Petitions for relief under the undue hardship standard are filed infrequently in US Bankruptcy Court in Erie, but the petitions have gained attention nationwide as the overall student-loan debt in the United States has exceeded $1.2 trillion.
Unlike most other consumer debts, student-loan debt, which is unsecured, cannot be discharged in bankruptcy unless the debtor can prove the repayment of the loans would impose an undue hardship on the debtor.
Morgan and her lawyer, Gary Skiba, who is representing her at no charge, are arguing Morgan is unable to repay the loans partly because she has been unable to obtain employment that would better correspond with the associate degree in business management she received from Mercyhurst in 1993, according to court records.
Morgan works 35 to 40 hours a week at a call center and relies on food stamps for her and what Educational Credit Management considers her one dependent child, a 17-year-old daughter, according to court records. The records show Morgan has $10,000 in unpaid medical bills.
Educational Credit Management is arguing Morgan has yet to use all available repayment programs. It also considers her undue hardship defense groundless because, after working as a waitress after she graduated, she did not work at all for 15 years, from 1995 until she started her present job in 2010, according to court records.
Morgan had $11,830 in student loans shortly after she graduated in 1993. The amount has grown to $24,890 because of an interest rate of 7 percent, according to court records.
ED PALATTELLA can be reached at 870-1813 or by e-mail. Follow him on Twitter at twitter.com/ETNpalattella.
DOWNINGTOWN, Pa., April 21, 2015 (SATPRNEWS.COM) DNB Financial Corporation (Nasdaq:DNBF), parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region, today reported financial results for the three months ended March 31, 2015.For the quarter ended March 31, 2015, net income available to common stockholders was $1.23 million or $0.43 per diluted common share, up 27% compared with $967,000 or $0.35 per diluted common share for the quarter ended March 31, 2014.William S. Latoff, Chairman and CEO, commented: We feel it was a strong quarter in which we met many of our financial performance targets and delivered significant year-over-year net income growth driven by increased earning assets. Initiatives in place to expand banking relationships with clients played a key role in driving strong growth in core deposits.We accomplished our goals despite the second consecutive winter of unusually severe weather. Even with the negative impact the inclement weather had, the entire banking operation continued to build momentum. We were very encouraged by the quarters results and the steady, sustainable growth DNB has demonstrated each of the past several quarters.Highlights:Return on average assets (ROAA) was 0.69% for the three months ended March 31, 2015, compared to 0.62% a year earlier, and return on average equity (ROAE) rose to 8.13% for the three months ended March 31, 2015, compared with 6.78% for the three months ended March 31, 2014.Tangible book value per share increased significantly to $18.83 at March 31, 2015, compared to $17.01 at March 31, 2014, and was up from $18.26 at December 31, 2014.Net interest income in the first quarter of 2015 increased to $5.39 million, compared to $5.18 million in the first quarter of 2014, reflecting increased interest income from loan growth and reduced interest expense resulting from disciplined rate management.Total assets rose to a Company record $748.44 million, up 9.9% compared with total assets of $681.26 million at March 31, 2014, and up 3.47% from $723.33 million at December 31, 2014.Wealth management assets under care grew to $178.34 million at March 31, 2015 - 16.9% growth from March 31, 2014 totals - reflecting consistent consecutive quarter growth as the Bank continued expanding its wealth management business.Total loans and leases before the allowance for credit losses, reflecting a balanced mix of commercial loans and growing retail lending, increased 7.9% to $464.10 million at March 31, 2015 from $430.17 million at March 31, 2014. Total loans and leases after allowance for credit losses increased 7.9% on a year-over-year comparison.The Banks core deposits (demand deposits, NOW, money market and savings accounts) grew substantially to $544.23 million at March 31, 2015, a 13.7% increase from $478.48 million a year earlier, and up from $518.04 million at December 31, 2014, as the Bank continued its focus on building commercial and retail client relationships that incorporate attractive lower-cost deposits as part of a total relationship banking experience.The Companys balance sheet continued to demonstrate stable asset quality, and capital levels that exceeded accepted standards for a well-capitalized institution.Income Statement HighlightsFor the three months ended March 31, 2015, net interest income after provision for credit losses increased to $5.09 million compared with $4.80 million in the first quarter of 2014, with the increase reflecting organic loan growth, a decline in the Companys provision for credit losses, 3.34% interest income growth and a 3.04% decline in interest expense.The Companys net interest margin was 3.14% for the first quarter of 2015 compared with 3.36% for the first quarter of 2014. On a consecutive quarter basis, the Companys net interest margin remained relatively stable throughout 2014, but net interest margin in the first quarter of 2015 reflected continuing pressure on margins in a low-interest rate environment, and intense pricing competition for quality lending business. As in past quarters, the Company mitigated some of this pressure through interest expense management, growing lower-cost core deposits while trimming time deposits, and opportunistic use of wholesale borrowings at attractive rates.Total non-interest income, including fees from wealth management, gains on the sale of investment securities and loans, income from merchant services and debit and credit card use, rose 9.5% to $1.34 million in the first quarter of 2015 compared with $1.22 million in the first quarter of 2014. The year-over-year results included 19.94% growth in fees from DNB Investment Management and Trust, new fee income from mortgage banking reflecting the Companys expanding retail banking business, and a gain of $231,000 from the sale of Small Business Administration (SBA) loans, as part of the Companys SBA lending activities.Total non-interest expense was $4.82 million for the quarter ended March 31, 2015, up from $4.69 million for the quarter ended March 31, 2014, with the year-over-year increase primarily due to increased salaries and benefits, reflecting the hiring of experienced individuals in retail banking and commercial lending.Balance Sheet, Asset Quality, and Capital Position HighlightsTotal assets increased to a record $748.44 million at March 31, 2015 compared to $681.26 million at March 31, 2014, and rose 3.47% from $723.33 million at December 31, 2014.Total deposits were $627.26 million at March 31, 2015, an 11.66% increase compared with $561.77 million at March 31, 2014, and up 3.67% from $605.08 million at December 31, 2014. The Company added $65.75 million in lower-cost core deposits (demand deposits, NOW accounts, money market and savings accounts) between March 31, 2014 and March 31, 2015, and grew core deposits 5.06% from December 31, 2014.Total net loans and leases before allowance for credit losses were $464.10 at March 31, 2015 compared to $430.17 million and $455.6 million at March 31, 2014 and December 31, 2014, respectively. After allowance for credit losses, net loans and leases were $458.91 million at March 31, 2015, compared to $425.42 million at March 31, 2014 and up from $450.70 million at year-end 2014. Asset quality measurements at March 31, 2015 continued to reflect a sound balance sheet and disciplined risk and credit management. At March 31, 2015, the ratio of total non-performing loans to total loans was 1.47%, the ratio of non-performing assets to total assets was 1.03%, and net charge-offs to average loans was 0.01%.Key measurements of stockholder value, including total earning assets, book value per common share, ROAA and ROAE grew year-over-year. Retained earnings were $18.16 million, up from $14.01 million at March 31, 2014. Tangible common equity, reflecting increased earnings, increased to $52.85 million at March 31, 2015 compared to $47.03 million at March 31, 2014. Stockholders equity declined to $56.17 million compared to $60.12 million at March 31, 2014 and $63.91 million at December 31, 2014. In the first quarter of 2015 the company issued a subordinated debt note for $9.75 million, using the proceeds to retire 9,750 preferred shares issued under the Small Business Lending Fund (SBLF) and amounting to $9.75 million.The Companys key capital ratios exceeded accepted minimum regulatory standards for well-capitalized institutions, with a Tier 1 leverage ratio of 8.98%, Tier 1 risk-based capital ratio of 12.63% and total risk-based capital ratio of 15.51% at March 31, 2015.Latoff concluded: We believe DNB First, supported by a talented and experienced team of bankers, has demonstrated the ability to build business in a very attractive, economically healthy, but competitive market. We are excited about the prospects to continue growing and with accelerating productivity and efficiency, deliver value to our shareholders.DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 13 locations. DNB First, which was founded in 1860, provides a broad array of consumer and business banking products, and offers brokerage and insurance services through DNB Investments amp; Insurance, and investment management services through DNB Investment Management amp; Trust. DNB Financial Corporations shares are traded on Nasdaqs Capital Market under the symbol: DNBF. We invite our customers and shareholders to visit our website at https://www.dnbfirst.com. DNBs Investor Relations site