Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP), the holding
company for Prudential Bank (the “Bank”), reported net income of
$2.4 million, or $0.28 per basic and $0.26 per diluted share, for
the quarter ended June 30, 2018 as compared to $2.1 million, or
$0.25 for both per basic share and per diluted share, for the same
quarter in fiscal 2017. For the nine months ended June 30, 2018,
the Company recognized net income of $4.6 million, or $0.52 per
basic share and $0.50 per diluted share as compared to net income
of $707,000, or $0.08 for both per basic share and per diluted
share, for the same period in fiscal 2017. The nine-month
period in fiscal 2017 included a one-time $2.7 million pre-tax
expense related to the acquisition of Polonia Bancorp, Inc.
(“Polonia”) which was completed as of January 1, 2017 as well as a
$1.9 million non-cash pre-tax expense charge-off associated with a
large lending relationship.
Dennis Pollack, President and CEO, commented,
“We reached a major milestone this quarter by reaching the $1.0
billion asset mark. In conjunction with this continued
growth, we are pleased to continue to report increased earnings on
both a linked quarter and a year over year basis reflecting the
successful implementation of various strategies to enhance our
earnings. Our third quarter results were highlighted by continued
growth of our net interest income propelled by growth in our loan
and securities portfolios. Management continues to be dedicated to
executing our strategic priorities, improving the Company’s
profitability, and enhancing shareholder value.”
Highlights for the quarter ended June 30, 2018 are as
follows:
- Total assets reached $1.0 billion, up from $899.5 million at
September 30, 2017.
- Net income increased to $2.4 million for the quarter ended June
30, 2018 from $2.1 million for the comparable quarter in fiscal
2017 and $2.2 million for the quarter ended March 31, 2018.
- Net loans increased $31.1 million to $602.5 from $571.3 million
at September 30, 2017.
- Total deposits increased $79.1 million to $715.1 million from
$636.0 million at September 30, 2017.
- The efficiency ratio for the quarter ended June 30, 2018 was
52.21% compared to 56.94% for quarter ended March 31, 2018.
Net Interest Income:
For the three months ended June 30, 2018, net
interest income increased to $6.2 million as compared to $6.1
million for the same period in fiscal 2017. The increase reflected
a $1.5 million, or 20.2%, increase in interest income, partially
offset by an increase of $1.3 million, or 96.7%, in interest paid
on deposits and borrowings. The increase in net interest income
between the periods was primarily due to the increase in the
weighted average balance of earning assets combined with the
results to date of the shift in emphasis to originating commercial
and construction loans, which generally produce higher yields than
those obtained on residential loans. The average balance of
interest-earning assets for the three months ended June 30, 2018
increased by $113.8 million, or 14.0% from the comparable quarter
in 2017. The yield on interest-earning assets increased by 20
basis points, to 3.87% for the quarter ended June 30, 2018 from the
comparable period in 2017. The weighted average cost of
borrowings and deposits increased to 1.30% during the quarter ended
June 30, 2018 from 0.76% during the comparable period in 2017 due
to increases in market rates of interest.
For the nine months ended June 30, 2018, net interest income
increased to $18.6 million as compared to $15.0 million for the
same period in fiscal 2017. The increase reflected a $6.7 million,
or 36.1%, increase in interest income, partially offset by an
increase of $3.1 million, or 86.7%, in interest paid on deposits
and borrowings. The increase in interest income for the nine months
ended June 30, 2018 was, as it was for the third quarter of fiscal
2018, primarily due to the increase in the weighted average
balances of earning assets combined with the increasing balances of
commercial and construction loans in the portfolio as well as a
rising interest rate environment. The average balance of
interest-earning assets increased by $188.2 million, or 26.5% from
the comparable period in 2017. The yield on interest-earning
assets increased by 26 basis points to 3.77% for the nine months
ended June 30, 2018 from the comparable period in 2017. The
weighted average cost of borrowings and deposits increased to 1.12%
during the nine months ended June 30, 2018 from 0.78% during the
comparable period in 2017 due to increases in market rates of
interest.
