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Share Name | Share Symbol | Market | Type |
---|---|---|---|
East Penn Finl Corp (MM) | NASDAQ:EPEN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
|
ý
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
|
¨
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
Pennsylvania
|
65-1172823
|
|
(State
or other jurisdiction of
|
(IRS
Employer Identification
|
|
incorporation
or organization)
|
Number)
|
Large
Accelerated Filer
¨
|
Accelerated
Filer
¨
|
Non-accelerated
Filer
ý
|
Page
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
13
|
|||
25
|
|||
25
|
|||
25
|
|||
25
|
|||
25
|
|||
26
|
|||
26
|
|||
26
|
|||
26
|
|||
26
|
|||
28
|
|||
29
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
(In
thousands, except per share data)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Interest
income
|
||||||||||||||||
Interest
and fee income on loans
|
$ |
5,611
|
$ |
5,234
|
$ |
16,380
|
$ |
14,795
|
||||||||
Securities:
|
||||||||||||||||
Taxable
|
515
|
565
|
1,609
|
1,838
|
||||||||||||
Tax-exempt
|
229
|
219
|
708
|
566
|
||||||||||||
Other
|
150
|
147
|
586
|
250
|
||||||||||||
Total
interest income
|
6,505
|
6,165
|
19,282
|
17,449
|
||||||||||||
Interest
expense
|
||||||||||||||||
Deposits
|
2,772
|
2,337
|
8,222
|
5,939
|
||||||||||||
Federal
funds purchased and securities
|
||||||||||||||||
sold
under agreements to repurchase
|
63
|
33
|
161
|
198
|
||||||||||||
Long-term
debt
|
181
|
274
|
604
|
891
|
||||||||||||
Junior
subordinated debentures
|
136
|
136
|
408
|
408
|
||||||||||||
Total
interest expense
|
3,152
|
2,780
|
9,395
|
7,436
|
||||||||||||
Net
interest income
|
3,353
|
3,385
|
9,887
|
10,013
|
||||||||||||
Provision
for loan losses
|
135
|
90
|
270
|
299
|
||||||||||||
Net
interest income after
|
||||||||||||||||
provision
for loan losses
|
3,218
|
3,295
|
9,617
|
9,714
|
||||||||||||
Other
income
|
||||||||||||||||
Customer
service fees
|
399
|
412
|
1,173
|
1,189
|
||||||||||||
Mortgage
banking activities, net
|
34
|
29
|
123
|
97
|
||||||||||||
Income
from investment in life insurance
|
81
|
68
|
237
|
203
|
||||||||||||
Net
realized gains on sale of other real estate owned
|
-
|
14
|
-
|
14
|
||||||||||||
Other
income
|
65
|
76
|
286
|
306
|
||||||||||||
Total
other income
|
579
|
599
|
1,819
|
1,809
|
||||||||||||
Other
expense
|
||||||||||||||||
Salaries
and employee benefits
|
1,469
|
1,496
|
4,401
|
4,450
|
||||||||||||
Occupancy
|
289
|
279
|
891
|
842
|
||||||||||||
Equipment
|
217
|
218
|
639
|
655
|
||||||||||||
Other
operating expenses
|
1,027
|
780
|
2,693
|
2,346
|
||||||||||||
Total
other expense
|
3,002
|
2,773
|
8,624
|
8,293
|
||||||||||||
Income
before income taxes
|
795
|
1,121
|
2,812
|
3,230
|
||||||||||||
Federal
income taxes
|
84
|
221
|
411
|
651
|
||||||||||||
Net
income
|
$ |
711
|
$ |
900
|
$ |
2,401
|
$ |
2,579
|
||||||||
Basic
earnings per share
|
$ |
0.11
|
$ |
0.14
|
$ |
0.38
|
$ |
0.41
|
||||||||
Diluted
earnings per share
|
$ |
0.11
|
$ |
0.14
|
$ |
0.38
|
$ |
0.41
|
||||||||
Cash
dividends per common share
|
$ |
0.12
|
$ |
0.11
|
$ |
0.24
|
$ |
0.22
|
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common
|
Retained
|
Comprehensive
|
Treasury
|
|||||||||||||||||||||
(In
thousands, except share and per share data)
|
Stock
|
Surplus
|
Earnings
|
Loss
|
Stock
|
Total
|
||||||||||||||||||
Balance,
December 31, 2005
|
$ |
