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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Laporte Bancorp, Inc. | NASDAQ:LPSB | 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% | 17.15 | 15.50 | 17.14 | 0 | 01:00:00 |
|
x
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2013
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
|
Commission File No. 001-35684
|
Maryland
|
|
35-2456698
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
710 Indiana Avenue, LaPorte, Indiana
|
|
46350
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Common Stock, $0.01 par value
|
|
The NASDAQ Stock Market, LLC
|
(Title of each class)
|
|
(Name of each exchange on which registered)
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
x
|
|
||
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
|
|
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
|
|
|
||
Item 15.
|
||
|
•
|
changes in prevailing real estate values and loan demand both nationally and within our current and future market area;
|
•
|
increased competitive pressures among financial services companies;
|
•
|
changes in consumer spending, borrowing, and savings habits;
|
•
|
the amount of assessments and premiums we are required to pay for FDIC deposit insurance;
|
•
|
legislative or regulatory changes that affect our business including the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and its impact on our compliance costs;
|
•
|
our ability to manage the impact of changes in interest rates, spreads on interest earning assets and interest-bearing liabilities, and interest rate sensitivity;
|
•
|
rising interest rates and their impact on mortgage loan volumes;
|
•
|
our ability to successfully manage our commercial lending;
|
•
|
the financial health of certain entities, including government sponsored enterprises, the securities of which are owned or acquired by the Company;
|
•
|
adverse changes in the securities market;
|
•
|
the new capital rules which will take effect on January 1, 2015;
|
•
|
implementation of the “qualified mortgage” rule;
|
•
|
the costs, effects, and outcomes of existing or future litigation;
|
•
|
the economic impact of past and any future terrorist attacks, acts of war, or threats thereof and the response of the United States to any such threats and attacks;
|
•
|
the success of our mortgage warehouse lending program including the impact of the Dodd-Frank Act on the mortgage companies; and
|
•
|
the ability of the Company to manage the risks associated with the foregoing factors as well as anticipated risk factors.
|
Item 1.
|
Business
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One- to four-family
|
$
|
35,438
|
|
|
11.94
|
%
|
|
$
|
36,996
|
|
|
11.64
|
%
|
|
$
|
45,576
|
|
|
15.25
|
%
|
|
$
|
57,144
|
|
|
20.64
|
%
|
|
$
|
70,126
|
|
|
27.08
|
%
|
Five or more family
|
15,402
|
|
|
5.19
|
|
|
14,284
|
|
|
4.49
|
|
|
17,719
|
|
|
5.93
|
|
|
11,586
|
|
|
4.18
|
|
|
6,743
|
|
|
2.61
|
|
|||||
Commercial
|
83,782
|
|
|
28.22
|
|
|
79,817
|
|
|
25.12
|
|
|
80,430
|
|
|
26.90
|
|
|
79,807
|
|
|
28.82
|
|
|
75,506
|
|
|
29.16
|
|
|||||
Construction
|
4,452
|
|
|
1.50
|
|
|
2,901
|
|
|
0.91
|
|
|
3,806
|
|
|
1.27
|
|
|
6,832
|
|
|
2.47
|
|
|
5,420
|
|
|
2.09
|
|
|||||
Land
|
8,438
|
|
|
2.84
|
|
|
8,857
|
|
|
2.79
|
|
|
9,634
|
|
|
3.22
|
|
|
10,795
|
|
|
3.90
|
|
|
11,753
|
|
|
4.54
|
|
|||||
Total real estate
|
147,512
|
|
|
49.68
|
|
|
142,855
|
|
|
44.95
|
|
|
157,165
|
|
|
52.57
|
|
|
166,164
|
|
|
60.01
|
|
|
169,548
|
|
|
65.48
|
|
|||||
Mortgage warehouse
|
115,443
|
|
|
38.88
|
|
|
137,467
|
|
|
43.26
|
|
|
103,864
|
|
|
34.74
|
|
|
69,600
|
|
|
25.13
|
|
|
43,765
|
|
|
16.90
|
|
|||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Home equity
|
11,397
|
|
|
3.84
|
|
|
12,267
|
|
|
3.86
|
|
|
12,966
|
|
|
4.34
|
|
|
14,187
|
|
|
5.12
|
|
|
15,704
|
|
|
6.07
|
|
|||||
Commercial
|
17,640
|
|
|
5.94
|
|
|
20,179
|
|
|
6.35
|
|
|
18,017
|
|
|
6.03
|
|
|
17,977
|
|
|
6.49
|
|
|
18,122
|
|
|
7.00
|
|
|||||
Automobile and other loans (1)
|
4,920
|
|
|
1.66
|
|
|
5,018
|
|
|
1.58
|
|
|
6,942
|
|
|
2.32
|
|
|
8,985
|
|
|
3.25
|
|
|
11,790
|
|
|
4.55
|
|
|||||
Total consumer and other loans
|
33,957
|
|
|
11.44
|
|
|
37,464
|
|
|
11.79
|
|
|
37,925
|
|
|
12.69
|
|
|
41,149
|
|
|
14.86
|
|
|
45,616
|
|
|
17.62
|
|
|||||
Total loans
|
$
|
296,912
|
|
|
100.00
|
%
|
|
$
|
317,786
|
|
|
100.00
|
%
|
|
$
|
298,954
|
|
|
100.00
|
%
|
|
$
|
276,913
|
|
|
100.00
|
%
|
|
$
|
258,929
|
|
|
100.00
|
%
|
Net deferred loan costs
|
278
|
|
|
|
|
214
|
|
|
|
|
177
|
|
|
|
|
133
|
|
|
|
|
122
|
|
|
|
||||||||||
Allowance for loan losses
|
(3,905
|
)
|
|
|
|
(4,308
|
)
|
|
|
|
(3,772
|
)
|
|
|
|
(3,943
|
)
|
|
|
|
(2,776
|
)
|
|
|
||||||||||
Total loans, net
|
$
|
293,285
|
|
|
|
|
$
|
313,692
|
|
|
|
|
$
|
295,359
|
|
|
|
|
$
|
273,103
|
|
|
|
|
$
|
256,275
|
|
|
|
|
(1)
|
Includes
$508,000
,
$1.2 million
,
$2.2 million
,
$3.4 million
, and
$4.8 million
of indirect automobile loans at December 31,
2013
,
2012
,
2011
,
2010
, and
2009
, respectively. Includes
$4.4 million
,
$3.9 million
,
$4.7 million
,
$5.6 million
, and
$7.0 million
of direct automobile loans and other loans at December 31,
2013
,
2012
,
2011
,
2010
, and
2009
, respectively.
|
|
|
One- to Four-Family
|
|
Five or More Family
|
|
Commercial
Real Estate
|
|
Mortgage Warehouse
|
||||||||||||||||||||
Due During the Years
Ending December 31,
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
||||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
2014
|
|
$
|
837
|
|
|
5.56
|
%
|
|
$
|
3,552
|
|
|
5.64
|
%
|
|
$
|
15,578
|
|
|
5.55
|
%
|
|
$
|
115,443
|
|
|
4.13
|
%
|
2015
|
|
756
|
|
|
5.45
|
|
|
57
|
|
|
6.75
|
|
|
4,568
|
|
|
6.32
|
|
|
—
|
|
|
—
|
|
||||
2016
|
|
558
|
|
|
5.57
|
|
|
379
|
|
|
6.33
|
|
|
6,844
|
|
|
5.68
|
|
|
—
|
|
|
—
|
|
||||
2017 to 2018
|
|
2,141
|
|
|
5.59
|
|
|
8,734
|
|
|
4.64
|
|
|
39,181
|
|
|
4.72
|
|
|
—
|
|
|
—
|
|
||||
2019 to 2023
|
|
3,251
|
|
|
5.78
|
|
|
2,524
|
|
|
4.26
|
|
|
10,902
|
|
|
5.75
|
|
|
—
|
|
|
—
|
|
||||
2024 to 2028
|
|
2,811
|
|
|
5.69
|
|
|
—
|
|
|
—
|
|
|
3,301
|
|
|
6.20
|
|
|
—
|
|
|
—
|
|
||||
2029 and beyond
|
|
25,084
|
|
|
5.30
|
|
|
156
|
|
|
6.63
|
|
|
3,408
|
|
|
5.77
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
35,438
|
|
|
5.41
|
%
|
|
$
|
15,402
|
|
|
4.88
|
%
|
|
$
|
83,782
|
|
|
5.28
|
%
|
|
$
|
115,443
|
|
|
4.13
|
%
|
|
|
Commercial
Non-Real Estate
|
|
Construction
and Land
|
|
Home Equity,
Automobile and
Other
|
|
Total
|
||||||||||||||||||||
Due During the Years
Ending December 31,
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
||||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
2014
|
|
$
|
4,482
|
|
|
4.29
|
%
|
|
$
|
7,486
|
|
|
5.22
|
%
|
|
$
|
2,140
|
|
|
4.33
|
%
|
|
$
|
149,518
|
|
|
4.39
|
%
|
2015
|
|
2,139
|
|
|
5.23
|
|
|
1,545
|
|
|
4.66
|
|
|
1,568
|
|
|
4.93
|
|
|
10,633
|
|
|
5.60
|
|
||||
2016
|
|
3,060
|
|
|
4.93
|
|
