Exhibit 99.1
[CFS BANCORP, INC. LETTERHEAD]
January 27, 2005
FOR IMMEDIATE RELEASE
CONTACT: Thomas F. Prisby, Chairman of the Board and Chief Executive Officer
219-836-5500
CFS Bancorp, Inc. Announces Fourth Quarter and Year End 2004 Financial Results
MUNSTER, IN - January 27, 2005 - CFS Bancorp, Inc. (NASDAQ: CITZ)
(the Company) today reported a net loss for the fourth quarter of 2004
of $23.1 million as compared to net income of $1.2 million reported
for the fourth quarter of 2003. For the year ended December 31, 2004,
the Company reported a net loss of $25.0 million compared to net
income of $3.5 million for the year ended December 31, 2003. Losses
per share were $1.97 and $2.16, respectively, for the quarter and year
ended December 31, 2004 compared to diluted earnings per share of
$0.10 and $0.30 for the comparable prior year periods.
The Company's net interest income before provision for losses on
loans continued to improve during the fourth quarter of 2004
increasing 15.8% to $9.0 million from $7.7 million for the fourth
quarter of 2003. Net interest income before provision for losses on
loans for the year ended December 31, 2004 was $32.1 million compared
to $27.7 million for 2003, an increase of 16.0%. The Company's
annualized net interest margin increased 27.1% for the fourth quarter
of 2004 to 2.67% from 2.10% for the fourth quarter of 2003. The
substantial improvement in the Company's net interest margin from the
fourth quarter of 2003 was mainly due to a decrease in the cost of
borrowings as a result of the Company's previously announced
refinancing of $325.0 million in higher costing, fixed-rate Federal
Home Loan Bank (FHLB) borrowings at lower, current market interest
rates during the fourth quarter of 2004 combined with the prepayment
of $75.0 million of FHLB borrowings. For the year ended December 31,
2004, the net interest margin was 2.28%, an increase of 21.9% from
1.87% for 2003. The increase in the net interest margin for the year
was mainly the result of effective management of the cost of deposits
combined with the redeployment of lower yielding other interest-
earning assets into higher yielding loans.
As previously announced, the Company's wholly-owned subsidiary,
Citizens Financial Services, FSB (the Bank), restructured $400.0
million of its fixed-rate FHLB borrowings during the fourth quarter of
2004. The Bank prepaid the callable fixed-rate advances with an
average cost of 5.92% and replaced the debt with $325.0 million of new
FHLB borrowings. These new borrowings included an aggregate $271.0
million of non-callable fixed-rate FHLB advances with an average cost
of 3.64% and $54.0 million of short-term variable-rate borrowings with
an average cost of 2.29%. This prepayment resulted in a $42.0 million
charge to non-interest expense during the fourth quarter of 2004.
Chairman's Comments
"The fourth quarter of 2004 came with the opportunity to
reposition our balance sheet through the restructuring of our higher
costing fixed-rate FHLB borrowings," said Thomas F. Prisby, Chairman
CFS Bancorp, Inc - Page 2 of 9
and CEO. "While the prepayment penalties incurred on the restructuring
adversely impacted our fourth quarter and year-end 2004 results, we
look forward to reduced interest expense as well as an improvement in
our efficiency ratio in 2005."
Mr. Prisby continued, "Our core business remains on a positive
track with the fourth quarter bringing continued improvement in our
net interest margin, core deposit growth and non-interest income,
exclusive of securities gains and losses. We look forward to the
prospects of 2005 as we continue on track with our business strategy.
Our main focus during 2005 will be to continue to grow core deposits,
increase our lending portfolio and expand our market share in
Illinois."
Net Interest Income
Net interest income for the fourth quarter and year ended
December 31, 2004 was $9.0 million and $32.1 million, respectively, up
15.8% and 16.0% from the same periods in 2003. Net interest margin
was 2.67% and 2.28%, respectively, for the fourth quarter and year
ended December 31, 2004, up from 2.10% and 1.87% for the previous 2003
periods. The Company expects the positive trend in net interest
margin to continue through 2005 as the new lower rate borrowings are
expected to result in reduced interest expense.
