HMN Financial, Inc. (NASDAQ:HMNF): Earnings (Loss) Summary � � � �
Three months ended Six months ended June 30, June 30, (in
thousands) 2008 �2007� 2008 �2007� Net income (loss) $ (2,025 )
2,450 $ (537 ) 5,718 Diluted earnings (loss) per share (0.56 ) 0.62
(0.15 ) 1.45 Return on average assets (0.75 ) % 0.89 % (0.10 ) %
1.08 % Return on average equity (8.27 ) % 10.09 % (1.10 ) % 11.92 %
Book value per share $ 22.81 $ 22.15 $ 22.81 $ 22.15 HMN Financial,
Inc. (HMN or the Company) (NASDAQ:HMNF), the $1.1 billion holding
company for Home Federal Savings Bank (the Bank), today reported a
net loss of $2.0 million for the second quarter of 2008, down $4.5
million, or 182.7%, from net income of $2.5 million for the second
quarter of 2007. Diluted loss per common share for the second
quarter of 2008 was ($0.56), down $1.18, or 190.3%, from diluted
earnings per share of $0.62 for the second quarter of 2007. The
decrease for the quarter is primarily the result of a $3.8 million
non-cash goodwill impairment charge that was recorded during the
quarter. Net income was also adversely affected by a $1.7 million
decrease in net interest income in the second quarter of 2008 when
compared to the same period of 2007. The goodwill impairment
charge, which was required by generally accepted accounting
principles as a result of HMN�s stock trading at a discount to book
value, has no impact on the Company�s liquidity, cash flows or
regulatory capital. Excluding the one time charge for the
impairment of goodwill, net operating earnings were $1.8 million,
or $0.47 per diluted share for the second quarter of 2008 and $3.3
million, or $0.87 per diluted share for the first six months of
2008. The following table reconciles our determination of operating
earnings to our net loss as prepared in accordance with generally
accepted accounting principles: � Three Months Ended � Six Months
Ended June 30, 2008 June 30, 2008 (dollars in thousands, except per
share data) Amount � Diluted pershare Amount � Diluted pershare
Reported loss $ (2,025 ) (0.56 ) $ (537 ) (0.15 ) Goodwill
impairment 3,801 � 1.03 � 3,801 � 1.02 � Operating earnings $ 1,776
� 0.47 � $ 3,264 � 0.87 � The Company is providing operating
earnings in addition to reported results prepared in accordance
with generally accepted accounting principles in order to provide
users of the financial information a clearer indication of the
results of the Company�s core business. Second Quarter Results Net
Interest Income Net interest income was $8.2 million for the second
quarter of 2008, a decrease of $1.7 million, or 17.0%, compared to
$9.9 million for the second quarter of 2007. Interest income was
$16.3 million for the second quarter of 2008, a decrease of $3.3
million, or 17.2%, from $19.6 million for the same period in 2007.
Interest income decreased primarily because of a decrease in the
average yields earned on loans and investments. Interest yields
decreased primarily because of the 325 basis point decrease in the
prime interest rate between the periods. Decreases in the prime
rate, which is the rate that banks charge their prime business
customers, generally decrease the rates on adjustable rate consumer
and commercial loans in the portfolio and on new loans originated.
The average yield earned on interest-earning assets was 6.26% for
the second quarter of 2008, a decrease of 121 basis points from the
7.47% average yield for the second quarter of 2007. Interest
expense was $8.1 million for the second quarter of 2008, a decrease
of $1.7 million, or 17.3%, compared to $9.8 million for the second
quarter of 2007. Interest expense decreased primarily because of
the lower interest rates paid on money market accounts and
certificates of deposits. The decreased rates were the result of
the 325 basis point decrease in the federal funds rate that
occurred between the periods. Decreases in the federal funds rate,
which is the rate that banks charge other banks for short term
loans, generally have a lagging effect and decrease the rates banks
pay for deposits. The lagging effect of deposit rate changes is
because many of the Bank�s deposits are in the form of certificates
of deposit which do not re-price immediately when the federal funds
rate changes. The average interest rate paid on interest-bearing
liabilities was 3.33% for the second quarter of 2008, a decrease of
61 basis points from the 3.94% average interest rate paid in the
second quarter of 2007. Net interest margin (net interest income
divided by average interest earning assets) for the second quarter
of 2008 was 3.15%, a decrease of 60 basis points, compared to 3.75%
for the second quarter of 2007. Provision for Loan Losses The
provision for loan losses was $1.1 million for the second quarter
of 2008, an increase of $102,000, or 9.9%, from $1.0 million for
the second quarter of 2007. The provision for loan losses increased
primarily because of an increase in the allowance required for risk
rated commercial real estate loans in the second quarter of 2008
when compared to the same period of 2007. The increase was due
primarily to decreases in the estimated value of the real estate
collateral supporting the $24.8 million in residential development
loans classified as non-performing at June 30, 2008. Total
non-performing assets were $48.5 million at June 30, 2008, an
increase of $20.3 million, from $28.2 million at March 31, 2008.