4,133
|
$ |
9,246
|
$ |
12,192
|
$ | (880 | ) | $ | (1,850 | ) | $ |
22,841
|
||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
-
|
-
|
2,579
|
-
|
-
|
2,579
|
||||||||||||||||||
Changes
in net unrealized losses
|
||||||||||||||||||||||||
on
securities available
|
||||||||||||||||||||||||
for
sale, net of tax effect
|
-
|
-
|
-
|
(3 | ) |
-
|
(3 | ) | ||||||||||||||||
Total
comprehensive income
|
2,576
|
|||||||||||||||||||||||
Compensation
expense related
|
||||||||||||||||||||||||
to
stock options
|
-
|
14
|
-
|
-
|
-
|
14
|
||||||||||||||||||
Cash
dividend of $0.22 per share
|
-
|
-
|
(1,387 | ) |
-
|
-
|
(1,387 | ) | ||||||||||||||||
Balance,
September 30, 2006
|
$ |
4,133
|
$ |
9,260
|
$ |
13,384
|
$ | (883 | ) | $ | (1,850 | ) | $ |
24,044
|
||||||||||
Balance,
December 31, 2006
|
$ |
4,134
|
$ |
9,272
|
$ |
14,417
|
$ | (812 | ) | $ | (1,850 | ) | $ |
25,161
|
||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
-
|
-
|
2,401
|
-
|
-
|
2,401
|
||||||||||||||||||
Changes
in net unrealized losses
|
||||||||||||||||||||||||
on
securities available for sale,
|
||||||||||||||||||||||||
net
of tax effect
|
-
|
-
|
-
|
85
|
-
|
85
|
||||||||||||||||||
Total
comprehensive income
|
2,486
|
|||||||||||||||||||||||
Exercise
of 29,092 common stock
|
||||||||||||||||||||||||
Options
|
18
|
215
|
-
|
-
|
-
|
233
|
||||||||||||||||||
Cash
dividend of $0.24 per share
|
-
|
-
|
(1,514 | ) |
-
|
-
|
(1,514 | ) | ||||||||||||||||
Balance,
September 30, 2007
|
$ |
4,152
|
$ |
9,487
|
$ |
15,304
|
$ | (727 | ) | $ | (1,850 | ) | $ |
26,366
|
Nine
Months Ended
|
||||||||
(In
thousands)
|
2007
|
2006
|
||||||
CASH
FLOWS from OPERATING ACTIVITIES
|
||||||||
Net
income
|
$ |
2,401
|
$ |
2,579
|
||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
by operating activities:
|
||||||||
Provision
for loan losses
|
270
|
299
|
||||||
Provision
for depreciation and amortization
|
670
|
658
|
||||||
Compensation
expense for stock options
|
-
|
14
|
||||||
Net
amortization/accretion of securities premiums and
discounts
|
93
|
120
|
||||||
Net
realized gain on sale of foreclosed real estate
|
-
|
(14 | ) | |||||
Net
realized gain from sale of held to maturity securities
|
-
|
(38 | ) | |||||
Proceeds
from sale of loans originated for sale
|
9,053
|
7,213
|
||||||
Net
gain on sale of loans originated for sale
|
(123 | ) | (97 | ) | ||||
Loans
originated for sale
|
(8,929 | ) | (7,595 | ) | ||||
Earnings
on investment in life insurance
|
(237 | ) | (203 | ) | ||||
(Increase)
decrease in accrued interest receivable
|
||||||||
and
other assets
|
(326 | ) |
220
|
|||||
Increase
(decrease) in accrued interest payable
|
||||||||
and
other liabilities
|
(282 | ) |
629
|
|||||
Net
Cash Provided by Operating Activities
|
2,590
|
3,785
|
||||||
CASH
FLOWS from INVESTING ACTIVITIES
|
||||||||
Decrease
in interest bearing time deposits
|
-
|
500
|
||||||
Purchases
of available for sale securities
|
(2,072 | ) | (7,223 | ) | ||||
Proceeds
from maturities of and principal repayments
|
||||||||
on
available for sale securities
|
7,539
|
6,924
|
||||||
Proceeds
from sale of available for sale securities
|
-
|
5,136
|
||||||
Proceeds
from maturities of and principal repayments
|
||||||||
on
held to maturity securities
|
-
|
39
|
||||||
Proceeds
from sale of held to maturity securities
|
-
|
1,037
|
||||||
Proceeds
from the sale of other real estate
|
-
|
41
|
||||||
Net