can be found at http://investors.dnbfirst.com/.DNB Financial Corporation (the Corporation), may from time to time make written or oral forward-looking statements, including statements contained in the Corporations filings with the Securities and Exchange Commission including this press release and in its reports to stockholders and in other communications by the Corporation, which are made in good faith by the Corporation pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.These forward-looking statements include statements with respect to the Corporations 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 Corporations control). The words may, could, should, would, will, believe, anticipate, estimate, expect, intend, plan and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause the Corporations financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Corporation conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the recent downgrade, and any future downgrades, in the credit rating of the US Government and federal agencies; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services of the Corporation and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors products and services; the willingness of users to substitute competitors products and services for the Corporations products and services; the success of the Corporation in gaining regulatory approval of its products and services, when required; the impact of changes in laws and regulations applicable to financial institutions (including laws concerning taxes, banking, securities and insurance); technological changes; acquisitions; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, including the rules of participation for the Small Business Lending Fund (SBLF), a US Treasury Department program; and the success of the Corporation at managing the risks involved in the foregoing.The Corporation cautions that the foregoing list of important factors is not exclusive. Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect managements analysis only as of the date of this press release, even if subsequently made available by the Corporation on its website or otherwise. The Corporation 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 Corporation 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 our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.FINANCIAL TABLES FOLLOWFor further information, please contact:
Gerald F. Sopp CFO/Executive Vice-President
Source: Globenewswire Public
DNB Financial Corporation Reports First Quarter 2015 Results
John R. Wood Properties is proud to announce the addition of the following new agents to its team.
hellip;Elaine Zacka as a licensed real estate agent to its Bonita Springs office. Originally from Philadelphia, PA Zacka worked in accounting and business administration before joining the real estate industry. She is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;AJ Fischer as a licensed personal assistant to its Old Naples office and as a member of Team Sims. Originally from Auburn, AL, Fischer has worked in the real estate industry since 1986. She was 1997 Realtor Associate of the Year with the Naples Area Board of REALTORSreg; (NABORreg;) and Florida REALTORSreg; (FR), 2003 Florida Chapter Womens Council of REALTORSreg; (WCR) President, and 1997 WCR Naples Chapter President. She is also a member of (NABORreg;).
hellip;Mary Jo Chamberlin as a licensed real estate agent to its North Naples office. Originally from Ohio, Chamberlin earned a BA Degree in Interior Design from Kent State University and attended University College London, studying masters coursework in construction economics and management. She also is a member of the Ronald McDonald Mobile Care Committee, St. Lucia Building Committee, and is the new member liaison for the Pelican Bay Womens League and the Vice President of Barron Collier Academics. She is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Ashley Valentine as a licensed real estate agent to its North Naples office and as a member of the Valentine Group of Naples. Originally from Tampa, FL, Valentine holds a BS Degree in Business Marketing from Florida Gulf Coast University. She has worked in the real estate industry for three years and is a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Abbie Valentine as a licensed real estate agent to its North Naples office and as a member of the Valentine Group of Naples. Originally from Bayville, NY, Valentine holds degrees in Psychology and Economics from Bushnell University. Prior to working in the real estate industry, he played professional golf for eight years and is a also member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Kathleen Adair as a licensed real estate agent in its Bonita Springs office. Originally from Lima, OH, Adair worked in credit management prior to the real estate industry. She is the recipient of multiple relocation services awards and is also a member of the Bonita Springs-Estero Association of REALTORSreg; (BEARreg;).
