June 30, 2002.
The average balance of investment securities held to maturity and securities
available for sale increased $946.8 million or 122.94% to $1.72 billion for the
quarter ended June 30, 2003 compared to $770.1 million for the comparable period
in 2002. This increase is primarily due to the receipt of proceeds from the
conversion of The Provident Bank from a mutual to stock savings bank and a
leverage strategy that began in the fourth quarter of 2002 and was completed
early in the second quarter of this year. The average balance of net loans
increased $57.9 million or 3.0% to $1.99 billion for the quarter ended June 30,
2003 compared to $1.93 billion for the comparable quarter in 2002. The average
yield on interest earning assets decreased 133 basis points to 5.00% for the
quarter ended June 30, 2003 compared to 6.33% for the comparable quarter in
2002. The reduction in the yield on interest earning assets was primarily due to
the reinvestment of cash flows from loan and mortgage- backed securities
prepayments in lower yielding loans and investments and to the temporary
investment of conversion account proceeds in short-term U.S. Government
securities.
Average core deposit account balances increased $229.5 million or 16.40% to
$1.629 billion at June 30, 2003 compared to $1.399 billion at June 30, 2002.
Core deposit accounts consist of all demand deposit and savings accounts.
Average time deposit balances decreased $69.9 million or 6.94% to $1.01 billion
for the quarter ended June 30, 2003 compared to $1.08 billion for the comparable
quarter in 2002. Average borrowings increased $685.5 million or 197.89% to
$580.4 million for the quarter ended June 30, 2003 compared to $194.8 million
for the quarter ended June 30 2002. The average cost of interest bearing
liabilities decreased 69 basis points to 1.92% for the quarter ended June 30,
2003 compared to 2.61% for the quarter ended June 30, 2002. The decrease in the
average cost of interest-bearing liabilities can be attributed to the decrease
in core deposit account rates and the continued decrease in rates on time
deposits.
Net interest margin decreased 52 basis points to 3.56% for the quarter ended
June 30, 2003 compared to 4.08% for the quarter ended June 30, 2002, and the net
interest margin decreased 57 basis points to 3.52% compared to 4.09% for the six
months ended June 30, 2002. The interest rate spread decreased 64 basis points
to 3.08% for the quarter ended June 30, 2003 compared to 3.72% for the
comparable quarter in 2002, and the interest rate spread decreased 74 basis
points to 3.00% from 3.74% for the six months ended June 30, 2002. Net interest
margin and net interest spread have been negatively impacted by the current low
interest rate environment. Cash flows from loans and investments related to
refinance activity are being reinvested at lower current interest rates.
Non-interest income decreased $2.5 million to $3.4 million for the quarter ended
June 30, 2003 compared to $5.9 million for the comparable period in 2002. For
the three months ended June 30, 2003, losses on securities transactions were
$1.7 million compared to a net gain of $14,000 for the three months ended June
30, 2002. The losses on securities are attributable to the high level of
principal repayments on mortgage-backed securities held in the investment
portfolio as result of increased mortgage refinance activity. For the six months
ended June 30, 2003, non-interest income decreased $3.5 million or 29.1% to $8.5
million compared to $12.0 million for the six months ended June 30, 2002. This
decrease can be attributed to a net loss of $2.1 million on securities
transactions for the six months ended June 30, 2003 compared with a net gain of
$995,000 on securities transactions for the six months ended June 30, 2002. The
net loss on security transactions in 2003 is primarily attributable to losses
due to the high level of principal repayments on mortgage-backed securities. The
gain on security transactions, is due to a gain of $959,000 in 2002 related to
the receipt of stock as the result of an insurance company demutualization.
Income on retail fees decreased $152,000 or 4.0% to $3.7 million for the quarter
ended June 30, 2003 compared to $3.8 million for the quarter ended June 30,
2002. For the six months ended June 30, 2003, fees on retail accounts increased
$235,000 or 3.1% to $7.7 million compared to $7.5 million for the six months
ended June 30, 2002. Other income decreased $694,000 or 63.8% to $394,000 for
the quarter ended June 30, 2003 compared to $1.09 million for the quarter ended
June 30, 2002. For the six months ended June 30, 2003, other income decreased
$556,000 or 36.94% to $949,000 compared to $1.5 million for six months ended
June 30, 2002. This decrease is primarily attributable to a decrease of $355,000
or 55.0% arising from a net profit on the sale of loans for the quarter ended
June 30, 2003 compared to net profit on the sale of loans in the related
comparable time period in 2002. For the six months ended June 30, 2003 net
profit on the sale of loans decreased $302,000 or 34.36% to $577,000 compared to
$879,000 in the comparable time period in 2002. The reduction in net profits on
the sale of loans is attributable to a balance sheet management decision to
retain up to $75.0 million in long-term fixed rate residential loans in
portfolio in lieu of selling those loans. Net gains on the sale of other assets
decreased $185,000 to $53,000 compared to $238,000 in the comparable time period
in 2002. For the six months ended June 30, 2003 net gains on the sale of other
assets decreased $164,000 or 58.78% to $115,000 compared to $279,000 for the
comparable period in 2002. The gain recorded in 2002 was primarily attributable
to a $200,000 gain associated with the sale of bank-owned property.
