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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greater Community Bancorp (MM) | NASDAQ:GFLS | 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% | 15.88 | 0 | 01:00:00 |
(Mark
One)
|
FORM
10-K
|
For
the fiscal year ended
|
December
31, 2007
|
For
the transition period from
|
to
|
Commission
file number
|
000-14294
|
GREATER
COMMUNITY BANCORP
|
(Exact
name of registrant as specified in its
charter)
|
New
Jersey
|
22-2545165
|
|
State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization
|
Identification
No.)
|
|
5
Union Boulevard, Totowa, New Jersey
|
07512
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant's
telephone number, including area code
|
(973)
942-1111
|
Title
of each class
|
Name
of each exchange on which registered
|
|
Common
Stock, par value $0.50 per share
|
The
NASDAQ Stock Market LLC
|
None
|
(Title
of class)
|
Large
accelerated filer
o
|
Accelerated
filer
ý
|
Non-accelerated
filer
o
(Do
not check if a smaller reporting company)
|
Smaller
reporting company
o
|
PAGE
|
||
|
2
|
|
Business.
|
2
|
|
Risk
Factors.
|
8
|
|
Unresolved
Staff Comments.
|
10
|
|
Properties.
|
10
|
|
Legal
Proceedings.
|
10
|
|
Submission
of Matters to a Vote of Security Holders.
|
10
|
|
|
10
|
|
Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
|
10
|
|
Selected
Financial Data
|
13
|
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
|
13
|
|
Quantitative
and Qualitative Disclosures about Market Risk.
|
28
|
|
Financial
Statements and Supplementary Data.
|
29
|
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure.
|
57
|
|
Controls
and Procedures.
|
57
|
|
Other
Information.
|
60
|
|
|
60
|
|
Directors,
Executive Officers and Corporate Governance.
|
60
|
|
Executive
Compensation.
|
65
|
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
77
|
|
Certain
Relationships and Related Transactions, and Director
Independence.
|
78
|
|
Principal
Accounting Fees and Services.
|
79
|
|
|
80
|
|
Exhibits,
Financial Statement Schedules.
|
80
|
|
|
81
|
|
|
82
|
2007
|
2006
|
|||||||||||||||||||||||
High
|
Low
|
Dividend
|
High
|
Low
|
Dividend
|
|||||||||||||||||||
Quarter
ended March 31
|
$ | 18.05 | $ | 16.55 | $ | 0.137 | $ | 15.36 | $ | 13.92 | $ | 0.124 | ||||||||||||
Quarter
ended June 30
|
17.80 | 14.65 | 0.141 | 15.31 | 14.35 | 0.133 | ||||||||||||||||||
Quarter
ended September 30
|
15.84 | 12.88 | 0.145 | 16.34 | 14.65 | 0.137 | ||||||||||||||||||
Quarter
ended December 31
|
21.00 | 13.80 | 0.145 | 17.47 | 14.69 | 0.137 | ||||||||||||||||||
Years
Ended
|
||||||||||||||||||||||||
Index
|
12/31/02
|
12/31/03
|
12/31/04
|
12/31/05
|
12/31/06
|
12/31/07
|
||||||||||||||||||
Greater
Community
Bancorp
|
$ | 100.00 | $ | 111.04 | $ | 114.12 | $ | 109.60 | $ | 139.82 | $ | 135.49 | ||||||||||||
NASDAQ
Composite Index
|
100.00 | 150.01 | 162.89 | 165.13 | 180.85 | 198.60 | ||||||||||||||||||
SNL
Bank NASDAQ Index
|
100.00 | 129.08 | 147.94 | 143.43 | 161.02 | 126.42 | ||||||||||||||||||
Source:
SNL
Financial
LC, Charlottesville, VA
|
(dollars
in thousands, except per share data)
|
Years
Ended December 31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Summary
of Results of Operations:
|
||||||||||||||||||||
Interest
income
|
$ | 60,899 | $ | 54,890 | $ | 48,662 | $ | 40,250 | $ | 37,906 | ||||||||||
Interest
expense
|
29,299 | 23,070 | 16,571 | 12,599 | 12,244 | |||||||||||||||
Net
interest income
|
31,600 | 31,820 | 32,091 | 27,651 | 25,662 | |||||||||||||||
Provision
for loan and lease losses
|
1,574 | 717 | 1,071 | 1,169 | 2,065 | |||||||||||||||
Non-interest
income
|
7,235 | 6,288 | 6,221 | 6,489 | 7,948 | |||||||||||||||
Non-interest
expense
|
25,714 | 24,725 | 23,991 | 21,251 | 22,025 | |||||||||||||||
Income
before provision for income taxes
|
11,547 | 12,666 | 13,250 | 11,720 | 9,520 | |||||||||||||||
Provision
for income taxes
|
2,690 | 7,113 | 4,396 | 3,934 | 2,786 | |||||||||||||||
Net
income
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | $ | 7,786 | $ | 6,734 | ||||||||||
Common
Share Data
1
:
|
||||||||||||||||||||
Earnings
per share—basic
|
$ | 1.02 | $ | 0.65 | $ | 1.07 | $ | 0.98 | $ | 0.86 | ||||||||||
Earnings
per share—diluted
|
$ | 1.02 | $ | 0.65 | $ | 1.05 | $ | 0.95 | $ | 0.81 | ||||||||||
Cash
dividends declared per share
|
$ | 0.568 | $ | 0.531 | $ | 0.480 | $ | 0.434 | $ | 0.387 | ||||||||||
Stock
dividend
|
2.50 | % | 2.50 | % | 2.50 | % | 2.50 | % | 2.50 | % | ||||||||||
Dividend
payout ratio
|
55.53 | % | 82.20 | % | 44.74 | % | 44.15 | % | 45.26 | % | ||||||||||
Book
value
|
$ | 8.31 | $ | 7.85 | $ | 7.89 | $ | 7.39 | $ | 6.69 | ||||||||||
Selected
Operating Ratios:
|
||||||||||||||||||||
Return
on average assets
|
0.91 | % | 0.62 | % | 1.02 | % | 0.98 | % | 0.91 | % | ||||||||||
Return
on average equity
|
12.74 | % | 8.22 | % | 14.43 | % | 14.28 | % | 13.15 | % | ||||||||||
Net
interest margin
2
|
3.52 | % | 3.85 | % | 4.02 | % | 3.82 | % | 3.81 | % | ||||||||||
Efficiency
ratio
3
|
68.40 | % | 65.75 | % | 63.63 | % | 64.36 | % | 70.06 | % | ||||||||||
Selected
Financial Condition Data:
|
||||||||||||||||||||
Total
assets
|
$ | 975,990 | $ | 950,969 | $ | 925,201 | $ | 825,363 | $ | 753,125 | ||||||||||
Cash
and cash equivalents
|
24,441 | 53,869 | 64,980 | 32,322 | 29,233 | |||||||||||||||
Investment
securities
|
95,161 | 101,333 | 134,197 | 132,045 | 155,239 | |||||||||||||||
Total
loans and leases, net of unearned income
|
802,865 | 721,430 | 670,391 | 602,274 | 515,657 | |||||||||||||||
Allowance
for loan and lease losses
|
11,188 | 10,022 | 9,478 | 8,918 | 8,142 | |||||||||||||||
Total
deposits
|
749,472 | 727,312 | 736,080 | 603,951 | 560,713 | |||||||||||||||
Total
borrowings
|
141,972 | 138,989 | 113,869 | 155,514 | 134,747 | |||||||||||||||
Shareholders'
equity
|
72,389 | 67,575 | 64,541 | 58,615 | 50,570 | |||||||||||||||
Capital
Ratios:
|
||||||||||||||||||||
Total
risk-based capital
|
11.49 | % | 11.84 | % | 12.19 | % | 11.73 | % | 11.96 | % | ||||||||||
Tier
I risk-based capital
|
10.22 | % | 10.06 | % | 10.31 | % | 9.52 | % | 9.03 | % | ||||||||||
Tier
I leverage capital
|
8.61 | % | 8.38 | % | 8.35 | % | 7.99 | % | 7.09 | % | ||||||||||
Equity
to assets
|
7.42 | % | 7.11 | % | 6.98 | % | 7.10 | % | 6.71 | % | ||||||||||
Other
Data:
|
||||||||||||||||||||
Number
of full service banking offices
|
15 | 15 | 15 | 16 | 15 | |||||||||||||||
Full
time equivalent employees
|
197 | 191 | 189 | 197 | 194 |
1
Adjusted for stock dividends.
|
||||||||||||||||||||
2
Tax equivalent basis.
|
||||||||||||||||||||
3
Non-interest expense divided by the sum of net interest income and
non-interest income excluding net securities gains and
losses.
|
(in
thousands)
|
Year
Ended December 31, 2007
|
|||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 31,600 | $ | 28,934 | $ | 2,666 | $ | - | ||||||||
Non-interest
income
1
|
5,864 | 5,410 | 524 | (70 | ) | |||||||||||
Total
revenue
|
37,464 | 34,344 | 3,190 | (70 | ) | |||||||||||
Provision
for loan and lease losses
|
1,574 | 1,032 | 542 | - | ||||||||||||
Gain
on sale of investment securities
|
1,244 | 1,244 | - | - | ||||||||||||
Gain
on sale of loans
|
155 | 155 | - | - | ||||||||||||
Loss
on impaired investment securities
|
(28 | ) | (28 | ) | - | - | ||||||||||
Non-interest
expense
|
25,714 | 23,942 | 1,842 | (70 | ) | |||||||||||
Income
before provision for income taxes
|
11,547 | 10,740 | 806 | - | ||||||||||||
Provision
for income taxes
|
2,690 | 1,773 | 917 | - | ||||||||||||
Net
income (loss)
|
$ | 8,857 | $ | 8,968 | $ | (111 | ) | $ | - | |||||||
Period-end
total assets
|
$ | 975,990 | $ | 967,845 | $ | 83,643 | $ | (75,498 | ) |
Year
Ended December 31, 2006
|
||||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 31,820 | $ | 29,088 | $ | 2,732 | $ | - | ||||||||
Non-interest
income
1
Non-interest
income
(1)
|
5,804 | 5,468 | 401 | (65 | ) | |||||||||||
Total
revenue
|
37,624 | 34,556 | 3,133 | (65 | ) | |||||||||||
Provision
for loan and lease losses
|
717 | 449 | 268 | - | ||||||||||||
Gain
on sale of investment securities
|
506 | 506 | - | - | ||||||||||||
Loss
on impaired investment securities
|
(23 | ) | (23 | ) | - | - | ||||||||||
Non-interest
expense
|
24,725 | 22,903 | 1,887 | (65 | ) | |||||||||||
Income
before provision for income taxes
|
12,666 | 11,688 | 978 | - | ||||||||||||
Provision
for income taxes
|
7,113 | 6,746 | 367 | - | ||||||||||||
Net
income
|
$ | 5,553 | $ | 4,942 | $ | 611 | $ | - | ||||||||
Period-end
total assets
|
$ | 950,969 | $ | 943,840 | $ | 71,456 | $ | (64,327 | ) |
Year
Ended December 31, 2005
|
||||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 32,091 | $ | 29,752 | $ | 2,339 | $ | - | ||||||||
Non-interest
income
1
|
5,611 | 5,284 | 387 | (60 | ) | |||||||||||
Total
revenue
|
37,702 | 35,036 | 2,726 | (60 | ) | |||||||||||
Provision
for loan and lease losses
|
1,071 | 835 | 236 | - | ||||||||||||
Gain
on sale of investment securities
|
610 | 610 | - | - | ||||||||||||
Non-interest
expense
|
23,991 | 22,320 | 1,731 | (60 | ) | |||||||||||
Income
before provision for income taxes
|
13,250 | 12,491 | 759 | - | ||||||||||||
Provision
for income taxes
|
4,396 | 4,137 | 259 | - | ||||||||||||
Net
income
|
$ | 8,854 | $ | 8,354 | $ | 500 | $ | - | ||||||||
Period-end
total assets
|
$ | 925,201 | $ | 920,910 | $ | 51,689 | $ | (47,398 | ) |
(dollars
in thousands)
|
Years
Ended December 31,
|
|||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
Income
/
Expense
|
Average
Yield
/
Rate
|
Average
Balance
|
Interest
Income
/
Expense
|
Average
Yield
/
Rate
|
Average
Balance
|
Interest
Income
/
Expense
|
Average
Yield
/
Rate
|
||||||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||||||||||||||
Investment
securities (tax equivalent basis)
|
$ | 102,702 | $ | 5,953 | 5.80 | % | $ | 119,121 | $ | 5,668 | 4.76 | % | $ | 135,973 | $ | 5,838 | 4.29 | % | ||||||||||||||||||
Due
from banks - interest-bearing
|
10,694 | 570 | 5.33 | % | 10,478 | 499 | 4.76 | % | 8,036 | 264 | 3.29 | % | ||||||||||||||||||||||||
Federal
funds sold
|
27,994 | 1,434 | 5.12 | % | 16,993 | 841 | 4.95 | % | 18,166 | 584 | 3.21 | % | ||||||||||||||||||||||||
Loans
and leases, net unearned income
(1)
|
764,061 | 53,218 | 6.97 | % | 686,007 | 48,157 | 7.02 | % | 641,709 | 42,238 | 6.58 | % | ||||||||||||||||||||||||
Total
interest-earning assets
|
905,451 | 61,175 | 6.76 | % | 832,599 | 55,165 | 6.63 | % | 803,884 | 48,924 | 6.09 | % | ||||||||||||||||||||||||
Less:
Allowance for loan and lease losses
|
(10,620 | ) | (9,719 | ) | (9,327 | ) | ||||||||||||||||||||||||||||||
All
other assets
|
79,503 | 75,606 | 76,445 | |||||||||||||||||||||||||||||||||
Total
assets
|
$ | 974,334 | $ | 898,486 | $ | 871,002 | ||||||||||||||||||||||||||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||||||||||||||
Int.
bearing checking, money market and savings
|
$ | 378,470 | $ | 12,487 | 3.30 | % | $ | 338,844 | $ | 9,113 | 2.69 | % | $ | 297,708 | $ | 4,230 | 1.42 | % | ||||||||||||||||||
Time
deposits
|
200,492 | 9,362 | 4.67 | % | 197,314 | 7,618 | 3.86 | % | 203,718 | 5,714 | 2.80 | % | ||||||||||||||||||||||||
Federal
funds and other borrowings
(2)
|
113,485 | 5,587 | 4.92 | % | 87,621 | 4,311 | 4.92 | % | 95,873 | 4,599 | 4.80 | % | ||||||||||||||||||||||||
Subordinated
debentures
|
24,743 | 1,863 | 7.53 | % | 24,743 | 2,028 | 8.20 | % | 24,743 | 2,028 | 8.20 | % | ||||||||||||||||||||||||
Total
interest-bearing liabilities
|
717,190 | 29,299 | 4.09 | % | 648,522 | 23,070 | 3.56 | % | 622,042 | 16,571 | 2.66 | % | ||||||||||||||||||||||||
Non
interest-bearing deposits
|
174,212 | 172,224 | 177,526 | |||||||||||||||||||||||||||||||||
Other
liabilities
|
13,399 | 10,178 | 10,063 | |||||||||||||||||||||||||||||||||
Shareholders'
equity
|
69,533 | 67,562 | 61,371 | |||||||||||||||||||||||||||||||||
Total
liabilities and shareholders' equity
|
$ | 974,334 | $ | 898,486 | $ | 871,002 | ||||||||||||||||||||||||||||||
Net
interest income and rate spread (tax equivalent basis)
|
31,876 | 2.67 | % | 32,095 | 3.07 | % | 32,353 | 3.42 | % | |||||||||||||||||||||||||||
Less:
Tax equivalent basis adjustment
|
(276 | ) | (275 | ) | (262 | ) | ||||||||||||||||||||||||||||||
Net
interest income
|
$ | 31,600 | $ | 31,820 | $ | 32,091 | ||||||||||||||||||||||||||||||
Net
interest margin
(3)
|
3.52 | % | 3.85 | % | 4.02 | % |
(1)
Includes nonaccrual loans, the effect of which is to reduce
the
yield earned on loans, and deferred loan fees and costs.
