Abington Bancorp Announces Second Quarter 2003 Results.Business Editors ABINGTON Abington, township (1990 pop. 59,084), Montgomery co., SE Pa., a residential suburb of Philadelphia; settled 1696, inc. 1906. The site of combat during the Revolutionary War, Abington has abrasives and other light manufacturing industries. , Mass.--(BUSINESS WIRE)--July 24, 2003 Abington Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABBK), the parent company of Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (the "Bank"), today reported net income of $727 thousand, or $0.18 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended June June: see month. 30, 2003. This compares with restated net income of $1.59 million, or $0.48 per diluted share, for the same quarter last year. For the first six months of 2003, net income was $1.93 million, or $0.49 per diluted share, compared with the restated $3.55 million, or $1.08 per diluted share, for the comparable 2002 period. Results for the 2003 periods include the operations of the former Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Fincorp Fincorp was an Australian property and investment company that collapsed in March 2007. The company promised investors a return of up to 9.25% p.a., but, upon collapse, owed 8100 investors over AU$200 million. External links
Investment Portfolio Throughout the quarter, management continued its review of the investment portfolio to assess the impact of accelerated prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. activity on mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. under the current rate environment and the effect on the duration and yields of individual securities held within the portfolio. Based on this review, the Company recorded an additional $543 thousand write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of unamortized premiums on a number of privately issued collateralized mortgage obligations Collateralized mortgage obligation (CMO) A security backed by a pool of pass-through rates , structured so that there are several classes of bondholders with varying maturities, called tranches. after concluding that prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. on these securities continue to accelerate and, given management's estimates of expected cash flows from these securities, that an acceleration of premium amortization was appropriate. Management will continue to monitor these securities throughout the third quarter of 2003 and, under appropriate circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , effect sales of securities with high premiums, high prepayment risk Prepayment Risk The uncertainty related to unscheduled prepayment in excess of scheduled principal repayment. Notes: This risk is generally associated with mortgage securities. , low yields or other unfavorable characteristics such as duration extension and price risk. At quarter end, the market value of the Company's mortgage-backed securities portfolio exceeded the underlying book value by approximately $6.5 million and the remaining unamortized premium was $3.4 million. Borrowings During the second quarter of 2003, Federal Home Loan Bank (FHLB FHLB Federal Home Loan Bank ) borrowings were reduced by $49 million. A total of $46 million of FHLB borrowings that matured during the quarter were refinanced at lower rates and remain outstanding at June 30, 2003. It is expected that these obligations will be fully repaid by cash flow from investing activities Cash Flow From Investing Activities An item on the cash flow statement that reports the aggregate change in a company's cash position resulting from any gains (or losses) from investments in the financial markets and operating subsidiaries, and changes resulting from amounts spent during the third quarter. An additional $151 million of FHLB borrowings with longer-term maturities remain outstanding at June 30, 2003 at an average cost of 4.64%. While increases in longer-term rates would be necessary to reduce the $16.5 million prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. which existed at June 30, 2003, and effect a complete reduction in these obligations, management will carefully monitor balance sheet activity and interest rate developments for opportunities to effect a partial paydown Paydown A payment made towards an outstanding loan balance. Notes: Every time you make a mortgage payment you are "paying down" your loan. See also: Loan, Mortgage, Principal paydown In a corporate or U.S. of these higher cost obligations during the third quarter. Quarterly Interest Income and Expense For the second quarter of 2003, interest and dividend income was $10.55 million, a decline of approximately $1.08 million, or 9.3%, from the $11.63 million reported for the prior year quarter, reflecting the maturity and repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of higher yielding earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin at lower rates, accelerated prepayment on mortgage-backed securities and loans and accelerated premium amortization. This decline was partially offset by interest earned on a higher volume of investment securities and loans, which included a combination of assets acquired in the MAFN acquisition and the purchase of additional investment securities during the first quarter of 2003, plus internal loan growth and loan purchases. The yield on earning assets was 4.69% for the three months ended June 30, 2003, compared to 6.19% for the same period of 2002. Interest expense for the second quarter of 2003 was $4.41 million, a decrease of $1.35 million, or 