Legacy Bancorp, Inc. (the “Company” or “Legacy”) (NASDAQ: LEGC),
the holding company for Legacy Banks (the “Bank”), today reported
net income of $723,000, or $0.09 per diluted share, for the quarter
ended March 31, 2011, compared to a net loss of $1.2 million, or
$0.15 per diluted share, in the first quarter of 2010. The first
quarter increase in net income included a decrease in the provision
for loan losses, higher non-interest income and lower operating
expenses, all of which helped offset a decrease in net interest
income. The total shares outstanding resulted in a book value per
share and tangible book value per share of $12.95 and $11.22,
respectively, at March 31, 2011.
J. Williar Dunlaevy, Chief Executive Officer, commented “We are
extremely pleased to see Legacy Bancorp return to profitable
operation in the first quarter of 2011. We are also pleased to see
continued improvement in our asset quality. When Pat Sullivan
joined Legacy as President in 2010 he moved quickly to improve
asset quality and profitability. In these first quarter numbers we
are starting to see the results of those efforts by our management
team.”
Patrick J. Sullivan, President, added “Our many risk and cost
based initiatives have addressed areas of weakness in our balance
sheet and earnings performance. These initiatives along with our
pending merger with a strong community based partner in Berkshire
Hills Bancorp should enable our combined operations to build
increased shareholder value.”
The Company’s balance sheet decreased by $11.3 million from
$916.9 million at December 31, 2010 to $905.6 million at March 31,
2011. Within the overall asset balances, the gross loan portfolio,
excluding loans held for sale, decreased by $14.6 million, or 2.4%,
in the first quarter of 2011. Residential mortgages decreased $9.1
million, or 3.4%, as the majority of the residential mortgage
activity was in the 15 and 30 year fixed rate categories, products
which the Bank currently sells in the secondary market with
servicing retained. Commercial real estate loans decreased $4.1
million, or 1.9%, primarily due to loan payoffs during the quarter.
The available-for-sale investment portfolio increased by $6.2
million or 3.3%, at March 31, 2011 as compared to December 31,
2010.
Deposits have decreased by $8.5 million, or 1.2%, to
$676.8 million from a balance of $685.2 million at December
31, 2010. Deposits decreased primarily in money market accounts and
certificate of deposits (CD’s) which decreased $5.9 million, or
8.6%, and $8.0 million, or 2.7%, respectively. These decreases were
partially offset by increases in demand accounts, relationship
savings and regular savings accounts.
Overall stockholders’ equity increased by $255,000, or 0.2%,
during the first quarter of 2011. Total equity was impacted by net
income of $723,000 and the amortization of unearned compensation.
These increases to equity were partially offset by the declaration
of a dividend of $0.05 per share during the first quarter as well
as an increase in the unrealized loss on available-for-sale
securities.
Overall nonperforming loans (NPLs) were $12.4 million at March
31, 2011, as compared to $12.7 million at year end. Nonperforming
assets as a ratio to total assets was 1.63% at March 31, 2011, the
same as it was at December 31, 2010. The provision for loan losses
was $41,000 in the first quarter of 2011, a decrease of $2.4
million as compared to the same period in 2010 as management
continued to be very diligent in its analysis, workout and
charge-off of problem credits during the prior year. These actions,
coupled with generally stable credit conditions during the first
quarter of 2011 allowed for this significant reduction in the loan
loss provision. The allowance for loan loss to total loans was
1.45% at March 31, 2011, as compared to 1.47% at December 31, 2010
and 1.25% at March 31, 2010.
The Company’s net interest income decreased by $709,000, or
10.5%, in the first quarter of 2011 as compared to the same period
in 2010. The net interest margin (NIM) was 2.96% for the three
months ended March 31, 2011, a decrease of 20 basis points from the
first quarter of 2010, but an increase of 6 basis points from the
fourth quarter of 2010, primarily as a result of the Bank’s
prepayment of $34.7 million of advances from the Federal Home Loan
Bank at the end of December 2010.