For the three and nine months ended June 30,
2018, the net interest margin was 2.70% and 2.77%, respectively,
compared to 2.99% and 2.82% for the same periods in fiscal 2017,
respectively. The margin decreases in the 2018 periods reflected in
large part the increased cost of deposits in a highly competitive
interest rate environment.
Non-Interest Income:
Non-interest income amounted to $985,000 and
$2.0 million for the three and nine month periods ended June 30,
2018, respectively, compared to $624,000 and $1.5 million,
respectively, for the comparable periods in fiscal 2017. The
increase experienced in both of the 2018 periods was primarily
attributable to the recognition of $808,000 in gains during 2018
associated with the unwinding of two cash flow hedges. The
hedges were unwound to lock in the embedded gains of the hedge
instruments. These increases were partially offset by losses
on the sale of securities yielding below current market yields in
order to better position the securities portfolio in a rising rate
environment. The proceeds from the sales were used to invest
in higher yielding loan and investment products.
Non-Interest Expenses:
For the three month period ended June 30, 2018,
non-interest expense increased $265,000 or 7.6% to $3.8 million
primarily due to increased employee and professional services
expense. For the nine month period ended June 30, 2018,
non-interest expense decreased $1.3 million or 10.1% to $11.7
million compared to the same period in the prior fiscal year.
The primary reason for the higher level of non-interest expense
experienced during the nine month period ended June 30, 2017 was
the one-time merger-related charge in the 2017 period of
approximately $2.7 million, pre-tax, incurred in connection with
the completion of the Polonia acquisition in January 2017.
Income Taxes:
For the three month period ended June 30, 2018,
the Company recorded a tax expense of $676,000, compared to an
expense of $1.0 million for the same period in fiscal 2017. For the
nine month period ended June 30, 2018, the Company recorded an
income tax expense of $3.6 million as compared to an expense of
$230,000 for the same period in fiscal 2017. The $3.6 million tax
expense for the nine months ended June 30, 2018 included a one-time
charge of $1.8 million related to a re-evaluation of the Company’s
deferred tax assets due to the Tax Cuts and Jobs Act legislation
enacted in 2017 that reduced the statutory income tax rate from 35%
to 21%. During fiscal 2018, commencing with the quarter ended
December 31, 2017, the Company’s statutory income tax rate was
reduced to 24.25% as compared to companies which are calendar year
tax reporting companies whose statutory rate decreased to 21%
starting January 1, 2018. Effective October 1, 2018, the Company’s
statutory tax rate will be reduced to 21%. The Company’s tax
obligation for the nine month period in fiscal 2017 was reduced
significantly due to the one-time merger-related charge related to
the Polonia acquisition recorded during the three months ended
March 31, 2017.
Balance Sheet:
At June 30, 2018, the Company had total assets
of $1.0 billion, as compared to $899.5 million at September 30,
2017, an increase of 14.4%. At June 30, 2018, the investment
portfolio increased by $88.7 million to $328.4 million as compared
to September 30, 2017 primarily as a result of the purchase of
investment grade corporate bonds and U.S. government agency
mortgage-backed securities. Net loans receivable increased
$31.2 million to $602.5 million at June 30, 2018 from $571.3
million at September 30, 2017. Cash and cash equivalents increased
$8.2 million to $36.1 million to fund continuing loan and
investment growth.
Total liabilities increased by $133.9 million to
$897.3 million at June 30, 2018 from $763.4 million at September
30, 2017. Total deposits increased $79.1 million, consisting
primarily of certificates of deposit, which were used to fund asset
growth as well as meet short-term liquidity needs. At June 30,
2018, the Company had FHLB advances outstanding of $164.2 million,
as compared to $114.3 million at September 30, 2017. The
increase in the level of borrowings was primarily due to match
funding of loan originations as well as to fund purchases of
investment securities in order to lock in the yield with minimal
interest rate risk as part of the Company’s asset/liability
management strategies. All of the borrowings had maturities of less
than six years.
Total stockholders’ equity decreased by $4.7
million to $131.5 million at June 30, 2018 from $136.2 million at
September 30, 2017. The decrease was a primarily due to a reduction
in the fair market value of available for sale securities as of
June 30, 2018 due to rising market rates. Also contributing to the
decrease were dividend payments of $2.7 million consisting of both
regular quarterly dividends totaling $0.15 per share as well as a
special dividend of $0.15 per share.
