BankFinancial CORP - FORM 8-K - EX-99.2 - EXHIBIT

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8-K - 8-K - BankFinancial CORP	bfin201309308k.htm
EX-99.1 - EXHIBIT - BankFinancial CORP	bfin20131104exhibit991pr.htm

Exhibit 99.2

BANKFINANCIAL CORPORATION

THIRD QUARTER 2013

QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT

FOR THE LATEST FIVE QUARTERS

Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.

The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
PERFORMANCE MEASUREMENTS
Return on assets (ratio of net income (loss) to average total assets) ⁽¹⁾	0.29		%	0.02		%	0.19		%	(6.66		)%	(1.39		)%
Return on equity (ratio of net income (loss) to average equity)⁽¹⁾	2.38			0.17			1.55			(50.32		)	(10.20		)
Net interest rate spread ⁽¹⁾	3.21			3.25			3.39			3.51			3.69
Net interest margin ⁽¹⁾	3.26			3.31			3.45			3.58			3.76
Efficiency ratio, less goodwill impairment	95.28			97.81			90.40			104.78			105.04
Noninterest expense to average total assets, less goodwill impairment⁽¹⁾	3.38			3.46			3.61			4.05			4.26
Average interest–earning assets to average interest–bearing liabilities	121.95			121.24			120.81			123.20			123.54
Number of full service offices	20			20			20			20			20
Employees (full time equivalents)	308			308			347			352			347

SUMMARY STATEMENT OF FINANCIAL CONDITION
ASSETS
Cash and due from other financial institutions	$	18,068		$	18,303		$	17,742		$	20,361		$	19,619
Interest-bearing deposits in other financial institutions	225,410			293,790			293,386			255,403			217,110
Securities, at fair value	83,409			53,014			61,273			77,832			81,748
Loans held for sale	15			276			55			2,166			551
Loans receivable, net	1,035,331			1,012,316			1,004,404			1,030,465			1,080,489
Other real estate owned, net	5,403			6,262			8,088			10,358			14,994
Stock in Federal Home Loan Bank, at cost	6,068			6,068			7,566			8,412			9,067
Premises and equipment, net	36,154			36,830			37,530			38,251			38,555
Intangible assets	2,583			2,732			2,882			3,038			3,195
Bank owned life insurance	21,881			21,797			21,715			21,645			21,562
FDIC prepaid expense	—			—			2,188			2,658			3,118
Income tax receivable	—			—			—			461			461
Other assets	7,626			9,744			9,306			10,142			9,403
Total assets	$	1,441,948		$	1,461,132		$	1,466,135		$	1,481,192		$	1,499,872

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,249,833		$	1,262,096		$	1,271,550		$	1,282,351		$	1,278,196
Borrowings	2,883			2,940			2,740			5,567			6,946
Other liabilities	14,921			22,867			18,206			20,384			16,733
Total liabilities	1,267,637			1,287,903			1,292,496			1,308,302			1,301,875
Stockholders’ equity	174,311			173,229			173,639			172,890			197,997
Total liabilities and stockholders’ equity	$	1,441,948		$	1,461,132		$	1,466,135		$	1,481,192		$	1,499,872

(1)Annualized

Page 2

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
SUMMARY STATEMENT OF OPERATIONS
Total interest income	$	12,107		$	12,276		$	12,713		$	13,801		$	14,468
Total interest expense	882			935			994			1,059			1,036
Net interest income before provision	11,225			11,341			11,719			12,742			13,432
Provision (recovery) for loan losses	(437		)	206			722			24,328			4,453
Net interest income	11,662			11,135			10,997			(11,586		)	8,979
Noninterest income	1,539			1,509			2,866			1,771			1,831
Noninterest expense	12,162			12,568			13,185			15,207			16,032
Income (loss) before income tax	1,039			76			678			(25,022		)	(5,222		)
Income tax expense (benefit)	—			—			—			—			—
Net income (loss)	$	1,039		$	76		$	678		$	(25,022	)	$	(5,222	)
Basic earnings (loss) per common share	$	0.05		$	—		$	0.03		$	(1.25	)	$	(0.26	)
Diluted earnings (loss) per common share	$	0.05		$	—		$	0.03		$	(1.25	)	$	(0.26	)

