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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 |
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x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Maryland
|
|
001-35684
|
|
35-2456698
|
(State or Other Jurisdiction of
|
|
(Commission
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
File Number)
|
|
Identification Number)
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
x
|
|
|
Page
Number
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
Consolidated Statements of Income
(Unaudited)
|
|
Consolidated Statements of Comprehensive Income
(Unaudited)
|
|
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART I
|
FINANCIAL INFORMATION
|
ITEM 1
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands,
except per share data)
|
||||||
Interest and dividend income:
|
|
|
|
||||
Loans, including fees
|
$
|
4,124
|
|
|
$
|
3,601
|
|
Taxable securities
|
327
|
|
|
410
|
|
||
Tax exempt securities
|
368
|
|
|
408
|
|
||
Federal Home Loan Bank stock
|
43
|
|
|
43
|
|
||
Other interest income
|
73
|
|
|
19
|
|
||
Total interest and dividend income
|
4,935
|
|
|
4,481
|
|
||
Interest expense:
|
|
|
|
||||
Deposits
|
340
|
|
|
294
|
|
||
Federal Home Loan Bank advances
|
309
|
|
|
268
|
|
||
Subordinated debentures
|
47
|
|
|
42
|
|
||
Short-term borrowings
|
—
|
|
|
1
|
|
||
Total interest expense
|
696
|
|
|
605
|
|
||
Net interest income
|
4,239
|
|
|
3,876
|
|
||
Provision for loan losses
|
—
|
|
|
105
|
|
||
Net interest income after provision for loan losses
|
4,239
|
|
|
3,771
|
|
||
Noninterest income:
|
|
|
|
||||
Service charges on deposit accounts
|
75
|
|
|
76
|
|
||
ATM and debit card fees
|
105
|
|
|
103
|
|
||
Wire transfer fees
|
118
|
|
|
78
|
|
||
Earnings on bank owned life insurance, net
|
106
|
|
|
105
|
|
||
Net gains on mortgage banking activities
|
156
|
|
|
130
|
|
||
Loan servicing fees, net
|
98
|
|
|
13
|
|
||
Net gains on sales of securities available-for-sale
|
—
|
|
|
50
|
|
||
Gains (losses) on other assets
|
(30
|
)
|
|
10
|
|
||
Other income
|
38
|
|
|
37
|
|
||
Total noninterest income
|
666
|
|
|
602
|
|
||
Noninterest expense:
|
|
|
|
||||
Salaries and employee benefits
|
2,150
|
|
|
1,934
|
|
||
Legal and other consulting fees
|
659
|
|
|
21
|
|
||
Occupancy and equipment
|
429
|
|
|
468
|
|
||
Data processing
|
178
|
|
|
153
|
|
||
Bank examination fees
|
114
|
|
|
112
|
|
||
Collection and other real estate owned
|
98
|
|
|
31
|
|
||
FDIC insurance
|
69
|
|
|
70
|
|
||
Advertising
|
42
|
|
|
82
|
|
||
Amortization of intangible assets
|
11
|
|
|
14
|
|
||
Other expenses
|
409
|
|
|
380
|
|
||
Total noninterest expense
|
4,159
|
|
|
3,265
|
|
||
Income before income taxes
|
746
|
|
|
1,108
|
|
||
Income tax expense
|
151
|
|
|
156
|
|
||
Net income
|
$
|
595
|
|
|
$
|
952
|
|
|
|
|
|
||||
Earnings per share (Note 3):
|
|
|
|
||||
Basic
|
$
|
0.11
|
|
|
$
|
0.18
|
|
Diluted
|
0.11
|
|
|
0.18
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Net income
|
$
|
595
|
|
|
$
|
952
|
|
Other comprehensive income:
|
|
|
|
||||
Unrealized gains on securities:
|
|
|
|
||||
Unrealized holding gains arising during the period
|
1,299
|
|
|
1,012
|
|
||
Reclassification adjustment for net gains included in net income
|
—
|
|
|
(50
|
)
|
||
Gross unrealized gains
|
1,299
|
|
|
962
|
|
||
Related income tax expense
|
(442
|
)
|
|
(327
|
)
|
||
Net unrealized gains
|
857
|
|
|
635
|
|
||
Unrealized losses on cash flow hedges:
|
|
|
|
||||
Gross unrealized losses
|
(607
|
)
|
|
(449
|
)
|
||
Related income tax benefit
|
207
|
|
|
153
|
|
||
Net unrealized losses
|
(400
|
)
|
|
(296
|
)
|
||
Total other comprehensive income
|
457
|
|
|
339
|
|
||
Comprehensive income
|
$
|
1,052
|
|
|
$
|
1,291
|
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income,
Net of Tax
|
|
Unearned
ESOP
Shares
|
|
Total
|
||||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||||
Balance at January 1, 2015
|
$
|
57
|
|
|
$
|
40,609
|
|
|
$
|
44,258
|
|
|
$
|
522
|
|
|
$
|
(3,058
|
)
|
|
$
|
82,388
|
|
Net income
|
—
|
|
|
—
|
|
|
952
|
|
|
—
|
|
|
—
|
|
|
952
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|
339
|
|
||||||
Cash dividends on common stock,
$0.04 per share
|
—
|
|
|
—
|
|
|
(225
|
)
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
||||||
Repurchase of common stock, 53,874 shares
|
(1
|
)
|
|
(675
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(676
|
)
|
||||||
ESOP shares earned, 5,621 shares
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
73
|
|
||||||
Exercise of stock options, 4,472 shares
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Stock based compensation expense
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
||||||
Balance at March 31, 2015
|
$
|
56
|
|
|
$
|
40,164
|
|
|
$
|
44,985
|
|
|
$
|
861
|
|
|
$
|
(3,013
|
)
|
|
$
|
83,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2016
|
$
|
56
|
|
|
$
|
40,120
|
|
|
$
|
47,940
|
|
|
$
|
310
|
|
|
$
|
(2,878
|
)
|
|
$
|
85,548
|
|
Net income
|
—
|
|
|
—
|
|
|
595
|
|
|
—
|
|
|
—
|
|
|
595
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
457
|
|
|
—
|
|
|
457
|
|
||||||
Cash dividends on common stock,
$0.04 per share
