x
|
Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
|
¨
|
Transition
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
|
NorthWest Indiana
Bancorp
|
(Exact
name of registrant as specified in its
charter)
|
Indiana
|
35-1927981
|
|
(State or other jurisdiction of incorporation
|
(I.R.S. Employer
|
|
or organization)
|
Identification Number)
|
|
9204 Columbia Avenue
|
||
Munster, Indiana
|
46321
|
|
(Address of principal executive offices)
|
(ZIP code)
|
Page
|
||||
Number
|
||||
PART I. Financial Information
|
||||
Item 1.
|
Unaudited Financial Statements
|
|||
Consolidated Balance Sheets, September 30, 2009 and December 31, 2008
|
1
|
|||
Consolidated Statements of Income, Three and Nine months Ended
|
||||
September 30, 2009 and 2008
|
2
|
|||
Consolidated Statements of Changes in Stockholders' Equity, Three and Nine months
|
||||
Ended September 30, 2009 and 2008
|
3
|
|||
Consolidated Statements of Cash Flows, Nine months
|
||||
Ended September 30, 2009 and 2008
|
4
|
|||
Notes to Consolidated Financial Statements
|
5-15
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and
|
|||
Results of Operations
|
16-26
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
26
|
||
Item 4T.
|
Controls and Procedures
|
26
|
||
PART II. Other Information
|
27
|
|||
SIGNATURES
|
28
|
|||
EXHIBITS
|
|
|||
31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
||||
31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
||||
32.1 Section 1350 Certifications
|
September 30,
|
December 31,
|
|||||||
2009
|
2008
|
|||||||
(Dollars
in thousands)
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Cash
and non-interest bearing balances in financial
institutions
|
$ | 8,981 | $ | 10,005 | ||||
Interest
bearing balances in financial institutions
|
16,394 | - | ||||||
Federal
funds sold
|
3,664 | 1,291 | ||||||
Total
cash and cash equivalents
|
29,039 | 11,296 | ||||||
Securities
available-for-sale
|
122,279 | 108,207 | ||||||
Securities
held-to-maturity
|
21,280 | 18,515 | ||||||
Loans
held for sale
|
906 | - | ||||||
Loans
receivable
|
463,143 | 489,509 | ||||||
Less:
allowance for loan losses
|
(5,173 | ) | (5,830 | ) | ||||
Net
loans receivable
|
457,970 | 483,679 | ||||||
Federal
Home Loan Bank stock
|
3,650 | 3,650 | ||||||
Accrued
interest receivable
|
2,893 | 3,160 | ||||||
Premises
and equipment
|
19,511 | 19,083 | ||||||
Foreclosed
real estate
|
3,617 | 527 | ||||||
Cash
value of bank owned life insurance
|
11,948 | 11,641 | ||||||
Other
assets
|
5,203 | 4,974 | ||||||
Total
assets
|
$ | 678,296 | $ | 664,732 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Non-interest
bearing
|
$ | 52,201 | $ | 43,367 | ||||
Interest
bearing
|
505,069 | 484,781 | ||||||
Total
|
557,270 | 528,148 | ||||||
Borrowed
funds
|
61,050 | 74,795 | ||||||
Accrued
expenses and other liabilities
|
6,657 | 9,016 | ||||||
Total
liabilities
|
624,977 | 611,959 | ||||||
Stockholders'
Equity:
|
||||||||
Preferred
stock, no par or stated value;
|
||||||||
10,000,000
shares authorized, none outstanding
|
