MILLINGTON, N.J., Oct. 18, 2018 (GLOBE NEWSWIRE) -- MSB Financial Corp. (NASDAQ: MSBF) (the “Company”), parent company of Millington Bank, reported today the results of its operations for the three and nine months ended September 30, 2018.

The Company reported net income of $1.3 million, or $0.24 per diluted common share, for the three months ended September 30, 2018, compared to net income of $1.2 million, or $0.21 per diluted common share, for the three months ended September 30, 2017. Net income for the nine months ended September 30, 2018 was $3.6 million, or $0.66 per diluted common share, compared to net income of $2.5 million, or 0.44 per diluted common share, for the nine months ended September 30, 2017.

Highlights for the quarter:

• Return on average assets was 0.92% for the three months ended September 30, 2018 compared to 0.90% for the three months ended September 30, 2017 and return on average equity was 7.56% for the three months ended September 30, 2018 compared to 6.31% for the three months ended September 30, 2017.
  
  
• Net interest margin increased 7 basis points to 3.44% for the quarter ended September 30, 2018 from 3.37% for the quarter ended September 30, 2017 due to the recognition of $280,000 in commercial prepayment penalties resulting from four large loan payoffs.
  
  
• The efficiency ratio, which is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, improved to 61.96% for the quarter ended September 30, 2018 from 64.21% for the quarter ended September 30, 2017 driven by an increase in net interest income year over year.
  
  
• Non-performing assets represented 0.48% of total assets at September 30, 2018 compared with 0.73% at December 31, 2017. The allowance for loan losses as a percentage of total non-performing loans was 198.67% at September 30, 2018 compared to 130.99% at December 31, 2017.
  
  
• The Company’s balance sheet reflected total asset growth of $27.4 million at September 30, 2018, compared to December 31, 2017, improved asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution.
  
  
• The effective tax rate increased to 27.8% for the quarter ended September 30, 2018 compared to (7.9)% for the quarter ended September 30, 2017 primarily due to a permanent tax deduction for the 2017 period due to non-qualified stock options that were exercised during the prior year quarter.
  
  

Selected Financial Ratios
(unaudited; annualized where applicable)
As of or for the quarter ended:		9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Return on average assets		0.92				%		0.87				%		0.74				%		0.20				%		0.90				%
Return on average equity		7.56				%		7.17				%		5.65				%		1.48				%		6.31				%
Net interest margin		3.44				%		3.24				%		3.24				%		3.30				%		3.37				%
Net loans / deposit ratio		113.08				%		113.64				%		110.85				%		105.46				%		116.04				%
Shareholders' equity / total assets		11.86				%		11.39				%		12.37				%		12.97				%		13.39				%
Efficiency ratio		61.96				%		62.49				%		66.29				%		62.26				%		64.21				%
Book value per common share		$			12.70			$			12.43			$			12.63			$			12.66			$			12.57

Net Interest Income

Total interest income for the three months ended September 30, 2018 increased $1.1 million, or 21.5%, to $6.2 million compared to $5.1 million for the third quarter of 2017. Interest income increased in the quarter ended September 30, 2018 compared to the comparable period in 2017, primarily due to a $52.7 million increase in average loan balances. In addition, $280,000 was recorded in interest income due to commercial prepayment penalties on four large loan payoffs. Total interest expense increased by $527,000, or 59.0%, to $1.4 million, for the three months ended September 30, 2018 compared to the same period in 2017 due to a combination of higher deposit rates and average deposit balances and an increase in the average balance of borrowings outstanding during the 2018 period.

Net interest income for the three months ended September 30, 2018 increased $565,000, or 13.5%, to $4.8 million compared to $4.2 million for the same three-month period in 2017. The change for the three months ended September 30, 2018 was primarily a result of an increase in average earning assets of $55.2 million. The annualized net interest spread was 3.23% and 3.19% for the three months ended September 30, 2018 and 2017, respectively. For the quarter ended September 30, 2018, the Company's annualized net interest margin increased to 3.44% compared to 3.37% for the corresponding three-month period in 2017.

