x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
California | 20-8859754 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) | |
504 Redwood Blvd., Suite 100, Novato, CA | 94947 | |
(Address of principal executive office) | (Zip Code) |
PART I
|
3
|
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ITEM 1.
|
3
|
|
|
||
4
|
||
5
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||
6
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||
7
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8
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ITEM 2.
|
32
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ITEM 3.
|
46 | |
ITEM 4.
|
48
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PART II
|
48
|
|
ITEM 1.
|
48
|
|
ITEM 1A.
|
48
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|
ITEM 2.
|
48
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|
ITEM 3.
|
48
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ITEM 4.
|
48
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ITEM 5.
|
48
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ITEM 6.
|
49
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51
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||
52
|
BANK OF MARIN BANCORP
|
at March 31, 2011 and December 31, 2010
|
(in thousands, except share data; 2011 unaudited)
|
March 31,
2011
|
December 31,
2010
|
||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 109,850 | $ | 65,724 | ||||
Short-term investments
|
19,110 | 19,508 | ||||||
Cash and cash equivalents
|
128,960 | 85,232 | ||||||
Investment securities Held to maturity, at amortized cost
|
34,866 | 34,917 | ||||||
|
||||||||
Available for sale (at fair market value, amortized cost $107,118and $109,070 at March 31, 2011 and December 31, 2010,respectively)
|
108,726 | 111,736 | ||||||
Total investment securities
|
143,592 | 146,653 | ||||||
Loans, net of allowance for loan losses of $13,069 and $12,392at March 31, 2011 and December 31, 2010, respectively
|
965,881 | 929,008 | ||||||
Bank premises and equipment, net
|
8,750 | 8,419 | ||||||
Interest receivable and other assets
|
43,516 | 38,838 | ||||||
Total assets
|
$ | 1,290,699 | $ | 1,208,150 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$ | 313,599 | $ | 282,195 | ||||
Interest bearing
|
||||||||
Transaction accounts
|
119,331 | 105,177 | ||||||
Savings accounts
|
67,711 | 56,760 | ||||||
Money market accounts
|
393,867 | 371,352 | ||||||
CDARS® time accounts
|
31,670 | 67,261 | ||||||
Other time accounts
|
162,182 | 132,994 | ||||||
Total deposits
|
1,088,360 | 1,015,739 | ||||||
Federal Home Loan Bank borrowings
|
55,000 | 55,000 | ||||||
Subordinated debenture
|
5,000 | 5,000 | ||||||
Interest payable and other liabilities
|
16,855 | 10,491 | ||||||
Total liabilities
|
1,165,215 | 1,086,230 | ||||||
Stockholders' Equity
|
||||||||
Preferred stock, no par value, $1,000 per share liquidation preference Authorized - 5,000,000 shares none issued
|
--- | --- | ||||||
Common stock, no par value Authorized - 15,000,000 shares Issued and outstanding - 5,307,247 and 5,290,082 at March 31, 2011 and December 31, 2010, respectively
|
55,898 | 55,383 | ||||||
Retained earnings
|
68,653 | 64,991 | ||||||
Accumulated other comprehensive income, net
|
933 | 1,546 | ||||||
Total stockholders' equity
|
125,484 | 121,920 | ||||||
Total liabilities and stockholders' equity
|
$ | 1,290,699 | $ | 1,208,150 |
The accompanying notes are an integral part of these consolidated financial statements.
|
BANK OF MARIN BANCORP
|
for the three months ended March 31, 2011, December 31, 2010, and March 31, 2010
|
Three months ended | ||||||||||||
(in thousands, except per share amounts; unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
|||||||||
Interest income
|
||||||||||||
Interest and fees on loans
|
$ | 15,900 | $ | 14,093 | $ | 13,681 | ||||||
Interest on investment securities
|
||||||||||||
Securities of U.S. Government agencies
|
733 | 792 | 728 | |||||||||
Obligations of state and political subdivisions
|
302 | 291 | 286 | |||||||||
Corporate debt securities and other
|
111 | 141 | 170 | |||||||||
Interest on Federal funds sold and short-term investments
|
40 | 47 | 22 | |||||||||
Total interest income
|
17,086 | 15,364 | 14,887 | |||||||||
Interest expense
|
||||||||||||
Interest on interest bearing transaction accounts
|
38 | 29 | 23 | |||||||||
Interest on savings accounts
|
29 | 25 | 25 | |||||||||
Interest on money market accounts
|
337 | 339 | 797 | |||||||||
Interest on CDARS® time accounts
|
94 | 179 | 209 | |||||||||
Interest on other time accounts
|
358 | 373 | 354 | |||||||||
Interest on borrowed funds
|
352 | 360 | 351 | |||||||||
Total interest expense
|
1,208 | 1,305 | 1,759 | |||||||||
Net interest income
|
15,878 | 14,059 | 13,128 | |||||||||
Provision for loan losses
|
1,050 | 1,050 | 1,550 | |||||||||
Net interest income after provision for loan losses
|
14,828 | 13,009 | 11,578 | |||||||||
Non-interest income
|
||||||||||||
Service charges on deposit accounts
|
443 | 442 | 446 | |||||||||
Wealth Management and Trust Services
|
434 | 394 | 395 | |||||||||
Other income
|
722 | 524 | 508 | |||||||||
Total non-interest income
|
1,599 | 1,360 | 1,349 | |||||||||
Non-interest expense
|
||||||||||||
Salaries and related benefits
|
4,929 | 4,408 | 4,606 | |||||||||
Occupancy and equipment
|
907 | 884 | 898 | |||||||||
Depreciation and amortization
|
308 | 311 | 338 | |||||||||
Federal Deposit Insurance Corporation insurance
|
387 | 381 | 362 | |||||||||
Data processing
|
582 | 494 | 446 | |||||||||
Professional services
|
733 | 481 | 432 | |||||||||
Other expense
|
1,284 | 1,078 | 1,140 | |||||||||
Total non-interest expense
|
9,130 | 8,037 | 8,222 | |||||||||
Income before provision for income taxes
|
7,297 | 6,332 | 4,705 | |||||||||
Provision for income taxes
|
2,788 | 2,424 | 1,758 | |||||||||
Net income
|
$ | 4,509 | $ | 3,908 | $ | 2,947 | ||||||
Net income per common share:
|
||||||||||||
Basic
|
$ | 0.85 | $ | 0.74 | $ | 0.56 | ||||||
Diluted
|
$ | 0.84 | $ | 0.73 | $ | 0.56 | ||||||
Weighted average shares used to compute net income per common share:
|
||||||||||||
Basic
|
5,283 | 5,259 | 5,218 | |||||||||
Diluted
|
5,366 | 5,342 | 5,295 | |||||||||
Dividends declared per common share
|
$ | 0.16 | $ | 0.16 | $ | 0.15 |
The accompanying notes are an integral part of these consolidated financial statements.