Non-interest income for the first quarter increased $553,000
from the same period of 2010 primarily due to higher portfolio
management fees as well as a decrease in the amount of writedowns
taken on investments deemed to be other-than-temporarily-impaired
(OTTI). Portfolio management fees increased $263,000, or 93.9%, in
the first quarter of 2011 as compared to the same period of 2010 as
a result of the Bank’s acquisition of substantially all of the
assets of the Renaissance Investment Group, LLC in April 2010. The
Bank incurred $36,000 of OTTI losses on certain limited partnership
investments during the first quarter of 2011 as compared to a
charge of $299,000 on the same investments in the first quarter of
2010. In 2011, the Bank also had increases in gains on the sale of
mortgages.
Operating expenses decreased by $660,000, or 9.2%, for the first
quarter of 2011 as compared to the same period of 2010. Salaries
and benefits decreased $649,000, or 18.7%, primarily as a result of
the termination or restructuring of certain employee benefits,
including the employee stock ownership plan (ESOP), medical
insurance and post-retirement benefits. Decreases in advertising
and professional fees were partially offset by increases in
occupancy, deposit insurance and expenses related to other real
estate owned (OREO), which is included in other general and
administrative expenses. The Company’s core efficiency ratio
(reported efficiency ratio net of effect of non-core adjustments)
for the 2011 quarter decreased to 82.2% as compared to 87.4% in the
first quarter of 2010 due to the increase in non-interest income
and decrease in operating expenses. The Company’s effective tax
rate increased to 34.0% in 2011 as compared to 30.5% a year
earlier. The increase in the effective rate is primarily due to the
Company’s reduction of tax-exempt municipal investments within the
past 12 months.
CONFERENCE CALL
J. Williar Dunlaevy, Chairman and Chief Executive Officer,
Patrick J. Sullivan, President and Paul H. Bruce, Chief Financial
Officer, will host a conference call at 10:00 a.m. (Eastern Time)
on Friday April 29, 2011. Persons wishing to access the conference
call may do so by dialing 877-407-0778. Replays of the conference
call will be available beginning April 29, 2011 at 6:00 p.m.
(Eastern Time) through May 29, 2011 at 11:59 p.m. (Eastern Time) by
dialing 877-660-6853 and using Account #286 and Conference ID
#370544 (both numbers are needed to access the replay).
FORWARD LOOKING STATEMENTS
Certain statements contained in this news release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 (the “Act”), notwithstanding that such statements are not
specifically identified as such. In addition, certain statements
may be contained in our future filings with the SEC, in press
releases, and in oral and written statements made by us or with our
approval that are not statements of historical fact and constitute
forward-looking statements within the meaning of the Act. Examples
of forward-looking statements include, but are not limited to: (i)
projections of revenues, expenses, income or loss, earnings or loss
per share, the payment or nonpayment of dividends, capital
structure and other financial items; (ii) statements of our plans,
objectives and expectations or those of our management or Board of
Directors, including those relating to products or services; (iii)
statements of future economic performance; and (iv) statements of
assumptions underlying such statements. Words such as “believes,”
“anticipates,” “expects,” “intends,” “targeted,” “continue,”
“remain,” “will,” “should,” “may” and other similar expressions are
intended to identify forward-looking statements but are not the
exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that
may cause actual results to differ materially from those in such
statements. Factors that could cause actual results to differ from
those discussed in the forward-looking statements include, but are
not limited to: local, regional, national and international
economic conditions and the impact they may have on us and our
customers and our assessment of that impact, changes in the level
of non-performing assets and charge-offs; changes in estimates of
future reserve requirements based upon the periodic review thereof
under relevant regulatory and accounting requirements; the effects
of and changes in trade and monetary and fiscal policies and laws,
including the interest rate policies of the Federal Reserve Board;
inflation, interest rate, securities market and monetary
fluctuations; political instability; acts of war or terrorism; the
timely development and acceptance of new products and services and
perceived overall value of these products and services by users;
changes in consumer spending, borrowings and savings habits;
changes in the financial performance and/or condition of our
borrowers; technological changes; acquisitions and integration of
acquired businesses; the ability to increase market share and
control expenses; changes in the competitive environment among
financial holding companies and other financial service providers;
the quality and composition of our loan or investment portfolio;
the effect of changes in laws and regulations (including laws and
regulations concerning taxes, banking, securities and insurance)
with which we and our subsidiaries must comply; the effect of
changes in accounting policies and practices, as may be adopted by
the regulatory agencies, as well as the Public Company Accounting
Oversight Board, the Financial Accounting Standards Board and other
accounting standard setters; changes in our organization,
compensation and benefit plans; the costs and effects of legal and
regulatory developments, including the resolution of legal
proceedings or regulatory or other governmental inquiries and the
results of regulatory examinations or reviews; greater than
expected costs or difficulties related to the opening of new branch
offices or the integration of new products and lines of business,
or both; and/or our success at managing the risk involved in the
foregoing items.
