Published: October 20, 2005
CFS Bancorp, Inc. Announces Third Quarter 2005 Financial Results
CFS Bancorp, Inc. (NASDAQ: CITZ) (the Company),
the parent of Citizens Financial Services, FSB (the Bank), today reported
net income for the third quarter of 2005 of $1.9 million as compared to a
$2.8 million net loss reported for the third quarter of 2004. Diluted
earnings per share were $0.16 for the third quarter of 2005 compared to a
loss per share of $0.24 for the comparable prior year period. The
Company's net income for the third quarter of 2005 was adversely affected
by a pre-tax charge of $2.9 million ($1.8 million net of tax or $0.14 per
diluted share) to interest expense related to the amortization of the
deferred premium on the early extinguishment of debt relating to the
Company's restructuring of Federal Home Loan Bank (FHLB) borrowings that
occurred during the fourth quarter of 2004. This pre-tax charge in the
third quarter of 2005 was more than offset by a $3.4 million ($2.1 million
net of tax or $0.17 per diluted share) decrease in interest expense as a
result of the lower contractual interest rates on the restructured
borrowings combined with the reduction in the average balance of borrowings
outstanding.
For the nine months ended September 30, 2005, the Company's net income was
$3.2 million as compared to a $1.9 million net loss for the nine months
ended September 30, 2004. Diluted earnings per share were $0.26 for the
nine months ended September 30, 2005 compared to a loss per share of $0.16
for the nine months ended September 30, 2004. The Company's year to date
earnings were negatively impacted by a pre-tax charge of $11.6 million
($7.1 million net of tax or $0.59 per diluted share) to interest expense
related to the amortization of the deferred premium on the early
extinguishment of debt discussed above. This pre-tax charge during the
first nine months of 2005 was largely offset by a $10.1 million ($6.2
million net of tax or $0.52 per diluted share) decrease in interest expense
as a result of the lower contractual interest rates on the restructured
borrowings combined with the reduction in the average balance of borrowings
outstanding.
Chairman's Comments
"We are very pleased with the continued improvement in the Company's
earnings, net interest margin and efficiency ratio. We have focused our
energies on improving earnings and we have been able to achieve this goal
even after considering the impact of the debt restructuring completed in
2004. Our non-performing assets have stabilized, and we continue to
actively manage these assets while exploring ways to reduce our investment
in them," said Thomas F. Prisby, Chairman and CEO.
Mr. Prisby continued, "By achieving the earnings improvement that we have,
we are now better positioned to focus on our growth initiatives which
strive to deepen relationships with our current customers and build new
customer relationships within our existing markets. As we continue through
the remainder of 2005 and look towards 2006, we are committed to growing
business loans and deposits while simultaneously strengthening our ties to
the people of the communities we serve. We are excited about our new
Tinley Park location that we expect to open late in the second quarter of
2006. We will continue to identify new locations and new markets that will
not only enable us to create more relationships but to better serve our
current customers as well."
Net Interest Margin
The Company's net interest margin was 2.63% for the third quarter of 2005
compared to 2.43% for the third quarter of 2004. The weighted average
yield on the Company's interest-earning assets improved to 5.73% for the
third quarter 2005 and represented a 65 basis point increase from the
comparable 2004 period. The increase in the weighted average yield
primarily was the result of the upward repricing of adjustable-rate loans
reflecting higher market rates of interest coupled with the reduction in
the average balance of low-yielding interest-earning assets. As of
September 30, 2005, the Company's loan portfolio consisted of $252.8
million of variable-rate loans indexed to the Wall Street Journal Prime
lending rate and another $429.9 million of variable-rate loans tied to
other indices. Mitigating the positive impact of the increase in the
weighted average yield on interest income, the Company's average
interest-earning assets decreased 13.5% for the third quarter of 2005 as
compared to the third quarter of 2004 primarily as a result of the Company
utilizing securities and other interest-earning assets for the repayment of
borrowings that occurred during the fourth quarter of 2004.