Total interest income for the nine months ended September 30, 2018, increased $3.2 million, or 23.0%, to $17.3 million compared to $14.1 million for the nine months ended September 30, 2017 as average earning assets increased $76.0 million year over year. Total interest expense increased by $1.5 million, or 61.0%, to $3.9 million for the nine months ended September 30, 2018 compared to September 30, 2017 as average interest-bearing liabilities increased $81.9 million year over year and the average cost of such liabilities increased 27 basis points.

Net interest income grew $1.8 million, or 15.2%, to $13.5 million for the nine months ended September 30, 2018 compared to $11.7 million for the nine months ended September 30, 2017. Net interest spread and net interest margin for the nine months ended September 30, 2018, declined 4 and 3 basis points respectively, to 3.12% and 3.31% compared to 3.16% and 3.34% for the nine months ended September 30, 2017. Net interest income and net interest margin decreased as the Company's deposit pricing has become more competitive year over year.

Non-Interest Income and Non-Interest Expense

Non-interest income for the three months ended September 30, 2018 was $190,000, as compared to $205,000 for the same period in 2017.  Non-interest expense, which consists of salaries and employee benefits, occupancy expense, professional services and other non-interest expenses totaled $3.1 million for the quarter ended September 30, 2018 as compared to $2.8 million for the same period in 2017. The increase in non-interest expense was primarily related to professional service expense for the costs associated with our Sarbanes-Oxley implementation which requires additional reporting on internal control over the financial reporting of the Company. Previously, the Company was not subject to these requirements as its public float was below the applicable  threshold.

Non-interest income for the nine months ended September 30, 2018 was $602,000, as compared to $611,000 for the same period in 2017.  Non-interest expense, totaled $9.0 million for the nine months ended September 30, 2018 as compared to $8.4 million for the same period in 2017 with the $593,000 increase primarily attributable to salaries and employee benefits as a result of merit and infrastructure increases. In addition, professional services expense increased as a result of costs associated with our SOX implementation offset by a decrease in director's compensation due to the termination of the director retirement plan last year.

Taxes

For the three months ended September 30, 2018, the Company recorded a $506,000 tax provision compared to a benefit of $86,000 for the three months ended September 30, 2017. The effective tax rate increased to 27.8% for the quarter ended September 30, 2018 compared to (7.9)% for the quarter ended September 30, 2017. As a result of the passage of the Tax Cuts and Jobs Act on December 22, 2017, the federal tax rate for corporations was reduced to 21% during 2018. The increase in tax provision is attributable to an increase in pre-tax income offset by a decrease in the applicable tax rate. The increase in the effective tax rate is due to a permanent tax deduction that was taken in the 2017 period due to non-qualified options that were exercised during the 2017 period.

For the nine months ended September 30, 2018, the Company recorded a $1,320,000 tax provision compared to a provision of $528,000 for the nine months ended September 30, 2017. The effective tax rate increased to 26.9% for the nine months ended September 30, 2018 compared to 17.7% for the nine months ended September 30, 2017. The increase in tax provision is attributable to an increase in pre-tax income offset by a decrease in the applicable tax rate. The increase in the effective tax rate is due to a permanent tax deduction that was taken in the 2017 period due to non-qualified options that were exercised during the 2017 period.

Earnings Summary for Period Ended September 30, 2018

The following table presents condensed consolidated statements of income data for the periods indicated.

Condensed Consolidated Statements of Income (unaudited)
(dollars in thousands, except for per share data)
For the quarter ended:										9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Net interest income										$	4,755					$	4,431					$	4,302					$	4,325					$	4,190
Provision for loan losses										60						90						90						200						490
Net interest income after provision for loan losses										4,695						4,341						4,212						4,125						3,700
Other income										190						208						204						211						205
Other expense										3,064						2,899						2,987						2,824						2,822
Income before income taxes										1,821						1,650						1,429						1,512						1,083
Income taxes (benefit)										506						407						407						1,240						(86				)
Net income										$			1,315			$			1,243			$			1,022			$			272			$			1,169
Earnings per common share:
Basic										$			0.25			$			0.23			$			0.19			$			0.05			$			0.21
Diluted										$			0.24			$			0.23			$			0.19			$			0.05			$			0.21
Weighted average common shares outstanding:
Basic										5,330,029						5,331,090						5,470,349						5,577,314						5,563,938
Diluted										5,388,577						5,375,090						5,507,443						5,588,598						5,574,535

Statement of Condition Highlights at September 30, 2018

• Balance sheet growth, with total assets amounting to $590.4 million at September 30, 2018, an increase of $27.4 million, or 4.86%, compared to December 31, 2017.
  