|
||||||||||||||||||||||||||||||||||||
(2)
Includes federal funds purchased, securities sold under agreements
to purchase and FHLB advances.
|
||||||||||||||||||||||||||||||||||||
(3)
Net interest income (tax equivalent basis) divided by total
earning
assets.
|
(in
thousands)
|
Years
Ended December 31,
|
|||||||||||||||||||||||
2007
Compared to 2006
|
2006
Compared to 2005
|
|||||||||||||||||||||||
Due
to Change in
|
Net
|
Due
to Change in
|
Net
|
|||||||||||||||||||||
Volume
|
Rate
|
Change
|
Volume
|
Rate
|
Change
|
|||||||||||||||||||
Increase (decrease) in interest income 1 : | ||||||||||||||||||||||||
Investment
securities
|
$ | (489 | ) | $ | 774 | $ | 285 | $ | (1,342 | ) | $ | 1,172 | $ | (170 | ) | |||||||||
Loans
and leases
|
5,433 | (372 | ) | 5,061 | 3,015 | 2,904 | 5,919 | |||||||||||||||||
Other
interest-earning assets
|
573 | 91 | 664 | 60 | 432 | 492 | ||||||||||||||||||
Total
interest income
|
$ | 5,517 | $ | 493 | 6,010 | $ | 1,733 | $ | 4,508 | 6,241 | ||||||||||||||
Increase
(decrease) in
interest expense:
|
||||||||||||||||||||||||
Int.
bearing checking, money market and savings.
|
$ | 1,148 | $ | 2,226 | 3,374 | $ | 654 | $ | 4,229 | 4,883 | ||||||||||||||
Time
deposits
|
125 | 1,619 | 1,744 | (173 | ) | 2,077 | 1,904 | |||||||||||||||||
Borrowings
2
|
1,273 | (162 | ) | 1,111 | (410 | ) | 122 | (288 | ) | |||||||||||||||
Total
interest expense
|
$ | 2,546 | $ | 3,683 | 6,229 | $ | 71 | $ | 6,428 | 6,499 | ||||||||||||||
Decrease
in net interest income
|
$ | (219 | ) | $ | (258 | ) | ||||||||||||||||||
1
Tax equivalent basis.
|
||||||||||||||||||||||||
2
Includes federal funds purchased, securities sold under agreements
to purchase, FHLB advances and subordinated debentures.
|
(in
thousands)
|
December
31,
|
|||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||||||||
Available-for-sale
securities:
|
||||||||||||||||||||||||
U.S.
Treasury and U.S. government agencies.
|
$ | 12,289 | $ | 12,313 | $ | 5,902 | $ | 5,877 | $ | 17,607 | $ | 17,446 | ||||||||||||
State
and political subdivisions
|
10,252 | 10,300 | 11,007 | 10,972 | 12,170 | 12,088 | ||||||||||||||||||
Mortgage-backed
securities
|
42,418 | 42,244 | 27,762 | 26,925 | 34,567 | 33,456 | ||||||||||||||||||
Corporate
and other debt and equity securities
|
17,156 | 17,426 | 18,966 | 21,168 | 18,716 | 20,987 | ||||||||||||||||||
Total
available-for-sale
securities
|
82,115 | 82,283 | 63,637 | 64,942 | 83,060 | 83,977 | ||||||||||||||||||
Held-to-maturity
securities:
|
||||||||||||||||||||||||
U.S.
Treasury and U.S. government agencies.
|
3,495 | 3,496 | 29,411 | 29,268 | 48,226 | 47,690 | ||||||||||||||||||
State
and political subdivisions
|
3,337 | 3,354 | 3,955 | 3,949 | 1,975 | 1,975 | ||||||||||||||||||
Mortgage-backed
securities
|
18 | 18 | 19 | 19 | 19 | 20 | ||||||||||||||||||
Corporate
and other debt securities
|
6,028 | 5,345 | 3,006 | 2,989 | - | - | ||||||||||||||||||
Total
held-to-maturity
securities
|
12,878 | 12,213 | 36,391 | 36,225 | 50,220 | 49,685 | ||||||||||||||||||
Total
investment
securities
|
$ | 94,993 | $ | 94,496 | $ | 100,028 | $ | 101,167 | $ | 133,280 | $ | 133,662 |
(dollars
in thousands)
|
December
31, 2007
|
|||||||||||
Average
Yield
1
|
Amortized
Cost
|
Fair
Value
|
||||||||||
Available-for-sale
securities:
|
||||||||||||
Due
in one year or
less
|
5.29 | % | $ | 9,981 | $ | 10,021 | ||||||
Due
after one year through five
years
|
5.28 | % | 9,572 | 9,498 | ||||||||
Due
after five years through ten
years
|
5.69 | % | 4,010 | 4,012 | ||||||||
Due
after ten
years
|
6.73 | % | 10,668 | 10,698 | ||||||||
Mortgage-backed
securities
|
5.14 | % | 42,418 | 42,244 | ||||||||
Equity
securities
|
n/a | 5,466 | 5,810 | |||||||||
Total
available-for-sale
securities
|
5.43 | % | 82,115 | 82,283 | ||||||||
Held-to-maturity
securities:
|
||||||||||||
Due
in one year or
less
|
5.22 | % | 6,391 | 6,394 | ||||||||
Due
after one year through five years
|
5.43 | % | 998 | 870 | ||||||||
Due
after five years through ten
years
|
5.62 | % | 2,462 | 2,210 | ||||||||
Due
after ten years
|
5.74 | % | 3,009 | 2,721 | ||||||||
Mortgage-backed
securities
|
6.04 | % | 18 | 18 | ||||||||
Total
held-to-maturity
securities
|
5.43 | % | 12,878 | 12,213 | ||||||||
Total
investment
securities
|
5.43 | % | $ | 94,993 | $ | 94,496 | ||||||
1
Tax
equivalent
basis.
|
(in
thousands)
|
December
31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Loans
secured by 1 to 4 family residential properties
|
$ | 144,164 | $ | 145,000 | $ | 153,824 | $ | 147,557 | $ | 148,121 | ||||||||||
Loans
secured by multifamily residential properties
|
46,756 | 41,749 | 35,563 | 10,349 | 11,619 | |||||||||||||||
Loans
secured by nonresidential properties
|
441,171 | 381,849 | 323,031 | 311,568 | 260,318 | |||||||||||||||
Loans
to individuals
|
7,227 | 2,785 | 3,722 | 5,872 | 5,686 | |||||||||||||||
Commercial
loans
|
42,648 | 36,012 | 37,872 | 52,973 | 37,532 | |||||||||||||||
Construction
loans
|
37,819 | 43,350 | 63,647 | 44,687 | 37,640 | |||||||||||||||
Lease
financing receivables, net
|
83,604 | 71,214 | 53,302 | 37,826 | 23,181 | |||||||||||||||
Other
loans
|
774 | 651 | 510 | 754 | 449 | |||||||||||||||
Total
loans and leases
|
804,163 | 722,610 | 671,471 | 611,586 | 524,546 | |||||||||||||||
Less: Unearned
income
|
(1,298 | ) | (1,180 | ) | (1,080 | ) | (394 | ) | (747 | ) | ||||||||||
Loans
and leases, net of unearned income
|
$ | 802,865 | $ | 721,430 | $ | 670,391 | $ | 611,192 | $ | 523,799 |
(in
thousands)
|
December
31, 2007
|
|||||||||||||||
Within
|
1
-
5
|
Over
|
||||||||||||||
1
Year
|
Years
|
5
Years
|
Total
|
|||||||||||||
Loans
and leases with predetermined interest rates:
|
||||||||||||||||
Loans
secured by 1 to 4 family residential properties
|
$ | 1,530 | $ | 8,768 | $ | 86,923 | $ | 97,221 | ||||||||
Loans
secured by multifamily residential properties
|
- | 15,087 | 6,575 | 21,662 | ||||||||||||
Loans
secured by nonresidential properties
|
18,417 | 39,582 | 113,388 | 171,387 | ||||||||||||
Loans
to individuals
|
876 | 932 | 52 | 1,860 | ||||||||||||
Commercial
loans
|
7,635 | 10,076 | 1,369 | 19,080 | ||||||||||||
Construction
loans
|
5,992 | 1,431 | - | 7,423 | ||||||||||||
Lease
financing receivables
|
27,147 | 55,573 | 884 | 83,604 | ||||||||||||
Other
loans
|
682 | - | 92 | 774 | ||||||||||||
Total
loans and leases with predetermined interest rates
|
62,279 | 131,449 | 209,283 | 403,011 | ||||||||||||
Loans
with floating interest rates:
|
||||||||||||||||
Loans
secured by 1 to 4 family residential properties
|
9,485 | 148 | 37,310 | 46,943 | ||||||||||||
Loans
secured by multifamily residential properties
|
- | 1,326 | 23,768 | 25,094 | ||||||||||||
Loans
secured by nonresidential properties
|
18,564 | 14,472 | 236,748 | 269,784 | ||||||||||||
Loans
to individuals
|
5,349 | 18 | - | 5,367 | ||||||||||||
Commercial
loans
|
9,917 | 9,965 | 3,686 | 23,568 | ||||||||||||
Construction
loans
|
17,752 | 12,081 | 563 | 30,396 | ||||||||||||
Total
loans with floating interest rates
|
61,067 | 38,010 | 302,075 | 401,152 | ||||||||||||
Total
loans and leases
|
$ | 123,346 | $ | 169,459 | $ | 511,358 | 804,163 | |||||||||
Less:
Unearned income
|
(1,298 | ) | ||||||||||||||
Loans
and leases, net of unearned income
|
$ | 802,865 |
(dollars
in thousands)
|
December
31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Nonaccruing
loans and
leases
|
$ | 1,984 | $ | 987 | $ | 1,359 | $ | 2,511 | $ | 2,010 | ||||||||||
Renegotiated
loans
|
37 | 98 | 154 | 205 | 252 | |||||||||||||||
Total
nonperforming loans and
leases
|
2,021 | 1,085 | 1,513 | 2,716 | 2,262 | |||||||||||||||
Loans
and leases past due 90 days and accruing
|
- | - | - | - | 313 | |||||||||||||||
Other
real estate owned,
net
|
- | 349 | 549 | 849 | 824 | |||||||||||||||
Total
nonperforming
assets
|
$ | 2,021 | $ | 1,434 | $ | 2,062 | $ | 3,565 | $ | 3,399 | ||||||||||
Nonperforming
assets to total
assets
|
0.21 | % | 0.15 | % | 0.22 | % | 0.43 | % | 0.45 | % | ||||||||||
Nonperforming
loans and leases to total loans and leases
|
0.25 | % | 0.15 | % | 0.23 | % | 0.44 | % | 0.43 | % | ||||||||||
Nonperforming
assets to total loans and leases and
other
real estate
owned
|
0.25 | % | 0.20 | % | 0.31 | % | 0.58 | % | 0.65 | % |
(dollars
in thousands)
|
Years
Ended December 31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Balance
at beginning of year
|
$ | 10,022 | $ | 9,478 | $ | 8,918 | $ | 8,142 | $ | 7,298 | ||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial
|
(76 | ) | (25 | ) | (29 | ) | (43 | ) | (14 | ) | ||||||||||
Lease
financing receivables
|
(492 | ) | (320 | ) | (394 | ) | (1,142 | ) | (1,331 | ) | ||||||||||
Installment
loans to individuals
|
- | - | (1 | ) | (8 | ) | (16 | ) | ||||||||||||
Credit
cards and related plans
|
- | (5 | ) | (6 | ) | (8 | ) | (1 | ) | |||||||||||
(568 | ) | (350 | ) | (430 | ) | (1,201 | ) | (1,362 | ) | |||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial
|
96 | 1 | 64 | 120 | 42 | |||||||||||||||
Lease
financing receivables
|
54 | 175 | 23 | 654 | 24 | |||||||||||||||
Real
estate – mortgages
|
- | - | - | - | 58 | |||||||||||||||
Installment
loans to individuals
|
10 | - | 5 | 21 | 4 | |||||||||||||||
Credit
cards and related plans
|
- | 1 | - | 13 | 13 | |||||||||||||||
160 | 177 | 92 | 808 | 141 | ||||||||||||||||
Net
charge-offs
|
(408 | ) | (173 | ) | (338 | ) | (393 | ) | (1,221 | ) | ||||||||||
Provision
charged to operations
|
1,574 | 717 | 1,071 | 1,169 | 2,065 | |||||||||||||||
Reclassification
|
- | - | (173 | ) | - | - | ||||||||||||||
Balance
at end of year
|
$ | 11,188 | $ | 10,022 | $ | 9,478 | $ | 8,918 | $ | 8,142 | ||||||||||
Net
charge-offs to period average loans and leases
|
(0.05 | %) | (0.03 | %) | (0.05 | %) | (0.07 | %) | (0.26 | %) |
(dollars
in thousands)
|
December
31,
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance
allocable to:
|
Balance
|
%
of
Total
|
%
of
Loans
to
Total
Loans
|
Balance
|
%
of
Total
|
%
of
Loans
to
Total
Loans
|
Balance
|
%
of
Total
|
%
of
Loans
to
Total
Loans
|
Balance
|
%
of
Total
|
%
of
Loans
to
Total
Loans
|
Balance
|
%
of
Total
|
%
of
Loans
to
Total
Loans
|
|||||||||||||||||||||||||||||||||||||||||||||
Commercial
and non-residential properties
|
$ | 7,565 | 68 | % | 60 | % | $ | 6,624 | 66 | % | 58 | % | $ | 5,455 | 58 | % | 54 | % | $ | 4,335 | 49 | % | 60 | % | $ | 3,712 | 45 | % | 57 | % | ||||||||||||||||||||||||||||||
Lease
financing receivables
|
1,547 | 14 | 10 | 1,443 | 14 | 10 | 1,369 | 14 | 8 | 1,677 | 19 | 6 | 1,755 | 22 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Construction
loans
|
763 | 7 | 5 | 862 | 9 | 6 | 1,238 | 13 | 9 | 814 | 9 | 7 | 403 | 5 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Loans
secured by 1-4
and
multi-family properties
|
696 | 6 | 24 | 746 | 8 | 26 | 802 | 9 | 28 | 891 | 10 | 26 | 893 | 11 | 31 | |||||||||||||||||||||||||||||||||||||||||||||
Loans
to individuals
|
28 | - | 1 | 36 | - | - | 46 | - | 1 | 102 | 1 | 1 | 174 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Other
categories
|
589 | 5 | - | 311 | 3 | - | 568 | 6 | - | 1,099 | 12 | - | 1,205 | 15 | - | |||||||||||||||||||||||||||||||||||||||||||||
Total
allowance for loan and lease losses
|
$ | 11,188 | 100 | % | 100 | % | $ | 10,022 | 100 | % | 100 | % | $ | 9,478 | 100 | % | 100 | % | $ | 8,918 | 100 | % | 100 | % | $ | 8,142 | 100 | % | 100 | % |
(dollars
in thousands)
|
Years
Ended December 31,
|
|||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
|||||||||||||||||||
Non
interest-bearing deposits
|
$ | 174,212 | - | $ | 172,224 | - | $ | 177,526 | - | |||||||||||||||
Int.