The slight increase in the Company's interest expense for the third quarter
of 2005 from the comparable 2004 period was primarily a result of the
increased cost of the Company's deposit accounts. The weighted average
cost of deposits increased to 1.82% for the third quarter of 2005 as
compared to 1.39% for the third quarter of 2004. The increase was mainly a
result of upward repricing of certificates of deposit and money market
accounts as well as the impact of the Company's high-yield promotional
checking product which was offered in select markets during the first two
quarters of 2005. The average cost of interest-bearing liabilities
increased 55 basis points for the third quarter of 2005 compared to the
third quarter of 2004. The increase in the weighted average cost of
interest-bearing liabilities was primarily a result of the $2.9 million
premium amortization expense recognized during the third quarter of 2005
along with increases in the cost of interest-bearing deposits. The
unamortized premium on the early extinguishment of debt and the related
quarterly amortization adversely impacted the Company's net interest margin
by 95 basis points for the third quarter of 2005. The interest expense
related to the premium amortization on the early extinguishment of debt is
expected to be $2.8 million, $2.6 million, $2.6 million and $2.5 million
before taxes in the quarters ended December 31, 2005, March 31, 2006, June
30, 2006 and September 30, 2006, respectively.
The Company's net interest margin for the first nine months of 2005 was
2.33% compared to 2.16% for the comparable prior year period. The
Company's net interest margin was negatively impacted during the first nine
months of 2005 by the premium amortization on the early extinguishment of
debt. For the nine months ended September 30, 2005, the Company's interest
expense included $11.6 million of premium amortization. The unamortized
premium and the related year-to-date amortization adversely impacted the
Company's net interest margin by 128 basis points for the nine months ended
September 30, 2005.
Non-Interest Income
The Company's third quarter of 2005 non-interest income was $3.3 million,
an increase of $289,000 from the third quarter of 2004. The increase was
primarily a result of the Company realizing a $294,000 gain on the sale of
vacant land located adjacent to one of its branches in Munster, Indiana.
The Company's service charges and other fees remained relatively stable as
compared to the third quarter of 2004. The Company recognized a net loss
of $25,000 on the sale of available-for-sale investment securities during
the third quarter of 2005 as compared to net gains of $711,000 during the
third quarter of 2004. In addition, the third quarter of 2004 included an
impairment of available-for-sale securities totaling $585,000.
Non-Interest Expense
Non-interest expense for the third quarter of 2005 was $8.2 million, a
decrease of $2.5 million from the comparable period in 2004. The Company's
non-interest expense for the third quarter of 2004 included $1.0 million of
additional compensation expense, $421,000 in viatical receivables
write-downs and a $485,000 prepayment penalty incurred when the Company
prepaid $6.5 million of FHLB borrowings. In addition, the Company's
professional fees for the third quarter of 2004 included additional legal
expenses of $381,000 related to the Company's goodwill litigation trial
that concluded during the third quarter of 2004.
The Company's efficiency ratio for the third quarter of 2005 was 73% as
compared to 93% for the third quarter of 2004 while its core efficiency
ratio was 59% for the third quarter of 2005 as compared to 90% for the
third quarter of 2004. The improvement in the efficiency ratio for the
third quarter of 2005 from the third quarter of 2004 was the direct result
of the decrease in the Company's non-interest expense as discussed above.
The improvement in the core efficiency ratio was a result of increased core
revenues combined with reduced non-interest expense for the third quarter
of 2005 when compared to the third quarter of 2004. The calculations of
the efficiency ratio and the core efficiency ratio are presented on page 10
of this press release.
Management has historically used an efficiency ratio that is a non-GAAP
financial measure of operating expense control and the efficiency of the
Company's operations. The efficiency ratio is typically defined as the
ratio of non-interest expense to the sum of non-interest income and net
interest income before the provision for losses on loans. Many financial
institutions, in calculating the efficiency ratio, adjust non-interest
income (as calculated under generally accepted accounting principles) to
exclude certain component elements, such as gains or losses on sales of
securities and assets. Management follows this practice to calculate its
core efficiency ratio and utilizes the non-GAAP measure in its analysis of
the Company's performance. The core efficiency ratio is different from the
GAAP-based efficiency ratio and is presented in the last table within this
press release. The GAAP-based measure is calculated using non-interest
expense, net interest income before the provision for losses on loans and
non-interest income as presented on the consolidated statements of income.