  
• The Company’s total gross loans receivable were $500.5 million at September 30, 2018, an increase of $21.7 million, or 4.5%, from December 31, 2017.
  
  
• Securities held to maturity were $43.0 million at September 30, 2018, an increase of $4.5 million, or 11.8%, compared to December 31, 2017.
  
  
• Deposits decreased $11.3 million totaling $437.6 million at September 30, 2018 compared to $448.9 million at December 31, 2017.
  
  
• Borrowings totaled $80.1 million at September 30, 2018, an increase of $42.4 million, or 112.5%, compared to $37.7 million at December 31, 2017.
  
  

The following table presents condensed consolidated statements of condition data as of the dates indicated.

Condensed Consolidated Statements of Condition (unaudited)
(in thousands)
At:										9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Cash and due from banks										$	1,254					$	1,654					$	1,871					$	2,030					$	1,800
Interest-earning demand deposits with banks										20,817						14,660						15,484						20,279						6,971
Securities held to maturity										43,009						44,770						36,375						38,482						40,752
Loans receivable, net of allowance										494,848						509,689						480,916						473,405						461,285
Premises and equipment										8,323						8,461						8,580						8,698						8,804
Federal home Loan Bank of New York stock, at cost										4,117						4,212						3,049						2,131						3,512
Bank owned life insurance										14,489						14,392						14,294						14,197						14,097
Accrued interest receivable										1,734						1,754						1,642						1,607						1,548
Other assets										1,803						1,657						1,816						2,211						2,988
Total assets										$			590,394			$			601,249			$			564,027			$			563,040			$			541,757
Deposits										$			437,597			$			448,512			$			433,843			$			448,913			$			397,510
Borrowings										80,075						82,175						58,075						37,675						68,375
Other liabilities										2,714						2,056						2,350						3,427						3,332
Shareholders' equity										70,008						68,506						69,759						73,025						72,540
Total liabilities and shareholders' equity										$			590,394			$			601,249			$			564,027			$			563,040			$			541,757

Loans

At September 30, 2018, the Company’s net loan portfolio totaled $494.8 million, an increase of $21.4 million, or 4.5%, compared to $473.4 million at December 31, 2017. The allowance for loan losses amounted to $5.7 million and $5.4 million at September 30, 2018 and December 31, 2017, respectively.

At September 30, 2018, the loan portfolio primarily consisted of commercial real estate loans (40.8%) and residential mortgages (33.6%). Commercial and industrial loans represented 19.8% of the portfolio while construction loans accounted for 5.6% of the portfolio. Total loans receivable increased $14.0 million to $513.1 million at September 30, 2018 compared to $499.2 million at December 31, 2017. The increase primarily reflects a $28.4 million increase in commercial and industrial loans and a $12.6 million increase in commercial real estate loans. These increases were partially offset by a $12.1 million decrease in residential mortgages  as the Company continues to focus on commercial lending as well as a $14.9 million decrease in construction due to the completion of projects.

The following table shows the composition of the Company's loan portfolio as of the dates indicated.

Loans (unaudited)
(dollars in thousands)
At quarter ended:		9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Residential mortgage:
One-to-four family		$			147,127			$			151,372			$			154,576			$			157,876			$			161,679
Home equity		25,494						26,174						27,051						26,803						27,409
Total residential mortgage		172,621						177,546						181,627						184,679						189,088
Commercial and multi-family real estate		209,283						214,653						195,951						196,681						184,791
Construction		28,788						48,423						49,397						43,718						36,002
Commercial and industrial		101,849						94,140						82,712						73,465						73,409
Total commercial loans		339,920						357,216						328,060						313,864						294,202
Consumer loans		580						608						595						618						659
Total loans receivable		513,121						535,370						510,282						499,161						483,949
Less:
Loans in process		12,142						19,594						23,398						19,868						16,864
Deferred loan fees		475						491						462						474						525
Allowance		5,656						5,596						5,506						5,414						5,275
Total loans receivable, net		$			494,848			$			509,689			$			480,916			$			473,405			$			461,285

