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8-K - FORM 8-K - NORTH VALLEY BANCORPnovb_8k.htm


Exhibit 99.198

 

 

North Valley Bancorp Reports Results for the Quarter

and Six Months Ended June 30, 2013

 

July 30, 2013 – REDDING, CA - North Valley Bancorp (NASDAQ:NOVB), a bank holding company with approximately $918 million in assets, today reported results for the second quarter and six months ended June 30, 2013. North Valley Bancorp (“the Company”) is the parent company for North Valley Bank (“NVB”).

 

The Company reported net income for the second quarter ended June 30, 2013 of $894,000, or $0.13 per diluted share, compared to net income of $1,261,000, or $0.18 per diluted share, for the same period in 2012. The Company reported net income for the six months ended June 30, 2013 of $2,155,000, or $0.31 per diluted share, compared to net income of $1,741,000, or $0.25 per diluted share, for the same period in 2012. “The second quarter marked continued progress on our strategic plan: another profitable quarter, good organic loan growth from all of our markets, and sales of OREO which further reduced our nonperforming assets. Additionally, we anticipate that a substantial portion of the remaining OREO balance will be sold prior to the close of the third quarter at amounts which approximate their current carrying values,” stated Mike Cushman, President and CEO.

 

Continued improvement in the overall credit quality of the Company’s loan portfolio resulted in no provision for loan losses being recorded for the second quarter and the six months ended June 30, 2013, compared to provisions for loan losses of $1,000,000 and $1,400,000 for the second quarter and the six months ended June 30, 2012, respectively. The allowance for loan losses at June 30, 2013 was $9,527,000, or 1.89% of total loans, compared to $10,458,000, or 2.12% of total loans at December 31, 2012 and $11,732,000, or 2.58% of total loans at June 30, 2012.

 

At June 30, 2013, total assets were $917,758,000, an increase of $9,647,000, or 1.1%, from $908,111,000 at June 30, 2012. The loan portfolio totaled $504,274,000 at June 30, 2013, an increase of $49,017,000, or 10.8%, compared to $455,257,000 at June 30, 2012. The loan to deposit ratio at June 30, 2013 was 65.9% as compared to 59.7% at June 30, 2012, and 64.0% at December 31, 2012. Total deposits increased $1,784,000, or 0.2%, to $765,055,000 at June 30, 2013 compared to $763,271,000 at June 30, 2012. Available-for-sale investment securities totaled $306,300,000 at June 30, 2013, an increase of $922,000 from June 30, 2012. The Company did not have any Federal funds sold at June 30, 2013 compared to $53,375,000 at June 30, 2012, and other borrowings were $22,025,000 at June 30, 2013 compared to none at June 30, 2012. When compared to December 31, 2012, total assets at June 30, 2013 increased $15,415,000 from $902,343,000, loans increased by $12,063,000 from $492,211,000, while deposits decreased by $3,525,000 from $768,580,000. Available-for-sale investment securities increased $20,485,000 from December 31, 2012 to June 30, 2013, while Federal funds sold decreased $15,865,000 from December 31, 2012 to June 30, 2013, and other borrowings increased $22,025,000 from December 31, 2012 to June 30, 2013. Growth in the Company’s investment securities and loan balances during the past six and twelve month periods were primarily accomplished through a reduction in Federal funds sold and an increase in other borrowings.

 

At June 30, 2013, the Company’s Total Risk-based Capital was $116,607,000, and its capital ratios were: Total Risk-based Capital ratio – 18.6%; Tier 1 risk-based Capital ratio – 17.3%; and Tier 1 Leverage ratio – 12.1%. At June 30, 2013, the Bank’s Total Risk-based Capital was $115,864,000, and its capital ratios were: Total Risk-based Capital ratio – 18.5%; Tier 1 risk-based Capital ratio – 17.2%; and Tier 1 Leverage ratio – 12.0%.