The Company's core efficiency ratio is calculated as non-interest expense,
excluding any prepayment penalties incurred as a result of the early
extinguishment of debt, divided by the sum of net interest income before
the provision for losses on loans, excluding the deferred premium
amortization related to the early extinguishment of debt, and non-interest
income, adjusted for gains or losses on the sale of securities and other
assets and other-than-temporary impairments. Management believes that the
core efficiency ratio enhances investors' understanding of the Company's
business and performance. The measure is also believed to be useful in
understanding the Company's performance trends and to facilitate
comparisons with the performance of others in the financial services
industry. Management further believes the presentation of the core
efficiency ratio provides useful supplemental information, a clearer
understanding of the Company's financial performance and better reflects
the Company's core operating activities.
The risks associated with utilizing operating measures (such as the
efficiency ratio) are that different persons might disagree as to the
appropriateness of items comprising these measures and that other companies
might calculate these measures differently. Management of the Company
compensates for these limitations by providing detailed reconciliations
between GAAP information and its core efficiency ratio. These disclosures
should not be considered as an alternative to GAAP.
Income Taxes
The Company's income tax expense for the third quarter of 2005 was $632,000
compared to an income tax benefit of $2.6 million for the comparable period
in 2004. The increase in tax expense was mainly a result of pre-tax
earnings in the 2005 period as compared to a loss for the same period in
2004. Permanent tax differences, primarily related to the Company's
investment in Bank-owned life insurance, and the application of available
tax credits continue to have a favorable impact on income tax expense.
Asset Quality
The Company's provision for losses on loans was $545,000 for the third
quarter of 2005, a decrease of $5.6 million from the comparable 2004
period. The Company's net charge-offs for the third quarter of 2005 were
$726,000, as compared to $965,000 for the same period in 2004. During the
third quarter of 2004, the provision for losses on loans reflected in large
part the effect of the identification of impaired loans that, along with
management's assessment of the adequacy of the Company's allowance for
losses on loans, required an increase in the provision during the third
quarter of 2004.
As of September 30, 2005, the Company had nine impaired loans totaling
$27.2 million with an impairment allocation related to these loans of $6.9
million. The Company's non-performing assets totaled $29.3 million as of
September 30, 2005 compared to $28.2 million as of December 31, 2004.
The Company's allowance for losses on loans was $13.7 million at September
30, 2005 and $13.4 million at December 31, 2004. The ratio of the
allowance for losses on loans to total loans was 1.45% and 1.35% at
September 30, 2005 and December 31, 2004, respectively. The Company
maintains the allowance for losses on loans at a level that management
believes is sufficient to absorb credit losses inherent in the loan
portfolio. The allowance for losses on loans represents the Company's
estimate of inherent losses existing in the loan portfolio that are both
probable and reasonable to estimate at each balance sheet date and is based
on its review of available and relevant information. The Company believes
that as of September 30, 2005, the allowance for losses on loans was
adequate.
Balance Sheet
As of September 30, 2005, the Company's net loans receivable totaled $930.1
million as compared to $974.7 million at December 31, 2004. The Company
originated over $65.0 million in new loans and lines of credit during the
third quarter of 2005. In addition, total fundings during the first nine
months of 2005 exceeded $172.0 million and total loan purchases were $77.0
million. However, these increases in loans outstanding were more than
offset by loan repayments and loans sold. As of September 30, 2005, the
Company had commitments to originate commercial and retail loans and lines
of credit totaling $44.1 million and commitments to fund unused
construction loans and lines of credit totaling $162.3 million.
Total deposits were $825.0 million at September 30, 2005, down $38.2
million from $863.2 million at December 31, 2004. The decrease was largely
caused by a $20.1 million reduction in certificates of deposit combined
with an $18.1 million decrease in core deposits during the nine months
ended September 30, 2005. The decrease in certificates of deposit was
primarily due to the managed runoff of certificates during the first two
quarters of 2005. The decrease in the core deposits was primarily the
result of disintermediation of the Company's money market and savings
deposit accounts.
The Company's borrowed money totaled $274.0 million as of September 30,
2005 compared to $286.6 million at December 31, 2004. The Company's
borrowed money as of September 30, 2005 consisted of $292.6 million of
contractually outstanding FHLB borrowings which were reduced by $18.6
million of unamortized premium related to the early extinguishment of FHLB
debt. At December 31, 2004, the Company's contractually outstanding FHLB
borrowings totaled $316.8 million and were reduced by $30.2 million of
unamortized premium.