ADDITIONAL INFORMATION FOR STOCKHOLDERS
In connection with the proposed merger with Berkshire Hills
Bancorp, Berkshire has filed with the Securities and Exchange
Commission (“SEC”) a preliminary Registration Statement on Form
S-4. When it becomes final and effective, it will include a Proxy
Statement of Legacy and a Proxy Statement/Prospectus of Berkshire,
as well as other relevant documents concerning the proposed
transaction. Stockholders are urged to read the Registration
Statement and the Proxy Statement/prospectus regarding the merger
as they become available and any other relevant documents filed
with the SEC, as well as any amendments or supplements to those
documents, because they will contain important information. A free
copy of the Proxy Statement/Prospectus, as well as other filings
containing information about Berkshire Hills and Legacy, may be
obtained at the SEC’s Internet site (http://www.sec.gov). You will
also be able to obtain these documents, free of charge, from
Berkshire Hills Bancorp at www.berkshirebank.com under the tab
“Investor Relations” or from Legacy Bancorp by accessing Legacy
Bancorp’s website at www.legacy-banks.com under the tab “Investor
Relations.”
Berkshire and Legacy and certain of their directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Legacy Bancorp in
connection with the proposed merger. Information about the
directors and executive officers of Berkshire Hills Bancorp is set
forth in the proxy statement for Berkshire Hills Bancorp’s 2011
annual meeting of stockholders, as filed with the SEC on a Schedule
14A on March 24, 2011. Information about the directors and
executive officers of Legacy Bancorp is set forth in the proxy
statement for Legacy Bancorp’s 2010 annual meeting of stockholders,
as filed with the SEC on a Schedule 14A on March 25, 2010.
Additional information regarding the interests of those
participants and other persons who may be deemed participants in
the transaction may be obtained by reading the Proxy
Statement/Prospectus regarding the proposed merger as they become
available. Free copies of this document may be obtained as
described in the preceding paragraph.
NON-GAAP FINANCIAL MEASURES
In addition to results presented in accordance with GAAP, this
press release contains certain non-GAAP financial measures. We
believe that providing certain non-GAAP financial measures, such as
core efficiency ratio, provides investors with information useful
in understanding our financial performance, our performance trends
and financial position. A reconciliation of non-GAAP to GAAP
financial measures is included in the accompanying financial
tables, elsewhere in this report.
LEGACY BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (Dollars in thousands, except per share
amounts) March 31, December 31, 2011 2010
ASSETS
(Unaudited)
Cash and due from banks $ 13,947 $ 12,186 Short-term investments
13,680 14,906 Cash and cash equivalents
27,627 27,092 Securities - Available for sale 191,853 185,688
Securities - Held to maturity 97 97 Restricted equity securities
and other investments - at cost 16,863 16,546 Loans held for sale
785 3,839
Loans, net of allowance for loan losses of
$8,694 in 2011 and $9,010 in 2010
592,739 607,102 Premises and equipment, net 18,823 19,142 Accrued
interest receivable 2,577 2,631 Goodwill, net 11,558 11,558
Mortgage servicing rights 776 737 Other intangible assets 2,675
2,888 Net deferred tax asset 12,428 12,684 Bank-owned life
insurance 17,058 17,047 Foreclosed assets 2,365 2,216 Other assets
7,333 7,610 $ 905,557 $ 916,877
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits:
Noninterest-bearing $ 78,115 $ 75,116 Interest-bearing
598,680 610,129 Total deposits 676,795 685,245
Securities sold under agreements to repurchase 3,671 5,329 Federal
Home Loan Bank advances 105,385 105,388 Mortgagors' escrow accounts
1,006 1,211 Accrued expenses and other liabilities 6,886
8,145 Total liabilities 793,743
805,318 Commitments and contingencies Stockholders'
Equity:
Preferred Stock ($.01 par value,