 

As previously announced on June 26, 2013, the Board of Directors of the Company has authorized the repurchase of up to 5% of the Company’s outstanding common shares, or approximately 340,000 shares. Approximately 6,835,000 shares of common stock are currently outstanding. The repurchases will be made from time to time by the Company in the open market, or privately negotiated transactions, as conditions allow. This repurchase program will be re-evaluated from time to time in light of market conditions, liquidity, or other factors. The Board of Directors, based on such re-evaluations, may suspend, terminate, modify or cancel the program at any time without notice.

 

 
 

 

Credit Quality and Other Real Estate Owned (OREO)

 

Nonperforming loans (defined as nonaccrual loans and loans 90 days or more past due and still accruing interest) decreased $10,900,000, or 65.0%, to $5,871,000 at June 30, 2013 from $16,771,000 at June 30, 2012, and increased $36,000 from the December 31, 2012 balance of $5,835,000. Nonperforming loans as a percentage of total loans were 1.16% at June 30, 2013, 3.68% at June 30, 2012, and 1.19% at December 31, 2012.

 

The overall level of nonperforming loans decreased $578,000 to $5,871,000 at June 30, 2013 from $6,449,000 at March 31, 2013. During the second quarter of 2013, the Company identified four loans totaling $496,000 as additional nonperforming loans. The additions were offset by reductions in nonperforming loans totaling $1,074,000 due primarily to charge-offs and collections received on certain loans and the transfer of two properties to OREO totaling $175,000. Of the four loans totaling $496,000 identified as nonaccrual loans and added to nonperforming loans during the second quarter of 2013, the largest loan is a $140,000 home equity loan located in Del Norte County. A specific reserve for the entire loan amount has been established. The remaining three loans in this group of nonperforming loans total $356,000 for which no specific reserves have been established.

 

Gross loan charge-offs for the second quarter of 2013 were $147,000 and recoveries totaled $23,000 resulting in net charge-offs of $124,000 compared to gross loan charge-offs for the second quarter of 2012 of $1,672,000 and recoveries of $130,000 resulting in net charge-offs of $1,542,000. Gross charge-offs for the six months ended June 30, 2013 were $1,203,000 and recoveries totaled $272,000 resulting in net charge-offs of $931,000, compared to gross charge-offs for the six months ended June 30, 2012 of $2,558,000 and recoveries of $234,000 resulting in net charge-offs of $2,324,000. These continued improvement trends in credit quality, partially offset by growth in the loan portfolio, resulted in management’s determination that the allowance for loan losses of $9,527,000 or 1.89% of total loans at June 30, 2013 was adequate as an estimate of the probable incurred losses in the portfolio. The allowance for loan losses at December 31, 2012 was $10,458,000 or 2.12% of total loans compared to the June 30, 2012 balance of $11,732,000 or 2.58% of total loans.

 

Nonperforming assets (nonperforming loans and OREO) totaled $22,195,000 at June 30, 2013, a decrease of $10,224,000 from the June 30, 2012 balance of $32,419,000, and a $6,063,000 decrease from the December 31, 2012 balance of $28,258,000. Nonperforming assets as a percentage of total assets were 2.42% at June 30, 2013 compared to 3.57% at June 30, 2012 and 3.13% at December 31, 2012.

 

The Company’s OREO properties decreased $5,041,000 to $16,324,000 at June 30, 2013 from $21,365,000 at March 31, 2013. The decrease in OREO was due to the sale of five properties totaling $4,319,000, a loss on sale of $275,000, and the write-down of the value of OREO properties of $622,000 during the quarter ended June 30, 2013, which was partially offset by the transfer of two properties to OREO totaling $175,000.

