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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lincoln Bancorp Ind (MM) | NASDAQ:LNCB | 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% | 15.12 | 0 | 01:00:00 |
ý
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES
EXCHANGE ACT OF 1934
|
|
|
|
For
the quarterly period ended September 30, 2007
|
|
|
|
OR
|
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES
EXCHANGE ACT OF 1934
|
|
|
|
For
the transition period from ________________ to
________________
|
Indiana
|
|
35-2055553
|
(State
or other jurisdiction of incorporation or organization)
|
|
(I.R.S.
Employer Identification No.)
|
|
|
|
905
Southfield Drive, Plainfield, Indiana
|
|
46168
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
|
Page
No.
|
FORWARD-LOOKING
STATEMENTS
|
3
|
PART I.
FINANCIAL INFORMATION
|
4
|
Item
1. Financial Statements
|
4
|
Consolidated
Condensed Balance Sheets
|
4
|
Consolidated
Condensed Statements of Operations
|
5
|
Consolidated
Condensed Statements of Comprehensive Income
|
6
|
Consolidated
Condensed Statement of Shareholders’ Equity
|
7
|
Consolidated
Condensed Statements of Cash Flows
|
8
|
Notes
to Unaudited Consolidated Condensed Financial Statements
|
10
|
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
12
|
Item
3. Quantitative and Qualitative Disclosures about Market
Risk
|
18
|
Item
4. Controls and Procedures
|
19
|
PART
II. OTHER INFORMATION
|
|
Item
1. Legal Proceedings
|
19
|
Item
1A. Risk Factors
|
19
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
19
|
Item
3. Defaults Upon Senior Securities
|
19
|
Item
4. Submission of Matters to a Vote of Security Holders
|
19
|
Item
5. Other Information
|
20
|
Item
6. Exhibits
|
20
|
SIGNATURES
|
21
|
EXHIBIT
INDEX
|
21
|
September
30, 2007
(Unaudited)
|
December 31,
2006
|
|||||||
Assets
|
||||||||
Cash
and due from banks
|
$ |
3,202,406
|
$ |
4,457,257
|
||||
Interest-bearing
demand deposits in other banks
|
5,414,588
|
13,951,460
|
||||||
Cash
and cash equivalents
|
8,616,994
|
18,408,717
|
||||||
Investment
securities available for sale
|
158,071,680
|
151,237,001
|
||||||
Loans
held for sale
|
2,602,999
|
3,713,010
|
||||||
Loans,
net of allowance for loan losses of $6,281,904 and
$6,129,069
|
635,690,240
|
629,283,375
|
||||||
Premises
and equipment
|
16,270,314
|
14,296,685
|
||||||
Investments
in limited partnerships
|
1,216,463
|
1,252,091
|
||||||
Federal
Home Loan Bank stock
|
8,808,200
|
8,808,200
|
||||||
Interest
receivable
|
5,329,333
|
4,785,639
|
||||||
Goodwill
|
23,906,877
|
23,906,877
|
||||||
Core
deposit intangible
|
2,289,622
|
2,690,255
|
||||||
Cash
value of life insurance
|
20,807,539
|
20,171,426
|
||||||
Other
assets
|
5,763,130
|
4,989,513
|
||||||
Total
assets
|
$ |
889,373,391
|
$ |
883,542,789
|
||||
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$ |
50,058,690
|
$ |
51,062,255
|
||||
Interest-bearing
|
628,126,342
|
604,601,833
|
||||||
Total
deposits
|
678,185,032
|
655,664,088