Asset Quality:
At June 30, 2018, the Company’s non-performing
assets totaled $14.3 million or 1.4% of total assets as compared to
$15.6 million or 1.7% of total assets at September 30, 2017.
Non-performing assets at June 30, 2018 included five construction
loans aggregating $8.7 million, 30 one-to-four family residential
loans aggregating $3.8 million, one single-family residential
investment property loan in the amount of $156,000 and five
commercial real estate loans aggregating $1.5 million.
Non-performing assets also included at June 30, 2018 real estate
owned consisting of one single-family residential property with an
aggregate carrying value of $85,000. At June 30, 2018, the Company
had 10 loans aggregating $6.2 million that were classified as
troubled debt restructurings (“TDRs”). Six of such loans
aggregating $1.1 million were performing in accordance with the
restructured terms as of June 30, 2018 and were accruing interest.
One TDR is on non-accrual and consists of a $156,000 loan secured
by various commercial and residential properties. The three
remaining TDRs totaling $4.9 million are also classified as
non-accrual and are a part of a lending relationship totaling $10.7
million (after taking into account the previously disclosed $1.9
million write-down recognized during the quarter ending March 31,
2017 related to this borrowing relationship). The
primary project of the borrower (the development of a 169-unit
townhouse project in Bristol Borough, Pennsylvania) is the subject
of litigation between the Bank and the borrower and as a result,
the project currently is not proceeding. Subsequent to the
commencement of the litigation previously disclosed, the borrower
filed for bankruptcy under Chapter 11 (Reorganization) of the
federal bankruptcy code in June 2017. The Bank has moved the
underlying litigation noted above with the borrower and the Bank
from state court to the federal bankruptcy court in which the
bankruptcy proceeding is being heard. The state litigation is
stayed pending the resolution of the bankruptcy proceedings. As of
June 30, 2018, the Company had reviewed $16.9 million of loans for
possible impairment compared to $19.7 million reviewed for possible
impairment as of September 30, 2017.
The Company recorded a provision for loan losses
in the amount of $325,000 and $685,000 for the three and nine
months ended June 30, 2018, respectively, compared to a provision
for loan losses of $30,000 and $2.6 million, respectively, for the
same periods in 2017. The large provision during the nine
month period ended June 30, 2017 was primarily due to the $1.9
million charge-off related to the aforementioned borrower who
planned to develop 169 residential lots incurred in the quarter
ended March 31, 2017. During the three months ended June 30, 2018,
the Company recorded charge offs of $125,000 and recoveries of
$2,000. During the nine months ended June 30, 2018, the Company
recorded charge offs of $137,000 and recoveries of $27,000.
The allowance for loan losses totaled $5.0
million, or 0.8% of total loans and 35.5% of total non-performing
loans (which included loans acquired from Polonia at their fair
value) at June 30, 2018 as compared to $4.5 million, or 0.8% of
total loans and 29.0% of total non-performing loans at September
30, 2017. The Company believes that the allowance for loan losses
at June 30, 2018 was sufficient to cover all inherent and known
losses associated with the loan portfolio at such date.
About Prudential Bancorp, Inc.:
Prudential Bancorp, Inc. is the holding company
for Prudential Bank. Prudential Bank is a Pennsylvania-chartered,
FDIC-insured savings bank that was originally organized in 1886.
The Bank conducts business from its headquarters and main office in
Philadelphia, Pennsylvania as well as nine additional full-service
financial centers, seven of which are in Philadelphia, one in
Drexel Hill, Delaware County, and one in Huntingdon Valley,
Montgomery County, Pennsylvania.
Forward Looking Statements:
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited
to, expectations or predictions of future financial or business
performance, conditions relating to the Company, or other effects
of the merger of the Company and Polonia. These forward-looking
statements include statements with respect to the Company’s
beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, that are subject to significant risks and
uncertainties, and are subject to change based on various factors
(some of which are beyond the Company’s control). The words “may,”
“could,” “should,” “would,” “will,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “plan” and similar expressions are
intended to identify forward-looking statements.