increase in loans
|
(14,745 | ) | (21,889 | ) | ||||
Net
decrease in restricted stock
|
246
|
656
|
||||||
Purchase
of bank premises and equipment
|
(63 | ) | (1,348 | ) | ||||
Investment
in Berkshire Bank
|
(458 | ) |
-
|
|||||
Net
Cash Used in Investing Activities
|
(9,553 | ) | (16,127 | ) | ||||
CASH
FLOWS from FINANCING ACTIVITIES
|
||||||||
Net
increase in deposits
|
132
|
31,274
|
||||||
Net
increase (decrease) in federal funds purchased and
|
||||||||
securities
sold under agreements to repurchase
|
4,911
|
(1,390 | ) | |||||
Repayment
of long-term borrowings
|
(5,000 | ) | (10,000 | ) | ||||
Proceeds
from the exercise of stock options
|
233
|
-
|
||||||
Dividends
paid
|
(1,514 | ) | (1,387 | ) | ||||
Net
Cash Provided by (Used in) Financing Activities
|
(1,238 | ) |
18,497
|
|||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(8,201 | ) |
6,155
|
|||||
Cash
and cash equivalents -
Beginning
|
22,954
|
10,629
|
||||||
Cash
and cash equivalents -
Ending
|
$ |
14,753
|
$ |
16,784
|
||||
SUPPLEMENTARY
CASH FLOW INFORMATION
|
||||||||
Interest
paid
|
$ |
9,648
|
$ |
6,852
|
||||
Federal
income taxes paid
|
$ |
695
|
$ |
540
|
||||
SUPPLEMENTAL
SCHEDULE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
||||||||
Other
real estate acquired in settlement of loans
|
$ |
60
|
-
|
1.
|
Basis
of Presentation
|
2.
|
Proposed
Plan of Merger with Harleysville National
Corporation
|
3.
|
Investment
in Bank
|
|
·
|
solicit
proxies with respect to any voting securities of Berkshire Bank or
influence the manner in which any other shareholder of Berkshire
Bank
votes any voting securities of Berkshire
Bank;
|
|
·
|
cause
any voting securities of Berkshire Bank to be subject to a voting
trust;
|
|
·
|
cause
Berkshire Bank to become a subsidiary of the
Company;
|
|
·
|
have
any designated representative serve or act as an officer, director,
employee or agent of Berkshire
Bank;
|
|
·
|
propose
any person for election as a director of Berkshire
Bank;
|
|
·
|
attempt
to influence the dividend policies or practices of Berkshire Bank;
the
investment, loan or credit decision policies; the pricing of services;
personnel decisions or operations
activities;
|
|
·
|
exercise
or seek to exercise any controlling influence over the management
of
Berkshire Bank;
|
|
·
|
enter
into any banking or non-banking transactions with Berkshire Bank,
except
that the Company may establish and maintain deposit accounts with
Berkshire Bank, provided the aggregate balance of all such accounts
does
not exceed $500,000 and that the accounts are maintained on substantially
the same terms as those prevailing for comparable accounts of persons
unaffiliated with Berkshire Bank.
|
4.
|
Earnings
per Share
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income applicable to common stock
|
$ |
711,000
|
$ |
900,000
|
$ |
2,401,000
|
$ |
2,579,000
|
||||||||
Weighted-average
common shares outstanding
|
6,315,756
|
6,304,262
|
6,309,305
|
6,304,262
|
||||||||||||
Effect
of dilutive securities, stock options
|
67,228
|
16,350
|
39,788
|
18,613
|
||||||||||||
Weighted-average
common shares outstanding
|
||||||||||||||||
used
to calculate diluted earnings per share
|
6,382,984
|
6,320,612
|
6,349,093
|
6,322,875
|
||||||||||||
Basic
earnings per share
|
$ |
0.11
|
$ |
0.14
|
$ |
0.38
|
$ |
0.41
|
||||||||
Diluted
earnings per share
|
$ |
0.11
|
$ |
0.14
|
$ |
0.38
|
$ |
0.41
|
5.
