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Exhibit 13
Strongsville Savings Bank
MARKET INFORMATION
The capital stock of Emerald Financial Corp. (Emerald or Company) began trading
under the symbol "EMLD" on the National Association of Securities Dealers
Automated Quotation System (NASDAQ) National Market System on March 7, 1997.
Emerald is a unitary thrift holding company whose subsidiary is The Strongsville
Savings Bank (Bank). The reorganization resulting in Emerald becoming the
holding company of the Bank was completed on March 6, 1997. Prior to completion
of the holding company reorganization, the Bank's capital stock traded under the
Symbol "SSBK" on the National Association of Securities Dealers Automated
Quotation System (NASDAQ) Small-Cap Issues. As of January 31, 1997, there were
approximately 420 holders of record of the Company's capital stock. Emerald
offers a Dividend Reinvestment Program (DRIP) to shareholders of record. For
information regarding the Company's DRIP, contact Key Services Corporation at
(216) 689-5372.
The following table sets forth the high and low prices of the Company's capital
stock and cash dividends per share for the periods shown. The prices reflect
inter-dealer quotations without retail markup, markdown or commissions, and do
not necessarily represent actual transactions.
DIVIDENDS
YEAR PERIOD HIGH LOW PAID PER SHARE
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1994 FIRST QUARTER $ 20.50 $ 16.50 7.5(cent)
SECOND QUARTER 19.25 16.50 7.5(cent)
THIRD QUARTER 20.00 18.00 7.5(cent)
FOURTH QUARTER 20.00 16.50 9.0(cent)
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31.5(cent)
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1995 FIRST QUARTER 18.00 17.00 9.0(cent)
SECOND QUARTER 19.00 17.00 9.0(cent)
THIRD QUARTER 19.50 18.00 9.0(cent)
FOURTH QUARTER 19.50 18.00 11.0(cent)
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38.0(cent)
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1996 FIRST QUARTER 20.00 18.50 11.0(cent)
SECOND QUARTER 21.75 19.50 12.0(cent)
THIRD QUARTER 22.50 20.50 12.0(cent)
FOURTH QUARTER 22.50 21.00 12.0(cent)
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47.0(cent)
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ANNUAL MEETING
The Annual Meeting of Emerald Financial Corp. will be held on April 24, 1997 at
10:30 AM at Quality Catering Party Center, 9200 Pearl Road, Strongsville, Ohio.
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SELECTED FINANCIAL INFORMATION
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YEAR ENDED DECEMBER 31
1996 1995 1994 1993 1992
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(Dollars in Thousands, Except Per Share Data)
SUMMARY OF OPERATIONS
Interest income $ 39,858 $ 35,410 $ 27,122 $ 23,646 $ 23,806
Interest expense 24,494 21,342 14,113 11,818 13,577
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Net interest income 15,364 14,068 13,009 11,828 10,229
Provision for loan losses 305 238 92 77 296
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Net interest income after
provision for loan losses 15,059 13,830 12,917 11,751 9,933
Net gain on sale of assets 1,091 997 228 1,799 1,735
Other noninterest income 1,344 1,055 966 1,063 1,069
Amortization of goodwill 134 143 151 158 165
Other noninterest expense 9,390 8,483 7,219 5,971 5,565
One-time SAIF assessment 2,481 -- -- -- --
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Income before federal income taxes 5,489 7,256 6,741 8,484 7,007
Federal income taxes 1,941 2,539 2,331 2,915 2,430
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Net income $ 3,548 $ 4,717 $ 4,410 $ 5,569 $ 4,577
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SUMMARY OF FINANCIAL CONDITION
Total assets $ 567,490 $ 492,097 $ 419,258 $ 332,729 $ 294,091
Investment securities 69,680 75,949 79,700 61,909 34,509
Total gross loans 457,919 364,766 306,921 263,364 233,688
Loans--net 425,855 336,351 281,843 242,395 216,890
Mortgage-backed securities 52,180 52,005 37,274 12,426 17,071
Goodwill 786 920 1,062 1,213 1,371
Deposits 493,471 432,563 363,050 294,750 269,733
Advances from Federal Home Loan Bank 25,234 13,333 15,583 -- --
Shareholders' equity 43,158 41,091 37,153 33,578 20,980
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PER SHARE INFORMATION
Net income $ 1.40 $ 1.86 $ 1.74 $ 2.73 $ 2.43
Earnings before effect of one-time
SAIF assessment 2.05 1.86 1.74 2.73 2.43
Dividends paid 0.47 0.40 0.315 0.28 0.26
Book value 17.05 16.24 14.68 13.27 11.12
Tangible book value (1) 16.78 15.87 14.26 12.79 10.40
OTHER STATISTICAL AND OPERATING DATA
Return on average assets (ROAA) 0.68% 1.03% 1.18% 1.79% 1.64%
ROAA before effect of one-time
SAIF assessment 0.99 -- -- -- --
Return on average equity (ROAE) 8.38 12.07 12.47 22.15 24.09
ROAE before effect of one-time
SAIF assessment 12.25 -- -- -- --
Net yield on average interest-earning assets (2) 3.00 3.15 3.58 3.91 3.80
Interest rate spread during period (3) 2.62 2.76 3.24 3.64 3.55
Other noninterest expense to average assets (4) 1.79 1.85 1.93 1.92 2.00
Dividend payout ratio excluding one-time
SAIF assessment 22.94 21.46 18.08 10.41 10.72
Total allowance for loan losses to
nonperforming loans 83.76 56.91 120.11 315.80 252.06
Total allowance for loan losses to total loans 0.33 0.35 0.34 0.35 0.33
Nonperforming loans to total loans 0.40 0.61 0.28 0.11 0.13
Nonperforming assets to total assets 0.30 0.42 0.19 0.08 0.15
Net charge-offs (recoveries) to average loans (5) 0.01 0.01 (0.01) (0.02) 0.07
Number of full-service offices 14 12 10 9 9
Weighted average common
shares outstanding 2,530,800 2,530,800 2,530,800 2,042,066 1,886,800
CAPITAL RATIOS
Equity to assets:
Average for the period 8.06% 8.52% 9.46% 8.08% 6.82%
At period end 7.61 8.35 8.86 10.09 7.13
Tangible capital (1) 7.49 8.14 8.64 9.76 6.70
Core capital 7.49 8.14 8.87 10.10 7.12
Risk-based capital 12.93 13.51 14.22 14.99 11.77
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<FN>
(1) Tangible book value and tangible capital each represent shareholders' equity less goodwill.
(2) Net interest income divided by average interest-earning assets.
(3) The difference between the weighted average yield on interest-earning assets and the weighted
average rate paid on interest-bearing liabilities.
(4) Goodwill amortization is excluded from the numerator of this ratio.
(5) Net charge-offs during the period to average loans outstanding during the period.
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