Non-interest expense increased $2.1 million or 9.4% to $24.7 million for the
quarter ended June 30, 2003 compared to $22.6 million for the comparable quarter
in 2002. For the six months ended June 30, 2003, non-interest expense increased
$27.6 million or 61.9% to $72.2 million as compared to $44.6 million at June 30,
2002. This increase is due to the one time expense associated with the $24
million dollar contribution to The Provident Bank Foundation that was recorded
in the first quarter of 2003. Salary and benefit expense increased $958,000 or
8.2% to $12.6 million for the three months ended June 30, 2003 compared to $11.7
million for the three months ended June 30, 2002. For the six months ended June
30, 2003 salaries and benefits increased $1.5 million or 6.3% to $24.6 million
compared to $23.2 million on June 30, 2002. Employee Stock Ownership Plan
amortization expense in the amount of $1.2 million was recorded in the first six
months of 2003. Data processing expense increased $182,000 or 12.4% to $1.7
million for the quarter ended June 30, 2003 compared to $1.5 million for the
comparable quarter in 2002. For six months ended June 30, 2003 data processing
expense increased $250,000 or 8.3% to $3.3 million compared to $3.0 million at
June 30, 2002. Other operating expenses increased $839,000 or 19.7% to $5.1
million for the quarter ended June 30, 2003 compared to $4.3 million for the
comparable quarter in 2002. For six months ended June 30, 2003 other operating
expenses increased $1.4 million or 17.1% to $9.6 million compared to $8.2
million on June 30, 2002. This increase is primarily due to an increase of
$861,000 or 296.9% in insurance premiums.
The provision for loan losses for the three months ended June 30, 2003 was
$300,000, a decrease of $300,000 or 50.0% compared to $600,000 for the three
months ended June 30, 2002. For six months ended June 30, 2003, the provision
for loan losses was $900,000 compared to $1.2 million in 2002. The allowance for
loan losses was $21.5 million or 1.06% of total loans at June 30, 2003 compared
to $21.9 million or 1.13% of total loans at June 30, 2002 and $21.0 million or
1.02% of total loans at December 31, 2002. At June 30, 2003, the allowance for
loan losses as a percentage of non-performing loans decreased to 375.97% from
474.56% at June 30, 2002 and increased from 246.55% at December 31, 2002.
COMPARISON OF FINANCIAL CONDITION
Total assets at June 30, 2003 increased $266.0 million or 6.8% to $4.2 billion
compared to $3.9 billion at December 31, 2002.
Total loans at June 30, 2003 decreased $24.8 million or 1.2% to $2.03 billion
compared to $2.05 billion at December 31, 2002. Residential mortgage loans
increased $18.7 million or 2.67% to $718.1 million for the six months ended June
30, 2003 compared to $699.5 million at December 31, 2002. Residential mortgage
loan originations totaled $192.2 million and 1-4 family loans purchased totaled
$19.8 million at June 30, 2003. Residential loan payoffs totaled $172.2 million,
excluding scheduled amortization, and loans sold totaled $2.2 million at June
30, 2003. Commercial real estate loans decreased $9.0 million or 2.1% to $428.7
million at June 30, 2003 compared to $437.7 million at December 31, 2002.
Multi-family loans decreased $2.7 million to $74.3 million at June 30, 2003
compared to $77.0 million at December 31, 2002. Construction loans decreased
$5.5 million or 5.7% to $90.5 million at June 30, 2003 compared to $96.0 million
at December 31, 2002. Commercial loans increased $12.4 million or 6.5% to $202.4
million at June 30, 2003 compared to $190.0 million at December 31, 2002.