NONINTEREST INCOME AND EXPENSE
Noninterest Income
Deposit service charges and fees	$	520		$	509		$	499		$	550		$	548
Other fee income	373			410			375			380			374
Insurance commissions and annuities income	106			86			109			151			125
Gain (loss) on sales of loans, net	32			(4		)	1,417			246			210
Gain (loss) on disposition of premises and equipment	—			—			—			8			(7		)
Loan servicing fees	112			114			123			115			124
Amortization of servicing assets	(49		)	(85		)	(59		)	(68		)	(61		)
Recovery (impairment) of servicing assets	6			9			26			(17		)	6
Earnings on bank owned life insurance	84			82			70			83			109
Trust income	172			183			181			188			171
Other	183			205			125			135			232
Total noninterest income	$	1,539		$	1,509		$	2,866		$	1,771		$	1,831

Noninterest Expense
Compensation and benefits	$	6,143		$	6,686		$	6,752		$	6,278		$	6,353
Office occupancy and equipment	1,797			1,805			1,948			2,019			1,904
Advertising and public relations	195			268			146			258			145
Information technology	817			816			749			813			880
Supplies, telephone, and postage	382			403			461			413			372
Amortization of intangibles	149			150			156			156			156
Nonperforming asset management	682			655			694			1,126			1,728
Loss (gain) on sales of other real estate owned	64			49			69			379			(42		)
Valuation adjustments of other real estate owned	241			141			89			1,783			2,352
Operations of other real estate owned	171			232			353			344			432
FDIC insurance premiums	476			477			492			480			642
Other	1,045			886			1,276			1,158			1,110
Total noninterest expense	$	12,162		$	12,568		$	13,185		$	15,207		$	16,032

Page 3

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
LOANS
One–to–four family residential real estate loans	$	204,205		$	200,181		$	209,540		$	218,596		$	238,810
Multi–family mortgage loans	375,786			353,924			338,502			352,019			374,164
Nonresidential real estate loans	246,524			255,429			261,207			264,672			288,976
Construction and land loans	6,429			7,152			6,933			8,552			13,774
Commercial loans	52,978			51,701			55,362			61,388			61,053
Commercial leases	161,822			157,606			147,168			139,783			121,200
Consumer loans	2,561			2,622			2,414			2,745			2,273
	1,050,305			1,028,615			1,021,126			1,047,755			1,100,250
Net deferred loan origination costs	902			798			731			745			827
Allowance for loan losses	(15,876		)	(17,097		)	(17,453		)	(18,035		)	(20,588		)
Loans, net	$	1,035,331		$	1,012,316		$	1,004,404		$	1,030,465		$	1,080,489

LOAN ORIGINATIONS ⁽¹⁾
One–to–four family residential real estate loans	$	12,974		$	3,698		$	4,601		$	3,864		$	3,785
Multi–family mortgage loans	47,850			30,325			7,108			3,453			6,843
Nonresidential real estate loans	3,461			5,150			9,298			10,464			1,253
Construction and land loans	2,265			366			55			—			18
Commercial loans	44,897			43,745			45,822			42,352			37,898
Commercial leases	27,519			30,854			30,047			37,893			20,748
Consumer loans	970			1,090			874			1,262			1,253
	$	139,936		$	115,228		$	97,805		$	99,288		$	71,798

LOAN PAYMENTS and PAYOFFS⁽²⁾
One–to–four family residential real estate loans	$	9,147		$	11,072		$	13,365		$	14,102		$	13,409
Multi–family mortgage loans	22,936			15,988			20,485			19,366			20,384
Nonresidential real estate loans	14,252			10,691			12,318			20,874			5,808
Construction and land loans	2,626			140			892			1,435			78
Commercial loans	43,847			46,861			51,984			40,864			42,200
Commercial leases	23,376			20,422			24,685			17,194			20,909
Consumer loans	1,036			913			886			1,024			970
	$	117,220		$	106,087		$	124,615		$	114,859		$	103,758

LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) ⁽²⁾
One–to–four family residential real estate loans	$	1,688		$	1,761		$	1,362		$	2,873		$	2,446
Multi–family mortgage loans	13,285			6,346			4,025			7,291			2,747
Nonresidential real estate loans	9,894			5,210			4,913			10,930			1,661
Construction and land loans	2,553			90			842			1,345			34
Commercial loans	3,914			2,807			6,480			7,720			7,150
Commercial leases	—			—			—			32			54
Consumer loans	—			—			2			9			6
	$	31,334		$	16,214		$	17,624		$	30,200		$	14,098

(1) Loan originations include draws on revolving lines of credit and exclude loan renewals.

