Attached files
file | filename |
---|---|
EX-31.2 - ConnectOne Bancorp, Inc. | c77254_ex31-2.htm |
EX-32.1 - ConnectOne Bancorp, Inc. | c77254_ex32-1.htm |
EX-23.2 - ConnectOne Bancorp, Inc. | c77254_ex23-2.htm |
EX-23.1 - ConnectOne Bancorp, Inc. | c77254_ex23-1.htm |
EX-32.2 - ConnectOne Bancorp, Inc. | c77254_ex32-2.htm |
EX-31.1 - ConnectOne Bancorp, Inc. | c77254_ex31-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
S | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the Fiscal Year Ended December 31, 2013
OR
£ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the Transition Period from __________ to ___________
Commission File Number: 000-11486
CENTER BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
New Jersey | 52-1273725 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(IRS Employer Identification Number) |
2455 Morris Avenue, Union, NJ 07083-0007
(Address of Principal Executive Offices, Including Zip Code)
(908) 688-9500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Name of each exchange on which registered | |
Common Stock, no par value | NASDAQ |
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes £ No S
Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes £ No S
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes S No £
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Regulation S-T (232,405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant has required to submit and post such files.) Yes S No £
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of the Form 10-K or any amendment to the Form 10-K. £
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Securities Exchange Act of 1934.
Large Accelerated Filer £ | Accelerated Filer S | Non-Accelerated £ | Small Reporting Company £ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes £ or No S
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold or the average bid and ask price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter, was $149.9 million.
Shares Outstanding on February 28, 2014
Common Stock, no par value: 16,369,012 shares
DOCUMENTS INCORPORATED BY REFERENCE
Definitive proxy statement in connection with the 2014 Annual Stockholders Meeting to be filed with the Commission pursuant to Regulation 14A is incorporated by reference in Part III.
-2- |
EXPLANATORY NOTE
Center Bancorp, Inc. (the “Company”) is filing this Amendment No. 1 (the “Amendment”) to its Annual Report on Form 10-K for the fiscal year end December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2014 (the “Original Filing”), for the sole purpose of re-filing the Report of Independent Registered Public Accounting Firm of ParenteBeard LLC (the “Report”) with the correct date on such Report. The Report was inadvertently dated March 5, 2014 in the Original Filing, and it should have been dated March 13, 2013.
No amendments are being made to the Original Filing except as set forth above. This Amendment does not reflect events occurring after the filing of the Original Filing or modify or update the disclosures contained in the Original Filing in any way other than as described above.
In accordance with SEC rules, all of Item 8. Financial Statements and Supplementary Data is set forth herein.
-3- |
|
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Page
|
Reports of Independent Registered Public Accounting Firms
|
|
F-2
|
Consolidated Statements of Condition
|
|
F-4
|
Consolidated Statements of Income
|
|
F-5
|
Consolidated Statements of Comprehensive Income
|
|
F-6
|
Consolidated Statements of Changes in Stockholders’ Equity
|
|
F-7
|
Consolidated Statements of Cash Flows
|
|
F-8
|
Notes to Consolidated Financial Statements
|
|
F-9
|
F-1 | ||
Center Bancorp, Inc.
Philadelphia, Pennsylvania
March 5, 2014
F-2 | ||
F-3 | ||
|
|
December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(In Thousands, Except Share and Per Share Data)
|
|
||||
ASSETS
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
82,692
|
|
$
|
104,134
|
|
Interest bearing deposits with banks
|
|
|
|
|
|
2,004
|
|
Total cash and cash equivalents
|
|
|
82,692
|
|
|
106,138
|
|
Securities available-for-sale
|
|
|
323,070
|
|
|
496,815
|
|
Securities held-to-maturity (fair value of $210,958 and $62,431)
|
|
|
215,286
|
|
|
58,064
|
|
Loans held for sale
|
|
|
|
|
|
1,491
|
|
Loans
|
|
|
960,943
|
|
|
889,672
|
|
Less: Allowance for loan losses
|
|
|
10,333
|
|
|
10,237
|
|
Net loans
|
|
|
950,610
|
|
|
879,435
|
|
Restricted investment in bank stocks, at cost
|
|
|
8,986
|
|
|
8,964
|
|
Premises and equipment, net
|
|
|
13,681
|
|
|
13,563
|
|
Accrued interest receivable
|
|
|
6,802
|
|
|
6,849
|
|
Bank owned life insurance
|
|
|
35,734
|
|
|
34,961
|
|
Goodwill and other intangible assets
|
|
|
16,828
|
|
|
16,858
|
|
Prepaid FDIC assessment
|
|
|
|
|
|
811
|
|
Other real estate owned
|
|
|
220
|
|
|
1,300
|
|
Due from brokers for investment securities
|
|
|
8,759
|
|
|
|
|
Other assets
|
|
|
10,414
|
|
|
4,516
|
|
Total assets
|
|
$
|
1,673,082
|
|
$
|
1,629,765
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
227,370
|
|
$
|
215,071
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
Time deposits $100 and over
|
|
|
99,444
|
|
|
110,835
|
|
Interest-bearing transaction, savings and time deposits less than
$100 |
|
|
1,015,191
|
|
|
981,016
|
|
Total deposits
|
|
|
1,342,005
|
|
|
1,306,922
|
|
Long-term borrowings
|
|
|
146,000
|
|
|
146,000
|
|
Subordinated debentures
|
|
|
5,155
|
|
|
5,155
|
|
Accounts payable and accrued liabilities
|
|
|
11,338
|
|
|
10,997
|
|
Total liabilities
|
|
|
1,504,498
|
|
|
1,469,074
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
Preferred Stock, $1,000 liquidation value per share:
|
|
|
|
|
|
|
|
Authorized 5,000,000 shares; issued and outstanding 11,250 shares
of Series B preferred stock at December 31, 2013 and 2012 total liquidation value of $11,250,000 |
|
|
11,250
|
|
|
11,250
|
|
Common stock, no par value:
|
|
|
|
|
|
|
|
Authorized 25,000,000 shares; issued 18,477,412 shares at
December 31, 2013 and 2012; outstanding 16,369,012 shares at December 31, 2013 and 16,347,915 at December 31, 2012 |
|
|
110,056
|
|
|
110,056
|
|
Additional paid-in capital
|
|
|
4,986
|
|
|
4,801
|
|
Retained earnings
|
|
|
61,914
|
|
|
46,753
|
|
Treasury stock, at cost (2,108,400 shares at December 31, 2013 and
2,129,497 at December 31, 2012) |
|
|
(17,078)
|
|
|
(17,232)
|
|
Accumulated other comprehensive income (loss)
|
|
|
(2,544)
|
|
|
5,063
|
|
Total stockholders’ equity
|
|
|
168,584
|
|
|
160,691
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,673,082
|
|
$
|
1,629,765
|
|
F-4 | ||
|
|
Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Except per Share Data)
|
|
|||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
$
|
40,132
|
|
$
|
38,921
|
|
$
|
36,320
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable interest income
|
|
|
12,189
|
|
|
12,269
|
|
|
13,278
|
|
Non-taxable interest income
|
|
|
4,422
|
|
|
3,507
|
|
|
1,700
|
|
Dividends
|
|
|
523
|
|
|
567
|
|
|
629
|
|
Interest on federal funds sold and other short-term investment
|
|
|
2
|
|
|
8
|
|
|
|
|
Total interest income
|
|
|
57,268
|
|
|
55,272
|
|
|
51,927
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
Interest on certificates of deposit $100 & over
|
|
|
866
|
|
|
839
|
|
|
1,215
|
|
Interest on other deposits
|
|
|
4,353
|
|
|
4,569
|
|
|
4,305
|
|
Interest on short-term borrowings
|
|
|
|
|
|
|
|
|
79
|
|
Interest on long-term borrowings
|
|
|
5,863
|
|
|
6,368
|
|
|
6,578
|
|
Total interest expense
|
|
|
11,082
|
|
|
11,776
|
|
|
12,177
|
|
Net interest income
|
|
|
46,186
|
|
|
43,496
|
|
|
39,750
|
|
Provision for loan losses
|
|
|
350
|
|
|
325
|
|
|
2,448
|
|
Net interest income, after provision for loan losses
|
|
|
45,836
|
|
|
43,171
|
|
|
37,302
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
Service charges, commissions and fees
|
|
|
1,873
|
|
|
1,775
|
|
|
1,896
|
|
Annuity and insurance
|
|
|
489
|
|
|
204
|
|
|
110
|
|
Bank-owned life insurance
|
|
|
1,364
|
|
|
1,018
|
|
|
1,038
|
|
Loan related fees
|
|
|
839
|
|
|
510
|
|
|
432
|
|
Net gains on sale of loans held for sale
|
|
|
294
|
|
|
484
|
|
|
251
|
|
Bargain gain on acquisition
|
|
|
|
|
|
899
|
|
|
|
|
Other
|
|
|
281
|
|
|
308
|
|
|
117
|
|
Total other-than-temporary impairment losses
|
|
|
(652)
|
|
|
(870)
|
|
|
(342)
|
|
Net gains on sale on investment securities
|
|
|
2,363
|
|
|
2,882
|
|
|
3,976
|
|
Net investment securities gains
|
|
|
1,711
|
|
|
2,012
|
|
|
3,634
|
|
Total other income
|
|
|
6,851
|
|
|
7,210
|
|
|
7,478
|
|
Other expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
13,465
|
|
|
12,571
|
|
|
11,527
|
|
Occupancy and equipment
|
|
|
3,518
|
|
|
2,987
|
|
|
2,947
|
|
FDIC Insurance
|
|
|
1,098
|
|
|
1,154
|
|
|
1,712
|
|
Professional and consulting
|
|
|
1,111
|
|
|
1,077
|
|
|
1,156
|
|
Stationery and printing
|
|
|
333
|
|
|
349
|
|
|
368
|
|
Marketing and advertising
|
|
|
304
|
|
|
186
|
|
|
131
|
|
Computer expense
|
|
|
1,422
|
|
|
1,419
|
|
|
1,312
|
|
Other real estate owned expense, net
|
|
|
137
|
|
|
150
|
|
|
398
|
|
Repurchase agreement prepayment and termination fee
|
|
|
|
|
|
1,012
|
|
|
|
|
Acquisition cost
|
|
|
|
|
|
482
|
|
|
|
|
Other
|
|
|
3,890
|
|
|
3,810
|
|
|
3,892
|
|
Total other expense
|
|
|
25,278
|
|
|
25,197
|
|
|
23,443
|
|
Income before income tax expense
|
|
|
27,409
|
|
|
25,184
|
|
|
21,337
|
|
Income tax expense
|
|
|
7,484
|
|
|
7,677
|
|
|
7,411
|
|
Net income
|
|
|
19,925
|
|
|
17,507
|
|
|
13,926
|
|
Preferred stock dividends and accretion
|
|
|
141
|
|
|
281
|
|
|
820
|
|
Net income available to common stockholders
|
|
$
|
19,784
|
|
$
|
17,226
|
|
$
|
13,106
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.21
|
|
$
|
1.05
|
|
$
|
0.80
|
|
Diluted
|
|
$
|
1.21
|
|
$
|
1.05
|
|
$
|
0.80
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,349,204
|
|
|
16,340,197
|
|
|
16,295,761
|
|
Diluted
|
|
|
16,385,692
|
|
|
16,351,046
|
|
|
16,314,899
|
|
F-5 | ||
|
|
Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Net income
|
|
$
|
19,925
|
|
$
|
17,507
|
|
$
|
13,926
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains and losses on securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments for OTTI losses included in income
|
|
|
652
|
|
|
870
|
|
|
342
|
|
Tax effect
|
|
|
(178)
|
|
|
(265)
|
|
|
(119)
|
|
Net of tax amount
|
|
|
474
|
|
|
605
|
|
|
223
|
|
Unrealized (losses) gains on available for sale securities
|
|
|
(8,741)
|
|
|
19,819
|
|
|
8,990
|
|
Tax effect
|
|
|
3,578
|
|
|
(7,444)
|
|
|
(3,486)
|
|
Net of tax amount
|
|
|
(5,163)
|
|
|
12,375
|
|
|
5,504
|
|
Reclassification adjustment for realized gains arising during this period
|
|
|
(2,363)
|
|
|
(2,882)
|
|
|
(3,976)
|
|
Tax effect
|
|
|
645
|
|
|
879
|
|
|
1,380
|
|
Net of tax amount
|
|
|
(1,718)
|
|
|
(2,003)
|
|
|
(2,596)
|
|
Unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity securities
|
|
|
(2,612)
|
|
|
|
|
|
291
|
|
Tax effect
|
|
|
1,064
|
|
|
|
|
|
(110)
|
|
Net of tax amount
|
|
|
(1,548)
|
|
|
|
|
|
181
|
|
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity securities
|
|
|
(58)
|
|
|
(2)
|
|
|
(46)
|
|
Tax effect
|
|
|
19
|
|
|
1
|
|
|
28
|
|
Net of tax amount
|
|
|
(39)
|
|
|
(1)
|
|
|
(18)
|
|
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains (losses)
|
|
|
654
|
|
|
(790)
|
|
|
(1,649)
|
|
Tax effect
|
|
|
(267)
|
|
|
323
|
|
|
584
|
|
Net of tax amount
|
|
|
387
|
|
|
(467)
|
|
|
(1,065)
|
|
Total other comprehensive (loss) income
|
|
|
(7,607)
|
|
|
10,509
|
|
|
2,229
|
|
Total comprehensive income
|
|
$
|
12,318
|
|
$
|
28,016
|
|
$
|
16,155
|
|
F-6 | ||
|
|
Years Ended December 31, 2013, 2012 and 2011
|
|
|||||||||||||||||||
|
|
Preferred
Stock |
|
Common
Stock |
|
Additional
Paid In Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders’ Equity |
|
|||||||
|
|
(In Thousands, Except Share and per Share Data)
|
|
|||||||||||||||||||
Balance, January 1, 2011
|
|
$
|
9,700
|
|
$
|
110,056
|
|
$
|
4,941
|
|
$
|
21,633
|
|
$
|
(17,698)
|
|
$
|
(7,675)
|
|
$
|
120,957
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
13,926
|
|
|
|
|
|
|
|
|
13,926
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,229
|
|
|
2,229
|
|
Accretion of discount on preferred
stock |
|
|
300
|
|
|
|
|
|
|
|
|
(300)
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
(520)
|
|
|
|
|
|
|
|
|
(520)
|
|
Redemption of series A preferred stock
|
|
|
(10,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,000)
|
|
Proceeds from issuance of series B
preferred stock |
|
|
11,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,250
|
|
Warrant repurchased
|
|
|
|
|
|
|
|
|
(245)
|
|
|
|
|
|
|
|
|
|
|
|
(245)
|
|
Cash dividends declared on common
stock ($0.12 per share) |
|
|
|
|
|
|
|
|
|
|
|
(1,955)
|
|
|
|
|
|
|
|
|
(1,955)
|
|
Issuance cost of common stock
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
(5)
|
|
Issuance cost of series B preferred
stock |
|
|
|
|
|
|
|
|
|
|
|
(84)
|
|
|
|
|
|
|
|
|
(84)
|
|
Exercise of stock options (42,495
shares) |
|
|
|
|
|
|
|
|
(16)
|
|
|
|
|
|
344
|
|
|
|
|
|
328
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
Balance, December 31, 2011
|
|
|
11,250
|
|
|
110,056
|
|
|
4,715
|
|
|
32,695
|
|
|
(17,354)
|
|
|
(5,446)
|
|
|
135,916
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
17,507
|
|
|
|
|
|
|
|
|
17,507
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,509
|
|
|
10,509
|
|
Dividends on series B preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
(253)
|
|
|
|
|
|
|
|
|
(253)
|
|
Cash dividends declared on common
stock ($0.195 per share) |
|
|
|
|
|
|
|
|
|
|
|
(3,188)
|
|
|
|
|
|
|
|
|
(3,188)
|
|
Issuance cost of common stock
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
|
|
|
|
|
|
|
|
(8)
|
|
Exercise of stock options (15,588
shares) |
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
122
|
|
|
|
|
|
141
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
39
|
|
Option related tax trueup
|
|
|
|
|
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
Balance, December 31, 2012
|
|
|
11,250
|
|
|
110,056
|
|
|
4,801
|
|
|
46,753
|
|
|
(17,232)
|
|
|
5,063
|
|
|
160,691
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
19,925
|
|
|
|
|
|
|
|
|
19,925
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,607)
|
|
|
(7,607)
|
|
Dividends on series B preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
(169)
|
|
|
|
|
|
|
|
|
(169)
|
|
Cash dividends declared on common
stock ($0.260 per share) |
|
|
|
|
|
|
|
|
|
|
|
(4,581)
|
|
|
|
|
|
|
|
|
(4,581)
|
|
Dividend on restricted stock declared
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
|
Issuance cost of common stock
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
(13)
|
|
Issuance of restricted stock award
(18,829 shares) |
|
|
|
|
|
|
|
|
91
|
|
|
|
|
|
152
|
|
|
|
|
|
243
|
|
Exercise of stock options (2,268
shares) |
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
2
|
|
|
|
|
|
21
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
59
|
|
Option related tax trueup
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
Balance, December 31, 2013
|
|
$
|
11,250
|
|
$
|
110,056
|
|
$
|
4,986
|
|
$
|
61,914
|
|
$
|
(17,078)
|
|
$
|
(2,544)
|
|
$
|
168,584
|
|
F-7 | ||
|
|
Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,925
|
|
$
|
17,507
|
|
$
|
13,926
|
|
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
886
|
|
|
914
|
|
|
983
|
|
Provision for loan losses
|
|
|
350
|
|
|
325
|
|
|
2,448
|
|
Provision for deferred taxes
|
|
|
1,739
|
|
|
1,912
|
|
|
3,406
|
|
Stock-based compensation expense
|
|
|
59
|
|
|
39
|
|
|
35
|
|
Net other-than-temporary impairment losses
|
|
|
652
|
|
|
870
|
|
|
342
|
|
Net gains on sales of available-for-sale securities
|
|
|
(2,363)
|
|
|
(2,882)
|
|
|
(3,976)
|
|
Net gains on sales of loans held for sale
|
|
|
(294)
|
|
|
(484)
|
|
|
(251)
|
|
Net loans originated for sale
|
|
|
(14,816)
|
|
|
(22,013)
|
|
|
(14,357)
|
|
Proceeds from sales of loans held for sale
|
|
|
16,601
|
|
|
22,024
|
|
|
13,923
|
|
Net gains on disposition of premises and equipment
|
|
|
(2)
|
|
|
|
|
|
|
|
Net loss on sales of other real estate owned
|
|
|
75
|
|
|
9
|
|
|
5
|
|
Life insurance death benefit
|
|
|
(291)
|
|
|
|
|
|
|
|
Increase in cash surrender value of bank owned life insurance
|
|
|
(1,073)
|
|
|
(1,018)
|
|
|
(1,038)
|
|
Net amortization of securities
|
|
|
3,316
|
|
|
4,589
|
|
|
4,012
|
|
Increase in accrued interest receivable
|
|
|
(233)
|
|
|
(241)
|
|
|
(2,085)
|
|
Decrease in prepaid FDIC insurance assessment
|
|
|
811
|
|
|
1,073
|
|
|
1,698
|
|
Increase in other assets
|
|
|
(397)
|
|
|
(2,538)
|
|
|
(402)
|
|
(Decrease) increase in other liabilities
|
|
|
(1,792)
|
|
|
980
|
|
|
(585)
|
|
Net cash provided by operating activities
|
|
|
23,153
|
|
|
21,066
|
|
|
18,084
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
(155,464)
|
|
|
(207,880)
|
|
|
(400,644)
|
|
Sales
|
|
|
122,165
|
|
|
130,059
|
|
|
254,821
|
|
Maturities, calls and principal repayment
|
|
|
46,378
|
|
|
48,406
|
|
|
48,029
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
(23,531)
|
|
|
(16,606)
|
|
|
(13,118)
|
|
Maturities and principal repayment
|
|
|
3,830
|
|
|
30,258
|
|
|
7,475
|
|
Net (purchase) redemption of restricted investment in bank stock
|
|
|
(22)
|
|
|
319
|
|
|
363
|
|
Net increase in loans
|
|
|
(71,761)
|
|
|
(83,478)
|
|
|
(49,223)
|
|
Purchases of premises and equipment
|
|
|
(973)
|
|
|
(842)
|
|
|
(316)
|
|
Purchase of bank-owned life insurance
|
|
|
|
|
|
(5,000)
|
|
|
|
|
Proceeds from life insurance death benefits
|
|
|
592
|
|
|
|
|
|
|
|
Proceeds from sale of premises and equipment
|
|
|
2
|
|
|
|
|
|
|
|
Proceeds from sale of other real estate owned
|
|
|
1,230
|
|
|
500
|
|
|
33
|
|
Cash and cash equivalent acquired in acquisition
|
|
|
|
|
|
6,195
|
|
|
|
|
Cash consideration paid in acquisition
|
|
|
|
|
|
(10,251)
|
|
|
|
|
Net cash used in investing activities
|
|
|
(77,554)
|
|
|
(108,320)
|
|
|
(152,580)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Net increase in deposits
|
|
|
35,083
|
|
|
100,271
|
|
|
261,083
|
|
Net decrease in short-term borrowings
|
|
|
|
|
|
|
|
|
(41,855)
|
|
Payments on long-term borrowings
|
|
|
|
|
|
(15,000)
|
|
|
(10,000)
|
|
Cash dividends on common stock
|
|
|
(4,254)
|
|
|
(2,778)
|
|
|
(1,955)
|
|
Cash dividends on preferred stock
|
|
|
(141)
|
|
|
(363)
|
|
|
(417)
|
|
Proceeds from issuance of Series B preferred stock
|
|
|
|
|
|
|
|
|
11,250
|
|
Redemption of Series A preferred stock
|
|
|
|
|
|
|
|
|
(10,000)
|
|
Warrant repurchased
|
|
|
|
|
|
|
|
|
(245)
|
|
Issuance cost of common stock
|
|
|
(13)
|
|
|
(8)
|
|
|
(5)
|
|
Issuance cost of Series B preferred stock
|
|
|
|
|
|
|
|
|
(84)
|
|
Tax expense from stock based compensation
|
|
|
16
|
|
|
28
|
|
|
|
|
Issuance of restricted stock award
|
|
|
243
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
21
|
|
|
141
|
|
|
328
|
|
Net cash provided by financing activities
|
|
|
30,955
|
|
|
82,291
|
|
|
208,100
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(23,446)
|
|
|
(4,963)
|
|
|
73,604
|
|
Cash and cash equivalents at beginning of year
|
|
|
106,138
|
|
|
111,101
|
|
|
37,497
|
|
Cash and cash equivalents at end of year
|
|
$
|
82,692
|
|
$
|
106,138
|
|
$
|
111,101
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Noncash activities:
|
|
|
|
|
|
|
|
|
|
|
Trade date accounting settlement for investments
|
|
$
|
8,759
|
|
$
|
|
|
$
|
|
|
Transfer of loans to other real estate owned
|
|
|
236
|
|
|
1,300
|
|
|
629
|
|
Transfer from investment securities available-for-sale
to investment securities held-to-maturity |
|
|
138,300
|
|
|
|
|
|
66,833
|
|
Cash paid during year for:
|
|
|
|
|
|
|
|
|
|
|
Interest paid on deposits and borrowings
|
|
$
|
10,993
|
|
$
|
11,894
|
|
$
|
12,226
|
|
Income taxes
|
|
|
4,727
|
|
|
6,280
|
|
|
4,484
|
|
Business combinations:
|
|
|
|
|
|
|
|
|
|
|
Non-cash assets acquired:
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale
|
|
$
|
|
|
$
|
37,143
|
|
$
|
|
|
Loans
|
|
|
|
|
|
52,192
|
|
|
|
|
Premises and equipment, net
|
|
|
|
|
|
1,262
|
|
|
|
|
Accrued interest receivable
|
|
|
|
|
|
389
|
|
|
|
|
Total non-cash assets acquired
|
|
$
|
|
|
$
|
90,986
|
|
$
|
|
|
Liabilities assumed:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
|
|
$
|
85,236
|
|
$
|
|
|
Other liabilities
|
|
|
|
|
|
795
|
|
|
|
|
Total liabilities assumed
|
|
$
|
|
|
$
|
86,031
|
|
$
|
|
|
Net non-cash assets acquired
|
|
$
|
|
|
$
|
4,056
|
|
$
|
|
|
Bargain gain on acquisition
|
|
$
|
|
|
$
|
899
|
|
$
|
|
|
Net cash and cash equivalents acquired
|
|
$
|
|
|
$
|
6,195
|
|
$
|
|
|
Cash consideration paid in acquisition
|
|
$
|
|
|
$
|
10,251
|
|
$
|
|
|
F-8 | ||
F-9 | ||
F-10 | ||
F-11 | ||
F-12 | ||
F-13 | ||
F-14 | ||
|
|
Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(In Thousands, Except per Share Amounts)
|
|
|||||||
Net income
|
|
$
|
19,925
|
|
$
|
17,507
|
|
$
|
13,926
|
|
Preferred stock dividends and accretion
|
|
|
141
|
|
|
281
|
|
|
820
|
|
Net income available to common stockholders
|
|
$
|
19,784
|
|
$
|
17,226
|
|
$
|
13,106
|
|
Average number of common shares outstanding
|
|
|
16,349
|
|
|
16,340
|
|
|
16,296
|
|
Effect of dilutive options
|
|
|
37
|
|
|
11
|
|
|
19
|
|
Average number of common shares outstanding used to
calculate diluted earnings per common share |
|
|
16,386
|
|
|
16,351
|
|
|
16,315
|
|
Anti-dilutive common shares outstanding
|
|
|
14
|
|
|
42
|
|
|
79
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.21
|
|
$
|
1.05
|
|
$
|
0.80
|
|
Diluted
|
|
$
|
1.21
|
|
$
|
1.05
|
|
$
|
0.80
|
|
|
⋅
|
Macroeconomic conditions.
|
|
⋅
|
Industry and market conditions.
|
|
⋅
|
Overall financial performance.
