National Atlantic Reports First Quarter 2008 Financial ResultsHomeowners Annual Policy Renewal RatePersonal Auto Annual Policy R

  
    
  
  
    
      National Atlantic Holdings Corporation (Nasdaq:NAHC), a provider of 
      specialized property-casualty insurance products and related insurance 
      services based in Freehold, N.J., today announced financial results for 
      the first quarter ended March 31, 2008.
    
    
      The net loss for the three months ended March 31, 2008 was ($4.0) 
      million or ($0.36) per share (diluted), compared with net income of $4.0 
      million or $0.35 per share for the same period in 2007.
    
    
      Diluted earnings per share for the three months ended March 31, 2008 
      were based on weighted average common shares of 11,007,487 compared with 
      weighted average common shares (diluted) of 11,354,159 for the three 
      months ended March 31, 2007. For the three months ended March 31, 2008, 
      the effect of 68,459 stock options were excluded from the computation of 
      diluted earnings per share because they would have been anti-dilutive. 
      Book value per share at March 31, 2008 decreased $0.34 to $12.76 from 
      $13.10 at December 31, 2007.
    
    
      Total revenues for the three months ended March 31, 2008 increased by 
      $2.0 million, or 4.5%, to $46.5 million from $44.5 million for the three 
      months ended March 31, 2007.
    
    
      “Our loss in the first quarter reflects 
      continuation of the highly competitive market in auto insurance in New 
      Jersey and the impact of higher medical cost inflation on our claims 
      inventory, as well as certain costs associated with our proposed merger 
      agreement with Palisades,” said James V. 
      Gorman, Chairman and Chief Executive Officer.
    
    
      Premiums
    
    
      For the three months ended March 31, 2008, our direct written premium 
      decreased by $1.3 million, or 3.1% to $40.0 million from $41.3 million 
      in the comparable period in 2007.
    
    
      Net written premiums for the three months ended March 31, 2008 decreased 
      by $0.9 million, or 2.4%, to $37.2 million from $38.1 million in the 
      comparable 2007 period. Ceded premiums as a percentage of direct written 
      premiums for the three months ended March 31, 2008 and 2007 was 7.4% and 
      7.6%, respectively.
    
    
      Net premiums earned for the three months ended March 31, 2008 increased 
      by $2.3 million, or 5.8%, to $41.9 million from $39.6 million in the 
      comparable 2007 period.
    
    
      Line of Business Data
    
    
      The table below shows our revenues in each of our lines of business for 
      the periods indicated and the year-over-year percentage changes.
    
    
      
        
          
            Direct Written Premiums by Line of Business
          
          
            (in thousands)
          
        
      
      
        
           
        
      
      
        
        
        
           
        
        
          For the three months ended March 31,
        
      
      
        
        
        
        
        
        
        
           
        
        
        
        
           
        
        
          Increase/
        
        
           
        
        
          Change
        
      
      
        
          Direct Written Premiums
        
        
        
        
          2008
        
        
        
        
          2007
        
        
        
        
          (Decrease)
        
        
        
        
          %
        
      
      
        
        
        
        
        
          ($ in thousands)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Private Passenger Automobile
        
        
        
        
          $
        
        
          22,789
        
        
        
        
          $
        
        
          23,704
        
        
        
        
          $
        
        
          (915
        
        
          )
        
        
        
        
          (3.9
        
        
          %)
        
      
      
        
          Homeowners
        
        
        
        
        
        
          7,541
        
        
        
        
        
        
          6,978
        
        
        
        
        
        
          563
        
        
        
        
        
        
          8.1
        
        
          %
        
      
      
        
          Commercial Lines
        
        
        
        
           
        
        
          9,668
        
        
        
        
           
        
        
          10,602
        
        
        
        
           
        
        
          (934
        
        
          )
        
        
        
        
          (8.8
        
        
          %)
        
      
      
        
        
        
        
        
          $
        
        
          39,998
        
        
        