In addition to factors previously disclosed in
the reports filed by the Company with the Securities and Exchange
Commission (“SEC”) and those identified elsewhere in this press
release, the following factors, among others, could cause actual
results to differ materially from forward looking statements or
historical performance: the strength of the United States economy
in general and the strength of the local economies in which the
Company conducts its operations; general economic conditions;
legislative and regulatory changes; monetary and fiscal policies of
the federal government; changes in tax policies, rates and
regulations of federal, state and local tax authorities; changes in
interest rates, deposit flows, the cost of funds, demand for loan
products, demand for financial services, competition, changes in
the quality or composition of the Company’s loan, investment and
mortgage-backed securities portfolios; changes in accounting
principles, policies or guidelines and other economic, competitive,
governmental and technological factors affecting the Company’s
operations, markets, products, services and fees; and the success
of the Company at managing the risks involved in the foregoing.
The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company to reflect
events or circumstances occurring after the date of this press
release.
For a complete discussion of the assumptions,
risks and uncertainties related to our business, you are encouraged
to review the Company’s filings with the SEC, including the “Risk
Factors” section in its most recent Annual Report on Form 10-K for
the year ended September 30, 2017, as supplemented by its quarterly
or other reports subsequently filed with the SEC.
Contact: Jack E. RothkopfChief Financial
Officer (215) 755-1500
|
SELECTED CONSOLIDATED FINANCIAL AND OTHER
DATA |
|
|
(Unaudited) |
|
|
At June 30, |
At September 30, |
|
|
2018 |
|
2017 |
|
|
(Dollars in Thousands) |
|
Selected
Consolidated Financial and Other Data (Unaudited): |
|
|
|
Total assets |
$1,028,858 |
$ 899,540 |
|
Cash and cash
equivalents |
|
36,055 |
|
27,903 |
|
Investment and
mortgage-backed securities: |
|
|
|
Held-to-maturity |
|
58,127 |
|
61,284 |
|
Available-for-sale |
|
270,275 |
|
178,402 |
|
Loans receivable,
net |
|
602,455 |
|
571,343 |
|
Goodwill and intangible
assets |
|
6,707 |
|
6,811 |
|
Deposits |
|
715,053 |
|
635,982 |
|
FHLB advances |
|
164,164 |
|
114,318 |
|
Non-performing
loans |
|
14,198 |
|
15,393 |
|
Non-performing
assets |
|
14,283 |
|
15,585 |
|
Stockholders’
equity |
|
131,517 |
|
136,179 |
|
Full-service
offices |
|
10 |
|
11 |
|
|
|
|
|
|
At or For the Three Months Ended June 30, |
At or For theNine Months EndedJune 30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
(Dollars in Thousands Except Per Share Amounts) |
Selected
Operating Data: |
|
|
|
|
Total interest
income |
$8,931 |
|
$7,430 |
|
$25,322 |
|
$18,606 |
|
Total interest
expense |
|
2,709 |
|
|
1,377 |
|
|
6,736 |
|
|
3,608 |
|
Net interest
income |
|
6,222 |
|
|
6,053 |
|
|
18,586 |
|
|
14,998 |
|
Provision for loan
losses |
|
325 |
|
|
30 |
|
|
685 |
|
|
2,580 |
|
Net interest income
after provision for loan losses |
|
5,897 |
|
|
6,023 |
|
|
17,901 |
|
|
12,418 |
|
Total non-interest
income |
|
985 |
|
|
625 |
|
|
1,967 |
|
|
1,500 |
|
Total non-interest
expense |
|
3,770 |
|
|
3,500 |
|
|
11,682 |
|
|
12,891 |
|
Income before income
taxes |
|
3,112 |
|
|
3,148 |
|
|
8,186 |
|
|