Asset Quality

At September 30, 2018, non-performing loans totaled $2.8 million, or 0.48% of total assets, compared with $4.1 million, or 0.73% of total assets, at December 31, 2017. Of the fifteen loans classified as non-performing, only two are currently in the foreclosure process. All other loans are chronic slow payers that continue to make payments, but are unable to maintain a current status for six consecutive months. Total delinquent loans (including nonperforming delinquent loans) were $6.6 million at September 30, 2018, an increase of $1.2 million from December 31, 2017 due to an increase in loans past due 30-59 days. The allowance for loan losses as a percentage of total loans was 1.13% at September 30, 2018 and at December 31, 2017, respectively, while the allowance for loan losses as a percentage of non-performing loans increased to 198.67% at September 30, 2018 from 130.99% at December 31, 2017. Non-performing loans to total loans decreased to 0.57% at September 30, 2018 from 0.86% at December 31, 2017 primarily due to loans previously on non-accrual moving to an accrual status due to at least six consecutive months of performance.

The following table presents the components of non-performing assets and other asset quality data for the periods indicated.

(dollars in thousands, unaudited)
As of or for the quarter ended:		9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Non-accrual loans		$	2,746					$	3,430					$	3,548					$	3,975					$	4,071
Loans 90 days or more past due and still accruing		101						699						1,266						158						374
Total non-performing loans		$			2,847			$			4,129			$			4,814			$			4,133			$			4,445
Non-performing assets / total assets		0.48				%		0.69				%		0.85				%		0.73				%		0.82				%
Non-performing loans / total loans		0.57				%		0.80				%		0.99				%		0.86				%		0.95				%
Net charge-offs (recoveries)		$			—			$			—			$			(2	)		$			61			$			140
Net charge-offs (recoveries) / average loans (annualized)		—				%		—				%		—				%		0.05				%		0.13				%
Allowance for loan loss / total loans		1.13				%		1.09				%		1.13				%		1.13				%		1.13				%
Allowance for loan losses / non-performing loans		198.67				%		135.53				%		114.37				%		130.99				%		118.67				%
Total assets		$			590,394			$			601,249			$			564,027			$			563,040			$			541,757
Gross loans, excluding ALLL		$			500,504			$			515,285			$			486,422			$			478,819			$			466,560
Average loans		$			499,082			$			500,959			$			483,255			$			472,388			$			446,383
Allowance for loan losses		$			5,656			$			5,596			$			5,506			$			5,414			$			5,275

Deposits

Total deposits at September 30, 2018 were $437.6 million compared with $448.9 million at December 31, 2017.  Overall, deposits decreased $11.3 million. Money market and interest demand balances declined $14.6 million and $5.0 million, respectively. Money market balances declined to $12.8 million compared to $27.4 million while interest demand balances declined to $150.2 million compared to $155.2 million from the prior year end. In addition, savings balances decreased $2.7 million to $102.4 million from $105.1 million from year end. Offsetting the decreases were increases in non-interest demand and certificates of deposit (including IRA) balances of $8.6 million and $2.3 million, respectively. Non-interest demand balances increased to $45.5 million from $36.9 million from year end while certificates of deposit balances increased to $126.6 million compared to $124.3 million from year end.

The following table shows the composition of the Company's deposits as of the dates indicated.

Deposits (unaudited)
(dollars in thousands)
At quarter ended:		9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Demand:
Non-interest bearing		$			45,501			$			42,687			$			36,751			$			36,919			$			40,504
Interest-bearing		150,248						153,968						148,888						155,199						107,419
Savings		102,434						109,254						109,215						105,106						108,249
Money market		12,822						14,381						20,251						27,350						16,517
Time		126,592						128,222						118,738						124,339						124,821
Total deposits		$			437,597			$			448,512			$			433,843			$			448,913			$			397,510

Capital

At September 30, 2018, the Company's total stockholders' equity amounted to $70.0 million, or 11.86% of total assets, compared to $73.0 million at December 31, 2017. The Company’s book value per common share was $12.70 at September 30, 2018, compared to $12.66 at December 31, 2017. The decline in shareholders' equity was primarily due to the repurchase of 249,837 shares of common stock for a total of $4.5 million and the payment of a special dividend in the aggregate amount of $2.5 million, partially offset by net income of $3.6 million.