        
          $
        
        
          41,284
        
        
        
        
          $
        
        
          (1,286
        
        
          )
        
        
        
        
          (3.1
        
        
          %)
        
      
    
    
      
        
          
            Net Earned Premiums by Line of Business
          
          
            (in thousands)
          
        
      
      
        
           
        
      
      
        
        
        
           
        
        
          For the three months ended March 31,
        
      
      
        
        
        
        
        
        
        
           
        
        
        
        
           
        
        
          Increase/
        
        
           
        
        
          Change
        
      
      
        
          Net Earned Premiums
        
        
        
        
          2008
        
        
        
        
          2007
        
        
        
        
          (Decrease)
        
        
        
        
          %
        
      
      
        
        
        
        
        
          ($ in thousands)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Private Passenger Automobile
        
        
        
        
          $
        
        
          25,099
        
        
        
        
          $
        
        
          25,895
        
        
        
        
          $
        
        
          (796
        
        
          )
        
        
        
        
          (3.1
        
        
          %)
        
      
      
        
          Homeowners
        
        
        
        
        
        
          8,407
        
        
        
        
        
        
          6,756
        
        
        
        
        
        
          1,651
        
        
        
        
        
        
          24.4
        
        
          %
        
      
      
        
          Commercial Lines
        
        
        
        
           
        
        
          8,373
        
        
        
        
           
        
        
          6,942
        
        
        
        
           
        
        
          1,431
        
        
           
        
        
        
        
          20.6
        
        
          %
        
      
      
        
        
        
        
        
          $
        
        
          41,879
        
        
        
        
          $
        
        
          39,593
        
        
        
        
          $
        
        
          2,286
        
        
           
        
        
        
        
          5.8
        
        
          %
        
      
    
    
      Investment Income
    
    
      Net investment income for the three months ended March 31, 2008 
      decreased by $0.2 million, or 4.7%, to $4.1 million from $4.3 million in 
      the comparable 2007 period. The decrease was primarily due to a decrease 
      in invested assets which were $302.4 million and $312.1 million as of 
      March 31, 2008 and 2007, respectively. Our average book yield to 
      maturity as of March 31, 2008 and 2007 was 5.19% and 5.49%, respectively.
    
    
      Loss and loss adjustment expenses 
      incurred
    
    
      Losses and loss adjustment expenses incurred for the three months ended 
      March 31, 2008 increased by $13.4 million, or 52.5%, to $38.9 million 
      from $25.5 million in the comparable 2007 period.
    
    
      For the three months ended March 31, 2008, we strengthened reserves for 
      prior years by $3.6 million. This includes strengthening of $1.0 million 
      for auto bodily injury reserves and $1.9 million for auto no-fault 
      reserves. In addition, reserves in other liability, auto physical damage 
      and the homeowners lines of business strengthened in the amount of $0.7 
      million, $0.3 million and $0.8 million, respectively. This was slightly 
      offset by a release in reserves for commercial auto in the amount of 
      $1.1 million.
    
    
      As a percentage of net premiums earned, losses and loss adjustment 
      expenses incurred for the three months ended March 31, 2008 was 92.8% 
      compared to 64.5% for the three months ended March 31, 2007. The ratio 
      of net incurred losses, excluding loss adjustment expenses, to net 
      premiums earned for the three months ended March 31, 2008 and 2007 was 
      85.2% and 57.3%, respectively.
    
    
      Conference Call Details
    
    
      The Company will host an investor conference call the morning of May 12, 
      2008 at 10:00 a.m. Eastern Time (ET). Following a brief presentation by 
      management, participants will have the opportunity to ask questions.
    
    
      The conference call can be accessed by dialing 877-704-5378 (U.S. 
      callers) or 913-312-0381 (international callers). Those who intend to 
      participate in the teleconference should register at least ten minutes 
      in advance to ensure access to the call. The conference call can also be 
      accessed via webcast through the Company’s web 
      site at www.national-atlantic.com.
    