Mortgage warehouse loans decreased $35.2 million or 12.74% to $241.2 million at
June 30, 2003 compared to $276.4 million at December 31, 2002. Consumer loans
decreased $3.7 million or 1.32% to $272.2 million at June 30, 2003 compared to
$275.8 million at December 31, 2002. Retail loans, which consist of 1-4 family
residential mortgages and consumer loans, such as fixed-rate home equity loans
and lines of credit, totaled $990.3 million and accounted for 48.85% of the loan
portfolio at June 30, 2003 compared to $975.3 million or 47.53% of the portfolio
at December 31, 2002. Commercial loans, consisting of commercial real estate,
multi-family, construction, mortgage warehouse and commercial loans, totaled
$1.037 billion, accounting for 51.15which includes the results of operations
from January 15, 2003% of the loan portfolio at June 30, 2003 compared to $1.1
billion or 52.47% at December 31, 2002.
Investment securities held to maturity increased $307.8 million or 142.42% to
$523.9 million at June 30, 2003, compared to $216.1 million at December 31,
2002. The increase in investment securities held to maturity was the result of a
strategy to leverage a portion of our capital. Securities available for sale
decreased $52.1 million or 4.20% to $1.19 billion at June 30, 2003 compared to
$1.24 billion at December 31, 2002.
Other Real Estate Owned increased $1.8 million in the quarter ended June 30,
2003 representing a commercial real estate loan. This loan was originated in
1989 and was performing until August of 2002 when it was placed into non-accrual
status. After exhausting all collection efforts, a deed in lieu of foreclosure
was taken and we are marketing the property for sale.
Bank owned Life Insurance increased $21.8 million or 45.7% to $69.5 million at
June 30, 2003 compared to $47.7 million at December 31, 2002. This increase was
due primarily to an additional $20.0 million purchase of bank owned life
insurance in the first quarter of 2003.
Total non-performing loans totaled $5.7 million at June 30, 2003 compared to
$8.5 million at December 31, 2002 and $4.6 million at June 30, 2002.
Non-performing assets were $7.5 million and $8.5 million at June 30, 2003 and
December 31, 2002, respectively, compared to $4.8 million at June 30, 2002.
Total non-performing loans as a percentage of total loans were 0.28% at June 30,
2003 compared to 0.41% at December 31, 2002 and 0.24% at June 30, 2002. The
allowance for loan losses as a percentage of non-performing loans was 375.97% at
June 30, 2003 compared to 246.55% at December 31, 2002 and 474.56% at June 30,
2002. The allowance for loan losses as a percentage of total loans was 1.06% at
June 30, 2003 compared to 1.02% at December 31, 2002 and decreased 7 basis
points from 1.13% at June 30, 2002.
Total deposits decreased $571.7 million or 17.6% to $2.7 billion at June 30,
2003 from $3.2 billion at December 31, 2002. The largest decrease was in demand
deposit accounts, which decreased $551.5 million to $718.0 million at June 30,
2003 from $1.27 billion at December 31, 2002. This decrease is primarily
attributable to the funds held in the conversion escrow account totaling $526.0
million that were held for the purchase of Provident Financial Services, Inc.,
common stock. Savings deposits increased $39.9 million or 4.32% to $962.3
million at June 30, 2003 compared to $922.4 million at December 31, 2002. Time
deposits decreased $60.2 million or 5.72% to $991.3 million at June 30, 2003
from $1.05 billion at December 31, 2002
Total borrowed funds increased $289.6 million or 89.6% to $612.6 million at June
30, 2003 from $323.1 million at December 31, 2002. Federal Home Loan Bank
borrowings increased $295.8 million or 110.74% to $562.9 million at June 30,
2003 compared to $267.1 million at December 31, 2002. The increase in borrowed
funds was due primarily to a leverage strategy.
The Provident Bank maintains its corporate offices in Jersey City, New Jersey.
The Provident Bank currently operates 50 full service branches throughout
northern and central New Jersey.
Forward-looking Statements
Certain statements contained herein are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements may be
identified by reference to a future period or periods, or by the use of
forward-looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or variations on those
terms, or the negative of those terms. Forward-looking statements are subject to
numerous risks and uncertainties, including, but not limited to, those related
to the economic environment, particularly in the market areas in which the
Company operates, competitive products and pricing, fiscal and monetary policies
of the U.S. Government, changes in government regulations affecting financial
institutions, including regulatory fees and capital requirements, changes in
prevailing interest rates, acquisitions and the integration of acquired
businesses, credit risk management, asset-liability management, the financial
and securities markets and the availability of and costs associated with sources
of liquidity.
