- Net income for the fiscal 2012 fourth quarter of $0.8
million, fueled by strong mortgage banking revenue
- Company achieves its 11th consecutive quarterly
improvement in key regulatory asset quality ratios and meets asset
quality targets established by the regulatory order
- Nonperforming assets decline $5.5 million or
16.5%
- Capital ratios remain strong and exceed prescribed
regulatory levels
PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View
Federal Savings Bank, announced net income of $0.8 million, or
$0.03 basic and diluted earnings per share, for the quarter ended
June 30, 2012. These results compare with a net loss of $2.6
million, or $0.10 basic and diluted loss per share, for the
prior-year quarter, and net income of $0.4 million, or $0.02 basic
and diluted earnings per share, for the quarter ended March 31,
2012. For the full-year fiscal 2012, the Company reported a net
loss of $1.3 million, or $0.05 basic and diluted loss per share,
compared with a net loss for the prior year of $9.7 million, or
$0.38 basic and diluted loss per share.
Robert J. King, Jr., President and Chief Executive Officer,
commented, "Our diligent efforts to improve the quality of our
assets, strengthen our balance sheet and transform our business
have allowed us to turn the corner in becoming a bank that is
positioned for long-term growth and profitability. Strong mortgage
banking activity and reduced costs have driven steady improvement
in earnings, and the fourth quarter was our second profitable
quarter in a row. It also marks our 11th consecutive quarterly
improvement in asset quality ratios. We will continue to focus on
our transformation strategy to deliver sustained profitability
improvement by strengthening our commercial banking, small business
lending and consumer service capabilities."
Net Interest Income Improves
Net interest income continued to improve during the quarter to
$5.7 million, an increase of $12,000, or 0.2%, over the linked
quarter ended March 31, 2012. In this continued low-rate
environment, the Company has been able to lower its funding costs
at a slightly greater amount than the decline in the yield on its
earning assets. This improvement is largely attributable to a
higher level of performing interest-earning assets as the Company
continues to successfully resolve and reduce its level of
nonperforming assets. The net interest margin for the quarter was
3.07%, a slight decrease from the prior quarter net interest margin
of 3.10%, as the mix of the higher level of interest-earning assets
was less favorable as the Company works to redeploy its overnight
funds position.
Compared with the year-ago quarter ended June 30, 2011, net
interest income for the quarter increased $0.3 million, or 4.8%.
The net interest margin improved 12 basis points from the
prior-year net interest margin of 2.95%. This improvement is also
attributable to the reduced level of nonperforming assets along
with the strategic increase in, as well as a change in the mix of,
average earning assets.
Mortgage Banking Activity Remains Strong, Boosting
Non-interest Income Compared with Prior-Year Quarter
Mortgage banking volumes remained strong during the quarter
ended June 30, 2012, as a result of the historical low interest
rate environment and home refinance programs. Revenue from mortgage
banking activities totaled $3.0 million during the quarter.
Although mortgage banking volumes were strong, they were slightly
lower than the quarter ended March 31, 2012, resulting in a
comparative decline of $0.3 million. Non-interest income totaled
$3.0 million for the quarter, a decrease of $0.2 million from the
previous quarter. Contributing to the strong level of non-interest
income, the Company realized a gain of $0.2 million from its Small
Business Administration lending program as this new initiative
takes hold. Partially offsetting this pick-up in non-interest
income was an increase in credit-related costs associated with
other real estate owned, which increased $0.1 million compared with
the prior quarter and totaled $0.7 million. The credit-related
costs resulted from updated valuations on other real estate owned
and losses on property dispositions.
In comparison with the same period of the prior year,
non-interest income increased $1.0 million, primarily due to higher
mortgage banking revenues of $2.2 million in the current period.
This increase was partially offset by a $1.2 million decrease in
gains on the sale of mortgage-backed securities.