10,000,000 shares authorized, none issued or outstanding)
- -
Common Stock ($.01 par value, 40,000,000
shares authorized and 10,308,600 issued at March 31, 2011 and
December 31, 2010; 8,631,732 outstanding at March 31, 2011 and
December 31, 2010)
103 103 Additional paid-in-capital 103,125 103,168 Unearned
Compensation - ESOP (6,956 ) (6,956 ) Unearned Compensation -
Equity Incentive Plans (853 ) (1,053 ) Retained earnings 39,434
39,114 Accumulated other comprehensive income (loss) (455 ) (233 )
Treasury stock, at cost (1,676,868 shares
at March 31, 2011 and December 31, 2010)
(22,584 ) (22,584 ) Total stockholders' equity
111,814 111,559 $ 905,557 $ 916,877
LEGACY BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in
thousands, except per share amounts) Three Months
Ended March 31, 2011 2010 (Unaudited) Interest and dividend
income: Loans $ 8,018 $ 9,296 Securities: Taxable 870 1,185
Tax-Exempt 20 167 Short-term investments 4 6
Total interest and dividend income 8,912
10,654 Interest expense: Deposits 1,844 2,439 Federal
Home Loan Bank advances 1,016 1,449 Other borrowed funds 5
10 Total interest expense 2,865
3,898 Net interest income 6,047 6,756 Provision for
loan losses 41 2,421 Net interest
income after provision for loan losses 6,006
4,335 Non-interest income: Customer service fees 724
722 Portfolio management fees 543 280 Income from bank owned life
insurance 140 154 Insurance, annuities and mutual fund fees 51 20
Gain on sales of securities, net 27 101 Impairment losses on
investments, net (36 ) (299 ) Gain on sales of loans, net 139 60
Miscellaneous 14 11 Total non-interest
income 1,602 1,049 Non-interest
expenses: Salaries and employee benefits 2,826 3,475 Occupancy and
equipment 1,018 991 Data processing 699 694 Professional fees 302
323 Advertising 89 319 FDIC deposit insurance 305 269 Other general
and administrative 1,274 1,102 Total
non-interest expenses 6,513 7,173
Income (loss) before income taxes 1,095 (1,789 )
Provision (benefit) for income taxes 372 (545
) Net income (loss) $ 723 $ (1,244 ) Earnings (loss)
per share Basic $ 0.09 $ (0.15 ) Diluted $ 0.09 $ (0.15 ) Weighted
average shares outstanding Basic 8,014,817 8,028,621 Diluted
8,052,772 8,028,621
LEGACY BANCORP, INC. AND
SUBSIDIARIES SELECTED CONSOLIDATED FINANCIAL HIGHLIGHTS AND
OTHER DATA (Dollars in thousands except per share data)
Three Months Ended March 31, 2011 2010
Financial Highlights: Net interest income $ 6,047 $
6,756 Net income (loss) 723 (1,244 ) Per share data: Earnings
(loss) — basic 0.09 (0.15 ) Earnings (loss) — diluted 0.09 (0.15 )
Dividends declared 0.05 0.05 Book value per share — end of period
12.95 13.80 Tangible book value per share — end of period 11.22
12.40
Ratios and Other Information: Return (loss) on
average assets 0.32 % (0.53 ) % Return (loss) on average equity
2.57 % (4.02 ) % Net interest rate spread (1) 2.75 % 2.87 % Net
interest margin (2) 2.96 % 3.16 % Efficiency ratio (3) 82.2 % 87.4
%
Average interest-earning assets to average
interest-bearing liabilities
115.31 % 115.92 %
At period end: Stockholders’ equity
$ 111,814 $ 120,324 Total assets 905,557 946,224 Equity to total
assets 12.3 % 12.7 % Non-performing assets to total assets 1.63 %
1.47 % Non-performing loans to total loans 2.06 % 1.88 % Allowance
for loan losses to non-performing loans 70.27 % 66.56 % Allowance
for loan losses to total loans 1.45 % 1.25 % Number of full service
offices 19 19 (1) The net interest rate spread represents
the difference between the yield on total average interest-earning
assets and the cost of total average interest-bearing liabilities
for the period. (2) The net interest margin represents net
interest income as a percent of average interest-earning assets for
the period. (3) The efficiency ratio represents non-interest
expense for the period minus expenses related to the amortization
of intangible assets other than the amortization of mortgage
servicing rights, divided by the sum of net interest income (before
the loan loss provision) plus non-interest income (excluding net
gains or losses on the sale or impairment of assets).