23.4%, from the $5.76 million reported in the same quarter in 2002. This decrease was generally due to lower rates paid on deposits and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowed funds, coupled with a shift in deposit mix, as depositors transferred higher-cost maturing time deposits to more liquid, lower-cost savings and money market accounts. This was reflected in the Company's cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. , which declined to 1.96% for the quarter ended June 30, 2003, compared with 3.07% in the comparable 2002 quarter. Net interest income for the second quarter of 2003 was $6.13 million, compared with the restated $5.87 million for the second quarter of 2002, an increase of $267 thousand, or 4.6%. The net interest margin was 2.73% in 2003 compared to the restated 3.12% in the second quarter of 2002. Quarterly Non-interest Income and Expense Non-interest income for the second quarter was $5.07 million, an increase of $2.16 million, or 74.3%, over the $2.91 million reported for the second quarter of 2002. Customer service fees, consisting of deposit service charges, ATM and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. fees, increased by $752 thousand, or 35.6%, over the 2002 quarter, primarily due to revised pricing schedules and an increase in the number of deposit accounts. Gains on sales of mortgage loans increased by $1.17 million, or 182.6%, over the 2002 second quarter, reflecting a higher volume of loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and funding activity during the second quarter of 2003. Realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. from the sale of securities were $57 thousand in the second quarter of 2003, relatively unchanged from the $52 thousand recorded in the second quarter of 2002. Non-interest expense for the second quarter of 2003 was $9.36 million, compared with $6.26 million in the second quarter of 2002, an increase of $3.10 million, or 49.6%. Salaries and employee benefits increased by $1.59 million, or 47.0%, to $4.98 million, reflecting the additional branch and operations personnel associated with the MAFN acquisition, volume-related commissions paid to mortgage loan originators, and accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for other mortgage company incentives. Occupancy and equipment costs were $1.14 million in 2003's second quarter, an increase of $334 thousand, or 41.4%, over the second quarter of 2002, reflecting higher overhead associated with the newly-acquired MAFN branches and costs associated with the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of the Company's corporate headquarters in the third quarter of 2002. Other non-interest expense for 2003 totaled $3.23 million for the quarter, up $1.17 million, or 57.0%, over 2002. Factors contributing to the increase include volume-related data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a costs, increased marketing and advertising expense, and approximately $250 thousand in legal, accounting and other professional fees recorded during the quarter for costs associated with the revision of 2002 and re-audit of 2001 financial statements. First Half Operating Results For the first six months of 2003, net interest income was $12.45 million, compared with the restated $11.68 million in the same period in 2002, an increase of $763 thousand, or 6.5%. Consistent with the second quarter results, the Company's interest income was affected by the maturity and repricing of higher yielding earning assets, accelerated prepayment on loans and investment securities and accelerated premium amortization in the first half of 2003. Non-interest income for the period was $9.38 million, compared with the $6.24 million earned in the first six months of 2002, an increase of $3.15 million, or 50.5%. Service charges and fees were up by more than $858 thousand, or 20.7%, from 2002, reflecting the higher fee schedule in effect, applied to a higher volume of deposit accounts. Gains on sales of mortgage loans increased by $1.44 million, or 81.3%, over the prior year as high levels of refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. activity continued throughout the period due to the low interest rate environment. Realized gains from the sale of securities for the first half of 2003, primarily during the first quarter, were $698 thousand compared with a nominal $87 thousand during the first half of 2002. Non-interest expense for the first six months of 2003 was $18.14 million, compared with $12.31 million in the first six months of 2002, an increase of $5.83 million, or 47.4%. The increase in non-interest expense in 2003 reflects increased volumes and activity related to internal growth and the MAFN acquisition; volumes, related commissions and professional fees in connection with mortgage banking activities; volume related data processing costs; increased expenditures for marketing and advertising and costs associated with the 2002 financial statement revision and 2001 re-audit completed during the second quarter of 2003. Balance Sheet Data At June 30, 2003, total investments were $437.8 million, an increase of $85.5 million, or 24.2%, over the $352.3 million reported at December December: see month. 31, 2002. The increase reflects primarily first quarter additions to the Company's portfolio of mortgage-backed securities, net of maturities and prepayment activity within the portfolio discussed earlier. Cash flow provided by the portfolio was used to reduce borrowings and fund loan growth. At June 30, 2003, the allowance for loan losses was $4.26 million, or 1.03% of total loans, compared with $4.21 million, or 1.17% of total loans at December 31, 2002. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. totaled $2.5 million, or 0.26% of total assets at quarter end, compared with $2.0 million, or 0.22% of total assets at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002. Net charge-offs for the second quarter of 2003 were $303 thousand, primarily due to the write-down of a single credit in the amount of $288 thousand. The write-down was based on an assessment of the realizable market value of underlying collateral supporting the loan. A provision for possible loan losses in the amount of $375 thousand was recorded during the quarter. Total assets at June 30, 2003 were $950.6 million, up $47.4 million, or 5.2%, from $903.2 million at year-end 2002. This reflects an increase in securities available-for-sale of $85.5 million and a $53.7 million increase in portfolio loans. Total loans at June 30, 2003 were $415.2 million, compared with $361.4 million at December 31, 2002, an increase of 14.9%. Short-term investments and funds sold decreased by $75.2 million from year-end and loans held for sale declined by $16.0 million. The growth in the loan and investment portfolios was funded by a combination of cash provided from a reduction in funds sold and loans held for sale, and borrowings from the Federal Home Loan Bank. The increase in portfolio loans includes the purchase of residential mortgage loans from third parties, in addition to the retention of selected mortgage loans originated by the Bank's mortgage banking subsidiary and internal growth in commercial real estate loans. Deposits totaled $664.0 million at quarter end, compared with $646.6 million at year-end 2002, an increase of $17.3 million, or 2.7%. Transaction accounts (demand and NOW accounts) grew by approximately $17.9 million, or 9.1%, while savings and money market accounts increased by $12.0 million, or 4.6%. Time deposits decreased by $12.5 million, or 6.6%. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $58.9 million at June 30, 2003, compared with $57.8 million at December 31, 2002. Stockholders' equity per share was $15.39 at quarter end 2003 and $15.42 at year-end 2002. The change results from a combination of net income, stock option exercises, unearned compensation related to the Company's Employee Stock Ownership Plan, and changes in the market value of investment securities, net of tax. At June 30, 2003, the Company had 3,823,000 shares of common stock outstanding, compared with 3,746,000 shares at year-end 2002, reflecting the issuance of common stock in connection with the exercise of stock options since year-end. Fully diluted weighted average shares outstanding were 3,970,000 and 3,326,000, respectively, during the quarters ended June 30, 2003 and 2002, reflecting the issuance of stock in connection with the MAFN acquisition in fall 2002. For the six months ended June 30, 2003 and 2002, fully diluted weighted average shares outstanding were 3,961,000 and 3,302,000, respectively. Conference Call Abington Bancorp will hold a conference call with investors to discuss these results at 2:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today, July July: see month. 24, 2003. The call will be hosted by James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. P. McDonough McDonough is the name of several places in the United States:
About Abington Bancorp Abington Bancorp, Inc. is a one-bank holding company for Abington Savings Bank. Abington Savings Bank is a Massachusetts-chartered savings bank with offices in Abington, Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. (Dorchester Dorchester, town, England Dorchester (dôr`chĭstər), town (1991 pop. 13,734), county seat of Dorset, S central England. Dorchester is a busy agricultural market, especially for sheep and lambs. ), Brockton Brockton, industrial city (1990 pop. 92,788), Plymouth co., E Mass.; settled c.1700, set off from Bridgewater 1821, inc. as a city 1881. It formerly had a large shoe and leather products industry. , Canton Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , Cohasset Cohasset can refer to:
Halifax, city (1991 pop. 114,455), provincial capital, S central N.S., Canada, on the Atlantic Ocean. It is the largest city in the Maritime Provinces and is one of Canada's principal ice-free Atlantic ports. , Hanover Hanover, city, Germany Hanover, Ger. Hannover, city (1994 pop. 524,820), capital of Lower Saxony, N Germany, on the Leine River and the Midland Canal. , Hanson Hanson may refer to:
Kingston, city (1991 pop. 56,597), S Ont., Canada, on Lake Ontario, near the head of the St. Lawrence River and at the end of Rideau Canal from Ottawa. Kingston has probably the best harbor on the lake. , Milton, Pembroke, Quincy, Randolph, Weymouth and Whitman. Its deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and in full by the additional coverage provided by the Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . Certain statements herein constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , "within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated, including the changing of regional and national economic conditions, changes in the real estate market, changes in levels of market interest rates, credit risks on lending activities, and competitive and regulatory factors. All forward-looking statements are necessarily speculative and undue reliance should not be placed on any such statements, which are accurate only as of the date made. The Company disclaims any duty to update such forward-looking statements.