bearing checking, money market and savings.
|
378,470 | 3.30 | % | 338,844 | 2.69 | % | 297,708 | 1.42 | % | |||||||||||||||
Time
deposits
|
200,492 | 4.67 | % | 197,314 | 3.86 | % | 203,718 | 2.80 | % | |||||||||||||||
Average
total deposits
|
$ | 753,174 | 2.90 | % | $ | 708,382 | 2.36 | % | $ | 678,952 | 1.46 | % |
(in
thousands)
|
December
31, 2007
|
|||
Three
months or
less
|
$ | 23,809 | ||
Over
three months through six months
|
14,865 | |||
Over
six months through twelve months
|
27,211 | |||
Over
twelve
months
|
5,878 | |||
Total
time deposits over $100
|
$ | 71,763 |
(dollars
in thousands)
|
December
31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Federal
funds purchased and securities sold under repurchase
agreements:
|
||||||||||||
Balance
at year
end
|
$ | 4,729 | $ | 18,246 | $ | 9,126 | ||||||
Average
during the
year
|
10,835 | 13,705 | 12,258 | |||||||||
Maximum
month-end
balance
|
21,167 | 75,629 | 22,162 | |||||||||
Weighted
average rate during the
year
|
3.33 | % | 3.34 | % | 2.47 | % | ||||||
Rate
at year end
|
2.54 | % | 3.07 | % | 2.35 | % |
(dollars
in thousands)
|
December
31, 2007
|
|||||||||||||||||||||||||||
Due
within
Three
Months
|
Four
to
Twelve Months |
One
to
Two
Years
|
Three
to
Five
Years
|
Over
Five
Years
|
Total
|
Fair
Value
|
||||||||||||||||||||||
Rate-sensitive
assets:
|
||||||||||||||||||||||||||||
Investment
securities and interest-
bearing
due from banks
|
$ | 27,124 | $ | 25,456 | $ | 8,909 | $ | 15,610 | $ | 22,762 | $ | 99,861 | $ | 99,355 | ||||||||||||||
Rate
|
5.36 | % | 4.96 | % | 4.87 | % | 4.95 | % | 5.35 | % | 5.15 | % | ||||||||||||||||
Federal
funds sold
|
7,640 | - | - | - | - | 7,640 | 7,640 | |||||||||||||||||||||
Rate
|
4.26 | % | - | - | - | - | 4.26 | % | ||||||||||||||||||||
Loans
and leases, net of unearned income
|
159,871 | 108,136 | 133,902 | 297,031 | 103,925 | 802,865 | 799,166 | |||||||||||||||||||||
Rate
|
7.45 | % | 6.70 | % | 6.59 | % | 6.74 | % | 6.14 | % | 6.77 | % | ||||||||||||||||
Total
rate-sensitive
assets
|
$ | 194,635 | $ | 133,592 | $ | 142,811 | $ | 312,641 | $ | 126,687 | $ | 910,366 | $ | 906,161 | ||||||||||||||
Rate-sensitive
liabilities:
|
||||||||||||||||||||||||||||
Interest-bearing
checking and money market
|
$ | 203,588 | $ | - | $ | 15,906 | $ | 53,845 | $ | 19,864 | $ | 293,203 | $ | 293,203 | ||||||||||||||
Rate
|
3.61 | % | - | 2.58 | % | 2.89 | % | 2.96 | % | 3.38 | % | |||||||||||||||||
Savings
deposits
|
25,724 | 60 | 7,350 | 20,825 | 13,474 | 67,433 | 67,443 | |||||||||||||||||||||
Rate
|
1.21 | % | 2.00 | % | 1.22 | % | 1.21 | % | 1.21 | % | 1.21 | % | ||||||||||||||||
Time
deposits
|
60,979 | 138,821 | 14,692 | 7,792 | 2 | 222,286 | 222,991 | |||||||||||||||||||||
Rate
|
4.66 | % | 4.72 | % | 4.35 | % | 4.74 | % | 3.92 | % | 4.68 | % | ||||||||||||||||
Total
borrowings
1
|
4,229 | 13,500 | 22,000 | 45,000 | 57,243 | 141,972 | 146,540 | |||||||||||||||||||||
Rate
|
2.75 | % | 5.06 | % | 5.89 | % | 5.09 | % | 5.40 | % | 5.27 | % | ||||||||||||||||
Total
rate-sensitive liabilities.
|
$ | 294,520 | $ | 152,381 | $ | 59,948 | $ | 127,462 | $ | 90,583 | $ | 724,894 | $ | 730,167 | ||||||||||||||
Interest
rate sensitivity gap
|
$ | (99,885 | ) | $ | (18,789 | ) | $ | 82,863 | $ | 185,179 | $ | 36,104 | $ | 185,472 | ||||||||||||||
Interest
rate sensitivity gap as a
percentage
of total rate-sensitive assets
|
(10.97 | %) | (2.06 | %) | 9.10 | % | 20.34 | % | 3.97 | % | ||||||||||||||||||
Cumulative
interest rate sensitivity gap
|
$ | (99,885 | ) | $ | (118,674 | ) | $ | (35,811 | ) | $ | 149,368 | $ | 185,472 | |||||||||||||||
Cumulative
interest rate sensitivity gap
as
a percentage of total rate-sensitive assets
|
(10.97 | %) | (13.04 | %) | (3.93 | %) | 16.41 | % | 20.37 | % |
1
Includes
federal funds purchased,
securities sold under agreements to repurchase, FHLB advances and
subordinated debentures.
|
(in
thousands)
|
December
31, 2007
|
|||||||||||||||||||
Less
than
One
Year
|
One
to Two
Years
|
Three
to
Five
Years
|
After
Five
Years
|
Total
|
||||||||||||||||
Remaining
contractual maturities of time deposits
|
$ | 199,801 | $ | 14,692 | $ | 7,793 | $ | - | $ | 222,286 | ||||||||||
Total
borrowings
|
17,729 | 22,000 | 45,000 | 57,243 | 141,972 | |||||||||||||||
Minimum
annual rental
payments
|
826 | 725 | 1,686 | 1,465 | 4,702 | |||||||||||||||
Loan
commitments
|
142,953 | 8,231 | 7,978 | 144 | 159,306 | |||||||||||||||
Standby
letters of
credit
|
6,421 | - | - | - | 6,421 | |||||||||||||||
Total
|
$ | 367,730 | $ | 45,648 | $ | 62,457 | $ | 58,852 | $ | 534,687 |
( dollars
in thousands)
|
To
Be Well-Capitalized
|
|||||||||||||||||||||||
For
Capital
|
Under
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy
Purposes
|
Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of December 31,
2007
|
||||||||||||||||||||||||
Total
risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
$ | 94,913 | 11.49 | % | $ | 66,084 | 8.00 | % | n/a | n/a | ||||||||||||||
Greater
Community Bank
|
92,512 | 11.22 | % | 65,962 | 8.00 | % | $ | 82,453 | 10.00 | % | ||||||||||||||
Tier
I risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
84,388 | 10.22 | % | 33,029 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
82,237 | 9.97 | % | 32,994 | 4.00 | % | 49,491 | 6.00 | % | |||||||||||||||
Tier
I leverage capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
84,388 | 8.61 | % | 39,205 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
82,237 | 8.41 | % | 39,114 | 4.00 | % | 48,892 | 5.00 | % |
As
of December 31,
2006
|
||||||||||||||||||||||||
Total
risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
$ | 90,065 | 11.84 | % | $ | 60,855 | 8.00 | % | n/a | n/a | ||||||||||||||
Greater
Community Bank
|
83,991 | 11.09 | % | 60,589 | 8.00 | % | $ | 75,736 | 10.00 | % | ||||||||||||||
Tier
I risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
76,521 | 10.06 | % | 30,426 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
74,562 | 9.85 | % | 30,279 | 4.00 | % | 45,418 | 6.00 | % | |||||||||||||||
Tier
I leverage capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
76,521 | 8.38 | % | 36,526 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
74,562 | 8.20 | % | 36,372 | 4.00 | % | 45,465 | 5.00 | % |
December
31,
|
||||||||
2007
|
2006
|
|||||||
ASSETS
|
||||||||
CASH
AND DUE FROM BANKS – Non interest-bearing
|
$ | 16,801 | $ | 22,269 | ||||
FEDERAL
FUNDS SOLD
|
7,640 | 31,600 | ||||||
Total
cash and cash
equivalents
|
24,441 | 53,869 | ||||||
DUE
FROM BANKS – Interest-bearing
|
4,868 | 26,359 | ||||||
INVESTMENT
SECURITIES – Available-for-sale
|
82,283 | 64,942 | ||||||
INVESTMENT
SECURITIES – Held-to-maturity (aggregate fair values of
$12,213
and $36,225 at December
31, 2007 and 2006, respectively)
|
12,878 | 36,391 | ||||||
Total
investment securities
|
95,161 | 101,333 | ||||||
LOANS
AND LEASES, net of unearned income
|
802,865 | 721,430 | ||||||
Less:
Allowance for loan and
lease losses
|
(11,188 | ) | (10,022 | ) | ||||
Net
loans and
leases
|
791,677 | 711,408 | ||||||
PREMISES
AND EQUIPMENT, net
|
12,505 | 10,599 | ||||||
ACCRUED
INTEREST RECEIVABLE
|
4,318 | 4,091 | ||||||
OTHER
REAL ESTATE OWNED, net
|
- | 349 | ||||||
INVESTMENT
IN REAL ESTATE
|
870 | 97 | ||||||
BANK-OWNED
LIFE INSURANCE
|
15,955 | 15,477 | ||||||
GOODWILL
|
11,574 | 11,574 | ||||||
OTHER
ASSETS
|
14,621 | 15,813 | ||||||
TOTAL
ASSETS
|
$ | 975,990 | $ | 950,969 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
DEPOSITS:
|
||||||||
Non
interest-bearing
|
$ | 166,550 | $ | 169,013 | ||||
Interest-bearing
checking
|
99,319 | 103,853 | ||||||
Money
market
|
193,884 | 191,912 | ||||||
Savings
|
67,433 | 68,659 | ||||||
Time
deposits less than
$100
|
150,523 | 119,470 | ||||||
Time
deposits $100 and
over
|
71,763 | 74,405 | ||||||
Total
deposits
|
749,472 | 727,312 | ||||||
FEDERAL
FUNDS PURCHASED
|
- | 10,000 | ||||||
SECURITIES
SOLD UNDER AGREEMENTS TO REPURCHASE
|
4,729 | 8,246 | ||||||
FHLB
ADVANCES
|
112,500 | 96,000 | ||||||
SUBORDINATED
DEBENTURES
|
24,743 | 24,743 | ||||||
ACCRUED
INTEREST PAYABLE
|
4,942 | 3,191 | ||||||
OTHER
LIABILITIES
|
7,215 | 13,902 | ||||||
Total
liabilities
|
903,601 | 883,394 | ||||||
SHAREHOLDERS’
EQUITY:
|
||||||||
Common
stock, par value $0.50 per share, 20,000,000 shares authorized,
8,709,940
and
8,402,842 shares outstanding
at December 31, 2007 and 2006, respectively
|
4,355 | 4,201 | ||||||
Additional
paid-in capital
|
63,139 | 58,633 | ||||||
Retained
earnings
|
4,787 | 3,963 | ||||||
Accumulated
other comprehensive income
|
108 | 778 | ||||||
Total
shareholders’ equity
|
72,389 | 67,575 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 975,990 | $ | 950,969 | ||||
See
accompanying notes to consolidated financial statements.
|
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
INTEREST
INCOME:
|
||||||||||||
Loans
and leases, including
fees
|
$ | 53,218 | $ | 48,157 | $ | 42,238 | ||||||
Investment
securities
|
5,677 | 5,393 | 5,576 | |||||||||
Federal
funds sold and
deposits with
banks
|
2,004 | 1,340 | 848 | |||||||||
Total
interest
income
|
60,899 | 54,890 | 48,662 | |||||||||
INTEREST
EXPENSE:
|
||||||||||||
Deposits
|
21,849 | 16,731 | 9,944 | |||||||||
Short-term
borrowings
|
5,587 | 4,311 | 4,599 | |||||||||
Long-term
borrowings
|
1,863 | 2,028 | 2,028 | |||||||||
Total
interest
expense
|
29,299 | 23,070 | 16,571 | |||||||||
NET
INTEREST INCOME
|
31,600 | 31,820 | 32,091 | |||||||||
PROVISION
FOR LOAN AND LEASE LOSSES
|
1,574 | 717 | 1,071 | |||||||||
Net
interest income after provision for loan and lease losses
|
30,026 | 31,103 | 31,020 | |||||||||
NON-INTEREST
INCOME:
|
||||||||||||
Service
charges on deposit
accounts
|
2,646 | 2,755 | 2,889 | |||||||||
Commissions
and
fees
|
1,355 | 1,195 | 1,278 | |||||||||
Loan
and lease fee
income
|
995 | 701 | 569 | |||||||||
Gains
on sale of loans
|
155 | - | - | |||||||||
Gains
on sale of investment
securities
|
1,244 | 506 | 610 | |||||||||
Loss
on impaired investment securities
|
(28 | ) | (23 | ) | - | |||||||
Bank-owned
life
insurance
|
479 | 472 | 502 | |||||||||
Other
income
|
389 | 682 | 373 | |||||||||
Total
non-interest
income
|
7,235 | 6,288 | 6,221 | |||||||||
NON-INTEREST
EXPENSE:
|
||||||||||||
Salaries
and employee
benefits
|
14,571 | 13,761 | 13,112 | |||||||||
Occupancy
and
equipment
|
4,121 | 3,656 | 3,761 | |||||||||
Regulatory,
professional and
other
fees
|
3,353 | 2,232 | 2,132 | |||||||||
Computer
services
|
1,105 | 923 | 925 | |||||||||
Office
expenses
|
1,097 | 1,066 | 1,079 | |||||||||
Merger
and conversion
charges
|
- | 8 | 297 | |||||||||
Loss
on debt prepayment
|
- | - | 161 | |||||||||
(Gain)
loss on other real estate owned
|
(64 | ) | 200 | 300 | ||||||||
Interest
on income taxes (recovery)
|
(503 | ) | 880 | - | ||||||||
Other
operating
expenses
|
2,034 | 1,999 | 2,224 | |||||||||
Total
non-interest
expense
|
25,714 | 24,725 | 23,991 | |||||||||
INCOME
BEFORE PROVISION FOR INCOME TAXES
|
11,547 | 12,666 | 13,250 | |||||||||
PROVISION
FOR INCOME TAXES
|
2,690 | 7,113 | 4,396 | |||||||||
NET
INCOME
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | ||||||
Earnings
per share —
basic
|
$ | 1.02 | $ | 0.65 | $ | 1.07 | ||||||
Earnings
per share —
diluted
|
$ | 1.02 | $ | 0.65 | $ | 1.05 |
See
accompanying notes to consolidated financial statements.
