MAF Bancorp Reports Increase in Fourth Quarter Earnings Per Share; Company Reports Calendar 2005 Results of $3.13 Per Share31 January 2006
MAF Bancorp, Inc. (NASDAQ: MAFB) reported net income for the fourth quarter ended December 31, 2005 of $27.1 million, or $.83 per diluted share, up 12% compared to 2004 fourth quarter earnings per share. Net income was $25.2 million, or $.74 per diluted share in last year's fourth quarter.
For the twelve months ended December 31, 2005, diluted earnings per share totaled $3.13 compared to $3.01 per diluted share reported in 2004.
Net Interest Income and Net Interest Margin
QE 12/31/05 QE 9/30/05 QE 12/31/04
----------- ----------- -----------
Net interest margin 2.69% 2.84% 3.07%
Interest rate spread 2.44% 2.61% 2.84%
Net interest income (000's) $ 64,018 $ 66,124 $ 67,530
Average assets:
Yield on interest-earning
assets 5.38% 5.23% 4.98%
Yield on loans receivable 5.69% 5.48% 5.16%
Yield on mortgage-backed
securities 4.37% 4.24% 3.88%
Average interest-earning
assets (000's) $ 9,505,190 $ 9,301,466 $ 8,804,297
Average liabilities:
Cost of interest-bearing
liabilities 2.94% 2.62% 2.14%
Cost of deposits 2.30% 2.01% 1.51%
Cost of borrowed funds 4.13% 3.81% 3.44%
Average interest-bearing
liabilities (000's) $ 8,671,094 $ 8,468,997 $ 7,915,439
Net Interest Margin: 4th Quarter 2005 v. 3rd Quarter 2005. The net interest margin declined 15 basis points during the quarter resulting in lower net interest income despite an increase in average interest-earning assets. The increase in the cost of deposits reflects higher interest rates and a change in the mix of the Company's deposit portfolio.
Higher interest rates also resulted in increased asset yields but the effect of those advances was not as significant as the increased cost of interest-bearing liabilities. The increase in yield on loans receivable was driven by higher rates on new one- to four-family mortgage loans and the upward repricing of the equity line of credit and business banking portfolios. The Company expects further compression in the interest rate spread and net interest margin due to the currently inverted yield curve and continued strong competition in the Company's markets.
Net Interest Margin: 4th Quarter 2005 v. 4th Quarter 2004. On a year-over-year basis, the net interest margin declined by 38 basis points due to a combination of the flattening yield curve and rising rates along with increased pricing competition in the Company's markets. Average interest-earning assets and average interest-bearing liabilities for the current quarter grew by 8.0% and 9.5%, respectively, compared to the prior year period.
Loan Portfolio Composition
12/31/05 9/30/05 12/31/04
-------- ------- --------
(Dollars in thousands)
One- to
four-family $4,246,345 58.9% $4,194,928 59.1% $4,036,826 58.7%
Home equity loans
and lines of
credit 1,346,750 18.7 1,360,520 19.1 1,336,090 19.4
Multi-family 687,205 9.5 676,976 9.5 646,269 9.4
Commercial real
estate 473,740 6.6 458,409 6.5 476,796 6.9
Commercial
business 146,746 2.0 154,249 2.2 147,345 2.1
Construction 154,873 2.1 128,265 1.8 134,759 2.1
Land 150,012 2.1 121,945 1.7 92,779 1.3
Consumer loans 5,566 0.1 6,117 0.1 7,650 0.1
---------- ------ ---------- ------ ---------- -----
Total loans
receivable, net $7,211,237 100.0% $7,101,409 100.0% $6,878,514 100.0%
========== ====== ========== ====== ========== ======
Growth in the loan portfolio was 6.2% annualized during the quarter and 4.8% over the past year. Growth in equity line of credit balances proved challenging during 2005, as prime interest rates rose 200 basis points during the year. Rate competition for business lending remains strong in both the Chicago and Milwaukee markets.
Non-Interest Income QE 12/31/05 QE 9/30/05 QE 12/31/04 ----------- ----------- ----------- Total non-interest income (000's) $ 23,574 $ 19,790 $ 17,293 Non-interest income / total revenue(1) 26.9% 23.0% 20.4% (1) Total revenue equals net interest income plus non-interest income.
