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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, 2015
|
¨
|
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
|
Document
|
|
Part of Form 10-K into which incorporated
|
Not Applicable
|
|
|
|
||
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;
|
•
|
the success of our mortgage warehouse lending program including the impact of the Dodd-Frank Act on the mortgage companies;
|
•
|
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 effective on January 1, 2015;
|
•
|
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;
|
•
|
delays in closing the merger with and into Horizon Bancorp;
|
•
|
the potential impact of the announcement of the proposed merger with and into Horizon Bancorp on relationships with third parties, including customers, employees, and competitors;
|
•
|
the actual results of our proposed merger with and into Horizon Bancorp could vary materially as a result of a number of factors, including the possibility that various closing conditions for the transaction may not be satisfied or waived, and the merger agreement could be terminated under certain circumstances; 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,
|
|||||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
$
|
18,117
|
|
|
5.25
|
%
|
|
$
|
17,415
|
|
|
5.63
|
%
|
|
$
|
17,640
|
|
|
5.94
|
%
|
|
$
|
20,179
|
|
|
6.35
|
%
|
|
$
|
18,017
|
|
|
6.03
|
%
|
Real estate
|
92,300
|
|
|
26.76
|
|
|
75,263
|
|
|
24.32
|
|
|
83,782
|
|
|
28.22
|
|
|
79,817
|
|
|
25.12
|
|
|
80,430
|
|
|
26.90
|
|
|||||
Five or more family
|
22,692
|
|
|
6.58
|
|
|
16,486
|
|
|
5.33
|
|
|
15,402
|
|
|
5.19
|
|
|
14,284
|
|
|
4.49
|
|
|
17,719
|
|
|
5.93
|
|
|||||
Construction
|
11,082
|
|
|
3.21
|
|
|
2,322
|
|
|
0.75
|
|
|
3,949
|
|
|
1.33
|
|
|
1,793
|
|
|
0.56
|
|
|
1,175
|
|
|
0.39
|
|
|||||
Land
|
10,639
|
|
|
3.08
|
|
|
6,826
|
|
|
2.20
|
|
|
8,149
|
|
|
2.74
|
|
|
8,490
|
|
|
2.67
|
|
|
9,218
|
|
|
3.08
|
|
|||||
Total commercial
|
154,830
|
|
|
44.88
|
|
|
118,312
|
|
|
38.23
|
|
|
128,922
|
|
|
43.42
|
|
|
124,563
|
|
|
39.20
|
|
|
126,559
|
|
|
42.33
|
|
|||||
One- to four-family
|
40,478
|
|
|
11.74
|
|
|
39,317
|
|
|
12.71
|
|
|
35,438
|
|
|
11.93
|
|
|
36,996
|
|
|
11.64
|
|
|
45,576
|
|
|
15.25
|
|
|||||
Mortgage warehouse
|
128,902
|
|
|
37.38
|
|
|
132,636
|
|
|
42.86
|
|
|
115,443
|
|
|
38.88
|
|
|
137,467
|
|
|
43.26
|
|
|
103,864
|
|
|
34.74
|
|
|||||
Residential construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Construction
|
2,423
|
|
|
0.70
|
|
|
1,472
|
|
|
0.48
|
|
|
503
|
|
|
0.17
|
|
|
1,108
|
|
|
0.35
|
|
|
2,631
|
|
|
0.88
|
|
|||||
Land
|
878
|
|
|
0.26
|
|
|
192
|
|
|
0.06
|
|
|
289
|
|
|
0.10
|
|
|
367
|
|
|
0.12
|
|
|
416
|
|
|
0.14
|
|
|||||
Total residential construction
|
3,301
|
|
|
0.96
|
|
|
1,664
|
|
|
0.54
|
|
|
792
|
|
|
0.27
|
|
|
1,475
|
|
|
0.46
|
|
|
3,047
|
|
|
1.02
|
|
|||||
Home equity
|
13,990
|
|
|
4.06
|
|
|
13,195
|
|
|
4.26
|
|
|
11,397
|
|
|
3.84
|
|
|
12,267
|
|
|
3.86
|
|
|
12,966
|
|
|
4.34
|
|
|||||
Consumer
and other (1)
|
3,380
|
|
|
0.98
|
|
|
4,325
|
|
|
1.40
|
|
|
4,920
|
|
|
1.66
|
|
|
5,018
|
|
|
1.58
|
|
|
6,942
|
|
|
2.32
|
|
|||||
Total loans
|
344,881
|
|
|
100.00
|
%
|
|
309,449
|
|
|
100.00
|
%
|
|
296,912
|
|
|
100.00
|
%
|
|
317,786
|
|
|
100.00
|
%
|
|
298,954
|
|
|
100.00
|
%
|
|||||
Net deferred loan costs
|
305
|
|
|
|
|
277
|
|
|
|
|
278
|
|
|
|
|
214
|
|
|
|
|
177
|
|
|
|
||||||||||
Allowance for loan losses
|
(3,634
|
)
|
|
|
|
(3,595
|
)
|
|
|
|
(3,905
|
)
|
|
|
|
(4,308
|
)
|
|
|
|
(3,772
|
)
|
|
|
||||||||||
Total loans, net
|
$
|
341,552
|
|
|
|
|
$
|
306,131
|
|
|
|
|
$
|
293,285
|
|
|
|
|
$
|
313,692
|
|
|
|
|
$
|
295,359
|
|
|
|
|
(1)
|
Includes $42,000, $172,000, $508,000, $1.2 million, and $2.2 million of indirect automobile loans at December 31,
2015
,
2014
,
2013
,
2012
, and
2011
, respectively. Includes $3.3 million, $4.2 million, $4.4 million, $3.9 million, and $4.7 million of direct automobile loans and other loans at December 31,
2015
,
2014
,
2013
,
2012
, and
2011
, respectively.
|
|
|
Commercial and industrial
|
|
Commercial Real Estate
|
|
Five or More Family
|
|
Commercial Construction
|
||||||||||||||||||||
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)
|
||||||||||||||||||||||||||
2016
|
|
$
|
4,515
|
|
|
4.44
|
%
|
|
$
|
7,910
|
|
|
5.20
|
%
|
|
$
|
520
|
|
|
5.00
|
%
|
|
$
|
8,062
|
|
|
4.36
|
%
|
2017
|
|
2,818
|
|
|
4.71
|
|
|
8,089
|
|
|
5.66
|
|
|
151
|
|
|
4.50
|
|
|
432
|
|
|
4.25
|
|
||||
2018
|
|
3,163
|
|
|
4.30
|
|
|
20,154
|
|
|
4.54
|
|
|
7,095
|
|
|
4.79
|
|
|
—
|
|
|
—
|
|
||||
2019 to 2020
|
|
5,731
|
|
|
4.39
|
|
|
35,649
|
|
|
4.78
|
|
|
10,994
|
|
|
4.63
|
|
|
2,588
|
|
|
4.27
|
|
||||
2021 to 2025
|
|
1,890
|
|
|
4.69
|
|
|
16,722
|
|
|
4.61
|
|
|
3,932
|
|
|
4.57
|
|
|
—
|
|
|
—
|
|
||||
2026 to 2030
|
|
—
|
|
|
—
|
|
|
572
|
|
|
5.22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2031 and beyond
|
|
—
|
|
|
—
|
|
|
3,204
|
|
|
4.96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
18,117
|
|
|
4.47
|
%
|
|
$
|
92,300
|
|
|
4.82
|
%
|
|
$
|
22,692
|
|
|
4.68
|
%
|
|
$
|
11,082
|
|
|
4.34
|
%
|
|
|
Commercial Land
|
|
One- to four-family
|
|
Mortgage Warehouse
|
|
Residential Construction
|
||||||||||||||||||||
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)
|
||||||||||||||||||||||||||
2016
|
|
$
|
1,896
|
|
|
5.50
|
%
|
|
$
|
69
|
|
|
5.19
|
%
|
|
$
|
128,902
|
|
|
4.57
|
%
|
|
$
|
2,423
|
|
|
3.76
|
%
|
2017
|
|
1,107
|
|
|
5.38
|
|
|
214
|
|
|
6.25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2018
|
|
2,626
|
|
|
4.11
|
|
|
554
|
|
|
5.38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2019 to 2020
|
|
4,973
|
|
|
5.01
|
|
|
308
|
|
|
6.45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2021 to 2025
|
|
37
|
|
|
8.00
|
|
|
1,979
|
|
|
5.47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2026 to 2030
|
|
—
|
|
|
—
|
|
|
9,594
|
|
|
4.25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2031 and beyond
|
|
—
|
|
|
—
|
|
|
27,760
|
|
|
4.85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
10,639
|
|
|
4.92
|
%
|
|
$
|
40,478
|
|
|
4.76
|
%
|
|
$
|
128,902
|
|
|
4.57
|
%
|
|
$
|
2,423
|
|
|
3.76
|
%
|
|
|
Residential Land
|
|
Home Equity
|
|
Consumer 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)
|
||||||||||||||||||||||||||
2016
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
640
|
|
|
4.35
|
%
|
|
$
|
360
|
|
|
4.01
|
%
|
|
$
|
155,297
|
|
|
4.58
|
%
|
2017
|
|
—
|
|
|
—
|
|
|
1,114
|
|
|
4.18
|
|
|
310
|
|
|
5.04
|
|
|
14,235
|
|
|
5.28
|
|
||||
2018
|
|
—
|
|
|
—
|
|
|
1,047
|
|
|
4.51
|
|
|
430
|
|
|
3.99
|
|
|
35,069
|
|
|
4.54
|
|
||||
2019 to 2020
|
|
—
|
|
|
—
|
|
|
2,668
|
|
|
3.79
|
|
|
1,679
|
|
|
3.61
|
|
|
64,590
|
|
|
4.65
|
|
||||
2021 to 2025
|
|
—
|
|
|
—
|
|
|
3,005
|
|
|
4.65
|
|
|
583
|
|
|
5.91
|
|
|
28,148
|
|
|
4.71
|
|
||||
2026 to 2030
|
|
298
|
|
|
3.63
|
|
|
560
|
|
|
6.49
|
|
|
18
|
|
|
9.75
|
|
|
11,042
|
|
|
4.40
|
|
||||
2031 and beyond
|
|
580
|
|
|
4.57
|
|
|
4,956
|
|
|
4.18
|