Analysis of Net Interest Margin – First
Quarter:
Three Months Ended March 31, 2011 Three
Months Ended March 31, 2010
AverageOutstandingBalance
Interest Yield/ Rate(1)
AverageOutstandingBalance
Interest Yield/ Rate(1)
(Dollars in
thousands) Interest-earning assets:
Loans - net (2) $ 601,640 $ 8,018 5.33 % $ 647,710 $ 9,296
5.74 % Investment securities 205,265 890 1.73 % 190,406 1,352 2.84
% Short-term investments 9,722 4 0.16 %
15,743 6 0.15 % Total interest-earning
assets 816,627 8,912 4.37 % 853,859 10,654 4.99 %
Non-interest-earning assets 82,124 78,336 Total
assets $ 898,751 $ 932,195
Interest-bearing liabilities:
Savings deposits $ 52,035 27 0.21 % $ 50,232 33 0.26 % Relationship
savings 141,340 181 0.51 % 128,198 324 1.01 % Money market 63,938
68 0.43 % 64,336 131 0.81 % NOW accounts 46,054 26 0.23 % 44,208 34
0.31 % Certificates of deposit 294,141 1,542
2.10 % 289,174 1,917 2.65 %
Total interest-bearing deposits 597,508 1,844 1.23 % 576,148 2,439
1.69 % Borrowed funds 110,720 1,021
3.69 % 160,469 1,459 3.64 % Total
interest-bearing liabilities 708,228 2,865 1.62 % 736,617 3,898
2.12 % Non-interest-bearing liabilities 77,985 71,916
Total liabilities 786,213 808,533 Equity 112,538
123,662 Total liabilities and equity $ 898,751 $ 932,195 Net
interest income $ 6,047 $ 6,756 Net interest rate spread (3)
2.75 % 2.87 % Net interest-earning assets (4) $ 108,399 $ 117,242
Net interest margin (5) 2.96 % 3.16 % Average
interest-earning assets to interest-bearing liabilities 115.31 %
115.92 % (1) Yields and rates for the three months ended
March 31, 2011 and 2010 are annualized. (2) Includes loans held for
sale and non-accrual loans.
(3) Net interest rate spread represents
the difference between the yield on total average interest-earning
assets and the cost of total average interest-bearing
liabilities.
(4) Net interest-earning assets represents total interest-earning
assets less total interest-bearing liabilities. (5) Net interest
margin represents net interest income divided by average total
interest-earning assets.
Loan Information:
At March 31, 2011:
Portfolio Balance Nonperforming (NPAs)
Troubled Debt Restructurings Amount
Percent Amount
% ofPortfolio
IncludedIn NPAs
Not IncludedIn NPAs
Total (Dollars in thousands) Mortgage loans on
real estate: Residential $ 266,811
44.46 % $ 3,348 1.25 % $ 86 $ 266 $ 352 Commercial - In market
170,874 28.47 8,563 5.01 2,406 535 2,941 Commercial - Out of market
49,937 8.32 - - - - - Home equity 72,679 12.11
277 0.38 -
- - 560,301 93.36
12,188 2.18 2,492 801
3,293 Other loans: Commercial 29,629 4.94 183 0.62 -
10 10 Consumer and other 10,196 1.70
2 0.02 - -
- 39,825 6.64 185
0.46 - 10 10 Total
loans 600,126 100.00 % $ 12,373 2.06 % $ 2,492 $ 811
$ 3,303 Other Items: Net deferred loan costs 1,307 Allowance for
loan losses (8,694 ) Total loans, net $ 592,739 Other
information: Other real estate owned (OREO) 2,365
Total nonperforming assets $ 14,738 Non-performing assets to
total assets 1.63 %
At December 31, 2010:
Portfolio Balance
Nonperforming (NPAs) Troubled Debt Restructurings
Amount Percent Amount
% ofPortfolio
IncludedIn NPAs
Not IncludedIn NPAs
Total (Dollars in thousands) Mortgage loans on
real estate: Residential $ 276,765 45.02 % $ 4,176 1.51 % $ - $ 356
$ 356 Commercial - In market 174,621 28.40 8,128 4.65 2,451 1,568
4,019 Commercial - Out of market 50,406 8.20 - - - - - Home equity
74,328 12.09 120
0.16 - - - 576,120
93.71 12,424 2.16
2,451 1,924 4,375 Other loans:
Commercial 28,123 4.58 315 1.12 - 174 174 Consumer and other
10,518 1.71 5 0.05
- - - 38,641
6.29 320 0.83 -
174 174 Total loans 614,761 100.00 % $
12,744 2.07 % $ 2,451 $ 2,098 $ 4,549 Other Items:
Net deferred loan costs 1,351 Allowance for loan losses
(9,010 ) Total loans, net $ 607,102 Other information: Other
real estate owned (OREO) 2,216 Total nonperforming
assets $ 14,960 Non-performing assets to total assets
1.63 %
Securities and Other Investment
Portfolio Composition:
At March 31, 2011 At December
31, 2010
AmortizedCost
Fair Value
AmortizedCost
Fair Value (Dollars in thousands) Securities
available for sale: Government-sponsored enterprises (GSE) $
144,881 $ 143,937 $ 132,221 $ 131,624 Municipal bonds 1,599 1,615
3,145 3,145 Corporate bonds and other obligations - - 401 402 GSE
residential mortgage-backed 5,775 6,003 6,370 6,594 U.S. Government
guaranteed residential mortgage-backed 39,702 39,832
42,775 42,967 Total debt securities 191,957
191,387 184,912 184,732 Marketable equity
securities 365 466 888 956 Total
securities available for sale 192,322 191,853
185,800 185,688
Securities held to maturity:
Other bonds and obligations 97
97 97 97
Restricted equity securities and other
investments: Federal Home Loan Bank of Boston stock 10,932
10,932 10,932 10,932 Savings Bank Life Insurance 1,709 1,709 1,709
1,709 Real estate partnerships 4,132 4,132 3,815 3,815 Other
investments 90 90 90 90
Total restricted equity securities and
other investments
16,863 16,863 16,546 16,546 Total
securities $ 209,282 $ 208,813 $ 202,443 $ 202,331
Deposit Accounts Composition:
At March 31, 2011 At December 31, 2010
Balance Percent Balance
Percent (Dollars in thousands) Deposit type:
Demand $ 78,115 11.54 % $ 75,116 10.96 % Regular savings 54,610
8.07 53,504 7.81 Relationship savings 144,431 21.34 142,110 20.74
Money market deposits 62,701 9.26 68,611 10.01 NOW deposits
47,243 6.98 48,197 7.03 Total transaction
accounts 387,100 57.20 387,538 56.55
Term certificates less than $100,000 156,416 23.11 162,408 23.70
Term certificates $100,000 or more 133,279 19.69
135,299 19.75 Total certificate accounts
289,695 42.80 297,707 43.45 Total deposits $
676,795 100.00 % $ 685,245 100.00 %
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The
Company’s management uses these non-GAAP measures in its analysis
of the Company’s performance. These measures typically adjust GAAP
performance measures to exclude significant gains or losses that
are expected to be non-recurring and to exclude the effects of
amortization of intangible assets (in the case of the efficiency
ratio). Because these items and their impact on the Company’s
performance are difficult to predict, management believes that
presentations of financial measures excluding the impact of these
items provide useful supplemental information that is essential to
a proper understanding of the operating results of the Company’s
core businesses. These disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
Three Months Ended March 31, 2011
2010 (Dollars in thousands) Net income (loss)
(GAAP) $ 723 $ (1,244 ) Less: Loss on sale or impairment of
assets, net 9 198
Adjustment: Income taxes related to
non-recurring adjustments noted above
(3 ) (60 ) Adjustment to deferred tax valuation reserves (9
) -
Net income (loss) (Core) $
720 $ (1,106 )
Efficiency Ratio (As
Reported) 82.2
%
87.4
%
Effect of gain or loss on sale or impairment of assets, net
- -
Efficiency Ratio
(Core) 82.2
%
87.4
%
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