Non-interest income increased 19.1% compared to the third quarter of 2005 and 36.3% compared to the fourth quarter of 2004. The fourth quarter of 2005 includes a $2.4 million gain on the sale of mortgage servicing rights and $2.8 million in income from real estate operations as the Company completed its first sales in the Springbank development.
Residential Mortgage Originations, Sales and Servicing QE 12/31/05 QE 9/30/05 QE 12/31/04 ----------- ----------- ----------- (Dollars in thousands) 1-4 Family Originations and Purchases Fixed-rate $ 159,512 $ 213,713 $ 174,371 Adjustable rate 353,523 358,729 335,930 ----------- ----------- ----------- Total $ 513,035 $ 572,442 $ 510,301 =========== =========== =========== Fixed-rate % 31% 37% 34% Adjustable rate % 69% 63% 66% Refinance % 33% 31% 35% Loan Sales 1-4 family fixed-rate $ 166,778 $ 205,102 $ 154,490 1-4 family adjustable rate - 2,622 55,590 ----------- ----------- ----------- Total 1-4 family 166,778 207,724 210,080 Equity lines of credit and home equity loans 11,698 23,570 - ----------- ----------- ----------- Total loans sold $ 178,476 $ 231,294 $ 210,080 =========== =========== =========== Gain on sale of 1-4 family mortgages $ 1,575 $ 2,159 $ 2,860 Gain on sale of equity lines of credit 266 495 - ----------- ----------- ----------- Total loan sale gains $ 1,841 $ 2,654 $ 2,860 =========== =========== =========== Margin on 1-4 family loan sales .94% 1.04% 1.36% Loan Servicing Gain on sale of mortgage servicing rights $ 2,400 $ - $ - Loan servicing fee income 443 479 521 Capitalized mortgage servicing rights as a percentage of loans serviced for others .69% .69% .71%
Total one- to four-family residential mortgage loan volume was down 10% during the past three months compared to the third quarter of 2005, and down 15% in 2005 compared to 2004, as rising rates led to reduced consumer demand while competition remained strong. During the fourth quarter, the Company completed a sale of servicing rights on approximately $750 million of loans, or 21% of its one- to four-family mortgage loans serviced for others portfolio, at a pre-tax gain of $2.4 million. The loan servicing rights were sold to take advantage of an increase in servicing values early in the fourth quarter and represented primarily single service customers.
Deposit Account Service Fees QE 12/31/05 QE 9/30/05 QE 12/31/04 ----------- ----------- ----------- Deposit service charges (000's) $ 9,436 $ 9,342 $ 8,687 Deposit service fees / total revenue 10.8% 10.9% 10.2% Number of checking accounts (period end) 252,200 252,900 245,000
Higher fees implemented during the third quarter of 2005 contributed to modest growth in deposit service charges in the current quarter. Checking account growth remains challenging as the Company's markets continue to be very competitive.
Real Estate Development Operations QE 12/31/05 QE 9/30/05 QE 12/31/04 ----------- ----------- ----------- Real estate development income - total (000's) $ 2,762 $ - $ 1,396 Residential lot sale closings 123 - 22 Pending lot sales at quarter end 85 186 - Investment in real estate held for development or sale (000's) $ 50,066 $ 50,332 $ 35,091
The Company closed its first sales in the Springbank development in Plainfield, IL during the current quarter. As a result of delays in this project during the year and higher than expected development costs, income for the year from real estate development were significantly lower than originally planned. Included in income for the quarter ended December 31, 2005 is $428,000 related to the Shendandoah project that was completed during 2005. The Company expects higher income from real estate development in 2006, with most of the income coming in the second half of the year.
Non-Interest Expense QE 12/31/05 QE 9/30/05 QE 12/31/04 ----------- ----------- ----------- Total non-interest expense (000's) $ 44,369 $ 44,929 $ 46,511 Non-interest expense to average assets 1.72% 1.78% 1.95% Efficiency ratio(1) 52.08% 52.28% 53.59% (1) The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, excluding net gain/(loss) on sale and write-down of mortgage-backed and investment securities and mortgage servicing rights.