|
F-15 | ||
F-16 | ||
|
|
August 1, 2012
|
|
|
|
|
(Dollars in thousands)
|
|
|
Assets acquired:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
6,195
|
|
Investment securities available-for-sale
|
|
|
37,143
|
|
Loans
|
|
|
52,192
|
|
Premises and equipment, net
|
|
|
1,262
|
|
Accrued interest receivable
|
|
|
389
|
|
Total assets acquired
|
|
$
|
97,181
|
|
Liabilities assumed:
|
|
|
|
|
Deposits:
|
|
$
|
85,236
|
|
Other liabilities
|
|
|
795
|
|
Total liabilities assumed
|
|
$
|
86,031
|
|
Net assets acquired
|
|
$
|
11,150
|
|
Cash consideration paid in acquisition
|
|
$
|
10,251
|
|
Bargain gain on acquisition
|
|
$
|
899
|
|
F-17 | ||
(Dollars in thousands)
|
|
|
|
|
Net interest income
|
|
$
|
1,352
|
|
Non-interest income
|
|
|
15
|
|
Non-interest expense and income taxes
|
|
|
(763)
|
|
Net income
|
|
$
|
604
|
|
(Dollars in thousands)
|
|
|
|
|
Contractually required principal and interest at acquisition
|
|
$
|
2,101
|
|
Contractual cash flows not expected to be collected (nonaccretable difference)
|
|
|
(982)
|
|
Expected cash flows at acquisition
|
|
|
1,119
|
|
Interest component of expected cash flows (accretable discount)
|
|
|
(161)
|
|
Fair value of acquired loans accounted for under FASB ASC 310-30
|
|
$
|
958
|
|
|
|
December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(in thousands)
|
|
||||
Accretable discount balance, beginning of period
|
|
$
|
130
|
|
$
|
|
|
Additions resulting from acquisition
|
|
|
|
|
|
161
|
|
Accretion to interest income
|
|
|
(130)
|
|
|
(31)
|
|
Accretable discount, end of period
|
|
$
|
|
|
$
|
130
|
|
(Dollars in thousands)
|
|
|
|
|
Contractually required principal and interest at acquisition
|
|
$
|
50,917
|
|
Contractual cash flows not expected to be collected (credit mark)
|
|
|
(807)
|
|
Expected cash flows at acquisition
|
|
|
50,110
|
|
Interest rate premium mark
|
|
|
1,313
|
|
Fair value of acquired loans not accounted for under FASB ASC 310-30
|
|
$
|
51,423
|
|
F-18 | ||
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
|
||||
|
|
December 31, 2013
|
|
||||||||||
|
|
(Dollars in Thousands)
|
|
||||||||||
Investment Securities Available-for-Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency securities
|
|
$
|
14,344
|
|
$
|
|
|
$
|
(825)
|
|
$
|
13,519
|
|
Federal agency obligations
|
|
|
20,567
|
|
|
29
|
|
|
(655)
|
|
|
19,941
|
|
Residential mortgage pass-through securities
|
|
|
48,312
|
|
|
791
|
|
|
(229)
|
|
|
48,874
|
|
Commercial mortgage pass-through securities
|
|
|
7,145
|
|
|
3
|
|
|
(157)
|
|
|
6,991
|
|
Obligations of U.S. states and political subdivisions
|
|
|
30,804
|
|
|
711
|
|
|
(55)
|
|
|
31,460
|
|
Trust preferred securities
|
|
|
19,763
|
|
|
150
|
|
|
(510)
|
|
|
19,403
|
|
Corporate bonds and notes
|
|
|
154,182
|
|
|
4,930
|
|
|
(482)
|
|
|
158,630
|
|
Asset-backed securities
|
|
|
15,733
|
|
|
246
|
|
|
|
|
|
15,979
|
|
Certificates of deposit
|
|
|
2,250
|
|
|
32
|
|
|
(20)
|
|
|
2,262
|
|
Equity securities
|
|
|
376
|
|
|
|
|
|
(89)
|
|
|
287
|
|
Other securities
|
|
|
5,671
|
|
|
68
|
|
|
(15)
|
|
|
5,724
|
|
Total
|
|
$
|
319,147
|
|
$
|
6,960
|
|
$
|
(3,037)
|
|
$
|
323,070
|
|
Investment Securities Held-to-Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency securities
|
|
$
|
28,056
|
|
$
|
|
|
$
|
(1,019)
|
|
$
|
27,037
|
|
Federal agency obligations
|
|
|
15,249
|
|
|
23
|
|
|
(389)
|
|
|
14,883
|
|
Residential mortgage-backed securities
|
|
|
2,246
|
|
|
|
|
|
(64)
|
|
|
2,182
|
|
Commercial mortgage-backed securities
|
|
|
4,417
|
|
|
41
|
|
|
(62)
|
|
|
4,396
|
|
Obligations of U.S. states and political subdivisions
|
|
|
127,418
|
|
|
1,303
|
|
|
(3,688)
|
|
|
125,033
|
|
Corporate bonds and notes
|
|
|
37,900
|
|
|
149
|
|
|
(622)
|
|
|
37,427
|
|
Total
|
|
$
|
215,286
|
|
$
|
1,516
|
|
$
|
(5,844)
|
|
$
|
210,958
|
|
Total investment securities
|
|
$
|
534,433
|
|
$
|
8,476
|
|
$
|
(8,881)
|
|
$
|
534,028
|
|
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
|
||||
|
|
December 31, 2012
|
|
||||||||||
|
|
(Dollars in Thousands)
|
|
||||||||||
Investment Securities Available-for-Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency securities
|
|
$
|
11,870
|
|
$
|
62
|
|
$
|
(23)
|
|
$
|
11,909
|
|
Federal agency obligations
|
|
|
20,207
|
|
|
333
|
|
|
(5)
|
|
|
20,535
|
|
Residential mortgage pass-through securities
|
|
|
52,400
|
|
|
1,385
|
|
|
(1)
|
|
|
53,784
|
|
Commercial mortgage pass-through securities
|
|
|
9,725
|
|
|
244
|
|
|
|
|
|
9,969
|
|
Obligations of U.S. states and political subdivisions
|
|
|
103,193
|
|
|
4,653
|
|
|
(132)
|
|
|
107,714
|
|
Trust preferred securities
|
|
|
22,279
|
|
|
144
|
|
|
(1,174)
|
|
|
21,249
|
|
Corporate bonds and notes
|
|
|
228,681
|
|
|
9,095
|
|
|
(371)
|
|
|
237,405
|
|
Collateralized mortgage obligations
|
|
|
2,120
|
|
|
|
|
|
|
|
|
2,120
|
|
Asset-backed securities
|
|
|
19,431
|
|
|
311
|
|
|
|
|
|
19,742
|
|
Certificates of deposit
|
|
|
2,854
|
|
|
21
|
|
|
(10)
|
|
|
2,865
|
|
Equity securities
|
|
|
535
|
|
|
|
|
|
(210)
|
|
|
325
|
|
Other securities
|
|
|
9,145
|
|
|
68
|
|
|
(15)
|
|
|
9,198
|
|
Total
|
|
$
|
482,440
|
|
$
|
16,316
|
|
$
|
(1,941)
|
|
$
|
496,815
|
|
Investment Securities Held-to-Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agency obligations
|
|
$
|
4,178
|
|
$
|
79
|
|
$
|
|
|
$
|
4,257
|
|
Commercial mortgage-backed securities
|
|
|
5,501
|
|
|
154
|
|
|
(5)
|
|
|
5,650
|
|
Obligations of U.S. states and political subdivisions
|
|
|
48,385
|
|
|
4,139
|
|
|
|
|
|
52,524
|
|
Total
|
|
$
|
58,064
|
|
$
|
4,372
|
|
$
|
(5)
|
|
$
|
62,431
|
|
Total investment securities
|
|
$
|
540,504
|
|
$
|
20,688
|
|
$
|
(1,946)
|
|
$
|
559,246
|
|
F-19 | ||
|
|
December 31, 2013
|
|
||||
|
|
Amortized
Cost |
|
Fair
Value |
|
||
|
|
(Dollars in Thousands)
|
|
||||
Investment Securities Available-for-Sale:
|
|
|
|
|
|
|
|
Due in one year or less
|
|
$
|
9,738
|
|
$
|
9,780
|
|
Due after one year through five years
|
|
|
63,206
|
|
|
64,802
|
|
Due after five years through ten years
|
|
|
123,765
|
|
|
126,024
|
|
Due after ten years
|
|
|
60,934
|
|
|
60,588
|
|
Residential mortgage pass-through securities
|
|
|
48,312
|
|
|
48,874
|
|
Commercial mortgage pass-through securities
|
|
|
7,145
|
|
|
6,991
|
|
Equity securities
|
|
|
376
|
|
|
287
|
|
Other securities
|
|
|
5,671
|
|
|
5,724
|
|
Total
|
|
$
|
319,147
|
|
$
|
323,070
|
|
Investment Securities Held-to-Maturity:
|
|
|
|
|
|
|
|
Due in one year or less
|
|
$
|
2,061
|
|
$
|
2,065
|
|
Due after one year through five years
|
|
|
12,547
|
|
|
12,699
|
|
Due after five years through ten years
|
|
|
65,692
|
|
|
64,027
|
|
Due after ten years
|
|
|
128,323
|
|
|
125,589
|
|
Residential mortgage-backed securities
|
|
|
2,246
|
|
|
2,182
|
|
Commercial mortgage-backed securities
|
|
|
4,417
|
|
|
4,396
|
|
Total
|
|
$
|
215,286
|
|
$
|
210,958
|
|
Total investment securities
|
|
$
|
534,433
|
|
$
|
534,028
|
|
|
|
Years Ended December 31,
|
|
|||||||
(Dollars in Thousands)
|
|
2013
|
|
2012
|
|
2011
|
|
|||
Gross gains on sales of investment securities
|
|
$
|
2,451
|
|
$
|
2,905
|
|
$
|
4,045
|
|
Gross losses on sales of investment securities
|
|
|
88
|
|
|
23
|
|
|
69
|
|
Net gains on sales of investment securities
|
|
$
|
2,363
|
|
$
|
2,882
|
|
$
|
3,976
|
|
F-20 | ||
|
Years Ended December 31,
|
|
|||||||
|
2013
|
|
2012
|
|
2011
|
|
|||
|
(Dollars in Thousands)
|
|
|||||||
One variable rate private label CMO
|
$
|
|
|
$
|
484
|
|
$
|
18
|
|
Pooled trust preferred securities
|
|
628
|
|
|
68
|
|
|
|
|
Principal losses on a variable rate CMO
|
|
24
|
|
|
318
|
|
|
324
|
|
Total other-than-temporary impairment charges
|
$
|
652
|
|
$
|
870
|
|
$
|
342
|
|
F-21 | ||
Deal Name
|
|
Single
Issuer or Pooled |
|
Class/
Tranche |
|
Amortized
Cost |
|
Fair
Value |
|
Gross
Unrealized Gain (Loss) |
|
Lowest
Credit Rating Assigned |
|
Number of
Banks Currently Performing |
|
Deferrals
and Defaults as % of Original Collateral |
|
Expected
Deferral/Defaults as % of Remaining Performing Collateral |
|
||||
|
|
(Dollars in Thousands)
|
|
||||||||||||||||||||
Countrywide
Capital IV |
|
Single
|
|
|
|
|
$
|
1,771
|
|
$
|
1,772
|
|
$
|
1
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Countrywide
Capital V |
|
Single
|
|
|
|
|
|
2,747
|
|
|
2,784
|
|
|
37
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Countrywide
Capital V |
|
Single
|
|
|
|
|
|
250
|
|
|
253
|
|
|
3
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Citigroup Cap IX
|
|
Single
|
|
|
|
|
|
992
|
|
|
999
|
|
|
7
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Citigroup Cap IX
|
|
Single
|
|
|
|
|
|
1,906
|
|
|
1,927
|
|
|
21
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Citigroup Cap XI
|
|
Single
|
|
|
|
|
|
246
|
|
|
248
|
|
|
2
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Nationsbank Cap
Trust III |
|
Single
|
|
|
|
|
|
1,574
|
|
|
1,275
|
|
|
(299)
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Morgan Stanley
Cap Trust IV |
|
Single
|
|
|
|
|
|
2,500
|
|
|
2,372
|
|
|
(128)
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Morgan Stanley
Cap Trust IV |
|
Single
|
|
|
|
|
|
1,742
|
|
|
1,659
|
|
|
(83)
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Saturns GS
2004-04 |
|
Single
|
|
|
|
|
|
536
|
|
|
536
|
|
|
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Goldman Sachs
|
|
Single
|
|
|
|
|
|
999
|
|
|
1,011
|
|
|
12
|
|
BB+
|
|
1
|
|
None
|
|
None
|
|
Stifel Financial
|
|
Single
|
|
|
|
|
|
4,500
|
|
|
4,567
|
|
|
67
|
|
BBB-
|
|
1
|
|
None
|
|
None
|
|
Total
|
|
|
|
|
|
|
$
|
19,763
|
|
$
|
19,403
|
|
$
|