Total interest income was $17.1 million and $69.0 million,
respectively, for the fourth quarter and year ended December 31, 2004
representing a decrease of $943,000 and $2.4 million from the
comparable 2003 periods. The decrease in interest income was mainly
caused by an overall decrease in average interest-earning assets
throughout 2004 as compared to 2003. Average interest-earning assets
for the quarter and year ended December 31, 2004 decreased 8.7% and
4.9%, respectively, when compared to the same periods in 2003. The
average yield on the Company's interest-earning assets was 5.10% and
4.89%, respectively, for the quarter and year ended December 31, 2004
and represented increases of 20 and 8 basis points from the comparable
2003 periods. This increase in the average yield primarily was the
result of the Company redeploying lower yielding interest-earning
assets into higher yielding loans.
Total interest expense was $8.1 million and $36.8 million,
respectively, for the fourth quarter and year ended December 31, 2004,
a decrease of $2.2 million and $6.8 million from the comparable 2003
periods. The average balance of interest-bearing liabilities
decreased 9.5% and 5.7%, respectively, and the average cost of
interest-bearing liabilities decreased 39 and 34 basis points for the
quarter and year ended December 31, 2004 when compared to the same
periods in 2003. The average cost of interest-bearing deposits for
the quarter and year ended 2004 was 1.48% and 1.50%, respectively,
down 23 and 42 basis points from the comparable periods in 2003. The
average cost of borrowings decreased 85 and 16 basis points,
respectively, to 5.22% and 5.82% for the quarter and year ended
December 31, 2004.
Non-Interest Income
The Company's service charges and other fees increased by
$348,000 or 20.5% in the fourth quarter of 2004 compared to the fourth
quarter of 2003 and increased by $615,000 or 8.9% for the full year of
2004 compared to 2003. The increases were primarily related to
service charges generated by the Company's Overdraft Protection
Privilege product provided to both retail and business customers. The
Company was able to realize a full year of income in 2004 related to
its Business Overdraft Privilege which was first implemented in July
2003. The Company also increased the number of non-interest bearing
checking accounts by approximately 15% since December 31, 2003 which
added to the
CFS Bancorp, Inc - Page 3 of 9
increase in service charges and other fees on deposit accounts. During
the fourth quarter of 2004, the Company also realized a $220,000 gain
on the sale of land and an office building. Prior to the sale, the
building was leased to a company that acquired the assets of the CFS
Insurance Agency, Inc. in November 2002.
The improvements in service charges and other fees in the 2004
periods were more than offset by changes in the amount of net realized
gains (losses) on sales of securities in 2004 compared to 2003. Net
realized losses on sales of securities were $380,000 for the fourth
quarter of 2004, as compared to net realized gains on sales of
securities of $1.5 million for the fourth quarter of 2003. For the
year ended December 31, 2004, net realized losses on sales of
securities were $299,000 as compared to net realized gains on sales of
securities of $1.8 million for 2003. During 2004, the Company
recorded an impairment write-down of $1.0 million related to one trust
preferred security that had an original cost basis of $1.1 million.
The write-down was included as part of the Company's net losses on
sales of securities.
Non-Interest Expense
Non-interest expense for the quarter and year ended December 31,
2004 was $50.3 million and $78.8 million, respectively, as compared to
$10.1 million and $34.0 million for the same periods in 2003. The
increase in the 2004 periods was mainly a result of the Company
incurring $42.0 million of prepayment penalties from the restructuring
of FHLB borrowings during the fourth quarter.
Exclusive of the prepayment penalties, the Company's other
components of non-interest expense totaled $8.3 million in the
aggregate for the fourth quarter of 2004, a decrease of $1.8 million
from the fourth quarter of 2003. This decrease was mainly caused by
reduced pension expense during the fourth quarter of 2004 to $200,000
from $1.3 million in 2003. For the year ended December 31, 2004, the
Company's other components of non-interest expense, excluding the
prepayment penalties of $42.5 million, totaled $36.3 million in the
aggregate, an increase of $2.3 million from 2003. A portion of this
increase related to the $1.4 million of legal expenses incurred during
2004 in connection with the Company's goodwill case that went to trial
during 2004. In addition, the Company incurred increased data
processing charges of $477,000 during 2004 related to the conversion
to a new processor as well as $833,000 of other general and
administrative charges. The increase in other general and
administrative costs was primarily due to charges relating to the
write-down of $421,000 in viatical receivables and an increase in loan
collection expense of $300,000. The Company also incurred $1.0
million of compensation expense relating to the retirement of a senior
executive officer during 2004. This increase in compensation expense
was offset by the $1.1 million decrease in pension expense for 2004 as
compared to 2003.