At September 30, 2018, the Bank’s common equity tier 1 ratio was 11.72%, tier 1 leverage ratio was 10.50%, tier 1 capital ratio was 11.72% and the total capital ratio was 12.83%. At December 31, 2017, the Bank’s common equity tier 1 ratio was 11.98%, tier 1 leverage ratio was 10.72%, tier 1 capital ratio was 11.98% and the total capital ratio was 13.10%. At September 30, 2018, Company and the Bank were in compliance with all applicable regulatory capital requirements.

The following table sets forth the Company's consolidated average statements of condition for the periods presented.

Condensed Consolidated Average Statements of Condition (unaudited)
(dollars in thousands)
For the quarter ended:														9/30/2018						6/30/2018						3/31/2018						12/31/2017						9/30/2017
Loans														$	499,082					$	500,959					$	483,255					$	472,388					$	446,383
Securities held to maturity														43,871						36,494						37,661						39,899						41,423
Allowance for loan losses														(5,624				)		(5,538				)		(5,461				)		(5,376				)		(4,922				)
All other assets														37,466						38,053						38,851						41,886						38,545
Total assets														$			574,795			$			569,968			$			554,306			$			548,797			$			521,429
Non-interest bearing deposits														$			43,495			$			38,903			$			36,211			$			43,336			$			44,970
Interest-bearing deposits														386,364						385,047						390,522						375,098						350,589
Borrowings														73,077						74,192						53,191						53,844						47,788
Other liabilities														2,320						2,495						1,972						3,104						3,964
Stockholders' Equity														69,539						69,331						72,410						73,415						74,118
Total liabilities and shareholders' equity														$			574,795			$			569,968			$			554,306			$			548,797			$			521,429

CEO outlook:

“I’m very pleased with our third quarter results.  Our staff remains focused on improving asset quality and strengthening our origination process.  As a result, the Company experienced a lower loan loss provision and increased interest income from loan prepayment penalties associated with several payoffs,” stated Michael Shriner, President and Chief Executive Officer.

Mr. Shriner further commented, “The Company is committed to originating safe and sound loans at competitive terms and interest rates.  The Company will not chase rates and terms, or lower underwriting standards during this period of intense competition for loans.”

Forward Looking Statement Disclaimer

The foregoing release may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially, and, therefore, readers should not place undue reliance on any forward-looking statements. Factors that may cause actual results to differ from those contemplated include our continued ability to grow the loan portfolio, the impact of the passage of the Tax Cuts and Jobs Act and our continued ability to manage cybersecurity risks.

Contact:	Michael A. Shriner, President & CEO
	(908) 647-4000
	mshriner@millingtonbank.com

MSB Financial Corp. and Subsidiaries
Consolidated Statements of Financial Condition
							At September 30, 2018					At December 31, 2017
(Dollars in thousands, except per share amounts)
Cash and due from banks							$			1,254		$			2,030
Interest-earning demand deposits with banks							20,817					20,279
Cash and Cash Equivalents							22,071					22,309
Securities held to maturity (fair value of $41,765 and $38,255, respectively)							43,009					38,482
Loans receivable, net of allowance for loan losses of $5,656 and $5,414, respectively							494,848					473,405
Premises and equipment							8,323					8,698
Federal Home Loan Bank of New York stock, at cost							4,117					2,131
Bank owned life insurance							14,489					14,197
Accrued interest receivable							1,734					1,607
Other assets							1,803					2,211
Total Assets							$			590,394		$			563,040
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing							$			45,501		$			36,919
Interest bearing							392,096					411,994
Total Deposits							437,597					448,913
Advances from Federal Home Loan Bank of New York							80,075					37,675
Advance payments by borrowers for taxes and insurance							704					686
Other liabilities							2,010					2,741
Total Liabilities							520,386					490,015
Stockholders' Equity
Preferred stock, par value $0.01; 1,000,000 shares authorized; no shares issued or outstanding							—					—
Common stock, par value $0.01; 49,000,000 shares authorized; 5,513,165 and 5,768,632 issued and outstanding at September 30, 2018 and December 31, 2017, respectively							55					58
Paid-in capital							46,848					51,068
Retained earnings							24,765					23,641
Unearned common stock held by ESOP (182,218 and 190,390 shares, respectively)							(1,660				)	(1,742				)
Total Stockholders' Equity							70,008					73,025
Total Liabilities and Stockholders' Equity							$			590,394		$			563,040