    
      The teleconference will be recorded and a replay will be available from 
      1:00 p.m. ET on Monday, May 12, 2008 until 1:00 p.m. ET on Monday May 
      19, 2008. To access the replay by telephone, dial 888-203-1112 (U.S. 
      callers) or 719-457-0820 (international callers) and specify passcode 
      4556334. The teleconference will also be archived on the Investor 
      Relations section of NAHC's website at www.national-atlantic.com.
    
    
      About NAHC:
    
    
      National Atlantic Holdings Corporation (NAHC) and its subsidiaries 
      provide property and casualty insurance and insurance-related services 
      to individuals, families and businesses.
    
    
      The Company's insurance products are designed to attract a broad 
      spectrum of policyholders for their private passenger automobile, 
      homeowners, and personal excess ("umbrella") and specialty property 
      liability coverage. For businesses, the Company offers a range of 
      commercial insurance products, including commercial property, commercial 
      general liability, and business auto, as well as claims administrative 
      services to self-insured corporations.
    
    
      National Atlantic distributes its products exclusively through 
      independent insurance agents, known as "Partner Agents," who are 
      required to become shareholders in National Atlantic in order to 
      represent the Company as an agent. The Company offers insurance products 
      through its subsidiaries, Proformance Insurance Company and Mayfair 
      Reinsurance Company, and insurance-related services through Riverview 
      Professional Services and the National Atlantic Insurance Agency.
    
    
      Safe Harbor Statement Regarding Forward-Looking Statements
    
    
      Management believes certain statements in this press release may 
      constitute "forward-looking statements" within the meaning of Section 
      27A of the Securities Act of 1933 and Section 21E of the Securities 
      Exchange Act of 1934. Forward-looking statements are necessarily based 
      on estimates and assumptions that are inherently subject to significant 
      business, economic and competitive uncertainties and risks, many of 
      which are subject to change. As a consequence, current plans, 
      anticipated actions and future financial condition and results may 
      differ from those expressed in any forward-looking statements made by or 
      on behalf of the Company. Additionally, forward-looking statements speak 
      only as of the date they are made, and we undertake no obligation to 
      release publicly the results of any future revisions or updates we may 
      make to forward-looking statements to reflect new information or 
      circumstances after the date hereof or to reflect the occurrence of 
      future events.
    
    
      
        
          
            NATIONAL ATLANTIC HOLDINGS CORPORATION AND SUBSIDIARIES
          
          
            CONSOLIDATED BALANCE SHEETS (Unaudited)
          
          
            (in thousands, except share data)
          
        
      
      
        
           
        
      
      
        
        
        
           
        
        
          March 31,
        
        
           
        
        
          December 31,
        
      
      
        
        
        
        
        
          2008
        
        
        
        
          2007
        
      
      
        
          Investments:
        
        
        
        
        
        
        
        
        
      
      
        
          
            Fixed maturities held-to-maturity (fair value at March 31, 2008 
            and December 31, 2007 was $42,508 and $41,913, respectively)
          
        
        
        
        
          $
        
        
          42,119
        
        
        
        
        
        
          $
        
        
          42,130
        
        
        
      
      
        
          
            Fixed maturities available-for-sale (amortized cost at March 31, 
            2008 and December 31, 2007 was $254,736 and $269,784, respectively)
          
        
        
        
        
        
        
          255,933
        
        
        
        
        
        
        
        
          270,519
        
        
        
      
      
        
          Equity securities (cost at March 31, 2008 and December 31, 2007 was 
          $1,000 and $1,014, respectively)
        
        
        
        
        
        
          1,000
        
        
        
        
        
        
        
        
          1,012
        
        
        
      
      
        
          
            Short-term investments (cost at March 31, 2008 and December 31, 
            2007, was $3,350 and $457, respectively)
          
        
        
        
        
           
        
        
          3,350
        
        
           
        
        
        
        
           
        
        
          457
        
        
           
        
      
      
        
          Total investments
        
        
        
        
        