|
1,629
|
|
|
5.75
|
|
|
1,539
|
|
|
4.93
|
|
|
14,009
|
|
|
5.46
|
|
||||
2017 to 2018
|
|
6,093
|
|
|
4.96
|
|
|
1,809
|
|
|
5.19
|
|
|
5,467
|
|
|
4.37
|
|
|
63,425
|
|
|
4.74
|
|
||||
2019 to 2023
|
|
1,670
|
|
|
5.17
|
|
|
244
|
|
|
5.35
|
|
|
5,359
|
|
|
4.96
|
|
|
23,950
|
|
|
5.37
|
|
||||
2024 to 2028
|
|
196
|
|
|
7.00
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
7.12
|
|
|
6,551
|
|
|
6.04
|
|
||||
2029 and beyond
|
|
—
|
|
|
—
|
|
|
178
|
|
|
6.00
|
|
|
—
|
|
|
—
|
|
|
28,826
|
|
|
5.37
|
|
||||
Total
|
|
$
|
17,640
|
|
|
4.86
|
%
|
|
$
|
12,891
|
|
|
5.23
|
%
|
|
$
|
16,316
|
|
|
4.70
|
%
|
|
$
|
296,912
|
|
|
4.77
|
%
|
|
Due After December 31, 2014
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(Dollars in thousands)
|
||||||||||
Real Estate:
|
|
|
|
|
|
||||||
One- to four-family
|
$
|
21,612
|
|
|
$
|
12,989
|
|
|
$
|
34,601
|
|
Five or more family
|
11,774
|
|
|
76
|
|
|
11,850
|
|
|||
Commercial
|
43,076
|
|
|
25,128
|
|
|
68,204
|
|
|||
Land
|
2,720
|
|
|
2,685
|
|
|
5,405
|
|
|||
Total real estate loans
|
79,182
|
|
|
40,878
|
|
|
120,060
|
|
|||
Consumer and other loans:
|
|
|
|
|
|
||||||
Home equity
|
2,172
|
|
|
7,876
|
|
|
10,048
|
|
|||
Commercial
|
9,278
|
|
|
3,880
|
|
|
13,158
|
|
|||
Automobile and other
|
4,005
|
|
|
123
|
|
|
4,128
|
|
|||
Total consumer and other loans
|
15,455
|
|
|
11,879
|
|
|
27,334
|
|
|||
Total loans
|
$
|
94,637
|
|
|
$
|
52,757
|
|
|
$
|
147,394
|
|
Industry Type
|
|
Number of Loans
|
|
Balance
|
|||
|
|
|
|
(Dollars in thousands)
|
|||
Non-owner occupied real estate:
|
|
|
|
|
|||
Commercial real estate
|
|
109
|
|
|
$
|
16,365
|
|
Five or more family
|
|
19
|
|
|
15,402
|
|
|
Owner occupied real estate:
|
|
|
|
|
|||
Development and rental
|
|
39
|
|
|
8,265
|
|
|
Health care and social
|
|
10
|
|
|
3,730
|
|
|
Retail trade
|
|
36
|
|
|
7,367
|
|
|
Accommodation and food
|
|
30
|
|
|
20,881
|
|
|
Other services
|
|
38
|
|
|
4,630
|
|
|
Manufacturing
|
|
30
|
|
|
5,722
|
|
|
Construction
|
|
34
|
|
|
5,160
|
|
|
Arts, entertainment and recreation
|
|
9
|
|
|
6,101
|
|
|
Other miscellaneous
|
|
43
|
|
|
5,561
|
|
|
|
|
397
|
|
|
$
|
99,184
|
|
Industry Type
|
|
Number of Loans
|
|
Balance
|
|||
|
|
|
|
(Dollars in thousands)
|
|||
Health care and social
|
|
6
|
|
|
$
|
3,233
|
|
Retail trade
|
|
86
|
|
|
2,027
|
|
|
Accommodation and food
|
|
7
|
|
|
2,177
|
|
|
Other services
|
|
15
|
|
|
527
|
|
|
Manufacturing
|
|
25
|
|
|
3,193
|
|
|
Construction
|
|
18
|
|
|
237
|
|
|
Public Administration
|
|
12
|
|
|
1,694
|
|
|
Finance, insurance and estates
|
|
7
|
|
|
1,956
|
|
|
Other miscellaneous
|
|
38
|
|
|
2,596
|
|
|
|
|
214
|
|
|
$
|
17,640
|
|
|
|
Net Principal Balance
|
|
Non-Performing
|
||||
|
|
(Dollars in thousands)
|
||||||
One- to four-family construction
|
|
$
|
503
|
|
|
$
|
—
|
|
Multi-family construction
|
|
383
|
|
|
—
|
|
||
Commercial construction
|
|
3,566
|
|
|
—
|
|
||
Land
|
|
8,438
|
|
|
2,747
|
|
||
Total construction and land loans
|
|
$
|
12,890
|
|
|
$
|
2,747
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(Dollars in thousands)
|
||||||||||
Total loans at beginning of period
|
$
|
317,786
|
|
|
$
|
298,954
|
|
|
$
|
276,913
|
|
Loans originated:
|
|
|
|
|
|
||||||
Real estate:
|
|
|
|
|
|
||||||
One- to four-family
|
36,119
|
|
|
49,634
|
|
|
39,244
|
|
|||
Five or more family
|
9,649
|
|
|
3,181
|
|
|
6,919
|
|
|||
Commercial
|
39,927
|
|
|
16,745
|
|
|
13,602
|
|
|||
Construction
|
3,126
|
|
|
5,482
|
|
|
3,127
|
|
|||
Land
|
795
|
|
|
211
|
|
|
2,246
|
|
|||
Mortgage warehouse
|
2,287,525
|
|
|
2,787,842
|
|
|
1,988,579
|
|
|||
Consumer and other loans:
|
|
|
|
|
|
||||||
Home equity
|
5,576
|
|
|
6,775
|
|
|
3,669
|
|
|||
Commercial
|
4,805
|
|
|
9,285
|
|
|
6,750
|
|
|||
Automobile and other
|
2,072
|
|
|
852
|
|
|
1,554
|
|
|||
Total loans originated
|
2,389,594
|
|
|
2,880,007
|
|
|
2,065,690
|
|
|||
Loans purchased:
|
|
|
|
|
|
||||||
Real estate:
|
|
|
|
|
|
||||||
Commercial
|
—
|
|
|
—
|
|
|
1,007
|
|
|||
Total loans purchased
|
—
|
|
|
—
|
|
|
1,007
|
|
|||
Loans sold:
|
|
|
|
|
|
||||||
Real estate:
|
|
|
|
|
|
||||||
One- to four-family
|
(30,056
|
)
|
|
(49,916
|
)
|
|
(39,028
|
)
|
|||
Total loans sold
|
(30,056
|
)
|
|
(49,916
|
)
|
|
(39,028
|
)
|
|||
Deduct:
|
|
|
|
|
|
||||||
Principal repayments
|
(2,380,412
|
)
|
|
(2,811,259
|
)
|
|
(2,005,628
|
)
|
|||
Net loan activity
|
(20,874
|
)
|
|
18,832
|
|
|
22,041
|
|
|||
Total loans at end of period (excluding net deferred loan fees and costs)
|
$
|
296,912
|
|
|
$
|
317,786
|
|
|
$
|
298,954
|
|
|
At December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
$
|
1,044
|
|
|
$
|
1,831
|
|
|
$
|
1,325
|
|
|
$
|
1,224
|
|
|
$
|
1,059
|
|
Commercial
|
843
|
|
|
2,642
|
|
|
1,935
|
|
|
2,819
|
|
|
3,854
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
858
|
|
|||||
Land
|
2,748
|
|
|
2,985
|
|
|
2,800
|
|
|
2,468
|
|
|
1,169
|
|
|||||
Total real estate
|
4,635
|
|
|
7,458
|
|
|
6,060
|
|
|
6,511
|
|
|
6,940
|
|
|||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
43
|
|
|
53
|
|
|
14
|
|
|
377
|
|
|
392
|
|
|||||
Commercial
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
381
|
|
|||||
Automobile and other
|
3
|
|
|
5
|
|
|
8
|
|
|
4
|
|
|
3
|
|
|||||
Total consumer and other loans
|
46
|
|
|
58
|
|
|
50
|
|
|
381
|
|
|
776
|
|
|||||
Total nonaccruing troubled debt restructured loans (1)
|
227
|
|
|
842
|
|
|
254
|
|
|
—
|
|
|
—
|
|
|||||
Total nonaccrual loans
|
4,908
|
|
|
8,358
|
|
|
6,364
|
|
|
6,892
|
|
|
7,716
|
|
|||||
Loans greater than 90 days delinquent and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total nonperforming loans
|
4,908
|
|
|
8,358
|
|
|
6,364
|
|
|
6,892
|
|
|
7,716
|
|
|||||
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
281
|
|
|
133
|
|
|
140
|
|
|
596
|
|
|
399
|
|
|||||
Commercial
|
646
|
|
|
384
|
|
|
365
|
|
|
530
|
|
|
155
|
|
|||||
Land
|
261
|
|
|
385
|
|
|
507
|
|
|
390
|
|
|
—
|
|
|||||
Total foreclosed assets
|
1,188
|
|
|
902
|
|
|
1,012
|
|
|
1,516
|
|
|
554
|
|
|||||
Total nonperforming assets
|
$
|
6,096
|
|
|
$
|
9,260
|
|
|
$
|
7,376
|
|
|
$
|
8,408
|
|
|
$
|
8,270
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total accruing troubled debt restructured loans (2)
|
$
|
1,949
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans to total loans
|
1.65
|
%
|
|
2.63
|
%
|
|
2.13
|
%
|
|
2.49
|
%
|
|
2.98
|
%
|
|||||
Nonperforming assets to total assets
|
1.16
|
|
|
1.88
|
|
|
1.55
|
|
|
1.89
|
|
|
2.04
|
|
|
(1)
|
At
December 31, 2013
, $146,000 of one- to four-family residential loans, $54,000 commercial real estate loans, and $27,000 commercial loans were classified as nonaccruing troubled debt restructured loans. At
December 31, 2012
, $127,000 of one- to four-family residential loans; $648,000 commercial real estate loans; $29,000 commercial loans; and $38,000 automobile and other loans were classified as nonaccuring troubled debt restructured loans.
