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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 27, 1998
WESTERFED FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-22772 81-0487794
- --------------------------------------------------------------------------------
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
110 East Broadway, Missoula, Montana 59802
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (406) 721-5254
- --------------------------------------------------------------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On July 27, 1998 the Registrant issued the press
releases attached as Exhibit 99.6.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.6 Press releases, dated July 27, 1998
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
WesterFed Financial Corporation
Date: August 6, 1998 By: /s/Lyle R. Grimes
--------------- ---------------------------------
Lyle R. Grimes
President/Chief Executive Officer
<PAGE>
Index to Exhibits
Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are located
------ ------------
99.6 Press Releases dated July 27, 1998 5
<PAGE>
WESTERFED FINANCIAL CORPORATION ANNOUNCES
ANNUAL EARNINGS
INCREASED QUARTERLY DIVIDEND
SPECIAL 10% CASH DIVIDEND
Missoula, Montana - July 27, 1998 - WesterFed Financial Corporation
(the "Company") (NASDAQ - WSTR), the holding company for Western Security Bank
(the "Bank"), announced earnings for the fourth quarter ended June 30, 1998 of
$2.0 million, or $0.35 per share, as compared to $2.1 million, or $0.38 per
share for the same period last year. Earnings for the year ended June 30, 1998
were $7.3 million, or $1.29 per share as compared to $4.5 million, or $0.96 per
share, for the same period last year. The earnings for the year ended June 30,
1998 include non-recurring expenses in excess of $1.0 million, or $0.11 per
share, for professional fees and other expenses related to the consolidation of
the Western Security and Security Bank operations and a data center conversion.
The earnings for the year ended June 30, 1997 included a one time after-tax
charge to earnings of $1.4 million, or $0.30 per share, for a special assessment
to recapitalize the Federal Deposit Insurance Corporation ("FDIC") Savings
Association Insurance Fund ("SAIF"). All per share amounts are diluted earnings
per share as calculated under SFAS No. 128.
The Company also announced it will pay a regular cash dividend of $0.13
per share for the quarter ended June 30, 1998 plus a special cash dividend of
$0.05 reflecting a 10.0% addition to the $0.49 per share declared during the
fiscal year just ended. The total of $0.18 per share will be payable on August
24, 1998 to stockholders of record on August 10, 1998. The regular quarterly
cash dividend of $0.13 represents an increase of 4.0% over the prior quarter's
regular cash dividend of $0.125 per share. The Company has increased regular
cash dividends every quarter since becoming a public company.
President/Chief Executive Officer Lyle R. Grimes stated, "The Company
is pleased to be able to pay a special dividend to shareholders in light of the
pressure the Company has had on earnings related to the substantial costs
incurred in completing the conversion of its wholly owned subsidiary, Western
Security Bank of Montana and Security Bank Division on to a single, commercial
bank oriented, data processing system that allows the Bank to continue its
emphasis on adding commercial banking to its traditional thrift business. Major
elements of the new system's software and hardware are certified Year 2000
compliant by the vendor and manufacturer, thus aiding the Bank in achieving its
goal of Year 2000 readiness. The single data system allows our customers to
access their
<PAGE>
accounts at any of our 34 branches. As a result, in February, the Bank changed
its name at all locations to 'Western Security Bank.' The pressure on the
Company's earnings and staff to accomplish these tasks has been significant
during the past year. We look forward to putting all of these efforts and
preparation to work increasing our share of the commercial banking business by
providing additional commercial banking services to the people and businesses of
Montana as well as continuing our long tradition of residential and consumer
lending.
In Billings the Rimrock Mall office was closed and a new office was
opened at 2675 King Avenue West. Relocation to the new office gave the Rimrock
Mall customers added banking services and four drive-in lanes while providing
new banking services to the rapidly growing retail area in South West Billings.