|
—
|
|
|
—
|
|
|
(223
|
)
|
|
—
|
|
|
—
|
|
|
(223
|
)
|
||||||
ESOP shares earned, 5,621 shares
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
84
|
|
||||||
Exercise of stock options, 1,892 shares
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||
Stock based compensation expense
|
—
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170
|
|
||||||
Tax benefit related to stock based compensation
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||||
Balance at March 31, 2016
|
$
|
56
|
|
|
$
|
40,421
|
|
|
$
|
48,312
|
|
|
$
|
767
|
|
|
$
|
(2,833
|
)
|
|
$
|
86,723
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
595
|
|
|
$
|
952
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Depreciation
|
142
|
|
|
140
|
|
||
Provision for loan losses
|
—
|
|
|
105
|
|
||
Net gains on securities available-for-sale
|
—
|
|
|
(50
|
)
|
||
Net amortization on securities available-for-sale
|
120
|
|
|
192
|
|
||
Net gains on sales of loans
|
(146
|
)
|
|
(124
|
)
|
||
Originations of loans held for sale
|
(4,166
|
)
|
|
(3,354
|
)
|
||
Proceeds from sales of loans held for sale
|
7,207
|
|
|
3,729
|
|
||
Recognition of mortgage servicing rights
|
(10
|
)
|
|
(6
|
)
|
||
Amortization of mortgage servicing rights
|
15
|
|
|
13
|
|
||
Net change in mortgage servicing rights valuation allowance
|
8
|
|
|
14
|
|
||
Net (gains) losses on sales of other real estate owned
|
—
|
|
|
(10
|
)
|
||
Write down of other real estate owned and assets held for sale
|
47
|
|
|
—
|
|
||
Earnings on bank owned life insurance, net
|
(106
|
)
|
|
(105
|
)
|
||
Amortization of intangible assets
|
11
|
|
|
14
|
|
||
ESOP compensation expense
|
84
|
|
|
73
|
|
||
Stock based compensation expense
|
170
|
|
|
173
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Accrued interest receivable and other assets
|
773
|
|
|
192
|
|
||
Accrued interest payable and other liabilities
|
(378
|
)
|
|
(58
|
)
|
||
Net cash provided by operating activities
|
4,366
|
|
|
1,890
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Net change in interest-earning time deposits at other financial institutions
|
(933
|
)
|
|
980
|
|
||
Proceeds from sales of securities available-for-sale
|
—
|
|
|
10,262
|
|
||
Proceeds from maturities, calls, and principal repayments of securities available-for-sale
|
2,781
|
|
|
5,181
|
|
||
Purchases of securities available-for-sale
|
(1,600
|
)
|
|
—
|
|
||
Net change in loans
|
4,101
|
|
|
(22,346
|
)
|
||
Proceeds from sales of other real estate owned
|
—
|
|
|
35
|
|
||
Premises and equipment expenditures, net
|
(11
|
)
|
|
(124
|
)
|
||
Net cash provided by (utilized for) investing activities
|
4,338
|
|
|
(6,012
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net change in deposits
|
(29,803
|
)
|
|
11,936
|
|
||
Repayment of FHLB long-term advances
|
—
|
|
|
(5,000
|
)
|
||
Net change in FHLB short-term advances
|
14,132
|
|
|
81
|
|
||
Net change in short-term borrowings
|
—
|
|
|
500
|
|
||
Stock options exercised
|
16
|
|
|
29
|
|
||
Tax benefit related to stock-based compensation
|
76
|
|
|
—
|
|
||
Dividends paid on common stock
|
(223
|
)
|
|
(225
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(676
|
)
|
||
Net cash (utilized for) provided by financing activities
|
(15,802
|
)
|
|
6,645
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(7,098
|
)
|
|
2,523
|
|
||
Cash and cash equivalents at beginning of period
|
18,459
|
|
|
8,698
|
|
||
Cash and cash equivalents at end of period
|
$
|
11,361
|
|
|
$
|
11,221
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
689
|
|
|
$
|
607
|
|
Income taxes
|
53
|
|
|
—
|
|
||
Supplemental noncash disclosures:
|
|
|
|
||||
Transfers from loans receivable to other real estate owned
|
$
|
—
|
|
|
$
|
127
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands, except per share data)
|
||||||
Basic:
|
|
|
|
||||
Net income
|
$
|
595
|
|
|
$
|
952
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
5,579,678
|
|
|
5,627,687
|
|
||
Less: Average unallocated ESOP shares
|
(356,965
|
)
|
|
(379,449
|
)
|
||
Average shares
|
5,222,713
|
|
|
5,248,238
|
|
||
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.11
|
|
|
$
|
0.18
|
|
|
|
|
|
||||
Diluted:
|
|
|
|
||||
Net income
|
$
|
595
|
|
|
$
|
952
|
|
|
|
|
|
||||
Weighted average common shares outstanding for basic earnings per common share
|
5,222,713
|
|
|
5,248,238
|
|
||
Add: Dilutive effects of assumed exercises of stock options
|
162,603
|
|
|
109,750
|
|
||
Average shares and dilutive potential common shares
|
5,385,316
|
|
|
5,357,988
|
|
||
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.11
|
|
|
$
|
0.18
|
|
|
March 31, 2016
|
||||||||||||||
|
Amortized
Cost
|
|
Gross Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
U.S. federal agency obligations
|
$
|
11,052
|
|
|
$
|
70
|
|
|
$
|
(1
|
)
|
|
$
|
11,121
|
|
State and municipal
|
49,976
|
|
|
2,621
|
|
|
—
|
|
|
52,597
|
|
||||
Mortgage-backed securities – residential
|
16,585
|
|
|
263
|
|
|
(9
|
)
|
|
16,839
|
|
||||
Government agency sponsored collateralized
mortgage obligations
|
40,595
|
|
|
352
|
|
|
(211
|
)
|
|
40,736
|
|
||||
Corporate debt securities
|
1,000
|
|
|
—
|
|
|
(52
|
)
|
|
948
|
|
||||