Non-performing loans increased $20.2 million and foreclosed and
repossessed assets increased $88,000 during the period. The
non-performing loan activity for the quarter was as follows:
classified $23.4 million in loans as non-accruing, received
$273,000 in principal payments on non-accruing loans, reclassified
$2.3 million in loans as accruing, transferred $409,000 to real
estate owned, and charged off $219,000. The increase in
non-performing loans during the quarter relates primarily to three
residential development loans totaling $13.7 million and one loan
secured by a hotel property for $5.0 million that were classified
due to lack of performance. The largest of these loans was for $9.1
million and is secured by a residential development located in the
Minneapolis/St. Paul metro market. The estimated values of the
underlying collateral supporting the residential development loans
were determined based on third party appraisals and specific
reserves have been established, where required. The following table
summarizes the amounts and categories of non-performing assets in
the Bank�s portfolio and loan delinquency information as of the end
of the three most recently completed quarters. � � � � � � � � � �
� � � � June 30, � March 31, � December 31, (Dollars in thousands)
� � 2008 � � � 2008 � � � 2007 Non-Accruing Loans: One-to-four
family real estate $ 1,046 $ 802 $ 1,196 Commercial real estate
39,221 17,983 15,641 Consumer 1,439 1,380 1,094 Commercial business
2,500 3,830 1,723 Total 44,206 23,995 19,654 � Other assets 25 34
34 Foreclosed and Repossessed Assets: One-to-four family real
estate 2,731 2,852 901 Consumer 19 19 33 Commercial real estate
1,541 1,332 1,313 Total non-performing assets $ 48,522 $ 28,232 $
21,935 Total as a percentage of total assets 4.49 % 2.56 % 1.96 %
Total non-performing loans $ 44,206 $ 23,995 $ 19,654 Total as a
percentage of total loans receivable, net 4.94 % 2.73 % 2.27 %
Allowance for loan loss to non-performing loans 33.76 % 57.98 %
63.28 % � Delinquency Data: Delinquencies (1) 30+ days $ 2,491 $
8,203 $ 6,416 90+ days 0 55 0 Delinquencies as a percentage of loan
and lease portfolio (1) 30+ days 0.27 % 0.92 % 0.73 % 90+ days 0.00
% 0.01 % 0.00 % � � � � � � � � � � � � � (1) Excludes non-accrual
loans. Non-Interest Income and Expense Non-interest income was $1.8
million for the second quarter of 2008, an increase of $464,000, or
35.9%, from $1.3 million for the same period in 2007. Other
non-interest income increased $233,000 primarily because of
increased gains recognized on the sale of repossessed and
foreclosed assets. Fees and services charges increased $217,000
between the periods primarily because of increased overdraft and
debit card fees. Gain on sales of loans increased $39,000 between
the periods due primarily to a $31,000 increase in the gains
recognized on the sale of government guaranteed commercial loans
between the periods. Loan servicing fees decreased $25,000 between
the periods because there were fewer mortgage loans being serviced.