hellip;Arthur Shafran as a licensed real estate agent to its Old Naples office. Originally from New York, Shafran holds a BA Degree in Economics from New York University and a MBA. Degree in International Finance from the University of California Los Angeles (UCLA). Prior to becoming a real estate agent, he worked as a real estate developer and held executive positions in the electronics industry. He is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Janie Pappas as a licensed real estate agent to its Old Naples office. Originally from Lexington, KY, Pappas holds a BA Degree in English from Hollins College, Roanoke. She was a top producer award recipient in 1998, 1999 and 2000. She is associated with the Junior League of Lexington, the Garden Club of America and the Board of Ashland Henry Clay Estate.
hellip; Alec Frankel as a licensed real estate agent to its Bonita Springs office. Originally from the USSR, Frankel became active in the real estate industry in 1989. He is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Peter Riccardelli as a licensed broker associate to its Old Naples office and as a member of the Napoleon Real Estate Team. Originally from Massachusetts, he is a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Patrick ONeill as a licensed real estate agent to its Bonita Springs office. Originally from Cleveland, OH, ONeill holds a BS Degree in Communications from Ohio University. Prior to joining in the real estate industry, ONeill worked in national advertising sales and marketing. He is on the Board of Directors for the Longleaf Homeowners Association and is a member of the Bonita Springs-Estero Association of REALTORSreg; (BEARreg;).
hellip;Hank Cassi as a licensed real estate agent to its North Naples office. Originally from New York, Cassi attended Coastal Carolina University and has worked in the real estate industry for fourteen years. He is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Allison Callas as a licensed real estate agent to its North Naples office. Originally from New York, Callas worked in technology sales and marketing, graphic design, hospitality and cosmetic sales prior to joining the real estate industry in 2013. Callas is also a member of the Naples Area Board of REALTORSreg; (NABORreg;).
hellip;Sandra Ventre Richards as a broker associate to its Old Naples office. Originally from Washington, DC, Richards holds a BA Degree from St. Marys College, a MA Degree from the University of San Francisco, and was a PhD Candidate at the University of Maryland. Richards was also a member of the Presidents Circle Top Producer in 2013 and 2014. She is also involved with the Rotary Club, New Teacher Scholar and the Gifted amp; Talented program.
John R. Wood Properties is the oldest real estate company in Southwest Florida with 55+ years of experience in the market. The firm has fourteen offices serving the areas from Marco Island to Sanibel/Captiva Islands, and employs 400 agents and staff. For more information, visit www.JohnRWood.com.
HINGHAM, Mass., April 16, 2015 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (Nasdaq:HIFS), Hingham, Massachusetts announced first quarter earnings for 2015. Net income for the quarter ended March 31, 2015 was $4,515,000 or $2.12 per share basic and $2.11 per share diluted as compared to $9,375,000 or $4.40 per share (basic and diluted) for the same period last year. Earnings for the first quarter of 2014 included a net gain of approximately $5.7 million related to non-taxable life insurance death benefit income of $6,302,000 less an accrual of $949,000 for a contractual death benefit liability, and $388,000 in related income tax benefit. Excluding this event, the Bank earned $3,634,000 or $1.71 per share (basic and diluted) for the first quarter of 2014.
The Bank's return on average equity for the first quarter of 2015 was 14.52%, and the return on average assets was 1.15% compared to a return on average equity of 18.87% and the return on assets of 1.47% for the same period in 2014. Excluding the one-time event, the Bank's return on average equity for the first quarter of 2014 was 13.53%, and the return on average assets was 1.05%.
Strong growth trends of recent years continued, as deposits increased by $125.5 million representing a 12% increase from March 31, 2014. Net loans increased by 11% and total assets increased by 9% as compared to March 31, 2014. Stockholders' equity increased $13.3 million from March 31, 2014 to March 31, 2015, representing a 12% increase, with a related increase in book value per share from $52.70 to $58.95.