Total
|
$
|
119,208
|
|
|
$
|
3,306
|
|
|
$
|
(273
|
)
|
|
$
|
122,241
|
|
|
December 31, 2015
|
||||||||||||||
|
Amortized
Cost
|
|
Gross Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
U.S. federal agency obligations
|
$
|
9,442
|
|
|
$
|
1
|
|
|
$
|
(71
|
)
|
|
$
|
9,372
|
|
State and municipal
|
50,020
|
|
|
2,397
|
|
|
(17
|
)
|
|
52,400
|
|
||||
Mortgage-backed securities – residential
|
17,671
|
|
|
98
|
|
|
(73
|
)
|
|
17,696
|
|
||||
Government agency sponsored collateralized
mortgage obligations
|
42,376
|
|
|
139
|
|
|
(679
|
)
|
|
41,836
|
|
||||
Corporate debt securities
|
1,000
|
|
|
—
|
|
|
(61
|
)
|
|
939
|
|
||||
Total
|
$
|
120,509
|
|
|
$
|
2,635
|
|
|
$
|
(901
|
)
|
|
$
|
122,243
|
|
|
March 31, 2016
|
||||||||||||||||||||||
|
Continuing Unrealized Loss For Less Than 12 Months
|
|
Continuing Unrealized Loss For 12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
U.S. federal agency obligations
|
$
|
1,099
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
|
$
|
(1
|
)
|
Mortgage-backed securities – residential
|
900
|
|
|
(3
|
)
|
|
813
|
|
|
(6
|
)
|
|
1,713
|
|
|
(9
|
)
|
||||||
Government agency sponsored
collateralized mortgage obligations
|
3,087
|
|
|
(32
|
)
|
|
15,667
|
|
|
(179
|
)
|
|
18,754
|
|
|
(211
|
)
|
||||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
948
|
|
|
(52
|
)
|
|
948
|
|
|
(52
|
)
|
||||||
Total temporarily impaired
|
$
|
5,086
|
|
|
$
|
(36
|
)
|
|
$
|
17,428
|
|
|
$
|
(237
|
)
|
|
$
|
22,514
|
|
|
$
|
(273
|
)
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Continuing Unrealized Loss For Less Than 12 Months
|
|
Continuing Unrealized Loss For 12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
U.S. federal agency obligations
|
$
|
8,371
|
|
|
$
|
(71
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,371
|
|
|
$
|
(71
|
)
|
State and municipal
|
4,512
|
|
|
(14
|
)
|
|
856
|
|
|
(3
|
)
|
|
5,368
|
|
|
(17
|
)
|
||||||
Mortgage-backed securities – residential
|
9,259
|
|
|
(48
|
)
|
|
809
|
|
|
(25
|
)
|
|
10,068
|
|
|
(73
|
)
|
||||||
Government agency sponsored
collateralized mortgage obligations
|
11,200
|
|
|
(136
|
)
|
|
18,148
|
|
|
(543
|
)
|
|
29,348
|
|
|
(679
|
)
|
||||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
939
|
|
|
(61
|
)
|
|
939
|
|
|
(61
|
)
|
||||||
Total temporarily impaired
|
$
|
33,342
|
|
|
$
|
(269
|
)
|
|
$
|
20,752
|
|
|
$
|
(632
|
)
|
|
$
|
54,094
|
|
|
$
|
(901
|
)
|
|
March 31, 2016
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(Dollars in thousands)
|
||||||
Due in one year or less
|
$
|
1,249
|
|
|
$
|
1,262
|
|
Due from one to five years
|
23,354
|
|
|
23,816
|
|
||
Due from five to ten years
|
26,625
|
|
|
27,976
|
|
||
Due after ten years
|
10,800
|
|
|
11,612
|
|
||
Subtotal
|
62,028
|
|
|
64,666
|
|
||
Mortgage-backed securities and government agency sponsored collateralized mortgage obligations
|
57,180
|
|
|
57,575
|
|
||
Total
|
$
|
119,208
|
|
|
$
|
122,241
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(Dollars in thousands)
|
||||||
Commercial
|
$
|
158,254
|
|
|
$
|
154,830
|
|
Residential mortgage
|
39,919
|
|
|
40,478
|
|
||
Mortgage warehouse
|
122,328
|
|
|
128,902
|
|
||
Residential construction
|
2,806
|
|
|
3,301
|
|
||
Home equity
|
14,311
|
|
|
13,990
|
|
||
Consumer and other
|
3,171
|
|
|
3,380
|
|
||
Subtotal
|
340,789
|
|
|
344,881
|
|
||
Net deferred loan costs
|
298
|
|
|
305
|
|
||
Allowance for loan losses
|
(3,636
|
)
|
|
(3,634
|
)
|
||
Loans, net
|
$
|
337,451
|
|
|
$
|
341,552
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Mortgage Warehouse:
|
|
|
|
||||
Originations
|
$
|
1,051,049
|
|
|
$
|
765,001
|
|
Sold Loans
|
1,063,755
|
|
|
738,064
|
|
||
Interest income
|
1,264
|
|
|
1,246
|
|
||
Warehouse fees
|
340
|
|
|
235
|
|
||
Wire transfer fees
|
112
|
|
|
73
|
|
||
Loan servicing fees
|
84
|
|
|
—
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential Mortgage
|
|
Mortgage
Warehouse
|
|
Residential
Construction
|
|
Home
Equity
|
|
Consumer
and Other
|
|
Total
|
||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
$
|
2,440
|
|
|
$
|
591
|
|
|
$
|
460
|
|
|
$
|
4
|
|
|
$
|
93
|
|
|
$
|
46
|
|
|
$
|
3,634
|
|
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||||
Recoveries
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
6
|
|
|||||||
Provision
|
42
|
|
|
(13
|
)
|
|
(14
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(5
|
)
|
|
—
|
|
|||||||
Ending balance
|
$
|
2,483
|
|
|
$
|
578
|
|
|
$
|
446
|
|
|
$
|
3
|
|
|
$
|
84
|
|
|
$
|
42
|
|
|
$
|
3,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential Mortgage
|
|
Mortgage
Warehouse
|
|
Residential
Construction
|
|
Home
Equity
|
|
Consumer
and Other
|
|
Total
|
||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
$
|
2,116
|
|
|
$
|
676
|
|
|
$
|
654
|
|
|
$
|
4
|
|
|
$
|
90
|
|
|
$
|
55
|
|
|
$
|
3,595
|
|
Charge-offs
|
(20
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(30
|
)
|
|||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|||||||
Provision
|
154
|
|
|
(59
|
)
|
|
19
|
|
|
1
|
|
|
(5
|
)
|
|
(5
|
)
|
|
105
|
|
|||||||
Ending balance
|
$
|
2,250
|
|
|
$
|
612
|
|
|
$
|
673
|
|
|
$
|
5
|
|
|
$
|
85
|
|
|
$
|
50
|
|
|
$
|
3,675
|
|
|
|