4th Quarter 2005 v. 3rd Quarter 2005. Total non-interest expense declined by $560,000 compared to the third quarter of 2005 as compensation and benefits expense fell by $919,000 primarily due to lower accruals for annual incentive compensation. Advertising costs declined by $838,000 from the previous quarter primarily due to a reevaluation of direct mail strategies and reduced special promotion and premium expenses. Other expense was up $726,000 primarily due to costs related to compliance initiatives and a $322,000 charge related to the write-off of a contingent receivable from a previous acquisition.
4th Quarter 2005 v. 4th Quarter 2004. Compared to a year ago, total non-interest expense declined $2.1 million, or 4.6%. Compensation and benefits decreased by $882,000, or 3.7%, primarily due to process improvement initiatives and lower accruals for annual incentive compensation and medical benefit expenses. Other non-interest expenses declined by $1.3 million primarily due to lower telephone expense, reduced fraud and bad check losses and lower costs related to the Bank's affordable housing investments.
Income Tax Expense
Income tax expense totaled $14.6 million in the current quarter, equal to an effective income tax rate of 35.0%, higher than the 33.4% reported in the third quarter of 2005 and higher than the 33.8% effective rate reported for the quarter ended December 31, 2004. The increase in the effective tax rate over the past three months was due in part to lower earnings from tax-advantaged bank-owned life insurance investments in the current quarter. The higher effective tax rate in the current quarter compared to the fourth quarter of 2004 was primarily the result of the resolution of certain prior years' income tax matters during 2004.
Asset Quality 12/31/05 9/30/05 12/31/04 ----------- ----------- ----------- (Dollars in thousands) Non-performing loans (NPL) $ 31,160 $ 35,377 $ 31,473 Non-performing assets (NPA) $ 31,949 $ 36,166 $ 32,960 NPL / total loans .43% .50% .46% NPA / total assets .30% .35% .34% Allowance for loan losses (ALL) $ 36,495 $ 36,335 $ 36,255 ALL / total loans .51% .51% .53% ALL / NPL 117.1% 102.7% 115.2% Provision for loan losses for the quarter ended $ 1,500 $ 480 $ 285 Net charge-offs for the quarter ended $ 1,340 $ 279 $ 263
Non-performing loans declined $4.2 million over the last three months and are lower compared to December 31, 2004. The Company continues to experience strong credit quality. The large decrease in non-performing loans from the previous quarter was primarily the result of the charge-offs taken in the quarter and two equity lines of credit, aggregating $3.0 million, that are no longer non-performing. One of these loans was brought current and the other loan was repaid in full in the fourth quarter. Net charge-offs in the current quarter included $620,000 of charge-offs on two commercial loans and $613,000 of net charge-offs on one- to four-family mortgage loans and equity lines of credit. While net charge-offs increased substantially in the current quarter from prior periods, the overall level of charge-offs was not significant and the Company has not identified negative trends in asset quality. The provision for loan losses of $1.5 million for the quarter reflects the increase in net charge-offs and growth in the portfolio. At December 31, 2005, 93% of non-performing loans consisted of loans secured by one- to four-family residential properties, equal to the 93% reported at September 30, 2005.