|
(2)
|
At Decmeber 31, 2013, $1.9 million of commercial real estate loans, $58,000 of one- to four-family loans, and $32,000 of automobile and other loans were classified as accruing troubled debt restructured loans.
|
|
Loans Delinquent For
|
|
|
|
|
||||||||||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
90 Days and Over
|
|
Total
|
||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
At December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One- to four-family
|
11
|
|
|
$
|
640
|
|
|
1
|
|
|
$
|
7
|
|
|
11
|
|
|
$
|
1,162
|
|
|
23
|
|
|
$
|
1,809
|
|
Five or more family
|
2
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
76
|
|
||||
Commercial
|
7
|
|
|
2,377
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
874
|
|
|
12
|
|
|
3,251
|
|
||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
2,318
|
|
|
5
|
|
|
2,318
|
|
||||
Total real estate
|
20
|
|
|
3,093
|
|
|
1
|
|
|
7
|
|
|
21
|
|
|
4,354
|
|
|
42
|
|
|
7,454
|
|
||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
1
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
3
|
|
|
16
|
|
||||
Commercial
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
27
|
|
|
2
|
|
|
29
|
|
||||
Automobile and other
|
3
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
6
|
|
|
179
|
|
||||
Total consumer and other loans
|
5
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
42
|
|
|
11
|
|
|
224
|
|
||||
Total
|
25
|
|
|
$
|
3,275
|
|
|
1
|
|
|
$
|
7
|
|
|
27
|
|
|
$
|
4,396
|
|
|
53
|
|
|
$
|
7,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One- to four-family
|
11
|
|
|
$
|
524
|
|
|
3
|
|
|
$
|
283
|
|
|
12
|
|
|
$
|
1,469
|
|
|
26
|
|
|
$
|
2,276
|
|
Commercial
|
5
|
|
|
1,019
|
|
|
1
|
|
|
24
|
|
|
14
|
|
|
2,642
|
|
|
20
|
|
|
3,685
|
|
||||
Land
|
—
|
|
|
—
|
|
|
1
|
|
|
109
|
|
|
5
|
|
|
2,494
|
|
|
6
|
|
|
2,603
|
|
||||
Total real estate
|
16
|
|
|
1,543
|
|
|
5
|
|
|
416
|
|
|
31
|
|
|
6,605
|
|
|
52
|
|
|
8,564
|
|
||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
2
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
25
|
|
|
4
|
|
|
46
|
|
||||
Commercial
|
3
|
|
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
66
|
|
||||
Automobile and other
|
3
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
5
|
|
|
6
|
|
|
18
|
|
||||
Total consumer and other loans
|
8
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
30
|
|
|
13
|
|
|
130
|
|
||||
Total
|
24
|
|
|
$
|
1,643
|
|
|
5
|
|
|
$
|
416
|
|
|
36
|
|
|
$
|
6,635
|
|
|
65
|
|
|
$
|
8,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One- to four-family
|
14
|
|
|
$
|
1,292
|
|
|
1
|
|
|
$
|
55
|
|
|
9
|
|
|
$
|
1,115
|
|
|
24
|
|
|
$
|
2,462
|
|
Five or more family
|
1
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
43
|
|
||||
Commercial
|
3
|
|
|
1,058
|
|
|
2
|
|
|
127
|
|
|
9
|
|
|
1,589
|
|
|
14
|
|
|
2,774
|
|
||||
Land
|
1
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,248
|
|
|
4
|
|
|
2,464
|
|
||||
Total real estate
|
19
|
|
|
2,609
|
|
|
3
|
|
|
182
|
|
|
21
|
|
|
4,952
|
|
|
43
|
|
|
7,743
|
|
||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
1
|
|
|
14
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
28
|
|
|
2
|
|
|
28
|
|
||||
Automobile and other
|
3
|
|
|
27
|
|
|
1
|
|
|
14
|
|
|
3
|
|
|
8
|
|
|
7
|
|
|
49
|
|
||||
Total consumer and other loans
|
3
|
|
|
27
|
|
|
1
|
|
|
14
|
|
|
6
|
|
|
50
|
|
|
10
|
|
|
91
|
|
||||
Total
|
22
|
|
|
$
|
2,636
|
|
|
4
|
|
|
$
|
196
|
|
|
27
|
|
|
$
|
5,002
|
|
|
53
|
|
|
$
|
7,834
|
|
|
Loans Delinquent For
|
|
|
|
|
||||||||||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
90 Days and Over
|
|
Total
|
||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
At December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One- to four-family
|
16
|
|
|
$
|
1,200
|
|
|
—
|
|
|
$
|
—
|
|
|
11
|
|
|
$
|
1,021
|
|
|
27
|
|
|
$
|
2,221
|
|
Five or more family
|
1
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
48
|
|
||||
Commercial
|
6
|
|
|
1,328
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
1,580
|
|
|
15
|
|
|
2,908
|
|
||||
Land
|
1
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
220
|
|
|
3
|
|
|
264
|
|
||||
Total real estate
|
24
|
|
|
2,620
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
2,821
|
|
|
46
|
|
|
5,441
|
|
||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
—
|
|
|
—
|
|
|
1
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
377
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
1
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
35
|
|
||||
Automobile and other
|
7
|
|
|
184
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
10
|
|
|
188
|
|
||||
Total consumer and other loans
|
7
|
|
|
184
|
|
|
2
|
|
|
412
|
|
|
3
|
|
|
4
|
|
|
12
|
|
|
600
|
|
||||
Total
|
31
|
|
|
$
|
2,804
|
|
|
2
|
|
|
$
|
412
|
|
|
25
|
|
|
$
|
2,825
|
|
|
58
|
|
|
$
|
6,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One- to four-family
|
14
|
|
|
$
|
850
|
|
|
2
|
|
|
$
|
53
|
|
|
9
|
|
|
$
|
878
|
|
|
25
|
|
|
$
|
1,781
|
|
Commercial
|
6
|
|
|
1,374
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
3,855
|
|
|
17
|
|
|
5,229
|
|
||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
858
|
|
|
1
|
|
|
858
|
|
||||
Land
|
1
|
|
|
699
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1,169
|
|
|
5
|
|
|
1,868
|
|
||||
Total real estate
|
21
|
|
|
2,923
|
|
|
2
|
|
|
53
|
|
|
25
|
|
|
6,760
|
|
|
48
|
|
|
9,736
|
|
||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
7
|
|
|
419
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
376
|
|
|
9
|
|
|
795
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
1
|
|
|
45
|
|
|
3
|
|
|
381
|
|
|
4
|
|
|
426
|
|
||||
Automobile and other
|
13
|
|
|
113
|
|
|
1
|
|
|
6
|
|
|
3
|
|
|
3
|
|
|
17
|
|
|
122
|
|
||||
Total consumer and other loans
|
20
|
|
|
532
|
|
|
2
|
|
|
51
|
|
|
8
|
|
|
760
|
|
|
30
|
|
|
1,343
|
|
||||
Total
|
41
|
|
|
$
|
3,455
|
|
|
4
|
|
|
$
|
104
|
|
|
33
|
|
|
$
|
7,520
|
|
|
78
|
|
|
$
|
11,079
|
|
|
At December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(Dollars in thousands)
|
||||||||||
Special mention
|
$
|
7,995
|
|
|
$
|
11,404
|
|
|
$
|
17,741
|
|
Substandard
|
13,100
|
|
|
12,712
|
|
|
9,026
|
|
|||
Doubtful
|
23
|
|
|
—
|
|
|
61
|
|
|||
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total classified and special mention assets
|
$
|
21,118
|
|
|
$
|
24,116
|
|
|
$
|
26,828
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
4,308
|
|
|
$
|
3,772
|
|
|
$
|
3,943
|
|
|
$
|
2,776
|
|
|
$
|
2,512
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
(190
|
)
|
|
(84
|
)
|
|
(132
|
)
|
|
(172
|
)
|
|
(213
|
)
|
|||||
Commercial
|
(103
|
)
|
|
(370
|
)
|
|
(1,057
|
)
|
|
(1,107
|
)
|
|
(1
|
)
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
(558
|
)
|
|
(30
|
)
|
|||||
Land
|
(102
|
)
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|||||
Total real estate
|
(395
|
)
|
|
(454
|
)
|
|
(1,216
|
)
|
|
(1,837
|
)
|
|
(244
|
)
|
|||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
(22
|
)
|
|
(35
|
)
|
|
(52
|
)
|
|
(105
|
)
|
|
(28
|
)
|
|||||
Commercial
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(313
|
)
|
|
(268
|
)
|
|||||
Automobile and other
|
(26
|
)
|
|
(67
|
)
|
|
(62
|
)
|
|
(78
|
)
|
|
(100
|
)
|
|||||
Total consumer and other loans
|
(48
|
)
|
|
(115
|
)
|
|
(114
|
)
|
|
(496
|
)
|
|
(396
|
)
|
|||||
Total charge-offs
|
(443
|
)
|
|
(569
|
)
|
|
(1,330
|
)
|
|
(2,333
|
)
|
|
(640
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
19
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total real estate
|
19
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|||||
Commercial
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Automobile and other
|
15
|
|
|
19
|
|
|
20
|
|
|
28
|
|
|
43
|
|
|||||
Total consumer and other loans
|
15
|
|
|
58
|
|
|
22
|
|
|
28
|
|
|
53
|
|
|||||
Total recoveries
|
34
|
|
|
68
|
|
|
22
|
|
|
28
|
|
|
53
|
|
|||||
Net (charge-offs) recoveries
|
(409
|
)
|
|
(501
|
)
|
|
(1,308
|
)
|
|
(2,305
|
)
|
|
(587
|
)
|
|||||
Provision for loan losses
|
6
|
|
|
1,037
|
|
|
1,137
|
|
|
3,472
|
|
|
851
|
|
|||||
Balance at end of year
|
$
|
3,905
|
|
|
$
|
4,308
|
|
|
$
|
3,772
|
|
|
$
|
3,943
|
|
|
$
|