        
          302,402
        
        
        
        
        
        
        
        
          314,118
        
        
        
      
      
        
          Cash and cash equivalents
        
        
        
        
        
        
          36,170
        
        
        
        
        
        
        
        
          28,098
        
        
        
      
      
        
          Accrued investment income
        
        
        
        
        
        
          3,612
        
        
        
        
        
        
        
        
          3,950
        
        
        
      
      
        
          Premiums receivable
        
        
        
        
        
        
          45,453
        
        
        
        
        
        
        
        
          47,753
        
        
        
      
      
        
          Reinsurance recoverables and receivables
        
        
        
        
        
        
          22,045
        
        
        
        
        
        
        
        
          20,831
        
        
        
      
      
        
          Deferred acquisition costs
        
        
        
        
        
        
          17,869
        
        
        
        
        
        
        
        
          18,934
        
        
        
      
      
        
          Property and equipment - net
        
        
        
        
        
        
          3,049
        
        
        
        
        
        
        
        
          3,143
        
        
        
      
      
        
          Income taxes recoverable
        
        
        
        
        
        
          7,038
        
        
        
        
        
        
        
        
          8,455
        
        
        
      
      
        
          Other assets
        
        
        
        
           
        
        
          4,556
        
        
           
        
        
        
        
           
        
        
          4,393
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          442,194
        
        
           
        
        
        
        
          $
        
        
          449,675
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Liabilities and Stockholders' Equity:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Liabilities:
        
        
        
        
        
        
        
        
        
      
      
        
          Unpaid losses and loss adjustment expenses
        
        
        
        
          $
        
        
          194,935
        
        
        
        
        
        
          $
        
        
          197,105
        
        
        
      
      
        
          Unearned premiums
        
        
        
        
        
        
          82,075
        
        
        
        
        
        
        
        
          86,823
        
        
        
      
      
        
          Accounts payable and accrued expenses
        
        
        
        
        
        
          3,202
        
        
        
        
        
        
        
        
          2,446
        
        
        
      
      
        
          Deferred income taxes
        
        
        
        
        
        
          10,667
        
        
        
        
        
        
        
        
          10,829
        
        
        
      
      
        
          Other liabilities
        
        
        
        
           
        
        
          10,806
        
        
           
        
        
        
        
           
        
        
          8,296
        
        
           
        
      
      
        
          Total liabilities
        
        
        
        
           
        
        
          301,685
        
        
           
        
        
        
        
           
        
        
          305,499
        
        
           
        
      
      
        
          Commitments and Contingencies:
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
          Stockholders' equity:
        
        
        
        
        
        
        
        
        
      
      
        
          
            Common Stock, no par value (50,000,000 shares authorized; 
            11,425,790 shares issued and 11,007,487 shares outstanding as of 
            March 31, 2008 and December 31, 2007)
          
        
        
        
        
        
        
          97,820
        
        
        
        
        
        
        
        
          97,820
        
        
        
      
      
        
          Retained earnings
        
        
        
        
        
        
          46,552
        
        
        
        
        
        
        
        
          50,541
        
        
        
      
      
        
          Accumulated other comprehensive income
        
        
        
        
        
        
          429
        
        
        
        
        
        
        
        
          107
        
        
        
      
      
        
          
             
          
        
        
        
        
        
        
        
        
        
      
      
        
          
            Common stock held in treasury, at cost (418,303 shares held as of 
            March 31, 2008 and December 31, 2007)
          
        
        
        
        
           
        
        
          (4,292
        
        
          )
        
        
        
        
           
        
        
          (4,292
        
        
          )
        
      
      
        
          Total stockholders' equity
        
        
        
        
           
        
        
          140,509
        
        
           
        
        
        
        
           
        
        
          144,176
        
        
           
        
      
      
        
          Total liabilities and stockholders' equity
        
        
        
        
          $
        
        
          442,194
        
        
           
        
        
        
        
          $
        
        
          449,675
        
        
           
        
      