Balance Sheet & Capital 12/31/05 9/30/05 12/31/04 ----------- ----------- ----------- (Dollars in thousands) Assets: Total assets $10,487,504 $10,259,035 $ 9,681,384 Loans receivable 7,289,224 7,143,669 6,881,780 Mortgage-backed securities 1,556,570 1,519,526 1,193,189 Liabilities and Equity: Total liabilities $ 9,509,325 $ 9,293,068 $ 8,706,998 Deposits 6,197,503 6,132,037 5,935,708 Borrowed funds 3,057,669 2,898,399 2,600,667 Junior subordinated debentures 67,011 67,011 - Stockholders' equity 978,179 965,967 974,386 Other: Core deposits / total deposits 53.4% 55.1% 59.6% Book value per share $ 30.50 $ 30.14 $ 29.28 Stockholders' equity / total assets 9.3% 9.4% 10.1% Deposit Composition 12/31/05 9/30/05 ---------- --------- Weighted Weighted Average Average Amount Rate Amount Rate ----------- -------- ----------- -------- (Dollars in thousands) Commercial checking $ 258,632 - $ 282,431 - Non-interest bearing checking 291,462 - 267,322 - Interest-bearing checking 816,387 0.98% 814,261 0.97% Commercial money market 60,064 3.07% 78,678 2.96% Money market 615,280 2.34% 622,032 2.08% Passbook 1,268,680 0.60% 1,312,553 0.58% ----------- -------- ----------- -------- Core deposits 3,310,505 0.96% 3,377,277 0.91% ----------- -------- ----------- -------- Certificates of deposit 2,885,998 3.65% 2,753,634 3.34% ----------- -------- ----------- -------- Unamortized premium 1,000 - 1,126 - ----------- -------- ----------- -------- Total deposits $ 6,197,503 2.22% $ 6,132,037 2.00% =========== ======== =========== ======== 12/31/04 ---------- Weighted Average Amount Rate ----------- -------- (Dollars in thousands) Commercial checking $ 239,249 - Non-interest bearing checking 250,569 - Interest-bearing checking 972,009 0.94% Commercial money market 64,810 1.47% Money market 611,507 0.97% Passbook 1,399,099 0.57% ----------- -------- Core deposits 3,537,243 0.68% ----------- -------- Certificates of deposit 2,395,605 2.66% ----------- -------- Unamortized premium 2,860 - ----------- -------- Total deposits $ 5,935,708 1.48% =========== ========
Stockholders' Equity
Stockholders' equity increased by $12.2 million in the past three months primarily from net income of $27.1 million partially offset by cash dividends of $7.4 million and a $7.9 million decrease in the fair value of the Company's available for sale securities portfolio. The Bank's tangible, core and risk-based capital ratios at December 31, 2005, exceeded minimum and well-capitalized regulatory capital requirements.
Results for the Twelve Months Ended December 31, 2005
Diluted earnings per share totaled $3.13 in the current year up 4% from $3.01 last year. For the twelve months ended December 31, 2005, net income totaled $103.4 million compared to $101.5 million in last year's comparable period. Net interest income was slightly higher at $264.8 million compared to $261.3 million last year, as increases in net interest-earning assets were largely offset by contracting interest rate spreads. The net interest margin contracted to 2.88% for 2005, compared to 3.06% for 2004. Non-interest income totaled $79.2 million in 2005, up 3.8% compared to 2004, despite significantly lower income from real estate operations. Non-interest income for 2005 included $664,000 related to bank owned life insurance proceeds and $2.4 million gain on sale of mortgage loan servicing rights.
The Company's successful cost control efforts during the year held non-interest expense flat at $184.0 million in 2005 compared to 2004. This was achieved while operations continued to expand through acquisition (Chesterfield Financial Corp. in October 2004) and three new branch openings in 2005. The ratio of non-interest expense to average assets improved to 1.84% in 2005 compared to 1.99% in 2004. Compensation and benefits expense increased 1.5% in 2005 compared to 2004 while occupancy and equipment costs increased by 5.0% over this same period largely due to a greater number of branch office facilities compared to a year ago.
EFC Acquisition
On June 30, 2005, the Company announced it had reached an agreement to acquire Elgin, IL-based EFC Bancorp Inc. in a cash and stock transaction valued at approximately $177.5 million on the date of announcement. At December 31, 2005, EFC had approximately $1.0 billion in assets and $735 million in deposits. The transaction is scheduled to close on January 31, 2006 and the Company expects to complete the data processing conversion by February 20, 2006. The Company expects that anticipated cost savings will be recognized over the course of the year as the acquired operations are fully integrated.
Company Profile
MAF Bancorp is the parent company of Mid America Bank, a federally chartered stock savings bank. The Bank currently operates a network of 75 retail banking offices throughout Chicago and Milwaukee and their surrounding areas. Offices in Wisconsin operate under the name "St. Francis Bank, a division of Mid America Bank." The Company's common stock trades on the Nasdaq Stock Market under the symbol MAFB.
Forward-Looking Information
Statements contained in this news release that are not historical facts, constitute forward-looking statements (within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended), which involve significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. These forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "plan," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ from those predicted. The Company undertakes no obligation to update these forward-looking statements in the future.