|
Comprehensive
Income
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Unrealized
holding gains/(losses) on
|
||||||||||||||||
available
for sale securities
|
$ |
1,029
|
$ |
1,473
|
$ |
129
|
$ | (5 | ) | |||||||
Less
reclassification adjustment for
|
||||||||||||||||
(gain)/loss
included in net income
|
-
|
-
|
-
|
-
|
||||||||||||
Net
unrealized losses
|
1,029
|
1,473
|
129
|
(5 | ) | |||||||||||
Tax
effect
|
(350 | ) | (500 | ) | (44 | ) |
2
|
|||||||||
Net
of tax amount
|
$ |
679
|
$ |
973
|
$ |
85
|
$ | (3 | ) |
6.
|
Stock
Option Plan
|
7.
|
Guarantees
|
8.
|
New
Accounting Standards
|
|
-
|
operating,
legal and regulatory risks,
|
|
-
|
economic,
political and competitive forces affecting the Company’s services,
and
|
|
-
|
the
risk that management’s analyses of these risks could be incorrect and/or
that the strategies developed to address them could be
unsuccessful.
|
Asset
Quality Ratios
|
9/30/07
|
12/31/06
|
||||||
Non-accrual
loans
(1)
/Total loans
|
0.32 | % | 0.13 | % | ||||
Non-performing
assets
(1)
/Total
loans
|
0.39 | % | 0.13 | % | ||||
Net
charge-offs/Average loans
|
0.04 | % | 0.07 | % | ||||
Allowance/Total
loans
(2)
|
1.01 | % | 1.01 | % | ||||
Allowance/Non-accrual loans
(1)
|
318.90 | % | 759.44 | % | ||||
Allowance/Non-performing
loans
(1)
|
261.23 | % | 752.42 | % | ||||
|
(1)
-
Non-performing assets of $1,305,000 as of September 30, 2007
and $433,000 as of December 31, 2006 include non-accrual loans of
$1,069,000 at September 30, 2007 and $429,000 at December 31,
2006. The increase in non-performing assets at September 30,
2007 is attributable to the addition of one secured commercial credit
to
non-accrual loans.
|
(2) - Net charge-offs are on an annual basis. |
Maturity
|
Amount
|
Rate
|
||||||
November
28, 2007
|
$ |
7,000
|
3.43 | % | ||||
May
5, 2008
|
5,000
|
4.03 | % | |||||
November
28, 2008
|
7,000
|
3.78 | % | |||||
Total
|
$ |
19,000
|
3.72
|
% weighted average |
CONTRACTUAL
OBLIGATIONS
|
||||||||||||||||||||
September
30, 2007
|
||||||||||||||||||||
Less
Than
|
Over
|
|||||||||||||||||||
1
Year
|
1
– 3 Years
|
3
– 5 Years
|
5
Years
|
Total
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||||||
Time
deposits
|
$ |
139,241
|
$ |
50,431
|
$ |
1,209
|
$ |
159
|
$ |
191,040
|
||||||||||
Long-term
debt
|
12,000
|
7,000
|
-
|
-
|
19,000
|
|||||||||||||||
Junior
subordinated
|
||||||||||||||||||||
debentures
|
-
|
8,248
|
-
|
-
|
8,248
|
|||||||||||||||
Nonqualified
supplemental
|
||||||||||||||||||||
executive
retirement plan
|
108
|
91
|
68
|
198
|
465
|
|||||||||||||||
Premises
commitments
|
850
|
-
|
-
|
-
|
850
|
|||||||||||||||
Operating
leases
|
250
|
455
|
388
|
727
|
1,820
|
|||||||||||||||
Total
|
$ |
160,697
|
$ |
57,977
|
$ |
1,665
|
$ |
1,084
|
$ |
221,423
|
Actual
|
For
Capital Adequacy
Purposes
|
To
be Well Capitalized
under
Prompt
Corrective
Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||
As
of September 30, 2007:
|
||||||||||||||||||||||||
Total
capital (to risk-weighted
assets):
|
||||||||||||||||||||||||
Company
|
$ |
38,489
|
10.9 | % | $ |
³
28,386
|
³
8.0
|
% |
N/A
|
N/A
|
% | |||||||||||||
Bank
|
35,016
|
10.0
|
³
28,120
|
³
8.0
|
$ |
³
35,150
|
³
10.0
|
|||||||||||||||||
Tier
1 capital (to risk-weighted
assets):
|
||||||||||||||||||||||||
Company
|
35,080
|
9.9
|
³
14,193
|
³
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
31,607
|
9.0
|
³
14,060
|
³
4.0
|
³
21,090
|
³
6.0
|
||||||||||||||||||
Tier
1 capital (to average
assets):
|
||||||||||||||||||||||||
Company
|
35,080
|
7.9
|
³
17,732
|
³
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
31,607
|
7.2
|
³
17,608
|
³
4.0
|
³
22,010
|
³
5.0
|
|
(a)
|
Evaluation
of disclosure controls and
procedures
|
|
(b)
|
Changes
in internal control over financial
reporting
|
Ite
m
1.