(2) Loan payments and payoffs exclude loan renewals.

Page 4

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
CREDIT QUALITY:
Nonperforming Assets:
Nonaccrual loans:
One–to–four family residential real estate loans	$	5,398		$	5,399		$	5,988		$	7,299		$	11,334
Multi–family mortgage loans	11,913			12,204			10,822			3,517			11,501
Nonresidential real estate loans	5,335			7,037			6,182			8,985			25,541
Construction and land loans	1,018			1,601			1,575			2,210			3,584
Commercial loans	272			689			883			256			747
Commercial leases	—			—			—			—			68
Consumer loans	2			1			11			—			6
Nonaccrual loans	23,938			26,931			25,461			22,267			52,781

Loans held for sale	15			15			15			1,752			—

Other real estate owned:
One–to–four family residential real estate loans	808			1,316			1,515			1,760			2,420
Multi–family real estate	195			—			—			720			1,985
Nonresidential real estate	1,047			1,757			2,896			3,504			4,244
Land	919			933			1,144			1,323			1,761
Other real estate owned	2,969			4,006			5,555			7,307			10,410
Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned)	26,922			30,952			31,031			31,326			63,191

Purchased impaired loans:
One–to–four family residential real estate loans	$	405		$	396		$	388		$	380		$	2,125
Multi–family mortgage loans	—			—			—			—			1,528
Nonresidential real estate loans	1,611			1,607			2,554			2,568			2,610
Construction and land loans	—			997			1,021			1,021			1,634
Commercial loans	22			21			21			20			357
Purchased impaired loans	2,038			3,021			3,984			3,989			8,254
Purchased other real estate owned:
One–to–four family residential real estate	201			179			205			320			320
Nonresidential real estate	372			372			372			462			577
Land	1,861			1,705			1,956			2,269			3,687
Purchased other real estate owned	2,434			2,256			2,533			3,051			4,584
Purchased impaired loans and OREO	4,472			5,277			6,517			7,040			12,838
Nonperforming assets	$	31,394		$	36,229		$	37,548		$	38,366		$	76,029

Asset Quality Ratios
Nonperforming assets to total assets	2.18		%	2.48		%	2.56		%	2.59		%	5.07		%
Nonperforming assets to total assets ⁽¹⁾	1.87			2.12			2.12			2.11			4.21
Nonaccrual loans to total loans	2.47			2.91			2.89			2.67			5.55
Nonaccrual loans to total loans ⁽¹⁾	2.28			2.62			2.49			2.29			4.80
Allowance for loan losses to nonperforming loans	61.08			57.05			59.24			64.39			33.73
Allowance for loan losses to nonperforming loans⁽¹⁾	66.28			63.45			68.51			75.09			39.01


(1)	Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger.

Page 5

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
30 – 59 days past due	$	1,706		$	2,001		$	4,539		$	8,100		$	3,810
60 – 89 days past due	1,268			268			425			2,652			230
Matured Loans	2,740			1,839			2,670			3,550			7,801
	$	5,714		$	4,108		$	7,634		$	14,302		$	11,841

ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	17,097		$	17,453		$	18,035		$	20,588		$	30,878
Charge offs:
One–to–four family residential real estate loans	(528		)	(176		)	(369		)	(7,958		)	(3,145		)
Multi–family mortgage loans	(902		)	(374		)	(236		)	(4,355		)	(2,159		)
Nonresidential real estate loans	(138		)	(153		)	(79		)	(10,097		)	(5,435		)
Construction and land loans	(16		)	—			(927		)	(3,273		)	(806		)
Commercial loans	(131		)	(213		)	(19		)	(1,255		)	(3,536		)
Commercial leases	—			—			—			(53		)	(68		)
Consumer loans	(38		)	(12		)	—			(8		)	(72		)
	(1,753		)	(928		)	(1,630		)	(26,999		)	(15,221		)
Recoveries:
One–to–four family residential real estate loans	108			85			242			41			7
Multi–family mortgage loans	3			159			57			48			11
Nonresidential real estate loans	329			103			19			6			7
Construction and land loans	193			1			2			2			6
Commercial loans	335			16			5			16			421
Commercial leases	—			—			—			—			—
Consumer loans	1			2			1			5			26
	969			366			326			118			478
Net charge–offs	(784		)	(562		)	(1,304		)	(26,881		)	(14,743		)
Provision for (recovery of) loan losses	(437		)	206			722			24,328			4,453
Ending balance	$	15,876		$	17,097		$	17,453		$	18,035		$	20,588