In Bozeman and Lewistown, operations were consolidated after the data center
conversion allowing for the sale of one building in each community. "
Grimes further stated, "In addition to accomplishing the data center
conversion the Company achieved additional milestones when assets exceeded $1.0
billion, loan originations reached a record $366.7 million, and deposits grew to
$636.4 million. The Company continues to attain growth in the net loans
receivable portfolio which increased to $657.3 million at June 30, 1998 from
$630.3 million at June 30, 1997. The Company's goal of increasing the commercial
and consumer loan portfolios is being achieved. The percentage of gross consumer
loans, commercial and agricultural loans and construction and residential real
estate loans to total gross loans has changed to 23.5%, 19.5% and 57.0%
respectively at June 30, 1998 from 20.6%, 16.2% and 63.2% respectively at June
30, 1997. "
Total assets increased to $1.0 billion at June 30, 1998 as compared to
$955.6 million at June 30, 1997. Total deposits increased to $636.4 million at
June 30, 1998 as compared to $630.9 million at June 30, 1997 and total
stockholders' equity increased to $109.7 million at June 30, 1998, or 10.7% of
assets from $104.3 million at June 30, 1997.
Net income decreased to $2.0 million for the quarter ended June 30,
1998 from $2.1 million for the same period last year. Net interest income before
provision for loan losses for the quarter ended June 30, 1998 increased $274,000
to $8.1 million as compared to $7.8 million over the same period last year.
Total non-interest income increased $373,000 to $2.3 million during the quarter
ended June 30, 1998 from $1.9 million during the same period last year.
Non-interest expenses increased $130,000 to $6.9 million for the quarter ended
June 30, 1998 from $6.8 million for the same period last year.
<PAGE>
Net income increased $2.8 million to $7.3 million for the fiscal year
ended June 30, 1998 from $4.5 million for the same period last year. Included in
the net income for the fiscal year ended June 30, 1997 was a one time after-tax
special assessment of $1.4 million to recapitalize the SAIF. Net interest income
before provision for loan losses for the fiscal year ended June 30, 1998
increased $9.3 million to $32.2 million, from $22.9 million for the same period
last year. Total non-interest income increased $3.7 million to $8.4 million
during the fiscal year ended June 30, 1998 from $4.7 million during the same
period last year. Non-interest expenses increased $7.2 million to $27.8 million
for the fiscal year ended June 30, 1998 from $20.6 million for the same period
last year. The increases in income and expenses were primarily the result of the
acquisition of Security Bancorp effective March 1, 1997. Non-performing assets
totaled $5.0 million at June 30, 1998, as compared to $2.4 million at June 30,
1997 and $6.6 million at March 31, 1998. The $2.6 million increase from June 30,
1997 to June 30, 1998 was due primarily to an increase in non-performing
residential, construction, consumer and foreclosed assets of $1.5 million,
$362,000, $500,000 and $339,000 respectively. Non-performing assets as a
percentage of total assets increased to 0.49% at June 30, 1998 from 0.25% at
June 30, 1997 and decreased from 0.64% at March 31, 1998. The national composite
for thrifts was 0.94% at March 31, 1998, which is the latest available
information as reported by the Office of Thrift Supervision.