|
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
NET
INCOME
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | ||||||
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX:
|
||||||||||||
Unrealized
securities gains (losses) arising during period
|
76 | 658 | (1,027 | ) | ||||||||
Less:
reclassification for gains included in net income
|
746 | 304 | 366 | |||||||||
Other
comprehensive income (loss), net of tax
|
(670 | ) | 354 | (1,393 | ) | |||||||
TOTAL
COMPREHENSIVE INCOME
|
$ | 8,187 | $ | 5,907 | $ | 7,461 |
Common
Stock
|
Additional
|
Accumulated
Other
|
Total
|
|||||||||||||||||||||
Number
|
Paid-in
|
Retained
|
Comprehensive
|
Shareholders’
|
||||||||||||||||||||
of
Shares
|
Par
Value
|
Capital
|
Earnings
|
Income
|
Equity
|
|||||||||||||||||||
BALANCE: January
1, 2005
|
7,570 | $ | 3,785 | $ | 48,538 | $ | 4,475 | $ | 1,817 | $ | 58,615 | |||||||||||||
Net
income – 2005
|
- | - | - | 8,854 | - | 8,854 | ||||||||||||||||||
2.5%
stock dividend
|
192 | 96 | 3,009 | (3,105 | ) | - | - | |||||||||||||||||
Exercise
of stock options
|
170 | 85 | 938 | - | - | 1,023 | ||||||||||||||||||
Tax
benefit from exercise of stock options
|
- | - | 547 | - | - | 547 | ||||||||||||||||||
Acceleration
of stock option vesting
|
- | - | 11 | - | - | 11 | ||||||||||||||||||
Issuance
of common stock
|
56 | 28 | 864 | - | - | 892 | ||||||||||||||||||
Cash
dividends declared, $0.480 per share
|
- | - | - | (4,008 | ) | - | (4,008 | ) | ||||||||||||||||
Other
comprehensive loss, net of tax
|
- | - | - | - | (1,393 | ) | (1,393 | ) | ||||||||||||||||
BALANCE: December
31, 2005
|
7,988 | $ | 3,994 | $ | 53,907 | $ | 6,216 | $ | 424 | $ | 64,541 | |||||||||||||
Net
income – 2006
|
- | - | - | 5,553 | - | 5,553 | ||||||||||||||||||
2.5%
stock dividend
|
202 | 101 | 3,118 | (3,219 | ) | - | - | |||||||||||||||||
Exercise
of stock options
|
176 | 88 | 458 | - | - | 546 | ||||||||||||||||||
Tax
benefit from exercise of stock options
|
- | - | 601 | - | - | 601 | ||||||||||||||||||
Issuance
of common stock
|
36 | 18 | 542 | - | - | 560 | ||||||||||||||||||
Stock-based
compensation
|
- | - | 7 | - | - | 7 | ||||||||||||||||||
Cash
dividends declared, $0.531 per share
|
- | - | - | (4,587 | ) | - | (4,587 | ) | ||||||||||||||||
Other
comprehensive income, net of tax
|
- | - | - | - | 354 | 354 | ||||||||||||||||||
BALANCE: December
31, 2006
|
8,402 | $ | 4,201 | $ | 58,633 | $ | 3,963 | $ | 778 | $ | 67,575 | |||||||||||||
Net
income – 2007
|
- | - | - | 8,857 | - | 8,857 | ||||||||||||||||||
2.5%
stock dividend
|
212 | 106 | 2,989 | (3,095 | ) | - | - | |||||||||||||||||
Exercise
of stock options
|
36 | 18 | 388 | - | - | 406 | ||||||||||||||||||
Tax
benefit from exercise of stock options
|
- | - | 134 | - | - | 134 | ||||||||||||||||||
Issuance
of common stock
|
60 | 30 | 944 | - | - | 974 | ||||||||||||||||||
Stock-based
compensation
|
- | - | 51 | - | - | 51 | ||||||||||||||||||
Cash
dividends declared, $0.568 per share
|
- | - | - | (4,938 | ) | - | (4,938 | ) | ||||||||||||||||
Other
comprehensive loss, net of tax
|
- | - | - | - | (670 | ) | (670 | ) | ||||||||||||||||
BALANCE: December
31, 2007
|
8,710 | $ | 4,355 | $ | 63,139 | $ | 4,787 | $ | 108 | $ | 72,389 |
1
Cash
dividends declared per share
are adjusted for stock dividends.
|
||||||||||||||||||||||||
See
accompanying notes to consolidated financial statements.
|
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
Income
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | ||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
Depreciation
and
amortization
|
1,222 | 1,074 | 1,204 | |||||||||
Amortization
of premium
(accretion of discount) on securities, net
|
8 | (44 | ) | 138 | ||||||||
Provision
for loan and lease
losses
|
1,574 | 717 | 1,071 | |||||||||
Gain
on sale of
securities
|
(1,244 | ) | (506 | ) | (610 | ) | ||||||
(Gain)
loss on other real estate owned
|
(64 | ) | 200 | 300 | ||||||||
Recognized
loss on impaired securities
|
28 | 23 | - | |||||||||
Stock-based
compensation
|
51 | 7 | 11 | |||||||||
Tax
benefit from exercise of stock options
|
134 | 601 | 547 | |||||||||
Loss
on debt prepayment
|
- | - | 161 | |||||||||
Deferred
income tax
(benefit)
|
3,373 | (2,898 | ) | (122 | ) | |||||||
Increase
in accrued interest
receivable
|
(227 | ) | (196 | ) | (1,059 | ) | ||||||
Increase
in bank-owned life
insurance and other assets
|
(2,193 | ) | (1,070 | ) | (141 | ) | ||||||
Increase
(decrease) in accrued
interest payable and other liabilities
|
(4,936 | ) | 6,383 | 3,428 | ||||||||
Net
cash provided by operating
activities
|
6,583 | 9,844 | 13,782 | |||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Available-for-sale
investment
securities
|
||||||||||||
Purchases
|
(40,501 | ) | (4,026 | ) | (2,491 | ) | ||||||
Sales
|
3,822 | 763 | 3,658 | |||||||||
Maturities
and principal
paydowns
|
19,375 | 23,087 | 24,733 | |||||||||
Held-to-maturity
investment
securities
|
||||||||||||
Purchases
|
(6,358 | ) | (11,924 | ) | (33,867 | ) | ||||||
Maturities
and principal
paydowns
|
29,906 | 25,875 | 3,939 | |||||||||
(Increase)
decrease in interest-bearing deposits with banks
|
21,491 | (14,759 | ) | (3,794 | ) | |||||||
Net
increase in loans and leases
|
(81,843 | ) | (51,212 | ) | (59,710 | ) | ||||||
Purchase
of fixed assets
|
(3,128 | ) | (1,333 | ) | (1,522 | ) | ||||||
Increase
in investment in real estate
|
(773 | ) | (97 | ) | - | |||||||
Increase
(decrease) in other real estate owned
|
413 | (200 | ) | (300 | ) | |||||||
Net
cash used in investing
activities
|
(57,596 | ) | (33,826 | ) | (69,354 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Net
increase (decrease) in deposits
|
22,160 | (8,768 | ) | 132,129 | ||||||||
Increase
(decrease) in federal
funds purchased
|
(10,000 | ) | 10,000 | (40,000 | ) | |||||||
Increase
(decrease) in
securities sold under agreement to repurchase
|
(3,517 | ) | (880 | ) | 3,355 | |||||||
Increase
(decrease) in FHLB
advances
|
16,500 | 16,000 | (5,161 | ) | ||||||||
Proceeds
from issuance of subordinated debentures
|
24,743 | - | - | |||||||||
Redemption
of subordinated debentures
|
(24,743 | ) | - | - | ||||||||
Dividends
paid to common
shareholders
|
(4,938 | ) | (4,587 | ) | (4,008 | ) | ||||||
Proceeds
from exercise of
stock options
|
406 | 546 | 1,023 | |||||||||
Proceeds
from issuance of
common stock
|
974 | 560 | 892 | |||||||||
Net
cash provided by financing
activities
|
21,585 | 12,871 | 88,230 | |||||||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
$ | (29,428 | ) | $ | (11,111 | ) | $ | 32,658 | ||||
CASH
AND CASH EQUIVALENTS, beginning of year
|
53,869 | 64,980 | 32,322 | |||||||||
CASH
AND CASH EQUIVALENTS, end of year
|
$ | 24,441 | $ | 53,869 | $ | 64,980 | ||||||
Supplemental
disclosure of cash flow information:
|
||||||||||||
Cash
paid during the year for interest on deposits and
borrowings
|
$ | 27,549 | $ | 22,299 | $ | 15,783 | ||||||
Cash
paid during the year for federal and state income taxes
|
5,942 | 3,803 | 3,762 |
See
accompanying notes to consolidated financial statements.
|
(in
thousands, except per share data)
|
Year
Ended
December
31,
2005
|
||||
Net
income as reported
|
$ | 8,854 | |||
Plus: stock-based
compensation expense, net of income tax,
|
|||||
included
in reported net income
|
7 | ||||
Less: total
stock-based compensation costs, net of income tax,
|
|||||
determined
under fair value-based method for all awards
|
(1,220 | ) | |||
Pro
forma net income
|
$ | 7,641 | |||
Earnings
per share – basic
|
As
reported
|
$ | 1.07 | ||
Pro
forma
|
$ | 0.92 | |||
Earnings
per share – diluted
|
As
reported
|
$ | 1.05 | ||
Pro
forma
|
$ | 0.91 |
(in
thousands)
|
Years
Ended December 31,
|
|||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||
Before
Tax
Amount
|
Tax
( Expense)
Benefit
|
Net
of
Tax
Amount
|
Before
Tax
Amount
|
Tax
(Expense)
Benefit
|
Net
of
Tax
Amount
|
Before
Tax
Amount
|
Tax
(Expense)
Benefit
|
Net
of
Tax
Amount
|
||||||||||||||||||||||||||||
Unrealized
gains on
investment securities: |
||||||||||||||||||||||||||||||||||||
Unrealized
holding
gains (losses) arising
during period
|
$ | 107 | $ | (31 | ) | $ | 76 | $ | 894 | $ | (236 | ) | $ | 658 | $ | (1,740 | ) | $ | 713 | $ | (1,027 | ) | ||||||||||||||
Less:
reclassification
adjustment for gains included in net income |
1,244 | (498 | ) | 746 | 506 | (202 | ) | 304 | 610 | (244 | ) | 366 | ||||||||||||||||||||||||
Other
comprehensive
income (loss), net |
$ | (1,137 | ) | $ | 467 | $ | (670 | ) | $ | 388 | $ | (34 | ) | $ | 354 | $ | (2,350 | ) | $ | 957 | $ | (1,393 | ) |
(in
thousands)
|
December
31, 2007
|
December
31, 2006
|
||||||||||||||||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||||||||||||||
Available-for-sale
securities:
|
||||||||||||||||||||||||||||||||
U.S.
Treasury and U.S. government agencies
|
$ | 12,289 | $ | 28 | $ | (4 | ) | $ | 12,313 | $ | 5,902 | $ | 3 | $ | (28 | ) | $ | 5,877 | ||||||||||||||
State
and political subdivisions
|
10,252 | 144 | (96 | ) | 10,300 | 11,007 | 144 | (179 | ) | 10,972 | ||||||||||||||||||||||
Mortgage-backed
securities:
|
||||||||||||||||||||||||||||||||
FHLMC
|
17,729 | 237 | (166 | ) | 17,800 | 7,104 | 28 | (229 | ) | 6,903 | ||||||||||||||||||||||
FNMA
|
23,686 | 218 | (478 | ) | 23,426 | 19,435 | 27 | (669 | ) | 18,793 | ||||||||||||||||||||||
Other
|
1,003 | 18 | (3 | ) | 1,018 | 1,223 | 9 | (3 | ) | 1,229 | ||||||||||||||||||||||
Total
mortgage-backed securities
|
42,418 | 473 | (647 | ) | 42,244 | 27,762 | 64 | (901 | ) | 26,925 | ||||||||||||||||||||||
Corporate
and other debt and equity securities
|
17,156 | 531 | (261 | ) | 17,426 | 18,966 | 2,287 | (85 | ) | 21,168 | ||||||||||||||||||||||
Total
available-for-sale securities
|
82,115 | 1,176 | (1,008 | ) | 82,283 | 63,637 | 2,498 | (1,193 | ) | 64,942 | ||||||||||||||||||||||
Held-to-maturity
securities:
|
||||||||||||||||||||||||||||||||
U.S.
Treasury and U.S. government agencies
|
3,495 | 11 | (10 | ) | 3,496 | 29,411 | 18 | (161 | ) | 29,268 | ||||||||||||||||||||||
State
and political subdivisions
|
3,337 | 17 | - | 3,354 | 3,955 | - | (6 | ) | 3,949 | |||||||||||||||||||||||
Mortgage-backed
securities:
|
||||||||||||||||||||||||||||||||
FHLMC
|
18 | - | - | 18 | 19 | - | - | 19 | ||||||||||||||||||||||||
Corporate
and other debt securities
|
6,028 | - | (683 | ) | 5,345 | 3,006 | - | (17 | ) | 2,989 | ||||||||||||||||||||||
Total
held-to-maturity securities
|
12,878 | 28 | (693 | ) | 12,213 | 36,391 | 18 | (184 | ) | 36,225 | ||||||||||||||||||||||
Total
investment securities
|
$ | 94,993 | $ | 1,204 | $ | (1,701 | ) | $ | 94,496 | $ | 100,028 | $ | 2,516 | $ | (1,377 | ) | $ | 101,167 | ||||||||||||||
(in
thousands)
|
December
31, 2007
|
|||||||
Amortized
Cost
|
Fair
Value
|
|||||||
Available-for-sale
securities:
|
||||||||
Due
in one year or
less
|
$ | 9,981 | $ | 10,021 | ||||
Due
after one year through five years
|
9,572 | 9,498 | ||||||
Due
after five years through ten years
|
4,010 | 4,012 | ||||||
Due
after ten
years
|
10,668 | 10,698 | ||||||
Mortgage-backed
securities
|
42,418 | 42,244 | ||||||
Equity
securities
|
5,466 | 5,810 | ||||||
Total
available-for-sale
securities
|
82,115 | 82,283 | ||||||
Held-to-maturity
securities:
|
||||||||
Due
in one year or
less
|
6,391 | 6,394 | ||||||
Due
after one year through five years
|
998 | 870 | ||||||
Due
after five years through ten years
|
2,462 | 2,210 | ||||||
Due
after ten
years
|
3,009 | 2,721 | ||||||
Mortgage-backed
securities
|
18 | 18 | ||||||
Total
held-to-maturity
securities
|
12,878 | 12,213 | ||||||
Total
investment
securities
|
$ | 94,993 | $ | 94,496 |
(in
thousands)
|
December 31, 2007 | |||||||||||||||||||||||
Less
than 12 months
|
12
months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Available-for-sale
securities:
|
||||||||||||||||||||||||
U.S.
government
agencies
|
$ | 1,996 | $ | (3 | ) | $ | 101 | $ | (1 | ) | $ | 2,097 | $ | (4 | ) | |||||||||
State
and political
subdivisions
|
- | - | 2,683 | (96 | ) | 2,683 | (96 | ) | ||||||||||||||||
Mortgage-backed
securities
|
321 | (2 | ) | 17,024 | (645 | ) | 17,345 | (647 | ) | |||||||||||||||
Corporate
and other debt securities
|
4,924 | (167 | ) | 2,795 | (12 | ) | 7,719 | (179 | ) | |||||||||||||||
Total
debt
securities
|
7,241 | (172 | ) | 22,603 | (754 | ) | 29,844 | (926 | ) | |||||||||||||||
Equity
securities
|
139 | (38 | ) | 1,756 | (44 | ) | 1,895 | (82 | ) | |||||||||||||||
Total
available-for-sale securities
|
7,380 | (210 | ) | 24,359 | (798 | ) | 31,739 | (1,008 | ) | |||||||||||||||
Held-to-maturity
securities:
|
||||||||||||||||||||||||
U.S.
government
agencies
|
- | - | 990 | (10 | ) | 990 | (10 | ) | ||||||||||||||||
Corporate
and other debt securities
|
3,972 | (553 | ) | 1,392 | (130 | ) | 5,364 | (683 | ) | |||||||||||||||
Total
held-to-maturity securities
|
3,972 | (553 | ) | 2,382 | (140 | ) | 6,354 | (693 | ) | |||||||||||||||
Total
securities temporarily impaired
|
$ | 11,352 | $ | (763 | ) | $ | 26,741 | $ | (938 | ) | $ | 38,093 | $ | (1,701 | ) |
(in
thousands)
|
December
31, 2006
|
|||||||||||||||||||||||
Less
than 12 months
|
12
months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Available-for-sale
securities:
|
||||||||||||||||||||||||
U.S.