    
    
      
        
          
            NATIONAL ATLANTIC HOLDINGS CORPORATION AND SUBSIDIARIES
          
          
             
          
          
            CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
          
          
            (in thousands, except per share data)
          
        
      
      
        
        
        
           
        
      
      
        
        
        
           
        
        
          For the three months ended March 31,
        
      
      
        
        
        
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
          2008
        
        
        
        
          2007
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenue:
        
        
        
        
        
        
        
        
        
      
      
        
          Net premiums earned
        
        
        
        
          $
        
        
          41,879
        
        
        
        
        
        
          $
        
        
          39,593
        
      
      
        
          Net investment income
        
        
        
        
        
        
          4,131
        
        
        
        
        
        
        
        
          4,268
        
      
      
        
          Net realized investment gains
        
        
        
        
        
        
          3
        
        
        
        
        
        
        
        
          269
        
      
      
        
          Other income
        
        
        
        
           
        
        
          468
        
        
           
        
        
        
        
           
        
        
          319
        
      
      
        
          Total revenue
        
        
        
        
           
        
        
          46,481
        
        
           
        
        
        
        
           
        
        
          44,449
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Costs and Expenses:
        
        
        
        
        
        
        
        
        
      
      
        
          Loss and loss adjustment expenses incurred
        
        
        
        
        
        
          38,942
        
        
        
        
        
        
        
        
          25,522
        
      
      
        
          Underwriting, acquisition and insurance related expenses
        
        
        
        
        
        
          12,459
        
        
        
        
        
        
        
        
          12,570
        
      
      
        
          Other operating and general expenses
        
        
        
        
           
        
        
          1,792
        
        
           
        
        
        
        
           
        
        
          560
        
      
      
        
          Total costs and expenses
        
        
        
        
           
        
        
          53,193
        
        
           
        
        
        
        
           
        
        
          38,652
        
      
      
        
          (Loss) income before income taxes
        
        
        
        
        
        
          (6,712
        
        
          )
        
        
        
        
        
        
          5,797
        
      
      
        
          (Benefit) provision for income taxes
        
        
        
        
           
        
        
          (2,723
        
        
          )
        
        
        
        
           
        
        
          1,841
        
      
      
        
          Net (Loss) Income
        
        
        
        
          $
        
        
          (3,989
        
        
          )
        
        
        
        
          $
        
        
          3,956
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net (loss) income per share Common Stock - Basic
        
        
        
        
          $
        
        
          (0.36
        
        
          )
        
        
        
        
          $
        
        
          0.36
        
      
      
        
          Net (loss) income per share Common Stock - Diluted
        
        
        
        
          $
        
        
          (0.36
        
        
          )
        
        
        
        
          $
        
        
          0.35
        
      
    
    
      
        
          
            NATIONAL ATLANTIC HOLDINGS CORPORATION AND SUBSIDIARIES
          
          
            CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 
            (Unaudited)
          
          
             (in thousands)
          
        
      
      
        
           
        
      
      
        
        
        
           
        
        
          For the three months ended March 31,
        
      
      
        
        
        
        
        
          2008
        
        
           
        
        
          2007
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net (Loss) Income
        
        
        
        
          $
        
        
          (3,989
        
        
          )
        
        
        
        
          $
        
        
          3,956
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other comprehensive income - net of tax:
        
        
        
        
        
        
        
        
        
      
      
        
          Net holding gains arising during the period
        
        
        
        
        
        
          373
        
        
        
        
        
        
        
        
          492
        
        
        
      
      
        
          
            Reclassification adjustment for realized (gains) included in net 
            income
          
        
        
        
        
        
        
          (59
        
        
          )
        
        
        
        
        
        
          (151
        
        
          )
        
      
      
        
          
            Amortization of unrealized loss recorded on transfer of fixed 
            income securities to held-to-maturity
          
        
        
        
        
           
        
        
          8
        
        
           
        
        
        
        
           
        
        
          15
        
        
           