Regulatory Order Asset Quality Metrics Exceeded as
Nonperforming Assets Continue to Decline
During the quarter, the Company met and now exceeds the asset
quality requirements of its regulatory order as it has reduced its
level of classified assets to core capital plus general valuation
allowance ratio to 48.2% at June 30, 2012, and reduced its level of
classified assets plus special mention assets to core capital plus
general valuation allowance ratio to 55.0%. The regulatory order
requires these specific ratios to be no greater than 50% and 65%,
respectively. This significant milestone occurred as the Company
registered its 11th consecutive quarter of progress in reducing its
problem assets and marks yet another step with respect to its
multi-year strategic plan to improve the Bank's balance sheet,
reduce problem assets, and build the infrastructure and culture
needed to transform itself into a relationship-based commercial
bank. During the quarter, nonperforming loans decreased $3.6
million, or 15.5%, to $19.9 million, compared with the third
quarter of fiscal 2012, while other real estate owned decreased
$1.8 million to $7.7 million, resulting in total nonperforming
assets of $27.6 million. This was a decrease of $5.5 million, or
16.5%, compared with total nonperforming assets of $33.1 million at
March 31, 2012, and a decline of $32.3 million, or 53.9%, since
June 30, 2011.
"We are proud of the hard work everyone on our team has done to
achieve compliance with all of our regulatory targets during a very
difficult macroeconomic period," King said. "We look forward to
continuing our progress as we further improve our market position,
asset quality and profitability."
The provision for loan losses totaled $1.5 million for the
current quarter compared with $2.0 million and $4.2 million for the
quarters ended March 31, 2012 and June 30, 2011, respectively.
Although credit costs remain somewhat elevated in this persistently
difficult economic operating environment, the lower provision
reflects the continued progress in improving overall asset quality
and reducing the level of problem loans. The Company remains
confident in its ability to continue its progress in addressing
problem loans.
The allowance for loan losses at June 30, 2012 was $16.1
million, or 2.9% of total loans. This compares with an allowance of
$16.9 million, or 3.0% of total loans, at March 31, 2012, and $30.0
million, or 5.2% of total loans, at June 30, 2011. The decrease
from June 30, 2011 resulted from charging off loans that were
previously treated as specific valuation allowances. The
allowance's coverage of nonperforming loans again improved during
the quarter, increasing to 80.7% at June 30, 2012, compared with
71.8% at March 31, 2012, and 59.6% at June 30, 2011.
Non-interest Expense Managed
Non-interest expense totaled $6.6 million for the current
quarter, compared with $6.5 million for the fiscal 2012 third
quarter and $6.3 million for the year-ago quarter. The Company
continues to successfully manage its expense level while executing
its turnaround and investing in the infrastructure and personnel
necessary to expand the targeted business lines as part of its
transformation.
Pre-tax, Pre-credit Provision Income Improves
Sequentially
One metric that management believes is useful in analyzing
performance is pre-tax, pre-credit provision income, which adjusts
earnings to exclude loan loss provision expense, credit-related
charges involving the valuation and disposition of other real
estate owned, and securities gains or losses. In addition, earnings
are adjusted for items identified by management to be outside of
ordinary banking activities and/or by items that, while they may be
associated with ordinary banking activities, are so unusually large
that their outsized impact is believed by management at the time to
be infrequent or short-term in nature, which management believes
may distort the Company's underlying performance trends. The
quarterly pre-tax, pre-credit provision income at June 30, 2012 was
$2.8 million, compared with $3.0 million for the quarter ended
March 31, 2012, and $0.5 million for the prior-year quarter.
A reconciliation of net earnings reported under generally
accepted accounting principles (GAAP) to pre-tax, pre-credit
provision income (a non-GAAP metric) for the quarters ended June
30, 2012, March 31, 2012, and June 30, 2011 is as follows (dollars
in millions):
|
June 30, 2012 |
March 31, 2012 |
June 30, 2011 |
|
|
|
|
Net income (loss) |
$0.8 |
$0.4 |
$(2.6) |
Federal income tax provision (benefit) |
(0.2) |
0.0 |
(0.4) |
Pre-tax income (loss) |
0.6 |
0.4 |
(3.0) |
Securities gains |
0.0 |
0.0 |
(1.2) |
Provision for loan losses |
1.5 |
2.0 |
4.2 |
Loss/write-down (gain) on real estate
owned |
0.7 |
0.6 |
0.5 |
|
|
|
|
Pre-tax, pre-credit provision income
(loss) |
$2.8 |
$3.0 |
$0.5 |
Pre-tax, pre-credit provision income declined by approximately
$0.2 million compared with the March 31, 2012 period, as a result
of slightly lower income from mortgage banking activities of $0.3
million, higher income from the sale of SBA loans of $0.2 million
and slightly higher operating expenses of $0.1 million.