Treasury
obligations
|
$ | - | $ | - | $ | 998 | $ | (1 | ) | $ | 998 | $ | (1 | ) | ||||||||||
U.S.
government
agencies
|
2,003 | (2 | ) | 2,139 | (25 | ) | 4,142 | (27 | ) | |||||||||||||||
State
and political
subdivisions
|
- | - | 3,564 | (179 | ) | 3,564 | (179 | ) | ||||||||||||||||
Mortgage-backed
securities
|
428 | (2 | ) | 20,701 | (899 | ) | 21,129 | (901 | ) | |||||||||||||||
Corporate
and other debt securities
|
1,021 | (3 | ) | 3,121 | (32 | ) | 4,142 | (35 | ) | |||||||||||||||
Total
debt
securities
|
3,452 | (7 | ) | 30,523 | (1,136 | ) | 33,975 | (1,143 | ) | |||||||||||||||
Equity
securities
|
2,252 | (50 | ) | - | - | 2,252 | (50 | ) | ||||||||||||||||
Total
available-for-sale securities
|
5,704 | (57 | ) | 30,523 | (1,136 | ) | 36,227 | (1,193 | ) | |||||||||||||||
Held-to-maturity
securities:
|
||||||||||||||||||||||||
U.S.
government
agencies
|
- | - | 24,273 | (161 | ) | 24,273 | (161 | ) | ||||||||||||||||
State
and political subdivisions
|
3,949 | (6 | ) | - | - | 3,949 | (6 | ) | ||||||||||||||||
Corporate
and other debt securities
|
1,468 | (17 | ) | - | - | 1,468 | (17 | ) | ||||||||||||||||
Total
held-to-maturity securities
|
5,417 | (23 | ) | 24,273 | (161 | ) | 29,690 | (184 | ) | |||||||||||||||
Total
securities temporarily impaired
|
$ | 11,121 | $ | (80 | ) | $ | 54,796 | $ | (1,297 | ) | $ | 65,917 | $ | (1,377 | ) | |||||||||
(in
thousands)
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Loans
secured by 1 to 4 family residential properties
|
$ | 144,164 | $ | 145,000 | ||||
Loans
secured by multifamily residential properties
|
46,756 | 41,749 | ||||||
Loans
secured by nonresidential properties
|
441,171 | 381,849 | ||||||
Loans
to individuals
|
7,227 | 2,785 | ||||||
Commercial
loans
|
42,648 | 36,012 | ||||||
Construction
loans
|
37,819 | 43,350 | ||||||
Lease
financing receivables, net
|
83,604 | 71,214 | ||||||
Other
loans
|
774 | 651 | ||||||
Total
loans and leases
|
804,163 | 722,610 | ||||||
Less: Unearned
income
|
(1,298 | ) | (1,180 | ) | ||||
Loans
and leases, net of unearned income
|
$ | 802,865 | $ | 721,430 |
(in
thousands)
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Nonaccruing
loans and leases
|
$ | 1,984 | $ | 987 | ||||
Renegotiated
loans
|
37 | 98 | ||||||
Total
nonperforming loans and leases
|
$ | 2,021 | $ | 1,085 | ||||
Loans
and leases past due 90 days and accruing
|
$ | - | $ | - | ||||
Gross
interest income which would have been recorded under original
terms
|
$ | 225 | $ | 111 |
(in
thousands)
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Recorded
investment
|
$ | 1,510 | $ | 687 | ||||
Valuation
allowance
|
200 | - |
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Average
recorded investment
|
$ | 1,294 | $ | 699 | $ | 1,387 | ||||||
Interest
income recognized
|
123 | 55 | 233 |
(in
thousands)
|
Years
Ended December 31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Balance,
beginning of year
|
$ | 10,022 | $ | 9,478 | $ | 8,918 | ||||||
Charge-offs
|
(568 | ) | (350 | ) | (430 | ) | ||||||
Recoveries
|
160 | 177 | 92 | |||||||||
Provision
charged to operations
|
1,574 | 717 | 1,071 | |||||||||
Reclassification
|
- | - | (173 | ) | ||||||||
Balance,
end of year
|
$ | 11,188 | $ | 10,022 | $ | 9,478 |
(in
thousands)
|
December
31,
|
|||||||||||
Estimated
Useful
Lives
|
2007
|
2006
|
||||||||||
Land
|
Indefinite
|
$ | 3,777 | $ | 3,777 | |||||||
Buildings
and
improvements
|
5
to 20 years
|
6,319 | 6,164 | |||||||||
Furniture,
fixtures and
equipment
|
3
to 10 years
|
10,876 | 9,332 | |||||||||
Leasehold
improvements
|
3
to 40 years
|
3,009 | 2,815 | |||||||||
Capital
assets in progress
|
- | 1,568 | 389 | |||||||||
25,549 | 22,477 | |||||||||||
Less:
accumulated depreciation and
amortization
|
(13,044 | ) | (11,878 | ) | ||||||||
Total
premises and equipment, net
|
$ | 12,505 | $ | 10,599 |
(in
thousands)
|
||||
2008
|
$ | 199,801 | ||
2009
|
14,692 | |||
2010
|
3,572 | |||
2011
|
2,172 | |||
2012
|
2,049 | |||
Total
time deposits
|
$ | 222,286 |
(dollars
in thousands)
|
December
31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Federal
funds purchased and securities sold under repurchase
agreements:
|
||||||||||||
Balance
at year
end
|
$ | 4,729 | $ | 18,246 | $ | 9,126 | ||||||
Average
during the
year
|
10,835 | 13,705 | 12,258 | |||||||||
Maximum
month-end
balance
|
21,167 | 75,629 | 22,162 | |||||||||
Weighted
average rate during the
year
|
3.33 | % | 3.34 | % | 2.47 | % | ||||||
Rate
at year
end
|
2.54 | % | 3.07 | % | 2.35 | % |
(in
thousands)
|
||||
2008
|
$ | 13,000 | ||
2009
|
22,000 | |||
2010
|
15,000 | |||
2011
|
10,000 | |||
2012
|
20,000 | |||
Thereafter
|
32,500 | |||
Total
FHLB Advances
|
$ | 112,500 |
(in
thousands)
|
Years
Ended December 31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Federal
|
||||||||||||
Current
|
$ | 1,213 | $ | 4,455 | $ | 4,184 | ||||||
Deferred
|
2,907 | (2,652 | ) | (108 | ) | |||||||
State
|
||||||||||||
Current
|
(1,896 | ) | 5,556 | 334 | ||||||||
Deferred
|
466 | (246 | ) | (14 | ) | |||||||
Total
provision for income taxes
|
$ | 2,690 | $ | 7,113 | $ | 4,396 |
(in
thousands)
|
Years
Ended December 31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Federal
income tax, at statutory
rate
|
$ | 3,941 | $ | 4,333 | $ | 4,571 | ||||||
Increase
(reduction) in taxes resulting from:
|
||||||||||||
Tax-exempt
income
|
(218 | ) | (225 | ) | (428 | ) | ||||||
Bank-owned
life insurance
|
(168 | ) | (165 | ) | - | |||||||
Non-deductible
merger-related costs
|
157 | - | - | |||||||||
Write-off
of deferred tax asset
|
243 | - | - | |||||||||
State
income tax (benefit), net
of federal income tax
|
(1,232 | ) | 3,452 | 210 | ||||||||
Other,
net
|
(33 | ) | (282 | ) | 43 | |||||||
Total
provision for income
taxes
|
$ | 2,690 | $ | 7,113 | $ | 4,396 |
(in
thousands)
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Allowance
for loan and lease losses and valuation reserve on other real
estate
|
$ | 4,570 | $ | 3,816 | ||||
Interest
income on nonaccrual
loans
|
135 | 25 | ||||||
Depreciation
and
amortization
|
109 | 924 | ||||||
State
net operating loss
carryforward
|
- | 378 | ||||||
Deferred
directors fees
|
551 | 560 | ||||||
State
tax and interest not currently deductible
|
- | 2,231 | ||||||
Unrealized
holding gains on securities
available-for-sale
|
(62 | ) | (526 | ) | ||||
Other,
net
|
(730 | ) | 74 | |||||
Net
deferred tax asset, included in other
assets
|
$ | 4,573 | $ | 7,482 |
(in
thousands, except per share data)
|
Years
Ended December 31,
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Net
income available to common stockholders
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | ||||||
Basic
weighted-average common shares outstanding
|
8,654 | 8,546 | 8,261 | |||||||||
Plus:
common stock equivalents
|
17 | 4 | 157 | |||||||||
Diluted
weighted average common shares outstanding
|
8,671 | 8,550 | 8,418 | |||||||||
Earnings
per share:
|
||||||||||||
Basic
|
$ | 1.02 | $ | 0.65 | $ | 1.07 | ||||||
Diluted
|
$ | 1.02 | $ | 0.65 | $ | 1.05 |
|
§
|
2001
Stock Option Plan for Nonemployee Directors (the “2001 Directors Plan”)
|
|
§
|
2001
Employee Stock Option Plan (the “2001 Employee Plan”)
|
|
§
|
2006
Long-Term Stock Compensation Plan (the “2006 Plan”)
|
Stock
Options
|
Authorized
Awards
|
Cumulative
Granted,
Net
of
Cancellations
|
Awards
Available
for
Grant
|
|||||||||
2001
Directors Plan
|
69,853 | 62,769 | - | |||||||||
2001
Employee Plan
|
374,213 | 242,851 | - | |||||||||
2006
Plan
(1)
|
315,187 | 15,785 | 299,402 | |||||||||
Restricted
Stock
|
||||||||||||
2006
Plan
(1)
|
105,063 | 22,774 | 82,289 | |||||||||
(1)
The 2006
Plan
provides for a total of 420,250 authorized awards, of which a maximum
of
105,063 awards may be in restricted stock.
|
|
§
|
Expected
dividend yield is an annualized rate calculated using the most recent
declared dividend at time of grant and the Company’s average trailing
twelve-month adjusted daily stock price at date of grant.
|
|
§
|
Expected
volatility is based on the standard deviation of the historical volatility
of the daily adjusted closing price of the Company’s shares for a period
equivalent to the expected life of the option.
|
|
§
|
The
risk-free interest rate is based on the U.S. Treasury yield curve
in
effect at the time of grant for a period equivalent to the expected
life
of the option.
|
|
§
|
Expected
life represents the period of time that the option is expected to
be
outstanding, taking into account the contractual term, vesting period
and
historical exercise/forfeiture behavior, if any.