|
BANK OF MARIN BANCORP
|
for the year ended December 31, 2010 and the three months ended March 31, 2011
|
Preferred
|
|
||||||
|
Common Stock
|
Retained
|
Accumulated Other
Comprehensive
income
|
|
|||
(dollars in thousands; 2011 unaudited)
|
Stock |
Shares
|
Amount
|
Earnings |
Net of Taxes
|
Total | |
Balance at December 31, 2009
|
---
|
5,229,529
|
$ 53,789
|
$ 54,644
|
$ 618
|
$ 109,051
|
|
Comprehensive income:
|
|||||||
Net income
|
---
|
---
|
---
|
13,552
|
---
|
13,552
|
|
Other comprehensive income
|
|||||||
Net change in unrealized gain on available for sale securities (net of tax effect of $672)
|
---
|
---
|
---
|
---
|
928
|
928
|
|
Comprehensive income
|
---
|
---
|
---
|
13,552
|
928
|
14,480
|
|
Stock options exercised
|
---
|
49,940
|
895
|
---
|
---
|
895
|
|
Excess tax benefit - stock-based compensation
|
---
|
---
|
132
|
---
|
---
|
132
|
|
Stock issued under employee stock purchase plan
|
---
|
563
|
17
|
---
|
---
|
17
|
|
Restricted stock granted
|
---
|
6,150
|
---
|
---
|
---
|
---
|
|
Restricted stock forfeited / cancelled
|
---
|
(2,320)
|
---
|
---
|
---
|
---
|
|
Stock-based compensation - stock options
|
---
|
---
|
241
|
---
|
---
|
241
|
|
Stock-based compensation - restricted stock
|
---
|
---
|
109
|
---
|
---
|
109
|
|
Cash dividends paid on common stock
|
---
|
---
|
---
|
(3,205)
|
---
|
(3,205)
|
|
Stock issued in payment of director fees
|
---
|
6,220
|
200
|
---
|
---
|
200
|
|
Balance at December 31, 2010
|
---
|
5,290,082
|
$ 55,383
|
$ 64,991
|
$ 1,546
|
$ 121,920
|
|
Comprehensive income:
|
|||||||
Net income
|
---
|
---
|
---
|
4,509
|
---
|
4,509
|
|
Other comprehensive income
|
|||||||
Net change in unrealized gain on available for sale securities (net of tax effect of $445)
|
---
|
---
|
---
|
---
|
(613)
|
(613)
|
|
Comprehensive income
|
---
|
---
|
---
|
4,509
|
(613)
|
3,896
|
|
Stock options exercised
|
---
|
14,205
|
265
|
---
|
---
|
265
|
|
Excess tax benefit - stock-based compensation
|
---
|
---
|
51
|
---
|
---
|
51
|
|
Stock issued under employee stock purchase plan
|
---
|
160
|
6
|
---
|
---
|
6
|
|
Stock-based compensation - stock options
|
---
|
---
|
65
|
---
|
---
|
65
|
|
Stock-based compensation - restricted stock
|
---
|
---
|
28
|
---
|
---
|
28
|
|
Cash dividends paid on common stock
|
---
|
---
|
---
|
(847)
|
---
|
(847)
|
|
Stock issued in payment of director fees
|
---
|
2,800
|
100
|
---
|
---
|
100
|
|
Balance at March 31, 2011
|
---
|
5,307,247
|
$ 55,898
|
$ 68,653
|
$ 933
|
$ 125,484
|
The accompanying notes are an integral part of these consolidated financial statements.
|
BANK OF MARIN BANCORP
|
for the three months ended March 31, 2011 and 2010
|
(in thousands, unaudited)
|
March 31, 2011
|
March 31, 2010
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$ | 4,509 | $ | 2,947 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
1,050 | 1,550 | ||||||
Compensation expense--common stock for director fees
|
55 | 50 | ||||||
Stock-based compensation expense
|
93 | 91 | ||||||
Excess tax benefits from exercised stock options
|
(38 | ) | (35 | ) | ||||
Amortization of investment security premiums net of accretion of discounts
|
343 | 299 | ||||||
Accretion of discount on acquired loans
|
(1,324 | ) | --- | |||||
Depreciation and amortization
|
308 | 338 | ||||||
Bargain purchase gain on acquisition
|
(85 | ) | --- | |||||
Loss on sale of repossessed assets
|
--- | 17 | ||||||
Net change in operating assets and liabilities:
|
|
|||||||
Interest receivable
|
(420 | ) | 125 | |||||
Interest payable
|
61 | 40 | ||||||
Deferred rent and other rent-related expenses
|
107 | 57 | ||||||
Other assets
|
972 | 573 | ||||||
Other liabilities
|
951 | 186 | ||||||
Total adjustments
|
2,073 | 3,291 | ||||||
Net cash provided by operating activities
|
6,582 | 6,238 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Proceeds from sale of furniture and equipment
|
18 | --- | ||||||
Purchase of securities available-for-sale
|
(6,428 | ) | (6,762 | ) | ||||
Proceeds from paydowns maturity of securities available-for-sale
|
13,307 | 8,817 | ||||||
Loans originated and principal collected, net
|
24,827 | (3,930 | ) | |||||
Purchase of bank owned life insurance policies
|
(2,500 | ) | --- | |||||
Purchase of premises and equipment
|
(622 | ) | (233 | ) | ||||
Proceeds from sale of repossessed assets
|
--- | 77 | ||||||
Cash receipt from acquisition
|
44,042 | --- | ||||||
Net cash provided by (used in) investing activities
|
72,644 | (2,031 | ) | |||||
Cash Flows from Financing Activities:
|
||||||||
Net (decrease) increase in deposits
|
(21,460 | ) | 43,237 | |||||
Proceeds from stock options exercised
|
265 | 83 | ||||||
Repayment of Federal Home Loan Bank borrowings
|
(13,500 | ) | --- | |||||
Cash dividends paid on common stock
|
(847 | ) | (785 | ) | ||||
Stock issued under employee stock purchase plan
|
6 | 6 | ||||||
Excess tax benefits from exercised stock options
|
38 | 35 | ||||||
Net cash (used in ) provided by financing activities
|
(35,498 | ) | 42,576 | |||||
Net increase in cash and cash equivalents
|
43,728 | 46,783 | ||||||
Cash and cash equivalents at beginning of period
|
85,232 | 38,660 | ||||||
Cash and cash equivalents at end of period
|
$ | 128,960 | $ | 85,443 | ||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||
Purchase of available-for-sale security on account and unsettled
|
$ | 5,218 | --- | |||||
Loans transferred to repossessed assets
|
--- | $ | 23 | |||||
Stock issued in payment of director fees
|
$ | 100 | $ | 100 | ||||
Acquisition:
|
||||||||
Fair value of assets acquired
|
$ | 107,763 | --- | |||||
Fair value of liabilities assumed
|
$ | 107,678 | --- | |||||
The accompanying notes are an integral part of these consolidated financial statements.
|
Three months ended
|
||||||||||||
(in thousands, except per share data; unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
|||||||||
Weighted average basic shares outstanding
|
5,283 | 5,259 | 5,218 | |||||||||
Add: Potential common shares related to stock options
|
42 | 47 | 49 | |||||||||
Potential common shares related to non-vested restricted stock
|
5 | 4 | 5 | |||||||||
Potential common shares related to warrant
|
36 | 32 | 23 | |||||||||
Weighted average diluted shares outstanding
|
5,366 | 5,342 | 5,295 | |||||||||
Net income available to common stockholders
|
$ | 4,509 | $ | 3,908 | $ | 2,947 | ||||||
Basic EPS
|
$ | 0.85 | $ | 0.74 | $ | 0.56 | ||||||
Diluted EPS
|
$ | 0.84 | $ | 0.73 | $ | 0.56 | ||||||
Weighted average anti-dilutive shares not included in the calculation of diluted EPS Stock options
|
64 | 98 | 188 | |||||||||
Non-vested restricted stock
|
--- | --- | --- | |||||||||
Total anti-dilutive shares
|
64 | 98 | 188 |
(Dollars in thousands, unaudited)
|
Acquisition Date
(February 18, 2011)
|
|||
Book value of net liabilities assumed from Charter Oak Bank
|
$ | (15,750 | ) | |
Cash received from the FDIC upon initial settlement
|
32,588 | |||
Receivable from the FDIC
|
196 | |||
Fair value adjustments:
|
||||
Loans
|
(17,406 | ) | ||
Core deposit intangible asset
|
725 | |||
Vehicles and equipment
|
16 | |||
Deferred tax liabilities
|
(62 | ) | ||
Deposits
|
(220 | ) | ||
Advances from the Federal Home Loan Bank
|
(2 | ) | ||
Total purchase accounting adjustments
|
(16,949 | ) | ||
Bargain purchase gain, net of tax
|
$ | 85 |
(Dollars in thousands, unaudited)
|
Acquisition Date
(February 18, 2011)
|
|||
Assets:
|
||||
Cash and due from banks
|
$ | 34,144 | ||
Interest bearing deposits in banks
|
5,663 | |||
Federal funds sold
|
4,235 | |||
Total cash and cash equivalents
|
44,042 | |||
Loans
|
61,765 | |||
Core deposit intangible
|
725 | |||
Other assets (including the receivable from the FDIC)
|
1,231 | |||
Total assets acquired
|
107,763 | |||
Liabilities:
|
||||
Deposits:
|
||||
Noninterest bearing
|
27,874 | |||
Interest bearing
|
65,987 | |||
Total deposits
|
93,861 | |||
Advances from the Federal Home Loan Bank
|
13,502 | |||
Deferred tax liabilities
|
62 | |||
Other liabilities
|
253 | |||
Total liabilities assumed
|
107,678 | |||
Bargain purchase gain, net of tax (included in other non-interest income)
|
$ | 85 |
|
●
|
For commercial and agriculture loans, a ten percent constant prepayment rates (“CPR”) was assumed based on current research associated with these loan types;
|
|
●
|
A one percent CPR was assumed for commercial real estate, construction and land loans as research data indicates limited prepayment activity over the life of these loans;
|
|
●
|
For single family residential loans, a prepayment rate of twenty percent CPR was used, based on current research associated with these loan types;
|
|
●
|
For home equity lines of credit, a CPR of fifteen percent was assumed based on the refinance likelihood and other research; and,
|
|
●
|
For other consumer loans, a CPR of one and a half percent was used based on current capital markets research data for consumer unsecured credit.