|
|
—
|
|
|
—
|
|
|
36,500
|
|
|
4.76
|
|
||||
Total
|
|
$
|
878
|
|
|
4.25
|
%
|
|
$
|
13,990
|
|
|
4.33
|
%
|
|
$
|
3,380
|
|
|
4.26
|
%
|
|
$
|
344,881
|
|
|
4.64
|
%
|
|
Due After December 31, 2016
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(Dollars in thousands)
|
||||||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
11,328
|
|
|
$
|
2,274
|
|
|
$
|
13,602
|
|
Real estate
|
59,125
|
|
|
25,265
|
|
|
84,390
|
|
|||
Five or more family
|
22,152
|
|
|
20
|
|
|
22,172
|
|
|||
Construction
|
3,020
|
|
|
—
|
|
|
3,020
|
|
|||
Land
|
7,020
|
|
|
1,723
|
|
|
8,743
|
|
|||
Total commercial loans
|
102,645
|
|
|
29,282
|
|
|
131,927
|
|
|||
One- to four-family
|
20,069
|
|
|
20,340
|
|
|
40,409
|
|
|||
Mortgage warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential construction:
|
|
|
|
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|||
Land
|
—
|
|
|
878
|
|
|
878
|
|
|||
Total residential construction
|
—
|
|
|
878
|
|
|
878
|
|
|||
Home equity
|
3,622
|
|
|
9,728
|
|
|
13,350
|
|
|||
Consumer and other loans
|
2,945
|
|
|
75
|
|
|
3,020
|
|
|||
Total loans
|
$
|
129,281
|
|
|
$
|
60,303
|
|
|
$
|
189,584
|
|
Industry Type
|
|
Number of Loans
|
|
Balance
|
|||
|
|
|
|
(Dollars in thousands)
|
|||
Non-owner occupied real estate:
|
|
|
|
|
|||
Commercial real estate
|
|
105
|
|
|
$
|
33,755
|
|
Five or more family
|
|
25
|
|
|
22,692
|
|
|
Owner occupied real estate:
|
|
|
|
|
|||
Accommodation and food services
|
|
27
|
|
|
17,332
|
|
|
Development and rental
|
|
25
|
|
|
5,928
|
|
|
Manufacturing
|
|
34
|
|
|
5,427
|
|
|
Arts, entertainment, and recreation
|
|
5
|
|
|
5,239
|
|
|
Other services
|
|
39
|
|
|
4,952
|
|
|
Retail trade
|
|
22
|
|
|
4,740
|
|
|
Construction
|
|
28
|
|
|
3,275
|
|
|
Wholesale trade
|
|
12
|
|
|
3,254
|
|
|
Health care and social assistance
|
|
9
|
|
|
3,236
|
|
|
Other miscellaneous
|
|
34
|
|
|
5,162
|
|
|
Total
|
|
365
|
|
|
$
|
114,992
|
|
Industry Type
|
|
Number of Loans
|
|
Balance
|
|||
|
|
|
|
(Dollars in thousands)
|
|||
Transportation and warehousing
|
|
16
|
|
|
$
|
4,227
|
|
Accommodation and food services
|
|
13
|
|
|
4,147
|
|
|
Manufacturing
|
|
18
|
|
|
1,917
|
|
|
Mining
|
|
1
|
|
|
1,665
|
|
|
Other commercial equipment rental and leasing
|
|
1
|
|
|
1,510
|
|
|
Retail trade
|
|
48
|
|
|
862
|
|
|
Public administration
|
|
11
|
|
|
812
|
|
|
Other miscellaneous
|
|
59
|
|
|
2,977
|
|
|
Total
|
|
167
|
|
|
$
|
18,117
|
|
|
|
Net Principal Balance
|
|
Non-Performing
|
||||
|
|
(Dollars in thousands)
|
||||||
Commercial:
|
|
|
|
|
||||
Commercial real estate construction
|
|
$
|
9,285
|
|
|
$
|
41
|
|
Commercial one- to four-family speculation construction
|
|
1,797
|
|
|
—
|
|
||
Commercial land
|
|
10,639
|
|
|
299
|
|
||
Total commercial construction and land
|
|
21,721
|
|
|
340
|
|
||
Residential:
|
|
|
|
|
||||
One- to four-family construction
|
|
2,423
|
|
|
—
|
|
||
Residential land
|
|
878
|
|
|
—
|
|
||
Total residential construction and land
|
|
3,301
|
|
|
—
|
|
||
Total construction and land loans
|
|
$
|
25,022
|
|
|
$
|
340
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(Dollars in thousands)
|
||||||||||
Total loans at beginning of year
|
$
|
309,449
|
|
|
$
|
296,912
|
|
|
$
|
317,786
|
|
Loans originated:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and other
|
8,172
|
|
|
5,051
|
|
|
4,805
|
|
|||
Real estate
|
37,437
|
|
|
8,923
|
|
|
39,927
|
|
|||
Five or more family
|
12,521
|
|
|
12,844
|
|
|
9,649
|
|
|||
Construction
|
6,105
|
|
|
6,297
|
|
|
2,180
|
|
|||
Land
|
7,111
|
|
|
490
|
|
|
795
|
|
|||
One- to four-family
|
35,322
|
|
|
34,934
|
|
|
36,119
|
|
|||
Mortgage warehouse
|
3,633,087
|
|
|
2,195,170
|
|
|
2,287,525
|
|
|||
Residential construction:
|
|
|
|
|
|
||||||
Construction
|
3,898
|
|
|
2,718
|
|
|
946
|
|
|||
Land
|
418
|
|
|
—
|
|
|
—
|
|
|||
Home equity
|
7,456
|
|
|
7,608
|
|
|
5,576
|
|
|||
Consumer and other
|
1,301
|
|
|
1,776
|
|
|
2,072
|
|
|||
Total loans originated
|
3,752,828
|
|
|
2,275,811
|
|
|
2,389,594
|
|
|||
Loans purchased:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Construction (1)
|
4,146
|
|
|
—
|
|
|
—
|
|
|||
Total loans purchased
|
4,146
|
|
|
—
|
|
|
—
|
|
|||
Loans sold:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Real estate
|
(1,700
|
)
|
|
—
|
|
|
—
|
|
|||
Five or more family
|
—
|
|
|
(2,990
|
)
|
|
—
|
|
|||
One- to four-family
|
(24,786
|
)
|
|
(25,074
|
)
|
|
(30,056
|
)
|
|||
Total loans sold
|
(26,486
|
)
|
|
(28,064
|
)
|
|
(30,056
|
)
|
|||
Deduct:
|
|
|
|
|
|
||||||
Principal repayments
|
(3,695,056
|
)
|
|
(2,235,210
|
)
|
|
(2,380,412
|
)
|
|||
Net loan activity
|
35,432
|
|
|
12,537
|
|
|
(20,874
|
)
|
|||
Total loans at end of year (excluding net deferred loan costs)
|
$
|
344,881
|
|
|
$
|
309,449
|
|
|
$
|
296,912
|
|
|
(1)
|
Total committed availability on commercial construction loans purchased during 2015 totaled $7.4 million at December 31, 2015.
|
|
At December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Real estate
|
1,396
|
|
|
825
|
|
|
843
|
|
|
2,642
|
|
|
1,935
|
|
|||||
Construction
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
299
|
|
|
1,577
|
|
|
2,748
|
|
|
2,985
|
|
|
2,800
|
|
|||||
Total commercial loans
|
1,736
|
|
|
2,402
|
|
|
3,591
|
|
|
5,627
|
|
|
4,763
|
|
|||||
One- to four-family
|
590
|
|
|
1,252
|
|
|
1,044
|
|
|
1,831
|
|
|
1,325
|
|
|||||
Home equity
|
23
|
|
|
7
|
|
|
43
|
|
|
53
|
|
|
14
|
|
|||||
Consumer and other
|
—
|
|
|
—
|
|
|
3
|
|
|
5
|
|
|
8
|
|
|||||
Total nonaccruing troubled debt restructured loans (1)
|
—
|
|
|
762
|
|
|
227
|
|
|
842
|
|
|
254
|
|
|||||
Total nonaccrual loans
|
2,349
|
|
|
4,423
|
|
|
4,908
|
|
|
8,358
|
|
|
6,364
|
|
|||||
Loans greater than 90 days delinquent and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total nonperforming loans
|
2,349
|
|
|
4,423
|
|
|
4,908
|
|
|
8,358
|
|
|
6,364
|
|
|||||
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate
|
72
|
|
|
67
|
|
|
646
|
|
|
384
|
|
|
365
|
|
|||||
Land
|
1,789
|
|
|
512
|
|
|
205
|
|
|
305
|
|
|
390
|
|
|||||
Total commercial loans
|
1,861
|
|
|
579
|
|
|
851
|
|
|
689
|
|
|
755
|
|
|||||
One- to four-family
|
339
|
|
|
25
|
|
|
281
|
|
|
133
|
|
|
140
|
|
|||||
Residential land
|
—
|
|
|
45
|
|
|
56
|
|
|
80
|
|
|
117
|
|
|||||
Total foreclosed assets
|
2,200
|
|
|
649
|
|
|
1,188
|
|
|
902
|
|
|
1,012
|
|
|||||
Total nonperforming assets
|
$
|
4,549
|
|
|
$
|
5,072
|
|
|
$
|
6,096
|
|
|
$
|
9,260
|
|
|
$
|
7,376
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total accruing troubled debt restructured loans (2)
|
$
|
1,720
|
|
|
$
|
5,873
|
|
|
$
|
1,949
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans to total loans
|
0.68
|
%
|
|
1.43
|
%
|
|
1.65
|
%
|
|
2.63
|
%
|
|
2.13
|
%
|
|||||
Nonperforming assets to total assets
|
0.84
|
|
|
0.98
|
|
|
1.16
|
|
|
1.88
|
|
|
1.55
|
|
|
(1)
|
At
December 31, 2014
,
$682,000
of one- to four-family residential loans,
$53,000
commercial real estate loans, and
$27,000
commercial loans were classified as nonaccruing troubled debt restructured loans.