|
2007
|
2006
|
2005
|
||||||||||||||||||||||
Stock
Options
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
||||||||||||||||||
Outstanding,
beginning of year
|
172,197 | $ | 13.87 | 384,222 | $ | 9.12 | 557,293 | $ | 7.87 | |||||||||||||||
Granted
|
- | $ | - | 15,785 | $ | 15.15 | 21,537 | $ | 14.96 | |||||||||||||||
Exercised
|
(46,667 | ) | $ | 13.19 | (225,949 | ) | $ | 5.89 | (180,419 | ) | $ | 5.70 | ||||||||||||
Forfeited
|
(1,216 | ) | $ | 12.68 | (1,861 | ) | $ | 12.69 | (14,189 | ) | $ | 12.50 | ||||||||||||
Outstanding,
end of year
|
124,314 | $ | 14.14 | 172,197 | $ | 13.87 | 384,222 | $ | 9.12 | |||||||||||||||
Exercisable,
end of year
|
112,474 | 156,412 | 384,222 | |||||||||||||||||||||
Weighted
average fair value of
|
||||||||||||||||||||||||
options
granted during the year
|
$ | - | $ | 15.15 | $ | 14.96 | ||||||||||||||||||
2007
|
||||||||
Stock
Options
|
Number
of
Shares
|
Weighted
Average
Grant
Date
Fair
Value
|
||||||
Unvested,
beginning of year
|
15,785 | $ | 15.14 | |||||
Granted
|
- | - | ||||||
Vested
|
(3,945 | ) | $ | 15.14 | ||||
Forfeited
|
- | - | ||||||
Unvested,
end of year
|
11,840 | $ | 15.14 | |||||
Options
Outstanding
|
Options
Exercisable
|
||||||||||||||||||
Range
of
Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual Life
|
Weighted
Average
Exercise
Price
|
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
||||||||||||||
$ | 8.01 to $12.68 | 25,609 |
3.13
years
|
$ | 11.78 | 25,609 | $ | 11.78 | |||||||||||
$ | 14.60 to $15.87 | 98,705 |
4.96
years
|
$ | 14.75 | 86,865 | $ | 14.70 | |||||||||||
124,314 | 112,474 | ||||||||||||||||||
2007
|
2006
|
|||||||||||||||
Restricted
Stock
|
Number
of
Shares
|
Weighted
Average
Grant
Date
Fair
Value
|
Number
of
Shares
|
Weighted
Average
Grant
Date
Fair
Value
|
||||||||||||
Outstanding,
beginning of year
|
4,500 | $ | 17.18 | - | - | |||||||||||
Granted
|
20,164 | $ | 17.96 | 4,500 | $ | 17.18 | ||||||||||
Vested
|
(450 | ) | $ | 17.18 | - | - | ||||||||||
Forfeited
|
(1,890 | ) | $ | 17.82 | - | - | ||||||||||
Outstanding,
end of year
|
22,324 | $ | 17.83 | 4,500 | $ | 17.18 | ||||||||||
(in
thousands)
|
Years
Ended December 31,
|
|||||||
2007
|
2006
|
|||||||
Service
cost
|
$ | 19 | $ | 28 | ||||
Interest
cost
|
18 | 47 | ||||||
Net
periodic benefit expense
|
$ | 37 | $ | 75 |
(in
thousands)
|
||||
2008
|
$ | 826 | ||
2009
|
725 | |||
2010
|
627 | |||
2011
|
567 | |||
2012
|
492 | |||
Thereafter
|
1,465 | |||
Total
|
$ | 4,702 |
(in
thousands)
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Financial
instruments whose contract amounts represent credit risk:
|
||||||||
Commitments
to extend
credit
|
$ | 159,306 | $ | 147,563 | ||||
Standby
letters of credit and
financial guarantees
written
|
6,421 | 3,524 |
(in
thousands)
|
December
31,
|
|||||||||||||||
2007
|
2006
|
|||||||||||||||
Carrying
Value
|
Estimated
Fair
Value
|
Carrying
Value
|
Estimated
Fair
Value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 24,441 | $ | 24,441 | $ | 53,869 | $ | 53,869 | ||||||||
Due
from banks – interest bearing
|
4,868 | 4,858 | 26,359 | 26,359 | ||||||||||||
Investment
securities available-for-sale
|
82,283 | 82,283 | 64,942 | 64,942 | ||||||||||||
Investment
securities held-to-maturity
|
12,878 | 12,214 | 36,391 | 36,225 | ||||||||||||
Loans
and leases, net of unearned income
|
802,865 | 799,166 | 721,430 | 718,079 | ||||||||||||
Bank-owned
life insurance
|
15,955 | 15,955 | 15,477 | 15,477 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Time
deposits
|
$ | 222,286 | $ | 222,991 | $ | 193,875 | $ | 192,702 | ||||||||
All
other deposits
|
527,186 | 527,186 | 533,437 | 533,437 | ||||||||||||
Federal
funds purchased
|
- | - | 10,000 | 10,000 | ||||||||||||
Securities
sold under agreements to repurchase
|
4,729 | 4,729 | 8,246 | 8,215 | ||||||||||||
FHLB
Advances
|
112,500 | 117,590 | 96,000 | 97,208 | ||||||||||||
Subordinated
debentures
|
24,743 | 24,222 | 24,743 | 24,456 |
( dollars
in thousands)
|
To
Be Well-Capitalized
|
|||||||||||||||||||||||
For
Capital
|
Under
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy
Purposes
|
Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of December 31,
2007
|
||||||||||||||||||||||||
Total
risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
$ | 94,913 | 11.49 | % | $ | 66,084 | 8.00 | % | n/a | n/a | ||||||||||||||
Greater
Community Bank
|
92,512 | 11.22 | % | 65,962 | 8.00 | % | $ | 82,453 | 10.00 | % | ||||||||||||||
Tier
I risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
84,388 | 10.22 | % | 33,029 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
82,237 | 9.97 | % | 32,994 | 4.00 | % | 49,491 | 6.00 | % | |||||||||||||||
Tier
I leverage capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
84,388 | 8.61 | % | 39,205 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
82,237 | 8.41 | % | 39,114 | 4.00 | % | 48,892 | 5.00 | % |
As
of December 31,
2006
|
||||||||||||||||||||||||
Total
risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
$ | 90,065 | 11.84 | % | $ | 60,855 | 8.00 | % | n/a | n/a | ||||||||||||||
Greater
Community Bank
|
83,991 | 11.09 | % | 60,589 | 8.00 | % | $ | 75,736 | 10.00 | % | ||||||||||||||
Tier
I risk-based capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
76,521 | 10.06 | % | 30,426 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
74,562 | 9.85 | % | 30,279 | 4.00 | % | 45,418 | 6.00 | % | |||||||||||||||
Tier
I leverage capital
|
||||||||||||||||||||||||
Greater
Community Bancorp
|
76,521 | 8.38 | % | 36,526 | 4.00 | % | n/a | n/a | ||||||||||||||||
Greater
Community Bank
|
74,562 | 8.20 | % | 36,372 | 4.00 | % | 45,465 | 5.00 | % |
December
31,
|
||||||||
2007
|
2006
|
|||||||
ASSETS:
|
||||||||
Cash
|
$ | 3,014 | $ | 2,599 | ||||
Interest-bearing
due from banks
|
17 | - | ||||||
Investment
securities
available-for-sale
|
1,054 | 3,559 | ||||||
Investment
in
subsidiaries
|
94,975 | 87,350 | ||||||
Other
assets
|
146 | 805 | ||||||
Total
assets
|
$ | 99,206 | $ | 94,313 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY:
|
||||||||
Subordinated
debentures
|
$ | 24,743 | $ | 24,743 | ||||
Other
liabilities
|
2,074 | 1,995 | ||||||
Shareholders’
equity
|
72,389 | 67,575 | ||||||
Total
liabilities and
shareholders’
equity
|
$ | 99,206 | $ | 94,313 |
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
INCOME:
|
||||||||||||
Dividends
from bank
subsidiary
|
$ | 1,800 | $ | 3,800 | $ | 2,500 | ||||||
Interest
income
|
259 | 225 | 200 | |||||||||
Gain
on sale of investment securities
|
1,190 | 483 | 554 | |||||||||
3,249 | 4,508 | 3,254 | ||||||||||
EXPENSES:
|
||||||||||||
Interest
on subordinated
debentures
|
1,863 | 2,028 | 2,028 | |||||||||
Other
expenses
|
1,099 | 288 | 221 | |||||||||
2,962 | 2,316 | 2,249 | ||||||||||
Income
before income
taxes
|
287 | 2,192 | 1,005 | |||||||||
Provision
for income taxes
(benefit)
|
(719 | ) | (712 | ) | (719 | ) | ||||||
Equity
in undistributed income of
subsidiaries
|
7,851 | 2,649 | 7,130 | |||||||||
NET
INCOME
|
$ | 8,857 | $ | 5,553 | $ | 8,854 |
Years
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
income
|
$ | 8,857 | $ | 5,553 | $ | 8,854 | ||||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||||||
Gain
on sale of investment
securities available-for-sale
|
(1,218 | ) | (506 | ) | (554 | ) | ||||||
Recognized
loss on impaired securities
|
28 | 23 | - | |||||||||
Stock-based
compensation
|
51 | 7 | 11 | |||||||||
Tax
benefit from exercise of stock options
|
134 | 601 | 547 | |||||||||
Decrease
in other
assets
|
1,673 | 90 | 64 | |||||||||
Increase
(decrease) in other
liabilities
|
79 | 691 | (133 | ) | ||||||||
Equity
in undistributed income
of subsidiaries
|
(7,851 | ) | (2,649 | ) | (7,130 | ) | ||||||
Net
cash provided by operating
activities
|
1,753 | 3,810 | 1,659 | |||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of investment
securities available-for-sale
|
(706 | ) | (45 | ) | - | |||||||
Proceeds
from the sale of
investment securities available-for-sale
|
2,769 | 740 | 930 | |||||||||
Proceeds
from (payments for)
investments in and advances to subsidiaries
|
157 | (327 | ) | (154 | ) | |||||||
Net
cash provided by investing
activities
|
2,220 | 368 | 776 | |||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds
from issuance of subordinated debentures
|
24,743 | - | - | |||||||||
Redemption
of subordinated debentures
|
(24,743 | ) | - | - | ||||||||
Proceeds
from issuance of
common stock
|
974 | 560 | 892 | |||||||||
Proceeds
from exercise of stock
options
|
406 | 546 | 1,023 | |||||||||
Dividends
paid
|
(4,938 | ) | (4,587 | ) | (4,008 | ) | ||||||
Net
cash used in financing
activities
|
(3,558 | ) | (3,481 | ) | (2,093 | ) | ||||||
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
$ | 415 | $ | 697 | $ | 342 | ||||||
CASH
AND CASH EQUIVALENTS, beginning of year
|
2,599 | 1,902 | 1,560 | |||||||||
CASH
AND CASH EQUIVALENTS, end of year
|
$ | 3,014 | $ | 2,599 | $ | 1,902 |
(in
thousands)
|
Year
Ended December 31, 2007
|
|||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 31,600 | $ | 28,934 | $ | 2,666 | $ | - | ||||||||
Non-interest
income
1
|
5,864 | 5,410 | 524 | (70 | ) | |||||||||||
Total
revenue
|
37,464 | 34,344 | 3,190 | (70 | ) | |||||||||||
Provision
for loan and lease losses
|
1,574 | 1,032 | 542 | - | ||||||||||||
Gain
on sale of investment securities
|
1,244 | 1,244 | - | - | ||||||||||||
Gain
on sale of loans
|
155 | 155 | - | - | ||||||||||||
Loss
on impaired investment securities
|
(28 | ) | (28 | ) | - | - | ||||||||||
Non-interest
expense
|
25,714 | 23,942 | 1,842 | (70 | ) | |||||||||||
Income
before provision for income taxes
|
11,547 | 10,740 | 806 | - | ||||||||||||
Provision
for income taxes
|
2,690 | 1,773 | 917 | - | ||||||||||||
Net
income (loss)
|
$ | 8,857 | $ | 8,968 | $ | (111 | ) | $ | - | |||||||
Period-end
total assets
|
$ | 975,990 | $ | 967,845 | $ | 83,643 | $ | (75,498 | ) |
Year
Ended December 31, 2006
|
||||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 31,820 | $ | 29,088 | $ | 2,732 | $ | - | ||||||||
Non-interest
income
1
Non-interest
income
(1)
|
5,804 | 5,468 | 401 | (65 | ) | |||||||||||
Total
revenue
|
37,624 | 34,556 | 3,133 | (65 | ) | |||||||||||
Provision
for loan and lease losses
|
717 | 449 | 268 | - | ||||||||||||
Gain
on sale of investment securities
|
506 | 506 | - | - | ||||||||||||
Loss
on impaired investment securities
|
(23 | ) | (23 | ) | - | - | ||||||||||
Non-interest
expense
|
24,725 | 22,903 | 1,887 | (65 | ) | |||||||||||
Income
before provision for income taxes
|
12,666 | 11,688 | 978 | - | ||||||||||||
Provision
for income taxes
|
7,113 | 6,746 | 367 | - | ||||||||||||
Net
income
|
$ | 5,553 | $ | 4,942 | $ | 611 | $ | - | ||||||||
Period-end
total assets
|
$ | 950,969 | $ | 943,840 | $ | 71,456 | $ | (64,327 | ) |
Year
Ended December 31, 2005
|
||||||||||||||||
Total
Company
|
Community
Banking |
Leasing
|
Corporate
and
Other
2
|
|||||||||||||
Net
interest income
|
$ | 32,091 | $ | 29,752 | $ | 2,339 | $ | - | ||||||||
Non-interest
income
1
|
5,611 | 5,284 | 387 | (60 | ) | |||||||||||
Total
revenue
|
37,702 | 35,036 | 2,726 | (60 | ) | |||||||||||
Provision
for loan and lease losses
|
1,071 | 835 | 236 | - | ||||||||||||
Gain
on sale of investment securities
|
610 | 610 | - | - | ||||||||||||
Non-interest
expense
|
23,991 | 22,320 | 1,731 | (60 | ) | |||||||||||
Income
before provision for income taxes
|
13,250 | 12,491 | 759 | - | ||||||||||||
Provision
for income taxes
|
4,396 | 4,137 | 259 | - | ||||||||||||
Net
income
|
$ | 8,854 | $ | 8,354 | $ | 500 | $ | - | ||||||||
Period-end
total assets
|
$ | 925,201 | $ | 920,910 | $ | 51,689 | $ | (47,398 | ) |
(in
thousands, except per share
data)
|
Three
Months Ended
|
||||||||||||||||
December
31
|
September
30
|
June
30
|
March
31
|
||||||||||||||
2007
|
|||||||||||||||||
Interest
income
|
$ | 15,583 | $ | 15,503 | $ | 15,199 | $ | 14,614 | |||||||||
Interest
expense
|
7,380 | 7,570 | 7,426 | 6,923 | |||||||||||||
Net
interest income
|
8,203 | 7,933 | 7,773 | 7,691 | |||||||||||||
Provision
for loan and lease losses
|
316 | 614 | 331 | 313 | |||||||||||||
Non-interest
income
|
2,067 | 2,110 | 1,438 | 1,621 | |||||||||||||
Non-interest
expense
|
6,498 | 6,186 | 6,549 | 6,483 | |||||||||||||
Income
before provision for income taxes
|
3,456 | 3,243 | 2,331 | 2,516 | |||||||||||||
Provision
for income taxes (recovery)
|
1,480 | 1,048 | (627 | ) | 788 | ||||||||||||
Net
income
|
$ | 1,976 | $ | 2,195 | $ | 2,958 | $ | 1,728 | |||||||||
Earnings
per share—basic
|
$ | 0.23 | $ | 0.25 | $ | 0.34 | $ | 0.20 | |||||||||
Earnings
per share—diluted
|
$ | 0.23 | $ | 0.25 | $ | 0.34 | $ | 0.20 | |||||||||
Average
common shares outstanding—basic
|
8,691 | 8,658 | 8,643 | 8,623 | |||||||||||||
Average
common shares outstanding—diluted
|
8,708 | 8,676 | 8,661 | 8,642 | |||||||||||||
2006
|
|||||||||||||||||
Interest
income
|
$ | 14,323 | $ | 13,855 | $ | 13,379 | $ | 13,333 | |||||||||
Interest
expense
|
6,615 | 6,093 | 5,321 | 5,041 | |||||||||||||
Net
interest income
|
7,708 | 7,762 | 8,058 | 8,292 | |||||||||||||
Provision
for loan and lease losses
|
226 | 177 | 314 | - | |||||||||||||
Non-interest
income
|
1,802 | 1,614 | 1,541 | 1,328 | |||||||||||||
Non-interest
expense
|
6,911 | 5,633 | 6,220 | 5,959 | |||||||||||||
Income
before provision for income taxes
|
2,373 | 3,566 | 3,065 | 3,661 | |||||||||||||
Provision
for income taxes
|
3,798 | 1,164 | 951 | 1,200 | |||||||||||||
Net
income (loss)
|
$ | (1,425 | ) | $ | 2,402 | $ | 2,114 | $ | 2,461 | ||||||||
Earnings
per share—basic
|
$ | (0.17 | ) | $ | 0.28 | $ | 0.25 | $ | 0.29 | ||||||||
Earnings
per share—diluted
|
$ | (0.17 | ) | $ | 0.28 | $ | 0.25 | $ | 0.29 | ||||||||
Average
common shares outstanding—basic
|
8,573 | 8,555 | 8,546 | 8,508 | |||||||||||||
Average
common shares outstanding—diluted
|
8,573 | 8,588 | 8,583 | 8,545 |
McGladrey
& Pullen, LLP
|
|
One
Valley Square, Ste. 250
|
|
612
Township Line Road
|
|
Blue
Bell, PA 19422-2700
|
|
O
215-641-8600
F
215-641-8680
|
McGladrey
& Pullen, LLP
|
|
One
Valley Square, Ste. 250
|
|
512
Township Line Road
|
|
Blue
Bell, PA 15422-2700
|
|
O
215-641-6600
F
215-641-8650
|
Name
|
Age
|
|
Anthony
M. Bruno, Jr., Chairman
|
53
|
|
M.A.
Bramante
|
75
|
|
William
T. Ferguson
|
65
|
|
Angelo
J. Genova
|
54
|
|
Robert
C. Soldoveri
|
54
|
|
Alfred
R. Urbano
|
61
|
|
Charles
J. Volpe
|
70
|
|
David
Waldman
|
68
|
|
·
|
honest
and ethical conduct, including the ethical handling of actual or
apparent
conflicts of interest between personal and professional relationships;
|
|
·
|
full,
fair, accurate, timely and understandable disclosure in reports and
other
documents that the Company files with the SEC and other public
communications that the Company makes;
|
|
·
|
compliance
with applicable governmental laws, rules and regulations;
|
|
·
|
the
prompt internal reporting of violations of the Code of Ethics to
an
appropriate person or persons identified in the Code of Ethics; and
|
|
·
|
accountability
for adherence to the Code.
|
|
·
|
Loans
made by a bank subsidiary of the Company to directors or their family
members or affiliates, including loans personally guaranteed by a
director, if such loans comply with applicable governmental regulations
on
insider loans and are not classified as substandard, doubtful or
loss by
the bank or any bank regulatory agency that supervises the bank
subsidiary.
|
|
·
|
Deposit,
securities brokerage and similar customer relationships that are
on usual
and customary market terms and conditions.
|
|
·
|
Purchases
of goods or services by the Company and its subsidiaries, from a
business
in which the director or member of his immediate family is a partner,
shareholder or director, if the annual aggregate purchases of goods
or
services from such director’s affiliated business in the current fiscal
year or any of the last three years did not exceed the greater of
$200,000
or 5% of the gross revenues of such business.
|
|
·
|
The
ownership of Company stock by a director, members of his family or
affiliated entities.
|
Charles
J. Volpe, Chairman
|
M.A.