937 |
|
Income tax expense |
|
676 |
|
|
1,031 |
|
|
3,559 |
|
|
230 |
|
Net income |
|
$2,436 |
|
|
$2,117 |
|
|
$4,627 |
|
|
$707 |
|
Basic earnings per
share |
$0.28 |
|
$0.25 |
|
$0.52 |
|
$0.08 |
|
Diluted earnings per
share |
$0.26 |
|
$0.25 |
|
$0.50 |
|
$0.08 |
|
Dividends paid per
common share |
$0.05 |
|
$0.03 |
|
$0.30 |
|
$0.09 |
|
Tangible book value per
share at end of period(1) |
$13.87 |
|
$14.02 |
|
$13.87 |
|
$14.02 |
|
Common stock
outstanding (shares) |
9,008,836 |
|
9,007,735 |
|
9,008,836 |
|
9,007,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Operating Ratios(2): |
|
|
|
|
Average yield on
interest- earning assets |
|
3.87 |
% |
|
3.67 |
% |
|
3.77 |
% |
|
3.49 |
% |
Average rate paid on
interest-bearing liabilities |
|
1.30 |
% |
|
0.76 |
% |
|
1.12 |
% |
|
0.78 |
% |
Average interest rate
spread (3) |
|
2.57 |
% |
|
2.91 |
% |
|
2.65 |
% |
|
2.71 |
% |
Net interest margin
(3) |
|
2.70 |
% |
|
2.99 |
% |
|
2.77 |
% |
|
2.82 |
% |
Average
interest-earning assets to average interest-bearing
liabilities |
|
111.05 |
% |
|
112.35 |
% |
|
112.04 |
% |
|
114.92 |
% |
Net interest income
after provision for loan losses to non-interest
expense |
|
156.71 |
% |
|
172.09 |
% |
|
153.33 |
% |
|
95.66 |
% |
Total non-interest
expense to total average assets |
|
1.54 |
% |
|
1.62 |
% |
|
1.65 |
% |
|
3.44 |
% |
Efficiency
ratio(4) |
|
52.21 |
% |
|
52.41 |
% |
|
56.80 |
% |
|
78.68 |
% |
Return on average
assets |
|
1.00 |
% |
|
0.93 |
% |
|
0.65 |
% |
|
0.19 |
% |
Return on average
equity |
|
7.80 |
% |
|
6.39 |
% |
|
4.74 |
% |
|
1.12 |
% |
Average equity to
average total assets |
|
12.82 |
% |
|
15.29 |
% |
|
13.79 |
% |
|
16.69 |
% |
|
At or for the Three Months Ended June 30, |
At or for Nine Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
Asset Quality
Ratios(5) |
|
|
|
|
|
Non-performing loans as
a percentage of loans receivable, net(6) |
2.36 |
% |
2.96 |
% |
2.36 |
% |
2.96 |
% |
|
Non-performing assets
as a percentage of total assets(6) |
1.39 |
% |
1.87 |
% |
1.39 |
% |
1.87 |
% |
|
Allowance for loan
losses as a percentage of total loans |
0.83 |
% |
0.74 |
% |
0.83 |
% |
0.74 |
% |
|
Allowance for loan
losses as a percentage of non-performing loans |
35.50 |
% |
25.32 |
% |
35.50 |
% |
25.32 |
% |
|
Net charge-offs to
average loans receivable |
0.08 |
% |
-0.01 |
% |
0.02 |
% |
0.39 |
% |
|
|
|
|
|
|
|
Capital
Ratios(7) |
|
|
|
|
|
Tier 1 leverage
ratio |
|
|
|
|
|
Company |
13.19 |
% |
14.76 |
% |
13.19 |
% |
14.76 |
% |
|
Bank |
12.58 |
% |
13.44 |
% |
12.58 |
% |
13.44 |
% |
|
Tier 1 common
risk-based capital ratio |
|
|
|
|
|
Company |
20.47 |
% |
24.60 |
% |
20.47 |
% |
24.60 |
% |
|
Bank |
19.51 |
% |
22.40 |
% |
19.51 |
% |
22.40 |
% |
|
Tier 1 risk-based
capital ratio |
|
|
|
|
|
Company |
20.47 |
% |
24.60 |
% |
20.47 |
% |
24.60 |
% |
|
Bank |
19.51 |
% |
22.40 |
% |
19.51 |
% |
22.40 |
% |
|
Total risk-based
capital ratio |
|
|
|
|
|
Company |
21.30 |
% |
25.44 |
% |
21.30 |
% |
25.44 |
% |
|
Bank |
20.35 |
% |
23.24 |
% |
20.35 |
% |
23.24 |
% |
|
|
|
|
|
|
|
(1) Non-GAAP measure: see reconciliation below. (2) With the
exception of end of period ratios, all ratios are based on average
monthly balances during the indicated periods and are annualized
where appropriate. (3) Average interest rate spread represents the
difference between the average yield earned on interest-earning
assets and the average rate paid on interest-bearing liabilities.