- | - | ||||||
Common
stock, no par or stated value; 10,000,000 shares
authorized;
|
||||||||
shares
issued: September 30, 2009 - 2,889,802
|
361 | 361 | ||||||
December
31, 2008 - 2,887,452
|
||||||||
shares
outstanding: September 30, 2009 - 2,816,663
|
||||||||
December
31, 2008 - 2,809,075
|
||||||||
Additional
paid in capital
|
5,095 | 5,064 | ||||||
Accumulated
other comprehensive income/(loss)
|
653 | (1,289 | ) | |||||
Retained
earnings
|
48,799 | 50,365 | ||||||
Treasury
stock, common shares at cost: September 30, 2009 -
73,139
|
||||||||
December
31, 2008 - 78,377
|
(1,589 | ) | (1,728 | ) | ||||
Total
stockholders' equity
|
53,319 | 52,773 | ||||||
Total
liabilities and stockholders' equity
|
$ | 678,296 | $ | 664,732 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
September 30,
|
September 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Interest
income:
|
||||||||||||||||
Loans
receivable
|
||||||||||||||||
Real
estate loans
|
$ | 5,293 | $ | 6,285 | $ | 16,826 | $ | 19,004 | ||||||||
Commercial
loans
|
954 | 941 | 2,767 | 2,939 | ||||||||||||
Consumer
loans
|
29 | 40 | 93 | 118 | ||||||||||||
Total
loan interest
|
6,276 | 7,266 | 19,686 | 22,061 | ||||||||||||
Securities
|
1,538 | 1,482 | 4,632 | 4,243 | ||||||||||||
Other
interest earning assets
|
3 | 13 | 14 | 59 | ||||||||||||
Total
interest income
|
7,817 | 8,761 | 24,332 | 26,363 | ||||||||||||
Interest
expense:
|
||||||||||||||||
Deposits
|
1,636 | 2,365 | 5,687 | 8,255 | ||||||||||||
Borrowed
funds
|
437 | 607 | 1,384 | 1,738 | ||||||||||||
Total
interest expense
|
2,073 | 2,972 | 7,071 | 9,993 | ||||||||||||
Net
interest income
|
5,744 | 5,789 | 17,261 | 16,370 | ||||||||||||
Provision
for loan losses
|
4,675 | 590 | 6,490 | 1,540 | ||||||||||||
Net
interest income after provision for loan losses
|
1,069 | 5,199 | 10,771 | 14,830 | ||||||||||||
Noninterest
income:
|
||||||||||||||||
Fees
and service charges
|
694 | 782 | 2,004 | 2,185 | ||||||||||||
Gain
on sale of loans, net
|
167 | 24 | 1,032 | 94 | ||||||||||||
Wealth
management operations
|
270 | 201 | 672 | 618 | ||||||||||||
Gain
on securities, net
|
93 | 41 | 437 | 187 | ||||||||||||
Increase
in cash value of bank owned life insurance
|
98 | 106 | 306 | 311 | ||||||||||||
Other-than-temporary
impairment of securities
|
138 | 0 | (145 | ) | 0 | |||||||||||
Portion
of gain/(loss) recognized in other comprehensive income
|
(182 | ) | 0 | 101 | 0 | |||||||||||
Gain/(loss)
on foreclosed real estate
|
(26 | ) | (40 | ) | (58 | ) | (21 | ) | ||||||||
Other
|
11 | 11 | 23 | 131 | ||||||||||||
Total
noninterest income
|
1,263 | 1,125 | 4,372 | 3,505 | ||||||||||||
Noninterest
expense:
|
||||||||||||||||
Compensation
and benefits
|
2,451 | 2,243 | 7,061 | 6,577 | ||||||||||||
Occupancy
and equipment
|
782 | 733 | 2,315 | 2,148 | ||||||||||||
Federal
deposit insurance premiums
|
246 | 27 | 986 | 57 | ||||||||||||
Data
processing
|
222 | 213 | 652 | 641 | ||||||||||||
Marketing
|
153 | 85 | 368 | 304 | ||||||||||||
Other
|
924 | 976 | 2,896 | 2,764 | ||||||||||||