Non-interest expense was $9.8 million for the second quarter of
2008, an increase of $3.7 million, or 59.4%, from $6.1 million for
the same period of 2007. A goodwill impairment charge of $3.8
million was recorded in the second quarter of 2008 as goodwill
related to a 1997 acquisition was deemed to be impaired and fully
written off due to the trading of the Company�s common stock at a
discount to book value. Other non-interest expense increased
$150,000 primarily because of increased Federal Deposit Insurance
Corporation (FDIC) insurance costs and legal fees primarily related
to an ongoing state tax assessment challenge. Data processing costs
increased $15,000 due to increases in the internet and other
banking services provided by the Bank�s third party processor
between the periods. Compensation expense decreased $226,000
between the periods primarily because of decreased employee
incentive accruals and pension costs. Advertising expense decreased
$103,000 between the periods primarily due to a decrease in event
sponsorships and less general advertising. Mortgage servicing
rights amortization decreased $35,000 between the periods because
there were fewer mortgage loans being serviced. Income tax expense
decreased $494,000 between the periods due to a decrease in taxable
income and an effective tax rate that decreased from 38.3% for the
second quarter of 2007 to 36.6% for the second quarter of 2008
excluding the goodwill impairment charge. The goodwill impairment
charge recorded in the second quarter of 2008 is not tax deductible
and therefore no tax benefit was realized related to the impairment
charge. The decrease in the effective tax rate was primarily the
result of decreased pre-tax income and a higher percentage of tax
exempt income. Return on Assets and Equity Return on average assets
for the second quarter of 2008 was (0.75%), compared to 0.89% for
the second quarter of 2007. Return on average equity was (8.27%)
for the second quarter of 2008, compared to 10.09% for the same
period in 2007. Book value per common share at June 30, 2008 was
$22.81, compared to $22.15 at June 30, 2007. Six Month Period
Results Net Income (Loss) The net loss was $537,000 for the six
month period ended June 30, 2008, a decrease of $6.3 million, or
109.4 %, from $5.7 million in net income for the six month period
ended June 30, 2007. Diluted loss per share for the six month
period in 2008 was ($0.15), down $1.60, or 110.3%, from $1.45 of
diluted earnings per share for the same period in 2007. The
decrease in net income for the six month period is primarily the
result of a $3.8 million non-cash goodwill impairment charge that
was recorded in the second quarter of 2008. Net income was also
adversely affected by a $2.8 million decrease in net interest
income in the first six months of 2008 when compared to the same
period of 2007. Net Interest Income Net interest income was $16.9
million for the first six months of 2008, a decrease of $2.7
million, or 14.2 %, from $19.6 million for the same period in 2007.
Interest income was $34.0 million for the six month period ended
June 30, 2008, a decrease of $3.9 million, or 10.2%, from $37.9
million for the same six month period in 2007. Interest income
decreased primarily because of the 325 basis point decrease in the
prime interest rate between the periods. Decreases in the prime
rate generally decrease the rates on adjustable rate consumer and
commercial loans in the portfolio and on new loans originated. The
average yield earned on interest-earning assets was 6.49% for the
first six months of 2008, a decrease of 99 basis points from the
7.48% average yield for the first six months of 2007. Interest
expense was $17.2 million for the first six months of 2008, a
decrease of $1.1 million, or 5.9%, compared to $18.3 million for
the first six months of 2007. Interest expense decreased primarily
because of the lower interest rates paid on money market accounts
and certificates of deposits. The decreased rates were the result
of the 325 basis point decrease in the federal funds rate that
occurred between the periods. Decreases in the federal funds rate
generally have a lagging effect and decrease the rates banks pay
for deposits. The lagging effect of deposit rate changes is because
many of the Bank�s deposits are in the form of certificates of
deposit which do not re-price immediately when the federal funds
rate changes. The average interest rate paid on interest-bearing
liabilities was 3.52 % for the first six months of 2008, a decrease
of 30 basis points from the 3.82% average interest rate paid in the
first six months of 2007. Net interest margin (net interest income
divided by average interest earning assets) for the first six
months of 2008 was 3.21%, a decrease of 67 basis points, compared
to 3.88% for the first six months of 2007. Provision for Loan
Losses The provision for loan losses was $2.7 million for the first
six months of 2008, an increase of $1.2 million, or 81.4%, from the
$1.5 million for the same six month period in 2007. The provision
for loan losses increased primarily because of an increase in the
allowance required for risk rated commercial real estate loans in
the first six months of 2008 when compared to the same period of
2007. The increase was due primarily to decreases in the estimated
value of the real estate collateral supporting the $24.8 million in
residential development loans classified as non-performing at June
30, 2008. Total non-performing assets were $48.5 million at June
30, 2008, an increase of $26.6 million, from $21.9 million at
December 31, 2007. Non-performing loans increased $24.6 million and