|
||||||
Securities
sold under repurchase agreements
|
15,493,945
|
16,863,656
|
||||||
Borrowings
|
87,207,522
|
103,608,175
|
||||||
Interest
payable
|
2,532,503
|
2,460,498
|
||||||
Other
liabilities
|
7,295,755
|
5,646,466
|
||||||
Total
liabilities
|
790,714,757
|
784,242,883
|
||||||
|
||||||||
Commitments
and Contingencies
|
||||||||
|
||||||||
Shareholders’
Equity
|
||||||||
Common
stock, without par value
|
||||||||
Authorized
- 20,000,000 shares
|
||||||||
Issued
and outstanding - 5,363,821 and 5,329,687 shares
|
62,482,787
|
62,020,927
|
||||||
Retained
earnings
|
40,003,051
|
41,035,822
|
||||||
Accumulated
other comprehensive loss
|
(1,255,569 | ) | (961,453 | ) | ||||
Unearned
employee stock ownership plan (ESOP) shares
|
(2,571,635 | ) | (2,795,390 | ) | ||||
Total
shareholders’ equity
|
98,658,634
|
99,299,906
|
||||||
Total
liabilities and shareholders’ equity
|
$ |
889,373,391
|
$ |
883,542,789
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September 30,
|
|||||||||||||||
Interest
Income
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Loans
receivable, including fees
|
$ |
11,083,024
|
$ |
10,830,701
|
$ |
33,052,347
|
$ |
30,933,635
|
||||||||
Investment
securities
|
2,372,435
|
2,129,479
|
6,592,902
|
6,188,919
|
||||||||||||
Deposits
with financial institutions
|
46,618
|
58,044
|
362,849
|
401,601
|
||||||||||||
Dividend
income
|
99,092
|
93,959
|
301,910
|
369,811
|
||||||||||||
Total
interest and dividend income
|
13,601,169
|
13,112,183
|
40,310,008
|
37,893,966
|
||||||||||||
Interest
Expense
|
||||||||||||||||
Deposits
|
6,953,434
|
6,274,287
|
20,465,869
|
16,988,067
|
||||||||||||
Short-term
borrowings
|
161,272
|
152,114
|
478,439
|
330,675
|
||||||||||||
Federal
Home Loan Bank advances
|
985,701
|
1,155,650
|
3,167,958
|
3,725,357
|
||||||||||||
Total
interest expense
|
8,100,407
|
7,582,051
|
24,112,266
|
21,044,099
|
||||||||||||
Net
Interest Income
|
5,500,762
|
5,530,132
|
16,197,742
|
16,849,867
|
||||||||||||
Provision
for loan losses
|
150,000
|
119,993
|
457,000
|
621,744
|
||||||||||||
Net
Interest Income After Provision for Loan Losses
|
5,350,762
|
5,410,139
|
15,740,742
|
16,228,123
|
||||||||||||
Other
Income
|
||||||||||||||||
Service
charges on deposit accounts
|
620,574
|
558,813
|
1,806,786
|
1,600,506
|
||||||||||||
Net
realized and unrealized gains (losses) on loans held for
sale
|
216,800
|
179,236
|
(956,339 | ) |
301,181
|
|||||||||||
Net
realized gains (losses) on sales of securities
|
13,896
|
--
|
(39,055 | ) |
3,697
|
|||||||||||
Point
of sale income
|
238,224
|
183,439
|
665,872
|
533,334
|
||||||||||||
Loan
servicing fees
|
97,802
|
81,159
|
250,218
|
257,132
|
||||||||||||
Increase
in cash value of life insurance
|
213,484
|
168,558
|
636,113
|
495,176
|
||||||||||||
Gain
on termination of forward commitment
|
--
|
--
|
358,750
|
--
|
||||||||||||
Other
income
|
176,337
|
254,633
|
558,331
|
738,309
|
||||||||||||
Total
other income
|
1,577,117
|
1,425,838
|
3,280,676