|
Acquisiton-related Expenses
|
Three months ended
|
|||
(in thousands)
|
March 31, 2011
|
|||
Professional services
|
$ | 304 | ||
Data processing
|
30 | |||
Other
|
14 | |||
Total
|
$ | 348 |
(in thousands)
Description of Financial Instruments
|
Carrying Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs (Level 3)
|
||||||||||||
Balance at March 31, 2011 (unaudited):
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Mortgage-backed securities and collaterized mortgage obligations issued by U.S. government agencies
|
$ | 91,045 | $ | --- | $ | 91,045 | $ | --- | ||||||||
Debentures of government sponsored agencies
|
$ | 2,991 | $ | --- | $ | 2,991 | $ | --- | ||||||||
Corporate collateralized mortgage obligations
|
$ | 14,690 | $ | --- | $ | 14,690 | $ | --- | ||||||||
Derivative financial liabilities (interest rate contracts)
|
$ | 2,116 | $ | --- | $ | 2,116 | $ | --- | ||||||||
Balance at December 31, 2010:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Mortgage-backed securities and collaterized mortgage obligations issued by U.S. government agencies
|
$ | 95,258 | $ | --- | $ | 95,258 | $ | --- | ||||||||
Corporate collateralized mortgage obligations
|
$ | 15,870 | $ | --- | $ | 15,870 | $ | --- | ||||||||
Equity securities
|
$ | 608 | $ | 608 | $ | --- | $ | --- | ||||||||
Derivative financial liabilities (interest rate contracts)
|
$ | 2,470 | $ | --- | $ | 2,470 | $ | --- |
(in thousands)
Description of Financial Instruments
|
Carrying Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
(a)
|
Losses for the
three months
ended
March 31,
2011
(b)
|
Losses for
the three
months
ended
March 31,
2010
(b)
|
||||||||||||||||
At March 31, 2011 (unaudited):
|
||||||||||||||||||||||
Impaired loans carried at fair value
(c)
|
$ | 4,785 | $ | --- | $ | --- | $ | 4,785 | $ | 1,213 | $ | 1,643 | ||||||||||
At December 31, 2010:
|
Losses for the year
ended
December 31, 2010
(b)
|
|||||||||||||||||||||
Impaired loans carried at fair value
|
$ | 8,635 | $ | -- | $ | -- | $ | 8,635 | $ | 4,610 |
(a) Represents collateral-dependent loan principal balances that had been generally written down to the appraised value or estimated market value of the underlying collateral, net of specific valuation allowance of $1.2 million and $936 thousand at March 31, 2011 and December 31, 2010, respectively. The carrying value of loans fully charged-off, which includes unsecured lines of credit, overdrafts and all other loans, is zero.
|
(b) Represents net charge-offs during the period presented and the specific valuation allowance established on loans during the period.
|
(c) Represents the portion of impaired loans that have been written down to their estimated fair value.
|
March 31, 2011
|
December 31, 2010
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
(in thousands; 2011 amounts unaudited)
|
Amounts
|
Value
|
Amounts
|
Value
|
||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 128,960 | $ | 128,960 | $ | 85,232 | $ | 85,232 | ||||||||
Investment securities held to maturity
|
34,866 | 35,517 | 34,917 | 35,090 | ||||||||||||
Loans, net
|
965,881 | 984,954 | 929,008 | 952,763 | ||||||||||||
Interest receivable
|
4,627 | 4,627 | 4,207 | 4,207 | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
1,088,360 | 1,088,952 | 1,015,739 | 1,016,401 | ||||||||||||
Federal Home Loan Bank long-term borrowings
|
55,000 | 56,766 | 55,000 | 57,090 | ||||||||||||
Subordinated debenture
|
5,000 | 5,066 | 5,000 | 4,994 | ||||||||||||
Interest payable
|
475 | 475 | 414 | 414 |
March 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||||||||||
(in thousands; |
Amortized
|
Fair
|
Gross Unrealized
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||||||||||||||
March 31, 2011 unaudited)
|
Cost
|
Value
|
Gains
|
(Losses)
|
Cost
|
Value
|
Gains
|
(Losses)
|
||||||||||||||||||||||||
Held-to-maturity
|
||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions
|
$ | 34,866 | $ | 35,517 | $ | 943 | $ | (292 | ) | $ | 34,917 | $ | 35,090 | $ | 666 | $ | (493 | ) | ||||||||||||||
Available-for-sale
|
||||||||||||||||||||||||||||||||
Securities of U. S. government agencies:
|
||||||||||||||||||||||||||||||||
MBS pass-through securities issued by FNMA and FHLMC
|
20,652 | 20,926 | 386 | (112 | ) | 16,119 | 16,424 | 419 | (114 | ) | ||||||||||||||||||||||
CMOs issued by FNMA
|
12,239 | 12,683 | 444 | --- | 12,770 | 13,236 | 466 | --- | ||||||||||||||||||||||||
CMOs issued by FHLMC
|
13,802 | 14,163 | 361 | --- | 19,725 | 20,177 | 452 | --- | ||||||||||||||||||||||||
CMOs issued by GNMA
|
42,757 | 43,273 | 584 | (68 | ) | 44,607 | 45,421 | 884 | (70 | ) | ||||||||||||||||||||||
Debentures of government sponsored agencies
|
3,000 | 2,991 | --- | (9 | ) | --- | --- | --- | --- | |||||||||||||||||||||||
Corporate CMOs
|
14,668 | 14,690 | 161 | (139 | ) | 15,849 | 15,870 | 185 | (164 | ) | ||||||||||||||||||||||
Equity security
|
--- | --- | --- | --- | --- | 608 | 608 | --- | ||||||||||||||||||||||||
Total available for sale
|
107,118 | 108,726 | 1,936 | (328 | ) | 109,070 | 111,736 | 3,014 | (348 | ) | ||||||||||||||||||||||
Total investment securities
|
$ | 141,984 | $ | 144,243 | $ | 2,879 | $ | (620 | ) | $ | 143,987 | $ | 146,826 | $ | 3,680 | $ | (841 | ) |
March 31, 2011
|
||||||||||||||||
Held to Maturity
|
Available for Sale
|
|||||||||||||||
(in thousands; unaudited)
|
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
||||||||||||
Within one year
|
$ | 1,475 | $ | 1,485 | $ | --- | $ | --- | ||||||||
After one but within five years
|
5,998 | 6,150 | 4,117 | 4,108 | ||||||||||||
After five years through ten years
|
20,439 | 20,957 | 16,403 | 16,776 | ||||||||||||
After ten years
|
6,954 | 6,925 | 86,598 | 87,842 | ||||||||||||
Total
|
$ | 34,866 | $ | 35,517 | $ | 107,118 | $ | 108,726 |
March 31, 2011
|
<
12 continuous months
|
> 12 continuous months
|
Total Securities in a loss position
|
|||||||||||||||||||||
(In thousands; unaudited)
|
Fair value
|
Unrealized loss
|
Fair value
|