Net interest margin represents net interest income as a percentage
of average interest-earning assets. (4) The efficiency ratio
represents the ratio of non-interest expense divided by the sum of
net interest income and non-interest income. (5) Asset quality
ratios and capital ratios are end of period ratios, except for net
charge-offs to average loans receivable. (6) Non-performing assets
generally consist of all loans on non-accrual, loans which are 90
days or more past due as to principal or interest, and real estate
acquired through foreclosure or acceptance of a deed in-lieu of
foreclosure. Non-performing assets and non-performing loans also
include loans classified as troubled debt restructurings due to
being recently restructured which are initially placed on
non-accrual in connection with such restructuring and remain on
non-accrual until such time that an adequate sustained payment
period under the restructured terms has been established to justify
returning the loan to accrual status. It is the Company’s
policy to cease accruing interest on all loans which are 90 days or
more past due as to interest or principal. (7) The Company is
not subject to the regulatory capital ratios imposed by Basel III
on bank holding companies because the Company is deemed to be a
small bank holding company.
Non-GAAP Measures Disclosures Reported amounts are presented in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”). The Company’s management
believes that the supplemental non-GAAP information provided in
this press release is utilized by market analysts and others to
evaluate a company's financial condition and, therefore, such
information is useful to investors. These disclosures should not be
viewed as a substitute for financial results determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures presented by other companies.
The following table shows the reconciliation of net income and
core net income (a non-GAAP measure which excludes the effects of
the one-time write-down of the Company’s deferred tax assets as a
result of the enactment of the Tax Reform Act, merger-related
expenses related to the Polonia acquisition and the one-time
charge-off related to a large lending relationship; management
believes many investors desire to evaluate net income without
regard to such expenses):
|
|
|
|
At or For the Three Months Ended June 30, |
|
At or For the Nine Months Ended June 30, |
|
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
Income before income
taxes |
$ 3,119 |
$ 3,148 |
|
$ 8,193 |
$ 937 |
|
Income tax
expense |
|
683 |
|
1,031 |
|
|
3,566 |
|
230 |
|
Net income |
|
2,436 |
|
2,117 |
|
|
4,627 |
|
707 |
|
One time write-down of
deferred tax asset |
|
- |
|
- |
|
|
1,756 |
|
- |
|
One-time merger related
costs(net of taxes) |
|
- |
|
- |
|
|
- |
|
1,968 |
|
One time charge-off
(net of taxes) |
|
- |
|
- |
|
|
- |
|
1,280 |
|
Core net income |
$ 2,436 |
$ 2,117 |
|
$ 6,383 |
$ 3,955 |
|
The following table shows the reconciliation of
the Company’s book value and tangible book value (a non-GAAP
measure which excludes goodwill and core deposit intangible
resulting from the Polonia acquisition from total stockholders’
equity as calculated in accordance with GAAP).
|
|
As of June 30, 2018 |
|
As of September 30, 2017 |
(Dollars in Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
|
|
Book Value |
Tangible Book Value |
|
Book Value |
Tangible Book Value |
Total
stockholders’ equity |
|
$ 131,517 |
$ 131,517 |
|
$ 136,179 |
$ 136,179 |
Less
intangible assets: |
|
|
|
|
|
|
Goodwill |
|
|
-- |
|
6,102 |
|
|
-- |
|
6,102 |
Core deposit intangible |
|
|
-- |
|
605 |
|
|
-- |
|
709 |
Total intangibles |
|
$ |
-- |
|
6,707 |
|
$ |
-- |
|
6,811 |
Adjusted stockholders’ equity |
|
$ 131,517 |
$ 124,810 |
|
$ 136,179 |
$ 129,368 |
Shares of common stock outstanding |
|
|
9,008,826 |
|
9,008,836 |
|
|
9,008,125 |
|
9,008,125 |
Adjusted book value per share |
|
$14.60 |
$13.86 |
|
$15.12 |
$14.36 |
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