|
(2)
|
At
December 31, 2015
,
$1.2 million
of commercial real estate loans,
$489,000
of one- to four-family loans, and
$74,000
of home equity loans were classified as accruing troubled debt restructured loans. At
December 31, 2014
,
$3.7 million
of five or more family loans,
$2.1 million
of commercial real estate loans,
$56,000
of one- to four-family loans, and
$25,000
of consumer 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, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
2
|
|
|
$
|
1,282
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
102
|
|
|
3
|
|
|
$
|
1,384
|
|
Five or more family
|
1
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
20
|
|
||||
Construction
|
1
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
41
|
|
||||
Total commercial
|
4
|
|
|
1,343
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
102
|
|
|
5
|
|
|
1,445
|
|
||||
One- to four-family
|
3
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
495
|
|
|
10
|
|
|
671
|
|
||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
8
|
|
|
2
|
|
|
8
|
|
||||
Total
|
7
|
|
|
$
|
1,519
|
|
|
—
|
|
|
$
|
—
|
|
|
10
|
|
|
$
|
605
|
|
|
17
|
|
|
$
|
2,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
27
|
|
|
1
|
|
|
$
|
27
|
|
Real estate
|
1
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
822
|
|
|
7
|
|
|
894
|
|
||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1,216
|
|
|
4
|
|
|
1,216
|
|
||||
Total commercial
|
1
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
2,065
|
|
|
12
|
|
|
2,137
|
|
||||
One- to four-family
|
5
|
|
|
454
|
|
|
2
|
|
|
203
|
|
|
8
|
|
|
920
|
|
|
15
|
|
|
1,577
|
|
||||
Home equity
|
—
|
|
|
—
|
|
|
1
|
|
|
73
|
|
|
2
|
|
|
7
|
|
|
3
|
|
|
80
|
|
||||
Consumer and other
|
2
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
19
|
|
||||
Total
|
8
|
|
|
$
|
545
|
|
|
3
|
|
|
$
|
276
|
|
|
21
|
|
|
$
|
2,992
|
|
|
32
|
|
|
$
|
3,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
1
|
|
|
$
|
2
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
27
|
|
|
2
|
|
|
$
|
29
|
|
Real estate
|
7
|
|
|
2,377
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
874
|
|
|
12
|
|
|
3,251
|
|
||||
Five or more family
|
2
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
76
|
|
||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
2,317
|
|
|
5
|
|
|
2,317
|
|
||||
Total commercial
|
10
|
|
|
2,455
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
3,218
|
|
|
21
|
|
|
5,673
|
|
||||
One- to four-family
|
11
|
|
|
640
|
|
|
1
|
|
|
7
|
|
|
11
|
|
|
1,161
|
|
|
23
|
|
|
1,808
|
|
||||
Home equity
|
1
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
3
|
|
|
16
|
|
||||
Consumer and other
|
3
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
6
|
|
|
179
|
|
||||
Total
|
25
|
|
|
$
|
3,275
|
|
|
1
|
|
|
$
|
7
|
|
|
27
|
|
|
$
|
4,394
|
|
|
53
|
|
|
$
|
7,676
|
|
|
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, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
3
|
|
|
$
|
66
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
3
|
|
|
$
|
66
|
|
Real estate
|
5
|
|
|
1,019
|
|
|
1
|
|
|
24
|
|
|
14
|
|
|
2,642
|
|
|
20
|
|
|
3,685
|
|
||||
Land
|
—
|
|
|
—
|
|
|
1
|
|
|
109
|
|
|
5
|
|
|
2,494
|
|
|
6
|
|
|
2,603
|
|
||||
Total commercial
|
8
|
|
|
1,085
|
|
|
2
|
|
|
133
|
|
|
19
|
|
|
5,136
|
|
|
29
|
|
|
6,354
|
|
||||
One- to four-family
|
11
|
|
|
524
|
|
|
3
|
|
|
283
|
|
|
12
|
|
|
1,469
|
|
|
26
|
|
|
2,276
|
|
||||
Home equity
|
2
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
25
|
|
|
4
|
|
|
46
|
|
||||
Consumer and other
|
3
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
5
|
|
|
6
|
|
|
18
|
|
||||
Total
|
24
|
|
|
$
|
1,643
|
|
|
5
|
|
|
$
|
416
|
|
|
36
|
|
|
$
|
6,635
|
|
|
65
|
|
|
$
|
8,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
28
|
|
|
2
|
|
|
$
|
28
|
|
Real estate
|
3
|
|
|
1,058
|
|
|
2
|
|
|
127
|
|
|
9
|
|
|
1,589
|
|
|
14
|
|
|
2,774
|
|
||||
Five or more family
|
1
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
43
|
|
||||
Land
|
1
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,248
|
|
|
4
|
|
|
2,464
|
|
||||
Total commercial
|
5
|
|
|
1,317
|
|
|
2
|
|
|
127
|
|
|
14
|
|
|
3,865
|
|
|
21
|
|
|
5,309
|
|
||||
One- to four-family
|
14
|
|
|
1,292
|
|
|
1
|
|
|
55
|
|
|
9
|
|
|
1,115
|
|
|
24
|
|
|
2,462
|
|
||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
1
|
|
|
14
|
|
||||
Consumer and other
|
3
|
|
|
27
|
|
|
1
|
|
|
14
|
|
|
3
|
|
|
8
|
|
|
7
|
|
|
49
|
|
||||
Total
|
22
|
|
|
$
|
2,636
|
|
|
4
|
|
|
$
|
196
|
|
|
27
|
|
|
$
|
5,002
|
|
|
53
|
|
|
$
|
7,834
|
|
|
At December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(Dollars in thousands)
|
||||||||||
Special mention
|
$
|
3,488
|
|
|
$
|
1,958
|
|
|
$
|
7,995
|
|
Substandard
|
4,081
|
|
|
13,656
|
|
|
13,098
|
|
|||
Doubtful
|
—
|
|
|
20
|
|
|
23
|
|
|||
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total classified and special mention assets
|
$
|
7,569
|
|
|
$
|
15,634
|
|
|
$
|
21,116
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
3,595
|
|
|
$
|
3,905
|
|
|
$
|
4,308
|
|
|
$
|
3,772
|
|
|
$
|
3,943
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|||||
Real estate
|
(20
|
)
|
|
—
|
|
|
(103
|
)
|
|
(370
|
)
|
|
(1,057
|
)
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
—
|
|
|
—
|
|
|
(102
|
)
|
|
—
|
|
|
(27
|
)
|
|||||
Total commercial
|
(20
|
)
|
|
—
|
|
|
(205
|
)
|
|
(383
|
)
|
|
(1,084
|
)
|
|||||
One- to four-family
|
(78
|
)
|
|
(159
|
)
|
|
(190
|
)
|
|
(84
|
)
|
|
(132
|
)
|
|||||
Home equity
|
(18
|
)
|
|
(12
|
)
|
|
(22
|
)
|
|
(35
|
)
|
|
(52
|
)
|
|||||
Consumer and other
|
(122
|
)
|
|
(30
|
)
|
|
(26
|
)
|
|
(67
|
)
|
|
(62
|
)
|
|||||
Total charge-offs
|
(238
|
)
|
|
(201
|
)
|
|
(443
|
)
|
|
(569
|
)
|
|
(1,330
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
1
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|||||
Real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||
Total commercial
|
1
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|||||
One- to four-family
|
—
|
|
|
21
|
|
|
19
|
|
|
2
|
|
|
—
|
|
|||||
Home equity
|
1
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|||||
Consumer and other
|
20
|
|
|
15
|
|
|
15
|
|
|
19
|
|
|
20
|
|
|||||
Total recoveries
|
22
|
|
|
41
|
|
|
34
|
|
|
68
|
|
|
22
|
|
|||||
Net charge-offs
|
(216
|
)
|
|
(160
|
)
|
|
(409
|
)
|
|
(501
|
)
|
|
(1,308
|
)
|
|||||
Provision (credit) for loan losses
|
255
|
|
|
(150
|
)
|
|
6
|
|
|
1,037
|
|
|
1,137
|
|
|||||
Balance at end of year
|
$
|
3,634
|
|
|
$
|
3,595
|
|
|
$
|
3,905
|
|
|
$
|
4,308
|
|
|
$
|
3,772
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans outstanding
|
0.07
|
%
|
|
0.06
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
0.50
|
%
|
|||||
Allowance for loan losses to nonperforming loans
|
154.70
|
|
|
81.28
|
|
|
79.56
|
|
|
51.54
|
|
|
59.27
|
|
|||||
Allowance for loan losses to total loans
|
1.05
|
|
|
1.16
|
|
|
1.31
|
|
|
1.35
|
|
|
1.26
|
|
|
At December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||
|
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)
|
||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
55
|
|
|
$
|
18,117
|
|
|
5.25
|
%
|
|
$
|
49
|
|
|
$
|
17,415
|
|
|
5.63
|
%
|
Real estate
|
1,832
|
|
|
92,300
|
|
|
26.76
|
|
|
1,379
|
|
|
75,263
|
|
|
24.32
|
|
||||
Five or more family
|
119
|
|
|
22,692
|
|
|
6.58
|
|
|
111
|
|
|
16,486
|
|
|
5.33
|
|
||||
Construction
|
87
|
|
|
11,082
|
|
|
3.21
|
|
|
10
|
|
|
2,322
|
|
|
0.75
|
|
||||
Land
|
347
|
|
|
10,639
|
|
|
3.08
|
|
|
567
|
|
|
6,826
|
|
|
2.20
|
|
||||
Total commercial
|
2,440
|
|
|
154,830
|
|
|
44.88
|
|
|
2,116
|
|
|
118,312
|
|
|
38.23
|
|
||||
One- to four-family
|
591
|
|
|
40,478
|
|
|
11.74
|
|
|
676
|
|
|
39,317
|
|
|
12.71
|
|
||||
Mortgage warehouse
|
460
|
|
|
128,902
|
|
|
37.38
|
|
|
654
|
|
|
132,636
|
|
|
42.86
|
|
||||
Residential construction:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
4
|
|
|
2,423
|
|
|
0.70
|
|
|
4
|
|
|
1,472
|
|
|
0.48
|
|
||||
Land
|
—
|
|
|
878
|
|
|
0.26
|
|
|
—
|
|
|
192
|
|
|
0.06
|
|
||||
Total residential construction
|
4
|
|
|
3,301
|
|
|
0.96
|
|
|
4
|
|
|
1,664
|
|
|
0.54
|
|
||||
Home equity
|
93
|
|
|
13,990
|
|
|
4.06
|
|
|
90
|
|
|
13,195
|
|
|
4.26
|
|
||||
Consumer and other
|
46
|
|
|
3,380
|
|
|
0.98
|
|
|
55
|
|
|
4,325
|
|
|
1.40
|
|
||||
Total loans
(excluding net deferred loan costs)
|
$
|
3,634
|
|
|
$
|
344,881
|
|
|
100.00
|
%
|
|
$
|
3,595
|
|
|
$
|
309,449
|
|
|
100.00
|
%
|
|
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)
|