Stockholders' equity at September 30, 2005 was $143.7 million as compared
to $147.9 million at December 31, 2004. The decrease during the first nine
months of 2005 was primarily due to:
-- cash dividends declared during 2005 totaling $4.2 million;
-- repurchases of shares of the Company's common stock during 2005
totaling $4.3 million; and
-- an $821,000 increase in accumulated other comprehensive losses.
The following increases in stockholders' equity during the first nine
months of 2005 partially offset the aforementioned decreases:
-- net income of $3.2 million;
-- $1.2 million related to shares committed to be released under the
Company's Employee Stock Ownership Plan; and
-- proceeds from stock option exercises totaling $472,000.
During the first nine months of 2005, the Company repurchased 311,240
shares of its common stock at an average price of $13.68 per share pursuant
to the share repurchase program announced in March 2003. As of September
30, 2005, the Company has 868,916 of shares remaining to be repurchased
under its current share repurchase program. Since its initial public
offering, the Company has repurchased an aggregate of 11,903,856 shares of
its common stock at an average price of $11.80 per share.
The regulatory capital ratios of the Bank continued to be in excess of
regulatory requirements. As of September 30, 2005, the Bank was deemed to
be "well-capitalized" under the Office of Thrift Supervision's regulatory
capital guidelines.
CFS Bancorp, Inc. is the parent of Citizens Financial Services, FSB, a $1.3
billion asset federal savings bank. Citizens Financial Services provides
community banking services and currently operates 22 offices throughout
adjoining markets in Chicago's Southland and Northwest Indiana. The
Company maintains a website at www.cfsbancorp.com.
This press release contains certain forward-looking statements and
information relating to the Company that is based on the beliefs of
management as well as assumptions made by and information currently
available to management. These forward-looking statements include but are
not limited to statements regarding business and banking strategies, the
interest rate environment, asset yields and cost of funds, net interest
income, loan volume, net interest margin, loan loss reserves and impairment
reserves, income levels, expected effect of amortization of deferred
premium on the FHLB borrowings, repositioning of the balance sheet, growth
of core deposits, earning trends and impact of tax credits and permanent
tax differences. In addition, the words "anticipate," "believe,"
"estimate," "expect," "indicate," "intend," "should," and similar
expressions, or the negative thereof, as they relate to the Company or the
Company's management, are intended to identify forward-looking statements.
Such statements reflect the current views of the Company with respect to
future events and are subject to certain risks, uncertainties and
assumptions. One or more of these risks may vary materially from those
described herein as anticipated, believed, estimated, expected or intended.
The Company does not intend to update these forward-looking statements.
CFS BANCORP, INC.
Highlights (Unaudited)
(Dollars in thousands, except per share data)
EARNINGS HIGHLIGHTS AND Three Months Ended Nine Months Ended
PERFORMANCE RATIOS (1) ---------------------- ----------------------
Sept 30, Sept 30, Sept 30, Sept 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net income (loss) $ 1,887 $ (2,781) $ 3,165 $ (1,894)
Basic earnings (loss) per
share 0.16 (0.24) 0.27 (0.16)
Diluted earnings (loss)
per share 0.16 (0.24) 0.26 (0.16)
Cash dividends declared
per share 0.12 0.11 0.36 0.33
Return on average assets 0.59% (0.76)% 0.33% (0.17)%
Return on average equity 5.16 (7.11) 2.89 (1.61)
Average yield on
interest-earning assets 5.73 5.08 5.65 4.83
Average cost on interest-
bearing liabilities 3.51 2.96 3.75 2.98
Interest rate spread 2.22 2.12 1.90 1.85
Net interest margin 2.63 2.43 2.33 2.16
Non-interest expense to
average assets 2.57 2.93 2.58 2.52
Efficiency ratio (2) 72.79 92.95 83.07 89.26
Market price per share
of common stock for the
period ended: Closing $ 13.40 $ 13.87 $ 13.40 $ 13.87
High 13.90 13.93 14.37 15.16