|
3,929,335
|
||||||||||||
Other
Expenses
|
||||||||||||||||
Salaries
and employee benefits
|
3,008,489
|
2,947,216
|
9,173,911
|
8,593,032
|
||||||||||||
Net
occupancy expenses
|
632,397
|
491,522
|
1,768,928
|
1,517,833
|
||||||||||||
Equipment
expenses
|
420,214
|
368,845
|
1,265,076
|
1,124,654
|
||||||||||||
Data
processing fees
|
697,751
|
538,816
|
1,904,014
|
1,736,984
|
||||||||||||
Professional
fees
|
329,251
|
268,122
|
650,281
|
704,068
|
||||||||||||
Director
and committee fees
|
102,036
|
101,863
|
315,028
|
328,449
|
||||||||||||
Advertising
and business development
|
299,970
|
257,632
|
878,475
|
596,356
|
||||||||||||
Core
deposit intangible amortization
|
126,173
|
145,554
|
400,633
|
469,995
|
||||||||||||
Other
expenses
|
714,759
|
609,072
|
2,106,250
|
1,947,699
|
||||||||||||
Total
other expenses
|
6,331,040
|
5,728,642
|
18,462,596
|
17,019,030
|
||||||||||||
Income
Before Income Tax
|
596,839
|
1,107,335
|
558,822
|
3,138,428
|
||||||||||||
Income
ta
x
expense
(benefit)
|
75,705
|
267,057
|
(340,414 | ) |
733,272
|
|||||||||||
Net
Income
|
$ |
521,134
|
$ |
840,278
|
$ |
899,236
|
$ |
2,405,156
|
||||||||
Basic
Earnings per Share
|
$ |
0.10
|
$ |
0.17
|
$ |
0.18
|
$ |
0.48
|
||||||||
Diluted
Earnings per Share
|
$ |
0.10
|
$ |
0.16
|
$ |
0.17
|
$ |
0.47
|
||||||||
Dividends
per Share
|
$ |
0.14
|
$ |
0.14
|
$ |
0.42
|
$ |
0.42
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
Income
|
$ |
521,134
|
$ |
840,278
|
$ |
899,236
|
$ |
2,405,156
|
||||||||
Other
comprehensive income (loss), net of tax
|
||||||||||||||||
Unrealized
gains/(losses) on securities available for sale
|
||||||||||||||||
Unrealized
holding gains/(losses) arising during the period, net of tax expense/
(benefit) of $330,331, $847,718, $(163,404), and
$(13)
|
519,852
|
1,494,721
|
(350,937 | ) | (6,522 | ) | ||||||||||
Less:
Reclassification adjustment for realized gains (losses) included
in net
income, net of tax expense (benefit) of 4,949, -0- , $620 and
$1,257
|
8,947
|
-0-
|
(39,675 | ) |
2,440
|
|||||||||||
Reclassification
adjustment for amortization of additional pension liability recognized
in
expense under FAS 158, net of tax benefit of $3,747, -0-, 11,241
and
-0-
|
5,715
|
-0-
|
17,145
|
-0-
|
||||||||||||
516,620
|
1,494,721
|
(294,117 | ) | (8,962 | ) | |||||||||||
Comprehensive
income
|
$ |
1,037,754
|
2,334,999
|
$ |
605,119
|
$ |
2,396,194
|
Common
Stock
|
Accumulated
Other
|
|||||||||||||||||||||||
|
Shares
Outstanding
|
Amount
|
Retained
Earnings
|
Comprehensive
Loss
|
Unearned
ESOP
Shares
|
Total
|
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Balances,
January 1, 2007
|
5,329,687
|
$ |
62,020,927
|
$ |
41,035,822
|
$ | (961,453 | ) | $ | (2,795,390 | ) | $ |
99,299,906
|
|||||||||||
|
||||||||||||||||||||||||
Net
income for the period
|
899,236
|
899,236
|
||||||||||||||||||||||
Unrealized
losses on securities, net of reclassification adjustment
|
(311,261 | ) | (311,261 | ) | ||||||||||||||||||||
Purchase