Pre-tax, pre-credit provision income increased from the June 30,
2011 period by $2.3 million, primarily due to the higher mortgage
banking income for the current period of $2.2 million, higher SBA
income of $0.1 million, along with an increase of $0.3 million in
net interest income and higher operating costs of $0.3 million
compared with the prior-year period.
Bank Capital Ratios Exceed Regulatory
Levels
The Bank's capital ratios have continued to exceed the
requirements prescribed under the regulatory order for fiscal 2012.
As of June 30, 2012, the ratio of tier one (core) capital to
adjusted total assets stood at 8.74% and total risk-based capital
to risk-weighted assets was 13.10%. The requirements under the
regulatory order are 8.00% and 12.00%, respectively. The Company's
tangible book value now stands at $2.74 per share.
Fiscal 2012 Full-Year Results
For the year ended June 30, 2012, the Company's net loss totaled
$1.3 million, or $0.05 basic and diluted loss per share, compared
with a loss of $9.7 million, or $0.38 basic and diluted loss per
share, for 2011. The $8.4 million improvement in the Company's
results is attributable to a $1.2 million improvement in net
interest income; a reduction in the provision for loan losses of
$6.6 million as a result of the improved asset quality; a $1.1
million increase in non-interest income from higher overall
mortgage banking revenue of $2.5 million less a decline in gains on
sale of securities of $1.2 million; a $0.9 million increase in
non-interest expense; and lower federal income tax provision of
$0.3 million.
About PVF Capital Corp.
Park View Federal is a wholly-owned subsidiary of PVF Capital
Corp. and operates 17 full-service offices located throughout the
Greater Cleveland area. For additional information, visit our web
site at parkviewfederal.com. PVF Capital Corp.'s common shares
trade on the NASDAQ Capital Market under the symbol
PVFC.
Use of Non-GAAP Financial Measures
This release included certain financial information determined
by methods other than in accordance with GAAP. One non-GAAP
performance metric that management believes is useful in analyzing
underlying performance trends is pre-tax, pre-credit provision
income. This is the level of earnings adjusted to exclude the
impact of:
- provision expense and credit related charges involving the
valuation and disposition of other real estate owned, which are
excluded because its absolute level is elevated and volatile in
times of economic stress;
- available-for-sale and other securities gains/losses, which are
excluded because in times of economic stress securities market
valuations may also become particularly volatile; and
- certain items identified by management to be outside of
ordinary banking activities, and/or by items that, while they may
be associated with ordinary banking activities, are so unusually
large that their outsized impact is believed by management at the
time to be infrequent or short-term in nature, which management
believes may distort the Company's underlying performance
trends.
Non-GAAP measures are not in accordance with, nor are they a
substitute for, GAAP measures. The Company's non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for the comparable GAAP financial measures, and should
be read only in conjunction with the Company's consolidated
financial statements prepared in accordance with GAAP. While the
Company believes that non-GAAP financial measures provide useful
supplemental information to investors, there are very significant
limitations associated with their use. Non-GAAP financial measures
are not prepared in accordance with GAAP, may not be reported by
all of the Company's competitors and may not be directly comparable
to similarly titled measures of the Company's competitors due to
potential differences in the exact methods of calculation. The
Company compensates for these limitations by using these non-GAAP
financial measures as supplements to GAAP financial measures and by
reviewing the reconciliations of the non-GAAP financial measures to
their most comparable GAAP financial measures.