WesterFed Financial Corporation's only subsidiary, Western Security
Bank, which is Montana's largest savings bank, operates thirty-four offices in
twenty Montana communities.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Treasurer/Chief Financial Officer
(406) 721-5254
<PAGE>
CONSOLIDATED BALANCE SHEETS
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except share and per share data)
<TABLE>
<CAPTION>
June 30, June 30,
ASSETS 1998 1997
----------- -----------
<S> <C> <C>
Cash and due from banks $ 19,440 $ 16,999
Interest-bearing due from banks 9,628 160
Cash and cash equivalents 29,068 17,159
----------- -----------
Interest-bearing deposits 100 2,000
Investment securities available-for-sale 108,511 51,683
Investment securities, at amortized cost
(estimated market value of $16,974 at
June 30, 1998 and $27,728 at June 30, 1997) 16,847 27,466
Stock in Federal Home Loan Bank, at cost 13,560 11,456
Mortgage-backed securities available-for-sale 24,135 31,388
Mortgage-backed securities, at amortized
cost (estimated market value of $104,962 at
June 30, 1998 and $119,193 at June 30, 1997) 102,298 117,781
Loans available-for-sale 6,922 3,700
Loans receivable, net 650,371 626,577
Accrued interest receivable 7,778 6,957
Premises and equipment, net 30,089 29,291
Core deposit intangible 4,518 5,276
Goodwill 15,762 15,562
Cash surrender value of life insurance
policies 6,705 6,120
Other assets 5,472 3,223
----------- -----------
Total assets $ 1,022,136 $ 955,639
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 636,441 $ 630,869
Repurchase agreements 6,233 7,786
Borrowed funds 248,953 191,450
Advances from borrowers for taxes
and insurance 4,052 3,753
Income taxes - current and deferred 2,289 3,504
Accrued interest payable 4,480 3,593
Accrued expenses and other liabilities 9,988 10,425
----------- -----------
Total liabilities 912,436 851,380
----------- -----------
Stockholders' Equity:
Preferred stock, $.01 par value:
5,000,000 shares authorized-
none outstanding -- --
Common stock, $.01 par value:
10,000,000 shares authorized-
5,585,303 shares issued at June 30,
1998 and 5,564,904 shares issued
at June 30, 1997 56 56
Paid-in capital 68,860 67,941
Common stock acquired by ESOP/RRP (2,457) (2,936)
Treasury stock, at cost (3,461) (3,081)
Net unrealized gain (loss) on securities available-for-sale 23 (35)
Retained earnings 46,679 42,314
----------- -----------
Total stockholders' equity 109,700 104,259
----------- -----------
Total liabilities and stockholders' equity $ 1,022,136 $ 955,639
=========== ===========
Book value per share $ 19.64 $ 18.74
=========== ===========
Tangible book value per share $ 16.01 $ 14.99
=========== ===========
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
June 30, June 30,
1998 1997 1998 1997
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $ 14,072,804 $ 13,091,259 $ 56,261,539 $ 37,922,995
Mortgage-backed securities available-for-sale 453,320 699,364 2,048,590 2,843,793
Mortgage-backed securities 1,795,477 1,994,331 7,626,812 5,340,742
Investment securities available-for-sale 1,722,612 1,044,245 5,842,950 3,185,425
Investment securities 286,026 351,614 1,737,452 699,577
Interest-bearing deposits 154,992 198,818 674,887 1,045,252
Other 80,100 74,931 331,953 222,641
------------- ------------ ------------- ------------
Total interest income 18,565,331 17,454,562 74,524,183 51,260,425
------------- ------------ ------------- ------------
Interest expense:
NOW and money market demand 840,887 791,938 3,321,747 2,028,730
Savings 645,951 730,656 2,657,986 2,222,479
Certificates of deposit 5,476,460 5,251,288 21,824,152 14,986,206
Advances from FHLB - Seattle and other borrowed funds 3,497,152 2,848,626 14,483,121 9,169,234
------------- ------------ ------------- ------------
Total interest expense 10,460,450 9,622,508 42,237,006 28,406,649
------------- ------------ ------------- ------------
Net interest income 8,104,881 7,832,054 32,237,177 22,853,776
Provision for loan losses 210,000 297,000 840,000 400,000
------------- ------------ ------------- ------------
Net interest income after provision for loan losses 7,894,881 7,535,054 31,397,177 22,453,776
------------- ------------ ------------- ------------
Non-interest income:
Loan origination fees 664,982 322,662 2,267,918 667,374