|
Legal
Proceedings
|
Ite
m
1A.
|
Risk
Factors
|
Ite
m
2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
Ite
m
3.
|
Defaults
upon Senior Securities
|
Ite
m
4.
|
Submission
of Matters to a Vote of Security
Holders
|
|
I.
|
Approval
and adoption of the merger agreement dated May 15, 2007 among East
Penn
Financial Corporation, East Penn Bank and Harleysville National
Corporation, as amended, and consummation of the transaction contemplated
thereby.
|
For
|
Against
|
Abstain
|
||||
4,759,483
|
204,586
|
10,850
|
|
II.
|
To
adjourn or postpone the meeting if necessary to permit further
solicitation of proxies.
|
For
|
Against
|
Abstain
|
||||
4,480,731
|
399,607
|
94,581
|
It
e
m 5.
|
Other
Information
|
It
e
m 6.
|
Exhibits
|
|
2.1
|
Merger
Agreement by and among Harleysville National Corporation, East Penn
Financial Corporation and East Penn Bank, dated as of May 15, 2007,
is
incorporated by reference to the Registrant’s Current Report on Form 8-K/A
filed with the Securities and Exchange Commission on May 22,
2007.
|
|
3(i)
|
Registrant’s
Articles of
Incorporation, as amended, are incorporated herein by reference to
Annex B
to the Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
|
3(ii)
|
Registrant’s
By-Laws are
incorporated herein by reference to Annex C to the Registrant’s
Registration Statement on Form S-4 (Registration No. 333-103673)
as filed
with the Securities and Exchange Commission on March 7,
2003.
|
|
10.1
|
East
Penn Financial Corporation’s 1999 Stock Incentive Plan for the benefit of
officers and key employees is incorporated by reference to Exhibit
10.2 to
the Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
|
10.2
|
East
Penn Financial Corporation’s 1999 Independent Directors Stock Option Plan
for the benefit of non-employee directors is incorporated by reference
to
Exhibit 10.1 to the Registrant’s Registration Statement on Form S-4
(Registration No. 333-103673) as filed with the Securities and Exchange
Commission on March 7, 2003.
|
|
10.3
|
Executive
Employment Agreement between East Penn Bank and Brent L. Peters,
dated
April 12, 2001, is incorporated by reference to Exhibit 10.3 to the
Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
|
10.4
|
The
Supplemental Executive Retirement Plan (“SERP”) between East Penn Bank and
Brent L. Peters, dated May 31, 2001, is incorporated herein by reference
to Exhibit 10.4 to the Registrant’s Registration Statement on Form S-4
(Registration No. 333-103673) as filed with the Securities and Exchange
Commission on March 7, 2003.
|
|
10.5
|
East
Penn Financial Corporation’s Dividend Reinvestment and Stock Purchase Plan
is incorporated by reference to the Registrant’s Registration Statement on
Form S-3 (Registration No. 333-116754) as filed with the Securities
and
Exchange Commission on June 23,
2004.
|
|
10.6
|
Agreement
of sale between East Penn Bank and WAWA, Inc. dated November 10,
2005 is
incorporated by reference to the Registrant’s Annual Report on Form 10-K
for the year ended December 31, 2005 as filed with the Securities
and
Exchange Commission on March 31,
2006.
|
|
10.7
|
Amendment
to Supplemental Executive Retirement Plan (“SERP”) between East Penn Bank
and Brent L. Peters, dated July 21, 2006, is incorporated by reference
to
Exhibit 10.2 of Registrant’s Form 8-K filed August 1,
2006.
|
|
10.8
|
Amendment
to Executive Employment Agreement between East Penn Bank and Brent
L.