March 31, 2016
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential Mortgage
|
|
Mortgage
Warehouse
|
|
Residential
Construction
|
|
Home
Equity
|
|
Consumer
and Other
|
|
Total
|
||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ending balance attributable
to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
for impairment
|
$
|
898
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
949
|
|
Collectively evaluated
for impairment
|
1,585
|
|
|
542
|
|
|
446
|
|
|
3
|
|
|
69
|
|
|
42
|
|
|
2,687
|
|
|||||||
Acquired with deteriorated
credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total ending allowance
|
$
|
2,483
|
|
|
$
|
578
|
|
|
$
|
446
|
|
|
$
|
3
|
|
|
$
|
84
|
|
|
$
|
42
|
|
|
$
|
3,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
for impairment
|
$
|
2,850
|
|
|
$
|
1,309
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
4,253
|
|
Collectively evaluated
for impairment
|
155,404
|
|
|
38,505
|
|
|
122,328
|
|
|
2,806
|
|
|
14,217
|
|
|
3,171
|
|
|
336,431
|
|
|||||||
Acquired with deteriorated
credit quality
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|||||||
Total ending loan balance
|
$
|
158,254
|
|
|
$
|
39,919
|
|
|
$
|
122,328
|
|
|
$
|
2,806
|
|
|
$
|
14,311
|
|
|
$
|
3,171
|
|
|
$
|
340,789
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential Mortgage
|
|
Mortgage
Warehouse
|
|
Residential
Construction
|
|
Home
Equity
|
|
Consumer
and Other
|
|
Total
|
||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ending balance attributable
to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
for impairment
|
$
|
885
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
945
|
|
Collectively evaluated
for impairment
|
1,555
|
|
|
548
|
|
|
460
|
|
|
4
|
|
|
76
|
|
|
46
|
|
|
2,689
|
|
|||||||
Acquired with deteriorated
credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total ending allowance
|
$
|
2,440
|
|
|
$
|
591
|
|
|
$
|
460
|
|
|
$
|
4
|
|
|
$
|
93
|
|
|
$
|
46
|
|
|
$
|
3,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
for impairment
|
$
|
2,920
|
|
|
$
|
1,283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
4,300
|
|
Collectively evaluated
for impairment
|
151,910
|
|
|
39,089
|
|
|
128,902
|
|
|
3,301
|
|
|
13,893
|
|
|
3,380
|
|
|
340,475
|
|
|||||||
Acquired with deteriorated
credit quality
|
—
|
|
|
106
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|||||||
Total ending loan balance
|
$
|
154,830
|
|
|
$
|
40,478
|
|
|
$
|
128,902
|
|
|
$
|
3,301
|
|
|
$
|
13,990
|
|
|
$
|
3,380
|
|
|
$
|
344,881
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance for
Loan Losses
Allocated
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance for
Loan Losses
Allocated
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
$
|
1,334
|
|
|
$
|
1,312
|
|
|
$
|
—
|
|
|
$
|
1,436
|
|
|
$
|
1,366
|
|
|
$
|
—
|
|
Residential mortgage
|
1,144
|
|
|
1,074
|
|
|
—
|
|
|
1,054
|
|
|
988
|
|
|
—
|
|
||||||
Home equity
|
79
|
|
|
79
|
|
|
—
|
|
|
81
|
|
|
80
|
|
|
—
|
|
||||||
Subtotal
|
2,557
|
|
|
2,465
|
|
|
—
|
|
|
2,571
|
|
|
2,434
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
1,214
|
|
|
1,214
|
|
|
624
|
|
|
1,214
|
|
|
1,214
|
|
|
624
|
|
||||||
Construction
|
25
|
|
|
25
|
|
|
25
|
|
|
41
|
|
|
41
|
|
|
41
|
|
||||||
Land
|
430
|
|
|
299
|
|
|
249
|
|
|
431
|
|
|
299
|
|
|
220
|
|
||||||
Residential mortgage
|
295
|
|
|
235
|
|
|
36
|
|
|
355
|
|
|
295
|
|
|
43
|
|
||||||
Home equity
|
16
|
|
|
15
|
|
|
15
|
|
|
17
|
|
|
17
|
|
|
17
|
|
||||||
Subtotal
|
1,980
|
|
|
1,788
|
|
|
949
|
|
|
2,058
|
|
|
1,866
|
|
|
945
|
|
||||||
Total
|
$
|
4,537
|
|
|
$
|
4,253
|
|
|
$
|
949
|
|
|
$
|
4,629
|
|
|
$
|
4,300
|
|
|
$
|
945
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Real estate
|
$
|
1,350
|
|
|
$
|
19
|
|
|
$
|
2,933
|
|
|
$
|
45
|
|
Five or more family
|
—
|
|
|
—
|
|
|
3,692
|
|
|
60
|
|
||||
Land
|
—
|
|
|
—
|
|
|
120
|
|
|
—
|
|
||||
Residential mortgage
|
1,081
|
|
|
7
|
|
|
1,098
|
|
|
1
|
|
||||
Home equity
|
80
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Subtotal
|
2,511
|
|
|
27
|
|
|
7,843
|
|
|
106
|
|
||||
With an allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Real estate
|
1,214
|
|
|
—
|
|
|
933
|
|
|
—
|
|
||||
Construction
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Land
|
299
|
|
|
—
|
|
|
1,440
|
|
|
—
|
|
||||
Residential mortgage
|
236
|
|
|
5
|
|
|
916
|
|
|
2
|
|
||||
Home equity
|
16
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
Subtotal
|
1,794
|
|
|
5
|
|
|
3,296
|
|
|
2
|
|
||||
Total
|
$
|
4,305
|
|
|
$
|
32
|
|
|
$
|
11,139
|
|
|
$
|
108
|
|
|
|
March 31, 2016
|
||||||||||||||||||||||
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,377
|
|
|
$
|
17,377
|
|
Real estate
|
401
|
|
|
37
|
|
|
1,311
|
|
|
1,749
|
|
|
94,714
|
|
|
96,463
|
|
||||||
Five or more family
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
22,470
|
|
|
22,488
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
12,174
|
|
|
12,199
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,727
|
|
|
9,727
|
|
||||||
Residential mortgage
|
—
|
|
|
—
|
|
|
624
|
|
|
624
|
|
|
39,295
|
|
|
39,919
|
|
||||||
Mortgage warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,328