Low 13.25 12.90 13.02 12.90
STATEMENT OF CONDITION
HIGHLIGHTS AND PERFORMANCE Sept 30, Dec 31, Sept 30,
RATIOS 2005 2004 2004
---------- ---------- ----------
Total assets $1,260,189 $1,314,714 $1,429,921
Loans receivable, net of
unearned fees 943,761 988,085 1,000,424
Total deposits 824,991 863,178 847,353
Total stockholders' equity 143,715 147,911 152,402
Book value per common share 11.84 11.94 12.38
Non-performing loans 28,702 27,675 32,976
Non-performing assets 29,329 28,200 33,566
Allowance for losses on
loans 13,711 13,353 16,506
Non-performing loans to
total loans 3.04% 2.80% 3.30%
Non-performing assets to
total assets 2.33 2.14 2.35
Allowance for losses on
loans to non-performing
loans 47.77 48.25 50.05
Allowance for losses on
loans to total loans 1.45 1.35 1.65
Average equity to average
assets (3) 11.45 10.45 10.72
Average interest-earning
assets to average
interest-bearing
liabilities (3) 113.53 112.34 112.12
Full-time equivalent
(FTE) employees 336 327 338
Branches and offices 22 24 24
AVERAGE BALANCE DATA Three Months Ended Nine Months Ended
---------------------- ----------------------
Sept 30, Sept 30, Sept 30, Sept 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Total assets $1,267,517 $1,450,240 $1,287,535 $1,507,807
Loans receivable, net of
unearned fees 957,232 1,004,586 970,883 996,515
Total interest-earning
assets 1,192,406 1,378,651 1,212,526 1,435,085
Total liabilities 1,122,344 1,294,743 1,141,203 1,350,497
Total deposits 818,511 855,377 834,384 912,829
Interest-bearing deposits 763,009 809,256 782,425 869,597
Total interest-bearing
liabilities 1,050,278 1,229,568 1,071,903 1,288,672
Stockholders' equity 145,173 155,497 146,332 157,310
(1) Ratios are annualized where appropriate.
(2) See calculations on page 10.
(3) Ratios calculated on average balances for the three month periods
presented.
CFS BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Interest income:
Loans $ 15,165 $ 14,541 $ 44,896 $ 42,388
Securities 1,776 2,712 5,348 7,983
Other 267 338 969 1,514
---------- ---------- ---------- ----------
Total interest
income 17,208 17,591 51,213 51,885
Interest expense:
Deposits 3,494 2,818 9,706 9,839
Borrowed money 5,801 6,340 20,340 18,866
---------- ---------- ---------- ----------
Total interest
expense 9,295 9,158 30,046 28,705
---------- ---------- ---------- ----------
Net interest income
before provision for
losses on loans 7,913 8,433 21,167 23,180
Provision for losses
on loans 545 6,172 1,312 8,829
---------- ---------- ---------- ----------
Net interest income
after provision for
losses on loans 7,368 2,261 19,855 14,351
Non-interest income:
Service charges and
other fees 1,956 1,922 5,592 5,474
Commission income 159 204 428 527
Net realized gains
(losses) on sales
of securities (25) 711 (113) 1,009
Impairment of
available-for-sale
securities - (585) (240) (928)
Net gains (losses)
on sales of assets 287 - 369 (1)
Income from Bank-owned
life insurance 409 355 1,138 1,078
Other income 563 453 1,558 1,583
---------- ---------- ---------- ----------
Total non-interest
income 3,349 3,060 8,732 8,742
Non-interest expense:
Compensation and
employee benefits 4,625 5,772 13,751 15,235
Net occupancy expense 628 501 2,055 1,759
Professional fees 413 775 1,228 2,420
Data processing 646 644 1,998 2,096
Furniture and
equipment expense 433 258 1,288 1,176
Marketing 245 229 640 812
Other general and
administrative
expenses 1,208 2,504 3,877 4,997
---------- ---------- ---------- ----------
Total non-interest
expense 8,198 10,683 24,837 28,495
---------- ---------- ---------- ----------
Income (loss) before
income taxes 2,519 (5,362) 3,750 (5,402)
Income tax expense
(benefit) 632 (2,581) 585 (3,508)
---------- ---------- ---------- ----------
Net income (loss) $ 1,887 $ (2,781) $ 3,165 $ (1,894)
========== ========== ========== ==========
Per share data:
Basic earnings (loss)
per share $ 0.16 $ (0.24) $ 0.27 $ (0.16)
Diluted earnings
(loss) per share $ 0.16 $ (0.24) $ 0.26 $ (0.16)
Cash dividends
declared per share $ 0.12 $ 0.11 $ 0.36 $ 0.33
Weighted-average
shares outstanding 11,718,907 11,648,808 11,778,729 11,555,801
Weighted-average diluted
shares outstanding 11,943,913 11,905,252 12,015,243 11,866,131
CFS BANCORP, INC.
Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
September 30, December 31,
2005 2004
---------- ----------
ASSETS
Cash and amounts due from depository
institutions $21,078 $16,878
Interest-bearing deposits 2,730 11,217
Federal funds sold 11,277 9,999
---------- ----------
Cash and cash equivalents 35,085 38,094
Securities, available-for-sale 196,062 202,219
Investment in Federal Home Loan
Bank stock, at cost 28,252 27,665
Loans receivable, net of unearned fees 943,761 988,085
Allowance for losses on loans (13,711) (13,353)
---------- ----------
Net loans 930,050 974,732
Accrued interest receivable 5,439 5,456
Other real estate owned 627 525
Office properties and equipment 15,094 15,511
Investment in Bank-owned life insurance 34,497 33,362
Prepaid expenses and other assets 15,083 17,150
---------- ----------
Total assets $1,260,189 $1,314,714
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $824,991 $863,178
Borrowed money 274,020 286,611
Advance payments by borrowers for
taxes and insurance 8,539 8,177
Other liabilities 8,924 8,837
---------- ----------
Total liabilities 1,116,474 1,166,803
Stockholders' Equity:
Preferred stock, $0.01 par value;
15,000,000 shares authorized – –
Common stock, $0.01 par value;
85,000,000 shares authorized;
23,423,306 shares issued as of
September 30, 2005 and December 31, 2004;
12,135,465 and 12,385,322 shares
outstanding as of September 30, 2005
and December 31, 2004, respectively 234 234
Additional paid-in capital 190,215 189,991
Retained earnings, substantially
restricted 93,899 94,904
Treasury stock, at cost; 11,287,841
and 11,037,984 shares
as of September 30, 2005 and
December 31, 2004, respectively (134,218) (130,689)
Unallocated common stock held by ESOP (5,061) (5,959)
Unearned common stock acquired by the
Recognition and Retention Plan (111) (148)
Accumulated other comprehensive loss,
net of tax (1,243) (422)
---------- ----------
Total stockholders' equity 143,715 147,911
---------- ----------
Total liabilities and stockholders' equity $1,260,189 $1,314,714
========== ==========
CFS BANCORP, INC.
Efficieny Ratio (Unaudited)
(Dollars in thousands)
Three Months Ended Nine Months Ended
---------------------------------------------
Sept 30, Sept 30, Sep 30, Sept 30,
Efficiency Ratio 2005 2004 2005 2004
---------------- -------- -------- -------- --------
Non-interest expense $ 8,198 $ 10,683 $ 24,837 $ 28,495
======== ======== ======== ========
Net interest income
before the provision for
losses on loans plus
non-interest income $ 11,262 $ 11,493 $ 29,899 $ 31,922
======== ======== ======== ========
Efficiency ratio 72.79% 92.95% 83.07% 89.26%
Non-interest expense $ 8,198 $ 10,683 $ 24,837 $ 28,495
======== ======== ======== ========
Net interest income before
the provision for losses
on loans plus non-interest
income $ 11,262 $ 11,493 $ 29,899 $ 31,922
Adjustments:
Net (gain) loss on
securities 25 (711) 113 (1,009)
Impairment of available-
for-sale securities - 585 240 928
Net (gain) loss on asset
sales (287) - (369) 1
Prepayment penalty on
early extinguishment
of debt - 485 - 485
Amortization of deferred
premium 2,865 - 11,581 -
-------- -------- -------- --------
Net interest income
before the provision
for losses on loans
plus non-interest
income - as adjusted $ 13,865 $ 11,852 $ 41,464 $ 32,327
======== ======== ======== ========
Core efficiency ratio 59.13% 90.14% 59.90% 88.15%
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