Total
noninterest expense
|
4,778 | 4,277 | 14,278 | 12,491 | ||||||||||||
Income
before income tax expenses
|
(2,446 | ) | 2,047 | 865 | 5,844 | |||||||||||
Income
tax expenses/(benefit)
|
(1,051 | ) | 474 | (498 | ) | 1,178 | ||||||||||
Net
income/(loss)
|
$ | (1,395 | ) | $ | 1,573 | $ | 1,363 | $ | 4,666 | |||||||
Earnings/(loss)
per common share:
|
||||||||||||||||
Basic
|
$ | (0.50 | ) | $ | 0.56 | $ | 0.48 | $ | 1.66 | |||||||
Diluted
|
$ | (0.50 | ) | $ | 0.56 | $ | 0.48 | $ | 1.65 | |||||||
Dividends
declared per common share
|
$ | 0.32 | $ | 0.36 | $ | 1.00 | $ | 1.08 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Dollars in thousands)
|
September 30,
|
September 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | 53,274 | $ | 52,253 | $ | 52,773 | $ | 52,733 | ||||||||
Comprehensive
income:
|
||||||||||||||||
Net
income/(loss)
|
(1,395 | ) | 1,573 | 1,363 | 4,666 | |||||||||||
Net
unrealized gain/(loss) on securities
|
||||||||||||||||
available-for-sale,
net of reclassifications and tax effects
|
2,283 | (1,976 | ) | 1,948 | (3,410 | ) | ||||||||||
Amortization
of unrecognized gain
|
(2 | ) | (2 | ) | (6 | ) | (9 | ) | ||||||||
Comprehensive
income/(loss)
|
886 | (405 | ) | 3,305 | 1,247 | |||||||||||
Issuance
of common stock,
|
||||||||||||||||
under
stock based compensation plan, including tax effects
|
- | 60 | 4 | 101 | ||||||||||||
Stock
based compensation expense
|
9 | 14 | 33 | 45 | ||||||||||||
Sale
of treasury stock
|
52 | 25 | 101 | 89 | ||||||||||||
Stock
repurchase
|
- | - | - | (226 | ) | |||||||||||
Adjustment
to retained earnings for EITF 06-4
|
- | - | (84 | ) | (20 | ) | ||||||||||
Cash
dividends
|
(902 | ) | (1,011 | ) | (2,813 | ) | (3,033 | ) | ||||||||
Balance
at end of period
|
$ | 53,319 | $ | 50,936 | $ | 53,319 | $ | 50,936 |
Nine Months Ended
|
||||||||
(Dollars in thousands)
|
September 30,
|
|||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 1,363 | $ | 4,666 | ||||
Adjustments
to reconcile net income to
|
||||||||
net
cash provided by operating activities:
|
||||||||
Origination
of loans for sale
|
(44,961 | ) | (3,940 | ) | ||||
Sale
of loans originated for sale
|
44,771 | 3,812 | ||||||
Depreciation
and amortization, net of accretion
|
1,095 | 1,149 | ||||||
Amortization
of mortgage servicing rights
|
113 | 69 | ||||||
Amortization
of investment in real estate limited partnerships
|
142 | 19 | ||||||
Equity
in (gain)/loss of investment in limited partnership,
|
||||||||
net
of interest received
|
11 | 73 | ||||||
Stock
based compensation expense
|
33 | 45 | ||||||
Net
gains on sales and calls of securities
|
(437 | ) | (187 | ) | ||||
Net
gains on sale of loans
|
(1,032 | ) | (94 | ) | ||||
Net
losses due to other-than-temporary impairment of
securities
|
44 | - | ||||||
Net
losses on foreclosed real estate
|
58 | 21 | ||||||
Provision
for loan losses
|
6,490 | 1,540 | ||||||
Net
change in:
|
||||||||
Interest
receivable
|
267 | 191 | ||||||
Other
assets
|
(1,373 | ) | (410 | ) | ||||
Cash
value of bank owned life insurance