Income Taxes
The Company's income tax benefit for the quarter and year ended
December 31, 2004 was $15.4 million and $18.9 million, respectively.
The recognition during the fourth quarter and year ended December 31,
2004 of income tax benefits was a significant change from the income
tax expense incurred during the same periods of 2003. The significant
shift from income tax expense to income tax benefits in the 2004
periods was the result of the pre-tax losses combined with the
application of available tax credits, the effects of permanent tax
differences on the Company's pre-tax earnings and the reversal of tax
accruals no longer considered necessary. The Company anticipates that
its income tax expense will return to more historical levels as its
expected earnings increase. The available tax credits
CFS Bancorp, Inc - Page 4 of 9
and permanent tax differences are expected to have a favorable impact
on income tax expense throughout 2005.
Asset Quality
The Company's provision for losses on loans was $56,000 and $8.9
million, respectively, for the quarter and year ended December 31,
2004. The provision for losses for the 2004 year represents an
increase of $6.6 million from the 2003 provision. This increase was
mainly a result of allowance allocations identified during the third
quarter of 2004 related to the Company's impaired loans.
As of December 31, 2004, the Company had six impaired loans
totaling $24.4 million with an impairment allocation related to these
loans of $6.4 million. Four of the impaired loans are commercial real
estate loans, of which three are secured by hotels and total $20.5
million with aggregate impairment reserves of $4.1 million. The other
impaired commercial real estate loan is secured by a golf course and
totals $2.8 million with an impairment reserve of $1.5 million. The
two remaining impaired loans are commercial loans, of which one is
secured by business assets and the other by improved land. These two
loans total $1.2 million with an aggregate impairment allocation of
$751,000.
The Company's non-performing assets were $28.2 million as of
December 31, 2004 compared to $33.6 million at September 30, 2004 and
$22.9 million at December 31, 2003. The ratio of non-performing
assets to total assets was 2.13% at December 31, 2004, an improvement
from 2.35% at September 30, 2004. The improvement in the ratio
resulted from the decrease in non-performing loans. This decrease
during the fourth quarter of 2004 was primarily a result of the full
payoff of a $2.9 million commercial construction loan participation
that had been previously identified as impaired. Also contributing to
the decrease in non-performing loans was a $1.7 million partial charge-
off on an impaired commercial real estate loan secured by a hotel and
a $1.2 million partial charge-off on an impaired commercial
construction loan. Both of these loans were previously identified as
impaired and had allowance allocations equal to or greater than the
amount charged-off. The impaired loan secured by a hotel has a
remaining impairment allocation of $1.8 million as of December 31,
2004.
The Company's allowance for losses on loans was $13.4 million at
December 31, 2004, a decrease of $3.2 million from September 30, 2004
and an increase of $2.9 million from December 31, 2003. The ratio of
allowance for losses on loans to total loans was 1.35% at December 31,
2004, a decrease from 1.65% at September 30, 2004 but an increase from
1.06% at December 31, 2003. The decrease in the allowance during the
fourth quarter of 2004 was due to the partial charge-offs mentioned
above. The Company maintains the allowance for losses on loans at a
level that management believes is adequate to cover all known and
inherent losses in the portfolio that are both probable and reasonable
to estimate based on internal evaluations of collectibility, prior
loss experience, value of underlying collateral and other factors
including the composition and concentrations within the loan portfolio
and the level and trends of classified and non-performing assets.
Balance Sheet
As of December 31, 2004, the Company's loans receivable totaled
$988.1 million, up slightly from $982.6 million at December 31, 2003.
The Company originated $73.1 million in new loans and lines of credit
during the fourth quarter of 2004 compared to $107.0 million for the
third quarter. Loan originations for the year ended December 31, 2004
totaled over $390.0 million. As of December 31,
CFS Bancorp, Inc - Page 5 of 9
2004, the Company had commitments to originate commercial and retail
loans and lines of credit totaling $28.5 million.