Factors which could have a material adverse effect on operations and could affect management's outlook or future prospects of the Company and its subsidiaries include, but are not limited to, unanticipated changes in interest rates or further inversion of the yield curve, less than anticipated balance sheet growth, unanticipated changes in secondary mortgage market conditions, deposit flows, competition, adverse federal or state legislative or regulatory developments, higher than expected compliance costs, deteriorating economic conditions which could result in increased delinquencies in the Company's loan portfolio, the quality or composition of the Company's loan or investment portfolios, demand for loan products, financial services and residential real estate in the Company's market areas, delays in real estate development projects, difficulties relating to the integration of the EFC acquisition and the possible short-term dilutive effect of the EFC acquisition or other potential acquisitions, if any, and changes in accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
MAF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
------------ ------------ ------------ ------------
(Unaudited)
Interest income $ 128,324 $ 110,149 $ 478,656 $ 421,173
Interest expense 64,306 42,619 213,897 159,885
------------ ------------ ------------ ------------
Net interest
income 64,018 67,530 264,759 261,288
Provision for loan
losses 1,500 285 1,980 1,215
------------ ------------ ------------ ------------
Net interest
income after
provision for
loan losses 62,518 67,245 262,779 260,073
Non-interest income:
Net gain (loss) on
sale and
write-down of:
Loans receivable
held for sale 1,841 2,860 10,675 9,294
Mortgage-backed
securities - 11 - 500
Investment
securities - (1,983) 727 822
Foreclosed real
estate 25 83 221 506
Mortgage loan
servicing
rights 2,400 - 2,400 -
Income from real
estate operations 2,762 1,396 2,928 6,657
Deposit account
service charges 9,436 8,687 35,193 34,112
Other loan fees 1,917 1,272 6,303 5,775
Loan servicing
fee income, net 443 521 2,261 1,231
Valuation recovery
on mortgage
servicing rights 46 317 171 2,072
Brokerage
commissions 1,261 952 4,441 4,094
Other 3,443 3,177 13,831 11,223
------------ ------------ ------------ ------------
Total
non-interest
income 23,574 17,293 79,151 76,286
Non-interest
expense:
Compensation and
benefits 22,897 23,779 97,963 96,502
Office occupancy
and equipment 7,786 7,339 29,393 27,984
Advertising and
promotion 1,229 1,626 8,313 9,079
Data processing 2,100 2,007 8,144 8,012
Other 9,640 10,959 37,334 39,469
Amortization of
core deposit
intangibles 717 801 2,902 3,002
------------ ------------ ------------ ------------
Total
non-interest
expense 44,369 46,511 184,049 184,048
------------ ------------ ------------ ------------
Income before income
taxes 41,723 38,027 157,881 152,311
Income taxes 14,591 12,855 54,528 50,789
------------ ------------ ------------ ------------
Net income $ 27,132 $ 25,172 $ 103,353 $ 101,522
============ ============ ============ ============
Basic earnings per
share $ .85 $ .76 $ 3.20 $ 3.09
============ ============ ============ ============
Diluted earnings per
share $ .83 $ .74 $ 3.13 $ 3.01
============ ============ ============ ============
Average common and
common equivalent
shares outstanding
(in thousands):
Basic 32,062 33,165 32,307 32,897
Diluted 32,693 33,961 32,984 33,707
MAF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
December 31, December 31,
2005 2004
------------ ------------
(Unaudited)
Assets
Cash and due from banks $ 183,799 $ 148,055
Interest-bearing deposits 38,491 56,089
Federal funds sold 23,739 42,854
------------ ------------
Total cash and cash equivalents 246,029 246,998
Investment securities available for sale, at
fair value 475,152 388,959
Stock in Federal Home Loan Bank of Chicago,
at cost 165,663 278,916
Mortgage-backed securities available for sale,
at fair value 1,313,409 948,168
Mortgage-backed securities held to maturity
(fair value $237,489 and $244,615) 243,161 245,021
Loans receivable held for sale 114,482 39,521
Loans receivable, net 7,211,237 6,878,514
Allowance for loan losses (36,495) (36,255)