|
|
|
122,328
|
|
||||||
Residential construction:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,939
|
|
|
1,939
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
867
|
|
|
867
|
|
||||||
Home equity
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
14,304
|
|
|
14,311
|
|
||||||
Consumer and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,171
|
|
|
3,171
|
|
||||||
Total
|
$
|
419
|
|
|
$
|
37
|
|
|
$
|
1,967
|
|
|
$
|
2,423
|
|
|
$
|
338,366
|
|
|
$
|
340,789
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,117
|
|
|
$
|
18,117
|
|
Real estate
|
1,282
|
|
|
—
|
|
|
102
|
|
|
1,384
|
|
|
90,916
|
|
|
92,300
|
|
||||||
Five or more family
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
22,672
|
|
|
22,692
|
|
||||||
Construction
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
11,041
|
|
|
11,082
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,639
|
|
|
10,639
|
|
||||||
Residential mortgage
|
176
|
|
|
—
|
|
|
495
|
|
|
671
|
|
|
39,807
|
|
|
40,478
|
|
||||||
Mortgage warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128,902
|
|
|
128,902
|
|
||||||
Residential construction:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,423
|
|
|
2,423
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
878
|
|
|
878
|
|
||||||
Home equity
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
13,982
|
|
|
13,990
|
|
||||||
Consumer and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,380
|
|
|
3,380
|
|
||||||
Total
|
$
|
1,519
|
|
|
$
|
—
|
|
|
$
|
605
|
|
|
$
|
2,124
|
|
|
$
|
342,757
|
|
|
$
|
344,881
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(Dollars in thousands)
|
||||||
TDRs:
|
|
|
|
||||
Performing in accordance with modified repayment terms
|
$
|
1,699
|
|
|
$
|
1,720
|
|
Nonperforming
|
—
|
|
|
—
|
|
||
|
$
|
1,699
|
|
|
$
|
1,720
|
|
|
|
|
|
||||
Specific reserve
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
207
|
|
|
$
|
207
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
207
|
|
|
$
|
207
|
|
|
|
March 31, 2016
|
||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
16,963
|
|
|
$
|
414
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate
|
92,274
|
|
|
1,570
|
|
|
2,619
|
|
|
—
|
|
||||
Five or more family
|
22,488
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
12,174
|
|
|
—
|
|
|
25
|
|
|
—
|
|
||||
Land
|
9,327
|
|
|
101
|
|
|
299
|
|
|
—
|
|
||||
Residential mortgage
|
38,904
|
|
|
21
|
|
|
994
|
|
|
—
|
|
||||
Mortgage warehouse
|
122,328
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential construction:
|
|
|
|
|
|
|
|
||||||||
Construction
|
1,939
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Land
|
867
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity
|
14,217
|
|
|
—
|
|
|
94
|
|
|
—
|
|
||||
Consumer and other
|
3,171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
334,652
|
|
|
$
|
2,106
|
|
|
$
|
4,031
|
|
|
$
|
—
|
|
|
December 31, 2015
|
||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
17,807
|
|
|
$
|
310
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate
|
86,548
|
|
|
3,075
|
|
|
2,677
|
|
|
—
|
|
||||
Five or more family
|
22,692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
11,041
|
|
|
—
|
|
|
41
|
|
|
—
|
|
||||
Land
|
10,258
|
|
|
82
|
|
|
299
|
|
|
—
|
|
||||
Residential mortgage
|
39,490
|
|
|
21
|
|
|
967
|
|
|
—
|
|
||||
Mortgage warehouse
|
128,902
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential construction:
|
|
|
|
|
|
|
|
||||||||
Construction
|
2,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Land
|
878
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity
|
13,893
|
|
|
—
|
|
|
97
|
|
|
—
|
|
||||
Consumer and other
|
3,380
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
337,312
|
|
|
$
|
3,488
|
|
|
$
|
4,081
|
|
|
$
|
—
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(Dollars in thousands)
|
||||||
Residential mortgage
|
105
|
|
|
106
|
|
||
Carrying amount, net of allowance of $0
|
$
|
105
|
|
|
$
|
106
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Beginning balance
|
$
|
—
|
|
|
$
|
18
|
|
Reclassification from non-accretable yield
|
—
|
|
|
—
|
|
||
Accretion of income
|
—
|
|
|
(11
|
)
|
||
Ending balance
|
$
|
—
|
|
|
$
|
7
|
|
|
March 31, 2016
|
||||||
|
Valuation
Methodology
|
|
Unobservable Inputs
|
|
Range of
Inputs
|
|
Average of
Inputs
|
Impaired loans:
|
|
|
|
|
|
|
|
Commercial land
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
74%
|
|
74%
|
Other real estate owned, net:
|
|
|
|
|
|
|
|
Commercial real estate
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
54%
|
|
54%
|
|
December 31, 2015
|
||||||
|
Valuation
Methodology
|
|
Unobservable Inputs
|
|
Range of
Inputs
|
|
Average of
Inputs
|
Impaired loans:
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
Real estate
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
8%
|
|
8%
|
Land
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
10%
|
|
10%
|
Residential mortgage
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
0-20%
|
|
10%
|
Other real estate owned, net:
|
|
|
|
|
|
|
|
Residential mortgage
|
Appraisals
|
|
Discounts for changes
in market conditions |
|
30%
|
|
30%
|
|
|
|