of common stock
|
(7,937 | ) | (148,950 | ) | (148,950 | ) | ||||||||||||||||||
Stock
options exercised
|
42,071
|
525,888
|
525,888
|
|||||||||||||||||||||
Stock
option expense
|
24,450
|
24,450
|
||||||||||||||||||||||
ESOP
shares earned
|
188,443
|
223,755
|
412,198
|
|||||||||||||||||||||
Amortization
of unearned compensation expense
|
60,472
|
13,285
|
73,757
|
|||||||||||||||||||||
Amortization
of additional pension liability recognized under FAS 158
|
17,145
|
17,145
|
||||||||||||||||||||||
Cash
dividends ($.42 per share)
|
(2,133,735 | ) | (2,133,735 | ) | ||||||||||||||||||||
|
||||||||||||||||||||||||
Balances,
September 30, 2007
|
5,363,821
|
$ |
62,482,787
|
$ |
40,003,051
|
$ | (1,255,569 | ) | $ | (2,571,635 | ) | $ |
98,658,634
|
|
Nine
Months Ended
|
|||||||
|
September
30,
|
|||||||
|
2007
|
2006
|
||||||
Operating
Activities
|
|
|
||||||
Net
income
|
$ |
899,236
|
$ |
2,405,156
|
||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities
|
||||||||
Provision
for loan losses
|
457,000
|
621,744
|
||||||
Investment
securities accretion, net
|
14,237
|
19,987
|
||||||
Investment
securities (gains) losses
|
39,055
|
(3,697 | ) | |||||
Loans
originated for sale
|
(49,451,960 | ) | (30,356,061 | ) | ||||
Proceeds
from sale of loans and payments received on loans held for
sale
|
52,715,209
|
29,166,690
|
||||||
Net
realized and unrealized (gains) losses on loans held for
sale
|
956,339
|
(301,181 | ) | |||||
Amortization
of net loan origination costs
|
482,814
|
449,767
|
||||||
Amortization
of purchase accounting adjustments
|
246,004
|
192,308
|
||||||
Depreciation
and amortization
|
1,307,238
|
1,336,721
|
||||||
Amortization
of unearned compensation expense
|
73,757
|
83,477
|
||||||
ESOP
shares earned
|
412,198
|
414,248
|
||||||
Net
change in:
|
||||||||
Interest
receivable
|
(543,694 | ) | (389,527 | ) | ||||
Interest
payable
|
72,005
|
394,567
|
||||||
Other
adjustments
|
607,743
|
502,078
|
||||||
Net
cash provided by operating activities
|
8,287,181
|
4,536,277
|
||||||
|
||||||||
Investing
Activities
|
||||||||
Purchases
of securities available for sale
|
(65,544,811 | ) | (24,029,192 | ) | ||||
Proceeds
from sales of securities available for sale
|
14,892,178
|
211,577
|
||||||
Proceeds
from maturities of securities available for sale
|
13,202,056
|
14,427,604
|
||||||
Proceeds
from sales of securities held for trading
|
66,982,682
|
--
|
||||||
Proceeds
from maturities of securities held for trading
|
402,552
|
--
|
||||||
Net
change in loans
|
(48,227,524 | ) | (38,271,182 | ) | ||||
Redemption
of Federal Home Loan Bank of Indianapolis stock
|
--
|
1,194,200
|
||||||
Purchases
of property and equipment
|
(3,309,014 | ) | (835,212 | ) | ||||
Proceeds
from sales of foreclosed real estate
|
308,951
|
997,950
|
||||||
Other
investing activities
|
2,804
|
(1,100 | ) | |||||
Net
cash used in investing activities
|
(21,290,126 | ) | (46,305,355 | ) | ||||
|
||||||||
Financing
Activities
|
||||||||
Net
change in
|
||||||||