2,776
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans outstanding
|
0.15
|
%
|
|
0.17
|
%
|
|
0.50
|
%
|
|
0.87
|
%
|
|
0.25
|
%
|
|||||
Allowance for loan losses to nonperforming loans
|
79.56
|
|
|
51.54
|
|
|
59.27
|
|
|
57.21
|
|
|
35.98
|
|
|||||
Allowance for loan losses to total loans
|
1.31
|
|
|
1.35
|
|
|
1.26
|
|
|
1.42
|
|
|
1.07
|
|
|
At December 31,
|
||||||||||||||||||||
|
2013
|
|
2012
|
||||||||||||||||||
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total Loans
|
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total Loans
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
$
|
458
|
|
|
$
|
35,438
|
|
|
11.94
|
%
|
|
$
|
401
|
|
|
$
|
36,996
|
|
|
11.64
|
%
|
Five or more family
|
218
|
|
|
15,402
|
|
|
5.19
|
|
|
279
|
|
|
14,284
|
|
|
4.49
|
|
||||
Commercial
|
1,747
|
|
|
83,782
|
|
|
28.22
|
|
|
1,867
|
|
|
79,816
|
|
|
25.12
|
|
||||
Construction
|
73
|
|
|
4,452
|
|
|
1.50
|
|
|
36
|
|
|
2,901
|
|
|
0.91
|
|
||||
Land
|
618
|
|
|
8,438
|
|
|
2.84
|
|
|
877
|
|
|
8,857
|
|
|
2.79
|
|
||||
Total real estate
|
3,114
|
|
|
147,512
|
|
|
49.68
|
|
|
3,460
|
|
|
142,854
|
|
|
44.95
|
|
||||
Mortgage warehouse
|
508
|
|
|
115,443
|
|
|
38.88
|
|
|
601
|
|
|
137,467
|
|
|
43.26
|
|
||||
Consumer and other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
111
|
|
|
11,397
|
|
|
3.84
|
|
|
130
|
|
|
12,267
|
|
|
3.86
|
|
||||
Commercial
|
69
|
|
|
17,640
|
|
|
5.94
|
|
|
74
|
|
|
20,179
|
|
|
6.35
|
|
||||
Automobile and other
|
83
|
|
|
4,920
|
|
|
1.66
|
|
|
43
|
|
|
5,019
|
|
|
1.58
|
|
||||
Unallocated
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total consumer and other
|
283
|
|
|
33,957
|
|
|
11.44
|
|
|
247
|
|
|
37,465
|
|
|
11.79
|
|
||||
Total loans (excluding net deferred loan fees and costs)
|
$
|
3,905
|
|
|
$
|
296,912
|
|
|
100.00
|
%
|
|
$
|
4,308
|
|
|
$
|
317,786
|
|
|
100.00
|
%
|
|
At December 31,
|
||||||||||||||||||||
|
2011
|
|
2010
|
||||||||||||||||||
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total Loans
|
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total Loans
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One- to four- family
|
$
|
374
|
|
|
$
|
45,576
|
|
|
15.25
|
%
|
|
$
|
389
|
|
|
$
|
57,144
|
|
|
20.64
|
%
|
Five or more family
|
422
|
|
|
17,719
|
|
|
5.93
|
|
|
216
|
|
|
11,586
|
|
|
4.18
|
|
||||
Commercial
|
1,868
|
|
|
80,430
|
|
|
26.90
|
|
|
2,311
|
|
|
79,807
|
|
|
28.82
|
|
||||
Construction
|
31
|
|
|
3,806
|
|
|
1.27
|
|
|
108
|
|
|
6,832
|
|
|
2.47
|
|
||||
Land
|
233
|
|
|
9,634
|
|
|
3.22
|
|
|
185
|
|
|
10,795
|
|
|
3.90
|
|
||||
Total real estate
|
2,928
|
|
|
157,165
|
|
|
52.57
|
|
|
3,209
|
|
|
166,164
|
|
|
60.01
|
|
||||
Mortgage warehouse
|
393
|
|
|
103,864
|
|
|
34.74
|
|
|
139
|
|
|
69,600
|
|
|
25.13
|
|
||||
Consumer and other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
119
|
|
|
12,966
|
|
|
4.34
|
|
|
142
|
|
|
14,187
|
|
|
5.12
|
|
||||
Commercial
|
223
|
|
|
18,017
|
|
|
6.03
|
|
|
344
|
|
|
17,977
|
|
|
6.49
|
|
||||
Automobile and other
|
109
|
|
|
6,942
|
|
|
2.32
|
|
|
109
|
|
|
8,985
|
|
|
3.24
|
|
||||
Total consumer and other
|
451
|
|
|
37,925
|
|
|
12.69
|
|
|
595
|
|
|
41,149
|
|
|
14.86
|
|
||||
Total loans (excluding net deferred loan fees and costs)
|
$
|
3,772
|
|
|
$
|
298,954
|
|
|
100.00
|
%
|
|
$
|
3,943
|
|
|
$
|
276,913
|
|
|
100.00
|
%
|
|
At December 31,
|
|||||||||
|
2009
|
|||||||||
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total
Loans
|
|||||
|
(Dollars in thousands)
|
|||||||||
Real estate:
|
|
|
|
|
|
|||||
One- to four- family
|
$
|
378
|
|
|
$
|
70,126
|
|
|
27.08
|
%
|
Five or more family
|
77
|
|
|
6,743
|
|
|
2.61
|
|
||
Commercial
|
1,300
|
|
|
75,506
|
|
|
29.16
|
|
||
Construction
|
46
|
|
|
5,420
|
|
|
2.09
|
|
||
Land
|
221
|
|
|
11,753
|
|
|
4.54
|
|
||
Total real estate
|
2,022
|
|
|
169,548
|
|
|
65.48
|
|
||
Mortgage warehouse
|
176
|
|
|
43,765
|
|
|
16.90
|
|
||
Consumer and other:
|
|
|
|
|
|
|||||
Home equity
|
215
|
|
|
15,704
|
|
|
6.07
|
|
||
Commercial
|
238
|
|
|
18,122
|
|
|
7.00
|
|
||
Automobile and other
|
125
|
|
|
11,790
|
|
|
4.55
|
|
||
Total consumer and other
|
578
|
|
|
45,616
|
|
|
17.62
|
|
||
Total loans (excluding net deferred loan fees and costs)
|
$
|
2,776
|
|
|
$
|
258,929
|
|
|
100.00
|
%
|
|
At December 31,
|
||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury and federal agency
|
$
|
6,249
|
|
|
$
|
6,150
|
|
|
$
|
8,045
|
|
|
$
|
8,405
|
|
|
$
|
12,187
|
|
|
$
|
12,601
|
|
State and municipal
|
54,892
|
|
|
55,723
|
|
|
42,161
|
|
|
45,614
|
|
|
40,012
|
|
|
43,106
|
|
||||||
Mortgage-backed securities—residential
|
28,197
|
|
|
27,938
|
|
|
11,819
|
|
|
12,385
|
|
|
30,946
|
|
|
31,789
|
|
||||||
Government agency sponsored collateralized mortgage obligations
|
74,417
|
|
|
72,311
|
|
|
54,070
|
|
|
55,156
|
|
|
43,491
|
|
|
44,478
|
|
||||||
Corporate debt securities
|
2,121
|
|
|
2,150
|
|
|
3,959
|
|
|
4,060
|
|
|
—
|
|
|
—
|
|
||||||
Total securities available-for-sale
|
$
|
165,876
|
|
|
$
|
164,272
|
|
|
$
|
120,054
|
|
|
$
|
125,620
|
|
|
$
|
126,636
|
|
|
$
|
131,974
|
|
|
One Year or Less
|
|
More than One
Year through Five
Years
|
|
More than Five
Years through Ten
Years
|
|
More than Ten
Years
|
|
Total Securities
|
|||||||||||||||||||||||||||||
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Weighted
Average
Yield
|
|||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
U.S. federal agency
|
$
|
1,515
|
|
|
2.50
|
%
|
|
$
|
734
|
|
|
1.74
|
%
|
|
$
|
4,000
|
|
|
1.83
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6,249
|
|
|
$
|
6,150
|
|
|
1.98
|
%
|
State and municipal
|
—
|
|
|
—
|
|
|
8,302
|
|
|
2.55
|
|
|
31,925
|
|
|
3.06
|
|
|
14,665
|
|
|
4.40
|
|
|
54,892
|
|
|
55,723
|
|
|
3.34
|
|
||||||
Mortgage-backed securities—residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,553
|
|
|
1.30
|
|
|
22,644
|
|
|
2.02
|
|
|
28,197
|
|
|
27,938
|
|
|
1.88
|
|
||||||
Government agency sponsored collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
485
|
|
|
3.02
|
|
|
10,085
|
|
|
2.22
|
|
|
63,847
|
|
|
2.03
|
|
|
74,417
|
|
|
72,311
|
|
|
2.06
|
|
||||||
Corporate debt securities
|
499
|
|
|
2.21
|
|
|
1,622
|
|
|
2.75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,121
|
|
|
2,150
|
|
|
2.62
|
|
||||||
Total securities available-for-sale
|
$
|
2,014
|
|
|
2.43
|
|
|
$
|
11,143
|
|
|
2.55
|
|
|
$
|
51,563
|
|
|
2.61
|
|
|
$
|
101,156
|
|
|
2.37
|
|
|
$
|
165,876
|
|
|
$
|
164,272
|
|
|
2.46
|
|
|
At or for the Year Ended December 31,
|
||||||||||||||||||||||||||
|
2013
|
|
2012
|
||||||||||||||||||||||||
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Noninterest-bearing demand
|
$
|
50,686
|
|
|
$
|
51,017
|
|
|
14.71
|
%
|
|
—
|
%
|
|
$
|
44,016
|
|
|
$
|
50,892
|
|
|
14.58
|
%
|
|
—
|
%
|
Money market/NOW accounts
|
117,334
|
|
|
116,830
|
|
|
33.70
|
|
|
0.13
|
|
|
111,283
|
|
|
116,666
|
|
|
33.43
|
|
|
0.42
|
|
||||
Regular savings
|
59,286
|
|
|
61,076
|
|
|
17.62
|
|
|
0.06
|
|
|
54,058
|
|
|
56,581
|
|
|
16.21
|
|
|
0.05
|
|
||||
Total transaction accounts
|
227,306
|
|
|
228,923
|
|
|
66.03
|
|
|
0.07
|
|
|
209,357
|
|
|
224,139
|
|
|
64.23
|
|
|
0.23
|
|
||||
CDs and IRAs
|
112,436
|
|
|
117,778
|
|
|
33.97
|
|
|
1.16
|
|
|
135,334
|
|
|
124,831
|
|
|
35.77
|
|
|
1.39
|
|
||||
Total deposits
|
$
|
339,742
|
|
|
$
|
346,701
|
|
|
100.00
|
%
|
|
0.45
|
|
|
$
|
344,691
|
|
|
$
|
348,970
|
|
|
100.00
|
%
|
|
0.65
|
|
|
At or for the Year Ended December 31,
|
||||||||||||
|
2011
|
||||||||||||
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Noninterest-bearing demand
|
$
|
37,019
|
|
|
$
|
38,977
|
|
|
11.69
|
%
|
|
—
|
%
|
Money market/NOW accounts
|
100,048
|
|
|
109,913
|
|
|
32.95
|
|
|
0.42
|
|
||
Regular savings
|
48,660
|
|
|
50,395
|
|
|
15.11
|
|
|
0.05
|
|
||
Total transaction accounts
|
185,727
|
|
|
199,285
|
|
|
59.74
|
|
|
0.24
|
|
||
CDs and IRAs
|
143,650
|
|
|
134,275
|
|
|
40.26
|
|
|
1.88
|
|
||
Total deposits
|
$
|
329,377
|
|
|
$
|
333,560
|
|
|
100.00
|
%
|
|
0.90
|
|
|
At December 31, 2013
|
||
|
(Dollars in thousands)
|
||
Three months or less
|
$
|
25,654
|
|
Over three months through six months
|
4,653
|
|
|
Over six months through one year