March 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
|
|
Significant
Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. federal agency obligations
|
$
|
11,121
|
|
|
$
|
—
|
|
|
$
|
11,121
|
|
|
$
|
—
|
|
State and municipal
|
52,597
|
|
|
—
|
|
|
52,597
|
|
|
—
|
|
||||
Mortgage-backed securities – residential
|
16,839
|
|
|
—
|
|
|
16,839
|
|
|
—
|
|
||||
Government agency sponsored collateralized
mortgage obligations
|
40,736
|
|
|
—
|
|
|
40,736
|
|
|
—
|
|
||||
Corporate debt securities
|
948
|
|
|
—
|
|
|
948
|
|
|
—
|
|
||||
Total investment securities available-for-sale
|
$
|
122,241
|
|
|
$
|
—
|
|
|
$
|
122,241
|
|
|
$
|
—
|
|
Loans held for sale
|
$
|
686
|
|
|
$
|
—
|
|
|
$
|
686
|
|
|
$
|
—
|
|
Derivatives – residential mortgage loan commitments
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives – interest rate swaps
|
$
|
(1,872
|
)
|
|
$
|
—
|
|
|
$
|
(1,872
|
)
|
|
$
|
—
|
|
|
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
|
|
Significant
Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. federal agency obligations
|
$
|
9,372
|
|
|
$
|
—
|
|
|
$
|
9,372
|
|
|
$
|
—
|
|
State and municipal
|
52,400
|
|
|
—
|
|
|
52,400
|
|
|
—
|
|
||||
Mortgage-backed securities – residential
|
17,696
|
|
|
—
|
|
|
17,696
|
|
|
—
|
|
||||
Government agency sponsored collateralized
mortgage obligations
|
41,836
|
|
|
—
|
|
|
41,836
|
|
|
—
|
|
||||
Corporate debt securities
|
939
|
|
|
—
|
|
|
939
|
|
|
—
|
|
||||
Total investment securities available-for-sale
|
$
|
122,243
|
|
|
$
|
—
|
|
|
$
|
122,243
|
|
|
$
|
—
|
|
Loans held for sale
|
$
|
3,581
|
|
|
$
|
—
|
|
|
$
|
3,581
|
|
|
$
|
—
|
|
Derivatives – residential mortgage loan commitments
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives – interest rate swaps
|
$
|
(1,265
|
)
|
|
$
|
—
|
|
|
$
|
(1,265
|
)
|
|
$
|
—
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Aggregate
Fair Value
|
|
Difference
|
|
Contractual
Principal
|
|
Aggregate
Fair Value
|
|
Difference
|
|
Contractual
Principal
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Loans held for sale
|
$
|
686
|
|
|
$
|
22
|
|
|
$
|
664
|
|
|
$
|
3,581
|
|
|
$
|
110
|
|
|
$
|
3,471
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Loans held for sale:
|
|
|
|
||||
Other gains (losses)
|
$
|
(88
|
)
|
|
$
|
(11
|
)
|
Interest income
|
15
|
|
|
5
|
|
||
Interest expense
|
—
|
|
|
—
|
|
||
Total changes in fair values included in
current period earnings
|
$
|
(73
|
)
|
|
$
|
(6
|
)
|
|
|
|
March 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Commercial land
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50
|
|
Other real estate owned, net:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||
Mortgage servicing rights
|
180
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Real estate
|
$
|
590
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
590
|
|
Land
|
79
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||
Residential mortgage
|
252
|
|
|
—
|
|
|
—
|
|
|
252
|
|
||||
Other real estate owned, net:
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
||||
Mortgage servicing rights
|
145
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
|
|
March 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from financial institutions
|
$
|
11,361
|
|
|
$
|
11,361
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-earning time deposits at other financial institutions
|
14,532
|
|
|
—
|
|
|
14,596
|
|
|
—
|
|
||||
Securities available-for-sale
|
122,241
|
|
|
—
|
|
|
122,241
|
|
|
—
|
|
||||
Loans held for sale
|
686
|
|
|
—
|
|
|
686
|
|
|
—
|
|
||||
Loans, net
|
337,451
|
|
|
—
|
|
|
—
|
|
|
340,354
|
|
||||
Federal Home Loan Bank stock
|
4,029
|
|
|
—
|
|
|
4,029
|
|
|
—
|
|
||||
Accrued interest receivable
|
1,404
|
|
|
—
|
|
|
689
|
|
|
716
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
$
|
(361,156
|
)
|
|
$
|
—
|
|
|
$
|
(361,719
|
)
|
|
$
|
—
|
|
Federal Home Loan Bank advances
|
(69,132
|
)
|
|
—
|
|
|
(69,786
|
)
|
|
—
|
|
||||
Subordinated debentures
|
(5,155
|
)
|
|
—
|
|
|
—
|
|
|
(5,146
|
)
|
||||
Accrued interest payable
|
(182
|
)
|
|
—
|
|
|
(179
|
)
|
|
(3
|
)
|
||||
Derivatives – interest rate swaps
|
(1,872
|
)
|
|
—
|
|
|
(1,872
|
)
|
|
—
|
|
|
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from financial institutions
|
$
|
18,459
|
|
|
$
|
18,459
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-earning time deposits at other financial institutions
|
13,599
|
|
|
—
|
|
|
13,641
|
|
|
—
|
|
||||
Securities available-for-sale
|
122,243
|
|
|
—
|
|
|
122,243
|
|
|
—
|
|
||||
Loans held for sale
|
3,581
|
|
|
—
|
|
|
3,581
|
|
|
—
|
|
||||
Loans, net
|
341,552
|
|
|
—
|
|
|
—
|
|
|
344,488
|
|
||||
Federal Home Loan Bank stock
|
4,029
|
|
|
—
|
|
|
4,029
|
|
|
—
|
|
||||
Accrued interest receivable
|
1,519
|
|
|
—
|
|
|
760
|
|
|
759
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
$
|
(390,959
|
)
|
|
$
|
—
|
|
|
$
|
(390,914
|
)
|
|
$
|
—
|
|
Federal Home Loan Bank advances
|
(55,000
|
)
|
|
—
|
|
|
(55,197
|
)
|
|
—
|
|
||||
Subordinated debentures
|
(5,155
|
)
|
|
—
|
|
|
—
|
|
|
(5,139
|
)
|
||||
Accrued interest payable
|
(175
|
)
|
|
—
|
|
|
(172
|
)
|
|
(3
|
)
|
||||
Derivatives – interest rate swaps