Noninterest-bearing,
interest-bearing demand, money market and savings deposits
|
4,492,093
|
28,071,033
|
||||||
Certificates
of deposit
|
18,082,349
|
48,321,623
|
||||||
Short
term borrowings
|
(1,369,711 | ) |
3,569,780
|
|||||
Proceeds
from FHLB advances
|
271,492,806
|
92,550,000
|
||||||
Repayment
of FHLB advances
|
(287,882,806 | ) | (129,550,000 | ) | ||||
Dividends
paid
|
(2,128,956 | ) | (2,133,304 | ) | ||||
Purchase
of common stock
|
(148,950 | ) | (379,000 | ) | ||||
Exercise
of stock options
|
525,888
|
188,355
|
||||||
Net
change in advances by borrowers for taxes and insurance
|
148,509
|
671,404
|
||||||
Net
cash provided by financing activities
|
3,211,222
|
41,309,891
|
||||||
|
Net
Change in Cash and Cash Equivalents
|
(9,791,723 | ) | (459,187 | ) | ||||
|
||||||||
Cash
and Cash Equivalents, Beginning of Period
|
18,408,717
|
16,735,797
|
||||||
|
||||||||
Cash
and Cash Equivalents, End of Period
|
$ |
8,616,994
|
$ |
16,276,610
|
||||
Additional
Cash Flows and Supplementary Information
|
||||||||
Interest
paid
|
$ |
24,040,261
|
$ |
20,649,532
|
||||
Income
tax paid
|
--
|
780,000
|
||||||
Loan
balances transferred to foreclosed real estate
|
230,175
|
1,034,428
|
||||||
Transfer
of loans to held for sale loans - net
|
40,741,148
|
--
|
||||||
Transfer
of investment securities available for sale to trading
securities
|
29,718,011
|
--
|
||||||
Securitization
of loans
|
37,297,938
|
--
|
|
|
Three
Months Ended
September
30, 2007
|
|
Three
Months Ended
September
30 , 2006
|
|
||||||||||||||
|
|
Income
|
|
Weighted
Average Shares
|
|
Per
Share Amount
|
|
Income
|
|
Weighted
Average Shares
|
|
Per
Share Amount
|
|
||||||
Basic
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income
available to common shareholders
|
|
$
|
521,134
|
|
5,063,477
|
|
$
|
.
10
|
$
|
840,278
|
|
|
5,044,820
|
|
$
|
.
17
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect
of dilutive RRP awards and stock options
|
|
|
|
|
|
88,883
|
|
|
|
|
|
|
|
|
125,577
|
|
|
|
|
Diluted
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
available to common shareholders and assumed conversions
|
|
$
|
521,134
|
|
5,152,360
|
|
$
|
.
10
|
$
|
840,278
|
|
|
5,170,397
|
|
$
|
.
16
|
|
|
|
Nine
Months Ended
September
30, 2007
|
|
Nine
Months Ended
September
30, 2006
|
|
||||||||||||||
|
|
Income
|
|
Weighted
Average Shares
|
|
Per
Share Amount
|
|
Income
|
|
Weighted
Average Shares
|
|
Per
Share Amount
|
|
||||||
Basic
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income
available to common shareholders
|
|
$
|
899,236
|
|
5,049,746
|
|
$
|
.18
|
$
|
2,405,156
|
|
|
5,044,712
|
|
$
|
.
48
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect
of dilutive RRP awards and stock options
|
|
|
|
|
|
123,151
|
|
|
|
|
|
|
|
|
122,819
|
|
|
|
|
Diluted
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
available to common shareholders and assumed conversions
|
|
$
|
899,236
|
|
5,172,897
|
|
$
|
.17
|
$
|
2,405,156
|
|
|
5,167,531
|
|
$
|
.