(360)
|
|
|
|
|
|
|
|
|
|
F-22 | ||
|
|
Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Balance of credit-related OTTI at January 1,
|
|
$
|
4,450
|
|
$
|
6,539
|
|
$
|
6,197
|
|
Addition:
|
|
|
|
|
|
|
|
|
|
|
Credit losses for which other-than-temporary impairment
was not previously recognized |
|
|
652
|
|
|
870
|
|
|
342
|
|
Reduction:
|
|
|
|
|
|
|
|
|
|
|
Credit losses for securities sold during the period
|
|
|
(5,102)
|
|
|
(2,959)
|
|
|
|
|
Balance of credit-related OTTI at December 31,
|
|
$
|
|
|
$
|
4,450
|
|
$
|
6,539
|
|
F-23 | ||
F-24 | ||
|
|
December 31, 2013
|
|
||||||||||||||||
|
|
Total
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
||||||||||||
|
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
||||||
|
|
(Dollars in Thousands)
|
|
||||||||||||||||
Investment Securities
Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
agency securities |
|
$
|
13,519
|
|
$
|
(825)
|
|
$
|
13,519
|
|
$
|
(825)
|
|
$
|
|
|
$
|
|
|
Federal agency obligation
|
|
|
17,200
|
|
|
(655)
|
|
|
17,200
|
|
|
(655)
|
|
|
|
|
|
|
|
Residential mortgage
pass-through securities |
|
|
18,293
|
|
|
(229)
|
|
|
18,293
|
|
|
(229)
|
|
|
|
|
|
|
|
Commercial mortgage
pass-through securities |
|
|
2,924
|
|
|
(157)
|
|
|
2,924
|
|
|
(157)
|
|
|
|
|
|
|
|
Obligations of U.S. states and
political subdivisions |
|
|
4,199
|
|
|
(55)
|
|
|
4,199
|
|
|
(55)
|
|
|
|
|
|
|
|
Trust preferred securities
|
|
|
5,306
|
|
|
(510)
|
|
|
4,031
|
|
|
(211)
|
|
|
1,275
|
|
|
(299)
|
|
Corporate bonds and notes
|
|
|
32,498
|
|
|
(482)
|
|
|
30,533
|
|
|
(448)
|
|
|
1,965
|
|
|
(34)
|
|
Certificates of deposit
|
|
|
552
|
|
|
(20)
|
|
|
552
|
|
|
(20)
|
|
|
|
|
|
|
|
Equity securities
|
|
|
287
|
|
|
(89)
|
|
|
|
|
|
|
|
|
287
|
|
|
(89)
|
|
Other securities
|
|
|
985
|
|
|
(15)
|
|
|
|
|
|
|
|
|
985
|
|
|
(15)
|
|
Total
|
|
|
95,763
|
|
|
(3,037)
|
|
|
91,251
|
|
|
(2,600)
|
|
|
4,512
|
|
|
(437)
|
|
Investment Securities
Held-to-Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency
securities |
|
|
27,037
|
|
|
(1,019)
|
|
|
27,037
|
|
|
(1,019)
|
|
|
|
|
|
|
|
Federal agency obligation
|
|
|
13,492
|
|
|
(389)
|
|
|
13,197
|
|
|
(388)
|
|
|
295
|
|
|
(1)
|
|
Residential mortgage
pass-through securities |
|
|
2,182
|
|
|
(64)
|
|
|
2,182
|
|
|
(64)
|
|
|
|
|
|
|
|
Commercial mortgage-backed
securities |
|
|
1,395
|
|
|
(62)
|
|
|
1,395
|
|
|
(62)
|
|
|
|
|
|
|
|
Obligations of U.S. states
and political subdivisions |
|
|
66,034
|
|
|
(3,688)
|
|
|
57,072
|
|
|
(2,957)
|
|
|
8,962
|
|
|
(731)
|
|
Corporate bonds and notes
|
|
|
27,210
|
|
|
(622)
|
|
|
27,210
|
|
|
(622)
|
|
|
|
|
|
|
|
Total
|
|
|
137,350
|
|
|
(5,844)
|
|
|
128,093
|
|
|
(5,112)
|
|
|
9,257
|
|
|
(732)
|
|
Total Temporarily Impaired
Securities |
|
$
|
233,113
|
|
$
|
(8,881)
|
|
$
|
219,344
|
|
$
|
(7,712)
|
|
$
|
13,769
|
|
$
|
(1,169)
|
|
F-25 | ||
|
|
December 31, 2012
|
|
||||||||||||||||
|
|
Total
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
||||||||||||
|
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
||||||
|
|
(Dollars in Thousands)
|
|
||||||||||||||||
Investment Securities
Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency
securities |
|
$
|
4,460
|
|
$
|
(23)
|
|
$
|
4,460
|
|
$
|
(23)
|
|
$
|
|
|
$
|
|
|
Federal agency obligation
|
|
|
877
|
|
|
(5)
|
|
|
877
|
|
|
(5)
|
|
|
|
|
|
|
|
Residential mortgage
pass-through securities |
|
|
1,669
|
|
|
(1)
|
|
|
1,669
|
|
|
(1)
|
|
|
|
|
|
|
|
Obligations of U.S. states
and political subdivisions |
|
|
18,360
|
|
|
(132)
|
|
|
18,360
|
|
|
(132)
|
|
|
|
|
|
|
|
Trust preferred securities
|
|
|
11,740
|
|
|
(1,174)
|
|
|
10,494
|
|
|
(18)
|
|
|
1,246
|
|
|
(1,156)
|
|
Corporate bonds and notes
|
|
|
26,440
|
|
|
(371)
|
|
|
18,244
|
|
|
(134)
|
|
|
8,196
|
|
|
(237)
|
|
Certificates of deposit
|
|
|
388
|
|
|
(10)
|
|
|
388
|
|
|
(10)
|
|
|
|
|
|
|
|
Equity securities
|
|
|
325
|
|
|
(210)
|
|
|
|
|
|
|
|
|
325
|
|
|
(210)
|
|
Other securities
|
|
|
985
|
|
|
(15)
|
|
|
|
|
|
|
|
|
985
|
|
|
(15)
|
|
Total
|
|
|
65,244
|
|
|
(1,941)
|
|
|
54,492
|
|
|
(323)
|
|
|
10,752
|
|
|
(1,618)
|
|
Investment Securities
Held-to-Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed
securities |
|
|
932
|
|
|
(5)
|
|
|
932
|
|
|
(5)
|
|
|
|
|
|
|
|
Total
|
|
|
932
|
|
|
(5)
|
|
|
932
|
|
|
(5)
|
|
|
|
|
|
|
|
Total Temporarily Impaired
Securities |
|
$
|
66,176
|
|
$
|
(1,946)
|
|
$
|
55,424
|
|
$
|
(328)
|
|
$
|
10,752
|
|
$
|
(1,618)
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Commercial and industrial
|
|
$
|
229,688
|
|
$
|
181,682
|
|
Commercial real estate
|
|
|
536,539
|
|
|
497,392
|
|
Construction
|
|
|
42,722
|
|
|
40,277
|
|
Residential mortgage
|
|
|
150,571
|
|
|
169,094
|
|
Installment
|
|
|
1,084
|
|
|
1,104
|
|
Subtotal
|
|
|
960,604
|
|
|
889,549
|
|
Net deferred loan costs
|
|
|
339
|
|
|
123
|
|
Total loans
|
|
$
|
960,943
|
|
$
|
889,672
|
|
F-26 | ||
For years ending December 31,
|
|
(Dollars in Thousands)
|
|
|
2014
|
|
$
|
216
|
|
2015
|
|
|
228
|
|
2016
|
|
|
265
|
|
2017
|
|
|
265
|
|
2018
|
|
|
265
|
|
Thereafter
|
|
|
2,511
|
|
Total minimum future lease receipts
|
|
$
|
3,750
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|||||
Commercial and industrial
|
|
$
|
753
|
|
$
|
214
|
|
Commercial real estate
|
|
|
744
|
|
|
354
|
|
Construction
|
|
|
|
|
|
319
|
|
Residential mortgage
|
|
|
1,640
|
|
|
2,729
|
|
Total loans receivable on non-accrual status
|
|
$
|
3,137
|
|
$
|
3,616
|
|
F-27 | ||
|
|
December 31, 2013
|
|
|||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||
|
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
|
|||||
Commercial and industrial
|
|
$
|
226,013
|
|
$
|
1,719
|
|
$
|
1,284
|
|
$
|
672
|
|
$
|
229,688
|
|
Commercial real estate
|
|
|
509,679
|
|
|
14,544
|
|
|
12,316
|
|
|
|
|
|
536,539
|
|
Construction
|
|
|
41,492
|
|
|
|
|
|
1,230
|
|
|
|
|
|
42,722
|
|
Residential mortgage
|
|
|
147,379
|
|
|
978
|
|
|
2,214
|
|
|
|
|
|
150,571
|
|
Installment
|
|
|
964
|
|
|
|
|
|
120
|
|
|
|
|
|
1,084
|
|
Total loans
|
|
$
|
925,527
|
|
$
|
17,241
|
|
$
|
17,164
|
|
$
|
672
|
|
$
|
960,604
|
|
|
|
December 31, 2012
|
|
|||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||
|
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
|
|||||
Commercial and industrial
|
|
$
|
176,818
|
|
$
|
3,281
|
|
$
|
1,583
|
|
$
|
|
|
$
|
181,682
|
|
Commercial real estate
|
|
|
462,266
|
|
|
18,945
|
|
|
16,181
|
|
|
|
|
|
497,392
|
|
Construction
|
|
|
38,303
|
|
|
810
|
|
|
1,164
|
|
|
|
|
|
40,277
|
|
Residential mortgage
|
|
|
163,769
|
|
|
993
|
|
|
4,332
|
|
|
|
|
|
169,094
|
|
Installment
|
|
|
967
|
|
|
|
|
|
137
|
|
|
|
|
|
1,104
|
|
Total loans
|
|
$
|
842,123
|
|
$
|
24,029
|
|
$
|
23,397
|
|
$
|
|
|
$
|
889,549
|
|
F-28 | ||
|
|
December 31, 2013
|
|
|||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||
No Related Allowance Recorded
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
|||||
Commercial and industrial
|
|
$
|
449
|
|
$
|
449
|
|
$
|
|
|
$
|
494
|
|
$
|
25
|
|
Commercial real estate
|
|
|
10,482
|
|
|
10,783
|
|
|
|
|
|
10,658
|
|
|
496
|
|
Residential mortgage
|
|
|
1,858
|
|
|
2,000
|
|
|
|
|
|
1,892
|
|
|
94
|
|
Installment
|
|
|
120
|
|
|
120
|
|
|
|
|
|
128
|
|
|
6
|
|
Total
|
|
$
|
12,909
|
|
$
|
13,352
|
|
$
|
|
|
$
|
13,172
|
|
$
|
621
|
|
With An Allowance Recorded
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
|||||
Commercial and industrial
|
|
$
|
672
|
|
$
|
672
|
|
$
|
300
|
|
$
|
687
|
|
$
|
43
|
|
Commercial real estate
|
|
|
4,344
|
|
|
4,344
|
|
|
115
|
|
|
4,359
|
|
|
200
|
|
Total
|
|
$
|
5,016
|
|
$
|
5,016
|
|
$
|
415
|
|
$
|
5,046
|
|
$
|
243
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
1,121
|
|
$
|
1,121
|
|
$
|
300
|
|
$
|
1,181
|
|
$
|
68
|
|
Commercial real estate
|
|
|
14,826
|
|
|
15,127
|
|
|
115
|
|
|
15,017
|
|
|
696
|
|
Residential mortgage
|
|
|
1,858
|
|
|
2,000
|
|
|
|
|
|
1,892
|
|
|
94
|
|
Installment
|
|
|
120
|
|
|
120
|
|
|
|
|
|
128
|
|
|
6
|
|
Total (including related
allowance) |
|
$
|
17,925
|
|
$
|
18,368
|
|
$
|
415
|
|
$
|
18,218
|
|
$
|
864
|
|
|
|
December 31, 2012
|
|
|||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||
No Related Allowance Recorded
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
|||||
Commercial and industrial
|
|
$
|
731
|
|
$
|
731
|
|
$
|
|
|
$
|
834
|
|
$
|
46
|
|
Commercial real estate
|
|
|
5,886
|
|
|
6,187
|
|
|
|
|
|
6,182
|
|
|
349
|
|
Construction
|
|
|
3,600
|
|
|
3,600
|
|
|
|
|
|
3,600
|
|
|
92
|
|
Residential mortgage
|
|
|
422
|
|
|
422
|
|
|
|
|
|
439
|
|
|
22
|
|
Total
|
|
$
|
10,639
|
|
$
|
10,940
|
|
$
|
|
|
$
|
11,055
|
|
$
|
509
|
|
With An Allowance Recorded
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
|||||
Commercial real estate
|
|
$
|
4,180
|
|
$
|
4,180
|
|
$
|
493
|
|
$
|
4,179
|
|
$
|
138
|
|
Residential mortgage
|
|
|
1,255
|
|
|
1,255
|
|
|
152
|
|
|
1,289
|
|
|
40
|
|
Total
|
|
$
|
5,435
|
|
$
|
5,435
|
|
$
|
645
|
|
$
|
5,468
|
|
$
|
178
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
731
|
|
$
|
731
|
|
$
|
|
|
$
|
834
|
|
$
|
46
|
|
Commercial real estate
|
|
|
10,066
|
|
|
10,367
|
|
|
493
|
|
|
10,361
|
|
|
487
|
|
Construction
|
|
|
3,600
|
|
|
3,600
|
|
|
|
|
|
3,600
|
|
|
92
|
|
Residential mortgage
|
|
|
1,677
|
|
|
1,677
|
|
|
152
|
|
|
1,728
|
|
|
62
|
|
Total (including related
allowance) |
|
$
|
16,074
|
|
$
|
16,375
|
|
$
|
645
|
|
$
|
16,523
|
|
$
|
687
|
|
F-29 | ||
F-30 | ||
|
|
December 31, 2013
|
|
|||||||||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||||||||
|
|
30 59
Days Past Due |
|
60 89
Days Past Due |