Service fees 1,104,591 1,143,319 4,485,927 3,034,360
Net gain on sale of loans and securities available-for-sale 352,103 278,346 1,053,376 678,389
Other 178,420 184,017 574,553 306,487
------------- ------------ ------------- ------------
Total non-interest income 2,300,096 1,928,344 8,381,774 4,686,610
------------- ------------ ------------- ------------
Non-interest expenses:
Compensation and employee benefits 3,164,224 3,393,596 13,149,344 9,344,139
Net occupancy expense of premises 548,439 539,621 2,153,277 1,373,762
Equipment and furnishings expense 597,568 387,615 1,846,016 1,009,359
Data processing expense 426,414 388,183 1,644,043 962,335
Federal insurance premium 89,691 91,715 357,818 516,611
SAIF special assessment - - - 2,297,321
Intangibles amortization 373,149 409,000 1,390,690 532,000
Marketing and advertising 162,300 210,141 788,759 571,439
Other 1,547,905 1,362,429 6,428,770 3,963,515
------------- ------------ ------------- ------------
Total non-interest expense 6,909,690 6,782,300 27,758,717 20,570,481
------------- ------------ ------------- ------------
Income before income taxes 3,285,287 2,681,098 12,020,234 6,569,905
Income taxes 1,292,275 541,782 4,760,515 2,062,845
------------- ------------ ------------- ------------
Net income (1) $ 1,993,012 $ 2,139,316 $ 7,259,719 $ 4,507,060
============= ============ ============= ============
Net income per share:
Basic $ 0.37 $ 0.41 $ 1.37 $ 1.01
============= ============ ============= ============
Diluted $ 0.35 $ 0.38 $ 1.29 $ 0.96
============= ============ ============= ============
Dividends per share $ 0.180 $ 0.151 $ 0.540 $ 0.451
============= ============ ============= ============
Dividend payout ratio before SAIF assessment - diluted 51.09% 39.67% 41.83% 47.07%
============= ============ ============= ============
Average common and common equivalent shares outstanding:
Basic 5,361,682 5,262,745 5,317,577 4,458,079
============= ============ ============= ============
Diluted 5,656,659 5,620,888 5,624,166 4,704,239
============= ============ ============= ============
</TABLE>
(1) The twelve months ended June 30, 1997 includes approximately $1,414,000, or
$0.30 per share diluted, special SAIF assessment net of tax at 38.5%.
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except share and per share data)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
June 30, June 30,
1998 1997 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Interest Income:
Loans receivable $ 14,073 $ 13,091 $ 56,261 $ 37,923
Mortgage-backed securities
available-for-sale 453 699 2,049 2,844
Mortgage-backed securities 1,795 1,994 7,627 5,341
Investment securities
available-for-sale 1,723 1,045 5,843 3,185
Investment securities 286 351 1,737 699
Interest-bearing deposits 155 199 675 1,045
Other 80 75 332 223
----------- ----------- ----------- -----------
Total interest income 18,565 17,454 74,524 51,260
----------- ----------- ----------- -----------
Interest expense:
NOW and money market
demand 841 792 3,321 2,029
Savings 646 731 2,658 2,223
Certificates of deposit 5,476 5,251 21,824 14,986
Advances from FHLB-Seattle
and other borrowed funds 3,497 2,849 14,483 9,169
----------- ----------- ----------- -----------
Total interest expense 10,460 9,623 42,286 28,407
----------- ----------- ----------- -----------
Net interest income 8,105 7,831 32,238 22,853
Provision for loan losses 210 297 840 400
----------- ----------- ----------- -----------
Net interest income
after provision for
loan losses 7,895 7,534 31,398 22,453
----------- ----------- ----------- -----------
Non-interest income:
Loan origination fees 665 323 2,268 667
Service fees 1,105 1,142 4,486 3,034
Net gain on sale of loans
and securities available-
for-sale 352 278 1,053 678
Other 178 184 574 306
----------- ----------- ----------- -----------
Total non-interest
income 2,300 1,927 8,381 4,685
----------- ----------- ----------- -----------
Non-interest expenses:
Compensation and employee
benefits 3,164 3,391 13,149 9,342
Net occupancy expense
of premises 548 539 2,153 1,373
Equipment and furnishings
expense 598 388 1,846 1,009
Data processing expense 427 388 1,644 962
Federal insurance premium 90 92 358 517
SAIF special assessment -- -- -- 2,297
Intangibles amortization 373 409 1,391 532