|
5,220
|
|
|
Over one year
|
13,637
|
|
|
Total
|
$
|
49,164
|
|
|
At or For the Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(Dollars in thousands)
|
||||||||||
FHLB Advances:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
86,777
|
|
|
$
|
49,009
|
|
|
$
|
72,021
|
|
Average balance during year
|
50,097
|
|
|
53,292
|
|
|
52,180
|
|
|||
Maximum outstanding at any month end
|
86,777
|
|
|
74,510
|
|
|
74,688
|
|
|||
Weighted average interest rate at end of year
|
0.77
|
%
|
|
1.15
|
%
|
|
1.18
|
%
|
|||
Average interest rate during year
|
1.93
|
|
|
2.27
|
|
|
2.81
|
|
|||
FTN Borrowings:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average balance during year
|
—
|
|
|
100
|
|
|
552
|
|
|||
Maximum outstanding at any month end
|
—
|
|
|
8,986
|
|
|
11,000
|
|
|||
Weighted average interest rate at end of year
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Average interest rate during year
|
—
|
|
|
1.00
|
|
|
1.09
|
|
|||
Zions Bank Advance:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
2,415
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average balance during year
|
642
|
|
|
134
|
|
|
—
|
|
|||
Maximum outstanding at any month end
|
8,200
|
|
|
9,000
|
|
|
—
|
|
|||
Weighted average interest rate at end of year
|
0.41
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Average interest rate during year
|
0.47
|
|
|
0.75
|
|
|
—
|
|
•
|
Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
|
•
|
Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;
|
•
|
Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;
|
•
|
Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;
|
•
|
Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies;
|
•
|
Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;
|
•
|
Truth in Savings Act; and
|
•
|
Rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
|
•
|
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
|
•
|
Electronic Funds Transfer Act, which governs automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;
|
•
|
Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check;
|
•
|
The USA PATRIOT Act, which requires banks and savings institutions to, among other things, establish broadened anti-money laundering compliance programs and due diligence policies and controls to ensure the detection and reporting of money laundering. Such required compliance programs are intended to supplement pre-existing compliance requirements that apply to financial institutions under the Bank Secrecy Act and the Office of Foreign Assets Control regulations; and
|
•
|
The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties and requires all financial institutions offering products or services to retail customers to provide such customers with the financial institution’s privacy policy and allow such customers the opportunity to “opt out” of the sharing of certain personal financial information with unaffiliated third parties.
|
Item 1A.
|
Risk Factors
|
•
|
commercial real estate loans—repayment is dependent on income being generated in amounts sufficient to cover operating expenses and debt service.
|
•
|
five or more family loans – repayment is dependent on income being generated in amounts sufficient to cover property maintenance and debt service.
|
•
|
commercial business loans—repayment is generally dependent upon the successful operation of the borrower’s business.
|
•
|
the interest income we earn on our interest-earning assets, such as loans and securities; and
|
•
|
the interest expense we pay on our interest-bearing liabilities, such as deposits and borrowings.
|
•
|
the Federal Reserve Board now supervises and regulates all savings and loan holding companies that were formerly regulated by the Office of Thrift Supervision, including LaPorte Bancorp, Inc.;
|
•
|
the federal prohibition on paying interest on demand deposits has been eliminated, thus allowing businesses to have interest-bearing checking accounts. This change has increased our interest expense;
|
•
|
the Federal Reserve Board is required to set minimum capital levels for depository institution holding companies that are as stringent as those required for their insured depository subsidiaries, and the components of Tier 1 capital are required to be restricted to capital instruments that are currently considered to be Tier 1 capital for insured depository institutions. New capital rules take effect on January 1, 2015;
|
•
|
the federal banking regulators are required to implement new leverage and capital requirements that take into account off-balance sheet activities and other risks, including risks relating to securitized products and derivatives;
|
•
|
a new Consumer Financial Protection Bureau has been established, which has broad powers to supervise and enforce consumer protection laws. The Consumer Financial Protection Bureau has broad rule-making authority for a wide range of consumer protection laws that apply to all banks and savings institutions, including the authority to prohibit “unfair, deceptive or abusive” acts and practices. The Consumer Financial Protection Bureau has examination and enforcement authority over all banks and savings institutions with more than $10 billion in assets. Banks and savings institutions with $10 billion or less in assets, like The LaPorte Savings Bank, will be examined by their applicable bank regulators; and
|
•
|
state attorneys general have the ability to enforce federal consumer protection laws.
|
•
|
excessive upfront points and fees (those exceeding 3% of the total loan amount, less “bona fide discount points” for prime loans);
|
•
|
interest-only payments;
|
•
|
negative-amortization; and
|
•
|
terms longer than 30 years.
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Location
|
|
Leased or
Owned
|
|
Year Acquired
or Leased
|
|
Square Footage
|
|
Net Book
Value of Real
Property
|
|||
|
|
(Dollars in thousands)
|
|||||||||
Main Office: (including land)
|
|
|
|
|
|
|
|
|
|||
710 Indiana Avenue
La Porte, Indiana 46350
|
|
Owned
|
|
1916
|
|
57,000
|
|
|
$
|
2,968
|
|
Full Service Branches: (including land)
|
|
|
|
|
|
|
|
|
|||
6959 W. Johnson Road
La Porte, Indiana 46350
|
|
Owned
|
|
1987
|
|
3,500
|
|
|
258
|
|
|
301 Boyd Blvd.
La Porte, Indiana 46350
|
|
Owned
|
|
1997
|
|
4,000
|
|
|
1,053
|
|
|
1222 W. State Road #2
La Porte, Indiana 46350
|
|
Owned
|
|
1999
|
|
2,200
|
|
|
367
|
|
|
2000 Franklin Street
Michigan City, Indiana 46360
|
|
Owned
|
|
2007
|
|
5,589
|
|
|
787
|
|
|
851 Indian Boundary Road
Chesterton, Indiana 46304
|
|
Owned
|
|
2007
|
|
7,475
|
|
|
1,122
|
|
|
101 Michigan Street
Rolling Prairie, Indiana 46371
|
|
Owned
|
|
2007
|
|
1,850
|
|
|
96
|
|
|
1 Parkman Drive
Westville, Indiana 46391
|
|
Owned
|
|
2006
|
|
4,000
|
|
|
1,281
|
|
|
602 F Street
La Porte, Indiana 46350 (partial service branch)
|
|
Leased
|
|
2013
|
|
260
|
|
|
41
|
|
|
Loan Production Office:
|
|
|
|
|
|
|
|
|
|||
2918 Division Street
St. Joseph, Michigan 49085
|
|
Leased
|
|
2013
|
|
1,200
|
|
|
—
|
|
|
Lots Owned:
|
|
|
|
|
|
|
|
|
|||
1201 E. Lincolnway
Valparaiso, Indiana 46383
|
|
Owned
|
|
2006
|
|
N/A
|
|
|
385
|
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
|
|
High
|
|
Low
|
|
Dividends
|
||||||
2013
|
|
|
|
|
|
||||||
Quarter ended March 31, 2013
|
$
|
10.55
|
|
|
$
|
8.36
|
|
|
$
|
0.04
|
|
Quarter ended June 30, 2013
|
10.40
|
|
|
9.31
|
|
|
0.04
|
|
|||
Quarter ended September 30, 2013
|
10.99
|
|
|
9.95
|
|
|
0.04
|
|
|||
Quarter ended December 31, 2013
|
11.86
|
|
|
10.35
|
|
|
0.04
|
|
|||
2012
|
|
|
|
|
|
||||||
Quarter ended March 31, 2012
|
$
|
7.16
|
|
|
$
|
5.96
|
|
|
$
|
0.03
|
|
Quarter ended June 30, 2012
|
7.20
|
|
|
5.85
|
|
|
0.03
|
|
|||
Quarter ended September 30, 2012
|
8.26
|
|
|
7.01
|
|
|
0.03
|
|
|||
Quarter ended December 31, 2012
|
9.21
|
|
|
7.85
|
|
|
0.04
|
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||
October 1-31, 2013
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
310,809
|
|
November 1-30, 2013
|
|
230,300
|
|
|
10.69
|
|
|
230,300
|
|
|
80,509
|
|
|
December 1-31, 2013
|
|
65,709
|
|
|
11.04
|
|
|
65,709
|
|
|
14,800
|
|
|
Total
|
|
296,009
|
|
|
10.76
|
|
|
296,009
|
|
|
|
Item 6.