Bramante
|
Alfred
R. Urbano
|
Name
|
Principal
Office(s)
|
Age
|
Year
First
Elected
to
Executive
Office
of
Company or
Subsidiary
|
|||
Anthony
M. Bruno, Jr.
|
Chairman,
Director, President and Chief Executive Officer of the Company and
Greater
Community Bank
|
53
|
2003
|
|||
Stephen
J. Mauger
|
Senior
Vice President, Treasurer and Chief Financial Officer of the Company
and
Greater Community Bank
|
58
|
2005
|
|||
Mary
Smith
|
Director,
President and Chief Executive Officer of Highland Capital
Corp.
|
47
|
2003
|
|||
Roger
Tully
|
Executive
Vice President, Risk and Operations Officer of the Company and Greater
Community Bank
|
58
|
2007
|
|||
Patricia
Arnold
|
Executive
Vice President, Chief Lending Officer of Greater Community
Bank
|
49
|
2007
|
|||
Karen
Casey
|
Executive
Vice President, Retail Banking, of Greater Community Bank
|
52
|
2004
|
|
·
|
Maintained
a practice of reviewing the performance and determining the total
compensation earned, paid or awarded to our CEO independent of input
from
him;
|
|
·
|
Received
data from our advisors on compensation programs at comparable companies;
|
|
·
|
Reviewed
on an annual basis the performance of our other officers and other
key
employees with assistance from our CEO and determined proper total
compensation based on indicated market rates of comparable companies;
and
|
|
·
|
Maintained
a practice of holding executive sessions (without management present)
at
Committee meetings.
|
|
·
|
We
strive to compensate our executives at competitive levels to ensure
we
attract and retain key management employees throughout the Company
and its
subsidiaries.
|
|
·
|
We
provide our executives with the opportunity to earn pay for above-market
performance as measured in our discretion against similar sized companies
within the local geographic area in our industry. These include companies
such as 1
st
Constitution Bancorp, Community Partners Bancorp, Lakeland Bancorp,
Inc.,
Peapack Gladstone Financial Co., and Stewardship Financial Corp.
|
|
·
|
We
link our executives’ compensation, including cash bonuses, to Company and
individual performance.
|
Name
|
Retention
Bonus
|
|
Roger
Tully
|
$50,000
|
Name
|
Retention
Bonus
|
|
Stephen
J. Mauger
|
$100,000
|
|
Roger
Tully
|
$25,000
|
|
·
|
Car
Allowance — The Company provided the following car allowances, which
amounts were deemed for personal use: Mr. Bruno, $22,800; Mr.
Mauger, $10,800; and Mr. Tully, $6,000.
|
|
·
|
Company
Car — The Company provided Ms. Arnold with the use of a company car for
part of 2007 for which 9.9% was deemed for personal use and was valued
at
$707.
|
|
·
|
Country
Club Membership Fees and Dues — Ms. Arnold was a member of a country club
for part of 2007 for which the Company paid $389 in membership fees
and
dues.
|
|
·
|
Life
and Disability Insurance — The Company paid a life insurance premium
valued at $9,523 and a disability insurance premium valued at $14,581
for
Mr. Bruno.
|
|
·
|
Medical
Insurance and Vision Care — The Company paid a medical insurance premium
valued at $6,642 and a vision care benefit premium valued at $212
for Mr.
Tully.
|
|
·
|
Mobile
Phone — The Company paid cell phone charges for Mr. Bruno, Mr. Tully and
Ms. Arnold for which the amounts of $442, $590, and $137, respectively,
were deemed for personal use.
|
Charles
J. Volpe, Chairman
|
M.
A. Bramante
|
Angelo
J. Genova
|
Alfred
R. Urbano
|
Name
and Principal Offices(s)
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
(a)
($)
|
Change
in
Pension
Value
and
Nonqualified
Deferred
Compensation
Earnings
($)
|
All
Other
Compensation
($)
|
Total
($)
|
Anthony
M. Bruno, Jr.
President
and Chief Executive Officer of
the
Company and Greater Community
Bank
|
2007
2006
|
500,000
475,000
|
-
25,000
|
4,757
388
|
24,920
23,027
|
22,800
(b)
19,896
(c)
9,523 (d)
68,660
(e)
14,581
(f)
442 (k)
10,800
(b)
29,170
(c)
3,778 (d)
68,660
(e)
|
665,579
635,823
|
Stephen
J. Mauger
Senior
Vice President, Treasurer and
Chief
Financial Officer of the Company
and
Greater Community Bank
|
2007
2006
|
210,000
189,134
|
14,000
15,000
|
1,586
129
|
-
-
|
10,800
(b)
17,646
(c)
9,900 (b)
21,227
(c)
|
254,032
235,390
|
Mary
Smith
President
and Chief Executive Officer of
Highland
Capital Corp.
|
2007
2006
|
180,800
162,800
|
71,730
79,528
|
-
-
|
-
-
|
15,749
(c)
22,570
(c)
|
268,279
264,898
|
Roger
Tully
Executive
Vice President, Risk and
Operations
Officer of the Company and
Greater
Community Bank
|
2007
|
199,172
|
5,000
|
12,727
|
-
|
6,000 (b)
17,646
(c)
6,642 (g)
212 (h)
590 (k)
|
247,991
|
Patricia
Arnold
Executive
Vice President, Chief Lending
Officer
of Greater Community Bank
|
2007
|
168,462
|
5,000
|
16,668
|
-
|
7,267 (c)
389 (i)
707 (j)
137 (k)
|
198,630
|
|
(
a)
|
Amounts
computed in accordance with FAS123(R) which represents compensation
cost
for financial reporting purposes
|
|
(b)
|
Car
allowance
|
|
(c)
|
401(k)
plan matching and profit sharing contributions
|
|
(d)
|
Life
insurance
|
|
(e)
|
Executive
Supplemental Retirement Plan
|
|
(f)
|
Disability
insurance
|
|
(g)
|
Medical
insurance
|
|
(h)
|
Vision
care benefit
|
|
(i)
|
Country
club membership dues and fees
|
|
(j)
|
Personal
use of company car
|
|
(k)
|
Personal
use of mobile phone
|
Grants of Plan-Based Awards | ||||
Name
|
Grant
Date
|
Fair
Value
Date
(1)
|
All
Other Stock
Awards: Number
of
Shares of Stock
or
Units
(2)
(#)
|
Grant
Date Fair
Value
of Stock
and
Option
Awards
(3)
($)
|
Patricia
Arnold
|
2/21/07
|
2/22/07
|
11,106
|
200,019
|
|
(1)
|
Restricted
stock awards are valued as of the close of the market on the business
day
following Compensation Committee action on the award.
|
|
(2)
|
See
“Compensation Discussion and Analysis – Elements of Compensation –
Equity-Based Compensation Plans” for a discussion of the terms of the
restricted stock.
|
|
(3)
|
Based
on a closing market price of $18.01 per share on February 22, 2007,
the
fair value date.
|
Option
Awards
|
Stock
Awards
|
||||||
Name
|
Number
of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
|
Number
of
Securities
Underlying
Unexercised
Options
Unexercisable
(1
)
(#)
|
Equity
Incentive
Plan
Awards:
Number
of
Securities
Underlying
Unexercised
Unearned
Options
(#)
|
Option
Exercise
Price
($)
|
Option
Expiration
Date
|
Number
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
(2)
(#)
|
Market
Value
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
(3)
($)
|
Anthony
M. Bruno, Jr.
|
2,153
|
0
|
0
|
14.60
|
12/31/10
|
|
|
Anthony
M. Bruno, Jr.
|
2,154
|
0
|
0
|
14.60
|
12/31/11
|
|
|
Anthony
M. Bruno, Jr.
|
2,154
|
0
|
0
|
14.60
|
12/31/12
|
|
|
Anthony
M. Bruno, Jr.
|
2,154
|
0
|
0
|
14.60
|
12/31/13
|
|
|
Anthony
M. Bruno, Jr.
|
2,154
|
0
|
0
|
14.60
|
12/31/14
|
|
|
Anthony
M. Bruno, Jr.
|
|
2,700
|
44,145
|
||||
Stephen
J. Mauger
|
539
|
0
|
0
|
14.60
|
12/31/12
|
|
|
Stephen
J. Mauger
|
1,077
|
0
|
0
|
14.60
|
12/31/13
|
|
|
Stephen
J. Mauger
|
1,077
|
0
|
0
|
14.60
|
12/31/14
|
|
|
Stephen
J. Mauger
|
|
900
|
14,715
|
||||
Mary
Smith
|
1,238
|
0
|
0
|
14.96
|
12/31/10
|
|
|
Mary
Smith
|
1,238
|
0
|
0
|
14.96
|
12/31/11
|
|
|
Mary
Smith
|
1,238
|
0
|
0
|
14.96
|
12/31/12
|
|
|
Mary
Smith
|
1,239
|
0
|
0
|
14.96
|
12/31/13
|
|
|
Mary
Smith
|
1,239
|
0
|
0
|
14.96
|
12/31/14
|
|
|
Roger
Tully
|
2,562
|
0
|
0
|
14.75
|
12/31/11
|
|
|
Roger
Tully
|
0
|
2,562
|
0
|
14.75
|
12/31/12
|
|
|
Roger
Tully
|
0
|
2,563
|
0
|
14.75
|
12/31/13
|
|
Option
Awards
|
Stock
Awards
|
||||||
Name
|
Number
of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
|
Number
of
Securities
Underlying
Unexercised
Options
Unexercisable
(1)
(#)
|
Equity
Incentive
Plan
Awards:
Number
of
Securities
Underlying
Unexercised
Unearned
Options
(#)
|
Option
Exercise
Price
($)
|
Option
Expiration
Date
|
Number
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
(2
)
(#)
|
Market
Value
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
(3)
($)
|
Roger
Tully
|
0
|
2,563
|
0
|
14.75
|
12/31/14
|
|
|
Patricia
Arnold
|
|
11,106
|
181,583
|
Option
Awards Exercised and Stock Awards Vested
|
|||||
Option
Awards
|
Stock
Awards
|
||||
Name
|
Number
of
Shares
Acquired
on
Exercise
(#)
|
Value
Realized
on
Exercise
($)
|
Number
of
Shares
Acquired
on
Vesting
(#)
|
Value
Realized
on
Vesting
(1)
($)
|
|
Anthony
M. Bruno, Jr.
|
-
|
-
|
300
|
5,400
|
|
Stephen
J. Mauger
|
-
|
-
|
100
|
1,800
|
Pension
Benefits
|
||||
Name
|
Plan
Name
|
Number
of Years
Credited
Service
(#)
|
Present
Value of
Accumulated
Benefit
($)
|
Payments
During
Last
Fiscal Year
($)
|
Anthony
M. Bruno, Jr.
|
Executive
Supplemental
Retirement
Plan
|
4
|
187,094
|
-
|
|
·
|
$500,000
in base salary, to be paid within ten days of termination;
|
|
·
|
$19,896
in 401(k) benefits for one year following termination, assuming the
full
amount of Company matched payments and 4% in profit sharing payments,
consistent with past practice;
|
|
·
|
a
continuation of eligibility to participate in the medical insurance,
group
term life insurance benefits, and group disability benefits for one
year
following termination, with an estimated value of $17,106;
|
|
·
|
estimated
aggregate pre-tax payments pursuant to the Executive Supplemental
Retirement Plan of $1,679,835 to be paid in 15 annual installments
of
$111,989 beginning upon Mr. Bruno reaching age 65; and
|
|
·
|
immediate
lapse of restrictions on stock valued at $44,145 (based upon the
$16.35
closing market price of the Company's stock on December 31, 2007).
|
|
·
|
$500,000
in base salary, to be paid in installments at least twice a month
for the
one-year period following resignation; and
|
|
·
|
estimated
aggregate pre-tax payments pursuant to the Executive Supplemental
Retirement Plan of $489,180 to be paid in 15 annual installments
of
$32,612 beginning upon Mr. Bruno reaching age 65.
|
|
·
|
$1,250,000
(equal to 2.5 times Mr. Bruno's base salary of $500,000), to be paid
within ten days of termination;
|
|
·
|
$19,896
in 401(k) benefits for one year following termination, assuming the
full
amount of Company matched payments and 4% in profit sharing payments,
consistent with past practice;
|
|
·
|
a
continuation of medical insurance, group term life insurance benefits,
and
group disability benefits for one year following termination, with
an
estimated value of $17,106;
|
|
·
|
estimated
aggregate pre-tax payments pursuant to the Executive Supplemental
Retirement Plan of $1,679,835 to be paid in 15 annual installments
of
$111,989 beginning upon Mr. Bruno reaching age 65; and
|
|
·
|
immediate
lapse of restrictions on stock valued at $44,145 (based upon the
$16.35
closing market price of the Company's stock on December 31, 2007).
|
|
·
|
$210,000
in base salary (equal to one times base salary of $210,000), to be
paid
within ten days of termination; and
|
|
·
|
immediate
lapse of restrictions on stock valued at $14,715 (based upon the
$16.35
closing market price of the Company's stock on December 31, 2007).
|
|
·
|
$364,600
(equal to two times base salary of $182,300), to be paid upon termination;
or
|
|
·
|
$116,118
in aggregate annual payments, representing 6.42% of the total annual
pre-tax profit of HCC (based upon HCC's portfolio as it existed as
of
December 31, 2007, assumed to be $806,049), payable as follows: (i)
$51,748 by March 31, 2008; (ii) $36,602 by March 31, 2009; $21,457
by
March 31, 2010; and $6,311 by March 31, 2011.
|
|
·
|
$364,600
(equal to two times base salary of $182,300); or
|
|
·
|
$200,000
in base salary (equal to one times base salary of $200,000), to be
paid
within ten days of termination; and
|
|
·
|
immediate
vesting of stock options valued at $12,301 (based upon the $16.35
closing
market price of the Company's stock on December 31, 2007 and the
weighted
average exercise price of the stock options).
|
|
·
|
$400,000
in base salary (equal to two times base salary of $400,000), to be
paid
within ten days of termination; and
|
|
·
|
immediate
lapse of restrictions on stock valued at $181,583 (based upon the
$16.35
closing market price of the Company's stock on December 31, 2007).
|
Change
in Pension Value and Nonqualified Deferred
Compensation
Earnings
|
||||||||||||||||||||||||
Name
|
Fees
Earned
or
Paid
in
Cash
($)
|
Deferred
Compensation
(1)
($)
|
Deferred
Compensation
Plan
Accrued
(2)
($)
|
Change
in
Director
Emeritus
Plan
(3)
($)
|
Change
in
Director
Supplemental
Retirement
Plan
(4)
($)
|
Total
($)
|
||||||||||||||||||
M.