ABINGTON BANCORP, INC
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands) June 30 December 31 June 30
2003 2002 2002
Assets (Restated)
Cash and due from banks $32,954 $31,238 $31,886
Short-term investments 2,640 77,878 435
Total cash and cash equivalents 35,594 109,116 32,321
Loans held for sale 19,602 35,629 9,733
Securities available for sale - at
market value 437,793 352,339 379,218
Loans 415,172 361,434 347,329
Less: Allowance for possible
loan loss (4,264) (4,212) (5,403)
Loans, net 410,908 357,222 341,926
Federal Home Loan Bank stock, at cost 14,042 14,042 12,910
Banking premises and equipment, net 13,038 13,364 8,621
Goodwill 5,762 5,768 1,507
Intangible assets 4,316 4,615 644
Bank-owned life insurance - contract
value 3,946 3,863 3,774
Other assets 5,599 7,262 5,919
$950,600 $903,220 $796,573
Liabilities and Stockholders' Equity
Deposits $663,961 $646,628 $551,384
Short-term borrowings 46,000 11,006 9,263
Long-term debt 161,521 167,009 174,500
Accrued taxes and expenses 5,554 6,789 4,225
Other liabilities 2,438 1,770 963
Total liabilities 879,474 833,202 740,335
Guaranteed preferred beneficial
interest in the Company's junior
subordinated debentures 12,276 12,238 12,200
Commitments and contingencies
Stockholders' equity:
Serial preferred stock, $.10 par
value, none issued
Common stock, $.10 par value 563 555 500
Additional paid-in capital 35,221 34,340 23,358
Retained earnings 36,619 35,106 33,266
72,403 70,001 57,124
Treasury stock, 1,807,000 shares (17,584) (17,584) (17,584)
Compensation plans (225) 120 120
Other accumulated comprehensive
income - net unrealized gain (loss)
on available for sale securities,
net of taxes 4,256 5,243 4,378
Total stockholders' equity 58,850 57,780 44,038
$950,600 $903,220 $796,573
ABINGTON BANCORP, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2003 2002 2003 2002
(Restated) (Restated)
Interest and dividend income:
Interest and fees on
loans $6,175 $6,018 $12,340 $12,451
Interest on mortgage-
backed securities 3,892 4,799 7,561 9,248
Interest on bonds and
obligations 355 560 739 1,135
Dividend income 111 125 347 282
Interest on short-
term investments 15 128 171 250
Total interest and
dividend income 10,548 11,630 21,158 23,366
Interese expense:
Interest on deposits 2,248 2,697 4,579 5,685
Interest on short-
term borrowings 310 50 383 86
Interest on long-
term debt 1,856 3,016 3,749 5,911
Total interest
expense 4,414 5,763 8,711 11,682
Net interest income 6,134 5,867 12,447 11,684
Provision for loan losses 375 (25) 375 (25)
Net interest income after
provision for loan losses 5,759 5,892 12,072 11,709
Noninterest income
Customer service fees 2,862 2,110 4,998 4,140
Gain (loss) on sales
of securities, net 57 52 698 87
Gain on sales of
mortgage loans, net 1,817 643 3,205 1,767
Net gain on sales of
other real estate owned - - 33 -
Other 333 103 451 243
Total noninterest
income 5,069 2,908 9,385 6,237