Allowance for loan losses to total loans	1.51		%	1.66		%	1.71		%	1.72		%	1.87		%
Net charge–off ratio ⁽¹⁾	0.31			0.22			0.51			9.97			5.24


(1)	Annualized

Page 6

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
DEPOSITS
Noninterest–bearing demand	$	133,094		$	137,146		$	131,856		$	134,597		$	134,474
Savings deposits	146,685			147,758			148,184			144,726			143,212
Money market accounts	341,175			340,243			345,591			349,092			346,989
Interest–bearing NOW accounts	349,622			349,942			348,059			348,683			340,425
Certificates of deposits	279,257			287,007			297,860			305,253			313,096
	$	1,249,833		$	1,262,096		$	1,271,550		$	1,282,351		$	1,278,196
SELECTED AVERAGE BALANCES
Total average assets	$	1,440,561		$	1,453,413		$	1,462,119		$	1,503,759		$	1,504,438
Total average interest–earning assets	1,364,625			1,373,855			1,379,156			1,416,629			1,419,829
Average loans	1,019,402			1,014,591			1,028,907			1,078,708			1,125,600
Average securities	68,109			57,022			73,284			80,485			74,260
Average stock in FHLB	6,068			6,809			8,026			8,761			9,614
Average other interest–earning assets	271,046			295,433			268,939			248,675			210,355
Total average interest–bearing liabilities	1,118,967			1,133,159			1,141,625			1,149,888			1,149,304
Average interest–bearing deposits	1,116,154			1,130,294			1,138,438			1,143,586			1,141,855
Average borrowings	2,813			2,865			3,187			6,302			7,449
Average stockholders’ equity	174,790			174,643			174,766			198,908			204,857

SELECTED YIELDS AND COST OF FUNDS ^(1):
Total average interest–earning assets	3.52		%	3.58		%	3.74		%	3.88		%	4.05		%
Average loans	4.55			4.69			4.84			4.91			4.94
Average securities	1.40			1.54			1.39			1.55			1.83
Average other interest–earning assets	0.27			0.27			0.27			0.41			0.26
Total average interest–bearing liabilities	0.31			0.33			0.35			0.26			0.36
Average interest–bearing deposits	0.31			0.33			0.35			0.36			0.35
Average borrowings	0.28			0.28			1.02			1.52			1.39
Net interest rate spread	3.21			3.25			3.39			3.51			3.69
Net interest margin	3.26			3.31			3.45			3.58			3.76

(1) Annualized

Page 7

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
CAPITAL RATIOS
BankFinancial Corporation
Equity to total assets (end of period)	12.09		%	11.86		%	11.84		%	11.67		%	13.20		%
Tangible equity to tangible total assets (end of period)	11.93			11.69			11.67			11.49			13.02
Risk–based total capital ratio	18.15			18.38			18.59			18.01			19.53
Risk–based tier 1 capital ratio	16.90			17.12			17.33			16.75			18.27
Tier 1 leverage ratio	11.91			11.66			11.62			11.43			12.95
Tier 1 capital	$	171,269		$	169,823		$	169,763		$	168,734		$	193,517
BankFinancial FSB
Risk–based total capital ratio	15.58		%	15.74		%	15.84		%	15.32		%	16.96		%
Risk–based tier 1 capital ratio	14.33			14.48			14.59			14.07			15.70
Tier 1 leverage ratio	10.10			9.86			9.77			9.60			11.13
Tier 1 capital	$	145,203		$	143,589		$	142,861		$	141,629		$	166,248

COMMON STOCK AND DIVIDENDS
Stock Prices:
Close	$	8.84		$	8.50		$	8.09		$	7.42		$	8.79
High	9.40			8.71			8.40			8.85			9.24
Low	8.15			7.19			7.19			6.62			7.31
Book value per share	$	8.26		$	8.21		$	8.24		$	8.20		$	9.40
Tangible book value per share	$	8.14		$	8.08		$	8.10		$	8.06		$	9.24
Cash dividends declared on common stock	$	—		$	0.02		$	—		$	—		$	0.01
Stock repurchases	$	—		$	—		$	—		$	—		$	—
Stock repurchases – shares	—			—			—			—			—