47
|
|
Restructuring
item
|
Included
in income
statement
line
|
Quarter
ending June 30, 2007
|
Quarter
ending March 31, 2007
|
Year-to-date
September 30, 2007
|
|||||||||
Loans–
loss on mark-to market and reclassification to securities
|
Net
gains (losses) on loans held for sale
|
$ | (752,776 | ) | $ | (1,327,359 | ) | $ | (2,080,135 | ) | |||
Loans
securitized and sold – establish mortgage servicing right
|
Net
gains (losses) on loans held for sale
|
296,352
|
-0-
|
296,352
|
|||||||||
Subtotal
|
Net
gains (losses) on loans held for sale
|
(456,424 | ) | (1,327,359 | ) | (1,783,783 | ) | ||||||
Sale
of securitized mortgage loan security
|
Net
realized gains (losses) on sales of securities
|
303,100
|
-0-
|
303,100
|
|||||||||
Gains
(losses) on trading securities
|
Net
realized gains (losses) on sales of securities
|
62,670
|
(418,723 | ) | (356,053 | ) | |||||||
Income
related to forward sale contract termination
|
Gain
on termination of forward commitment
|
358,750
|
-0-
|
358,750
|
|||||||||
Subtotal
of restructuring effect on pre-tax net income
|
268,096
|
(1,746,082 | ) | (1,477,986 | ) | ||||||||
Tax
effect on above transactions
|
103,276
|
(671,944 | ) | (568,668 | ) | ||||||||
Net
income effect of restructuring
|
$ |
164,820
|
$ | (1,074,138 | ) | $ | (909,318 | ) |
Actual
|
For
Capital Adequacy Purposes
|
To
Be Well Capitalized Under Prompt Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of June 30, 2007
|
||||||||||||||||||||||||
Total
Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ |
79,344
|
11.2 | % | $ |
56,643
|
8.0 | % |
N/A
|
|||||||||||||||
Bank
|
77,696
|
11.0
|
56,532
|
8.0
|
$ |
70,665
|
10.0 | % | ||||||||||||||||
Tier
I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
73,061
|
10.3
|
28,322
|
4.0
|
N/A
|
|||||||||||||||||||
Bank
|
71,414
|
10.1
|
28,266
|
4.0
|
42,399
|
6.0
|
||||||||||||||||||
Tier
I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
73,061
|
8.5
|
34,426
|
4.0
|
N/A
|
|||||||||||||||||||
Bank
|
71,414
|
8.3
|
34,363
|
4.0
|
42,954
|
5.0
|
Economic
Value
|
||||||||||||||||
|
|
Present
Value at September 30, 2007
Change
in Interest Rates of:
|
|
|||||||||||||
|
|
-2%
|
|
-1%
|
|
Current
|
|
+1%
|
|
+2%
|
|
|||||
|
|
(In
Thousands)
|
|
|||||||||||||
Interest
Sensitive Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
|
$
|
171,211
|
|
$
|
169,866
|
|
$
|
166,467
|
|
$
|
160,542
|
|
$
|
154,059
|
|
Loans
|
|
|
654,792
|
|
|
645,532
|
|
|
635,624
|
|
|
626,757
|
|
|
619,029
|
|
Total
interest sensitive assets
|
|
|
826,003
|
|
|
815,398
|
|
|
802,091
|
|
|
787,299
|
|
|
773,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Sensitive Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
(683,932
|
)
|
|
(677,411