|
(307 | ) | (311 | ) | ||||
Accrued
expenses and other liabilities
|
(2,442 | ) | (405 | ) | ||||
Total
adjustments
|
2,472 | 1,572 | ||||||
Net
cash from operating activities
|
3,835 | 6,238 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds
from maturities and pay downs of securities
available-for-sale
|
17,254 | 24,343 | ||||||
Proceeds
from sales of securities available-for-sale
|
21,023 | 5,976 | ||||||
Purchase
of securities available-for-sale
|
(48,914 | ) | (39,612 | ) | ||||
Purchase
of securities held-to-maturity
|
(3,860 | ) | (2,171 | ) | ||||
Proceeds
from maturities and pay downs of securities
held-to-maturity
|
1,073 | 1,925 | ||||||
Proceeds
from sale of loans transferred to held-for-sale
|
10,651 | - | ||||||
Loan
participations purchased
|
- | (200 | ) | |||||
Net
change in loans receivable
|
5,578 | (19,138 | ) | |||||
Purchase
of Federal Home Loan Bank Stock
|
- | (100 | ) | |||||
Purchase
of premises and equipment, net
|
(1,566 | ) | (3,082 | ) | ||||
Proceeds
from sale of foreclosed real estate
|
- | 109 | ||||||
Net
cash from investing activities
|
1,239 | (31,950 | ) | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Change
in deposits
|
29,122 | 29,065 | ||||||
Proceeds
from FHLB advances
|
6,000 | 30,000 | ||||||
Repayment
of FHLB advances
|
(13,000 | ) | (26,000 | ) | ||||
Change
in other borrowed funds
|
(6,745 | ) | (3,793 | ) | ||||
Tax
effect of nonqualified stock option exercise
|
- | 6 | ||||||
Proceeds
from issuance of common stock
|
4 | 95 | ||||||
Proceeds
from sale of treasury stock
|
101 | 89 | ||||||
Dividends
paid
|
(2,813 | ) | (3,034 | ) | ||||
Treasury
stock purchased
|
- | (226 | ) | |||||
Net
cash from financing activities
|
12,669 | 26,202 | ||||||
Net
change in cash and cash equivalents
|
17,743 | 490 | ||||||
Cash
and cash equivalents at beginning of period
|
11,296 | 12,111 | ||||||
Cash
and cash equivalents at end of period
|
$ | 29,039 | $ | 12,601 | ||||
SUPPLEMENTAL
CASH FLOW INFORMATION:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 7,128 | $ | 10,379 | ||||
Income
taxes
|
$ | 990 | $ | 1,390 | ||||
SUPPLEMENTAL
NONCASH INFORMATION:
|
||||||||
Transfers
from loans to foreclosed real estate
|
$ | 3,529 | $ | 821 | ||||
Transfers
from loans to loans held for sale
|
$ | 10,493 | $ | - |
(Dollars in thousands)
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
|||||||||||||
9/30/2009
|
||||||||||||||||
U.S.
government sponsored entities
|
$ | 1,992 | $ | 73 | $ | - | $ | 2,065 | ||||||||
CMO
and residential mortgage-backed securities
|
62,670 | 2,716 | - | 65,386 | ||||||||||||
Municipal
securities
|
33,438 | 2,007 | (59 | ) | 35,386 | |||||||||||
Corporate
debt securities
|
3,026 | 89 | (11 | ) | 3,104 | |||||||||||
CMO
government sponsored entities
|
14,805 | 270 | (11 | ) | 15,064 | |||||||||||
Collateralized
debt obligations
|
5,435 | - | (4,161 | ) | 1,274 | |||||||||||
Total
debt securities
|
$ | 121,366 | $ | 5,155 | $ | (4,242 | ) | $ | 122,279 | |||||||
12/31/2008
|
||||||||||||||||
U.S.