Securities available-for-sale totaled $202.2 million at December
31, 2004, a $124.1 million decrease from December 31, 2003. The
Company sold approximately $60.0 million of securities available-for-
sale during the fourth quarter of 2004 in conjunction with the
restructuring of its FHLB debt in order to fund the prepayment
penalties incurred in the restructuring. The remainder of the decline
related to the sale of securities during the second quarter of 2004 as
the Company took advantage of a steep yield curve to reposition its
investment portfolio.
Total deposits were $863.2 million at December 31, 2004, down
$115.3 million from $978.4 million at December 31, 2003. The decrease
was largely caused by a reduction of $145.9 million in certificates of
deposit, partially offset by an increase in core deposits of $30.6
million. The decrease in certificates of deposit was primarily due to
the managed runoff of above market rate certificates as they reached
maturity. The Company has continued to focus on obtaining low cost
core deposits through continued promotional efforts and retail
incentive programs. Average core deposits for the fourth quarter
increased 2.5% compared to the fourth quarter of 2003.
The Company's borrowed money totaled $316.8 million as of
December 31, 2004, down $101.7 million from $418.5 million at December
31, 2003. As previously discussed, during the fourth quarter of 2004,
the Company reduced its reliance on borrowed money by restructuring
its FHLB borrowings. The Company repaid $75.0 million of FHLB
borrowings while refinancing $325.0 million at lower current market
interest rates. On December 31, 2004, the Company also repaid an
additional $20.0 million of short-term variable rate FHLB borrowings
without incurring any prepayment penalty.
Stockholders' equity at December 31, 2004 was $129.5 million as
compared to $156.0 million at December 31, 2003. The decrease was
primarily due to:
* the net loss of $25.0 million;
* a $1.3 million increase in unrealized losses on available-for-
sale securities, net of tax;
* dividends declared during 2004 totaling $4.9 million; and
* repurchases of the Company's common stock during 2004 totaling
$869,000.
Partially offsetting the above decreases in stockholders' equity, the
Company also realized during 2004:
* vesting of $1.4 million of common stock under the Company's
Recognition and Retention Plan;
* $1.7 million of shares earned under the Company's Employee Stock
Ownership Plan; and
* stock option exercises totaling $2.3 million.
During the fourth quarter of 2004, the Company did not repurchase
any shares of its common stock. For the year ended December 31, 2004,
the Company repurchased 61,713 shares of its common stock at an
average price of $14.08 per share pursuant to the share repurchase
program announced in March 2003. Since its initial public offering,
the Company has repurchased an aggregate of 11,592,616 shares of its
common stock at an average price of $11.75 per share. As of January
26, 2005, the Company has 1,180,156 of shares remaining to be
repurchased under its current share repurchase program.
CFS Bancorp, Inc - Page 6 of 9
As of December 31, 2004, stockholders' equity per common share
was $10.45, as compared to $12.78 at December 31, 2003. The
regulatory capital ratios of Citizens Financial Services, FSB, the
Company's wholly-owned subsidiary, continued to be in excess of
regulatory requirements. As of December 31, 2004, the Bank was deemed
to be "well-capitalized" under the regulatory framework for prompt
corrective action.
CFS Bancorp, Inc. is the parent of Citizens Financial Services,
FSB, a $1.3 billion asset federal savings bank. Citizens Financial
Services provides community banking services and currently operates 24
offices throughout adjoining markets in Chicago's Southland and
Northwest Indiana. The Company maintains a website at
www.cfsbancorp.com.
# # #
This press release contains certain forward-looking statements and
information relating to the Company that is based on the beliefs of
management as well as assumptions made by and information currently
available to management. These forward-looking statements include but
are not limited to statements regarding the interest rate environment,
expected asset yields and cost of funds, net interest income, loan
volume, net interest margin, loan loss reserves and impairment
reserves, income levels and impact of tax credits and permanent tax
differences. In addition, the words "anticipate," "believe,"
"estimate," "expect," "indicate," "intend," "should," and similar
expressions, or the negative thereof, as they relate to the Company or
the Company's management, are intended to identify forward-looking
statements. Such statements reflect the current views of the Company
with respect to future events and are subject to certain risks,
uncertainties and assumptions. One or more of these risks may vary
materially from those described herein as anticipated, believed,
estimated, expected or intended. The Company does not intend to
update these forward-looking statements.
# # #
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA FOLLOWS.
CFS Bancorp, Inc - Page 7 of 9
CFS BANCORP, INC.