------------ ------------
Loans receivable, net of allowance for
loan losses 7,174,742 6,842,259
------------ ------------
Accrued interest receivable 44,339 34,888
Foreclosed real estate 789 1,487
Real estate held for development or sale 50,066 35,091
Premises and equipment, net 149,312 140,898
Other assets 175,938 135,249
Goodwill 304,251 305,166
Intangibles, net 30,171 38,763
------------ ------------
10,487,504 9,681,384
============ ============
Liabilities and Stockholders' Equity
Liabilities:
Deposits 6,197,503 5,935,708
Borrowed funds 3,057,669 2,600,667
Junior subordinated debentures 67,011 -
Advances by borrowers for taxes and insurance 45,115 43,285
Accrued expenses and other liabilities 142,027 127,338
------------ ------------
Total liabilities 9,509,325 8,706,998
------------ ------------
Stockholders' equity:
Preferred stock, $.01 par value; authorized
5,000,000 shares; none outstanding - -
Common stock, $.01 par value; 80,000,000
shares authorized; 33,634,642 shares issued;
32,066,721 and 33,273,235 shares outstanding 336 336
Additional paid-in capital 527,131 522,047
Retained earnings, substantially restricted 537,140 468,408
Accumulated other comprehensive loss, net of tax (19,391) (1,676)
Stock in Gain Deferral Plan; 245,467 shares at
December 31, 2004 - 1,211
Treasury stock, at cost 1,567,921 and
361,407 shares (67,037) (15,940)
------------ ------------
Total stockholders' equity 978,179 974,386
------------ ------------
$ 10,487,504 $ 9,681,384
============ ============
MAF BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(In thousands, except share data)
(Unaudited)
December 31, December 31,
2005 2004
------------ ------------
Book value per
share $ 30.50 $ 29.28
Tangible book value
per share 20.70 19.72
Stockholders' equity
to total assets 9.33% 10.06%
Tangible
stockholders'
equity to tangible
assets 6.52 7.01
Tangible capital
ratio (Bank only) 7.07 7.14
Core capital ratio
(Bank only) 7.07 7.14
Risk-based capital
ratio (Bank only) 11.15 11.30
Common shares
outstanding 32,066,721 33,273,235
Mortgage loans
serviced for
others $ 2,919,075 $ 3,641,445
Capitalized mortgage
servicing rights,
net 20,007 25,697
Core deposit
intangibles, net 10,164 13,066
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
------------ ------------ ------------ ------------
Average balance
data:
Total assets $ 10,340,168 $ 9,547,131 $ 9,994,672 $ 9,259,279
Loans receivable 7,243,131 6,961,222 7,051,371 6,721,514
Interest-earning
assets 9,505,190 8,804,297 9,193,692 8,551,351
Interest-bearing
deposits 5,639,587 5,345,977 5,575,696 5,226,301
Interest-bearing
liabilities 8,671,094 7,915,439 8,360,019 7,714,028
Stockholders'
equity 974,797 964,612 961,538 924,462
Performance ratios
(annualized):
Return on average
assets 1.05% 1.05% 1.03% 1.10%
Return on average
equity 11.13 10.44 10.75 10.98
Return on average
tangible equity(1) 16.45 15.23 16.03 15.81
Average yield on
interest-earning
assets 5.38 4.98 5.21 4.92
Average cost of
interest-bearing
liabilities 2.94 2.14 2.56 2.07
Interest rate
spread 2.44 2.84 2.65 2.85
Net interest
margin 2.69 3.07 2.88 3.06
Non-interest
expense to
average
assets 1.72 1.95 1.84 1.99
Non-interest
expense to
average assets
and loans
serviced for
others 1.29 1.43 1.36 1.46
Efficiency
ratio(2) 52.08 53.59 54.01 54.74
Loans sold 178,476 210,080 825,750 914,081
Cash dividends
declared per
share .23 .21 .92 .84
(1) Return on average tangible equity is calculated by dividing annualized
net income by average equity less the sum of average goodwill and core
deposit intangibles.
(2) The efficiency ratio is calculated by dividing non-interest expense by
the sum of net interest income and non-interest income, excluding net
gain/(loss) on sale and write-down of mortgage-backed and investment
securities and mortgage servicing rights.
Contacts:
Jerry A. Weberling
Chief Financial Officer
(630) 887-5999
Michael J. Janssen
SVP
(630) 986-7544
MAF Bancorp, Inc.
55th Street & Holmes Avenue
Clarendon Hills, IL 60514
www.mafbancorp.com
SOURCE: MAF Bancorp, Inc.
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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