government sponsored entities
|
$ | 5,484 | $ | 137 | $ | - | $ | 5,621 | ||||||||
CMO
and residential mortgage-backed securities
|
63,520 | 1,856 | (7 | ) | 65,369 | |||||||||||
Municipal
securities
|
26,952 | 259 | (532 | ) | 26,679 | |||||||||||
Corporate
debt securities
|
5,079 | - | (266 | ) | 4,813 | |||||||||||
CMO
government sponsored entities
|
3,756 | 97 | (1 | ) | 3,852 | |||||||||||
Collateralized
debt obligations
|
5,481 | - | (3,608 | ) | 1,873 | |||||||||||
Total
debt securities
|
$ | 110,272 | $ | 2,349 | $ | (4,414 | ) | $ | 108,207 |
(Dollars in thousands)
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Carrying
|
Unrecognized
|
Unrecognized
|
Fair
|
|||||||||||||
Amount
|
Gains
|
Losses
|
Value
|
|||||||||||||
9/30/2009
|
||||||||||||||||
Municipal
securities
|
$ | 20,256 | $ | 906 | $ | (4 | ) | $ | 21,158 | |||||||
Residential
mortgage-backed securities
|
1,024 | 34 | (4 | ) | 1,054 | |||||||||||
Total
debt securities
|
$ | 21,280 | $ | 940 | $ | (8 | ) | $ | 22,212 | |||||||
12/31/2008
|
||||||||||||||||
Municipal
securities
|
$ | 18,127 | $ | 117 | $ | (263 | ) | $ | 17,981 | |||||||
Residential
mortgage-backed securities
|
388 | 16 | - | 404 | ||||||||||||
Total
debt securities
|
$ | 18,515 | $ | 133 | $ | (263 | ) | $ | 18,385 |
(Dollars in thousands)
|
||||||||||||
Available-for-sale
|
Held-to-maturity
|
|||||||||||
Fair
|
Carrying
|
Fair
|
||||||||||
Value
|
Amount
|
Value
|
||||||||||
Due
in one year or less
|
$ | 192 | $ | - | $ | - | ||||||
Due
from one to five years
|
6,239 | - | - | |||||||||
Due
over five years
|
35,398 | 20,256 | 21,158 | |||||||||
CMO
and residential mortgage-backed securities
|
80,450 | 1,024 | 1,054 | |||||||||
Total
|
$ | 122,279 | $ | 21,280 | $ | 22,212 |
(Dollars in thousands)
|
||||||||
9/30/2009
|
12/31/2008
|
|||||||
Proceeds
|
$ | 21,023 | $ | 11,203 | ||||
Gross
gains
|
437 | 214 | ||||||
Gross
losses
|
(344 | ) | (5 | ) |
(Dollars in thousands)
|
||||
Unrealized gains
(losses) on
securities available
for sale
|
||||
Beginning
balance, June 30, 2009
|
$ | (1,375 | ) | |
Current
period change
|
1,948 | |||
Ending
balance, September 30, 2009
|
$ | 573 |
(Dollars
in thousands)
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
9/30/2009
|
||||||||||||||||||||||||
Description
of Securities:
|
||||||||||||||||||||||||
U.S.
government
|
||||||||||||||||||||||||
sponsored
entities
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
CMO
and residential mortgage-
|
||||||||||||||||||||||||
backed
securities
|
4,325 | (15 | ) | 39 | - | 4,365 | (15 | ) | ||||||||||||||||
Municipal
securities
|
- | - | 1,882 | (63 | ) | 1,882 | (63 | ) | ||||||||||||||||
Corporate
debt securities
|
- | - | 3,105 | (11 | ) | 3,105 | (11 | ) | ||||||||||||||||
Collateralized
debt obligations
|
- | - | 1,274 | (4,047 | ) | 1,274 | (4,047 | ) | ||||||||||||||||
Total
temporarily impaired
|
$ | 4,325 | $ | (15 | ) | $ | 6,300 | $ | (4,121 | ) | $ | 10,626 | $ | (4,136 | ) |
(Dollars in thousands)
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
12/31/2008
|
||||||||||||||||||||||||
Description
of Securities:
|
||||||||||||||||||||||||
U.S.