|
Selected Financial Data
|
|
At December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
526,881
|
|
|
$
|
492,755
|
|
|
$
|
477,145
|
|
|
$
|
444,270
|
|
|
$
|
405,827
|
|
Cash and cash equivalents
|
18,219
|
|
|
6,857
|
|
|
8,146
|
|
|
5,868
|
|
|
6,000
|
|
|||||
Investment securities
|
164,272
|
|
|
125,620
|
|
|
131,974
|
|
|
119,377
|
|
|
102,095
|
|
|||||
Federal Home Loan Bank stock
|
4,375
|
|
|
3,817
|
|
|
3,817
|
|
|
4,038
|
|
|
4,206
|
|
|||||
Loans held for sale
|
1,118
|
|
|
1,155
|
|
|
3,049
|
|
|
4,156
|
|
|
981
|
|
|||||
Loans, net
|
293,285
|
|
|
313,692
|
|
|
295,359
|
|
|
273,103
|
|
|
256,275
|
|
|||||
Deposits
|
346,701
|
|
|
348,970
|
|
|
333,560
|
|
|
317,338
|
|
|
273,408
|
|
|||||
Federal Home Loan Bank of Indianapolis advances and other long-term borrowings
|
91,932
|
|
|
54,164
|
|
|
82,157
|
|
|
71,746
|
|
|
62,780
|
|
|||||
Short-term borrowings
|
2,415
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,675
|
|
|||||
Shareholders’ equity
|
80,249
|
|
|
84,055
|
|
|
55,703
|
|
|
50,048
|
|
|
49,872
|
|
|
At December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
$
|
17,578
|
|
|
$
|
19,832
|
|
|
$
|
19,391
|
|
|
$
|
20,980
|
|
|
$
|
19,272
|
|
Interest expense
|
3,421
|
|
|
4,392
|
|
|
5,871
|
|
|
7,268
|
|
|
8,265
|
|
|||||
Net interest income
|
14,157
|
|
|
15,440
|
|
|
13,520
|
|
|
13,712
|
|
|
11,007
|
|
|||||
Provision for loan losses
|
6
|
|
|
1,037
|
|
|
1,137
|
|
|
3,472
|
|
|
851
|
|
|||||
Net interest income after provision for loan losses
|
14,151
|
|
|
14,403
|
|
|
12,383
|
|
|
10,240
|
|
|
10,156
|
|
|||||
Noninterest income
|
2,987
|
|
|
3,160
|
|
|
2,647
|
|
|
3,705
|
|
|
3,939
|
|
|||||
Noninterest expense
|
11,898
|
|
|
11,782
|
|
|
11,052
|
|
|
10,809
|
|
|
11,158
|
|
|||||
Income before income taxes
|
5,240
|
|
|
5,781
|
|
|
3,978
|
|
|
3,136
|
|
|
2,937
|
|
|||||
Income tax expense
|
1,227
|
|
|
1,496
|
|
|
736
|
|
|
545
|
|
|
425
|
|
|||||
Net income
|
$
|
4,013
|
|
|
$
|
4,285
|
|
|
$
|
3,242
|
|
|
$
|
2,591
|
|
|
$
|
2,512
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on assets (ratio of net income to average total assets)
|
0.83
|
%
|
|
0.91
|
%
|
|
0.72
|
%
|
|
0.61
|
%
|
|
0.65
|
%
|
|||||
Return on equity (ratio of net income to average equity)
|
4.81
|
|
|
6.91
|
|
|
6.15
|
|
|
5.12
|
|
|
5.25
|
|
|||||
Interest rate spread (1)
|
2.98
|
|
|
3.37
|
|
|
3.09
|
|
|
3.31
|
|
|
2.89
|
|
|||||
Net interest margin (2)
|
3.20
|
|
|
3.57
|
|
|
3.31
|
|
|
3.59
|
|
|
3.21
|
|
|||||
Efficiency ratio (3)
|
69.40
|
|
|
63.34
|
|
|
68.36
|
|
|
62.06
|
|
|
74.66
|
|
|||||
Dividend payout ratio
|
22.86
|
|
|
18.06
|
|
|
5.45
|
|
|
—
|
|
|
—
|
|
|||||
Noninterest expense to average total assets
|
2.46
|
|
|
2.50
|
|
|
2.45
|
|
|
2.56
|
|
|
2.90
|
|
|||||
Average interest-earning assets to average interest-bearing liabilities
|
128.41
|
|
|
120.06
|
|
|
115.10
|
|
|
114.97
|
|
|
113.49
|
|
|||||
Loans to deposits
|
85.72
|
|
|
91.13
|
|
|
89.68
|
|
|
87.26
|
|
|
94.75
|
|
|||||
Basic earnings per share (4)
|
$
|
0.70
|
|
|
$
|
0.72
|
|
|
$
|
0.55
|
|
|
$
|
0.44
|
|
|
$
|
0.42
|
|
Diluted earnings per share (4)
|
0.69
|
|
|
0.72
|
|
|
0.55
|
|
|
0.44
|
|
|
0.42
|
|
|||||
Tangible book value per share (4)
|
12.09
|
|
|
12.13
|
|
|
7.61
|
|
|
6.77
|
|
|
6.66
|
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets
|
1.16
|
%
|
|
1.88
|
%
|
|
1.55
|
%
|
|
1.89
|
%
|
|
2.04
|
%
|
|||||
Nonperforming loans to total loans
|
1.65
|
|
|
2.63
|
|
|
2.13
|
|
|
2.49
|
|
|
2.98
|
|
|||||
Allowance for loan losses to nonperforming loans
|
79.56
|
|
|
51.54
|
|
|
59.27
|
|
|
57.21
|
|
|
35.98
|
|
|||||
Allowance for loan losses to total loans
|
1.31
|
|
|
1.35
|
|
|
1.26
|
|
|
1.42
|
|
|
1.07
|
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average equity to average assets
|
17.23
|
%
|
|
13.15
|
%
|
|
11.70
|
%
|
|
11.96
|
%
|
|
12.44
|
%
|
|||||
Equity to total assets at end of period
|
15.25
|
|
|
17.06
|
|
|
11.67
|
|
|
11.27
|
|
|
12.29
|
|
|||||
Total capital to risk-weighted assets (5)
|
19.1
|
|
|
18.9
|
|
|
14.9
|
|
|
15.2
|
|
|
15.3
|
|
|||||
Tier 1 capital to risk-weighted assets (5)
|
18.0
|
|
|
17.7
|
|
|
13.7
|
|
|
14.0
|
|
|
14.3
|
|
|||||
Tier 1 capital to average assets (5)
|
13.0
|
|
|
13.4
|
|
|
9.7
|
|
|
9.9
|
|
|
10.4
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of full service offices
|
8
|
|
|
8
|
|
|
8
|
|
|
8
|
|
|
8
|
|
|
(1)
|
Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the year.
|
(2)
|
Represents net interest income as a percent of average interest-earning assets for the year.
|
(3)
|
Represents noninterest expense divided by the sum of net interest income and noninterest income. The efficiency ratio presented above includes other than temporary impairment losses on investments of $1.7 million for 2009.
|
(4)
|
Per share amounts for 2009, 2010, and 2011 have been adjusted for the exchange ratio related to the October 4, 2012 conversion.
|
(5)
|
Represents capital ratios of The LaPorte Savings Bank.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Increasing Commercial Real Estate and Commercial Business Lending.
In order to increase the yield of and reduce the term to repricing of our loan portfolio, we have increased our commercial real estate and commercial business loan portfolios while maintaining the practice of sound credit decisions. Our commercial real estate and commercial business loan portfolios have grown from $59.3 million and $17.4 million, respectively, at December 31, 2007 to $83.8 million and $17.6 million, respectively, at December 31, 2013. At December 31, 2013, non-performing commercial real estate and commercial business loans totaled $924,000, which decreased $2.4 million, or 72%, from December 31, 2012.
|
•
|
Maintaining the Quality of Our Loan Portfolio.
Maintaining the quality of our loan portfolio is a key factor in managing our operations, particularly during a period of economic weakness. We will continue to use customary risk management techniques, such as independent internal and external loan reviews, portfolio credit analysis, and field inspections of collateral in overseeing the performance of our loan portfolio. Our asset quality remains better than many Indiana banks and thrifts with a nonperforming loans to total loans ratio of 1.65% at December 31, 2013 and a nonperforming assets to total assets ratio of 1.16% at December 31, 2013, which is the lowest level we have experienced since September 30, 2008.
|
•
|
Continuing Moderate Growth in Mortgage Warehouse Lending.