Unrealized loss
|
Fair value
|
Unrealized loss
|
||||||||||||||||||
Held-to-maturity
|
||||||||||||||||||||||||
Obligations of state & political subdivisions
|
$ | 5,868 | $ | (60 | ) | $ | 1,698 | $ | (232 | ) | $ | 7,566 | $ | (292 | ) | |||||||||
Available-for-sale
|
||||||||||||||||||||||||
Securities of U.S. government agencies
|
15,662 | (189 | ) | --- | --- | 15,662 | (189 | ) | ||||||||||||||||
Corporate CMOs
|
8,018 | (139 | ) | --- | --- | 8,018 | (139 | ) | ||||||||||||||||
Total available for sale
|
23,680 | (328 | ) | --- | --- | 23,680 | (328 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 29,548 | $ | (388 | ) | $ | 1,698 | $ | (232 | ) | $ | 31,246 | $ | (620 | ) | |||||||||
December 31, 2010
|
<
12 continuous months
|
> 12 continuous months
|
Total Securities in a loss position
|
|||||||||||||||||||||
(In thousands)
|
Fair value
|
Unrealized loss
|
Fair value
|
Unrealized loss
|
Fair value
|
Unrealized loss
|
||||||||||||||||||
Held-to-maturity
|
||||||||||||||||||||||||
Obligations of state & political subdivisions
|
$ | 11,622 | $ | (250 | ) | $ | 1,687 | $ | (243 | ) | $ | 13,309 | $ | (493 | ) | |||||||||
Available-for-sale
|
||||||||||||||||||||||||
Securities of U.S. government agencies
|
12,888 | (184 | ) | --- | --- | 12,888 | (184 | ) | ||||||||||||||||
Corporate CMOs
|
7,070 | (164 | ) | --- | --- | 7,070 | (164 | ) | ||||||||||||||||
Total available for sale
|
19,958 | (348 | ) | --- | --- | 19,958 | (348 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 31,580 | $ | (598 | ) | $ | 1,687 | $ | (243 | ) | $ | 33,267 | $ | (841 | ) |
Loan Aging Analysis by Class As of March 31, 2011 and December 31, 2010
|
||||||||||||||||||||||||||||||||
(Dollars in thousands; March 31, 2011 unaudited)
|
Commercial
|
Commercial real estate, owner-occupied
|
Commercial
real estate, investor
|
Construction
|
Home
equity
|
Other
residential
1
|
Installment and
other consumer
|
Total
|
||||||||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||||||||||
30-59 days past due
|
$ | 2,829 | $ | - | $ | - | $ | 3,615 | $ | - | $ | - | $ | 382 | $ | 6,826 | ||||||||||||||||
60-89 days past due
|
266 | - | - | 14,710 | - | - | 65 | 15,041 | ||||||||||||||||||||||||
Greater than 90 days past due (accruing)
|
100 | - | - | - | - | - | - | 100 | ||||||||||||||||||||||||
Greater than 90 days past due (non-accrual)
|
3,337 | 632 | - | 4,145 | 323 | 141 | 426 | 9,004 | ||||||||||||||||||||||||
Total past due
|
6,532 | 632 | - | 22,470 | 323 | 141 | 873 | 30,971 | ||||||||||||||||||||||||
Current
|
155,362 | 160,775 | 378,837 | 53,574 | 95,125 | 67,666 | 27,448 | 938,787 | ||||||||||||||||||||||||
Total loans
3
|
$ | 161,894 | $ | 161,407 | $ | 378,837 | $ | 76,044 | $ | 95,448 | $ | 67,807 | $ | 28,321 | $ | 969,758 | ||||||||||||||||
Non-accrual loans to total loans
|
2.1 | % | 0.4 | % | - | 5.5 | % | 0.3 | % | 0.2 | % | 1.5 | % | 0.9 | % | |||||||||||||||||
Troubled debt restructured loans
4
|
||||||||||||||||||||||||||||||||
Accruing
|
$ | - | $ | - | $ | - | $ | - | $ | 258 | $ | 238 | $ | 1,142 | $ | 1,638 | ||||||||||||||||
Non-accrual
|
- | - | - | - | - | - | 54 | 54 | ||||||||||||||||||||||||
Total troubled debt restructed loans
|
$ | - | $ | - | $ | - | $ | - | $ | 258 | $ | 238 | $ | 1,196 | $ | 1,692 | ||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||||||||||
30-59 days past due
|
$ | 20 | $ | - | $ | - | $ | - | $ | 25 | $ | - | $ | 307 | $ | 352 | ||||||||||||||||
60-89 days past due
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Greater than 90 days past due (non-accrual)
2
|
2,486 | 632 | - | 9,297 | - | 148 | 362 | 12,925 | ||||||||||||||||||||||||
Total past due
|
2,506 | 632 | - | 9,297 | 25 | 148 | 669 | 13,277 | ||||||||||||||||||||||||
Current
|
151,330 | 141,958 | 383,553 | 68,322 | 86,907 | 69,843 | 26,210 | 928,123 | ||||||||||||||||||||||||
Total loans
3
|
$ | 153,836 | $ | 142,590 | $ | 383,553 | $ | 77,619 | $ | 86,932 | $ | 69,991 | $ | 26,879 | $ | 941,400 | ||||||||||||||||
Non-accrual loans to total loans
|
1.6 | % | 0.4 | % | - | 12.0 | % | - | 0.2 | % | 1.3 | % | 1.4 | % | ||||||||||||||||||
Troubled debt restructured loans
3
|
||||||||||||||||||||||||||||||||
Accruing
|
$ | - | $ | - | $ | - | $ | - | $ | 259 | $ | - | $ | 925 | $ | 1,184 | ||||||||||||||||
Non-accrual
|
- | - | - | - | - | - | 55 | 55 | ||||||||||||||||||||||||
Total troubled debt restructed loans
|
$ | - | $ | - | $ | - | $ | - | $ | 259 | $ | - | $ | 980 | $ | 1,239 | ||||||||||||||||
1 Our residential loan portfolio includes no sub-prime loans, nor is it our normal practice to underwrite loans commonly referred to as "Alt-A mortgages", the characteristics of which are loans lacking full documentation, borrowers having low FICO scores or higher loan-to-value ratios.
|
||||||||||||||||||||||||||||||||
2 There were no accruing loans past due more than 90 days at December 31, 2010.
|
||||||||||||||||||||||||||||||||
3 Amounts were net of deferred loan fees of $2.3 million and $2.8 million at March 31, 2011 and December 31, 2010, respectively,
|
||||||||||||||||||||||||||||||||
4 Defined as loans whose contractual terms have been restructured in a manner which grants a concession to a borrower experiencing financial difficulties. These balances are included in the impaired loan totals in the table below.
|
|
●
|
Generally, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk and complexity.
|
|
●
|
Investor commercial real estate borrowers with loans greater than $2.5 million are required to submit rent rolls or property income statements at least annually. It has been our practice to obtain rent rolls or property income statements for loans $750 thousand or greater for the last two years.
|
|
●
|
Construction loans are monitored monthly, and assessed on an ongoing basis.
|
|
●
|
Home equity and other consumer loans are assessed based on delinquency.
|
|
●
|
Loans graded “Watch” or more severe, regardless of loan type, are assessed no less than quarterly.