EARNINGS PER SHARE COMPUTATIONS
Net income (loss)	$	1,039		$	76		$	678		$	(25,022	)	$	(5,222	)
Average common shares outstanding	21,101,966			21,088,263			21,072,966			21,072,966			21,072,966
Less: Unearned ESOP shares	(1,028,158		)	(1,084,709		)	(1,108,938		)	(1,133,374		)	(1,157,974		)
Unvested restricted stock shares	(25,750		)	(13,797		)	—			—			—
Weighted average common shares outstanding	20,048,058			19,989,757			19,964,028			19,939,592			19,914,992
Plus: Dilutive common shares equivalents	6,034			556			—			—			—
Weighted average dilutive common shares outstanding	20,054,092			19,990,313			19,964,028			19,939,592			19,914,992
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation	—			—			—			—			141,000
Weighted average exercise price of anti–dilutive options	$	—		$	—		$	—		$	—		$	17.21
Basic earnings (loss) per common share	$	0.05		$	—		$	0.03		$	(1.25	)	$	(0.26	)
Diluted earnings (loss) per common share	$	0.05		$	—		$	0.03		$	(1.25	)	$	(0.26	)

Page 8

BANKFINANCIAL CORPORATION

NON–GAAP FINANCIAL MEASURES

BankFinancial Corporation, a Maryland corporation (“the Company”) utilizes a number of different financial measures, both GAAP and non–GAAP, in making operating, budgeting and planning decisions for future periods. Generally, a non–GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. The Company believes that the use of the non–GAAP financial measures described below provides the Board of Directors and management, and may provide some investors, with a more complete understanding of the Company’s operating results and trends, and facilitate comparisons to historical and peer performance. The Company’s non–GAAP financial measures should be considered supplemental in nature and should not be considered in isolation, or as superior to or a substitute for, financial measures that are prepared in accordance with GAAP. In addition, the Company’s non–GAAP financial measures may differ from similar non–GAAP financial measures that are used by other companies, thus limiting their usefulness as a comparative tool.

These measures include pre–tax pre–provision earnings from core operations and pre–tax pre–provision earnings from core operations to average total assets. Management believes that by excluding gain on sale of owner-occupied and investor-owned one-to-four family residential loans that we designated as held for sale from noninterest income, and other real estate owned related income and expense items and nonperforming asset management expenses from noninterest expense, these measures better reflect our core operating performance.

Page 9

BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share) - (Unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Pre–tax pre–provision earnings from core operations
Income (loss) before income taxes	$	1,039		$	(5,222	)	$	1,793		$	(2,087	)
Provision for (recovery of) loan losses	(437		)	4,453			491			7,194
	602			(769		)	2,284			5,107
Adjustments:
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale	—			—			(1,340		)	—
Nonperforming asset management	682			1,728			2,031			4,085
Loss (gain) on sale of other real estate owned	64			(42		)	182			(126		)
Valuation adjustments of other real estate owned	241			2,352			471			3,777
Operations of other real estate owned	171			432			756			1,334
Adjustments	1,158			4,470			2,100			9,070
Pre–tax pre–provision earnings from core operations	$	1,760		$	3,701		$	4,384		$	14,177

Pre–tax pre–provision earnings from core operations to average total assets (1)	0.49		%	0.98		%	0.40		%	1.24		%


(1)	Annualized

Page 10

BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share) - (Unaudited)

FOR THE LATEST FIVE QUARTERS



	2013									2012
	IIIQ			IIQ			IQ			IVQ			IIIQ
Pre–tax pre–provision earnings from core operations
Income (loss) before income taxes	$	1,039		$	76		$	678		$	(25,022	)	$	(5,222	)
Provision for (recovery of) loan losses	(437		)	206			722			24,328			4,453
	602			282			1,400			(694		)	(769		)
Adjustments:
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale	—			(40		)	(1,300		)	—			—
Nonperforming asset management	682			655			694			1,126			1,728
Loss (gain) on sale of other real estate owned	64			49			69			379			(42		)
Valuation adjustments of other real estate owned	241			141			89			1,783			2,352
Operations of other real estate owned	171			232			353			344			432
	1,158			1,037			(95		)	3,632			4,470
Pre–tax pre–provision earnings from core operations	$	1,760		$	1,319		$	1,305		$	2,938		$	3,701

Pre–tax pre–provision earnings from core operations to average total assets (1)	0.49		%	0.36		%	0.36		%	0.78		%	0.98		%


(1)	Annualized

Page 11

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