foreclosed and repossessed assets increased $2.0 million during the
period. The non-performing loan activity for the first six months
of 2008 was as follows: classified $30.4 million in loans as
non-accruing, received $1.5 million in principal payments on
non-accruing loans, reclassified $2.7 million in loans as accruing,
transferred $1.3 million to real estate owned, and charged off
$325,000. The increase in non-performing loans was primarily
related to three residential development loans totaling $13.7
million, a loan on a commercial manufacturing facility for $5.0
million, and a loan on a hotel property for $5.0 million that were
classified during the first six months of 2008 due to lack of
performance. The estimated values of the underlying collateral
supporting the residential development loans were determined based
on third party appraisals and specific reserves have been
established, where required. A reconciliation of the Company�s
allowance for loan losses for the six month periods ended June 30,
2008 and June 30, 2007 is summarized as follows: � � � � � � � (in
thousands) 2008 2007 Balance at January 1, $ 12,438 $ 9,873
Provision 2,690 1,483 Charge offs: Commercial (24 ) (17 )
Commercial real estate (75 ) (70 ) Mortgage loans (60 ) 0 Consumer
loans (69 ) (632 ) Recoveries � 24 � � 88 � Balance at June 30, $
14,924 � $ 10,725 � � � � � � Non-Interest Income and Expense
Non-interest income was $3.3 million for the first six months of
2008, a decrease of $86,000, or 2.6%, from $3.4 million for the
same period in 2007. Gain on sales of loans decreased $601,000
between the periods primarily because of the $706,000 decrease in
the gain recognized on the sale of government guaranteed commercial
loans between the periods that was partially offset by an $105,000
increase in the gain recognized on the sale of single family loans.
Mortgage servicing fees decreased $54,000 because fewer loans were
being serviced. Fees and service charges increased $314,000 between
the periods primarily because of increased overdraft and debit card
fees. Other non-interest income increased $255,000 primarily
because of increased gains recognized on the sale of repossessed
and foreclosed assets. Non-interest expense was $16.1 million for
the first six months of 2008, an increase of $4.0 million, or
32.7%, from $12.1 million for the same period of 2007. A goodwill
impairment charge of $3.8 million was recorded in the second
quarter of 2008 as goodwill related to a 1997 acquisition was
deemed to be impaired and fully written off due to the trading of
the Company�s common stock at a discount to book value. Other
non-interest expense increased $362,000 primarily because of
increased FDIC insurance costs and legal fees primarily related to
an ongoing state tax assessment challenge. Occupancy expense
increased $97,000 due primarily to increased real estate taxes and
costs associated with the Eagan branch that was opened in the third
quarter of 2007. Data processing costs increased $62,000 due to
increases in the internet and other banking services provided by
the Bank�s third party processor between the periods. Compensation
expense decreased $227,000 between the periods primarily because of
decreased employee incentive accruals and pension costs.
Advertising expense decreased $85,000 between the periods primarily
due to a decrease in event sponsorships and less general
advertising. Mortgage servicing rights amortization decreased
$57,000 between the periods because there were fewer mortgage loans
being serviced. Income tax expense decreased $1.8 million between
the periods due to a decrease in taxable income and an effective
tax rate that decreased from 39.3% for the first six months of 2007
to 37.1% for the first six months of 2008 excluding the goodwill
impairment charge. The goodwill impairment charge recorded in the
second quarter of 2008 is not tax deductible and therefore no tax
benefit was realized related to the impairment charge. The decrease
in the effective tax rate was primarily the result of decreased
pre-tax income and a higher percentage of tax exempt income. Return
on Assets and Equity Return on average assets for the six month
period ended June 30, 2008 was (0.10%), compared to 1.08% for the
same period in 2007. Return on average equity was (1.10%) for the
six month period ended in 2008, compared to 11.92% for the same
period in 2007. President�s Statement �The Company was
operationally profitable for the first six months of 2008 without
the goodwill impairment charge related to a 1997 acquisition,� said
HMN President, Mike McNeil. �While we are disappointed in the
second quarter results and the level of nonperforming assets, our
capital position remains strong and we look forward to improved
results.� General Information HMN Financial, Inc. and Home Federal
Savings Bank are headquartered in Rochester, Minnesota. The Bank
operates ten full service offices in southern Minnesota located in
Albert Lea, Austin, Eagan, LaCrescent, Rochester, Spring Valley and
Winona, and two full service offices in Iowa located in
Marshalltown and Toledo. Home Federal Savings Bank also operates a
loan origination office in Sartell, Minnesota. Home Federal Private
Banking operates branches in Edina and Rochester, Minnesota. Safe
Harbor Statement This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited
to those relating to economic and business trends, loan loss
reserves and the Company�s financial expectations for earnings and
interest income. A number of factors could cause actual results to
differ materially from the Company�s assumptions and expectations.