We entered the mortgage warehouse line of business in order to increase the yield of our loan portfolio and increase noninterest income. Our mortgage warehouse lending business has grown from $604.8 million in originations in 2009 to $2.8 billion in originations in 2013. The rising mortgage interest rates during 2013 combined with increased competition for mortgages negatively impacted the amount of mortgage activity nationwide. The tighter spreads, slower turn times, and reduced fees reduced our interest income and fee income related to mortgage warehouse lending. During 2013, we added eight mortgage lenders to mitigate the impact of the changing mortgage industry and increased competition.
|
•
|
Increasing Revenue with Our Mortgage Banking Strategy.
We made the strategic decision to grow our mortgage banking area by adding qualified mortgage lenders in LaPorte and Porter counties in Indiana and opening a new mortgage loan production office in St. Joseph, Michigan. We believe that our infrastructure will allow us to grow market share within and around our markets. While we intend to sell the majority of our originated mortgage loans to continue to generate fee income and gains on mortgage banking activities, we are strategically retaining certain of these loans within our portfolio, focusing on adjustable rate mortgages and fixed rate mortgages with 10 to 15 year terms.
|
•
|
Maintaining Our Status As An Independent Community Oriented Institution.
We intend to use our customer service and our knowledge of our local community to enhance our status as an independent community financial institution. We are also committed to upgrading technology where necessary to provide high quality service to our customers for online banking and making mortgage and consumer lending decisions. In addition, having employees who understand and value our clientèle and their business is a key component to our success. We believe that our present staff is one of our competitive strengths and thus the retention of such persons and our ability to continue to attract quality personnel is a high priority.
|
•
|
Managed Growth.
We intend to use our capital to grow organically and we may use a portion of the net proceeds of our 2012 second-step conversion and offering to pursue future acquisitions of commercial banks, savings institutions, financial services companies, and branch offices of such institutions if we find the right opportunity. We have no current arrangements or agreements with respect to any such acquisitions.
|
•
|
Managing Interest Rate Risk.
We believe that it is difficult to achieve satisfactory levels of profitability in the financial services industry without assuming some level of interest rate risk, especially with the continued low interest rate market. However, we believe that such risk must be carefully managed to avoid undue exposure to changes in interest rates. Accordingly, we seek to manage to the extent practical our interest rate risk, which may include the use of interest rate swap agreements as a part of our strategy.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans
|
$
|
268,098
|
|
|
$13,972
|
|
5.21
|
%
|
|
$
|
292,882
|
|
|
$
|
16,362
|
|
|
5.59
|
%
|
|
$
|
260,245
|
|
|
$
|
15,406
|
|
|
5.92
|
%
|
||
Taxable securities
|
107,625
|
|
|
1,948
|
|
|
1.81
|
|
|
85,910
|
|
|
1,933
|
|
|
2.25
|
|
|
98,986
|
|
|
2,377
|
|
|
2.40
|
|
||||||
Tax exempt securities
|
43,418
|
|
|
1,439
|
|
|
3.31
|
|
|
38,189
|
|
|
1,374
|
|
|
3.60
|
|
|
36,493
|
|
|
1,486
|
|
|
4.07
|
|
||||||
Federal Home Loan Bank of Indianapolis stock
|
3,824
|
|
|
133
|
|
|
3.48
|
|
|
3,817
|
|
|
116
|
|
|
3.04
|
|
|
3,914
|
|
|
99
|
|
|
2.53
|
|
||||||
Fed funds sold and other interest-earning deposits
|
19,993
|
|
|
86
|
|
|
0.43
|
|
|
11,371
|
|
|
47
|
|
|
0.41
|
|
|
9,204
|
|
|
23
|
|
|
0.25
|
|
||||||
Total interest-earning assets
|
442,958
|
|
|
17,578
|
|
|
3.97
|
%
|
|
432,169
|
|
|
19,832
|
|
|
4.59
|
|
|
408,842
|
|
|
19,391
|
|
|
4.74
|
|
||||||
Noninterest-earning assets
|
41,689
|
|
|
|
|
|
|
39,656
|
|
|
|
|
|
|
41,485
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
484,647
|
|
|
|
|
|
|
$
|
471,825
|
|
|
|
|
|
|
$
|
450,327
|
|
|
|
|
|
|||||||||
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings deposits
|
$
|
59,286
|
|
|
33
|
|
|
0.06
|
|
|
$
|
57,587
|
|
|
29
|
|
|
0.05
|
|
|
$
|
48,660
|
|
|
42
|
|
|
0.09
|
|
|||
Money market/NOW accounts
|
117,333
|
|
|
400
|
|
|
0.34
|
|
|
107,753
|
|
|
483
|
|
|
0.45
|
|
|
100,048
|
|
|
570
|
|
|
0.57
|
|
||||||
CDs and IRAs
|
112,436
|
|
|
1,735
|
|
|
1.54
|
|
|
135,334
|
|
|
2,350
|
|
|
1.74
|
|
|
143,650
|
|
|
3,304
|
|
|
2.30
|
|
||||||
Total interest bearing deposits
|
289,055
|
|
|
2,168
|
|
|
0.75
|
|
|
300,674
|
|
|
2,862
|
|
|
0.95
|
|
|
292,358
|
|
|
3,916
|
|
|
1.34
|
|
||||||
FHLB advances
|
50,097
|
|
|
969
|
|
|
1.93
|
|
|
53,292
|
|
|
1,209
|
|
|
2.27
|
|
|
52,180
|
|
|
1,467
|
|
|
2.81
|
|
||||||
Subordinated debentures
|
5,155
|
|
|
281
|
|
|
5.45
|
|
|
5,155
|
|
|
282
|
|
|
5.47
|
|
|
5,155
|
|
|
281
|
|
|
5.45
|
|
||||||
FDIC guaranteed unsecured borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
613
|
|
|
37
|
|
|
6.04
|
|
|
4,947
|
|
|
201
|
|
|
4.06
|
|
||||||
Other secured borrowings
|
642
|
|
|
3
|
|
|
0.47
|
|
|
234
|
|
|
2
|
|
|
0.85
|
|
|
552
|
|
|
6
|
|
|
1.09
|
|
||||||
Total interest-bearing liabilities
|
344,949
|
|
|
3,421
|
|
|
0.99
|
|
|
359,968
|
|
|
4,392
|
|
|
1.22
|
|
|
355,192
|
|
|
5,871
|
|
|
1.65
|
|
||||||
Noninterest-bearing demand deposits
|
50,686
|
|
|
|
|
|
|
44,016
|
|
|
|
|
|
|
37,019
|
|
|
|
|
|
||||||||||||
Other liabilities
|
5,521
|
|
|
|
|
|
|
5,799
|
|
|
|
|
|
|
5,416
|
|
|
|
|
|
||||||||||||
Total liabilities
|
401,156
|
|
|
|
|
|
|
409,783
|
|
|
|
|
|
|
397,627
|
|
|
|
|
|
||||||||||||
Equity
|
83,491
|
|
|
|
|
|
|
62,042
|
|
|
|
|
|
|
52,700
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
484,647
|
|
|
|
|
|
|
$
|
471,825
|
|
|
|
|
|
|
$
|
450,327
|
|
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
14,157
|
|
|
|
|
|
|
$
|
15,440
|
|
|
|
|
|
|
$
|
13,520
|
|
|
|
|||||||||
Net interest rate spread
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
3.37
|
%
|
|
|
|
|
|
3.09
|
%
|
||||||||||||
Net interest-earning assets
|
$
|
98,009
|
|
|
|
|
|
|
$
|
72,201
|
|
|
|
|
|
|
$
|
53,650
|
|
|
|
|
|
|||||||||
Net interest margin
|
|
|
|
|
3.20
|
|
|
|
|
|
|
3.57
|
|
|
|
|
|
|
3.31
|
|
||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
|
|
|
|
128.41
|
|
|
|
|
|
|
120.06
|
|
|
|
|
|
|
115.10
|
|
|
Years Ended December 31,
2013 vs. 2012 |
|
Years Ended December 31,
2012 vs. 2011 |
||||||||||||||||||||
|
Increase (Decrease)
Due to
|
|
Total
Increase
(Decrease)
|
|
Increase (Decrease)
Due to
|
|
Total
Increase
(Decrease)
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
|
Volume
|
|
Rate
|
|
||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans
|
$
|
(1,333
|
)
|
|
$
|
(1,057
|
)
|
|
$
|
(2,390
|
)
|
|
$
|
1,857
|
|
|
$
|
(901
|
)
|
|
$
|
956
|
|
Taxable securities
|
435
|
|
|
(420
|
)
|
|
15
|
|
|
(301
|
)
|
|
(143
|
)
|
|
(444
|
)
|
||||||
Tax exempt securities
|
179
|
|
|
(114
|
)
|
|
65
|
|
|
67
|
|
|
(179
|
)
|
|
(112
|
)
|
||||||
Federal Home Loan Bank of
Indianapolis stock
|
—
|
|
|
17
|
|
|
17
|
|
|
(3
|
)
|
|
20
|
|
|
17
|
|
||||||
Fed funds sold and other
interest-bearing deposits
|
37
|
|
|
2
|
|
|
39
|
|
|
6
|
|
|
18
|
|
|
24
|
|
||||||
Total interest-earning assets
|
(682
|
)
|
|
(1,572
|
)
|
|
(2,254
|
)
|
|
1,626
|
|
|
(1,185
|
)
|
|
441
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings deposits
|
1
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|
(20
|
)
|
|
(13
|
)
|
||||||
Money market/NOW accounts
|
40
|
|
|
(123
|
)
|
|
(83
|
)
|
|
41
|
|
|
(128
|
)
|
|
(87
|
)
|
||||||
CDs and IRAs
|
(371
|
)
|
|
(244
|
)
|
|
(615
|
)
|
|
(182
|
)
|
|
(772
|
)
|
|
(954
|
)
|
||||||
FHLB advances and federal funds
purchased
|
(69
|
)
|
|
(171
|
)
|
|
(240
|
)
|
|
31
|
|
|
(289
|
)
|
|
(258
|
)
|
||||||
Subordinated debentures
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||
FDIC guaranteed borrowings
|
(37
|
)
|
|
—
|
|
|
(37
|
)
|
|
(231
|
)
|
|
67
|
|
|
(164
|
)
|
||||||
Other secured borrowings
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||||
Total interest-bearing liabilities
|
(434
|
)
|
|
(537
|
)
|
|
(971
|
)
|
|
(337
|
)
|
|
(1,142
|
)
|
|
(1,479
|
)
|
||||||
Change in net interest income
|
$
|
(248
|
)
|
|
$
|
(1,035
|
)
|
|
$
|
(1,283
|
)
|
|
$
|
1,963
|
|
|
$
|
(43
|
)
|
|
$
|
1,920
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Changes in
Interest Rates
(basis points) (1)
|
|
|
|
Estimated Increase (Decrease)
in NIM
|
|
|
|
Estimated Increase (Decrease)
in EVE
|
|
EVE as Percentage of
Economic Value of Assets
|
||||||||||||||||||
|
Estimated
NIM (2)
|
|
Amount
|
|
Percent
|
|
Estimated
EVE (3) |
|
Amount
|
|
Percent
|
|
EVE
Ratio
(4)
|
|
Changes in
Basis Points
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
+300
|
|
$
|
15,628
|
|
|
$
|
324
|
|
|
2.12
|
%
|
|
$
|
67,388
|
|
|
$
|
(20,529
|
)
|
|
(23.35
|
)%
|
|
13.64
|
%
|
|
(3.17
|
)%
|
+200
|
|
15,540
|
|
|
236
|
|
|
1.54
|
|
|
76,563
|
|
|
(11,354
|
)
|
|
(12.91
|
)
|
|
15.19
|
|
|
(1.62
|
)
|
||||
+100
|
|
15,417
|
|
|
113
|
|
|
0.74
|
|
|
83,712
|
|
|
(4,205
|
)
|
|
(4.78
|
)
|
|
16.31
|
|
|
(0.50
|
)
|
||||
0
|
|
15,304
|
|
|
—
|
|
|
—
|
|
|
87,917
|
|
|
—
|
|
|
—
|
|
|
16.81
|
|
|
—
|
|
||||
-100
|
|
14,852
|
|
|
(452
|
)
|
|
(2.95
|
)
|
|
87,580
|
|
|
(337
|
)
|
|
(0.38
|
)
|
|
16.51
|
|
|
(0.30
|
)
|
(1)
|
Assumes changes in interest rates over a 12 month non-parallel ramp.