||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
69
|
|
|
$
|
17,640
|
|
|
5.94
|
%
|
|
$
|
74
|
|
|
$
|
20,179
|
|
|
6.35
|
%
|
Real estate
|
1,747
|
|
|
83,782
|
|
|
28.22
|
|
|
1,867
|
|
|
79,816
|
|
|
25.12
|
|
||||
Five or more family
|
218
|
|
|
15,402
|
|
|
5.19
|
|
|
279
|
|
|
14,284
|
|
|
4.49
|
|
||||
Construction
|
73
|
|
|
3,949
|
|
|
1.33
|
|
|
35
|
|
|
1,793
|
|
|
0.56
|
|
||||
Land
|
618
|
|
|
8,149
|
|
|
2.74
|
|
|
876
|
|
|
8,490
|
|
|
2.67
|
|
||||
Total commercial
|
2,725
|
|
|
128,922
|
|
|
43.42
|
|
|
3,131
|
|
|
124,562
|
|
|
39.20
|
|
||||
One- to four-family
|
458
|
|
|
35,438
|
|
|
11.93
|
|
|
401
|
|
|
36,996
|
|
|
11.64
|
|
||||
Mortgage warehouse
|
508
|
|
|
115,443
|
|
|
38.88
|
|
|
601
|
|
|
137,467
|
|
|
43.26
|
|
||||
Residential construction:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
—
|
|
|
503
|
|
|
0.17
|
|
|
1
|
|
|
1,108
|
|
|
0.35
|
|
||||
Land
|
—
|
|
|
289
|
|
|
0.10
|
|
|
1
|
|
|
367
|
|
|
0.12
|
|
||||
Total residential construction
|
—
|
|
|
792
|
|
|
0.27
|
|
|
2
|
|
|
1,475
|
|
|
0.46
|
|
||||
Home equity
|
111
|
|
|
11,397
|
|
|
3.84
|
|
|
130
|
|
|
12,267
|
|
|
3.86
|
|
||||
Consumer and other
|
83
|
|
|
4,920
|
|
|
1.66
|
|
|
43
|
|
|
5,019
|
|
|
1.58
|
|
||||
Unallocated
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.58
|
|
||||
Total loans
(excluding net deferred loan costs) |
$
|
3,905
|
|
|
$
|
296,912
|
|
|
100.00
|
%
|
|
$
|
4,308
|
|
|
$
|
317,786
|
|
|
100.00
|
%
|
|
At December 31, 2011
|
|||||||||
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent of
Loans in
Each
Category to
Total Loans
|
|||||
|
(Dollars in thousands)
|
|||||||||
Commercial:
|
|
|
|
|
|
|||||
Commercial and industrial
|
$
|
223
|
|
|
$
|
18,017
|
|
|
6.03
|
%
|
Real estate
|
1,868
|
|
|
80,430
|
|
|
26.90
|
|
||
Five or more family
|
422
|
|
|
17,719
|
|
|
5.93
|
|
||
Construction
|
28
|
|
|
1,175
|
|
|
0.39
|
|
||
Land
|
233
|
|
|
9,218
|
|
|
3.08
|
|
||
Total commercial
|
2,774
|
|
|
126,559
|
|
|
42.33
|
|
||
One- to four-family
|
374
|
|
|
45,576
|
|
|
15.25
|
|
||
Mortgage warehouse
|
393
|
|
|
103,864
|
|
|
34.74
|
|
||
Residential construction:
|
|
|
|
|
|
|||||
Construction
|
3
|
|
|
2,631
|
|
|
0.88
|
|
||
Land
|
—
|
|
|
416
|
|
|
0.14
|
|
||
Total residential construction
|
3
|
|
|
3,047
|
|
|
1.02
|
|
||
Home equity
|
119
|
|
|
12,966
|
|
|
4.34
|
|
||
Consumer and other
|
109
|
|
|
6,942
|
|
|
2.32
|
|
||
Total loans (excluding net deferred loan costs)
|
$
|
3,772
|
|
|
$
|
298,954
|
|
|
100.00
|
%
|
|
At December 31,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
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
|
$
|
9,442
|
|
|
$
|
9,372
|
|
|
$
|
7,447
|
|
|
$
|
7,395
|
|
|
$
|
6,249
|
|
|
$
|
6,150
|
|
State and municipal
|
50,020
|
|
|
52,400
|
|
|
54,298
|
|
|
56,847
|
|
|
54,892
|
|
|
55,723
|
|
||||||
Mortgage-backed securities—residential
|
17,671
|
|
|
17,696
|
|
|
27,391
|
|
|
27,488
|
|
|
28,197
|
|
|
27,938
|
|
||||||
Government agency sponsored collateralized mortgage obligations
|
42,376
|
|
|
41,836
|
|
|
63,140
|
|
|
62,530
|
|
|
74,417
|
|
|
72,311
|
|
||||||
Corporate debt securities
|
1,000
|
|
|
939
|
|
|
1,000
|
|
|
963
|
|
|
2,121
|
|
|
2,150
|
|
||||||
Total securities available-for-sale
|
$
|
120,509
|
|
|
$
|
122,243
|
|
|
$
|
153,276
|
|
|
$
|
155,223
|
|
|
$
|
165,876
|
|
|
$
|
164,272
|
|
|
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
|
$
|
—
|
|
|
—
|
%
|
|
$
|
8,442
|
|
|
1.60
|
%
|
|
$
|
1,000
|
|
|
1.75
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
9,442
|
|
|
$
|
9,372
|
|
|
1.62
|
%
|
State and
municipal
|
641
|
|
|
3.97
|
|
|
11,642
|
|
|
2.41
|
|
|
26,438
|
|
|
3.08
|
|
|
11,299
|
|
|
4.49
|
|
|
50,020
|
|
|
52,400
|
|
|
3.25
|
|
||||||
Mortgage-
backed securities—residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|
2.39
|
|
|
16,379
|
|
|
1.92
|
|
|
17,671
|
|
|
17,696
|
|
|
1.95
|
|
||||||
Government
agency sponsored collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
1,288
|
|
|
2.56
|
|
|
5,307
|
|
|
2.25
|
|
|
35,781
|
|
|
1.87
|
|
|
42,376
|
|
|
41,836
|
|
|
2.00
|
|
||||||
Corporate debt
securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
2.00
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
939
|
|
|
1.94
|
|
||||||
Total
securities available-for-sale
|
$
|
641
|
|
|
3.97
|
%
|
|
$
|
21,372
|
|
|
2.10
|
%
|
|
$
|
35,037
|
|
|
2.86
|
%
|
|
$
|
63,459
|
|
|
2.35
|
%
|
|
$
|
120,509
|
|
|
$
|
122,243
|
|
|
2.46
|
%
|
|
At or for the Year Ended December 31,
|
||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Noninterest-bearing demand
|
$
|
58,690
|
|
|
$
|
62,020
|
|
|
15.86
|
%
|
|
—
|
%
|
|
$
|
53,263
|
|
|
$
|
53,030
|
|
|
15.56
|
%
|
|
—
|
%
|
Money market/NOW accounts
|
126,129
|
|
|
164,433
|
|
|
42.06
|
|
|
0.31
|
|
|
121,463
|
|
|
115,960
|
|
|
34.03
|
|
|
0.31
|
|
||||
Regular savings
|
64,702
|
|
|
65,747
|
|
|
16.82
|
|
|
0.06
|
|
|
63,387
|
|
|
62,331
|
|
|
18.29
|
|
|
0.06
|
|
||||
Total transaction accounts
|
249,521
|
|
|
292,200
|
|
|
74.74
|
|
|
0.17
|
|
|
238,113
|
|
|
231,321
|
|
|
67.88
|
|
|
0.15
|
|
||||
CDs and IRAs
|
102,046
|
|
|
98,759
|
|
|
25.26
|
|
|
0.89
|
|
|
107,367
|
|
|
109,447
|
|
|
32.12
|
|
|
0.82
|
|
||||
Total deposits
|
$
|
351,567
|
|
|
$
|
390,959
|
|
|
100.00
|
%
|
|
0.37
|
%
|
|
$
|
345,480
|
|
|
$
|
340,768
|
|
|
100.00
|
%
|
|
0.38
|
%
|
|
At or for the Year Ended December 31, 2013
|
||||||||||||
|
Average
Balance
|
|
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Noninterest-bearing demand
|
$
|
50,686
|
|
|
$
|
51,017
|
|
|
14.71
|
%
|
|
—
|
%
|
Money market/NOW accounts
|
117,334
|
|
|
116,830
|
|
|
33.70
|
|
|
0.13
|
|
||
Regular savings
|
59,286
|
|
|
61,076
|
|
|
17.62
|
|
|
0.06
|
|
||
Total transaction accounts
|
227,306
|
|
|
228,923
|
|
|
66.03
|
|
|
0.07
|
|
||
CDs and IRAs
|
112,436
|
|
|
117,778
|
|
|
33.97
|
|
|
1.16
|
|
||
Total deposits
|
$
|
339,742
|
|
|
$
|
346,701
|
|
|
100.00
|
%
|
|
0.45
|
%
|
|
December 31, 2015
|
||
|
(Dollars in thousands)
|
||
Three months or less
|
$
|
14,530
|
|
Over three months through six months
|
1,794
|
|
|
Over six months through one year
|
2,585
|
|
|
Over one year
|
24,714
|
|
|
Total
|
$
|
43,623
|
|
|
At or For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(Dollars in thousands)
|
||||||||||
FHLB Advances:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
55,000
|
|
|
$
|
84,919
|
|
|
$
|
86,777
|
|
Average balance during year
|
68,311
|
|
|
72,911
|
|
|
50,097
|
|
|||
Maximum outstanding at any month end
|
91,957
|
|
|
84,992
|
|
|
86,777
|
|
|||
Weighted average interest rate at end of year
|
0.92
|
%
|
|
0.87
|
%
|
|
0.77
|
%
|
|||
Average interest rate during year
|
1.81
|
|
|
1.60
|
|
|
1.93
|
|
|||
FTN Borrowings:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average balance during year
|
30
|
|
|
45
|
|
|
—
|
|
|||
Maximum outstanding at any month end
|
10,918
|
|
|
4,200
|
|
|
—
|
|
|||
Weighted average interest rate at end of year
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Average interest rate during year
|
1.01
|
|
|
1.02
|
|
|
—
|
|
|||
Zions Bank Advance:
|
|
|
|
|
|
||||||
Balance at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,415
|
|
Average balance during year
|
910
|
|
|
660
|
|
|
642
|
|
|||
Maximum outstanding at any month end
|
8,990
|
|
|
8,995
|
|
|
8,200
|
|
|||
Weighted average interest rate at end of year
|
—
|
%
|
|
—
|
%
|
|
0.41
|
%
|
|||
Average interest rate during year
|
0.42
|
|
|
0.40
|
|
|
0.47
|
|
•
|
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; and
|
•
|
commercial and industrial 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 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 increased our interest expense;
|
•
|
the Federal Reserve Board 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 were restricted to capital instruments that are currently considered to be Tier 1 capital for insured depository institutions. These new capital rules took effect on January 1, 2015 for depository institutions with consolidated assets greater than $1.0 billion;
|
•
|
the federal banking regulators were 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;
|
•
|
the Consumer Financial Protection Bureau (“CFPB”) which was established has broad powers to supervise and enforce consumer protection laws. The CFPB 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 CFPB 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, are 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
|
|
|
$
|
2,843
|
|
Full Service Branches (including land):