Highlights (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
EARNINGS HIGHLIGHTS AND ------------------------------- --------------------------------
PERFORMANCE RATIOS (1) December 31, December 31, December 31, December 31,
2004 2003 2004 2003
- -------------------------------------------- ------------- ------------- -------------- ------------
<s> <c> <c> <c> <c>
Net income (loss) $ (23,139) $ 1,219 $ (25,033) $ 3,538
Basic earnings (loss) per share (1.97) 0.11 (2.16) 0.31
Diluted earnings (loss) per share (1.97) 0.10 (2.16) 0.30
Cash dividends declared per share 0.11 0.11 0.44 0.44
Return on average assets (6.51) % 0.32 % (1.69) % 0.23 %
Return on average equity (62.33) 3.13 (16.16) 2.28
Average yield on interest-earning assets 5.10 4.90 4.89 4.81
Average cost on interest-bearing liabilities 2.70 3.09 2.91 3.25
Interest rate spread 2.40 1.81 1.98 1.56
Net interest margin 2.67 2.10 2.28 1.87
Non-interest expense to average assets 14.16 2.62 5.31 2.19
Efficiency ratio 420.04 97.08 179.85 87.99
Market price per share of common stock
for the period ended: Closing $ 14.27 $ 14.80 $ 14.27 $ 14.80
High 14.85 15.00 15.16 15.00
Low 13.54 13.90 12.90 13.51
STATEMENT OF CONDITION HIGHLIGHTS December 31, September 30, December 31,
AND PERFORMANCE RATIOS (1) 2004 2004 2003
- -------------------------------------------- ------------- -------------- -------------
<s> <c> <c> <c>
Total assets $1,326,430 $1,429,921 $1,569,270
Loans receivable, net of unearned fees 988,085 1,000,424 982,579
Total deposits 863,178 847,353 978,440
Total stockholders' equity 129,456 152,402 155,953
Book value per common share 10.45 12.38 12.78
Non-performing loans 27,675 32,976 22,720
Non-performing assets 28,200 33,566 22,926
Allowance for losses on loans 13,353 16,506 10,453
Non-performing loans to total loans 2.80 % 3.30 % 2.31 %
Non-performing assets to total assets 2.13 2.35 1.46
Allowance for losses on loans
to non-performing loans 48.25 50.05 46.01
Allowance for losses on loans to total loans 1.35 1.65 1.06
Average equity to average assets 10.45 10.72 10.08
Average interest-earning assets
to average interest-bearing liabilities 111.25 112.12 110.27
Employees (FTE) 327 338 330
Branches and offices 24 24 22
Three Months Ended Year Ended
---------------------------- -------------------------------
AVERAGE BALANCE DATA December 31, December 31, December 31, December 31,
2004 2003 2004 2003
- -------------------------------------------- ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c>
Total assets $1,413,455 $1,534,457 $1,484,092 $1,552,750
Loans receivable, net of unearned fees 1,005,232 986,022 998,706 965,373
Total interest-earning assets 1,333,616 1,460,961 1,409,578 1,482,715
Total liabilities 1,265,769 1,379,853 1,329,201 1,397,353
Total deposits 854,455 945,470 898,154 937,770
Interest-bearing deposits 806,715 906,394 853,789 901,203
Total interest-bearing liabilities 1,198,725 1,324,890 1,266,060 1,342,478
Stockholders' equity 147,686 154,604 154,891 155,397
_________________________________
(1) Ratios are annualized where appropriate.