        
      
      
        
          Total other comprehensive income
        
        
        
        
           
        
        
          322
        
        
           
        
        
        
        
           
        
        
          356
        
        
           
        
      
      
        
          Comprehensive (Loss) Income
        
        
        
        
          $
        
        
          (3,667
        
        
          )
        
        
        
        
          $
        
        
          4,312
        
        
           
        
      
    
    
      
        
          
            EARNINGS PER SHARE
          
          
            AND BOOK VALUE CALCULATIONS (Unaudited)
          
        
      
      
        
           
        
      
      
        
        
        
           
        
        
          For the three months ended March 31,
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
           
        
        
           
        
        
          2007
        
        
        
        
        
        
        
        
        
      
      
        
          Net (Loss) Income applicable to common stockholders
        
        
        
        
          $
        
        
          (3,989,171
        
        
          )
        
        
        
        
          $
        
        
          3,956,230
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average common shares - basic
        
        
        
        
        
        
          11,007,487
        
        
        
        
        
        
        
        
          11,117,723
        
        
        
        
        
        
        
        
        
      
      
        
          Effect of dilutive securities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Options
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
           
        
        
          236,436
        
        
        
        
        
        
        
        
        
      
      
        
          Weighted average common shares - diluted
        
        
        
        
           
        
        
          11,007,487
        
        
           
        
        
        
        
           
        
        
          11,354,159
        
        
        
        
        
        
        
        
        
      
      
        
          Basic (Loss) Earnings Per Share
        
        
        
        
          $
        
        
          (0.36
        
        
          )
        
        
        
        
          $
        
        
          0.36
        
        
        
        
        
        
        
        
        
      
      
        
          Diluted (Loss) Earnings per Share
        
        
        
        
          $
        
        
          (0.36
        
        
          )
        
        
        
        
          $
        
        
          0.35
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          
            Book Value
          
        
        
        
        
          Net Tangible Book Value
        
      
      
        
        
        
        
        
          As of
        
        
        
        
          As of
        
        
        
        
          As of
        
        
        
        
          As of
        
      
      
        
        
        
        
        
          March 31,
        
        
        
        
          December 31,
        
        
        
        
          March 31,
        
        
        
        
          December 31,
        
      
      
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
           
        
        
          2007
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
           
        
        
          2007
        
        
           
        
      
      
        
          Total Shareholders Equity
        
        
        
        
          $
        
        
          140,509,354
        
        
        
        
        
        
          $
        
        
          144,176,394
        
        
        
        
          $
        
        
          140,509,354
        
        
        
        
        
        
          $
        
        
          144,176,394
        
        
        
      
      
        
          Less: Deferred Acquisition Cost Asset (DAC)
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
           
        
        
          -
        
        
        
        
           
        
        
          (17,869,173
        
        
          )
        
        
        
        
           
        
        
          (18,933,568
        
        
          )
        
      
      
        
          Shareholders Equity - net
        
        
        
        
        
        
          140,509,354
        
        
        
        
        
        
        
        
          144,176,394
        
        
        
        
        
        
          122,640,181
        
        
        
        
        
        
        
        
          125,242,826
        
        
        
      
      
        
          Total Common Shares Outstanding
        
        
        
        
           
        
        
          11,007,487
        
        
           
        
        
        
        
           
        
        
          11,007,487
        
        
        
        
           
        
        
          11,007,487
        
        
           
        
        
        
        
           
        
        
          11,007,487
        
        
           
        
      
      
        
          Book Value
        
        
        
        
          $
        
        
          12.76
        
        
           
        
        
        
        
          $
        
        
          13.10
        
        
        
        
          $
        
        
          11.14
        
        
           
        
        
        
        
          $
        
        
          11.38
        
        
           
        
      
      
        
        
        
        
        
           
        
      
      
        
          
            For the three months ended March 31, 2008, the effect of 68,459 
            stock options were excluded from the computation of diluted 
            earnings per share because they would have been anti-dilutive.