 

Operating Results

 

Net interest income, which represents the Company’s largest component of revenues and is the difference between interest earned on loans and investments and interest paid on deposits and borrowings, increased $249,000, or 3.4%, for the three months ended June 30, 2013 compared to the same period in 2012. Interest income decreased by $439,000, due to a decrease in investment securities income as a result of both the lower yield on investment securities and the decrease in average investment securities balances. The Company had foregone interest of $50,000 and $203,000 for the loans on nonaccrual status for the three months ended June 30, 2013 and 2012, respectively. Average loans increased by $42,037,000 in the second quarter of 2013 compared to the second quarter of 2012, while the yield on the loan portfolio decreased 41 basis points to 5.24% for the quarter ended June 30, 2013. Offsetting the decrease in interest income was a decrease in interest expense of $688,000, or 63.1%, due to both a decrease in the rates paid on deposits and a decrease in rates paid on subordinated debt for the quarter ended June 30, 2013 compared to the same period in 2012. Overall, average earning assets increased $2,082,000 in the second quarter of 2013 compared to the second quarter of 2012. Average yields on earning assets decreased 24 basis points from the quarter ended June 30, 2012, to 3.97% for the quarter ended June 30, 2013 and the average rate paid on interest-bearing liabilities decreased by 43 basis points to 0.26%. The Company’s net interest margin for the quarter ended June 30, 2013 was 3.77%, an increase of 10 basis points from the margin of 3.67% for the second quarter in 2012 and a decrease of 4 basis points from the 3.81% net interest margin for the linked quarter ended March 31, 2013.

 

 
 

 

Net interest income increased $293,000 for the six months ended June 30, 2013 compared to the same period in 2012. Total interest income decreased by $1,180,000 for the six months ended June 30, 2013 compared to the same period in 2012, primarily due to a decrease in income on investment securities as a result of both the lower yield on investment securities and the decrease in average investment securities balances. Interest expense decreased $1,473,000 due to both a decrease on rates paid on deposits and a decrease in rates paid on subordinated debt for the six months ended June 30, 2013 compared to the same period in 2012. The net interest margin for the six months ended June 30, 2013 increased 14 basis points to 3.78% from the net interest margin of 3.64% for the six months ended June 30, 2012.

 

Noninterest income for the quarter ended June 30, 2013 decreased $1,036,000, or 22.1%, to $3,651,000 compared to $4,687,000 for the same period in 2012. The primary reason for the decrease in noninterest income was the Company did not have any gain on sales of investment securities for the quarter ended June 30, 2013 compared to a gain on sale of investment securities of $968,000 for the quarter ended June 30, 2012. Service charges on deposits decreased $165,000 to $971,000 for the second quarter of 2013 compared to $1,136,000 for the second quarter of 2012, and other fees and charges decreased $213,000 to $1,108,000 for the second quarter of 2013 compared to $1,321,000 for the second quarter of 2012. Gain on sales of mortgage loans increased $80,000 to $700,000 for the second quarter of 2013 compared to $620,000 for the second quarter of 2012, and gain on sales of SBA loans increased $156,000 to $220,000 for the second quarter of 2013 compared to $64,000 for the second quarter of 2012. Other noninterest income increased $74,000 to $652,000 for the second quarter of 2013 compared to $578,000 for the second quarter of 2012.

 

Noninterest income for the six months ended June 30, 2013 increased $34,000 to $7,980,000 from $7,946,000 for the same period in 2012. Service charges on deposits decreased $265,000 to $1,923,000 for the six months ended June 30, 2013 compared to $2,188,000 for the same period in 2012, and other fees and charges decreased by $290,000 to $2,228,000 for the six months ended June 30, 2013 compared to $2,518,000 for the same period in 2012. Gain on sales of mortgage loans increased $474,000 to $1,457,000 for the six months ended June 30, 2013 compared to $983,000 for the same period in 2012, and gain on sales of SBA loans increased $282,000 to $388,000 for the six months ended June 30, 2013 compared to $106,000 for the same period in 2012. Gain on sales of investment securities decreased $416,000 to $543,000 for the six months ended June 30, 2013 compared to gain on sales of investment securities of $959,000 for the same period in 2012. Other noninterest income increased $249,000 to $1,441,000 for the six months ended June 30, 2013 compared to $1,192,000 for the same period in 2012.