CFS Bancorp, Inc - Page 8 of 9
CFS BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
For the Three Months Ended For the Year Ended
December 31, December 31,
-------------------------- ---------------------
2004 2003 2004 2003
------------ ------------ -------- ---------
<s> <c> <c> <c> <c>
Interest income:
Loans $ 14,522 $ 14,590 $ 56,910 $ 59,408
Securities 2,046 2,793 10,029 8,637
Federal Home Loan Bank dividends 290 330 1,199 1,348
Other 243 331 848 1,996
------ ------ ------ ------
Total interest income 17,101 18,044 68,986 71,389
Interest expense:
Deposits 3,002 3,909 12,841 17,276
Borrowings 5,141 6,400 24,007 26,402
------ ------ ------ ------
Total interest expense 8,143 10,309 36,848 43,678
------ ------ ------ ------
Net interest income before provision for losses on loans 8,958 7,735 32,138 27,711
Provision for losses on loans 56 837 8,885 2,326
------ ------ ------ ------
Net interest income after provision for losses on loans 8,902 6,898 23,253 25,385
Non-interest income:
Service charges and other fees 2,049 1,701 7,523 6,908
Commission income 139 131 666 651
Net realized gains (losses) on sales of securities (380) 1,455 (299) 1,780
Net gain (loss) on sale of assets 226 11 225 39
Income from Bank-owned life insurance 361 345 1,439 1,437
Other income 473 524 2,056 1,973
------ ------ ------ ------
Total non-interest income 2,868 4,167 11,610 12,788
Non-interest expense:
Compensation and employee benefits 4,599 6,337 19,834 19,804
Net occupancy expense 681 452 2,440 2,216
Professional fees 377 453 2,797 1,806
Data processing 617 582 2,713 2,236
Furniture and equipment expense 436 355 1,612 1,771
Marketing 248 470 1,060 1,196
Prepayment penalties 42,037 - 42,522 -
Other general and administrative expenses 1,326 1,482 5,838 5,005
------ ------ ------ ------
Total non-interest expense 50,321 10,131 78,816 34,034
------ ------ ------ ------
Income (loss) before income taxes (38,551) 934 (43,953) 4,139
Income tax expense (benefit) (15,412) (285) (18,920) 601
------ ------ ------ ------
Net income (loss) $ (23,139) $ 1,219 $ (25,033) $ 3,538
====== ====== ====== ======
Per share data:
Basic earnings (loss) per share $ (1.97) $ 0.11 $ (2.16) $ 0.31
Diluted earnings (loss) per share $ (1.97) $ 0.10 $ (2.16) $ 0.30
Cash dividends declared per share $ 0.11 $ 0.11 $ 0.44 $ 0.44
Weighted-average shares outstanding 11,731,618 11,300,550 11,599,996 11,289,254
Weighted-average diluted shares outstanding 11,990,902 11,692,643 11,897,494 11,702,635
CFS Bancorp, Inc - Page 9 of 9
CFS BANCORP, INC.
Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
December 31, December 31,
2004 2003
------------ ------------
<s> <c> <c>
ASSETS
Cash and amounts due from depository institutions $ 16,878 $ 18,213
Interest-bearing deposits 11,217 149,577
Federal funds sold 9,999 9,961
--------- ---------
Cash and cash equivalents 38,094 177,751
Securities, available-for-sale 202,219 326,304
Investment in Federal Home Loan Bank stock, at cost 27,665 26,766
Loans receivable, net of unearned fees 988,085 982,579
Allowance for losses on loans (13,353) (10,453)
--------- ---------
Net loans 974,732 972,126
Accrued interest receivable 5,456 6,624
Real estate owned 525 206
Office properties and equipment 15,511 13,738
Investment in Bank-owned life insurance 33,362 31,926
Prepaid expenses and other assets 28,866 13,829
--------- ---------
Total assets $1,326,430 $1,569,270
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 863,178 $ 978,440
Borrowed money 316,783 418,490
Advance payments by borrowers for taxes and insurance 8,177 5,595
Other liabilities 8,836 10,792
--------- ---------
Total liabilities 1,196,974 1,413,317
Stockholders' Equity:
Preferred stock, $0.01 par value; 15,000,000 shares authorized - -
Common stock, $0.01 par value; 85,000,000 shares authorized;
23,423,306 shares issued as of December 31, 2004 and December 31, 2003;
12,385,322 and 12,200,015 shares outstanding as of December 31, 2004
and December 31, 2003, respectively 234 234
Additional paid-in capital 189,991 189,879
Retained earnings, substantially restricted 76,449 106,354
Treasury stock, at cost; 11,037,984 and 11,223,291 shares
as of December 31, 2004 and December 31, 2003, respectively (130,689) (132,741)
Unallocated common stock held by ESOP (5,959) (7,158)
Unearned common stock acquired by RRP (148) (1,523)
Accumulated other comprehensive (loss) income, net of tax (422) 908
--------- ---------
Total stockholders' equity 129,456 155,953
--------- ---------
Total liabilities and stockholders' equity $1,326,430 $1,569,270
========= =========