|
(1,265
|
)
|
|
—
|
|
|
(1,265
|
)
|
|
—
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Interest rate contracts:
|
|
|
|
||||
Net amount of gain (loss):
|
|
|
|
||||
Recognized in OCI (Effective Portion)
|
$
|
400
|
|
|
$
|
296
|
|
Reclassified from OCI to interest income
|
—
|
|
|
—
|
|
||
Recognized in other non-interest income (Ineffective Portion)
|
—
|
|
|
—
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Notional
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Fair
Value
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Included in other liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps related to FHLB advances
|
$
|
(40,000
|
)
|
|
$
|
(1,872
|
)
|
|
$
|
(40,000
|
)
|
|
$
|
(1,265
|
)
|
|
|
Three Months Ended March 31, 2016
|
|||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
|
(Dollars in thousands, except per share data)
|
|||||||||||
Outstanding at January 1, 2016
|
581,826
|
|
|
$
|
9.40
|
|
|
7.5 years
|
|
$
|
3,377
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(1,892
|
)
|
|
8.31
|
|
|
|
|
|
|||
Forfeited or expired
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at March 31, 2016
|
579,934
|
|
|
$
|
9.40
|
|
|
7.3 years
|
|
$
|
3,689
|
|
Exercisable at end of period
|
256,962
|
|
|
$
|
7.79
|
|
|
6.3 years
|
|
$
|
2,048
|
|
|
Three Months Ended March 31, 2016
|
|||||
|
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Nonvested at January 1, 2016
|
125,152
|
|
|
$
|
10.58
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Nonvested at March 31, 2016
|
125,152
|
|
|
$
|
10.58
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
Gains (Losses)
on Cash Flow Hedges |
|
Unrealized
Gains (Losses) on Available- for-Sale Securities |
|
Total
|
|
Gains (Losses)
on Cash Flow
Hedges
|
|
Unrealized
Gains (Losses)
on Available-
for-Sale
Securities
|
|
Total
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Beginning balance
|
$
|
(836
|
)
|
|
$
|
1,146
|
|
|
$
|
310
|
|
|
$
|
(763
|
)
|
|
$
|
1,285
|
|
|
$
|
522
|
|
Other comprehensive income (loss) before reclassification
|
(400
|
)
|
|
857
|
|
|
457
|
|
|
(296
|
)
|
|
668
|
|
|
372
|
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
||||||
Net current period other comprehensive income (loss)
|
(400
|
)
|
|
857
|
|
|
457
|
|
|
(296
|
)
|
|
635
|
|
|
339
|
|
||||||
Ending balance
|
$
|
(1,236
|
)
|
|
$
|
2,003
|
|
|
$
|
767
|
|
|
$
|
(1,059
|
)
|
|
$
|
1,920
|
|
|
$
|
861
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
Amount Reclassified from Accumulated Other Comprehensive
Income (Loss)
|
|
Amount Reclassified from Accumulated Other Comprehensive
Income (Loss)
|
||||
|
|
(Dollars in thousands)
|
||||||
Unrealized gains and losses on available-for-sale securities:
|
|
|
|
|
||||
Net gains on securities
|
|
$
|
—
|
|
|
$
|
50
|
|
Income tax expense
|
|
—
|
|
|
(17
|
)
|
||
Net of tax
|
|
$
|
—
|
|
|
$
|
33
|
|
|
|
|
March 31, 2016
|
||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
|
Gross
Amounts
Offset
in the
Consolidated
Balance Sheet
|
|
Net
Amounts of
Liabilities
Presented
in the
Consolidated
Balance Sheet
|
|
Gross Amounts Not Offset in the
Consolidated Balance Sheet
|
||||||||||||||||
|
|
|
|
Financial
Instruments
|
|
Cash
Collateral
Pledged
|
|
Net
Amount
|
|||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Derivatives
|
$
|
1,872
|
|
|
$
|
—
|
|
|
$
|
1,872
|
|
|
$
|
(3,977
|
)
|
|
$
|
—
|
|
|
$
|
(2,105
|
)
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
|
Gross
Amounts
Offset
in the
Consolidated
Balance Sheet
|
|
Net
Amounts of
Liabilities
Presented
in the
Consolidated
Balance Sheet
|
|
Gross Amounts Not Offset in the
Consolidated Balance Sheet
|
||||||||||||||||
|
|
|
|
Financial
Instruments
|
|
Cash
Collateral
Pledged
|
|
Net
Amount
|
|||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Derivatives
|
$
|
1,265
|
|
|
$
|
—
|
|
|
$
|
1,265
|
|
|
$
|
(3,696
|
)
|
|
$
|
—
|
|
|
$
|
(2,431
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
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 and the implementation of the capital buffer beginning with the first quarter of 2016;
|
•
|
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.
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(Dollars in thousands)
|
||||||
Nonaccrual loans:
|
|
|
|
||||
Commercial:
|
|
|
|
||||
Real estate
|
$
|
1,362
|
|
|
$
|
1,396
|
|
Construction
|
25
|
|
|
41
|
|
||
Land
|
299
|
|
|
299
|
|
||
Total commercial
|
1,686
|
|
|
1,736
|
|
||
Residential mortgage
|
620
|
|
|
590
|
|
||
Home equity
|
21
|
|
|
23
|
|
||
Total nonaccrual loans
|
2,327
|
|
|
2,349
|
|
||
Loans greater than 90 days delinquent and still accruing:
|
|
|
|
||||
Residential mortgage
|
94
|
|
|
—
|
|
||
Total loans greater than 90 days delinquent and still accruing
|
94
|
|
|
—
|
|
||
Total nonperforming loans
|
2,421
|
|
|
2,349
|
|
||
|
|
|
|
||||
Foreclosed assets:
|
|
|
|
||||
Commercial:
|
|
|
|
||||
Real estate
|
42
|
|
|
72
|
|
||
Land
|
1,789
|
|
|
1,789
|
|
||
Total commercial
|
1,831
|
|
|
1,861
|
|
||
Residential mortgage
|
339
|
|
|
339
|
|
||
Total foreclosed assets
|
2,170
|
|
|
2,200
|
|
||
Total nonperforming assets
|
$
|
4,591
|
|
|
$
|
4,549
|
|
|
|
|
|
||||
Ratios:
|