|
|
|
|
|
|
|
|
|
|||
6959 W. Johnson Road
La Porte, Indiana 46350
|
|
Owned
|
|
1987
|
|
3,500
|
|
|
233
|
|
|
301 Boyd Blvd.
La Porte, Indiana 46350
|
|
Owned
|
|
1997
|
|
4,000
|
|
|
1,091
|
|
|
1222 W. State Road #2
La Porte, Indiana 46350
|
|
Owned
|
|
1999
|
|
2,200
|
|
|
354
|
|
|
2000 Franklin Street
Michigan City, Indiana 46360
|
|
Owned
|
|
2007
|
|
5,589
|
|
|
783
|
|
|
851 Indian Boundary Road
Chesterton, Indiana 46304
|
|
Owned
|
|
2007
|
|
7,475
|
|
|
1,076
|
|
|
1 Parkman Drive
Westville, Indiana 46391
|
|
Owned
|
|
2006
|
|
4,000
|
|
|
1,210
|
|
|
602 F Street
La Porte, Indiana 46350 (student-staffed branch office)
|
|
Leased
|
|
2013
|
|
260
|
|
|
32
|
|
|
Loan Production Office:
|
|
|
|
|
|
|
|
|
|||
2918 Division Street
St. Joseph, Michigan 49085
|
|
Leased
|
|
2013
|
|
1,200
|
|
|
—
|
|
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
|
||||||
2015
|
|
|
|
|
|
||||||
Quarter ended March 31, 2015
|
$
|
13.99
|
|
|
$
|
12.16
|
|
|
$
|
0.04
|
|
Quarter ended June 30, 2015
|
14.05
|
|
|
13.01
|
|
|
0.04
|
|
|||
Quarter ended September 30, 2015
|
14.84
|
|
|
13.45
|
|
|
0.04
|
|
|||
Quarter ended December 31, 2015
|
15.27
|
|
|
14.40
|
|
|
0.04
|
|
|||
2014
|
|
|
|
|
|
||||||
Quarter ended March 31, 2014
|
$
|
11.15
|
|
|
$
|
10.67
|
|
|
$
|
0.04
|
|
Quarter ended June 30, 2014
|
11.25
|
|
|
10.65
|
|
|
0.04
|
|
|||
Quarter ended September 30, 2014
|
11.50
|
|
|
10.65
|
|
|
0.04
|
|
|||
Quarter ended December 31, 2014
|
12.49
|
|
|
11.21
|
|
|
0.04
|
|
Item 6.
|
Selected Financial Data
|
|
At December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
543,191
|
|
|
$
|
518,616
|
|
|
$
|
526,881
|
|
|
$
|
492,755
|
|
|
$
|
477,145
|
|
Cash and cash equivalents
|
18,459
|
|
|
8,698
|
|
|
18,219
|
|
|
6,857
|
|
|
8,146
|
|
|||||
Investment securities
|
122,243
|
|
|
155,223
|
|
|
164,272
|
|
|
125,620
|
|
|
131,974
|
|
|||||
Federal Home Loan Bank stock
|
4,029
|
|
|
4,275
|
|
|
4,375
|
|
|
3,817
|
|
|
3,817
|
|
|||||
Loans held for sale
|
3,581
|
|
|
763
|
|
|
1,118
|
|
|
1,155
|
|
|
3,049
|
|
|||||
Loans, net
|
341,552
|
|
|
306,131
|
|
|
293,285
|
|
|
313,692
|
|
|
295,359
|
|
|||||
Deposits
|
390,959
|
|
|
340,768
|
|
|
346,701
|
|
|
348,970
|
|
|
333,560
|
|
|||||
Federal Home Loan Bank of Indianapolis advances and
other long-term borrowings
|
60,155
|
|
|
90,074
|
|
|
91,932
|
|
|
54,164
|
|
|
82,157
|
|
|||||
Short-term borrowings
|
—
|
|
|
—
|
|
|
2,415
|
|
|
—
|
|
|
—
|
|
|||||
Shareholders’ equity
|
85,548
|
|
|
82,388
|
|
|
80,249
|
|
|
84,055
|
|
|
55,703
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
$
|
18,725
|
|
|
$
|
17,925
|
|
|
$
|
17,578
|
|
|
$
|
19,832
|
|
|
$
|
19,391
|
|
Interest expense
|
2,669
|
|
|
3,065
|
|
|
3,421
|
|
|
4,392
|
|
|
5,871
|
|
|||||
Net interest income
|
16,056
|
|
|
14,860
|
|
|
14,157
|
|
|
15,440
|
|
|
13,520
|
|
|||||
Provision (credit) for loan losses
|
255
|
|
|
(150
|
)
|
|
6
|
|
|
1,037
|
|
|
1,137
|
|
|||||
Net interest income after provision (credit) for loan losses
|
15,801
|
|
|
15,010
|
|
|
14,151
|
|
|
14,403
|
|
|
12,383
|
|
|||||
Noninterest income
|
2,899
|
|
|
2,491
|
|
|
2,987
|
|
|
3,160
|
|
|
2,647
|
|
|||||
Noninterest expense
|
13,061
|
|
|
12,398
|
|
|
11,898
|
|
|
11,782
|
|
|
11,052
|
|
|||||
Income before income taxes
|
5,639
|
|
|
5,103
|
|
|
5,240
|
|
|
5,781
|
|
|
3,978
|
|
|||||
Income tax expense
|
1,061
|
|
|
693
|
|
|
1,227
|
|
|
1,496
|
|
|
736
|
|
|||||
Net income
|
$
|
4,578
|
|
|
$
|
4,410
|
|
|
$
|
4,013
|
|
|
$
|
4,285
|
|
|
$
|
3,242
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on assets (ratio of net income to average total assets)
|
0.89
|
%
|
|
0.86
|
%
|
|
0.83
|
%
|
|
0.91
|
%
|
|
0.72
|
%
|
|||||
Return on equity (ratio of net income to average equity)
|
5.48
|
|
|
5.38
|
|
|
4.81
|
|
|
6.91
|
|
|
6.15
|
|
|||||
Interest rate spread (1)
|
3.24
|
|
|
3.00
|
|
|
2.98
|
|
|
3.37
|
|
|
3.09
|
|
|||||
Net interest margin (2)
|
3.39
|
|
|
3.17
|
|
|
3.20
|
|
|
3.57
|
|
|
3.31
|
|
|||||
Efficiency ratio (3)
|
68.91
|
|
|
71.45
|
|
|
69.40
|
|
|
63.34
|
|
|
68.36
|
|
|||||
Dividend payout ratio
|
19.57
|
|
|
19.75
|
|
|
22.86
|
|
|
18.06
|
|
|
5.45
|
%
|
|||||
Noninterest expense to average total assets
|
2.53
|
|
|
2.42
|
|
|
2.46
|
|
|
2.50
|
|
|
2.45
|
|
|||||
Average interest-earning assets to average interest-bearing liabilities
|
128.80
|
|
|
126.17
|
|
|
128.41
|
|
|
120.06
|
|
|
115.10
|
|
|||||
Loans to deposits
|
88.29
|
|
|
90.89
|
|
|
85.72
|
|
|
91.13
|
|
|
89.68
|
|
|||||
Basic earnings per share (4)
|
$
|
0.88
|
|
|
$
|
0.82
|
|
|
$
|
0.70
|
|
|
$
|
0.72
|
|
|
$
|
0.55
|
|
Diluted earnings per share (4)
|
0.85
|
|
|
0.81
|
|
|
0.69
|
|
|
0.72
|
|
|
0.55
|
|
|||||
Book value per share (4)
|
15.34
|
|
|
14.52
|
|
|
13.56
|
|
|
13.55
|
|
|
11.95
|
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets
|
0.84
|
%
|
|
0.98
|
%
|
|
1.16
|
%
|
|
1.88
|
%
|
|
1.55
|
%
|
|||||
Nonperforming loans to total loans
|
0.68
|
|
|
1.43
|
|
|
1.65
|
|
|
2.63
|
|
|
2.13
|
|
|||||
Allowance for loan losses to nonperforming loans
|
154.70
|
|
|
81.28
|
|
|
79.56
|
|
|
51.54
|
|
|
59.27
|
|
|||||
Allowance for loan losses to total loans
|
1.05
|
|
|
1.16
|
|
|
1.31
|
|
|
1.35
|
|
|
1.26
|
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average equity to average assets
|
16.20
|
%
|
|
16.02
|
%
|
|
17.23
|
%
|
|
13.15
|
%
|
|
11.70
|
%
|
|||||
Equity to total assets at end of year
|
15.75
|
|
|
15.89
|
|
|
15.25
|
|
|
17.06
|
|
|
11.67
|
|
|||||
Total capital to risk-weighted assets (5)
|
18.0
|
|
|
19.2
|
|
|
19.1
|
|
|
18.9
|
|
|
14.9
|
|
|||||
Tier 1 common equity capital to risk-weighted assets (5)
|
17.1
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|||||||||
Tier 1 capital to risk-weighted assets (5)
|
17.1
|
|
|
18.1
|
|
|
18.0
|
|
|
17.7
|
|
|
13.7
|
|
|||||
Tier 1 capital to average assets (5)
|
13.3
|
|
|
13.0
|
|
|
13.0
|
|
|
13.4
|
|
|
9.7
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of full service offices
|
7
|
|
|
7
|
|
|
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.
|
(4)
|
Per share amounts for 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 and reduce the repricing term of our loan portfolio, our strategy included increasing our commercial loan portfolio while maintaining the practice of sound credit decisions. During 2015, we realized commercial loan originations of approximately $60.4 million, primarily in commercial real estate, five or more family mortgage, and commercial construction loans. Our commercial loan portfolio totaled
$154.8 million
at
December 31, 2015
, a
30.9%
increase
compared to
$118.3 million
at
December 31, 2014
.
|
•
|
Maintaining the Quality of Our Loan Portfolio.
Maintaining the quality of our loan portfolio was a key factor in managing our operations, particularly during a period of economic uncertainty. We continued 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
0.68%
at
December 31, 2015
and a nonperforming assets to total assets ratio of
0.84%
at
December 31, 2015
, which is the lowest level we have experienced since September 30, 2008.
|
•
|
Continuing 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
$3.6 billion
in originations in
2015
. We also continued to diversify our warehouse business by managing the line sizes and the geographic locations of the lenders. At
December 31, 2015
, we had 37 active warehouse lenders in 17 different states with lines ranging from $2.0 million to $30.0 million. Diversifying the size of the lenders and the geographic locations could mitigate the impact of changes in the mortgage industry and increased competition. We were able to provide additional opportunities for our mortgage warehouse companies by implementing a mortgage warehouse participation program with three local financial institutions. The participants could purchase up to $130 million in mortgage warehouse loans at December 31, 2015 to provide additional funding to warehouse activity when customer demand increases, primarily at month end, or when there are backlogs in the secondary markets. The participation program allowed us to utilize our liquidity to fund commercial loan growth while retaining processing, servicing, and wire transfer fees related to the mortgage warehouse loans.
|
•
|
Increasing Revenue with Our Mortgage Banking Strategy.