The Company wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. The Company
wishes to advise readers that the factors listed above could affect the
Company's financial performance and could cause the Company's actual results for
future periods to differ materially from any opinions or statements expressed
with respect to future periods in any current statements. The Company does not
undertake and specifically declines any obligation to publicly release the
result of any revisions which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Condition
June 30, 2003 (Unaudited) and December 31, 2002
(Dollars in Thousands)
Assets June 30, 2003 December 31, 2002
----------------------------- -----------------------
Cash and due from banks $ 122,837 101,352
Federal funds sold 58,500 73,000
Short-term investments 70,503 90,503
----------------------------- -----------------------
Total cash and cash equivalents 251,840 264,855
----------------------------- -----------------------
Investment securities (market value of $533,951 523,921 216,119
(unaudited) and $221,435 at June 30,
2003 and December 31, 2002)
Securities available for sale, at fair value 1,189,989 1,242,118
Federal Home Loan Bank stock 28,147 13,356
Loans 2,028,101 2,052,855
Less allowance for loan losses 21,517 20,986
----------------------------- -----------------------
Net loans 2,006,584 2,031,869
----------------------------- -----------------------
Other real estate owned, net 1,834 --
Banking premises and equipment, net 44,966 44,005
Accrued interest receivable 17,105 15,842
Intangible assets 23,655 25,405
Bank owned life insurance 69,453 47,659
Other assets 27,680 17,980
----------------------------- -----------------------
Total assets $ 4,185,174 3,919,208
============================= =======================
Liabilities and Equity
Deposits:
Demand deposits $ 717,971 1,269,421
Savings deposits 962,287 922,404
Certificates of deposit of $100,000 or more 157,446 160,867
Other time deposits 833,895 890,642
----------------------------- -----------------------
Total deposits 2,671,599 3,243,334
Mortgage escrow deposits 10,405 9,582
Borrowed funds 612,639 323,081
Other liabilities 17,214 17,202
----------------------------- -----------------------
Total liabilities 3,311,857 3,593,199
----------------------------- -----------------------
Stockholders' Equity:
Preferred stock, $0.01 par value,
50,000,000 shares authorized, none issued --
Common stock, $0.01 par value, 200,000,000 shares authorized,
61,538,300 shares issued and 61,538,300 and 0 shares outstanding at June
30, 2003 and December 31, 2002.
respectively 615
Additional paid-in capital 606,081
Retained earnings 314,044 314,111
Accumulated other comprehensive income 8,740 11,898
Less: Unallocated common stock held by
Employee Stock Ownership Plan (56,163)
----------------------------- -----------------------
----------------------------- -----------------------
Total stockholders' equity 873,317 326,009
----------------------------- -----------------------
Total liabilities and stockholders
equity $ 4,185,174 3,919,208
============================= =======================
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three Months and Six Months Ended June 30, 2003 and 2002 (Unaudited)
(Dollars in Thousands)
Three Months Ended Six Months Ended
June 30 June 30 June 30 June 30
2003 2002 2003 2002
Interest income:
Real estate secured loans $ 20,815 24,031 42,192 48,960
Commercial loans 5,504 4,310 11,058 8,274
Consumer loans 4,577 5,400 9,389 10,915
Investment securities 5,151 1,325 8,839 2,693
Securities available for sale 12,166 8,987 23,919 16,540
Other short-term investments 176 100 244 128
---------- ---------- ---------- ----------
Federal funds 379 426 693 762
Total interest income 48,768 44,579 96,334 88,272
---------- ---------- ---------- ----------
Interest expense:
Deposits 10,019 13,820 22,170 27,984
Borrowed funds 4,044 2,021 6,812 4,109
---------- ---------- ---------- ----------
Total interest expense 14,063 15,841 28,982 32,093
---------- ---------- ---------- ----------
Net interest income 34,705 28,738 67,352 56,179
Provision for loan losses 300 600 900 1,200
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 34,405 28,138 66,452 54,979
---------- ---------- ---------- ----------
Non-interest income:
Fees 3,657 3,809 7,710 7,475
Net gain (loss) on securities
transactions (1,724) 14 (2,116) 995
Commissions 87 324 158 598
Bank owned life insurance 992 708 1,794 1,405
Other income 394 1,088 949 1,505
---------- ---------- ---------- ----------
Total non-interest income 3,406 5,943 8,495 11,978
---------- ---------- ---------- ----------
Non-interest expense:
Salaries and employee benefits 12,621 11,663 24,646 23,190
Net occupancy expense 3,425 3,279 6,835 6,578
Federal deposit insurance 126 103 234 207
Data processing expense 1,655 1,473 3,273 3,023
Advertising and promotion expense 835 988 1,492 1,706
Amortization of intangibles 939 812 2,134 1,715
Other operating expenses 5,096 4,257 9,612 8,207
Contribution to The Provident Bank Foundation -- -- 24,000 --
---------- ---------- ---------- ----------
Total non-interest expenses 24,697 22,575 72,226 44,626
---------- ---------- ---------- ----------
Income before income tax expense
and the cumulative effect of a
change
in accounting principle $ 13,114 11,506 2,721 22,331
Income tax expense 4,276 3,404 326 6,786
---------- ---------- ---------- ----------
Income before the cumulative effect
of a change in accounting 8,838 8,102 2,395 15,545
principle
Cumulative effect of a change in accounting
principle, net of tax of $0 -- -- -- (519)
---------- ---------- ---------- ----------
Net income $ 8,838 8,102 2,395 15,026
========== ========== ========== ==========
Basic Earnings Per Share $0.15 $0.02
Average basic shares outstanding 59,257,827 59,655,159
PROVIDENT FINANACIAL SERVICES, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data)(unaudited)
For the For the
3 Months Ended 6 Months Ended
June 30 June 30
2003 2002 2003 2002
--------- --------- --------- ---------
INCOME STATEMENT:
Net Interest Income $ 34,705 28,738 $ 67,352 56,179
Provision for Loan Losses 300 600 900 1,200
Non-interest Income 3,406 5,943 8,495 11,978
Non-interest Expense 24,697 22,575 72,226 44,626
Income before income tax expense
and the cumulative effect of a
change in accounting principle 13,114 11,506 2,721 22,331
Cumulative effect of a change in
accounting principle 0 0 0 (519)
Net Income 8,838 8,102 2,395 15,026
Basic Earnings Per Share (1) $0.15 - $0.02 -
Interest Rate Spread 3.08% 3.72% 3.00% 3.74%
Net Interest Margin 3.56% 4.08% 3.52% 4.09%
PROFITABILITY:
Return on average assets 0.86% 1.08% 0.12% 1.02%
Return on average equity 3.97% 11.01% 0.59% 10.24%
Operating expense to
average assets 2.39% 3.00% 3.57% 3.02%
Efficiency ratio (net of foundation expense) (2) 62.00% 65.12% 61.86% 66.45%
ASSET QUALITY:
Non-performing loans 5,723 4,627
Other Real Estate Owned 1,834 123
Non-performing loans to
total loans 0.28% 0.24%
Non-performing assets to
total 0.18% 0.15%
assets
Allowance for loan losses 21,517 21,958
Allowance for loan losses to
non-performing loans 375.97% 474.56%
Allowance for loan losses to
total loans 1.06% 1.13%
AVERAGE BALANCE SHEET DATA:
Assets $4,134,273 $3,011,080 $4,049,687 $2,959,833
Loans, net $1,985,482 $1,927,536 $1,984,339 $1,951,522
Earnings Assets $3,904,091 $2,814,872 $3,823,370 $2,743,950
Core Deposits $1,628,895 $1,399,420 $1,648,440 $1,362,112
Borrowings $ 580,374 $ 194,830 $ 498,662 $ 191,195
Interest Bearing Liabilities $2,929,071 $2,429,173 $2,839,937 $2,382,986
Stockholders Equity $ 889,518 $ 294,416 $ 808,624 $ 293,499
Average yield on interest
earning assets 5.00% 6.33% 5.04% 6.43%
Average cost of interest
bearing liabilities 1.92% 2.61% 2.04% 2.69%
CAPITAL:
Leverage Capital 20.49% 9.39% 20.49% 9.39%
Total risk based capital 36.78% 14.93% 36.78% 14.93%
Average equity to
average assets 21.52% 9.78% 19.97% 9.92%
<FN>
Notes
(1) Basic Earnings per share for six months includes the results of operations
from January 15, 2003, the date we completed our Plan of Conversion, in
the amount of $1,415,000, for the six months ended June 30, 2003.
(2) Efficiency Ratio Calculation
6/30/03 6/30/02 6/30/03 6/30/02
Net Interest Income 34,705 28,738 67,352 56,179
Non Interest Income 3,406 5,943 8,495 11,978
(Less) gains/plus losses on securities 1,724 -14 2,116 -995
Total Income: 39,835 34,667 77,963 67,162
Non Interest Expense: 24,697 22,575 72,226 44,626
LESS: Provident Bank Charitable
Foundation Donation 0 0 -24,000 0
Adjusted Non Interest Expense 24,697 22,575 48,226 44,626
Expense/Income: 62.00% 65.12% 61.86% 66.45%
</FN>