|
Credit Quality Indicators As of March 31, 2011 and December 31, 2010
|
||||||||||||||||||||||||||||||||||||
(Dollars in thousands; March 31, 2011 unaudited)
|
Commercial
|
Commercial real estate, owner-occupied
|
Commercial real estate, investor
|
Construction
|
Home equity
|
Other residential
|
Installment and other consumer
|
Purchased credit-impaired
|
Total
|
|||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade:
|
||||||||||||||||||||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||||||||||||||
Pass
|
$ | 133,036 | $ | 153,602 | $ | 365,950 | $ | 48,354 | $ | 93,009 | $ | 62,164 | $ | 27,761 | $ | 440 | $ | 884,316 | ||||||||||||||||||
Special mention
|
8,945 | 1,127 | 1,032 | 9,962 | 499 | 238 | - | 816 | 22,619 | |||||||||||||||||||||||||||
Substandard
|
19,554 | 6,678 | 11,855 | 17,728 | 1,940 | 5,320 | 336 | 7,577 | 70,988 | |||||||||||||||||||||||||||
Doubtful
|
359 | - | - | - | - | 85 | 224 | 359 | 1,027 | |||||||||||||||||||||||||||
Total loans
|
$ | 161,894 | $ | 161,407 | $ | 378,837 | $ | 76,044 | $ | 95,448 | $ | 67,807 | $ | 28,321 | $ | 9,192 | $ | 978,950 | ||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||||||||||||||
Pass
|
$ | 120,428 | $ | 135,443 | $ | 369,975 | $ | 57,779 | $ | 84,830 | $ | 64,570 | $ | 26,280 | $ | - | $ | 859,305 | ||||||||||||||||||
Special mention
|
17,009 | 454 | 330 | 10,253 | 447 | - | - | - | 28,493 | |||||||||||||||||||||||||||
Substandard
|
16,169 | 6,693 | 13,248 | 9,587 | 1,655 | 5,421 | 427 | - | 53,200 | |||||||||||||||||||||||||||
Doubtful
|
230 | - | - | - | - | - | 172 | - | 402 | |||||||||||||||||||||||||||
Total loans
|
$ | 153,836 | $ | 142,590 | $ | 383,553 | $ | 77,619 | $ | 86,932 | $ | 69,991 | $ | 26,879 | $ | - | $ | 941,400 |
(Dollars in thousands; March 31, 2011 unaudited)
|
Commercial
|
Commercial real estate, owner-
occupied
|
Commercial real estate,
investor
|
Construction
|
Home
equity
|
Other
residential
|
Installment and other
consumer
|
Total
|
||||||||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||||||||||||||
Recorded investment in impaired loans:
|
||||||||||||||||||||||||||||||||
With no specific allowance recorded
|
$ | 1,028 | $ | 429 | $ | --- | $ | 815 | $ | 25 | $ | --- | $ | 70 | $ | 2,367 | ||||||||||||||||
With a specific allowance recorded
|
2,309 | 203 | $ | --- | 3,330 | 556 | 380 | 1,498 | 8,276 | |||||||||||||||||||||||
Total recorded investment in impaired loans
|
$ | 3,337 | $ | 632 | $ | --- | $ | 4,145 | $ | 581 | $ | 380 | $ | 1,568 | $ | 10,643 | ||||||||||||||||
Unpaid principal balance of impaired loans:
|
||||||||||||||||||||||||||||||||
With no specific allowance recorded
|
$ | 1,028 | $ | 429 | $ | --- | $ | 815 | $ | 25 | $ | --- | $ | 112 | $ | 2,409 | ||||||||||||||||
With a specific allowance recorded
|
3,487 | 259 | --- | 5,843 | 966 | 380 | 1,498 | 12,433 | ||||||||||||||||||||||||
Total recorded investment in impaired loans
|
$ | 4,515 | $ | 688 | $ | --- | $ | 6,658 | $ | 991 | $ | 380 | $ | 1,610 | $ | 14,842 | ||||||||||||||||
Specific allowance
|
$ | 782 | $ | 9 | $ | --- | $ | 429 | $ | 233 | $ | 104 | $ | 362 | $ | 1,919 | ||||||||||||||||
Average recorded investment in impaired loans during the quarter ended March 31, 2011
|
2,486 | 632 | --- | 7,294 | 314 | 143 | 1,763 | 12,632 | ||||||||||||||||||||||||
Interest income recognized on impaired loans during the quarter ended March 31, 2011
|
13 | --- | --- | --- | --- | --- | --- | 13 | ||||||||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||||||||||
Recorded investment in impaired loans:
|
||||||||||||||||||||||||||||||||
With no specific allowance recorded
|
$ | 959 | $ | 633 | $ | --- | $ | 8,742 | $ | --- | $ | --- | $ | 73 | $ | 10,407 | ||||||||||||||||
With a specific allowance recorded
|
1,526 | --- | $ | --- | 555 | 259 | 148 | 1,214 | 3,702 | |||||||||||||||||||||||
Total recorded investment in impaired loans
|
$ | 2,485 | $ | 633 | $ | --- | $ | 9,297 | $ | 259 | $ | 148 | $ | 1,287 | $ | 14,109 | ||||||||||||||||
Unpaid principal balance of impaired loans:
|
||||||||||||||||||||||||||||||||
With no specific allowance recorded
|
$ | 959 | $ | 689 | $ | --- | $ | 11,485 | $ | --- | $ | --- | $ | 115 | $ | 13,248 | ||||||||||||||||
With a specific allowance recorded
|
2,570 | --- | --- | 555 | 259 | 148 | 1,214 | 4,746 | ||||||||||||||||||||||||
Total recorded investment in impaired loans
|
$ | 3,529 | $ | 689 | $ | --- | $ | 12,040 | $ | 259 | $ | 148 | $ | 1,329 | $ | 17,994 | ||||||||||||||||
Specific allowance
|
$ | 667 | $ | --- | $ | --- | $ | 3 | $ | 25 | $ | 93 | $ | 290 | $ | 1,078 | ||||||||||||||||
Average recorded investment in impaired loans during the year
|
1,326 | 3,086 | --- | 6,326 | 191 | 39 | 1,212 | 12,180 | ||||||||||||||||||||||||
Interest income recognized on impaired loans during the year ended December 31, 2011
|
85 | 22 | --- | 336 | 8 | 5 | 66 | 522 |
Three months ended
|
||||
(Dollars in thousands; unaudited)
|
March 31, 2010
|
|||
Allowance for loan losses:
|
||||
Beginning balance
|
$ | 10,618 | ||
Provision
|
1,550 | |||
Charge-offs
|
(1,547 | ) | ||
Recoveries
|
27 | |||
Ending balance
|
$ | 10,648 | ||
Total loans outstanding at March 31, 2010, before deducting allowance for loan losses
|
$ | 920,356 | ||
Ratio of allowance for loan losses to total loans at March 31, 2010
|
1.16 | % | ||
Allowance for loan losses to non-accrual loans at March 31, 2010
|
93.29 | % | ||
Non-accrual loans to total loans at March 31, 2010
|
1.24 | % | ||
Average recorded investment in impaired loans
|
$ | 12,356 |
February 18, 2011
|
||||||||||||
Purchased
|
Other
|
|||||||||||
credit-impaired
|
purchased
|
|||||||||||
(Dollars in thousands; unaudited)
|
loans
|
loans
|
Total
|
|||||||||
Contractually required payments including interest
|
$ | 24,316 | $ | 69,702 | $ | 94,018 | ||||||
Less: nonaccretable difference
|
(13,044 | ) | --- | (13,044 | ) | |||||||
Cash flows expected to be collected (undiscounted)
|
11,272 | 69,702 | 80,974 | |||||||||
Accretable yield
|
(1,902 | ) | (17,307 | ) | 1 | (19,209 | ) | |||||
Fair value of purchased loans
|
$ | 9,370 | $ | 52,395 | $ | 61,765 |
1
$5.8 million of the $17.3 million represents the difference between the contractual principal amounts due and the fair value. This discount is to be accreted to interest income over the remaining lives of the loans. The remaining $11.5 million is the contractual interest to be earned over the life of the loans.