These include but are not limited to possible legislative changes
and adverse economic, business and competitive developments such as
shrinking interest margins; reduced collateral values; deposit
outflows; reduced demand for financial services and loan products;
changes in accounting policies and guidelines, or monetary and
fiscal policies of the federal government or tax laws; changes in
credit or other risks posed by the Company�s loan and investment
portfolios; technological, computer-related or operational
difficulties; adverse changes in securities markets; results of
litigation or other significant uncertainties. Additional factors
that may cause actual results to differ from the Company�s
assumptions and expectations include those set forth in the
Company�s most recent filings on form 10-K and Form 10-Q with the
Securities and Exchange Commission. All forward-looking statements
are qualified by, and should be considered in conjunction with,
such cautionary statements. HMN FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Balance Sheets � � � � � � � � June 30, � December 31,
(dollars in thousands) � � 2008 � 2007 (unaudited) Assets Cash and
cash equivalents $ 14,475 23,718 Securities available for sale:
Mortgage-backed and related securities(amortized cost $17,063 and
$18,786) 16,659 18,468 Other marketable securities(amortized cost
$105,468 and $165,430) 107,167 � 167,720 � 123,826 � 186,188 � �
Loans held for sale 3,699 3,261 Loans receivable, net 895,713
865,088 Accrued interest receivable 6,199 6,893 Real estate, net
4,272 2,214 Federal Home Loan Bank stock, at cost 7,460 6,198
Mortgage servicing rights, net 957 1,270 Premises and equipment,
net 12,585 12,024 Goodwill 0 3,801 Prepaid expenses and other
assets 1,981 1,680 Deferred tax asset 4,996 � 4,719 � Total assets
$ 1,076,163 � 1,117,054 � � � Liabilities and Stockholders� Equity
Deposits $ 832,316 888,118 Federal Home Loan Bank advances 137,900
112,500 Accrued interest payable 6,607 9,515 Customer escrows 965
866 Accrued expenses and other liabilities 3,323 � 7,927 � Total
liabilities 981,111 � 1,018,926 � Commitments and contingencies
Stockholders� equity: Serial preferred stock ($.01 par value):
authorized 500,000 shares; issued and outstanding none 0 0 Common
stock ($.01 par value): authorized 11,000,000; issued shares
9,128,662 91 91 Additional paid-in capital 57,820 58,049 Retained
earnings, subject to certain restrictions 108,572 110,943
Accumulated other comprehensive income 766 1,167 Unearned employee
stock ownership plan shares (3,867 ) (3,965 ) Treasury stock, at
cost 4,960,863 and 4,953,045 shares (68,330 ) (68,157 ) Total
stockholders� equity 95,052 � 98,128 � Total liabilities and
stockholders� equity $ 1,076,163 � 1,117,054 � � � � � � � � � HMN
FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income
(Loss) (unaudited) � � � � � � � Three Months Ended � Six Months
Ended June 30, June 30, (dollars in thousands, except per share
data) � � 2008 � 2007 � 2008 � 2007 Interest income: � � Loans
receivable $ 14,419 16,629 29,939 32,374 Securities available for
sale: Mortgage-backed and related 213 171 437 282 Other marketable
1,507 2,417 3,417 4,313 Cash equivalents 61 279 118 722 Other 53 �
132 133 � 216 Total interest income 16,253 � 19,628 34,044 � 37,907
� Interest expense: Deposits 6,839 8,346 14,709 15,223 Federal Home
Loan Bank advances 1,239 � 1,427 2,476 � 3,045 Total interest
expense 8,078 � 9,773 17,185 � 18,268 Net interest income 8,175
9,855 16,859 19,639 Provision for loan losses 1,130 � 1,028 2,690 �
1,483 Net interest income after provision for loan losses 7,045 �
8,827 14,169 � 18,156 � Non-interest income: Fees and service
charges 998 781 1,791 1,477 Loan servicing fees 240 265 482 536
Gains on sales of loans 228 189 384 985 Other 290 � 57 617 � 362
Total non-interest income 1,756 � 1,292 3,274 � 3,360 �
Non-interest expense: Compensation and benefits 3,036 3,262 6,396
6,623 Occupancy 1,161 1,112 2,293 2,196 Advertising 92 195 216 301
Data processing 336 321 678 616 Amortization of mortgage servicing
rights, net 154 189 314 371 Goodwill impairment charge 3,801 0
3,801 0 Other 1,220 � 1,070 2,354 � 1,992 Total non-interest
expense 9,800 � 6,149 16,052 � 12,099 Income (loss) before income
tax expense (999 ) 3,970 1,391 9,417 Income tax expense 1,026 �
1,520 1,928 � 3,699 Net income (loss) $ (2,025 ) 2,450 (537 ) 5,718
Basic earnings (loss) per share $ (0.56 ) 0.65 (0.15 ) 1.52 Diluted
earnings (loss) per share $ (0.56 ) 0.62 (0.15 ) 1.45 HMN
FINANCIAL, INC. AND SUBSIDIARIES Selected Consolidated Financial
Information (unaudited) � � � � � � � � � � � � � � � � � � � �
Three Months Ended Six Months Ended SELECTED FINANCIAL DATA: June
30, June, 30 (dollars in thousands, except per share data) � � 2008
� � 2007 � � 2008 � 2007 I. OPERATING DATA: Interest income $
16,253 19,628 34,044 37,907 Interest expense 8,078 9,773 17,185
18,268 Net interest income 8,175 9,855 16,859 19,639 � II. AVERAGE
BALANCES: Assets (1) 1,087,859 1,099,991 1,097,193 1,069,159 Loans
receivable, net 882,977 818,905 877,632 803,506 Securities
available for sale (1) 136,676 202,442 153,123 180,616
Interest-earning assets (1) 1,044,930 1,053,637 1,054,873 1,021,846
Interest-bearing liabilities 975,017 994,906 983,134 964,485 Equity
(1) 98,499 97,390 98,658 96,751 � III. PERFORMANCE RATIOS: (1)
Return on average assets (annualized) (0.75 ) % 0.89 % (0.10 ) %
1.08 % Interest rate spread information: Average during period 2.92
3.53 2.98 3.66 End of period 3.32 3.45 3.32 3.45 Net interest
margin 3.15 3.75 3.21 3.88 Ratio of operating expense to average
total assets (annualized) 3.62 2.24 2.94 2.28 Return on average
equity (annualized) (8.27 ) 10.09 (1.10 ) 11.92 Efficiency 98.69
55.17 79.73 52.61 � � � � � � � � � � June 30, December 31, June
30, � 2008 � � 2007 � � 2007 IV. ASSET QUALITY: Total
non-performing assets $ 48,522 21,935 16,365 Non-performing assets
to total assets 4.51 % 1.96 % 1.45 % Non-performing loans to total
loans receivable, net 4.94 % 2.27 % 1.38 % Allowance for loan
losses $ 14,924 12,438 10,725 Allowance for loan losses to total
assets 1.39 % 1.11 % 0.95 % Allowance for loan losses to total
loans receivable, net 1.67 1.44 1.27 Allowance for loan losses to
non-performing loans 33.76 63.28 92.39 � V. BOOK VALUE PER SHARE:
Book value per share $ 22.81 23.50 22.15 � � � � � � � � � � � Six
MonthsEndedJune 30,2008 � � Year EndedDec 31,2007 � � Six
MonthsEndedJune 30,2007 VI. CAPITAL RATIOS: Stockholders� equity to
total assets, at end of period 8.83 % 8.78 % 8.40 % Average
stockholders� equity to average assets (1) 8.99 8.89 9.05 Ratio of
average interest-earning assets to average interest-bearing
liabilities (1) 107.30 106.33 105.95 � � � � � � � � � � June 30,
December 31, June 30, � 2008 � � 2007 � � 2007 VII. EMPLOYEE DATA:
Number of full time equivalent employees 204 203 210 � � � � � � �
� � � � � � � � (1) Average balances were calculated based upon
amortized cost without the market value impact of SFAS 115
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