 

Noninterest expense increased $708,000, or 7.7%, to $9,936,000 for the second quarter of 2013 from $9,228,000 for the second quarter of 2012. Salaries and employee benefits increased $26,000, to $5,077,000 for the second quarter of 2013 compared to the second quarter of 2012. Occupancy, furniture and equipment expense decreased $30,000, for the second quarter of 2013 compared to the second quarter of 2012, while OREO expense increased $648,000 to $990,000 for the second quarter of 2013 compared to $342,000 for the second quarter of 2012. FDIC premiums and state assessments increased $37,000, and other expenses increased by $27,000 for the second quarter of 2013 compared to the second quarter of 2012.

 

Noninterest expense for the six months ended June 30, 2013 increased $940,000, or 5.0%, to $19,824,000 compared to $18,884,000 for the same period in 2012. For the six months ended June 30, 2013, salaries and employee benefits increased $131,000, while occupancy, furniture and equipment expense decreased $62,000. OREO expense increased $390,000 to $1,366,000 for the six months ended June 30, 2013 compared to $976,000 for the same period in 2012. FDIC premiums and state assessments decreased $58,000 to $431,000 for the six months ended June 30, 2013 compared to $489,000 for the same period in 2012, while other expenses increased $539,000 to $6,118,000 for the six months ended June 30, 2013 compared to $5,579,000 for the same period in 2012. The increase in other expenses for the six months ended June 30, 2013 was primarily due to the recording of $560,000 in additional reserves for expenses to be incurred during 2013 in connection with the settlement of a compliance exam conducted by the Federal Reserve Bank of San Francisco.

 

The Company recorded a provision for income taxes for the quarter ended June 30, 2013 of $399,000, resulting in an effective tax rate of 30.9%, compared to a provision for income taxes of $527,000, or an effective tax rate of 29.5%, for the quarter ended June 30, 2012. The provision for income taxes for the six month period ended June 30, 2013 was $1,015,000, resulting in an effective tax rate of 32.0%, compared to a provision for income taxes of $642,000, or an effective tax rate of 26.9%, for the same period in 2012.

 

 
 

 

North Valley Bancorp is a bank holding company headquartered in Redding, California. Its subsidiary, North Valley Bank (“NVB”), operates twenty-two commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California, including two in-store supermarket branches and six Business Banking Centers. North Valley Bancorp, through NVB, offers a wide range of consumer and business banking deposit products and services including internet banking and cash management services. In addition to these depository services, NVB engages in a full complement of lending activities including consumer, commercial and real estate loans. Additionally, NVB has SBA Preferred Lender status and provides investment services to its customers. Visit the Company’s website address at www.novb.com for more information.

 

Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally, regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of the war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by the Company with the Securities and Exchange Commission, should be carefully considered when evaluating the business prospects of the Company. North Valley Bancorp undertakes no obligation to update any forward-looking statements contained in this release, except as required by law.

 

For further information contact:

 

Michael J. Cushman or Kevin R. Watson
President & Chief Executive Officer   Executive Vice President & Chief Financial Officer
(530) 226-2900 Fax: (530) 221-4877   (530) 226-2900 Fax: (530) 221-4877

 

 
 

 

NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
   Three Months Ended     
   June 30,     
Statement of Income  2013   2012   $ Change   % Change 
Interest income                    
Loans (including fees)  $6,416   $6,324   $92    1.45%
Investment securities   1,553    2,079    (526)   (25.30%)
Federal funds sold and other   12    17    (5)   (29.41%)
Total interest income   7,981    8,420    (439)   (5.21%)
Interest expense                    
Interest on deposits   269    604    (335)   (55.46%)
Other borrowings   1        1     
Subordinated debentures   133    487    (354)   (72.69%)
Total interest expense   403    1,091    (688)   (63.06%)
Net interest income   7,578    7,329    249    3.40%
Provision for loan losses       1,000    (1,000)   (100.00%)
Net interest income after provision for loan losses   7,578    6,329    1,249    19.73%
                     
Noninterest income                    
Service charges on deposit accounts   971    1,136    (165)   (14.52%)
Other fees and charges   1,108    1,321    (213)   (16.12%)
Gain on sales of mortgage loans   700    620    80    12.90%
Gain on sales of SBA loans   220    64    156    243.75%
Gain on sales of securities, net       968    (968)   (100.00%)
Other   652    578    74    12.80%
Total noninterest income   3,651    4,687    (1,036)   (22.10%)
                     