Marketing and advertising 162 210 789 571
Other 1,548 1,363 6,429 3,965
----------- ----------- ----------- -----------
Total non-interest expense 6,910 6,780 27,759 20,568
----------- ----------- ----------- -----------
Income before income taxes 3,285 2,681 12,020 6,570
Income taxes 1,292 542 4,760 2,063
----------- ----------- ----------- -----------
Net income (1) $ 1,993 $ 2,139 $ 7,260 $ 4,507
=========== =========== =========== ===========
Net income per share
Basic $ 0.37 $ 0.41 $ 1.37 $ 1.01
=========== =========== =========== ===========
Diluted $ 0.35 $ 0.38 $ 1.29 $ 0.96
=========== =========== =========== ===========
Dividends per share $ 0.180 $ 0.151 $ 0.540 $ 0.451
=========== =========== =========== ===========
Dividend payout ratio before
SAIF assessment - diluted 51.09% 39.68% 41.83% 47.07%
=========== =========== =========== ===========
Average common and common
equivalent shares outstanding:
Basic 5,361,682 5,262,745 5,317,577 4,458,079
=========== =========== =========== ===========
Diluted 5,656,629 5,620,888 5,624,166 4,704,239
=========== =========== =========== ===========
</TABLE>
(1) The twelve months ended June 30, 1997 includes approximately
$1,414, or $0.30 per share diluted, special SAIF assessment net
of tax at 38.5%.
<PAGE>
Selected Financial Ratios and Other Data:
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
June 30, June 30,
----------------- -------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Performance Ratios:
Return on assets (ratio of net income to average total assets) (1) 0.79% 0.90% 0.72% 0.65%
Return on assets before SAIF special assessment (1) 0.79 0.90 0.72 0.86
Return on equity (ratio of net income to average equity) (1) 7.28 8.23 6.73 5.15
Return on equity before SAIF special assessment (1) 7.28 8.23 6.73 6.68
Interest rate spread information:
Average during period 3.22 3.32 3.19 3.06
End of period 2.99 3.38 2.99 3.38
Net interest margin(1)(2) 3.48 3.60 3.46 3.53
Ratio of non-interest expense to avg. total assets (1) 2.72 2.86 2.67 2.98
Ratio of non-interest expense without SAIF special assessment
to average assets (1) 2.72 2.86 2.67 2.64
Asset Quality Ratios:
Non-performing assets to total assets, at end of period 0.49 0.25 0.49 0.25
Total allowance for loan losses to total non-performing
assets (3) 97.44 191.01 97.44 191.01
Capital Ratios:
Stockholders' equity to total assets, at end of period 10.73 10.91 10.73 10.91
Tangible stockholders' equity to tangible assets, at end of period 8.93 8.92 8.93 8.92
Ratio of average interest-earning assets to average
interest-bearing liabilities 105.66 106.34 105.74 110.56
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized
(2) Net interest income divided by average interest-earning assets
(3) Includes non-performing and foreclosed assets
<PAGE>
Non-Performing Assets
<TABLE>
<CAPTION>
June 30, June 30,
1998 1997
- -------------------------------------------------------------------------------------------------------------
(In Thousands)
<S> <C> <C>
Non-accruing loans:
Real Estate:
One-to-four family $1,967 $842
Multi-family 89 -
Nonresidential property (except land) 35 -
Construction 362 -
Agriculture - -
Commercial - non real estate 32 102
Consumer 1,504 573
- -------------------------------------------------------------------------------------------------------------
Total 3,989 1,517
- -------------------------------------------------------------------------------------------------------------
Accruing loans delinquent
90 days or more:
Real Estate:
One-to-four family 442 231
Multi-family - -
Nonresidential property (except land) - -
Construction - -
Agriculture - -
Commercial - non real estate 10 -
Consumer 174 605
- -------------------------------------------------------------------------------------------------------------
Total 626 836
- -------------------------------------------------------------------------------------------------------------
Foreclosed assets:
Real Estate:
One-to-four family 279 -
Multi-family - -
Commercial - -
Land 28 -
Construction - -
Consumer 114 82
- -------------------------------------------------------------------------------------------------------------
Total 421 82
- -------------------------------------------------------------------------------------------------------------