|
February 18, 2011
|
March 31, 2011
|
||||||||||||||||
Unpaid
|
Unpaid
|
||||||||||||||||
principal
|
Carrying
|
principal
|
Carrying
|
||||||||||||||
(Dollars in thousands)
|
balance
|
value
|
balance
|
value
|
|||||||||||||
Commercial
|
$ | 10,860 | $ | 3,706 | $ | 9,231 | $ | 3,428 | |||||||||
Commercial real estate
|
10,139 | 5,664 | 9,861 | 5,764 | |||||||||||||
Total purchased credit-impaired loans
|
$ | 20,999 | $ | 9,370 | $ | 19,092 | $ | 9,192 |
Accretable
|
||||
(Dollars in thousands)
|
Yield
|
|||
Balance at February 18, 2011
|
$ | 1,902 | ||
Additions
|
--- | |||
Removals
1
|
(39 | ) | ||
Accretion
|
(76 | ) | ||
Balance at March 31, 2011
|
$ | 1,787 |
March 31, 2011
|
||||||||||||
Gross
|
Net
|
|||||||||||
Carrying
|
Accummulated
|
Carrying
|
||||||||||
(in thousands; unaudited)
|
Amount
|
Amortization
|
Amount
|
|||||||||
Core deposit intangible
|
$ | 725 | $ | (6 | ) | $ | 719 |
Three months ended
|
||||||||||||
(in thousands except per share data, unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
|||||||||
Cash dividends to common stockholders
|
$ | 847 | $ | 844 | $ | 785 | ||||||
Cash dividends per common share
|
$ | 0.16 | $ | 0.16 | $ | 0.15 |
Asset derivatives
|
Liability derivatives
|
|||||||||||||||
(in thousands; March 31, 2011 unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2011
|
December 31, 2010
|
||||||||||||
Fair value hedges
|
||||||||||||||||
Interest rate contracts notional amount
|
--- | --- | $ | 22,855 | $ | 23,132 | ||||||||||
Credit risk amount
|
--- | --- | --- | --- | ||||||||||||
Interest rate contracts fair value (1)
|
--- | --- | 2,116 | 2,470 | ||||||||||||
Balance sheet location
|
Other assets
|
Other assets
|
Other liabilities
|
Other liabilities
|
Three months ended
|
||||||||||||||||||||
(in thousands; unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
|||||||||||||||||
Increase (decrease) in value of designated interest rate swaps recognized in interest income
|
$ | 354 | $ | 1,099 | $ | (221 | ) | |||||||||||||
Payment on interest rate swaps recorded in interest income
|
(237 | ) | (247 | ) | (213 | ) | ||||||||||||||
(Decrease) increase in value of hedged loans recognized in interest income
|
(339 | ) | (1,140 | ) | 221 | |||||||||||||||
Decrease in value of yield maintenance agreement recognized against interest income
|
(38 | ) | (40 | ) | (5 | ) | ||||||||||||||
Net loss on derivatives recognized in interest income (2)
|
$ | (260 | ) | $ | (328 | ) | $ | (218 | ) |
(1) See Note 4 for valuation methodology.
|
|
(2) Ineffectiveness of ($23) thousand, ($81) thousand, and ($5) thousand was recorded in interest income during the three months ended March 31, 2011, December 31, 2010 and March 31, 2010, respectively. The full change in value of swaps was included in the assessment of hedge effectiveness.
|
As of and for the three months ended
|
||||||||||||
(dollars in thousands, except per share data; unaudited)
|
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
|||||||||
For the period:
|
||||||||||||
Net income
|
$ | 4,509 | $ | 3,908 | $ | 2,947 | ||||||
Net income per share
|
||||||||||||
Basic
|
$ | 0.85 | $ | 0.74 | $ | 0.56 | ||||||
Diluted
|
$ | 0.84 | $ | 0.73 | $ | 0.56 | ||||||
Return on average equity
|
14.74 | % | 12.81 | % | 10.75 | % | ||||||
Return on average assets
|
1.44 | % | 1.28 | % | 1.04 | % | ||||||
Common stock dividend payout ratio
|
18.82 | % | 21.62 | % | 26.79 | % | ||||||
Efficiency ratio
|
52.24 | % | 52.12 | % | 56.79 | % | ||||||
At period end:
|
||||||||||||
Book value per common share
|
$ | 23.64 | $ | 23.05 | $ | 21.47 | ||||||
Total assets
|
$ | 1,290,699 | $ | 1,208,150 | $ | 1,168,777 | ||||||
Total loans
|
$ | 978,950 | $ | 941,400 | $ | 920,356 | ||||||
Total deposits
|
$ | 1,088,360 | $ | 1,015,739 | $ | 987,298 | ||||||
Loan-to-deposit ratio
|
89.9 | % | 92.7 | % | 93.2 | % |
Distribution of Average Statements of Condition and Analysis of Net Interest Income
|
Three months ended
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||||||||||||||
March 31, 2011
|
December 31, 2010
|
March 31, 2010
|
||||||||||||||||||||||||||||||||||
(dollars thousands, unaudited)
|
Average
Balance
|
Interest
Income/
|
Yield/
Rate
|
Average
Balance
|
Interest
Income/
|
Yield/
Rate
|
Average
Balance
|
Interest
Income/
|
Yield/
Rate
|
|||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||
Interest-bearing due from banks (1)
|
$ | 62,374 | $ | 40 | 0.26 | % | $ | 60,050 | $ | 47 | 0.31 | % | $ | 23,990 | $ | 22 | 0.37 | % | ||||||||||||||||||
Investment securities
|
||||||||||||||||||||||||||||||||||||
U.S. Government agencies (2)
|
92,172 | 733 | 3.18 | % | 95,910 | 792 | 3.30 | % | 80,864 | 728 | 3.60 | % | ||||||||||||||||||||||||
Corporate CMOs and other (2)
|
15,872 | 111 | 2.80 | % | 15,628 | 141 | 3.61 | % | 14,153 | 170 | 4.80 | % | ||||||||||||||||||||||||
Obligations of state and political subdivisions (3)
|
34,900 | 460 | 5.27 | % | 32,756 | 443 | 5.41 | % | 30,383 | 437 | 5.75 | % | ||||||||||||||||||||||||
Loans and banker's acceptances (1) (3) (4)
|
979,674 | 15,988 | 6.53 | % | 932,570 | 14,184 | 5.95 | % | 918,654 | 13,742 | 5.98 | % | ||||||||||||||||||||||||
Total interest-earning assets (1)
|
1,184,992 | 17,332 | 5.85 | % | 1,136,914 | 15,607 | 5.37 | % | 1,068,044 | 15,099 | 5.65 | % | ||||||||||||||||||||||||
Cash and non-interest-bearing due from banks
|
42,378 | 36,567 | 38,067 | |||||||||||||||||||||||||||||||||
Bank premises and equipment, net
|
8,468 | 8,531 | 7,977 | |||||||||||||||||||||||||||||||||
Interest receivable and other assets, net
|
31,400 | 32,144 | 30,009 | |||||||||||||||||||||||||||||||||
Total assets
|
$ | 1,267,238 | $ | 1,214,156 | $ | 1,144,097 | ||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$ | 115,067 | $ | 38 | 0.13 | % | $ | 102,117 | $ | 29 | 0.11 | % | $ | 90,626 | $ | 23 | 0.10 | % | ||||||||||||||||||
Savings accounts
|
62,574 | 29 | 0.19 | % | 55,259 | 25 | 0.18 | % | 48,569 | 25 | 0.21 | % | ||||||||||||||||||||||||
Money market accounts
|
382,794 | 337 | 0.36 | % | 380,165 | 339 | 0.35 | % | 407,152 | 797 | 0.79 | % | ||||||||||||||||||||||||
CDARS® time accounts
|
54,432 | 94 | 0.70 | % | 70,453 | 179 | 1.01 | % | 60,270 | 209 | 1.41 | % | ||||||||||||||||||||||||
Other time accounts
|
157,631 | 358 | 0.92 | % | 132,062 | 373 | 1.12 | % | 112,940 | 354 | 1.27 | % | ||||||||||||||||||||||||
Overnight borrowings (1)
|
--- | --- | --- | 8 | --- | 0.29 | % | --- | --- | --- | ||||||||||||||||||||||||||
FHLB fixed-rate advances
|
58,934 | 316 | 2.17 | % | 55,000 | 323 | 2.33 | % | 55,000 | 316 | 2.33 | % | ||||||||||||||||||||||||
Subordinated debenture (1)
|
5,000 | 36 | 2.88 | % | 5,000 | 37 | 2.90 | % | 5,000 | 35 | 2.80 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
836,432 | 1,208 | 0.59 | % | 800,064 | 1,305 | 0.65 | % | 779,557 | 1,759 | 0.92 | % | ||||||||||||||||||||||||
Demand accounts
|
298,075 | 281,563 | 245,117 | |||||||||||||||||||||||||||||||||
Interest payable and other liabilities
|
8,635 | 11,524 | 8,231 | |||||||||||||||||||||||||||||||||
Stockholders' equity
|
124,096 | 121,005 | 111,192 | |||||||||||||||||||||||||||||||||
Total liabilities & stockholders' equity
|
$ | 1,267,238 | $ | 1,214,156 | $ | 1,144,097 | ||||||||||||||||||||||||||||||
Tax-equivalent net interest income/margin (1)
|
$ | 16,124 | 5.44 | % | $ | 14,302 | 4.92 | % | $ | 13,340 | 5.00 | % | ||||||||||||||||||||||||
Reported net interest income/margin
|
$ | 15,878 | 5.36 | % | $ | 13,965 | 4.84 | % | $ | 13,128 | 4.92 | % | ||||||||||||||||||||||||
Tax-equivalent net interest rate spread
|
5.26 | % | 4.72 | % | 4.73 | % |
(1) Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable.