|
)
|
|
(670,235
|
)
|
|
(662,462
|
)
|
|
(655,238
|
)
|
Borrowings
and repurchase agreements
|
|
|
(106,580
|
)
|
|
(104,558
|
)
|
|
(103,189
|
)
|
|
(102,111
|
)
|
|
(101,483
|
)
|
Total
interest sensitive liabilities
|
|
|
(789,512
|
)
|
|
(781,969
|
)
|
|
(773,424
|
)
|
|
(764,573
|
)
|
|
(756,721
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
market value as of June 30, 2007
|
|
$
|
36,491
|
|
$
|
33,429
|
|
$
|
28,667
|
|
$
|
22,726
|
|
$
|
16,367
|
|
Change
from current
|
|
$
|
7,824
|
|
$
|
4,762
|
$
|
---
|
|
$
|
(5,941
|
)
|
$
|
(12,300
|
)
|
Economic
Value
|
||||||||||||||||||||
|
Present
Value at December 31, 2006
Change
in Interest Rates of:
|
|||||||||||||||||||
|
-2 | % | -1 | % |
Current
|
+1 | % | +2 | % | |||||||||||
|
(In
Thousands)
|
|||||||||||||||||||
Interest
Sensitive Assets
|
|
|||||||||||||||||||
Investments
|
$ |
164,398
|
$ |
162,623
|
$ |
160,045
|
$ |
154,521
|
$ |
148,496
|
||||||||||
Loans
|
645,847
|
637,404
|
624,753
|
608,960
|
592,438
|
|||||||||||||||
Total
interest sensitive assets
|
810,245
|
800,027
|
784,798
|
763,481
|
740,934
|
|||||||||||||||
|
||||||||||||||||||||
Interest
Sensitive Liabilities
|
||||||||||||||||||||
Deposits
|
(640,002 | ) | (629,328 | ) | (619,314 | ) | (609,910 | ) | (601,070 | ) | ||||||||||
Borrowings
and repurchase agreements
|
(127,439 | ) | (123,547 | ) | (120,660 | ) | (118,874 | ) | (118,014 | ) | ||||||||||
Total
interest sensitive liabilities
|
(767,441 | ) | (752,875 | ) | (739,974 | ) | (728,784 | ) | (719,084 | ) | ||||||||||
|
||||||||||||||||||||
Net
market value as of December 31, 2006
|
$ |
42,804
|
$ |
47,152
|
$ |
44,824
|
$ |
34,697
|
$ |
21,850
|
||||||||||
Change
from current
|
$ | (2,020 | ) | $ |
2,328
|
$ |
---
|
$ | (10,127 | ) | $ | (22,974 | ) |
10(1)
|
Unfunded
Deferred Compensation Plan for the Directors of Lincoln Bank
(as amended
and restated effective January 1, 2005)
|
10(2)
|
Lincoln
Bank Deferred Director Supplemental Retirement Plan (as amended
and
restated effective January 1, 2005)
|
10(3)
|
Amended
and Restated Employment Agreement (Jerry R. Engle)
|
10(4)
|
Amended
and Restated Employment Agreement (John B. Ditmars)
|
10(5)
|
Amended
and Restated Employment Agreement (Jonathan D.
Slaughter)
|
10(6)
|
Amended
and Restated Employment Agreement (John M. Baer)
|
10(7)
|
Amended
and Restated Employment Agreement (Bryan Mills)
|
10(8)
|
Amended
and Restated Change in Control Agreement (J. Douglas
Bennett)
|
|
|
LINCOLN
BANCORP
|
|
|
|
Date: November
9, 2007
|
By:
|
/s/
Jerry R. Engle
|
|
|
Jerry
R. Engle
|
|
|
President
and Chief Executive Officer
|
|
|
|
|
|
|
Date: November
9, 2007
|
By:
|
/s/
John M. Baer
|
|
|
John
M. Baer
|
|
|
Secretary
and Treasurer
|
No.