A. Bramante
|
29,900 | 13,338 | 5,564 | 2,995 | - | 51,797 | ||||||||||||||||||
William
T. Ferguson
|
23,200 | - | 9,237 | 12,856 | - | 45,293 | ||||||||||||||||||
Angelo
J. Genova
|
14,250 | - | - | - | - | 14,250 | ||||||||||||||||||
Robert
C. Soldoveri
|
43,000 | - | - | - | 5,187 | 48,187 | ||||||||||||||||||
Alfred
R. Urbano
|
44,300 | - | - | 10,610 | - | 54,910 | ||||||||||||||||||
Charles
J. Volpe
|
52,750 | 18,369 | 7,964 | - | - | 79,083 | ||||||||||||||||||
David
Waldman
|
23,200 | - | - | - | - | 23,200 |
(a)
|
Security
Ownership of Certain Beneficial Owners
|
Name
and Address of
Beneficial
Owner
|
Amount
of
Beneficial
Ownership
|
Percent
of Class
(2)
|
||
John
L. Soldoveri
55
Union Boulevard
Totowa,
NJ 07512
|
876,368
(1)
|
10.04%
|
(b)
|
Security
Ownership of Management and Directors
|
Name
of Beneficial Owner
|
Amount
and Nature of
Beneficial
Ownership*
|
Percent
of Class*
|
||
Alfred
R. Urbano
|
292,852
|
3.35%
|
||
Anthony
M. Bruno, Jr.
|
225,106 (a)
|
2.57%
|
||
M.
A. Bramante
|
120,362 (b)
|
1.38%
|
||
Charles
J. Volpe
|
110,867 (c)
|
1.27%
|
||
William
T. Ferguson
|
76,587 (d)
|
0.88%
|
||
David
Waldman
|
22,524 (e)
|
0.26%
|
||
Patricia
Arnold
|
11,699
|
0.13%
|
||
Mary
Smith
|
7,593 (f)
|
0.09%
|
||
Stephen
J. Mauger
|
6,986
|
0.08%
|
||
Robert
C. Soldoveri
|
5,514
|
0.06%
|
||
Roger
Tully
|
2,562
|
0.03%
|
||
Angelo
J. Genova
|
1,050 (g)
|
0.01%
|
||
All
directors and executive officers as a group
(13
in number including individuals named above) (h)
|
897,959
(a) - (h)
|
10.28%
|
*
|
Based
on shares issued and outstanding on February 15, 2008. Beneficially
owned
shares also includes shares (i) owned by a spouse, minor children
or by
relatives sharing the same home, (ii) owned by entities owned or
controlled by the named person and (iii) with respect to which the
named
person has the right to acquire such shares within 60 days by the
exercise
of any right or option. In accordance with SEC beneficial ownership
computation rules, the percentage of common stock beneficially owned
by a
person or group assumes the exercise of options held by such person
or
group but the nonexercise of options held by others.
|
(a)
|
Includes
25,086 shares in a self-directed IRA, 2,662.4036 shares based on
a
unitized value in a 401k and 13,263 held by spouse.
|
(b)
|
Includes
88,440 shares in self-directed IRA and 19,119 shares held by
spouse.
|
(c)
|
Includes
9,031 shares in IRA, 3,433 shares held through a partnership, 2,408
shares
held jointly with spouse and 2,062 shares held by spouse. Mr.
Volpe has pledged 47,000 shares of Company common stock in connection
with
borrowing from Greater Community Bank.
|
(d)
|
Includes
25,399 joint with spouse and 683 shares held by spouse.
|
(e)
|
Includes
5,357 shares held in IRA and 13,614 shares held by
spouse.
|
(f)
|
Includes
1,400.861 shares based on a unitized value in a 401k.
|
(g)
|
Shares
held in an IRA account.
|
(h)
|
Represents
the total for all directors and executive officers, including 35,946
shares subject to stock options to executive
officers.
|
(c)
|
Changes
in Control
|
(d)
|
Securities
Authorized for
Issuance Under Equity Compensation
Plans
|
Number
of securities
|
||||||
remaining
available
|
||||||
for
future issuance
|
||||||
Number
of securities to be
|
Weighted
average
|
under
equity
|
||||
issued
upon exercise of
|
exercise
price of
|
compensation
plans
|
||||
outstanding
options,
|
outstanding
options,
|
(excluding
securities
|
||||
warrants
and rights
|
warrants
and rights
|
reflected
in column (a))
(1)
|
||||
Plan
category
|
(a)
|
(b)
|
(c)
|
|||
Equity
compensation plans
|
||||||
approved
by security holders
|
124,314
|
$14.14
|
381,691
|
|||
Equity
compensation plans not
|
||||||
approved
by security holders
|
-
|
-
|
-
|
|||
Total
|
124,314
|
$14.14
|
381,691
|
|||
(1)
|
The
Company’s equity plans have a total of 381,691 securities remaining for
future issuance as options or restricted shares, of which a maximum
of
82,289 securities may be in the form of restricted shares.
|
(in
thousands)
|
Years
Ended December 31,
|
|||||||
2007
|
2006
|
|||||||
Audit
fees
(1)
|
$ | 246 | $ | 267 | ||||
Audit-related
fees
(2)
|
31 | 18 | ||||||
Tax
fees
(3)
|
24 | 54 | ||||||
Total
fees
|
$ | 301 | $ | 339 |
|
(1)
|
For
professional services provided in connection with the integrated
audit of
the Company’s annual financial statements, attestation of management’s
assessment of internal control over financial reporting and reviews
of
interim financial statements.
|
|
(2)
|
For
professional services provided in connection with audits of the 401(k)
plan and audit-related services provided in connection with statutory
or
regulatory filings and, in 2007, review of audit work papers of an
unrelated entity.
|
|
(3)
|
For
2007, fees for professional services provided in connection with
miscellaneous tax research and consulting. For 2006, fees for professional
services provided in connection with tax preparation and miscellaneous
tax
research and consulting.
|
(b)
|
Exhibits.
An Exhibit Index has been filed as part of this Report and is incorporated
herein by reference. The exhibits are being filed with the SEC but
are not
part of the annual report sent to stockholders.
|
Greater
Community Bancorp
(“registrant”)
|
||
Date: March
12, 2008
|
BY:
|
/s/
Anthony M. Bruno,,
Jr.
|
Anthony
M. Bruno, Jr.
Chairman,
President and CEO
(Principal
Executive Officer)
|
||
Date: March
12, 2008
|
BY:
|
/s/
Stephen J. Mauger
|
Stephen
J. Mauger
Senior
Vice President, Treasurer and Chief Financial Officer
(Principal
Financial and Accounting
Officer)
|
Date: March
12, 2008
|
BY:
|
/s/
Anthony M. Bruno,
Jr
.
|
Anthony
M. Bruno, Jr.
Chairman,
President & CEO
|
||
Date: March
12, 2008
|
BY:
|
/s/
M. A. Bramante
|
M.
A. Bramante
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
William T. Ferguson
|
William
T. Ferguson
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
Angelo J. Genova
|
Angelo
J. Genova
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
Robert C. Soldoveri
|
Robert
C. Soldoveri
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
Alfred R. Urbano
|
Alfred
R. Urbano
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
Charles J. Volpe
|
Charles
J. Volpe
Director
|
||
Date: March
12, 2008
|
BY:
|
/s/
David
Waldman
|
David
Waldman
Director
|
No.
|
Description
|
||
2.1
|
Agreement
and Plan of Merger between Oritani Financial Corp. and Greater Community
Bancorp dated November 13, 2007 (incorporated by reference to Exhibit
2.1
to Form 8-K filed on November 15, 2007)
|
||
3.1
|
Restated
Certificate of Incorporation of the Company (incorporated by reference
to
Exhibit 3.4 to Form 10-QSB filed on August 14, 1998)
|
||
3.2
|
Bylaws
of the Company as amended and restated effective November 21, 2006
(incorporated by reference to Exhibit 3.3 to Form 8-K filed on November
22, 2006)
|
||
4.1
|
Junior
Subordinated Indenture between Greater Community Bancorp and Wilmington
Trust Company as Trustee, dated July 2, 2007 (incorporated by reference
to
Exhibit 4.7 to Form 10-Q filed on August 9, 2007)
|
||
4.2
|
Amended
and Restated Trust Agreement among Greater Community Bancorp as Depositor,
Wilmington Trust Company as Property Trustee, Wilmington Trust Company
as
Delaware Trustee and the Administrative Trustees named therein, dated
July
2, 2007 (incorporated by reference to Exhibit 4.8 to Form 10-Q filed
on
August 9, 2007)
|
||
4.3
|
Guarantee
Agreement between Greater Community Bancorp as Guarantor and Wilmington
Trust Company as Guarantee Trustee, dated July 2,
2007 (incorporated by reference to Exhibit 4.9 to Form 10-Q
filed on August 9, 2007)
|
||
4.4
|
Purchase
Agreement among Greater Community Bancorp, GCB Capital Trust III
and TWE,
Ltd. as Purchaser, dated July 2, 2007 (incorporated by reference
to
Exhibit 4.10 to Form 10-Q filed on August 9, 2007)
|
||
10.1
|
*
|
Executive
Supplemental Retirement Income Agreement for George E. Irwin dated
as of
January 1, 1999 among Great Falls Bank, George E. Irwin and Greater
Community Bancorp (as guarantor) (incorporated by reference to Exhibit
10.4 to Form 10-K for the year ended December 31, 1999)
|
|
10.2
|
*
|
Greater
Community Bancorp 2001 Employee Stock Option Plan Adopted February
20,
2001 (incorporated by reference to Exhibit 10.6 to Form 10-K for
the year
ended December 31, 2000)
|
|
10.3
|
*
|
Greater
Community Bancorp 2001 Stock Option Plan for Nonemployee Directors
Adopted
February 20, 2001 (incorporated by reference to Exhibit 10.7 to Form
10-K
for the year ended December 31, 2000)
|
|
10.4
|
*
|
Amended
Employment Agreement of George E. Irwin dated August 1, 2003 (incorporated
by reference to Exhibit 10.8 to Form 8-K filed on August 1,
2003)
|
|
10.5
|
*
|
Executive
Supplemental Retirement Income Agreement for Anthony M. Bruno, Jr.
dated
as of February 1, 2004 among Greater Community Bank, Anthony M. Bruno,
Jr.
and Greater Community Bancorp (as guarantor) (incorporated by reference
to
Exhibit 10.9 to Form 10-Q filed on May 10, 2004)
|
|
10.6
|
*
|
Amended
Employment and Waiver Agreement of George E. Irwin dated December
20, 2004
(incorporated by reference to Exhibit 10.10 to Form 8-K filed on
December
22, 2004)
|
|
10.7
|
*
|
Employment
Agreement of Anthony M. Bruno, Jr. dated March 2, 2005 (incorporated
by
reference to Exhibit 10.11 to Form 8-K filed on March 8,
2005)
|
|
10.8
|
*
|
Separation
and Release Agreement of Erwin D. Knauer dated December 31, 2004
(incorporated by reference to Exhibit 10.13 to Form 10-Q filed on
May 9,
2005)
|
|
10.9
|
*
|
Employment
Agreement of C. Mark Campbell as of July 31, 2006 (incorporated by
reference to Exhibit 10.14 to Form 8-K filed on July 11,
2006)
|
|
10.10
|
*
|
Amendment
No. 1 to Employment Agreement of Anthony M. Bruno, Jr. as of August
15,
2006 (incorporated by reference to Exhibit 10.15 to Form 8-K filed
on
August 21, 2006)
|
|
10.11
|
*
|
Amendment
No. 2 to Employment Agreement of Anthony M. Bruno, Jr. as of December
20,
2006 (incorporated by reference to Exhibit 10.16 to Form 8-K filed
on
December 27, 2006)
|
|
10.12
|
*
|
Greater
Community Bancorp 2006 Long-Term Stock Compensation Plan Adopted
April 18,
2006 (incorporated by reference to Exhibit 99 to Form S-8 Registration
Statement filed by Greater Community Bancorp under the Securities
Act of
1933, Registration No. 333-134205, filed on May 17, 2006)
|
|
10.13
|
*
|
Form
of Restricted Stock Granting Agreement under Greater Community Bancorp
2006 Long-Term Stock Compensation Plan (incorporated by reference
to
Exhibit 10.17 to Form 8-K filed on December 27, 2006)
|
No.
|
Description
|
||
10.14
|
*
|
Form
of Stock Option Granting Agreement under Greater Community Bancorp
2006
Long-Term Stock Compensation Plan (incorporated by reference to
Exhibit
10.18 to Form 8-K filed on December 27, 2006)
|
|
10.15
|
*
|
Employment
Agreement of Mary Smith dated January 1, 2005 between Greater
Community Bank and Mary Smith
|
|
10.16
|
*
|
Amendment
No. 1 to Employment Agreement of Mary Smith dated August 7,
2007 between Greater Community Bank and Mary Smith
(incorporated by reference to Exhibit 10.16 to Form 10-Q filed
on November
2, 2007)
|
|
10.17
|
*
|
Non-Compete
Agreement of Anthony M. Bruno, Jr. as of November 13, 2007 among
Oritani
Financial Corp., Oritani Savings Bank and Anthony M. Bruno, Jr.
(incorporated by reference to Exhibit 10.1 to Form 8-K filed on
November
15, 2007)
|
|
10.18
|
*
|
Change
in Control, Confidentiality and Non-Compete Agreement of Stephen
J. Mauger
dated November 13, 2007 among Greater Community Bancorp, Greater
Community
Bank and Stephen J. Mauger (incorporated by reference to
Exhibit 10.2 to Form 8-K filed on November 15, 2007)
|
|
|
*
|
Change
in Control, Confidentiality and Non-Compete Agreement of Roger
Tully dated
November 13, 2007 among Greater Community Bancorp, Greater Community
Bank
and Roger Tully
|
|
|
*
|
Change
in Control, Confidentiality and Non-Compete Agreement of Patricia
Arnold
dated November 12, 2007 among Greater Community Bancorp, Greater
Community
Bank and Patricia Arnold
|
|
|
*
|
Executive
Retention Agreement of Roger Tully dated November 13, 2007 among
Greater
Community Bank, Oritani Savings Bank and Roger Tully
|
|
|
*
|
Executive
Retention Agreement of Roger Tully dated November 13, 2007 among
Greater
Community Bank, Oritani Financial Corp. and Roger Tully
|
|
10.23
|
*
|
Amendment
No. 2 to Employment Agreement of Mary Smith dated February 14,
2008
between Greater Community Bank and Mary Smith (incorporated by
reference to Exhibit 10.1 to Form 8-K filed on February 15,
2008)
|
|
|
*
|
Executive
Retention Agreement of Stephen J. Mauger dated March 10, 2008 among
Greater Community Bank, Oritani Savings Bank and Stephen J.
Mauger
|
|
|
Subsidiaries
of Registrant
|
||
|
Consent
of McGladrey and Pullen, LLP
|
||
|
Certification
of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a)
and Section 302 of the Sarbanes-Oxley Act of 2002
|
||
|
Certification
of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a)
and Section 302 of the Sarbanes-Oxley Act of 2002
|
||
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant
to by Rule
13a-14(b) or Rule 15d-14(b) and Section 906 of the Sarbanes-Oxley
Act of
2002, 18 U.S.C. Section 1350
|
||
*
|
Designates
management or compensatory agreements, plans or arrangements required
to
be filed as exhibits pursuant to Item 15(b) of Form 10-K.
|
1 Year Greater Community Bancorp Chart |
1 Month Greater Community Bancorp Chart |
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