Noninterest expenses                    
Salaries and employee benefits   5,077    5,051    26    0.51%
Occupancy   615    620    (5)   (0.81%)
Furniture and equipment   202    227    (25)   (11.01%)
Other real estate owned expense   990    342    648    189.47%
FDIC and state assessments   213    176    37    21.02%
Other   2,839    2,812    27    0.96%
Total noninterest expenses   9,936    9,228    708    7.67%
Income before provision for income taxes   1,293    1,788    (495)   (27.68%)
Provision for income taxes   399    527    (128)   (24.29%)
Net income  $894   $1,261   $(367)   (29.10%)
                     
Common Share Data                    
Earnings per share                    
Basic  $0.13   $0.18   $(0.05)   (27.78%)
Diluted  $0.13   $0.18   $(0.05)   (27.78%)
                     
Weighted average shares outstanding   6,835,192    6,833,752           
Weighted average shares outstanding - diluted   6,853,279    6,833,752           
Book value per share  $13.57   $13.61           
Tangible book value per share  $13.54   $13.56           
Shares outstanding   6,835,192    6,833,752           

 

 
 

 

NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
   Six Months Ended     
   June 30,     
Statement of Income  2013   2012   $ Change   % Change 
Interest income                    
Loans (including fees)  $12,782   $12,794   $(12)   (0.09%)
Investment securities   3,036    4,190    (1,154)   (27.54%)
Federal funds sold and other   31    45    (14)   (31.11%)
Total interest income   15,849    17,029    (1,180)   (6.93%)
Interest expense                    
Interest on deposits   568    1,338    (770)   (57.55%)
Other borrowings   1        1     
Subordinated debentures   266    970    (704)   (72.58%)
Total interest expense   835    2,308    (1,473)   (63.82%)
Net interest income   15,014    14,721    293    1.99%
Provision for loan losses       1,400    (1,400)   (100.00%)
Net interest income after provision for loan losses   15,014    13,321    1,693    12.71%
                     
Noninterest income                    
Service charges on deposit accounts   1,923    2,188    (265)   (12.11%)
Other fees and charges   2,228    2,518    (290)   (11.52%)
Gain on sales of mortgage loans   1,457    983    474    48.22%
Gain on sales of SBA loans   388    106    282    266.04%
Gain on sales of securities, net   543    959    (416)   (43.38%)
Other   1,441    1,192    249    20.89%
Total noninterest income   7,980    7,946    34    0.43%
                     
Noninterest expenses                    
Salaries and employee benefits   10,239    10,108    131    1.30%
Occupancy   1,248    1,260    (12)   (0.95%)
Furniture and equipment   422    472    (50)   (10.59%)
Other real estate owned expense   1,366    976    390    39.96%
FDIC and state assessments   431    489    (58)   (11.86%)
Other   6,118    5,579    539    9.66%
Total noninterest expenses   19,824    18,884    940    4.98%
Income before provision for income taxes   3,170    2,383    787    33.03%
Provision for income taxes   1,015    642    373    58.10%
Net income  $2,155   $1,741   $414    23.78%
                     
Common Share Data                    
Earnings per share                    
Basic  $0.32   $0.25   $0.07    28.00%
Diluted  $0.31   $0.25   $0.06    24.00%
                     
Weighted average shares outstanding   6,835,192    6,833,752           
Weighted average shares outstanding - diluted   6,849,556    6,833,752           
Book value per share  $13.57   $13.61           
Tangible book value per share  $13.54   $13.56           
Shares outstanding   6,835,192    6,833,752           

 

 
 

 

NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
 
    June 30,    December 31,    June 30, 
Balance Sheet Data   2013    2012    2012 
Assets               
Cash and due from banks  $21,431   $22,654   $19,037 
Federal funds sold       15,865    53,375 
Time deposits at other financial institutions   2,219    2,219    1,960 
Available-for-sale securities - at fair value   306,300    285,815    305,378 
Held-to-maturity securities - at amortized cost   6    6    6 
                