Cautionary Note on Forward-Looking
Statements
This press release contains statements that are forward-looking,
as that term is defined by the Private Securities Litigation Act of
1995 or the Securities and Exchange Commission in its rules,
regulations and releases. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. All forward-looking statements are based on current
expectation regarding important risk factors including, but not
limited to, interest rate changes, real estate values, continued
softening in the economy, which could materially impact credit
quality trends and the ability to generate loans, changes in the
mix of the Company's business, competitive pressures, changes in
accounting, tax or regulatory practices or requirements and those
risk factors detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. Accordingly, actual results may differ from those
expressed in the forward-looking statements, and the making of such
statements should not be regarded as a representation by the
Company or any other person that results expressed therein will be
achieved. This press release contains time-sensitive information
that reflects management's best analysis only as of the date of
this document. The Company does not undertake an obligation to
publicly update or revise any forward-looking statements to reflect
new events, information or circumstances, or otherwise. Further
information concerning issues that could materially affect
financial performance related to forward-looking statements can be
found in the Company's periodic filings with the Securities and
Exchange Commission.
PVF CAPITAL
CORP. |
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
(Unaudited) |
|
|
|
|
June 30, |
June 30, |
|
2012 |
2011 |
|
|
|
|
|
|
ASSETS |
|
|
Cash and amounts due from financial
institutions |
$ 5,840,608 |
$ 19,138,325 |
Interest-bearing deposits |
114,269,532 |
130,153,080 |
Total cash and cash equivalents |
120,110,140 |
149,291,405 |
Securities available for sale |
23,271,082 |
8,946,674 |
Mortgage-backed securities available for
sale |
15,386,962 |
4,972,121 |
Loans receivable held for sale, net |
25,062,786 |
9,392,389 |
Loans receivable, net of allowance of
$16,052,865 and $29,996,893, respectively |
541,627,515 |
547,282,037 |
Office properties and equipment, net |
7,237,165 |
7,556,764 |
Real estate owned, net |
7,733,578 |
7,972,753 |
Federal Home Loan Bank stock |
12,811,100 |
12,811,100 |
Bank-owned life insurance |
23,648,663 |
23,420,089 |
Prepaid expenses and other assets |
14,560,882 |
15,409,502 |
Total assets |
$ 791,449,873 |
$ 787,054,834 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Liabilities |
|
|
Non-interest-bearing deposits |
$ 51,786,588 |
$ 32,133,869 |
Interest-bearing deposits |
604,192,552 |
620,437,966 |
Total deposits |
655,979,140 |
652,571,835 |
Note payable |
1,046,111 |
1,152,778 |
Long-term advances from the Federal Home
Loan Bank |
35,000,000 |
35,000,000 |
Advances from borrowers for taxes and
insurance |
4,469,292 |
11,212,923 |
Accrued expenses and other
liabilities |
24,224,709 |
15,835,317 |
Total liabilities |
720,719,252 |
715,772,853 |
|
|
|
Stockholders' equity |
|
|
Serial preferred stock, none issued |
-- |
-- |
Common stock, $.01 par value, 65,000,000
shares authorized; 26,217,796 and 26,142,443 shares issued |
262,178 |
261,424 |
Additional paid-in capital |
100,897,560 |
100,543,717 |
Retained earnings (accumulated
deficit) |
(26,119,854) |
(24,788,778) |
Accumulated other comprehensive income
(loss) |
(472,116) |
(897,235) |