|
|
|
||||
Nonperforming loans to total loans
|
0.71
|
%
|
|
0.68
|
%
|
||
Nonperforming assets to total assets
|
0.87
|
|
|
0.84
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Annualized
Yield/Cost
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Annualized
Yield/Cost
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans (1)
|
$
|
326,041
|
|
|
$
|
4,124
|
|
|
5.06
|
%
|
|
$
|
295,747
|
|
|
$
|
3,601
|
|
|
4.87
|
%
|
Taxable securities
|
73,824
|
|
|
327
|
|
|
1.77
|
|
|
96,291
|
|
|
410
|
|
|
1.70
|
|
||||
Tax exempt securities (2)
|
48,416
|
|
|
368
|
|
|
3.04
|
|
|
52,640
|
|
|
408
|
|
|
3.10
|
|
||||
FHLB stock
|
4,029
|
|
|
43
|
|
|
4.27
|
|
|
4,275
|
|
|
43
|
|
|
4.02
|
|
||||
Federal funds sold and other
interest-earning deposits
|
34,159
|
|
|
73
|
|
|
0.85
|
|
|
12,613
|
|
|
19
|
|
|
0.60
|
|
||||
Total interest earning assets
|
486,469
|
|
|
4,935
|
|
|
4.06
|
|
|
461,566
|
|
|
4,481
|
|
|
3.88
|
|
||||
Non-interest earning assets
|
45,539
|
|
|
|
|
|
|
41,745
|
|
|
|
|
|
||||||||
Total assets
|
$
|
532,008
|
|
|
|
|
|
|
$
|
503,311
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings deposits
|
$
|
66,525
|
|
|
$
|
10
|
|
|
0.06
|
%
|
|
$
|
63,792
|
|
|
$
|
9
|
|
|
0.06
|
%
|
Money market accounts
|
55,415
|
|
|
52
|
|
|
0.38
|
|
|
57,932
|
|
|
55
|
|
|
0.38
|
|
||||
Interest-bearing checking
|
98,676
|
|
|
73
|
|
|
0.30
|
|
|
57,215
|
|
|
32
|
|
|
0.22
|
|
||||
Certificates of deposit and IRAs
|
92,189
|
|
|
205
|
|
|
0.89
|
|
|
98,748
|
|
|
198
|
|
|
0.80
|
|
||||
Total interest-bearing deposits
|
312,805
|
|
|
340
|
|
|
0.43
|
|
|
277,687
|
|
|
294
|
|
|
0.42
|
|
||||
FHLB advances
|
57,573
|
|
|
309
|
|
|
2.15
|
|
|
76,137
|
|
|
268
|
|
|
1.41
|
|
||||
Subordinated debentures
|
5,155
|
|
|
47
|
|
|
3.65
|
|
|
5,155
|
|
|
42
|
|
|
3.26
|
|
||||
Short-term borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
1,061
|
|
|
1
|
|
|
0.38
|
|
||||
Total borrowings
|
62,728
|
|
|
356
|
|
|
2.27
|
|
|
82,353
|
|
|
311
|
|
|
1.51
|
|
||||
Total interest-bearing liabilities
|
375,533
|
|
|
696
|
|
|
0.74
|
|
|
360,040
|
|
|
605
|
|
|
0.67
|
|
||||
Non-interest bearing deposits
|
63,111
|
|
|
|
|
|
|
54,850
|
|
|
|
|
|
||||||||
Other liabilities
|
6,847
|
|
|
|
|
|
|
5,724
|
|
|
|
|
|
||||||||
Total liabilities
|
445,491
|
|
|
|
|
|
|
420,614
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
86,517
|
|
|
|
|
|
|
82,697
|
|
|
|
|
|
||||||||
Total liabilities &
shareholders’ equity |
$
|
532,008
|
|
|
|
|
|
|
$
|
503,311
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
4,239
|
|
|
|
|
|
|
$
|
3,876
|
|
|
|
||||||
Net interest rate spread
|
|
|
|
|
3.32
|
%
|
|
|
|
|
|
3.21
|
%
|
||||||||
Net interest margin
|
|
|
|
|
3.49
|
|
|
|
|
|
|
3.36
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||
Total Capital to risk weighted assets
|
18.7
|
%
|
|
18.0
|
%
|
Tier 1 (Core) Capital to risk weighted assets
|
17.7
|
|
|
17.1
|
|
Tier 1 Common Equity Capital to risk weighted assets
|
17.7
|
|
|
17.1
|
|
Tier 1 (Core) Capital to average assets
|
13.4
|
|
|
13.3
|
|
ITEM 3.
|
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
|
|
$
|
18,810
|
|
|
$
|
1,118
|
|
|
6.32
|
%
|
|
$
|
79,621
|
|
|
$
|
(2,230
|
)
|
|
(2.72
|
)%
|
|
16.05
|
%
|
|
0.33
|
%
|
+200
|
|
18,482
|
|
|
790
|
|
|
4.47
|
|
|
82,365
|
|
|
514
|
|
|
0.63
|
|
|
16.33
|
|
|
0.61
|
|
||||
+100
|
|
18,128
|
|
|
436
|
|
|
2.46
|
|
|
83,811
|
|
|
1,960
|
|
|
2.39
|
|
|
16.35
|
|
|
0.63
|
|
||||
0
|
|
17,692
|
|
|
—
|
|
|
—
|
|
|
81,851
|
|
|
—
|
|
|
—
|
|
|
15.72
|
|
|
—
|
|
||||
-100
|
|
17,058
|
|
|
(634
|
)
|
|
(3.58
|
)
|
|
75,006
|
|
|
(6,845
|
)
|
|
(8.36
|
)
|
|
14.22
|
|
|
(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 4.
|
CONTROLS AND PROCEDURES
|
PART II
|
OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
(c)
|
The following table presents information related to purchases made by or on behalf of the Company of shares of the Company’s common stock during the periods indicated:
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
|||||
January 1-31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
98,951
|
|
February 1-29, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,951
|
|
|
March 1-31, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,951
|
|
|
Total
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,951
|
|
|
(1)
|
On September 9, 2014, the Company publicly announced its fourth share repurchase program for
280,832
shares.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
|
|
Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1
|
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101
|
|
The following materials from LaPorte Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended March 31, 2016, formatted in XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.
|
|
|
|
|
|
|
|
LaPorte Bancorp, Inc.
|
|
|
|
|
Date:
|
May 5, 2016
|
|
/s/ Lee A. Brady
|
|
|
|
Lee A. Brady
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
May 5, 2016
|
|
/s/ Michele M. Thompson
|
|
|
|
Michele M. Thompson
|
|
|
|
President and
Chief Financial Officer
|
1 Year Laporte Bancorp, Inc. Chart |
1 Month Laporte Bancorp, Inc. Chart |
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