|
Greater
Than 90 Days |
|
Total
Past Due |
|
Current
|
|
Total
Loans Receivable |
|
Loans
Receivable > 90 Days And Accruing |
|
|||||||
Commercial and
Industrial |
|
$
|
18
|
|
$
|
|
|
$
|
753
|
|
$
|
771
|
|
$
|
228,917
|
|
$
|
229,688
|
|
$
|
|
|
Commercial Real
Estate |
|
|
221
|
|
|
|
|
|
744
|
|
|
965
|
|
|
535,574
|
|
|
536,539
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,722
|
|
|
42,722
|
|
|
|
|
Residential
Mortgage |
|
|
990
|
|
|
258
|
|
|
1,640
|
|
|
2,888
|
|
|
147,683
|
|
|
150,571
|
|
|
|
|
Installment
|
|
|
5
|
|
|
|
|
|
|
|
|
5
|
|
|
1,079
|
|
|
1,084
|
|
|
|
|
Total
|
|
$
|
1,234
|
|
$
|
258
|
|
$
|
3,137
|
|
$
|
4,629
|
|
$
|
955,975
|
|
$
|
960,604
|
|
$
|
|
|
|
|
December 31, 2012
|
|
|||||||||||||||||||
|
|
(Dollars in Thousands)
|
|
|||||||||||||||||||
|
|
30 59
Days Past Due |
|
60 89
Days Past Due |
|
Greater
Than 90 Days |
|
Total
Past Due |
|
Current
|
|
Total
Loans Receivable |
|
Loans
Receivable > 90 Days And Accruing |
|
|||||||
Commercial and
Industrial |
|
$
|
590
|
|
$
|
|
|
|
216
|
|
|
806
|
|
$
|
180,876
|
|
$
|
181,682
|
|
$
|
|
|
Commercial Real
Estate |
|
|
1,012
|
|
|
703
|
|
|
354
|
|
|
2,069
|
|
|
495,323
|
|
|
497,392
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
319
|
|
|
319
|
|
|
39,958
|
|
|
40,277
|
|
|
|
|
Residential
Mortgage |
|
|
2,017
|
|
|
628
|
|
|
2,784
|
|
|
5,429
|
|
|
163,665
|
|
|
169,094
|
|
|
55
|
|
Installment
|
|
|
23
|
|
|
|
|
|
|
|
|
23
|
|
|
1,081
|
|
|
1,104
|
|
|
|
|
Total
|
|
$
|
3,642
|
|
$
|
1,331
|
|
$
|
3,673
|
|
$
|
8,646
|
|
$
|
880,903
|
|
$
|
889,549
|
|
$
|
55
|
|
F-31 | ||
|
|
December 31, 2013
(Dollars in Thousands) |
|
|||||||||||||||||||
|
|
C & I
|
|
Comm R/E
|
|
Construction
|
|
Res Mtge
|
|
Installment
|
|
Unallocated
|
|
Total
|
|
|||||||
Allowance for
loan and lease losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually
evaluated for impairment |
|
$
|
300
|
|
$
|
115
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
415
|
|
Collectively
evaluated for impairment |
|
|
1,398
|
|
|
5,631
|
|
|
362
|
|
|
990
|
|
|
146
|
|
|
1,391
|
|
|
9,918
|
|
Total
|
|
$
|
1,698
|
|
$
|
5,746
|
|
$
|
362
|
|
$
|
990
|
|
$
|
146
|
|
$
|
1,391
|
|
$
|
10,333
|
|
Loans Receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually
evaluated for impairment |
|
$
|
1,121
|
|
$
|
14,826
|
|
$
|
|
|
$
|
1,858
|
|
$
|
120
|
|
$
|
|
|
$
|
17,925
|
|
Collectively
evaluated for impairment |
|
|
226,450
|
|
|
505,361
|
|
|
41,493
|
|
|
135,031
|
|
|
839
|
|
|
|
|
|
909,174
|
|
Loans acquired
with discounts related to credit quality |
|
|
2,117
|
|
|
16,352
|
|
|
1,229
|
|
|
13,682
|
|
|
125
|
|
|
|
|
|
33,505
|
|
Total
|
|
$
|
229,688
|
|
$
|
536,539
|
|
$
|
42,722
|
|
$
|
150,571
|
|
$
|
1,084
|
|
$
|
|
|
$
|
960,604
|
|
|
|
December 31, 2012
(Dollars in Thousands) |
|
|||||||||||||||||||
|
|
C & I
|
|
Comm R/E
|
|
Construction
|
|
Res Mtge
|
|
Installment
|
|
Unallocated
|
|
Total
|
|
|||||||
Allowance for
loan and lease losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually
evaluated for impairment |
|
$
|
|
|
$
|
493
|
|
$
|
|
|
$
|
152
|
|
$
|
|
|
$
|
|
|
$
|
645
|
|
Collectively
evaluated for impairment |
|
|
2,419
|
|
|
4,719
|
|
|
313
|
|
|
1,376
|
|
|
114
|
|
|
651
|
|
|
9,592
|
|
Total
|
|
$
|
2,419
|
|
$
|
5,212
|
|
$
|
313
|
|
$
|
1,528
|
|
$
|
114
|
|
$
|
651
|
|
$
|
10,237
|
|
Loans Receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually
evaluated for impairment |
|
$
|
731
|
|
$
|
10,066
|
|
$
|
3,600
|
|
$
|
1,677
|
|
$
|
|
|
$
|
|
|
$
|
16,074
|
|
Collectively
evaluated for impairment |
|
|
176,913
|
|
|
466,411
|
|
|
34,572
|
|
|
146,508
|
|
|
973
|
|
|
|
|
|
825,377
|
|
Loans acquired
with discounts related to credit quality |
|
|
4,038
|
|
|
20,915
|
|
|
2,105
|
|
|
20,909
|
|
|
131
|
|
|
|
|
|
48,098
|
|
Total
|
|
$
|
181,682
|
|
$
|
497,392
|
|
$
|
40,277
|
|
$
|
169,094
|
|
$
|
1,104
|
|
$
|
|
|
$
|
889,549
|
|
F-32 | ||
|
|
Year Ended December 31, 2013
|
|
|||||||||||||||||||
|
|
(Dollars in thousands)
|
|
|||||||||||||||||||
|
|
C & I
|
|
Comm R/E
|
|
Construction
|
|
Res Mtg
|
|
Installment
|
|
Unallocated
|
|
Total
|
|
|||||||
Balance at January 1,
|
|
$
|
2,424
|
|
$
|
5,323
|
|
$
|
313
|
|
$
|
1,532
|
|
$
|
113
|
|
$
|
532
|
|
$
|
10,237
|
|
Loans charged-off
|
|
|
(6)
|
|
|
(126)
|
|
|
|
|
|
(175)
|
|
|
(22)
|
|
|
|
|
|
(329)
|
|
Recoveries
|
|
|
41
|
|
|
28
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
75
|
|
Provision for loan losses
|
|
|
(761)
|
|
|
521
|
|
|
49
|
|
|
(367)
|
|
|
49
|
|
|
859
|
|
|
350
|
|
Balance at December 31,
|
|
$
|
1,698
|
|
$
|
5,746
|
|
$
|
362
|
|
$
|
990
|
|
$
|
146
|
|
$
|
1,391
|
|
$
|
10,333
|
|
|
|
Year Ended December 31, 2012
|
|
|||||||||||||||||||
|
|
(Dollars in thousands)
|
|
|||||||||||||||||||
|
|
C & I
|
|
Comm R/E
|
|
Construction
|
|
Res Mtg
|
|
Installment
|
|
Unallocated
|
|
Total
|
|
|||||||
Balance at January 1,
|
|
$
|
1,527
|
|
$
|
5,972
|
|
$
|
707
|
|
$
|
1,263
|
|
$
|
51
|
|
$
|
82
|
|
$
|
9,602
|
|
Loans charged-off
|
|
|
|
|
|
(57)
|
|
|
|
|
|
(454)
|
|
|
(16)
|
|
|
|
|
|
(527)
|
|
Recoveries
|
|
|
|
|
|
80
|
|
|
540
|
|
|
210
|
|
|
7
|
|
|
|
|
|
837
|
|
Provision for loan losses
|
|
|
892
|
|
|
(783)
|
|
|
(934)
|
|
|
509
|
|
|
72
|
|
|
569
|
|
|
325
|
|
Balance at December 31,
|
|
$
|
2,419
|
|
$
|
5,212
|
|
$
|
313
|
|
$
|
1,528
|
|
$
|
114
|
|
$
|
651
|
|
$
|
10,237
|
|
|
|
For the Year Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Balance at the beginning of year
|
|
$
|
10,237
|
|
$
|
9,602
|
|
$
|
8,867
|
|
Provision for loan losses
|
|
|
350
|
|
|
325
|
|
|
2,448
|
|
Loans charged-off
|
|
|
(329)
|
|
|
(527)
|
|
|
(2,028)
|
|
Recoveries on loans previously charged-off
|
|
|
75
|
|
|
837
|
|
|
315
|
|
Balance at the end of year
|
|
$
|
10,333
|
|
$
|
10,237
|
|
$
|
9,602
|
|
F-33 | ||
|
|
Year Ended December 31, 2013
|
|
|||||||
|
|
Number of
Loans |
|
Pre-restructuring
Outstanding Recorded Investment |
|
Post-restructuring
Outstanding Recorded Investment |
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Troubled debt restructurings:
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate
|
|
|
|
|
$
|
|
|
$
|
|
|
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
Installment
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
$
|
|
|
$
|
|
|
|
|
Year Ended December 31, 2012
|
|
|||||||
|
|
Number of
Loans |
|
Pre-restructuring
Outstanding Recorded Investment |
|
Post-restructuring
Outstanding Recorded Investment |
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Troubled debt restructurings:
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate
|
|
|
1
|
|
$
|
225
|
|
$
|
225
|
|
Residential Mortgage
|
|
|
1
|
|
|
714
|
|
|
675
|
|
Installment
|
|
|
1
|
|
|
1,354
|
|
|
1,354
|
|
Total
|
|
|
3
|
|
$
|
2,293
|
|
$
|
2,254
|
|
F-34 | ||
|
|
Estimated
|
|
|
|
|
|
|
|
|
|
Useful Life
|
|
|
|
|
|
|
|
|
|
(Years)
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||||
Land
|
|
|
|
$
|
2,403
|
|
$
|
2,403
|
|
Buildings
|
|
5 40
|
|
|
13,675
|
|
|
13,434
|
|
Furniture, fixtures and equipment
|
|
2 20
|
|
|
17,604
|
|
|
17,226
|
|
Leasehold improvements
|
|
5 30
|
|
|
3,184
|
|
|
2,900
|
|
Subtotal
|
|
|
|
|
36,866
|
|
|
35,963
|
|
Less: accumulated depreciation and
amortization |
|
|
|
|
23,185
|
|
|
22,400
|
|
Total premises and equipment, net
|
|
|
|
$
|
13,681
|
|
$
|
13,563
|
|
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
As of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
Core deposits
|
|
$
|
703
|
|
$
|
(679)
|
|
$
|
24
|
|
Total intangible assets
|
|
|
703
|
|
|
(679)
|
|
|
24
|
|
As of December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
Core deposits
|
|
$
|
703
|
|
$
|
(649)
|
|
$
|
54
|
|
Total intangible assets
|
|
|
703
|
|
|
(649)
|
|
|
54
|
|
F-35 | ||
(dollars in thousands)
|
|
Amount
|
|
|
2014
|
|
$
|
102,106
|
|
2015
|
|
|
25,672
|
|
2016
|
|
|
19,765
|
|
2017
|
|
|
4,376
|
|
2018
|
|
|
34
|
|
Thereafter
|
|
|
|
|
Total
|
|
$
|
151,953
|
|
(dollars in thousands)
|
|
Amount
|
|
|
Three Months or Less
|
|
$
|
15,301
|
|
Over Three Months through Six Months
|
|
|
28,401
|
|
Over Six Months through Twelve Months
|
|
|
18,771
|
|
Over Twelve Months
|
|
|
36,971
|
|
Total
|
|
$
|
99,444
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
FHLB long-term advances
|
|
$
|
115,000
|
|
$
|
115,000
|
|
Securities sold under agreements to repurchase
|
|
|
31,000
|
|
|
31,000
|
|
Total long-term borrowings
|
|
$
|
146,000
|
|
$
|
146,000
|
|
F-36 | ||
|
|
2013
|
|
2012
|
|
||
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
||||
2016
|
|
$
|
|
|
$
|
20,000
|
|
2017
|
|
|
35,000
|
|
|
55,000
|
|
2018
|
|
|
40,000
|
|
|
40,000
|
|
2020
|
|
|
40,000
|
|
|
|
|
Total
|
|
$
|
115,000
|
|
$
|
115,000
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|||||
2017
|
|
$
|
15,000
|
|
$
|
15,000
|
|
2018
|
|
|
16,000
|
|
|
16,000
|
|
Total
|
|
$
|
31,000
|
|
$
|
31,000
|
|
F-37 | ||
Issuance Date
|
|
Securities
Issued |
|
Liquidation Value
|
|
Coupon Rate
|
|
Maturity
|
|
Redeemable by
Issuer Beginning |
|
|
12/19/2003
|
|
$
|
5,000,000
|
|
$1,000 per Capital Security
|
|
Floating 3-month LIBOR + 285 Basis Points
|
|
01/23/2034
|
|
01/23/2009
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
5,658
|
|
$
|
5,506
|
|
$
|
3,818
|
|
State
|
|
|
87
|
|
|
259
|
|
|
187
|
|
Subtotal
|
|
|
5,745
|
|
|
5,765
|
|
|
4,005
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
1,906
|
|
|
1,085
|
|
|
2,157
|
|
State
|
|
|
(167)
|
|
|
827
|
|
|
1,249
|
|
Subtotal
|
|
|
1,739
|
|
|
1,912
|
|
|
3,406
|
|
Income tax expense
|
|
$
|
7,484
|
|
$
|