|
|||||||||
(2) Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a
component of stockholders' equity.
|
|||||||||
(3) Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 35 p
ercent.
|
|||||||||
(4) Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield.
|
March 31, 2011 compared
|
March 31, 2011 compared
|
|||||||||||||||||||||||||||
to December 31, 2010
|
to March 31, 2010
|
|||||||||||||||||||||||||||
Three months ended
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||||||||
(dollars in thousands; unaudited)
|
March 31,
2011
|
December 31,
2010
|
March 31,
2010
|
Increase
(Decrease)
|
Increase
(Decrease)
|
Increase
(Decrease)
|
Increase
(Decrease)
|
|||||||||||||||||||||
Service charges on deposit accounts
|
$ | 443 | $ | 442 | $ | 446 | $ | 1 | 0.2 | % | $ | (3 | ) | (0.7 | %) | |||||||||||||
Wealth Management and Trust Services
|
434 | 394 | 395 | 40 | 10.2 | % | 39 | 9.9 | % | |||||||||||||||||||
Other non-interest income
|
||||||||||||||||||||||||||||
Earnings on Bank-owned life insurance
|
169 | 175 | 170 | (6 | ) | (3.4 | %) | (1 | ) | (0.6 | %) | |||||||||||||||||
Customer banking fees and other charges
|
212 | 162 | 127 | 50 | 30.9 | % | 85 | 66.9 | % | |||||||||||||||||||
Pre-tax bargain purchase gain
|
147 | --- | --- | 147 |
NM
|
147 |
NM
|
|||||||||||||||||||||
Other income
|
194 | 187 | 211 | 7 | 3.7 | % | (17 | ) | (8.1 | %) | ||||||||||||||||||
Total other non-interest income
|
722 | 524 | 508 | 198 | 37.8 | % | 214 | 42.1 | % | |||||||||||||||||||
Total non-interest income
|
$ | 1,599 | $ | 1,360 | $ | 1,349 | $ | 239 | 17.6 | % | $ | 250 | 18.5 | % |
March 31, 2011 compared
|
March 31, 2011 compared
|
|||||||||||||||||||||||||||
to December 31, 2010
|
to March 31, 2010
|
|||||||||||||||||||||||||||
Three months ended
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||||||||
(dollars in thousands; unaudited)
|
March 31,
2011
|
December 31,
2010
|
March 31,
2010
|
Increase
(Decrease)
|
Increase
(Decrease)
|
Increase
(Decrease)
|
Increase
(Decrease)
|
|||||||||||||||||||||
Salaries and related benefits
|
$ | 4,929 | $ | 4,408 | $ | 4,606 | $ | 521 | 11.8 | % | $ | 323 | 7.0 | % | ||||||||||||||
Occupancy and equipment
|
907 | 884 | 898 | 23 | 2.6 | % | 9 | 1.0 | % | |||||||||||||||||||
Depreciation & amortization
|
308 | 311 | 338 | (3 | ) | (1.0 | %) | (30 | ) | (8.9 | %) | |||||||||||||||||
FDIC insurance
|
387 | 381 | 362 | 6 | 1.6 | % | 25 | 6.9 | % | |||||||||||||||||||
Data processing costs
|
582 | 494 | 446 | 88 | 17.8 | % | 136 | 30.5 | % | |||||||||||||||||||
Professional services
|
733 | 481 | 432 | 252 | 52.4 | % | 301 | 69.7 | % | |||||||||||||||||||
Other non-interest expense
|
||||||||||||||||||||||||||||
Advertising
|
86 | 144 | 44 | (58 | ) | (40.3 | %) | 42 | 95.5 | % | ||||||||||||||||||
Director expense
|
118 | 119 | 119 | (1 | ) | (0.8 | %) | (1 | ) | (0.8 | %) | |||||||||||||||||
Other expense
|
1,080 | 815 | 977 | 265 | 32.5 | % | 103 | 10.6 | % | |||||||||||||||||||
Total other non-interest expense
|
1,284 | 1,078 | 1,140 | 206 | 19.0 | % | 144 | 12.7 | % | |||||||||||||||||||
Total non-interest expense
|
$ | 9,130 | $ | 8,037 | $ | 8,222 | $ | 1,093 | 13.6 | % | $ | 908 | 11.0 | % |
Loans Outstanding
|
||||||||
(Dollars in thousands; March 31, 2011 unaudited)
|
March 31, 2011
|
December 31, 2010
|
||||||
Commercial loans
|
$ | 165,322 | $ | 153,836 | ||||
Real estate
|
||||||||
Commercial owner-occupied
|
165,908 | 142,590 | ||||||
Commercial investor
|
380,100 | 383,553 | ||||||
Construction
|
76,044 | 77,619 | ||||||
Home equity
|
95,448 | 86,932 | ||||||
Other residential
1
|
67,807 | 69,991 | ||||||
Installment and other consumer loans
|
28,321 | 26,879 | ||||||
Total loans
|
978,950 | 941,400 | ||||||
Allowance for loan losses
|
(13,069 | ) | (12,392 | ) | ||||
Total net loans
|
$ | 965,881 | $ | 929,008 |
1 Our residential loan portfolio includes no sub-prime loans, nor is it our normal practice to underwrite loans commonly referred to as "Alt-A mortgages", the characteristics of which are loans lacking full documentation, borrowers having low FICO scores or collateral compositions reflecting high loan-to-value ratios. However, substantially all of our residential loans are indexed to Treasury Constant Maturity Rates and have provisions to reset five years after their origination dates.
|
Capital Ratios for Bancorp
|
Ratio for Capital
|
|||||||||||
(in thousands; March 31, 2011 unaudited)
|
Actual Ratio
|
Adequacy Purposes
|
||||||||||
As of March 31, 2011
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||
Total Capital (to risk-weighted assets)
|
$ | 142,410 | 12.96 | % |
≥ $87,889
|
≥ 8.00%
|
||||||
Tier 1 Capital (to risk-weighted assets)
|
$ | 123,832 | 11.27 | % |
≥ $43,944
|
≥ 4.00%
|
||||||
Tier 1 Capital (to average assets)
|
$ | 123,832 | 9.78 | % |
≥ $50,661
|
≥ 4.00%
|
||||||
As of December 31, 2010
|
||||||||||||
Total Capital (to risk-weighted assets)
|
$ | 138,545 | 13.34 | % |
>
$83,068
|
>
8.0%
|
||||||
Tier 1 Capital (to risk-weighted assets)
|
$ | 120,375 | 11.59 | % |
>
$41,534
|
>
4.0%
|
||||||
Tier 1 Capital (to average assets)
|
$ | 120,375 | 9.91 | % |
>
$48,566
|
>
4.0%
|
||||||
Ratio to be Well
|
||||||||||||
Capitalized under
|
||||||||||||
Capital Ratios for the Bank
|
Ratio for Capital
|
Prompt Corrective
|
||||||||||
(in thousands; March 31, 2011 unaudited)
|
Actual Ratio
|
Adequacy Purposes
|
Action Provisions
|
|||||||||
As of March 31, 2011
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||
Total Capital (to risk-weighted assets)
|
$ | 136,620 | 12.44 | % |
≥ $87,886
|
≥ 8.00%
|
≥ $109,858
|
≥ 10.00%
|
||||
Tier 1 Capital (to risk-weighted assets)
|
$ | 118,042 | 10.74 | % |
≥ $43,943
|
≥ 4.00%
|
≥ $65,915
|
≥ 6.00%
|
||||
Tier 1 Capital (to average assets)
|
$ | 118,042 | 9.32 | % |
≥ $50,688
|
≥ 4.00%
|
≥ $63,360
|
≥ 5.00%
|
||||
As of December 31, 2010
|
||||||||||||
Total Capital (to risk-weighted assets)
|
$ | 131,817 | 12.70 | % |
>
$83,067
|
>
8.0%
|
>
$103,834
|
>
10.0%
|
||||
Tier 1 Capital (to risk-weighted assets)
|
$ | 113,647 | 10.95 | % |
>
$41,533
|
>
4.0%
|
>
$62,300
|
>
6.0%
|
||||
Tier 1 Capital (to average assets)
|
$ | 113,647 | 9.36 | % |
>
$48,566
|
>
4.0%
|
>
$60,708
|
>
5.0%
|
2.01
|
Modified Whole Bank Purchase and Assumption Agreement dated February 18, 2011 among Federal Deposit Insurance Corporation, Receiver of Charter Oak Bank, Napa, California, Federal Deposit Insurance Corporation, and Bank of Marin, is incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2011*.