We made the strategic decision to grow our mortgage banking department by adding qualified mortgage lenders in LaPorte and Porter counties in Indiana, and our mortgage loan production office located in St. Joseph, Michigan. During the year ended December 31, 2015, we originated
$26.8 million
in loans held for sale and increased our gains on mortgage banking activities by
11.7%
from 2014.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Cost
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans (1)
|
$
|
314,036
|
|
|
$
|
15,476
|
|
|
4.93
|
%
|
|
$
|
282,295
|
|
|
$
|
14,065
|
|
|
4.98
|
%
|
|
$
|
268,617
|
|
|
$
|
13,972
|
|
|
5.20
|
%
|
Taxable securities
|
83,851
|
|
|
1,385
|
|
|
1.65
|
|
|
110,877
|
|
|
1,951
|
|
|
1.76
|
|
|
107,613
|
|
|
1,948
|
|
|
1.81
|
|
||||||
Tax exempt securities (2)
|
50,247
|
|
|
1,557
|
|
|
3.10
|
|
|
52,491
|
|
|
1,648
|
|
|
3.14
|
|
|
43,430
|
|
|
1,439
|
|
|
3.31
|
|
||||||
FHLB stock
|
4,129
|
|
|
173
|
|
|
4.19
|
|
|
4,336
|
|
|
173
|
|
|
3.99
|
|
|
3,824
|
|
|
133
|
|
|
3.48
|
|
||||||
Federal funds sold and
other interest-earning deposits
|
20,814
|
|
|
134
|
|
|
0.64
|
|
|
18,080
|
|
|
88
|
|
|
0.49
|
|
|
18,330
|
|
|
86
|
|
|
0.47
|
|
||||||
Total interest-earning assets
|
473,077
|
|
|
18,725
|
|
|
3.96
|
|
|
468,079
|
|
|
17,925
|
|
|
3.83
|
|
|
441,814
|
|
|
17,578
|
|
|
3.98
|
|
||||||
Noninterest-earning assets
|
42,756
|
|
|
|
|
|
|
43,262
|
|
|
|
|
|
|
42,814
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
515,833
|
|
|
|
|
|
|
$
|
511,341
|
|
|
|
|
|
|
$
|
484,628
|
|
|
|
|
|
|||||||||
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings deposits
|
$
|
64,702
|
|
|
$
|
35
|
|
|
0.05
|
%
|
|
$
|
63,387
|
|
|
$
|
35
|
|
|
0.06
|
%
|
|
$
|
59,286
|
|
|
$
|
33
|
|
|
0.06
|
%
|
Money market accounts
|
57,100
|
|
|
222
|
|
|
0.39
|
|
|
65,947
|
|
|
245
|
|
|
0.37
|
|
|
63,151
|
|
|
254
|
|
|
0.40
|
|
||||||
Interest-bearing checking
|
69,029
|
|
|
161
|
|
|
0.23
|
|
|
55,516
|
|
|
123
|
|
|
0.22
|
|
|
54,182
|
|
|
146
|
|
|
0.27
|
|
||||||
CDs and IRAs
|
102,046
|
|
|
841
|
|
|
0.82
|
|
|
107,367
|
|
|
1,299
|
|
|
1.21
|
|
|
112,436
|
|
|
1,735
|
|
|
1.54
|
|
||||||
Total interest-bearing deposits
|
292,877
|
|
|
1,259
|
|
|
0.43
|
|
|
292,217
|
|
|
1,702
|
|
|
0.58
|
|
|
289,055
|
|
|
2,168
|
|
|
0.75
|
|
||||||
FHLB advances
|
68,311
|
|
|
1,234
|
|
|
1.81
|
|
|
72,911
|
|
|
1,165
|
|
|
1.60
|
|
|
50,097
|
|
|
969
|
|
|
1.93
|
|
||||||
Subordinated debentures
|
5,155
|
|
|
172
|
|
|
3.34
|
|
|
5,155
|
|
|
195
|
|
|
3.78
|
|
|
5,155
|
|
|
281
|
|
|
5.45
|
|
||||||
Short term borrowings
|
939
|
|
|
4
|
|
|
0.43
|
|
|
705
|
|
|
3
|
|
|
0.43
|
|
|
642
|
|
|
3
|
|
|
0.47
|
|
||||||
Total interest-bearing liabilities
|
367,282
|
|
|
2,669
|
|
|
0.73
|
|
|
370,988
|
|
|
3,065
|
|
|
0.83
|
|
|
344,949
|
|
|
3,421
|
|
|
0.99
|
|
||||||
Noninterest-bearing demand deposits
|
58,690
|
|
|
|
|
|
|
53,263
|
|
|
|
|
|
|
50,618
|
|
|
|
|
|
||||||||||||
Other liabilities
|
6,303
|
|
|
|
|
|
|
5,162
|
|
|
|
|
|
|
5,573
|
|
|
|
|
|
||||||||||||
Total liabilities
|
432,275
|
|
|
|
|
|
|
429,413
|
|
|
|
|
|
|
401,140
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
83,558
|
|
|
|
|
|
|
81,928
|
|
|
|
|
|
|
83,491
|
|
|
|
|
|
||||||||||||
Total liabilities
and shareholders’ equity
|
$
|
515,833
|
|
|
|
|
|
|
$
|
511,341
|
|
|
|
|
|
|
$
|
484,631
|
|
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
16,056
|
|
|
|
|
|
|
$
|
14,860
|
|
|
|
|
|
|
$
|
14,157
|
|
|
|
|||||||||
Net interest rate spread
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.00
|
%
|
|
|
|
|
|
2.99
|
%
|
||||||||||||
Net interest-earning assets
|
$
|
105,795
|
|
|
|
|
|
|
$
|
97,091
|
|
|
|
|
|
|
$
|
96,865
|
|
|
|
|
|
|||||||||
Net interest margin
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
3.17
|
%
|
|
|
|
|
|
3.20
|
%
|
||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
|
|
|
|
128.80
|
%
|
|
|
|
|
|
126.17
|
%
|
|
|
|
|
|
128.08
|
%
|
|
Years Ended December 31,
2015 vs. 2014 |
|
Years Ended December 31,
2014 vs. 2013 |
||||||||||||||||||||
|
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
|
$
|
1,566
|
|
|
$
|
(155
|
)
|
|
$
|
1,411
|
|
|
$
|
722
|
|
|
$
|
(629
|
)
|
|
$
|
93
|
|
Taxable securities
|
(452
|
)
|
|
(114
|
)
|
|
(566
|
)
|
|
58
|
|
|
(55
|
)
|
|
3
|
|
||||||
Tax exempt securities
|
(70
|
)
|
|
(21
|
)
|
|
(91
|
)
|
|
288
|
|
|
(79
|
)
|
|
209
|
|
||||||
FHLB stock
|
(8
|
)
|
|
8
|
|
|
—
|
|
|
19
|
|
|
21
|
|
|
40
|
|
||||||
Federal funds sold and other
interest-earning deposits
|
15
|
|
|
31
|
|
|
46
|
|
|
(9
|
)
|
|
11
|
|
|
2
|
|
||||||
Total interest-earning assets
|
1,051
|
|
|
(251
|
)
|
|
800
|
|
|
1,078
|
|
|
(731
|
)
|
|
347
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings deposits
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Money market accounts
|
(34
|
)
|
|
11
|
|
|
(23
|
)
|
|
11
|
|
|
(20
|
)
|
|
(9
|
)
|
||||||
Interest-bearing checking
|
31
|
|
|
7
|
|
|
38
|
|
|
4
|
|
|
(27
|
)
|
|
(23
|
)
|
||||||
CDs and IRAs
|
(62
|
)
|
|
(396
|
)
|
|
(458
|
)
|
|
(75
|
)
|
|
(361
|
)
|
|
(436
|
)
|
||||||
FHLB advances
|
(77
|
)
|
|
146
|
|
|
69
|
|
|
386
|
|
|
(190
|
)
|
|
196
|
|
||||||
Subordinated debentures
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|
—
|
|
|
(86
|
)
|
|
(86
|
)
|
||||||
Short-term borrowings
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total interest-bearing liabilities
|
(140
|
)
|
|
(256
|
)
|
|
(396
|
)
|
|
328
|
|
|
(684
|
)
|
|
(356
|
)
|
||||||
Change in net interest income
|
$
|
1,191
|
|
|
$
|
5
|
|
|
$
|
1,196
|
|
|
$
|
750
|
|
|
$
|
(47
|
)
|
|
$
|
703
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(Dollars in thousands)
|
||||||
Loans committed to originate:
|
|
|
|
||||
Commercial real estate loans
|
$
|
851
|
|
|
$
|
22,607
|
|
Commercial loans
|
998
|
|
|
2,030
|
|
||
Commercial construction loans
|
475
|
|
|
1,972
|
|
||
Commercial lines of credit
|
5,752
|
|
|
6,884
|
|
||
Home equity loans
|
136
|
|
|
64
|
|
||
Consumer loans
|
—
|
|
|
92
|
|
||
Unused lines of credit:
|
|
|
|
||||
Commercial construction loans
|
2,839
|
|
|
4,695
|
|
||
Residential construction loans
|
2,435
|
|
|
1,340
|
|
||
Home equity lines of credit
|
18,052
|
|
|
16,849
|
|
||
Overdraft lines of credit
|
3,606
|
|
|
3,382
|
|
||
Commercial standby letters of credit
|
1,002
|
|
|
983
|
|
||
Total
|
$
|
36,146
|
|
|
$
|
60,898
|
|
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
|
|
$
|
18,518
|
|
|
$
|
1,228
|
|
|
7.10
|
%
|
|
$
|
85,429
|
|
|
$
|
(6,259
|
)
|
|
(6.84
|
)%
|
|
16.74
|
%
|
|
(0.36
|
)%
|
+200
|
|
18,159
|
|
|
869
|
|
|
5.03
|
|
|
89,506
|
|
|
(2,183
|
)
|
|
(2.38
|
)
|
|
17.25
|
|
|
0.14
|
|
||||
+100
|
|
17,760
|
|
|
470
|
|
|
2.73
|
|
|
92,233
|
|
|
544
|
|
|
0.59
|
|
|
17.49
|
|
|
0.38
|
|
||||
0
|
|
17,290
|
|
|
—
|
|
|
—
|
|
|
91,689
|
|
|
—
|
|
|
—
|
|
|
17.11
|
|
|
—
|
|
||||
-100
|
|
16,670
|
|
|
(620
|
)
|
|
(3.59
|
)
|
|
84,743
|
|
|
(6,946
|
)
|
|
(7.58
|
)
|
|
15.60
|
|
|
(1.50
|
)
|
|
(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
|
Name (1)
|
|
Age (2)
|
|
Positions Held in
LaPorte Bancorp, Inc. |
|
Director
Since (3)
|
|
Current
Term
to Expire
|
|
|
|
|
|
|
|
|
|
DIRECTORS
|
||||||||
Lee A. Brady
|
|
70
|
|
Chief Executive Officer and Director
|
|
1989
|
|
2017
|
Paul G. Fenker
|
|
71
|
|
Chairman of the Board
|
|
1979
|
|
2017
|
Ralph F. Howes
|
|
67
|
|
Director
|
|
2003
|
|
2018
|
Mark A. Krentz
|
|
63
|
|
Director
|
|
2001
|
|
2016
|
L. Charles Lukmann, III
|
|
62
|
|
Director
|
|
2007
|
|
2018
|
Jerry L. Mayes
|
|
75
|
|
Vice Chairman of the Board
|
|
1991
|
|
2016
|
Dale A. Parkison
|
|
54
|
|
Director
|
|
2007
|
|
2016
|
Robert P. Rose
|
|
55
|
|
Director
|
|
2010
|
|
2017
|
Michele M. Thompson
|
|
55
|
|
President, Chief Financial
Officer, and Director |
|
2007
|
|
2018
|
|
|
(1)
|
The mailing address for each person listed is 710 Indiana Avenue, LaPorte, Indiana 46350.