Loans   504,274    492,211    455,257 
Allowance for loan losses   (9,527)   (10,458)   (11,732)
Net loans   494,747    481,753    443,525 
                
Premises and equipment, net   8,704    9,181    9,362 
Other real estate owned   16,324    22,423    15,648 
Core deposit intangibles, net   182    255    328 
Accrued interest receivable and other assets   67,845    62,172    59,492 
Total assets  $917,758   $902,343   $908,111 
                
Liabilities and Shareholders’ Equity               
Deposits:               
Demand, noninterest bearing  $173,119   $177,855   $163,446 
Demand, interest bearing   194,072    185,315    184,113 
Savings and money market   239,944    233,034    220,430 
Time   157,920    172,376    195,282 
Total deposits   765,055    768,580    763,271 
                
Accrued interest payable and other liabilities   16,281    15,951    19,862 
Other borrowings   22,025         
Subordinated debentures   21,651    21,651    31,961 
Total liabilities   825,012    806,182    815,094 
Shareholders’ equity   92,746    96,161    93,017 
Total liabilities and shareholders’ equity  $917,758   $902,343   $908,111 
                
Asset Quality               
Nonaccrual loans  $5,871   $5,835   $16,627 
Loans past due 90 days and accruing interest           144 
Other real estate owned   16,324    22,423    15,648 
Total nonperforming assets  $22,195   $28,258   $32,419 
                
Classified assets  $31,654   $45,297   $47,896 
Bank Tier 1 Capital + ALLL  $117,532   $115,580   $114,185 
Classified assets ratio   26.93%   39.19%   41.95%
                
Allowance for loan losses to total loans   1.89%   2.12%   2.58%
Allowance for loan losses to NPL’s   162.27%   179.23%   69.95%

 

 
 

 

NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
Selected Financial Ratios  2013   2012   2013   2012 
Return on average total assets   0.40%   0.56%   0.48%   0.38%
Return on average shareholders’ equity   3.69%   5.47%   4.49%   3.81%
Net interest margin (tax equivalent basis)   3.77%   3.67%   3.78%   3.64%
Efficiency ratio   88.49%   76.80%   86.21%   83.31%
                     
Selected Average Balances                    
Loans  $491,252   $449,215   $487,852   $450,347 
Taxable investments   290,563    320,264    283,020    318,520 
Tax-exempt investments   8,238    12,229    9,034    12,607 
Federal funds sold and other   20,786    27,049    26,916    38,000 
Total earning assets  $810,839   $808,757   $806,822   $819,474 
Total assets  $906,923   $907,749   $902,077   $911,962 
                     
Demand deposits - interest bearing  $194,034   $179,726   $191,102   $177,863 
Savings and money market   244,943    222,669    242,690    221,199 
Time deposits   159,564    202,415    162,863    207,657 
Other borrowings   23,347    31,961    22,504    31,961 
Total interest bearing liabilities  $621,888   $636,771   $619,159   $638,680 
Demand deposits - noninterest bearing  $167,757   $157,268   $167,606   $157,826 
Shareholders’ equity  $97,190   $92,411   $96,839   $91,568 

 

NORTH VALLEY BANCORP
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
   For the Quarter Ended 
   June   March   December   September 
   2013   2013   2012   2012 
Interest income  $7,981   $7,868   $8,276   $8,426 
Interest expense   403    432    504    713 
Net interest income   7,578    7,436    7,772    7,713 
                     
Provision for loan losses               700 
Noninterest income   3,651    4,329    4,269    4,204 
Noninterest expense   9,936    9,888    11,336    9,759 
                     
Income before provision (benefit) for income taxes   1,293    1,877    705    1,458 
Provision (benefit) for income taxes   399    616    160    (2,546)
Net income  $894   $1,261   $545   $4,004 
                     
Earnings per common share:                    
Basic  $0.13   $0.18   $0.08   $0.59 
Diluted  $0.13   $0.18   $0.08   $0.59