Key credit and operational metrics continued to improve. At March 31, 2015, non-performing assets totaled 0.17% of total assets, a decrease from 0.20% at December 31, 2014 and 0.51% at March 31, 2014. Non-performing loans as a percentage of the total loan portfolio totaled 0.16% at March 31, 2015 compared to 0.18% at December 31, 2014 and 0.56% at March 31, 2014. The efficiency ratio improved to 38.31% for the first quarter of 2015 as compared to 42.98% for the same period in 2014. Non-interest expense as a percentage of average assets fell to 1.23% for the first quarter of 2015 as compared to 1.45% for the same period in 2014. These reductions reflect the Bank's particular focus on disciplined expense management and effective credit management.
President Robert H. Gaughen Jr. stated, "We continue to emphasize conservative underwriting, cost discipline, careful capital allocation and measured growth. We remain committed to the fundamentally conservative strategies that have produced long-term value for our shareholders."
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest continually operating banks in the United States. The Bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Norwell, Scituate and Weymouth, as well as branches in the South End of Boston and on Beacon Hill and on the island of Nantucket.
The Bank's shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.HINGHAM INSTITUTION FOR SAVINGS Consolidated Balance Sheets (In thousands) March 31, 2015 December 31, 2014 March 31, 2014 (Unaudited) ASSETS Cash and due from banks $ 5,901 $ 6,917 $ 17,409 Short-term investments 182,399 170,305 110,830 Cash and cash equivalents 188,300 177,222 128,239 Certificates of deposit 10,722 12,926 12,763 Securities available for sale, at fair value 66,853 70,570 105,443 Federal Home Loan Bank stock, at cost 17,855 17,855 16,007 Loans, net of allowance for loan losses of $9,284 at March 31, 2015, $9,108 at December 31, 2014 and $8,660 at March 31, 2014 1,254,913 1,238,656 1,130,902 Foreclosed assets 586 786 983 Bank-owned life insurance 11,486 11,416 11,201 Premises and equipment, net 15,091 15,211 15,686 Accrued interest receivable 3,001 2,959 2,877 Deferred income tax asset, net 2,632 2,642 2,842 Other assets 2,491 1,962 12,630 Total assets $ 1,573,930 $ 1,552,205 $ 1,439,573 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $ 1,135,850 $ 1,089,217 $ 1,010,347 Federal Home Loan Bank advances 300,568 329,602 303,715 Mortgage payable 960 973 1,008 Mortgagors' escrow accounts 4,411 4,476 3,993 Accrued interest payable 341 350 424 Other liabilities 6,307 6,072 7,905 Total liabilities 1,448,437 1,430,690 1,327,392 Stockholders' equity: Preferred stock, $1.00 par value, 2,500 shares authorized, none issued -- -- -- Common stock, $1.00 par value, 5,000 shares authorized; 2,129 shares issued and outstanding 2,129 2,129 2,129 Additional paid-in capital 10,965 10,942 10,659 Undivided profits 112,162 108,243 99,250 Accumulated other comprehensive income 237 201 143 Total stockholders' equity 125,493 121,515 112,181 Total liabilities and stockholders' equity $ 1,573,930 $ 1,552,205 $ 1,439,573 HINGHAM INSTITUTION FOR SAVINGS Consolidated Statements of Income
Three Months Ended
March 31, (In thousands, except per share amounts) 2015 2014 (Unaudited) Interest and dividend income: Loans $ 14,538 $ 12,946 Debt securities 62 91 Equity securities 155 114 Short-term investments and certificates of deposit 136 69 Total interest and dividend income 14,891 13,220 Interest expense: Deposits 1,827 1,437 Federal Home Loan Bank advances 721 1,055 Mortgage payable 14 15 Total interest expense 2,562 2,507 Net interest income 12,329 10,713 Provision for loan losses 175 150 Net interest income, after provision for loan losses 12,154 10,563 Other income: Customer service fees on deposits 228 243 Increase in cash surrender value of life insurance 70 93 Life