7,677
|
|
$
|
7,411
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||||
Income before income tax expense
|
|
$
|
27,409
|
|
|
$
|
25,184
|
|
|
$
|
21,337
|
|
Federal statutory rate
|
|
|
35
|
%
|
|
|
35
|
%
|
|
|
35
|
%
|
Computed “expected” Federal income tax
expense |
|
|
9,593
|
|
|
|
8,814
|
|
|
|
7,468
|
|
State tax, net of Federal tax benefit
|
|
|
(53)
|
|
|
|
706
|
|
|
|
933
|
|
Bank owned life insurance
|
|
|
(477)
|
|
|
|
(356)
|
|
|
|
(363)
|
|
Tax-exempt interest and dividends
|
|
|
(1,645)
|
|
|
|
(1,228)
|
|
|
|
(595)
|
|
Bargain gain on Saddle River Valley Bank
acquisition |
|
|
|
|
|
|
(314)
|
|
|
|
|
|
Other, net
|
|
|
66
|
|
|
|
55
|
|
|
|
(32)
|
|
Income tax
|
|
$
|
7,484
|
|
|
$
|
7,677
|
|
|
$
|
7,411
|
|
F-38 | ||
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Deferred tax assets:
|
|
|
|
|
|
|
|
Impaired assets
|
|
$
|
1,221
|
|
$
|
1,967
|
|
Allowance for loan losses
|
|
|
4,118
|
|
|
4,040
|
|
Employee benefit plans
|
|
|
|
|
|
64
|
|
Pension actuarial losses
|
|
|
2,206
|
|
|
2,473
|
|
Other
|
|
|
466
|
|
|
454
|
|
NJ NOL
|
|
|
399
|
|
|
|
|
NJ AMA credits
|
|
|
137
|
|
|
131
|
|
Total deferred tax assets
|
|
$
|
8,547
|
|
$
|
9,129
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
Employee benefit plans
|
|
$
|
1,281
|
|
$
|
|
|
Depreciation
|
|
|
416
|
|
|
294
|
|
Market discount accretion
|
|
|
200
|
|
|
148
|
|
Deferred loan costs, net of fees
|
|
|
385
|
|
|
330
|
|
Purchase accounting
|
|
|
522
|
|
|
608
|
|
Unrealized gains on securities available-for-sale
|
|
|
547
|
|
|
5,675
|
|
Total deferred tax liabilities
|
|
|
3,351
|
|
|
7,055
|
|
Net deferred tax asset
|
|
$
|
5,196
|
|
$
|
2,074
|
|
F-39 | ||
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Commitments under commercial loans and lines of credit
|
|
$
|
109,661
|
|
$
|
129,797
|
|
Home equity and other revolving lines of credit
|
|
|
41,836
|
|
|
46,795
|
|
Outstanding commercial mortgage loan commitments
|
|
|
48,129
|
|
|
30,955
|
|
Standby letters of credit
|
|
|
9,655
|
|
|
1,700
|
|
Performance letters of credit
|
|
|
21,844
|
|
|
27,743
|
|
Outstanding residential mortgage loan commitments
|
|
|
1,858
|
|
|
2,207
|
|
Overdraft protection lines
|
|
|
5,273
|
|
|
5,666
|
|
Total
|
|
$
|
238,256
|
|
$
|
244,863
|
|
F-40 | ||
F-41 | ||
|
|
Union Center
National Bank |
|
Minimum
Capital Adequacy |
|
For Classification
Under Corrective Action Plan as Well Capitalized |
|
||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
||||||
|
|
(Dollars in Thousands)
|
|
||||||||||||||||
December 31, 2013
Leverage (Tier 1) capital |
|
$
|
159,431
|
|
9.69
|
%
|
|
$
|
65,813
|
|
4.00
|
%
|
|
$
|
82,266
|
|
5.00
|
%
|
|
Risk-Based
Capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
|
$
|
159,431
|
|
12.10
|
%
|
|
$
|
52,704
|
|
4.00
|
%
|
|
$
|
79,057
|
|
6.00
|
%
|
|
Total
|
|
|
169,974
|
|
12.91
|
%
|
|
|
105,329
|
|
8.00
|
%
|
|
|
131,661
|
|
10.00
|
%
|
|
December 31, 2012
Leverage (Tier 1) capital |
|
$
|
143,294
|
|
8.99
|
%
|
|
$
|
63,757
|
|
4.00
|
%
|
|
$
|
79,696
|
|
5.00
|
%
|
|
Risk-Based
Capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
|
$
|
143,294
|
|
11.35
|
%
|
|
$
|
50,500
|
|
4.00
|
%
|
|
$
|
75,750
|
|
6.00
|
%
|
|
Total
|
|
|
153,776
|
|
12.18
|
%
|
|
|
101,002
|
|
8.00
|
%
|
|
|
126,253
|
|
10.00
|
%
|
|
|
|
Parent Corporation
|
|
Minimum Capital
Adequacy |
|
For Classification
as Well Capitalized |
|
||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
||||||
|
|
(Dollars in Thousands)
|
|
||||||||||||||||
December 31, 2013
Leverage (Tier 1) capital |
|
$
|
159,316
|
|
9.69
|
%
|
|
$
|
65,765
|
|
4.00
|
%
|
|
$
|
N/A
|
|
N/A
|
%
|
|
Risk-Based
Capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
|
$
|
159,316
|
|
12.10
|
%
|
|
$
|
52,666
|
|
4.00
|
%
|
|
$
|
N/A
|
|
N/A
|
%
|
|
Total
|
|
|
169,894
|
|
12.90
|
%
|
|
|
105,361
|
|
8.00
|
%
|
|
|
N/A
|
|
N/A
|
|
|
December 31, 2012
Leverage (Tier 1) capital |
|
$
|
143,824
|
|
9.02
|
%
|
|
$
|
63,780
|
|
4.00
|
%
|
|
$
|
N/A
|
|
N/A
|
%
|
|
Risk-Based
Capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
|
|
$
|
143,824
|
|
11.39
|
%
|
|
$
|
50,509
|
|
4.00
|
%
|
|
$
|
N/A
|
|
N/A
|
%
|
|
Total
|
|
|
154,271
|
|
12.22
|
%
|
|
|
100,996
|
|
8.00
|
%
|
|
|
N/A
|
|
N/A
|
|
|
F-42 | ||
|
|
|
|
|
|
|
|
|
|
|
Affected Line Item in the
|
Details about Accumulated Other
|
|
Amounts Reclassified from Accumulated
|
|
Statement Where Net Income is
|
|||||||
Comprehensive Income Components
|
|
Other Comprehensive Income
|
|
Presented
|
|||||||
|
|
Twelve Months Ended
|
|
|
|||||||
|
|
December 31,
|
|
|
|||||||
(Dollars in thousands)
|
|
2013
|
|
2012
|
|
2011
|
|
|
|||
OTTI losses
|
|
$
|
(652)
|
|
$
|
(870)
|
|
$
|
(342)
|
|
Net investment securities gains
|
|
|
|
178
|
|
|
265
|
|
|
119
|
|
Tax benefit
|
|
|
|
(474)
|
|
|
(605)
|
|
|
(223)
|
|
Net of tax
|
Sale of investment securities available-for-sale
|
|
|
2,363
|
|
|
2,882
|
|
|
3,976
|
|
Net investment securities gains
|
|
|
|
(645)
|
|
|
(879)
|
|
|
(1,380)
|
|
Tax expense
|
|
|
|
1,718
|
|
|
2,003
|
|
|
2,596
|
|
Net of tax
|
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity
|
|
|
58
|
|
|
2
|
|
|
46
|
|
Interest income
|
|
|
|
(19)
|
|
|
(1)
|
|
|
(28)
|
|
Tax expense
|
|
|
|
39
|
|
|
1
|
|
|
18
|
|
Net of tax
|
Pension plan actuarial (gains) losses
|
|
|
(654)
|
|
|
790
|
|
|
1,649
|
|
Before tax
|
|
|
|
267
|
|
|
(323)
|
|
|
(584)
|
|
Tax benefit (expense)
|
|
|
|
(387)
|
|
|
467
|
|
|
1,065
|
|
Net of tax
|
Total reclassification
|
|
$
|
896
|
|
$
|
1,866
|
|
$
|
3,456
|
|
Net of tax
|
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Investment securities available for sale, net of tax
|
|
$
|
2,374
|
|
$
|
8,781
|
|
Unamortized component of securities transferred from
available-for-sale to held-to-maturity, net of tax |
|
|
(1,425)
|
|
|
162
|
|
Defined benefit pension and post-retirement plans, net of tax
|
|
|
(3,493)
|
|
|
(3,880)
|
|
Total
|
|
$
|
(2,544)
|
|
$
|
5,063
|
|
F-43 | ||
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Change in Benefit Obligation:
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
13,533
|
|
$
|
12,345
|
|
Interest cost
|
|
|
529
|
|
|
555
|
|
Actuarial loss
|
|
|
255
|
|
|
1,389
|
|
Benefits paid
|
|
|
(748)
|
|
|
(756)
|
|
Projected benefit obligation at end of year
|
|
$
|
13,569
|
|
$
|
13,533
|
|
Change in Plan Assets:
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning year
|
|
$
|
7,034
|
|
$
|
6,762
|
|
Actual return on plan assets
|
|
|
1,040
|
|
|
681
|
|
Employer contributions
|
|
|
3,700
|
|
|
347
|
|
Benefits paid
|
|
|
(748)
|
|
|
(756)
|
|
Fair value of plan assets at end of year
|
|
$
|
11,026
|
|
$
|
7,034
|
|
Funded status
|
|
$
|
(2,543)
|
|
$
|
(6,499)
|
|
F-44 | ||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Interest cost
|
|
$
|
529
|
|
$
|
555
|
|
$
|
589
|
|
Expected return on plan assets
|
|
|
(488)
|
|
|
(377)
|
|
|
(381)
|
|
Net amortization
|
|
|
375
|
|
|
294
|
|
|
179
|
|
Net periodic pension expense
|
|
$
|
416
|
|
$
|
472
|
|
$
|
387
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
Discount rate
|
|
|
4.84
|
%
|
|
|
4.03
|
%
|
|
|
4.64
|
%
|
Rate of compensation increase
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Expected long-term rate of return on plan assets
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
(Dollars in Thousands)
|
|
|||||||
Weighted average assumptions used to determine net
periodic benefit cost for years ended December 31 |
|
|
|
|
|
|
|
|
|
Discount rate
|
|
4.03
|
%
|
|
4.64
|
%
|
|
5.25
|
%
|
Expected long-term return on plan assets
|
|
5.50
|
%
|
|
5.50
|
%
|
|
5.50
|
%
|
Rate of compensation increase
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Asset Category
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
Equity securities (domestic and international)
|
|
|
53
|
%
|
|
|
60
|
%
|
|
|
47
|
%
|
Debt and/or fixed income securities
|
|
|
39
|
%
|
|
|
39
|
%
|
|
|
41
|
%
|
Alternative investments, including commodities, foreign currency and real estate
|
|
|
|
%
|
|
|
1
|
%
|
|
|
4
|
%
|
Cash and other alternative investments, including hedge funds, equity structured notes
|
|
|
8
|
%
|
|
|
|
%
|
|
|
8
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
F-45 | ||
|
|
Range
|
|
|
Target
|
|
||
Equity securities
|
|
|
42 48
|
%
|
|
|
45
|
%
|
Debt and/or fixed income securities
|
|
|
37 43
|
%
|
|
|
40
|
%
|
International equity
|
|
|
12 18
|
%
|
|
|
15
|
%
|
Short term
|
|
|
N/A
|
|
|
|
N/A
|
|
Other
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
December 31,
2013 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
||||
|
|
(Dollars in Thousands)
|
|
||||||||||
Cash
|
|
$
|
865
|
|
$
|
865
|
|
$
|
|
|
$
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
4,310
|
|
|
4,310
|
|
|
|
|
|
|
|
International
companies |
|
|
1,495
|
|
|
1,495
|
|
|
|
|
|
|
|
Debt and/or fixed
income securities |
|
|
4,356
|
|
|
4,356
|
|
|
|
|
|
|
|
Total
|
|
$
|
11,026
|
|
$
|
11,026
|
|
$
|
|
|
$
|
|
|
|
|
December 31,
2012 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
|||
|
|
(Dollars in Thousands)
|
|
||||||||||
Cash
|
|
$
|
42
|
|
$
|
42
|
|
$
|
|
|
$
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
3,154
|
|
|
3,154
|
|
|
|
|
|
|
|
International
companies |
|
|
1,051
|
|
|
1,051
|
|
|
|
|
|
|
|
Debt and/or fixed
income securities |
|
|
2,787
|
|
|
2,787
|
|
|
|
|
|
|
|
Total
|
|
$
|
7,034
|
|
$
|
7,034
|
|
$
|
|
|
$
|
|
|
F-46 | ||
F-47 | ||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
Weighted average fair value of grants
|
|
$
|
2.50 5.87
|
|
|
$
|
2.03
|
|
|
$
|
1.89
|
|