Treasury stock at cost, 472,725
shares |
(3,837,147) |
(3,837,147) |
Total stockholders' equity |
70,730,621 |
71,281,981 |
Total liabilities and stockholders'
equity |
$ 791,449,873 |
$ 787,054,834 |
|
PVF CAPITAL
CORP. |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
June 30, |
June 30, |
|
2012 |
2011 |
2012 |
2011 |
Interest and dividends income |
|
|
|
|
Loans |
$ 7,015,317 |
$ 7,098,127 |
$ 28,382,546 |
$ 30,214,747 |
Mortgage-backed securities |
78,913 |
401,955 |
289,690 |
1,749,216 |
Federal Home Loan Bank stock
dividends |
135,375 |
142,151 |
537,608 |
560,354 |
Securities |
131,382 |
57,283 |
316,180 |
241,238 |
Federal funds sold and interest-bearing
deposits |
67,303 |
62,817 |
321,889 |
216,221 |
Total interest and dividends income |
7,428,290 |
7,762,333 |
29,847,913 |
32,981,776 |
|
|
|
|
|
Interest expense |
|
|
|
|
Deposits |
1,469,123 |
2,062,707 |
6,793,493 |
9,247,128 |
Long-term borrowings |
268,011 |
269,729 |
1,080,898 |
2,913,075 |
Total interest expense |
1,737,134 |
2,332,436 |
7,874,391 |
12,160,203 |
|
|
|
|
|
Net interest income |
5,691,156 |
5,429,897 |
21,973,522 |
20,821,573 |
Provision for loan losses |
1,500,000 |
4,150,000 |
6,982,000 |
13,540,000 |
Net interest income after provision for
loan losses |
4,191,156 |
1,279,897 |
14,991,522 |
7,281,573 |
|
|
|
|
|
Non-interest income |
|
|
|
|
Service charges and other fees |
215,252 |
202,600 |
838,333 |
694,547 |
Mortgage banking activities, net |
2,987,630 |
836,917 |
9,137,364 |
6,615,079 |
Gain on sale of SBA loans |
234,775 |
114,453 |
455,993 |
114,453 |
Increase in cash surrender value of
bank-owned life insurance |
54,658 |
66,661 |
228,573 |
276,056 |
Gain on sale of mortgage-backed
securities |
-- |
1,232,112 |
-- |
1,232,112 |
Gain (loss) on real estate owned |
(220,181) |
(216,305) |
(673,950) |
(498,995) |
Provision for real estate owned
losses |
(452,394) |
(298,684) |
(1,728,797) |
(1,303,154) |
Other, net |
223,133 |
65,508 |
857,705 |
807,689 |
Total non-interest income |
3,042,873 |
2,003,262 |
9,115,221 |
7,937,787 |
|
|
|
|
|
Non-interest expense |
|
|
|
|
Compensation and benefits |
2,980,425 |
2,957,015 |
11,461,869 |
10,710,612 |
Office occupancy and equipment |
580,459 |
454,548 |
2,351,359 |
2,471,196 |
FDIC insurance |
431,895 |
423,783 |
1,727,508 |
2,131,524 |
Professional and legal |
105,000 |
90,595 |
410,000 |
416,077 |
Outside services |
897,428 |
663,096 |
2,746,530 |
2,159,777 |
Maintenance contracts |
203,054 |
175,051 |
843,736 |
618,375 |
Franchise tax |
206,138 |
225,428 |
881,994 |
818,726 |
Real estate owned and collection
expense |
563,551 |
739,232 |
2,534,228 |
2,945,405 |
Other |
633,487 |
540,548 |
2,699,595 |
2,516,949 |
Total non-interest expense |
6,601,437 |
6,269,296 |
25,656,819 |
24,788,641 |
|
|
|
|
|
Income (loss) before federal income
taxes |
632,592 |
(2,986,137) |
(1,550,076) |
(9,569,281) |
Federal income tax provision (benefit) |
(193,821) |
(416,893) |
(218,999) |
121,839 |
Net income (loss) |
$ 826,413 |
$ (2,569,244) |
$ (1,331,077) |
$ (9,691,120) |
|
|
|
|
|
Basic earnings (loss) per share |
$ 0.03 |
$ (0.10) |
$ (0.05) |
$ (0.38) |
Diluted earnings (loss) per share |
$ 0.03 |
$ (0.10) |
$ (0.05) |
$ (0.38) |
|
FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
|
|
At or for the three
months ended |
(dollars in thousands except per
share data) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Balance Sheet Data: |
2012 |
2012 |
2011 |
2011 |
2011 |
Total assets |
$ 791,450 |
$ 806,472 |
$ 794,823 |
$ 780,013 |
$ 787,055 |
Loans receivable |
557,680 |