Noninterest expense:
Salaries and employee
benefits 4,981 3,389 9,463 6,619
Occupancy and
equipment expenses 1,140 806 2,355 1,638
Trust preferred
securities expense 280 280 560 560
Other noninterest
expense 2,954 1,780 5,762 3,493
Total noninterest
expense 9,355 6,255 18,140 12,310
Income before income
taxes 1,473 2,545 3,317 5,636
Provision for income
taxes 746 958 1,388 2,083
Net income $727 $1,587 $1,929 $3,553
Basic earnings per share $0.19 $0.50 $0.51 $1.12
Diluted earnings per share $0.18 $0.48 $0.49 $1.08
Weighted average common
shares (Basic) 3,798,000 3,191,000 3,779,000 3,186,000
Common stock
equivalents 172,000 135,000 180,000 116,000
Weighted average common
shares (Diluted) 3,970,000 3,326,000 3,959,000 3,302,000
ABINGTON BANCORP, INC.
SELECTED FINANCIAL DATA
(Unaudited)
June 30 December 31 June 30
(In thousands, except per share data) 2003 2002 2002
(Restated)
Period End:
Short-term investments $2,640 $77,878 $435
Securities available for sale, at
market 437,793 352,339 379,218
Loans held for sale 19,602 35,629 9,733
Portfolio loans 415,172 361,434 347,329
Allowance for loan losses 4,264 4,212 5,403
Total assets 950,600 903,220 796,573
Deposits 663,961 646,628 551,384
Borrowed funds 207,521 178,015 183,763
Preferred beneficial interest in
junior subordinated debt 12,257 12,238 12,200
Stockholders' equity 58,850 57,780 44,038
Book value per share $15.39 $15.42 $13.81
Common shares outstanding 3,823 3,746 3,190
Three Months Ended:
Net interest income $6,134 $6,229 $5,867
Provision for loan losses 375 150 (25)
Non-interest income 5,069 4,670 2,908
Non-interest expense 9,355 8,828 6,255
Provision for income tax 746 793 958
Net income 727 1,128 1,587
Weighted average common shares
(Basic) 3,798 3,736 3,191
Weighted average dulitive options 172 182 135
Fully diluted weighted average
shares 3,970 3,918 3,326
Basic earnings per share $0.19 $0.30 $0.50
Fully diluted earnings per share $0.18 $0.29 $0.48
Dividends declared (a) $0.22 $0.11 $0.10
(a) Regular quarterly dividends in the amount of $0.11 per share
were declared on April 4, 2003 and June 25, 2003, payable on May
1, 2003 and July 25, 2003, respectively. The record dates were
April 17 and June 26, 2003, respectively.
Quarterly Yield Analysis
Yield on loans 6.31% 6.51% 6.94%
Yield on investments 3.50% 4.17% 5.81%
Yield on short-term investments 0.63% 1.18% 1.87%
Yield on earning assets 4.69% 5.19% 6.19%
Rate paid on deposits 1.39% 1.58% 2.07%
Rate paid on borrowings 3.36% 4.48% 5.32%
Rate paid on interest bearing
liabilities 1.96% 2.21% 3.07%
Interest rate spread 2.73% 2.98% 3.12%
Quarter Ended
June 30 Year ended December 31,
2003 2002 2001
Loan Originations - Mortgage Banking:
Applications:
Quarter 1 $195,000 $66,600 $76,800
Quarter 2 192,000 69,300 61,900
Quarter 3 133,700 65,900
Quarter 4 156,300 90,900
Cumulative $387,000 $425,900 $295,500
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