MSB Financial Corp. and Subsidiaries
Consolidated Statements of Income
																		Three months ended September 30,																Nine months ended September 30,
																		2018										2017						2018										2017
(in thousands except per share amounts)
Interest Income
Loans receivable, including fees																		$							5,788			$			4,769			$							16,360			$			13,213
Securities held to maturity																		304										264						763										762
Other																		83										50						219										128
Total Interest Income																		6,175										5,083						17,342										14,103
Interest Expense
Deposits																		1,014										622						2,795										1,703
Borrowings																		406										271						1,059										691
Total Interest Expense																		1,420										893						3,854										2,394
Net Interest Income																		4,755										4,190						13,488										11,709
Provision for Loan Losses																		60										490						240										985
Net Interest Income after Provision for Loan Losses																		4,695										3,700						13,248										10,724
Non-Interest Income
Fees and service charges																		78										87						252										256
Income from bank owned life insurance																		97										101						292										313
Other																		15										17						58										42
Total Non-Interest Income																		190										205						602										611
Non-Interest Expenses
Salaries and employee benefits																		1,625										1,577						5,107										4,661
Directors compensation																		121										188						365										551
Occupancy and equipment																		390										394						1,172										1,217
Service bureau fees																		107										67						251										164
Advertising																		18										4						31										12
FDIC assessment																		71										61						194										131
Professional services																		528										342						1,217										1,050
Other																		204										189						613										571
Total Non-Interest Expenses																		3,064										2,822						8,950										8,357
Income before Income Taxes																		1,821										1,083						4,900										2,978
Income Tax Expense																		506										(86				)		1,320										528
Net Income																		$							1,315			$			1,169			$							3,580			$			2,450
Earnings per share:
Basic																		$							0.25			$			0.21			$							0.67			$			0.44
Diluted																		$							0.24			$			0.21			$							0.66			$			0.44

MSB Financial Corp. and Subsidiaries
Selected Quarterly Financial and Statistical Data
								Three Months Ended
(in thousands, except for share and per share data) (annualized where applicable)								9/30/2018														6/30/2018						9/30/2017
(unaudited)
Statements of Operations Data
Interest income								$											6,175			$			5,738			$			5,083
Interest expense								1,420														1,307						893
Net interest income								4,755														4,431						4,190
Provision for loan losses								60														90						490
Net interest income after provision for loan losses								4,695														4,341						3,700
Other income								190														208						205
Other expense								3,064														2,899						2,822
Income before income taxes								1,821														1,650						1,083
Income tax expense (benefit)								506														407						(86				)
Net Income								$											1,315			$			1,243			$			1,169
Earnings (per Common Share)
Basic								$											0.25			$			0.23			$			0.21
Diluted								$											0.24			$			0.23			$			0.21
Statements of Condition Data (Period-End)
Investment securities held to maturity (fair value of $41,765, $43,749, and $40,794)								$											43,009			$			44,770			$			40,752
Loans receivable, net of allowance for loan losses								494,848														509,689						461,285
Total assets								590,394														601,249						541,757
Deposits								437,597														448,512						397,510
Borrowings								80,075														82,175						68,375
Stockholders' equity								70,008														68,506						72,540
Common Shares Dividend Data
Cash dividends								$											—			$			2,456			$			—
Weighted Average Common Shares Outstanding
Basic								5,330,029														5,331,090						5,563,938
Diluted								5,388,577														5,375,090						5,574,535
Operating Ratios
Return on average assets								0.92												%		0.87				%		0.90				%
Return on average equity								7.56												%		7.17				%		6.31				%
Average equity / average assets								12.10												%		12.16				%		14.21				%
Book value per common share (period-end)								$											12.70			$			12.43			$			12.57