insurance death benefit -- 6,302 Miscellaneous 59 54 Total other income 357 6,692 Operating expenses: Salaries and employee benefits 2,904 3,786 Data processing 296 283 Occupancy and equipment 554 496 Deposit insurance 217 190 Foreclosure 77 190 Marketing 121 136 Other general and administrative 691 640 Total operating expenses 4,860 5,721 Income before income taxes 7,651 11,534 Income tax provision 3,136 2,159 Net income $ 4,515 $ 9,375 Cash dividends declared per common share $ 0.28 $ 0.27 Weighted average shares outstanding: Basic 2,129 2,129 Diluted 2,140 2,131 Earnings per share: Basic $ 2.12 $ 4.40 Diluted $ 2.11 $ 4.40 HINGHAM INSTITUTION FOR SAVINGS Net Interest Income Analysis
Three Months Ended March 31, 2015 2014 AVERAGE
RATE* (Dollars in thousands) (Unaudited) Loans (1) (2) $ 1,250,321 $ 14,538 4.65% $ 1,114,240 $ 12,946 4.65% Securities (3) (4) 87,063 217 1.00 119,187 205 0.69 Short-term investments and certificates of deposit 204,586 136 0.27 107,030 69 0.26 Total earning assets 1,541,970 14,891 3.86 1,340,457 13,220 3.94 Other assets 32,692 38,193 Total assets $ 1,574,662 $ 1,378,650 Interest-bearing deposits (5) $ 1,005,824 1,827 0.73 $ 869,209 1,437 0.66 Borrowed funds 324,979 735 0.90 307,325 1,070 1.39 Total interest-bearing liabilities 1,330,803 2,562 0.77 1,176,534 2,507 0.85 Demand deposits 114,755 92,206 Other liabilities 4,750 2,438 Total liabilities 1,450,308 1,271,178 Stockholders' equity 124,354 107,472 Total liabilities and stockholders' equity $ 1,574,662 $ 1,378,650 Net interest income $ 12,329 $ 10,713 Weighted average spread 3.09% 3.09% Net interest margin (6) 3.20% 3.20% Average interest-earning assets to average interest-bearing liabilities (7) 115.87% 113.93% * Annualized
(1) Before allowance for loan losses. (2) Includes non-accrual loans. (3) Excludes the impact of the average net unrealized gain or loss on securities available for sale. (4) Includes Federal Home Loan Bank stock. (5) Includes mortgagors' escrow accounts. (6) Net interest income divided by average total earning assets. (7) Total earning assets divided by total interest-bearing liabilities. HINGHAM INSTITUTION FOR SAVINGS Selected Financial Ratios Three Months Ended March 31, 2015 2014 (Unaudited) Key Performance Ratios Return on average assets (1) 1.15% 1.47% Return on average equity (1) 14.52 18.87 Interest rate spread (2) 3.09 3.09 Net interest margin (3) 3.20 3.20 Non-interest expense to average assets (1) 1.23 1.45 Efficiency ratio (4) 38.31 42.98 Average equity to average assets 7.90 7.80 Average interest-bearing assets to average interest bearing liabilities 115.87 113.93 March 31, December 31, March 31, 2015 2014 2014 (Unaudited) Asset Quality Ratios Allowance for loan losses/total loans 0.74% 0.73% 0.76% Allowance for loan losses/non-performing loans 447.64 397.04 135.12 Non-performing loans/total loans 0.16 0.18 0.56 Non-performing loans/total assets 0.13 0.15 0.45 Non-performing assets/total assets 0.17 0.20 0.51 Share Related Book value per share $ 58.95 $ 57.08 $ 52.70 Market value per share $ 99.00 $ 87.01 $ 78.50 Shares outstanding at end of period 2,128,750 2,128,750 2,128,750 (1) Annualized, except for the applicable elements of the $5.7 million event in 2014 which were included but not annualized. (2) Annualized. Interest rate spread represents the difference between the yield on earning assets and cost of interest-bearing liabilities. (3) Annualized. Net interest margin represents net interest income divided by average earning assets. (4) The efficiency ratio represents operating expenses divided by the sum of net interest income and other income. The ratio for 2014 excludes the $6.3 million life insurance death benefit from other income and $949,000 in salaries and benefits expense for the related accrual of a contractual death benefit liability.
CONTACT: Robert A. Bogart, Vice President & Treasurer (781) 749-2200