Risk-free interest rate
|
|
|
1.86 2.29
|
%
|
|
|
2.03
|
%
|
|
|
2.19
|
%
|
Dividend yield
|
|
|
1.76 2.11
|
%
|
|
|
1.24
|
%
|
|
|
1.32
|
%
|
Expected volatility
|
|
|
23.21 33.74
|
%
|
|
|
22.04
|
%
|
|
|
22.25
|
%
|
Expected life in months
|
|
|
69 90
|
|
|
|
68
|
|
|
|
65
|
|
F-48 | ||
|
|
Shares
|
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term (In Years) |
|
Aggregate
Intrinsic Value |
|
||||
Outstanding at December 31, 2012
|
|
|
183,574
|
|
$
|
10.04
|
|
|
|
|
|
|
|
Granted
|
|
|
41,639
|
|
|
12.95
|
|
|
|
|
|
|
|
Exercised
|
|
|
(2,268)
|
|
|
9.14
|
|
|
|
|
|
|
|
Forfeited/cancelled/expired
|
|
|
(34,565)
|
|
|
10.81
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
188,380
|
|
$
|
10.55
|
|
|
5.99
|
|
$
|
1,546,129
|
|
Exercisable at December 31, 2013
|
|
|
113,751
|
|
$
|
10.14
|
|
|
4.40
|
|
$
|
980,102
|
|
Stock Option Plan
|
|
Shares
|
|
Exercise Price
Range per Share |
|
||
Outstanding, December 31, 2010 (138,898 shares exercisable)
|
|
|
198,946
|
|
|
$7.67 to $15.73
|
|
Granted during 2011
|
|
|
27,784
|
|
$
|
9.11
|
|
Exercised during 2011
|
|
|
(42,495)
|
|
$
|
7.71
|
|
Expired or canceled during 2011
|
|
|
(12,857)
|
|
$
|
10.50 to $15.73
|
|
Outstanding, December 31, 2011 (105,388 shares exercisable)
|
|
|
171,378
|
|
|
$7.67 to $15.73
|
|
Granted during 2012
|
|
|
27,784
|
|
$
|
9.64
|
|
Exercised during 2012
|
|
|
(15,588)
|
|
|
$7.67 to $10.50
|
|
Expired or canceled during 2012
|
|
|
|
|
$
|
0.00
|
|
Outstanding, December 31, 2012 (117,111 shares exercisable)
|
|
|
183,574
|
|
|
$7.67 to $15.73
|
|
Granted during 2013
|
|
|
41,639
|
|
$
|
12.52 to $14.24
|
|
Exercised during 2013
|
|
|
(2,268)
|
|
|
$7.67 to $10.66
|
|
Expired or canceled or forfeited during 2013
|
|
|
(34,565)
|
|
$
|
7.67 to $15.73
|
|
Outstanding, December 31, 2013 (113,751 shares exercisable)
|
|
|
188,380
|
|
|
$7.67 to $15.73
|
|
F-49 | ||
|
⋅
|
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
|
|
⋅
|
Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
|
⋅
|
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity).
|
F-50 | ||
|
(a)
|
Quoted prices in active markets for similar TRUPS with insignificant adjustments for differences between the TRUPS that the Corporation holds and similar TRUPS.
|
|
(b)
|
Quoted prices in markets that are not active that represent current transactions for the same or similar TRUPS that do not require significant adjustment based on unobservable inputs.
|
F-51 | ||
F-52 | ||
F-53 | ||
|
|
December 31,
2013 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
|
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 Instruments Measured at Fair Value on a
Recurring Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury and agency securities
|
|
$
|
13,519
|
|
$
|
13,519
|
|
$
|
|
|
$
|
|
|
Federal agency obligations
|
|
|
19,941
|
|
|
|
|
|
19,941
|
|
|
|
|
Residential mortgage pass-through
securities |
|
|
48,874
|
|
|
|
|
|
48,874
|
|
|
|
|
Commercial mortgage pass-
through securities |
|
|
6,991
|
|
|
|
|
|
6,991
|
|
|
|
|
Obligations of U.S. states and
political subdivision |
|
|
31,460
|
|
|
|
|
|
31,460
|
|
|
|
|
Trust preferred securities
|
|
|
19,403
|
|
|
|
|
|
19,403
|
|
|
|
|
Corporate bonds and notes
|
|
|
158,630
|
|
|
|
|
|
158,630
|
|
|
|
|
Asset-backed securities
|
|
|
15,979
|
|
|
|
|
|
15,979
|
|
|
|
|
Certificates of deposit
|
|
|
2,262
|
|
|
|
|
|
2,262
|
|
|
|
|
Equity securities
|
|
|
287
|
|
|
287
|
|
|
|
|
|
|
|
Other securities
|
|
|
5,724
|
|
|
5,724
|
|
|
|
|
|
|
|
Securities available-for-sale
|
|
$
|
323,070
|
|
$
|
19,530
|
|
$
|
303,540
|
|
$
|
|
|
|
|
December 31,
2012 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
|
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 Instruments Measured at Fair Value on a
Recurring Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury and agency securities
|
|
$
|
11,909
|
|
$
|
11,909
|
|
$
|
|
|
$
|
|
|
Federal agency obligations
|
|
|
20,535
|
|
|
|
|
|
20,535
|
|
|
|
|
Residential mortgage pass-
through securities |
|
|
53,784
|
|
|
|
|
|
53,784
|
|
|
|
|
Commercial mortgage pass-
through securities |
|
|
9,969
|
|
|
|
|
|
9,969
|
|
|
|
|
Obligations of U.S. states and
political subdivision |
|
|
107,714
|
|
|
469
|
|
|
107,245
|
|
|
|
|
Trust preferred securities
|
|
|
21,249
|
|
|
|
|
|
21,213
|
|
|
36
|
|
Corporate bonds and notes
|
|
|
237,405
|
|
|
|
|
|
237,405
|
|
|
|
|
Collateralized mortgage
obligations |
|
|
2,120
|
|
|
|
|
|
2,120
|
|
|
|
|
Asset-backed securities
|
|
|
19,742
|
|
|
|
|
|
19,742
|
|
|
|
|
Certificates of deposit
|
|
|
2,865
|
|
|
|
|
|
2,865
|
|
|
|
|
Equity securities
|
|
|
325
|
|
|
325
|
|
|
|
|
|
|
|
Other securities
|
|
|
9,198
|
|
|
9,198
|
|
|
|
|
|
|
|
Securities available-for-sale
|
|
$
|
496,815
|
|
$
|
21,901
|
|
$
|
474,878
|
|
$
|
36
|
|
F-54 | ||
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
Beginning balance, January 1,
|
|
$
|
36
|
|
$
|
2,115
|
|
Transfers out of Level 3
|
|
|
(260)
|
|
|
(2,120)
|
|
Principal interest deferrals
|
|
|
58
|
|
|
116
|
|
Principal paydown
|
|
|
|
|
|
(272)
|
|
Total net losses included in net income
|
|
|
(628)
|
|
|
(68)
|
|
Total net unrealized gains
|
|
|
794
|
|
|
265
|
|
Ending balance, December 31,
|
|
$
|
|
|
$
|
36
|
|
Impaired Loans
|
|
Valuation Techniques
|
|
Range of Unobservable Inputs
|
Residential
|
|
Appraisals of collateral value
|
|
Adjustment for age of comparable sales, generally a decline of 0-25%
|
Commercial
|
|
Discounted cash flow model
|
|
Discount rate from 0% to 6%
|
Commercial real estate
|
|
Appraisals of collateral value
|
|
Market capitalization rates between 8% to 12%. Market rental rates for similar properties
|
Construction
|
|
Appraisals of collateral value
|
|
Adjustment for age comparable sales. Generally a decline of 5% to no change
|
|
|
|
|
|
Other Real Estate Owned
|
|
|
|
|
Residential
|
|
Appraisals of collateral value
|
|
Adjustment for age of comparable sales, generally a decline of 0-25% and estimated selling costs of 6-8%
|
Commercial
|
|
Appraisals of collateral value
|
|
Adjustment for age of comparable sales, generally a decline of 15% to no change and estimated selling costs of 6-8%
|
|
|
December 31,
2013 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
||||||||||
Assets Measured at Fair Value
on a Non-Recurring Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
4,601
|
|
$
|
|
|
$
|
|
|
$
|
4,601
|
|
Other real estate owned
|
|
|
220
|
|
|
|
|
|
|
|
|
220
|
|
|
|
December 31,
2012 |
|
Fair Value Measurements at Reporting Date Using
|
|
||||||||
|
|
|
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
||||||||||
Assets Measured at Fair Value
on a Non-Recurring Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
4,790
|
|
$
|
|
|
$
|
|
|
$
|
4,790
|
|
Other real estate owned
|
|
|
1,300
|
|
|
|
|
|
|
|
|
1,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-55 | ||
F-56 | ||
|
|
|
|
|
|
|
|
Fair Value Measurements
|
|
|||||||
|
|
Carrying
Amount |
|
Fair
Value |
|
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
|||||
|
|
(in thousands)
|
|
|||||||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
82,692
|
|
$
|
82,692
|
|
$
|
82,692
|
|
$
|
|
|
$
|
|
|
Investment securities available-for-sale
|
|
|
323,070
|
|
|
323,070
|
|
|
19,530
|
|
|
303,540
|
|
|
|
|
Investment securities held-to-maturity
|
|
|
215,286
|
|
|
210,958
|
|
|
27,037
|
|
|
164,940
|
|
|
18,981
|
|
Restricted investment in bank stocks
|
|
|
8,986
|
|
|
8,986
|
|
|
|
|
|
8,986
|
|
|
|
|
Net loans
|
|
|
950,610
|
|
|
948,606
|
|
|
|
|
|
|
|
|
948,606
|
|
Accrued interest receivable
|
|
|
6,802
|
|
|
6,802
|
|
|
|
|
|
4,136
|
|
|
2,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing deposits
|
|
|
227,370
|
|
|
227,370
|
|
|
|
|
|
227,370
|
|
|
|
|
Interest-bearing deposits
|
|
|
1,114,635
|
|
|
1,115,781
|
|
|
|
|
|
1,115,781
|
|
|
|
|
Long-term borrowings
|
|
|
146,000
|
|
|
157,440
|
|
|
|
|
|
157,440
|
|
|
|
|
Subordinated debentures
|
|
|
5,155
|
|
|
5,143
|
|
|
|
|
|
5,143
|
|
|
|
|
Accrued interest payable
|
|
|
963
|
|
|
963
|
|
|
|
|
|
963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
104,134
|
|
$
|
104,134
|
|
$
|
104,134
|
|
$
|
|
|
$
|
|
|
Interest bearing deposits with banks
|
|
|
2,004
|
|
|
2,004
|
|
|
2,004
|
|
|
|
|
|
|
|
Investment securities available-for-sale
|
|
|
496,815
|
|
|
496,815
|
|
|
21,901
|
|
|
474,878
|
|
|
36
|
|
Investment securities held-to-maturity
|
|
|
58,064
|
|
|
62,431
|
|
|
|
|
|
53,247
|
|
|
9,184
|
|
Restricted investment in bank stocks
|
|
|
8,964
|
|
|
8,964
|
|
|
|
|
|
8,964
|
|
|
|
|
Loans held for sale
|
|
|
1,491
|
|
|
1,491
|
|
|
1,491
|
|
|
|
|
|
|
|
Net loans
|
|
|
879,435
|
|
|
897,030
|
|
|
|
|
|
|
|
|
897,030
|
|
Accrued interest receivable
|
|
|
6,849
|
|
|
6,849
|
|
|
|
|
|
4,465
|
|
|
2,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing deposits
|
|
|
215,071
|
|
|
215,071
|
|
|
|
|
|
215,071
|
|
|
|
|
Interest-bearing deposits
|
|
|
1,091,851
|
|
|
1,092,822
|
|
|
|
|
|
1,092,822
|
|
|
|
|
Long-term borrowings
|
|
|
146,000
|
|
|
162,992
|
|
|
|
|
|
162,992
|
|
|
|
|
Subordinated debentures
|
|
|
5,155
|
|
|
5,046
|
|
|
|
|
|
5,046
|
|
|
|
|
Accrued interest payable
|
|
|
874
|
|
|
874
|
|
|
|
|
|
874
|
|
|
|
|
F-57 | ||
F-58 | ||
|
|
At December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(Dollars in Thousands)
|
|
||||
ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
285
|
|
$
|
629
|
|
Investment in subsidiaries
|
|
|
173,658
|
|
|
165,351
|
|
Securities available for sale
|
|
|
442
|
|
|
543
|
|
Other assets
|
|
|
271
|
|
|
41
|
|
Total assets