Total non-performing assets $5,036 $2,435
=============================================================================================================
</TABLE>
<PAGE>
Allowance for Loan Losses
<TABLE>
<CAPTION>
For the Three Month For the Twelve Month
Period Ended Period Ended
June 30, June 30,
------------------------ ------------------------
1998 1997 1998 1997
------- ------- ------- -------
(in Thousands)
<S> <C> <C> <C> <C>
Balance at beginning of period ............................ $ 5,044 $ 4,496 $ 4,651 $ 2,005
------- ------- ------- -------
Charge-Offs:
Real Estate:
One- to four-family ................................ -- -- -- --
Commerical ......................................... -- -- -- --
Other:
Commerical ......................................... (26) (27) (26) (43)
Consumer ........................................... (347) (125) (611) (210)
------- ------- ------- -------
Total charge-offs ......................................... (373) (152) (637) (253)
------- ------- ------- -------
Recoveries:
Other:
Commerical ......................................... -- 4 3 4
Consumer ........................................... 26 6 50 14
------- ------- ------- -------
Total recoveries .......................................... 26 10 53 18
------- ------- ------- -------
Net charge-offs ........................................... (347) (142) (584) (235)
------- ------- ------- -------
Provisions charged to operations .......................... 210 297 840 400
Reserves acquired ......................................... -- -- -- 2,481
------- ------- ------- -------
Balance at end of period .................................. $ 4,907 $ 4,651 $ 4,907 $ 4,651
======= ======= ======= =======
Ratio of net charge-offs during the period to average loans
outstanding during the period ...................... 0.05% 0.02% 0.09% 0.05%
======= ======= ======= =======
Ratio of net charge-offs during the period to average non-
performing assets during the period ................ 5.98% 6.38% 11.92% 13.12%
======= ======= ======= =======
Ratio of allowance for loan losses to net loans before
allowance .......................................... 0.74% 0.73%
======= =======
</TABLE>
<PAGE>
WESTERFED FINANCIAL CORP
<TABLE>
<CAPTION>
--------------------------------------------------------
JUNE 30, 1998 - QTD
--------------------------------------------------------
Average Interest
Outstanding Earned/ Yield/
Balance (5) Paid Rate
--------------------------------------------------------
(Dollars in Thousands)
<S> <C> <C> <C>
INTEREST EARNING ASSETS:
Loans receivable (1) (2) $ 660,324 14,073 8.52%
Mortgage-backed securities (2) 129,467 2,249 6.95%
Investments (2) 130,451 2,008 6.16%
Other interest-earning assets (3) 5,494 155 11.29%
Cash surrender value of life insurance 6,681 80 4.79%
--------------------------------------------------------
Total Interest-Earning Assets 932,417 18,565 7.96%
========================================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 381,844 5,476 5.74%
Savings accounts 94,552 646 2.73%
Demand and now accounts 105,346 284 1.08%
Money market accounts 54,334 557 4.10%
--------------------------------------------------------
Total deposits 636,076 6,963 4.38%
FHLB advances and notes payable 245,923 3,478 5.66%
Collateralized mortgage obligations 509 19 14.93%
--------------------------------------------------------
Total Interest-Bearing Liabilities 882,508 10,460 4.74%
========================================================
Net interest income $8,105
=======
Net interest rate spread 3.22%
=====
Net interest earning assets $49,909
=========
Net interest margin (4) 3.48%
=====
Average interest-earning assets
to average interest-bearing liabilities 105.66%
=======
--------------------------------------------------------
JUNE 30, 1997 - QTD
--------------------------------------------------------
Average Interest
Outstanding Earned/ Yield/
Balance (5) Paid Rate
--------------------------------------------------------
(Dollars in Thousands)
INTEREST EARNING ASSETS:
Loans receivable (1) (2) $621,077 13,091 8.43%
Mortgage-backed securities (2) 152,522 2,693 7.06%
Investments (2) 86,568 1,396 6.45%
Other interest-earning assets (3) 3,841 199 20.72%
Cash surrender value of life insurance 6,094 75 4.92%