Peters, dated July 21, 2006, is incorporated by reference to Exhibit
10.1
of Registrant’s Form 8-K filed August 1,
2006.
|
|
11
|
Statement
re: Computation of per share earnings is incorporated by reference
herein
to Note 4 on page 9 of this Form
10-Q.
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule
13a-15(e)/15d-15(e).
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule
13a-15(e)/15d-15(e).
|
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 1350 of the Sarbanes
Oxley
Act of 2002.
|
|
32.2
|
Certification
of Chief Financial Officer pursuant to Section
1350
of the Sarbanes Oxley Act of 2002.
|
EAST
PENN FINANCIAL CORPORATION
(Registrant)
|
|||
By:
|
/s/
Brent L. Peters
|
||
Brent
L. Peters
|
|||
Chairman
of the Board, President and Chief
|
|||
Executive
Officer
|
|||
(Principal
Executive Officer)
|
|||
Date:
November 6, 2007
|
|||
By:
|
/s/
Theresa M. Wasko
|
||
Theresa
M. Wasko
|
|||
Treasurer
and Chief Financial Officer
|
|||
(Principal
Financial and Accounting Officer)
|
|||
Date:
November 6, 2007
|
2.1
|
Merger
Agreement by and among Harleysville National Corporation, East Penn
Financial Corporation and East Penn Bank, dated as of May 15, 2007,
is
incorporated by reference to the Registrant’s Current Report on Form 8-K/A
filed with the Securities and Exchange Commission on May 22,
2007.
|
3(i)
|
Registrant’s
Articles of
Incorporation, as amended, are incorporated by reference to Annex
B to the
Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
3(ii)
|
Registrant’s
By-Laws are incorporated by reference to Annex C to the Registrant’s
Registration Statement on Form S-4 (Registration No. 333-103673)
as filed
with the Securities and Exchange Commission on March 7,
2003.
|
10.1
|
East
Penn Financial Corporation’s 1999 Stock Incentive Plan for the benefit of
officers and key employees is incorporated by reference to Exhibit
10.2 to
the Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
10.2
|
East
Penn Financial Corporation’s 1999 Independent Directors Stock Option Plan
for the benefit of non-employee directors is incorporated by reference
to
Exhibit 10.1 to the Registrant’s Registration Statement on Form S-4
(Registration No. 333-103673) as filed with the Securities and Exchange
Commission on March 7, 2003.
|
10.3
|
Executive
Employment Agreement between East Penn Bank and Brent L. Peters,
dated
April 12, 2001, is incorporated by reference to Exhibit 10.3 to the
Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
10.4
|
Supplemental
Executive Retirement Plan (“SERP”) between East Penn Bank and Brent L.
Peters, dated May 31, 2001, is incorporated by reference to Exhibit
10.4
to the Registrant’s Registration Statement on Form S-4 (Registration No.
333-103673) as filed with the Securities and Exchange Commission
on March
7, 2003.
|
10.5
|
East
Penn Financial Corporation’s Dividend Reinvestment and Stock Purchase Plan
is incorporated by reference to the Registrant’s Registration Statement on
Form S-3 (Registration No. 333-116754) as filed with the Securities
and
Exchange Commission on June 23,
2004.
|
10.6
|
Agreement
of sale between East Penn Bank and WAWA, Inc. dated November 10,
2005 is
incorporated by reference to the Registrant’s Annual Report on Form 10-K
for the year ended December 31, 2005 as filed with the Securities
and
Exchange Commission on March 31,
2006.
|
10.7
|
Amendment
to Supplemental Executive Retirement Plan (“SERP”) between East Penn Bank
and Brent L. Peters, dated July 21, 2006, is incorporated by reference
to
Exhibit 10.2 of Registrant’s Form 8-K filed August 1,
2006.
|
10.8
|
Amendment
to Executive Employment Agreement between East Penn Bank and Brent
L.
Peters, dated July 21, 2006, is incorporated by reference to Exhibit
10.1
of Registrant’s Form 8-K filed August 1,
2006.
|
11
|
Statement
re: Computation of per share earnings is incorporated by reference
herein
to Note 4 on page 9 of this Form
10-Q.
|
Certification
of Chief Executive Officer pursuant to Section 1350 of the Sarbanes
Oxley
Act of 2002.
|
Certification
of Chief Financial Officer pursuant to Section
1350
of the Sarbanes Oxley Act of 2002.
|
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