|
(2)
|
As of March 15, 2016.
|
(3)
|
Reflects date of initial appointment to the Board of Directors of The LaPorte Savings Bank.
|
Item 11.
|
Executive Compensation
|
Name and Principal Position
|
|
Year
|
|
Salary
($)
|
|
Stock
Awards
($) (1)
|
|
Option
Awards
($) (2)
|
|
Non-Equity
Incentive
Compensation
($)
|
|
All Other
Compensation
($)
|
|
Total
($)
|
||
Lee A. Brady
|
|
2015
|
|
249,478
|
|
—
|
|
—
|
|
70,208
|
|
48,732
|
|
(3)
|
|
368,418
|
Chief Executive Officer
|
|
2014
|
|
244,605
|
|
253,000
|
|
126,540
|
|
91,775
|
|
44,083
|
|
(3)
|
|
760,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michele M. Thompson
|
|
2015
|
|
204,033
|
|
—
|
|
—
|
|
57,452
|
|
30,127
|
|
(4)
|
|
291,612
|
President and Chief Financial Officer
|
|
2014
|
|
196,215
|
|
241,500
|
|
102,600
|
|
73,657
|
|
24,109
|
|
(4)
|
|
638,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patrick W. Collins
|
|
2015
|
|
134,668
|
|
—
|
|
—
|
|
202,242
|
|
23,915
|
|
(5)
|
|
360,825
|
Senior Vice President/Mortgage
Warehouse Lending
|
|
2014
|
|
129,540
|
|
132,250
|
|
55,860
|
|
194,463
|
|
21,153
|
|
(5)
|
|
533,266
|
|
(1)
|
These amounts represent the aggregate grant date fair value for outstanding restricted stock awards granted during the year indicated, computed in accordance with FASB ASC Topic 718. The assumptions used to determine the value of restricted stock awards for 2014 are described in note 17 of the notes to the consolidated financial statements included in LaPorte Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 12, 2015.
|
(2)
|
These amounts represent the aggregate grant date fair value for outstanding stock option awards granted during the year indicated, computed in accordance with FASB ASC Topic 718. The assumptions used to determine the value of stock options for 2014 are described in note 17 of the notes to the consolidated financial statements included in LaPorte Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 12, 2015. The actual value, if any, realized by an executive officer from any option will depend on the extent to which the market value of the common stock exceeds the exercise price of the option on the date the option is exercised. Accordingly, there is no assurance that the value realized by an executive officer will be at or near the value shown above.
|
(3)
|
Includes $3,975 and $3,900 for
2015
and
2014
, respectively, in contributions by The LaPorte Savings Bank to Mr. Brady’s 401(k) Savings Plan; $17,067 and $15,542 for
2015
and
2014
, respectively, in the value of ESOP shares; $13,750 and $13,750 for
2015
and
2014
, respectively, for personal use of The LaPorte Savings Bank owned automobile; $9,260 and $7,911 for
2015
and
2014
, respectively, in imputed income from The LaPorte Savings Bank life insurance plans; and $4,680 and $2,980 for
2015
and
2014
, respectively, in cash dividends on unvested restricted stock awards.
|
(4)
|
Includes $3,060 and $3,342 for
2015
and
2014
, respectively, in contributions by The LaPorte Savings Bank to Ms. Thompson’s 401(k) Savings Plan; $19,007 and $15,272 for
2015
and
2014
, respectively, in the value of ESOP shares; $3,799 and $2,976 for
2015
and
2014
, respectively, in imputed income from The LaPorte Savings Bank life insurance plans; and $4,261 and $2,519 for
2015
and
2014
, respectively, in cash dividends on unvested restricted stock awards.
|
(5)
|
Includes $3,975 and $3,900 for
2015
and
2014
, respectively, in contributions by The LaPorte Savings Bank to Mr. Collins’401(k) Savings Plan; $16,532 and $15,107 for
2015
and
2014
, respectively, in the value of ESOP shares; $1,209 and $978 for
2015
and
2014
, respectively, in imputed income from The LaPorte Savings Bank life insurance plans; and $2,199 and $1,168 for
2015
and
2014
, respectively, in cash dividends on unvested restricted stock awards.
|
Title
|
|
Name
|
|
Base
|
|
Threshold
|
|
Target
|
|
Maximum
|
||||||||
Chief Executive Officer
|
|
Lee A. Brady
|
|
$
|
249,629
|
|
|
$
|
21,218
|
|
|
$
|
62,407
|
|
|
$
|
93,611
|
|
President and Chief Financial Officer
|
|
Michele M. Thompson
|
|
204,275
|
|
|
17,363
|
|
|
51,069
|
|
|
76,603
|
|
|
|
Option awards
|
|
Stock awards
|
|||||||||||||||
Name
|
|
Number of
securities
underlying
unexercised
options (#)
exercisable
|
|
Number of
securities
underlying
unexercised
options (#)
unexercisable
|
|
Option
exercise
price ($)
|
|
Option
expiration
date
|
|
Number of
shares or
units of stock
that have not
vested (#)
|
|
Market value
of shares or
units of stock
that have not
vested ($)
(6)
|
|||||||
Lee A. Brady
|
|
11,100
|
|
|
44,400
|
|
(1)
|
|
11.50
|
|
|
10/14/2024
|
|
22,373
|
|
(3)
|
|
340,070
|
|
|
|
40,560
|
|
|
10,142
|
|
(2)
|
|
6.44
|
|
|
9/13/2021
|
|
—
|
|
|
|
—
|
|
Michele M. Thompson
|
|
9,000
|
|
|
36,000
|
|
(1)
|
|
11.50
|
|
|
10/14/2024
|
|
20,616
|
|
(4)
|
|
313,363
|
|
|
|
31,016
|
|
|
7,756
|
|
(2)
|
|
6.44
|
|
|
9/13/2021
|
|
—
|
|
|
|
—
|
|
Patrick W. Collins
|
|
4,900
|
|
|
19,600
|
|
(1)
|
|
11.50
|
|
|
10/14/2024
|
|
10,811
|
|
(5)
|
|
164,327
|
|
|
|
16,700
|
|
|
4,177
|
|
(2)
|
|
6.44
|
|
|
9/13/2021
|
|
—
|
|
|
|
—
|
|
|
(1)
|
Represents stock options granted pursuant to the 2014 Equity Incentive Plan, which was approved by shareholders in May 2014. The remaining stock options vest equally over a four year period beginning October 14, 2016.
|
(2)
|
Represents stock options granted pursuant to the 2011 Equity Incentive Plan, which was approved by shareholders in May 2011. The remaining stock options vest on September 13, 2016.
|
(3)
|
Mr. Brady’s restricted stock vest as follows: 4,773 on September 13, 2016 and 4,400 on October 14, 2016, 2017, 2018, and 2019.
|
(4)
|
Ms. Thompson’s restricted stock vest as follows: 3,816 on September 13, 2016 and 4,200 on October 14, 2016, 2017, 2018, and 2019.
|
(5)
|
Mr. Collins’ restricted stock vest as follows: 1,611 on September 13, 2016 and 2,300 on October 14, 2016, 2017, 2018, and 2019.
|
(6)
|
The amounts in this column are based on the fair market value of our common stock on
December 31, 2015
of $15.20 per share.
|
Name
|
|
Fees Earned or
Paid in Cash
($)
|
|
Stock Awards
($)(1)
|
|
Option Awards
($)(2)
|
|
All Other
Compensation
($)
|
|
Total
($)
|
||||||
Paul G. Fenker
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
5,720
|
|
(3)
|
|
29,870
|
|
Ralph F. Howes
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
5,720
|
|
(4)
|
|
29,870
|
|
Mark A. Krentz
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
13,970
|
|
(5)
|
|
38,120
|
|
L. Charles Lukmann, III
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
6,184
|
|
(6)
|
|
30,334
|
|
Jerry L. Mayes
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
5,720
|
|
(7)
|
|
29,870
|
|
Dale A. Parkison
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
13,001
|
|
(8)
|
|
37,151
|
|
Robert P. Rose
|
|
24,150
|
|
|
—
|
|
|
—
|
|
|
6,380
|
|
(9)
|
|
30,530
|
|
|
(1)
|
The aggregate number of unvested restricted stock awards held by each non-employee director at
December 31, 2015
was 4,418.
|
(2)
|
The aggregate number of outstanding unexercised options held by Messrs. Fenker, Krentz, Mayes, and Parkison at
December 31, 2015
was 22,433. The aggregate number of outstanding unexercised options held by Messrs. Howes, Lukmann, and Rose at
December 31, 2015
was 15,725.
|
(3)
|
Includes $4,800 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(4)
|
Includes $4,800 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(5)
|
Includes $13,050 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(6)
|
Includes $5,264 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(7)
|
Includes $4,800 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(8)
|
Includes $12,081 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
(9)
|
Includes $5,460 in health insurance premiums paid by The LaPorte Savings Bank and $920 received from cash dividends on unvested restricted stock awards.
|
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
|
|
581,826
|
|
|
$
|
9.40
|
|
|
22,132
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
581,826
|
|
|
$
|
9.40
|
|
|
22,132
|
|
Name (1)
|
|
Shares of
Common Stock
Beneficially
Owned (2)
|
|
Percent
of Class
|
||
|
|
|
|
|
|
|
DIRECTORS
|
||||||
L. Charles Lukmann, III
|
|
56,018
|
|
(3)
|
|
1.0%
|
Ralph F. Howes
|
|
43,885
|
|
(4)
|
|
*
|
Michele M. Thompson
|
|
108,412
|
|
(5)
|
|
1.9%
|
Mark A. Krentz
|
|
21,762
|
|
(6)
|
|
*
|
Jerry L. Mayes
|
|
35,258
|
|
(7)
|
|
*
|
Dale A. Parkison
|
|
32,301
|
|
(8)
|
|
*
|
Lee A. Brady
|
|
138,280
|
|
(9)
|
|
2.5%
|
Paul G. Fenker
|
|
44,768
|
|
(10)
|
|
*
|
Robert P. Rose
|
|
31,125
|
|
(11)
|
|
*
|
|
|
|
|
|
|
|
NAMED EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS
|
||||||
Patrick W. Collins
|
|
51,695
|
|
(12)
|
|
*
|
All Directors and Executive Officers as a Group (12 Persons)
|
|
663,011
|
|
(13)
|
|
11.9%
|
*
|
Less than 1%.