563,557 |
564,036 |
567,812 |
577,279 |
Allowance for loan losses |
16,053 |
16,914 |
17,515 |
29,553 |
29,997 |
Loans receivable held for sale, net |
25,063 |
16,386 |
8,221 |
12,857 |
9,392 |
Mortgage-backed securities available for
sale |
15,387 |
16,690 |
17,578 |
4,820 |
4,972 |
Cash and cash equivalents |
120,110 |
134,496 |
151,850 |
150,272 |
149,291 |
Securities available for sale |
23,271 |
24,218 |
5,017 |
2,985 |
8,947 |
Deposits |
655,979 |
667,198 |
658,632 |
648,522 |
652,572 |
Borrowings |
36,046 |
36,073 |
36,099 |
36,126 |
36,153 |
Stockholders' equity |
70,731 |
69,768 |
68,949 |
70,571 |
71,282 |
Nonperforming loans |
19,900 |
23,542 |
30,313 |
47,972 |
50,347 |
Other nonperforming assets |
7,734 |
9,552 |
9,995 |
7,925 |
7,973 |
Tangible common equity ratio |
8.94% |
8.65% |
8.67% |
9.05% |
9.06% |
Book value per share |
$2.74 |
$2.70 |
$2.69 |
$2.75 |
$2.78 |
Common shares outstanding at period end |
25,820,424 |
25,820,424 |
25,669,718 |
25,669,718 |
25,669,718 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data: |
|
|
|
|
|
Interest income |
$ 7,428 |
$ 7,540 |
$ 7,481 |
$ 7,399 |
$ 7,762 |
Interest expense |
1,737 |
1,861 |
2,055 |
2,222 |
2,332 |
|
|
|
|
|
|
Net interest income before provision for loan
losses |
5,691 |
5,679 |
5,426 |
5,177 |
5,430 |
Provision for loan losses |
1,500 |
2,016 |
1,966 |
1,500 |
4,150 |
|
|
|
|
|
|
Net interest income after provision for loan
losses |
4,191 |
3,663 |
3,460 |
3,677 |
1,280 |
Non-interest income |
3,043 |
3,275 |
1,126 |
1,671 |
2,003 |
Non-interest expense |
6,602 |
6,518 |
6,343 |
6,194 |
6,269 |
|
|
|
|
|
|
Income (loss) before federal income
taxes |
633 |
420 |
(1,757) |
(846) |
(2,986) |
Federal income tax expense (benefit) |
(194) |
-- |
-- |
(25) |
(417) |
|
|
|
|
|
|
Net income (loss) |
$ 826 |
$ 420 |
$ (1,757) |
$ (821) |
$ (2,569) |
|
|
|
|
|
|
Basic earnings (loss) per share |
$ 0.03 |
$ 0.02 |
$ (0.07) |
$ (0.03) |
$ (0.10) |
Diluted earnings (loss) per share |
$ 0.03 |
$ 0.02 |
$ (0.07) |
$ (0.03) |
$ (0.10) |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets |
0.41% |
0.21% |
(0.89%) |
(0.42%) |
(1.31%) |
Return on average equity |
4.71% |
2.42% |
(10.07%) |
(4.63%) |
(14.10%) |
Net interest margin |
3.07% |
3.10% |
2.97% |
2.80% |
2.95% |
Interest rate spread |
2.99% |
3.04% |
2.90% |
2.70% |
2.86% |
Efficiency ratio |
70.69% |
68.14% |
82.10% |
83.62% |
93.82% |
Stockholders' equity to total assets (all
tangible) |
8.94% |
8.65% |
8.67% |
9.05% |
9.06% |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Nonperforming assets to total assets |
3.49% |
4.10% |
5.07% |
7.17% |
7.41% |
Nonperforming loans to total loans |
3.57% |
4.18% |
5.37% |
8.45% |
8.72% |
Allowance for loan losses to total loans |
2.88% |
3.00% |
3.11% |
5.20% |
5.20% |
Allowance for loan losses to nonperforming
loans |
80.67% |
71.85% |
57.78% |
61.60% |
59.58% |
Net charge-offs to average loans,
annualized |
1.64% |
1.86% |
9.90% |
1.33% |
2.73% |
|
|
|
|
|
|
Park View Federal Regulatory Capital
Ratios: |
|
|
|
|
|
Ratio of tangible capital to adjusted total
assets |
8.74% |
8.55% |
8.23% |
8.62% |
8.63% |
Ratio of tier one (core) capital to
adjusted total assets |
8.74% |
8.55% |
8.23% |
8.62% |
8.63% |
Ratio of tier one risk-based capital to
risk-weighted assets |
11.83% |
11.66% |
11.25% |
11.68% |
11.60% |
Ratio of total risk-based capital to
risk-weighted assets |
13.10% |
12.93% |
12.52% |
12.95% |
12.87% |
CONTACT: James H. Nicholson
Chief Financial Officer
440-248-7171
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