--------------------------------------------------------
Total Interest-Earning Assets 870,102 17,454 8.02%
========================================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 375,131 5,251 5.60%
Savings accounts 103,417 731 2.83%
Demand and now accounts 101,899 326 1.28%
Money market accounts 48,672 466 3.83%
--------------------------------------------------------
Total deposits 629,119 6,774 4.31%
FHLB advances and notes payable 188,236 2,814 5.98%
Collateralized mortgage obligations 843 35 16.61%
--------------------------------------------------------
Total Interest-Bearing Liabilities 818,198 9,623 4.70%
========================================================
Net interest income $7,831
=======
Net interest rate spread 3.32%
======
Net interest earning assets $51,904
========
Net interest margin (4) 3.60%
======
Average interest-earning assets
to average interest-bearing liabilities 106.34%
======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
JUNE 30, 1998 - YTD
--------------------------------------------------------
Average Interest
Outstanding Earned/ Yield/
Balance (5) Paid Rate
--------------------------------------------------------
(Dollars in Thousands)
INTEREST EARNING ASSETS:
<S> <C> <C> <C>
Loans receivable (1) (2) 662,536 56,261 8.49%
Mortgage-backed securities (2) 140,994 9,675 6.86%
Investments (2) 113,412 7,581 6.68%
Other interest-earning assets (3) 8,702 675 7.76%
Cash surrender value of life insurance 6,540 332 5.08%
--------------------------------------------------------
Total Interest-Earning Assets 932,183 74,524 7.99%
========================================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 380,726 21,824 5.73%
Savings accounts 96,966 2,658 2.74%
Demand and now accounts 106,392 1,209 1.14%
Money market accounts 52,496 2,112 4.02%
--------------------------------------------------------
Total deposits 636,581 27,803 4.37%
FHLB advances and notes payable 244,339 14,364 5.88%
Collateralized mortgage obligations 625 119 19.04%
--------------------------------------------------------
Total Interest-Bearing Liabilities 881,545 42,286 4.80%
========================================================
Net interest income $32,238
=======
Net interest rate spread 3.19%
=====
Net interest earning assets $50,638
=======
Net interest margin (4) 3.46%
=====
Average interest-earning assets
to average interest-bearing liabilities 105.74%
=======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------
JUNE 30, 1997 - YTD
--------------------------------------------------------
Average Interest
Outstanding Earned/ Yield/
Balance (5) Paid Rate
--------------------------------------------------------
(Dollars in Thousands)
<S> <C> <C> <C>
INTEREST EARNING ASSETS:
Loans receivable (1) (2) $451,771 $37,923 8.39%
Mortgage-backed securities (2) 116,836 8,185 7.00%
Investments (2) 61,241 3,884 6.34%
Other interest-earning assets (3) 13,732 1,045 7.61%
Cash surrender value of life insurance 4,187 223 5.33%
--------------------------------------------------------
Total Interest-Earning Assets 647,767 51,260 7.91%
========================================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 264,588 14,986 5.66%
Savings accounts 76,829 2,223 2.89%
Demand and now accounts 66,203 883 1.33%
Money market accounts 31,873 1,146 3.60%
--------------------------------------------------------
Total deposits 439,493 19,238 4.38%
FHLB advances and notes payable 145,446 9,011 6.20%
Collateralized mortgage obligations 967 158 16.33%
--------------------------------------------------------
Total Interest-Bearing Liabilities 585,906 28,407 4.85%
========================================================
Net interest income $22,853
=======
Net interest rate spread 3.06%
=====
Net interest earning assets $61,861
=======
Net interest margin (4) 3.53%
=====
Average interest-earning assets
to average interest-bearing liabilities 110.56%
=======
</TABLE>
(1) Calculated net of deferred loan fees, loan
discounts, loans in process and loss reserves
(2) Includes held and available for sale categories
(3) Includes primarily short term liquid assets
(4) Net interest income divided by average interest
earning assets
(5) Based on average monthly balances
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