|
||
3.01
|
Articles of Incorporation, as amended, is incorporated by reference to Exhibit 3.01 to Bancorp’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007*.
|
||
3.02
|
Bylaws, as amended to date.
|
||
4.01
|
Rights Agreement dated as of July 2, 2007 is incorporated by reference to Exhibit 4.1 to Registration Statement on Form 8-A12B filed with the Securities and Exchange Commission on July 2, 2007*.
|
||
4.02
|
Form of Warrant for Purchase of Shares of Common Stock, as amended, is incorporated by reference to Exhibit 4.4 to the Post Effective Amendment to Form S-3 filed with the Securities and Exchange Commission on April 28, 2009*.
|
||
10.01
|
2007 Employee Stock Purchase Plan is incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8 filed with the Securities and Exchange Commission on July 24, 2007*.
|
||
10.02
|
1989 Stock Option Plan is incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8 filed with the Securities and Exchange Commission on July 24, 2007*.
|
||
10.03
|
1999 Stock Option Plan is incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8 filed with the Securities and Exchange Commission on July 24, 2007*.
|
||
10.04
|
2007 Equity Plan is incorporated by reference to Exhibit 4.1 to Registration Statement on Bancorp’s Form S-8 filed with the Securities and Exchange Commission on July 24, 2007*.
|
||
10.05
|
Form of Change in Control Agreement is incorporated by reference to Exhibit 10.01 to Current Report on Form 8-K filed with the Securities and Exchange Commission on October 31, 2007*.
|
||
10.06
|
Form of Indemnification Agreement for Directors and Executive Officers dated August 9, 2007 is incorporated by reference to Exhibit 10.06 to Bancorp’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007*.
|
||
10.07
|
Form of Employment Agreement dated January 23, 2009 is incorporated by reference to Exhibit 10.1 to Bancorp’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2009*.
|
||
10.08
|
2010 Director Stock Plan is incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8 filed with the Securities and Exchange Commission on June 21, 2010*.
|
||
10.09
|
2010 Annual Individual Incentive Compensation Plan is incorporated by reference to Exhibit 99.1 to Form 8-K filed with the Securities and Exchange Commission on October 21, 2010*.
|
||
10.10
|
Salary Continuation Agreement with four executive officers, Russell Colombo, Chief Executive Officer, Christina Cook, Chief Financial Officer, Kevin Coonan, Chief Credit Officer, and Peter Pelham, Director of Retail Banking, dated January 1, 2011 is incorporated by reference to Exhibits 10.1 (Colombo), 10.2 (Cook), 10.3 (Coonan), and 10.4 (Pelham) to Current Report on Form 8-K filed with the Securities and Exchange Commission on January 6, 2011*.
|
||
11.01
|
Earnings Per Share Computation - included in Note 1 to the Consolidated Financial Statements.
|
||
14.01
|
Code of Ethical Conduct is incorporated by reference to Exhibit 14.01 to Current Report on Form 8-K filed with the Securities and Exchange Commission on June 26, 2008*.
|
||
31.01
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.02
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.01
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
* Previously Filed
|
Bank of Marin Bancorp
|
||
(registrant)
|
||
May 5, 2011
|
/s/ Russell A. Colombo
|
|
Date
|
Russell A. Colombo
|
|
President &
|
||
Chief Executive Officer
|
||
May 5, 2011
|
/s/ Christina J. Cook
|
|
Date
|
Christina J. Cook
|
|
Executive Vice President &
|
||
Chief Financial Officer
|
||
May 5, 2011
|
/s/ Larry R. Olafson
|
|
Date
|
Larry R. Olafson
|
|
Senior Vice President &
|
||
Controller
|
Exhibit Number
|
Description
|
Location
|
|||
3.02 | Bylaws, as amended to date | Filed herewith. | |||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
Filed herewith.
|
||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
Filed herewith.
|
||||
Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
|
Furnished herewith.
|
|
(a)
|
the approval of any action which, under the General Corporation Law of California, also requires shareholders' approval or approval of the outstanding shares;
|
|
(f)
|
a distribution to the shareholders of the corporation, except at a rate or in a periodic amount or within a price range determined by the board of directors; or
|
|
(g)
|
the appointment of any other committees of the board of directors or the members of these committees.
|
/s/ Nancy Boatright
|
||
Nancy Boatright, Secretary
|
|
1.
|
She is the Secretary of Bank of Marin Bancorp (the “Company”).
|
|
2.
|
New Article II, Section 2.14 of the Bylaws of the Company, will read as follows:
|
|
(c)
|
The total number of shares of common stock of the corporation that will be voted for each proposed nominee;
|
|
(d)
|
The name and residence address of the notifying shareholder; and
|
|
(e)
|
The number of shares of common stock of the corporation owned by the notifying shareholder.
|
|
3.
|
The foregoing amendment of the Company’s Bylaws have been duly approved by the Board of Directors of the Company by unanimous written consent on January 4, 2011.
|
Dated:
|
January 4, 2011 |
/s/ Nancy Boatright
|
||
Nancy Boatright, Secretary
|
|
1.
|
She is the Secretary of Bank of Marin Bancorp (the “Company”).
|
|
2.
|
That Article III, Section 3.6 of the Bylaws of the Company are amended to read as follows:
|
|
3.6
|
Annual Directors' Meeting.
Following each annual shareholders' meeting, the board of directors shall hold a regular meeting at the same place, or at any other place that has been designated by the board of directors, to consider matters of organization, election of officers, and other business as desired. Notice of this meeting shall not be required unless some place other than the place of the annual shareholders' meeting has been designated.
|
|
3.
|
The foregoing amendment of the Company’s Bylaws have been duly approved by the Board of Directors of the Company at a meeting held on January 21, 2011.
|
Dated:
|
January 21, 2011 |
/s/ Nancy Boatright
|
||
Nancy Boatright, Secretary
|
|
1.
|
She is the Secretary of Bank of Marin Bancorp (the “Company”).
|
|
2.
|
That Article III, Section 3.8 of the Bylaws of the Company are amended to read as follows:
|
|
3.
|
The foregoing amendment of the Company’s Bylaws have been duly approved by the Board of Directors of the Company at a meeting held on January 21, 2011.
|
Dated:
|
January 21, 2011 |
/s/ Nancy Boatright
|
||
Nancy Boatright, Secretary
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Bank of Marin Bancorp (the Registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a -15(f) and 15d-15(f)) for the Registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's Board of Directors (or persons performing the equivalent functions):
|
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting.
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May 5, 2011
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/s/ Russell A. Colombo
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|
Date
|
Russell A. Colombo
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Bank of Marin Bancorp (the Registrant);
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2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
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4.
|
The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
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5.
|
The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's Board of Directors (or persons performing the equivalent functions):
|
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting.
|
May 5, 2011
|
/s/ Christina J. Cook
|
|
Date
|
Christina J. Cook
|
|
Chief Financial Officer
|
1) |
such Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2) | the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
May 5, 2011
|
/s/ Russell A. Colombo
|
|
Date
|
Russell A. Colombo
|
|
President &
|
||
Chief Executive Officer
|
||
May 5, 2011
|
/s/ Christina J. Cook
|
|
Date
|
Christina J. Cook
|
|
Executive Vice President &
|
||
Chief Financial Officer
|