|
|
Description
|
|
Location
|
10(1)
|
Unfunded
Deferred Compensation Plan for the Directors of Lincoln Bank
(as amended
and restated effective January 1, 2005)
|
Incorporated
by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on
September 20, 2007
|
||
10(2)
|
Lincoln
Bank Deferred Director Supplemental Retirement Plan (as amended
and
restated effective January 1, 2005)
|
Incorporated
by reference to Exhibit 10.2 to the Registrant’s Form 8-K filed on
September 20, 2007
|
||
10(3)
|
Amended
and Restated Employment Agreement (Jerry R. Engle)
|
Incorporated
by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
10(4)
|
Amended
and Restated Employment Agreement (John B. Ditmars)
|
Incorporated
by reference to Exhibit 10.2 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
10(5)
|
Amended
and Restated Employment Agreement (Jonathan D. Slaughter)
|
Incorporated
by reference to Exhibit 10.3 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
10(6)
|
Amended
and Restated Employment Agreement (John M. Baer)
|
Incorporated
by reference to Exhibit 10.4 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
10(7)
|
Amended
and Restated Employment Agreement (Bryan Mills)
|
Incorporated
by reference to Exhibit 10.5 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
10(8)
|
Amended
and Restated Change in Control Agreement (J. Douglas
Bennett)
|
Incorporated
by reference to Exhibit 10.6 to the Registrant’s Form 8-K filed on October
4, 2007
|
||
31(1)
|
|
CEO
Certification required by 17 C.F.R. Section 240.13a-14(a)
|
|
Attached
|
31(2)
|
|
CFO
Certification required by 17 C.F.R. Section 240.13a-14(a)
|
|
Attached
|
32
|
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of
the Sarbanes-Oxley Act of 2002
|
|
Attached
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Lincoln
Bancorp;
|
2.
|
Based
on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to
make the statements made, in light of the circumstances under which
such
statements were made, not misleading with respect to the period
covered by
this quarterly report; and
|
3.
|
Based
on my knowledge, the financial statements, and other financial
information
included in this quarterly report, fairly present in all material
respects
the financial condition, results of operations and cash flows of
the
registrant as of, and for, the periods presented in this quarterly
report.
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures
(as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-14(f)) for the registrant and
have:
|
|
a.
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including
its
consolidated subsidiaries, is made known to us by others within
those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
|
b.
|
designed
such internal control over financial reporting , or caused such
internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of the financial statements for external
purposes in accordance with generally accepted accounting principles;
and
|
|
c.
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures, as of
the end of
the period covered by this report based on such evaluation;
and
|
|
d.
|
disclosed
in this quarterly report any change in the registrant’s internal control
over financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent
functions):
|
|
a.
|
all
significant deficiencies and material weaknesses in the design
or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
|
b.
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date:
November 9, 2007
|
By:
|
/s/
Jerry R. Engle
|
|
|
Jerry
R. Engle
|
|
|
President
and Chief Executive Officer
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Lincoln
Bancorp;
|
2.
|
Based
on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to
make the statements made, in light of the circumstances under which
such
statements were made, not misleading with respect to the period
covered by
this quarterly report; and
|
3.
|
Based
on my knowledge, the financial statements, and other financial
information
included in this quarterly report, fairly present in all material
respects
the financial condition, results of operations and cash flows of
the
registrant as of, and for, the periods presented in this quarterly
report.
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures
(as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-14(f)) for the registrant and
have:
|
|
a.
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including
its
consolidated subsidiaries, is made known to us by others within
those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
|
b.
|
designed
such internal control over financial reporting , or caused such
internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of the financial statements for external
purposes in accordance with generally accepted accounting principles;
and
|
|
c.
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures, as of
the end of
the period covered by this report based on such evaluation;
and
|
|
d.
|
disclosed
in this quarterly report any change in the registrant’s internal control
over financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent
functions):
|
|
a.
|
all
significant deficiencies and material weaknesses in the design
or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
|
b.
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal
controls over financial reporting.
|
Date:
November 9, 2007
|
By:
|
/s/
John M. Baer
|
|
|
John
M. Baer
|
|
|
Secretary
and Treasurer
|
CHIEF
FINANCIAL OFFICER:
|
|
CHIEF
EXECUTIVE OFFICER:
|
||
|
|
|
|
|
By:
|
/s/
John M. Baer
|
|
By:
|
/s/
Jerry R. Engle
|
|
John
M. Baer
|
|
|
Jerry
R. Engle
|
|
Secretary
and Treasurer
|
|
|
President
and Chief Executive Officer
|
1 Year Lincoln Bancorp Chart |
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