|
|
$
|
174,656
|
|
$
|
166,564
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Other liabilities
|
|
$
|
917
|
|
$
|
718
|
|
Subordinated debentures
|
|
|
5,155
|
|
|
5,155
|
|
Stockholders’ equity
|
|
|
168,584
|
|
|
160,691
|
|
Total liabilities and stockholders’ equity
|
|
$
|
174,656
|
|
$
|
166,564
|
|
|
|
For Years Ended December 31,
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Income:
|
|
|
|
|
|
|
|
|
|
|
Dividend income from subsidiaries
|
|
$
|
4,393
|
|
$
|
2,079
|
|
$
|
785
|
|
Other income
|
|
|
6
|
|
|
15
|
|
|
7
|
|
Net gains on available for sale securities
|
|
|
22
|
|
|
26
|
|
|
|
|
Management fees
|
|
|
353
|
|
|
409
|
|
|
294
|
|
Total Income
|
|
|
4,774
|
|
|
2,529
|
|
|
1,086
|
|
Expenses
|
|
|
(765)
|
|
|
(731)
|
|
|
(615)
|
|
Income before equity in undistributed earnings
of subsidiaries |
|
|
4,009
|
|
|
1,798
|
|
|
471
|
|
Equity in undistributed earnings of subsidiaries
|
|
|
15,916
|
|
|
15,709
|
|
|
13,455
|
|
Net Income
|
|
$
|
19,925
|
|
$
|
17,507
|
|
$
|
13,926
|
|
F-59 | ||
|
|
Consolidated
Subsidiaries |
|
Parent
|
|
Consolidated
Total |
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
For the year ended 2013:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,925
|
|
$
|
|
|
$
|
19,925
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on investment securities
|
|
|
(8,073)
|
|
|
79
|
|
|
(7,994)
|
|
Actuarial gain
|
|
|
387
|
|
|
|
|
|
387
|
|
Total other comprehensive (loss) income
|
|
|
(7,686)
|
|
|
79
|
|
|
(7,607)
|
|
Total comprehensive income
|
|
$
|
12,239
|
|
$
|
79
|
|
$
|
12,318
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended 2012:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
17,507
|
|
$
|
|
|
$
|
17,507
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain on investment securities
|
|
|
10,935
|
|
|
41
|
|
|
10,976
|
|
Actuarial loss
|
|
|
(467)
|
|
|
|
|
|
(467)
|
|
Total other comprehensive income
|
|
|
10,468
|
|
|
41
|
|
|
10,509
|
|
Total comprehensive income
|
|
$
|
27,975
|
|
$
|
41
|
|
$
|
28,016
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended 2011:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13,926
|
|
$
|
|
|
$
|
13,926
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on investment securities
|
|
|
3,301
|
|
|
(7)
|
|
|
3,294
|
|
Actuarial loss
|
|
|
(1,065)
|
|
|
|
|
|
(1,065)
|
|
Total other comprehensive income (loss)
|
|
|
2,236
|
|
|
(7)
|
|
|
2,229
|
|
Total comprehensive income
|
|
$
|
16,162
|
|
$
|
(7)
|
|
$
|
16,155
|
|
|
|
For Years Ended December 31
|
|
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|||
|
|
(Dollars in Thousands)
|
|
|||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,925
|
|
$
|
17,507
|
|
$
|
13,926
|
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Net gains on available for sale securities
|
|
|
(22)
|
|
|
(26)
|
|
|
|
|
Equity in undistributed earnings of subsidiary
|
|
|
(15,916)
|
|
|
(15,709)
|
|
|
(13,455)
|
|
Change in deferred tax asset
|
|
|
|
|
|
|
|
|
3
|
|
(Increase) decrease in other assets
|
|
|
(167)
|
|
|
563
|
|
|
(298)
|
|
(Decrease) increase in other liabilities
|
|
|
(276)
|
|
|
(772)
|
|
|
220
|
|
Stock based compensation
|
|
|
59
|
|
|
39
|
|
|
35
|
|
Net cash provided by operating activities
|
|
|
3,603
|
|
|
1,602
|
|
|
431
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of available-for-sale securities
|
|
|
181
|
|
|
375
|
|
|
|
|
Purchase of available-for-sale securities
|
|
|
|
|
|
(410)
|
|
|
|
|
Investments in subsidiaries
|
|
|
|
|
|
|
|
|
(1,250)
|
|
Net cash provided by (used in) investing activities
|
|
|
181
|
|
|
(35)
|
|
|
(1,250)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Net decrease in borrowings
|
|
|
|
|
|
|
|
|
(310)
|
|
Cash dividends on common stock
|
|
|
(4,254)
|
|
|
(2,778)
|
|
|
(1,955)
|
|
Cash dividends on preferred stock
|
|
|
(141)
|
|
|
(363)
|
|
|
(417)
|
|
Proceeds from issuance of Series B preferred stock
|
|
|
|
|
|
|
|
|
11,250
|
|
Redemption of Series A preferred stock
|
|
|
|
|
|
|
|
|
(10,000)
|
|
Warrant repurchased
|
|
|
|
|
|
|
|
|
(245)
|
|
Issuance of restricted stock award
|
|
|
243
|
|
|
|
|
|
|
|
Issuance cost of common stock
|
|
|
(13)
|
|
|
(8)
|
|
|
(5)
|
|
Issuance cost of Series B preferred stock
|
|
|
|
|
|
|
|
|
(84)
|
|
Proceeds from exercise of stock options
|
|
|
21
|
|
|
141
|
|
|
328
|
|
Tax expense from stock based compensation
|
|
|
16
|
|
|
28
|
|
|
|
|
Net cash used in financing activities
|
|
|
(4,128)
|
|
|
(2,980)
|
|
|
(1,438)
|
|
Decrease in cash and cash equivalents
|
|
|
(344)
|
|
|
(1,413)
|
|
|
(2,257)
|
|
Cash and cash equivalents at beginning of year
|
|
|
629
|
|
|
2,042
|
|
|
4,299
|
|
Cash and cash equivalents at the end of year
|
|
$
|
285
|
|
$
|
629
|
|
$
|
2,042
|
|
F-60 | ||
|
|
2013
|
|
||||||||||
|
|
4th Quarter
|
|
3rd Quarter
|
|
2nd Quarter
|
|
1st Quarter
|
|
||||
|
|
(Dollars in Thousands, Except per Share Data)
|
|
||||||||||
Total interest income
|
|
$
|
14,644
|
|
$
|
14,541
|
|
$
|
13,979
|
|
$
|
14,104
|
|
Total interest expense
|
|
|
2,778
|
|
|
2,819
|
|
|
2,751
|
|
|
2,734
|
|
Net interest income
|
|
|
11,866
|
|
|
11,722
|
|
|
11,228
|
|
|
11,370
|
|
Provision for loan losses
|
|
|
350
|
|
|
|
|
|
|
|
|
|
|
Total other income, net of securities
gains |
|
|
1,307
|
|
|
1,200
|
|
|
1,107
|
|
|
1,526
|
|
Net securities gains
|
|
|
449
|
|
|
343
|
|
|
600
|
|
|
319
|
|
Other expense
|
|
|
6,459
|
|
|
6,205
|
|
|
6,076
|
|
|
6,538
|
|
Income before income taxes
|
|
|
6,813
|
|
|
7,060
|
|
|
6,859
|
|
|
6,677
|
|
Provision from income taxes
|
|
|
1,829
|
|
|
1,966
|
|
|
1,936
|
|
|
1,753
|
|
Net income
|
|
$
|
4,984
|
|
$
|
5,094
|
|
$
|
4,923
|
|
$
|
4,924
|
|
Net income available to common
stockholders |
|
$
|
4,955
|
|
$
|
5,066
|
|
$
|
4,895
|
|
$
|
4,868
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.30
|
|
$
|
0.31
|
|
$
|
0.30
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.30
|
|
$
|
0.31
|
|
$
|
0.30
|
|
$
|
0.30
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,350,183
|
|
|
16,349,480
|
|
|
16,348,915
|
|
|
16,348,215
|
|
Diluted
|
|
|
16,396,931
|
|
|
16,385,155
|
|
|
16,375,774
|
|
|
16,373,588
|
|
|
|
2012
|
|
||||||||||
|
|
4th Quarter
|
|
3rd Quarter
|
|
2nd Quarter
|
|
1st Quarter
|
|
||||
|
|
(Dollars in Thousands, Except per Share Data)
|
|
||||||||||
Total interest income
|
|
$
|
14,263
|
|
$
|
14,118
|
|
$
|
13,496
|
|
$
|
13,395
|
|
Total interest expense
|
|
|
2,841
|
|
|
2,935
|
|
|
2,950
|
|
|
3,050
|
|
Net interest income
|
|
|
11,422
|
|
|
11,183
|
|
|
10,546
|
|
|
10,345
|
|
Provision for loan losses
|
|
|
100
|
|
|
225
|
|
|
(107)
|
|
|
107
|
|
Total other income, net of securities
gains |
|
|
1,217
|
|
|
1,872
|
|
|
1,091
|
|
|
1,018
|
|
Net securities (losses) gains
|
|
|
(201)
|
|
|
763
|
|
|
513
|
|
|
937
|
|
Other expense
|
|
|
6,193
|
|
|
7,507
|
|
|
5,690
|
|
|
5,807
|
|
Income before income taxes
|
|
|
6,145
|
|
|
6,086
|
|
|
6,567
|
|
|
6,386
|
|
Provision from income taxes
|
|
|
1,676
|
|
|
1,632
|
|
|
2,214
|
|
|
2,155
|
|
Net income
|
|
$
|
4,469
|
|
$
|
4,454
|
|
$
|
4,353
|
|
$
|
4,231
|
|
Net income available to common
stockholders |
|
$
|
4,441
|
|
$
|
4,426
|
|
$
|
4,269
|
|
$
|
4,090
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.27
|
|
$
|
0.27
|
|
$
|
0.26
|
|
$
|
0.25
|
|
Diluted
|
|
$
|
0.27
|
|
$
|
0.27
|
|
$
|
0.26
|
|
$
|
0.25
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,347,564
|
|
|
16,347,088
|
|
|
16,333,653
|
|
|
16,332,327
|
|
Diluted
|
|
|
16,363,698
|
|
|
16,362,635
|
|
|
16,341,767
|
|
|
16,338,162
|
|
F-61 | ||
F-62 | ||
Item 15. Exhibits and Financial Statement Schedules
Exhibit No. | Description | |
23.1* | Consent of BDO USA, LLP | |
23.2* | Consent of ParenteBeard LLC | |
31.1* | Personal certification of the chief executive officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Personal certification of the chief financial officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Personal certification of the chief executive officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Personal certification of the chief financial officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 |
* Filed herewith.
** Furnished herewith.
-5- |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Center Bancorp, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
April 14, 2014 | CENTER BANCORP, INC. | |||
By: | /s/ Anthony C. Weagley | |||
Anthony C. Weagley | ||||
President and Chief Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of Center Bancorp, Inc., in the capacities described below, have signed this report on April 14, 2014.
Signatures | Title | Date | ||
/s/ Anthony C. Weagley | Director, President and Chief Executive | April 14, 2014 | ||
Anthony C. Weagley | Officer (Principal Executive Officer) | |||
/s/ Francis R. Patryn* | (Principal Financial Officer and Principal | April 14, 2014 | ||
Francis R. Patryn | Accounting Officer) | |||
/s/ Alexander Bol* | Director | April 14, 2014 | ||
Alexander Bol | ||||
/s/ Frederick Fish* | Director | April 14, 2014 | ||
Frederick Fish | ||||
/s/ Harold Kent* | Director | April 14, 2014 | ||
Harold Kent | ||||
/s/ Nicholas Minoia* | Director | April 14, 2014 | ||
Nicholas Minoia | ||||
Harold Schechter | Director |
-6- |
/s/ Lawrence B. Seidman* | Director | April 14, 2014 | ||
Lawrence B. Seidman | ||||
/s/ William Thompson* | Director | April 14, 2014 | ||
William Thompson | ||||
/s/ Raymond Vanaria* | Director | April 14, 2014 | ||
Raymond Vanaria |
*By: | ||
/s/ Anthony C. Weagley | ||
(Anthony C. Weagley | ||
Attorney-in-fact) |
-7- |