|
(1)
|
The mailing address for each person listed is 710 Indiana Avenue, LaPorte, Indiana 46350.
|
(2)
|
In accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, a person is deemed to be the beneficial owner for purposes of this table, of any shares of common stock if he or she has shared voting or dispositive power with respect to such security, or has a right to acquire beneficial ownership at any time within 60 days from the date as of which beneficial ownership is being determined. As used herein, “voting power” is the power to vote or direct the voting of shares and “dispositive power” is the power to dispose or direct the disposition of shares. Beneficial ownership includes all shares held directly, as well as shares held by spouses, minor children or in trust or other indirect form of ownership, over which shares the named individuals effectively exercise sole or shared voting or investment power. For each non-employee director, the number of shares listed includes 4,418 restricted stock awards which have not vested as of March 21, 2016.
|
(3)
|
Includes 18,007 shares held by Mr. Lukmann’s IRA and 4,486 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(4)
|
Includes 19,455 shares held by Mr. Howes’ IRA and 4,486 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(5)
|
Includes 13,190 shares held in Ms. Thompson’s IRA; 8,118 shares held in her 401(k); 7,001 shares held through the ESOP; 20,616 in stock awards which have not vested; and 40,016 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(6)
|
Includes 11,194 shares that can be acquired by Mr. Krentz pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(7)
|
Includes 15,190 shares held in Mr. Mayes’ trust and 11,194 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(8)
|
Includes 11,194 shares that can be acquired by Mr. Parkison pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(9)
|
Includes 28,698 shares held in Mr. Brady’s 401(k); 8,436 shares held through the ESOP; 22,373 in stock awards which have not vested; and 51,660 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(10)
|
Includes 17,015 shares held by Mr. Fenker’s IRA, 7,620 shares held by Mr. Fenker’s spouse’s IRA, and 11,194 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(11)
|
Includes 11,057 shares held by Mr. Rose’s IRA and 4,486 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
(12)
|
Includes 923 shares held in Mr. Collins’ IRA; 3,501 shares held by Mr. Collins’ 401(k); 6,119 shares held through Mr. Collins’ ESOP; 10,811 in stock awards which have not vested; and 21,600 shares that can be acquired pursuant to stock options exercisable within 60 days of March 21, 2016.
|
Name and Address of Beneficial Owner
|
|
Number of Shares
Owned and Nature
of Beneficial
Ownership
|
|
Percent of Shares
of Common Stock
Outstanding (1)
|
||
|
|
|
|
|
|
|
Castine Capital Management, LLC
Paul Magidson
One International Place, Suite 2401
Boston, Massachusetts 02110
|
|
482,809
|
|
(2)
|
|
8.7%
|
|
|
|
|
|
|
|
Delaware Charter Guarantee & Trust Company
dba Principal Trust Company as Trustee for
The LaPorte Savings Bank
Employee Stock Ownership Plan
1013 Centre Road Ste 300
Wilmington DE 19805-1265
|
|
478,809
|
|
(3)
|
|
8.6%
|
|
|
|
|
|
|
|
Wellington Management Group, LLP
280 Congress Street
Boston, MA 02210
|
|
404,780
|
|
(4)
|
|
7.3%
|
|
|
|
|
|
|
|
Maltese Capital Management LLC
Maltese Capital Holdings, LLC Malta Hedge Fund II, L.P. Terry Maltese 150 East 52nd Street, 30th Floor New York, New York 10022 |
|
241,200
|
|
(5)
|
|
4.3%
|
|
(1)
|
See definition of “beneficial ownership” in the footnotes to the table under “Security Ownership of Management” above.
|
(2)
|
On a Schedule 13G/A filed with the Securities and Exchange Commission on February 16, 2016, Castine Capital Management, LLC reported shared dispositive and voting power with respect to 482,809 shares of our common stock and Paul Magidson reported shared dispositive and voting power with respect to 482,809 shares of our common stock.
|
(3)
|
On a Schedule 13G/A filed with the Securities and Exchange Commission on February 10, 2016, Delaware Charter Guarantee & Trust Company dba Principal Trust Company as Trustee for The LaPorte Savings Bank Employee Stock Ownership Plan reported shared dispositive and voting power of 478,809 shares held by the Employee Stock Ownership Plan Trust.
|
(4)
|
On a Schedule 13G/A filed with the Securities and Exchange Commission on February 11, 2016, Wellington Management Group, LLP reported shared dispositive and voting power with respect to 404,780 shares of our common stock.
|
(5)
|
On a Schedule 13G/A filed with the Securities and Exchange Commission on February 10, 2016, Maltese Capital Management LLC reported shared dispositive and voting power with respect to 241,200 shares of our common stock; Maltese Capital Holdings, LLC reported shared dispositive and voting power with respect to 199,000 shares of our common stock; Malta Hedge Fund II, L.P. reported shared dispositive and voting power with respect to 150,000 shares of our common stock; and Terry Maltese reported shared dispositive and voting power with respect to 241,200 shares of our common stock and reported sole voting and dispositive power with respect to 12,500 shares of our common stock.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
|
|
Year Ended December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Audit Fees
|
|
$
|
99,950
|
|
|
$
|
95,000
|
|
Audit-Related Fees
|
|
20,000
|
|
|
—
|
|
||
Tax Fees
|
|
25,570
|
|
|
2,450
|
|
||
All Other Fees
|
|
25,610
|
|
|
20,900
|
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
(A)
|
Report of Independent Registered Public Accounting Firm
|
(B)
|
Consolidated Balance Sheets—at
December 31, 2015
and
2014
|
(C)
|
Consolidated Statements of Income—Years ended
December 31, 2015
and
2014
|
(D)
|
Consolidated Statements of Comprehensive Income (Loss)—Years ended
December 31, 2015
and
2014
|
(E)
|
Consolidated Statements of Changes In Shareholders’ Equity—Years ended
December 31, 2015
and
2014
|
(F)
|
Consolidated Statements of Cash Flows—Years ended
December 31, 2015
and
2014
|
(G)
|
Notes to Consolidated Financial Statements.
|
2.1
|
Agreement and Plan of Merger By and Among Horizon Bancorp and LaPorte Bancorp, Inc., dated March 10, 2016 (1)
|
3.1
|
Articles of Incorporation of LaPorte Bancorp, Inc. (2)
|
3.2
|
Bylaws of LaPorte Bancorp, Inc. (3)
|
4
|
Form of Common Stock Certificate of LaPorte Bancorp, Inc. (4)
|
10.1
|
Employment Agreement by and among Lee A. Brady and The LaPorte Savings Bank
effective February 26, 2008 (5)
|
10.2
|
Employment Agreement by and among Michele M. Thompson and The LaPorte Savings Bank
effective February 26, 2008 (6)
|
10.3
|
First Amendment of Employment Agreement for Lee A. Brady dated September 23, 2008 (7)
|
10.4
|
Second Amendment to the Employment Agreement for Lee A. Brady dated July 12, 2011 (8)
|
10.5
|
First Amendment to the Employment Agreement for Michele M. Thompson dated September 23, 2008 (9)
|
10.6
|
Second Amendment to the Employment Agreement for Michele M. Thompson dated July 12, 2011 (10)
|
10.7
|
Employment agreement by and among Patrick W. Collins and The LaPorte Savings Bank
dated January 1, 2011(11)
|
10.8
|
Amended and Restated Supplemental Executive Retirement Plan by and among Lee A. Brady
and The LaPorte Savings Bank dated October 26, 2010 (12)
|
10.9
|
Supplemental Executive Retirement Agreement by and among Michele M. Thompson and The LaPorte Savings Bank dated October 26, 2010 (13)
|
10.10
|
Supplemental Executive Retirement Agreement by and among Patrick W. Collins and The LaPorte Savings Bank dated December 28, 2010 (14)
|
10.11
|
Split Dollar Agreement by and among Patrick W. Collins and The LaPorte Savings Bank dated
December 28, 2010 (15)
|
10.12
|
Split Dollar Agreement by and among Michele M. Thompson and The LaPorte Savings Bank dated October 26, 2010 (16)
|
10.13
|
Split Dollar Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated January 1, 2003 (17)
|
10.14
|
Deferred Compensation Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated February 27, 1979 (18)
|
10.15
|
First Amendment to the Deferred Compensation Agreement by and among Lee A. Brady and The LaPorte Savings Bank dated September 23, 2008 (19)
|
10.16
|
Employee Stock Ownership Plan amended and restated effective January 1, 2011 (20)
|
10.17
|
LaPorte Bancorp, Inc. 2011 Equity Incentive Plan (21)
|
10.18
|
LaPorte Bancorp, Inc. 2014 Equity Incentive Plan (22)
|
10.19
|
Voting Agreement dated March 10, 2016 (23)
|
10.20
|
Termination of Employment Agreement, dated March 10, 2016, by and among Lee A. Brady, LaPorte Bancorp, Inc., LaPorte Savings Bank, Horizon Bancorp, and Horizon Bank, National Association (24)
|
10.21
|
Termination of Employment Agreement, dated March 10, 2016, by and among Michele M. Thomson, LaPorte Bancorp, Inc., LaPorte Savings Bank, Horizon Bancorp, and Horizon Bank, National Association (25)
|
10.22
|
Termination of Employment Agreement, dated March 10, 2016, by and among Patrick W. Collins, LaPorte Bancorp, Inc., LaPorte Savings Bank, Horizon Bancorp, and Horizon Bank, National Association (26)
|
13
|
Consolidated Financial Statements
|
21
|
Subsidiaries of Registrant
|
23.1
|
Consent of BKD 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, 2015 and 2014, (ii) the Consolidated Statements of Income for the years ended December 31, 2015 and 2014, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2015 and 2014, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2015 and 2014, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2015 and 2014, and (vi) the notes to the Consolidated Financial Statements
|
(1)
|
Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on March 14, 2016.
|
(2)
|
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.
|
(3)
|
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.
|
(4)
|
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.
|
(5)
|
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.
|
(6)
|
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.
|
(7)
|
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.
|
(8)
|
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.
|
(9)
|
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.
|
(10)
|
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.
|
(11)
|
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.
|
(12)
|
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.
|
(13)
|
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.
|
(14)
|
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.
|
(15)
|
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.
|
(16)
|
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.
|
(17)
|
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.
|
(18)
|
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.
|
(19)
|
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.
|
(20)
|
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.
|
(21)
|
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.
|
(22)
|
Incorporated by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders filed with the SEC on April 3, 2014.
|
(23)
|
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 March 14, 2016.
|
(24)
|
Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on March 14, 2016.
|
(25)
|
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 March 14, 2016.
|
(26)
|
Incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of LaPorte Bancorp, Inc. (file no. 001-33733) filed with the Securities and Exchange Commission on March 14, 2016.
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LAPORTE BANCORP, INC.
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Date: March 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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 24, 2016
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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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