|
(2)
|
NIM or Net Interest Margin measures The LaPorte Savings Bank’s exposure to net interest income due to changes in a forecast interest rate environment.
|
(3)
|
EVE or Economic Value of Equity at Risk measures The LaPorte Savings Bank’s exposure to equity due to changes in a forecast interest rate environment.
|
(4)
|
EVE Ratio represents Economic Value of Equity divided by the economic value of assets which should translate into built in stability for future earnings.
|
Item 8
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
|
Plan Category
|
|
Number of securities
to be issued upon
the exercise of
outstanding options,
warrants and rights
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
|
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in the first
column)
|
||||
Equity compensation plans approved by security holders
|
|
271,194
|
|
|
$
|
6.55
|
|
|
14,071
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
271,194
|
|
|
$
|
6.55
|
|
|
14,071
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
(A)
|
Report of Independent Registered Public Accounting Firm
|
(B)
|
Consolidated Balance Sheets—at
December 31, 2013
and
2012
|
(C)
|
Consolidated Statements of Income—Years ended
December 31, 2013
and
2012
|
(D)
|
Consolidated Statements of Comprehensive Income (Loss) – Years ended
December 31, 2013
and
2012
|
(E)
|
Consolidated Statements of Changes In Shareholders’ Equity—Years ended
December 31, 2013
and
2012
|
(F)
|
Consolidated Statements of Cash Flows—Years ended
December 31, 2013
and
2012
|
(G)
|
Notes to Consolidated Financial Statements.
|
3.1
|
Articles of Incorporation of LaPorte Bancorp, Inc. (1)
|
3.2
|
Bylaws of LaPorte Bancorp, Inc. (2)
|
4
|
Form of Common Stock Certificate of LaPorte Bancorp, Inc. (3)
|
10.1
|
Employment Agreement by and among Lee A. Brady and The LaPorte Savings Bank
effective February 26, 2008(4)
|
10.2
|
Employment Agreement by and among Michele M. Thompson and The LaPorte Savings Bank
effective February 26, 2008(5)
|
10.3
|
First Amendment of Employment Agreement for Lee A. Brady dated September 23, 2008 (6)
|
10.4
|
Second Amendment to the Employment Agreement for Lee A. Brady dated July 12, 2011 (7)
|
10.5
|
First Amendment to the Employment Agreement for Michele M. Thompson dated September 23, 2008 (8)
|
10.6
|
Second Amendment to the Employment Agreement for Michele M. Thompson dated July 12, 2011 (9)
|
10.7
|
Employment agreement by and among Patrick W. Collins and The LaPorte Savings Bank
dated January 1, 2011(10)
|
10.8
|
Amended and Restated Supplemental Executive Retirement Plan by and among Lee A. Brady
and The LaPorte Savings Bank dated October 26, 2010 (11)
|
10.9
|
Supplemental Executive Retirement Agreement by and among Michele M. Thompson and The LaPorte Savings Bank dated October 26, 2010 (12)
|
10.10
|
Supplemental Executive Retirement Agreement by and among Patrick W. Collins and The LaPorte Savings Bank dated December 28, 2010 (13)
|
10.11
|
Split Dollar Agreement by and among Patrick W. Collins and The LaPorte Savings Bank dated
December 28, 2010 (14)
|
10.12
|
Split Dollar Agreement by and among Michele M. Thompson and The LaPorte Savings Bank dated October 26, 2010 (15)
|
10.13
|
Split Dollar Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated January 1, 2003 (16)
|
10.14
|
Deferred Compensation Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated February 27, 1979 (17)
|
10.15
|
First Amendment to the Deferred Compensation Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated September 23, 2008 (18)
|
10.16
|
Employee Stock Ownership Plan amended and restated effective January 1, 2011 (19)
|
10.17
|
LaPorte Bancorp, Inc. 2011 Equity Incentive Plan (20)
|
13
|
Consolidated Financial Statements
|
21
|
Subsidiaries of Registrant
|
23
|
Consent of Crowe Horwath LLP
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of December 31, 2013 and 2012, (ii) the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2013 and 2012, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2013 and 2012, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012, and (vi) the notes to the Consolidated Financial Statements
|
(1)
|
Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(2)
|
Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(3)
|
Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(4)
|
Incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(5)
|
Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(6)
|
Incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K of LaPorte Bancorp, Inc. (file no. 001-33733) for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 31, 2009.
|
(7)
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on July 12, 2011.
|
(8)
|
Incorporated by reference to Exhibit 10.3 to the Annual Report on Form 10-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on March 31, 2009.
|
(9)
|
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on July 12, 2011.
|
(10)
|
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on December 29, 2010.
|
(11)
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on October 28, 2010.
|
(12)
|
Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on October 28, 2010.
|
(13)
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on December 29, 2010.
|
(14)
|
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on December 29, 2010.
|
(15)
|
Incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733), originally filed with the Securities and Exchange Commission on October 28, 2010.
|
(16)
|
Incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(17)
|
Incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-143526), originally filed with the Securities and Exchange Commission on June 5, 2007.
|
(18)
|
Incorporated by reference to Exhibit 10.12 to the Annual Report on Form 10-K of LaPorte Bancorp, Inc. (file no. 001-33733) for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 31, 2009.
|
(19)
|
Incorporated by reference to Exhibit 10.16 to the Registration Statement on Form S-1 of LaPorte Bancorp, Inc. (file no. 333-182106), originally filed with the Securities and Exchange Commission on June 13, 2012.
|
(20)
|
Incorporated by reference to Exhibit 10 to the Registration Statement on Form S-8 (file no. 333-177549) filed with the Securities and Exchange Commission on October 27, 2011.
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LAPORTE BANCORP, INC.
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Date: March 18, 2014
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By:
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/s/ Lee A. Brady
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Lee A. Brady
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Chief Executive Officer
(Duly Authorized Representative)
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Signatures
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Title
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Date
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/s/ Lee A. Brady
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Chief Executive Officer (Principal Executive Officer)
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March 18, 2014
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Lee A. Brady
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/s/ Michele M. Thompson
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President and Chief Financial Officer (Principal Financial and Accounting Officer)
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March 18, 2014
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Michele M. Thompson
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/s/ Paul G. Fenker
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Chairman of the Board
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March 18, 2014
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Paul G. Fenker
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/s/ Mark A. Krentz
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Secretary of the Board
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March 18, 2014
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Mark A. Krentz
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/s/ Ralph F. Howes
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Director
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March 18, 2014
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Ralph F. Howes
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/s/ L. Charles Lukmann, III
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Director
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March 18, 2014
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L. Charles Lukmann, III
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/s/ Jerry L. Mayes
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Vice Chairman of the Board
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March 18, 2014
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Jerry L. Mayes
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/s/ Robert P. Rose
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Director
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March 18, 2014
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Robert P. Rose
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/s/ Dale A. Parkison
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Director
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March 18, 2014
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Dale A. Parkison
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1 Year Laporte Bancorp, Inc. Chart |
1 Month Laporte Bancorp, Inc. Chart |
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