government
|
||||||||||||||||||||||||
sponsored
entities
|
$ | - | $ | - | $ | 104 | $ | (1 | ) | $ | 104 | $ | (1 | ) | ||||||||||
CMO
and residential mortgage-
|
||||||||||||||||||||||||
backed
securities
|
1,368 | (3 | ) | 371 | (4 | ) | 1,739 | (7 | ) | |||||||||||||||
Municipal
securities
|
25,924 | (795 | ) | - | - | 25,924 | (795 | ) | ||||||||||||||||
Corporate
debt securities
|
4,813 | (266 | ) | - | - | 4,813 | (266 | ) | ||||||||||||||||
Collateralized
debt obligations
|
1,409 | (2,640 | ) | 464 | (968 | ) | 1,873 | (3,608 | ) | |||||||||||||||
Total
temporarily impaired
|
$ | 33,514 | $ | (3,704 | ) | $ | 939 | $ | (973 | ) | $ | 34,453 | $ | (4,677 | ) |
(Dollars in thousands)
|
||||||||
9/30/2009
|
12/31/2008
|
|||||||
Loans
past due over 90 days still on accrual
|
$ | 1,770 | $ | 1,476 | ||||
Non-accrual
loans
|
17,337 | 10,937 |
(Dollars in thousands)
|
||||||||
9/30/2009
|
12/31/2008
|
|||||||
Period-end
loans with no allocated
|
||||||||
allowance
for loan losses
|
$ | 14,037 | $ | 1,748 | ||||
Period-end
loans with allocated
|
||||||||
allowance
for loan losses
|
803 | 6,819 | ||||||
Total
|
$ | 14,840 | $ | 8,567 | ||||
Amount
of the allowance for
|
||||||||
loan
losses allocated
|
$ | 201 | $ | 1,683 | ||||
Average
of impaired loans
|
||||||||
during
the period
|
$ | 11,784 | $ | 7,393 | ||||
Interest
income recognized
|
||||||||
during
impairment
|
- | - | ||||||
Cash-basis
interest income
|
||||||||
recognized
during impairment
|
- | - |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic
earnings per common share:
|
||||||||||||||||
Net
income as reported
|
$ | (1,395 | ) | $ | 1,573 | $ | 1,363 | $ | 4,666 | |||||||
Weighted
average common shares outstanding:
|
2,816,600 | 2,807,103 | 2,813,031 | 2,809,244 | ||||||||||||
Basic
earnings per common share:
|
$ | (0.50 | ) | $ | 0.56 | $ | 0.48 | $ | 1.66 | |||||||
Diluted
earnings per common share:
|
||||||||||||||||
Net
income as reported
|
$ | (1,395 | ) | $ | 1,573 | $ | 1,363 | $ | 4,666 | |||||||
Weighted
average common shares outstanding:
|
2,816,600 | 2,807,103 | 2,813,031 | 2,809,244 | ||||||||||||
Add: Dilutive
effect of assumed stock
|
||||||||||||||||
option
exercises:
|
- | 17,698 | - | 17,006 | ||||||||||||
Weighted
average common and dilutive
|
||||||||||||||||
potential
common shares outstanding:
|
2,816,600 | 2,824,801 | 2,813,031 | 2,826,250 | ||||||||||||
Diluted
earnings per common share:
|
$ | (0.50 | ) | $ | 0.56 | $ | 0.48 | $ | 1.65 |
Weighted-
|
||||||||||||
Weighted-
|
Average
|
|||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||
Exercise
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Shares
|
Price
|
Term
|
Value
|
||||||||
Outstanding
at January 1, 2009
|
70,597 | $ | 23.56 | |||||||||
Granted
|
- | $ | - | |||||||||
Exercised
|
(200 | ) | $ | 20.50 | ||||||||
Forfeited
or expired
|
(3,650 | ) | $ | 22.00 | ||||||||
Outstanding
at September 30, 2009
|
66,747 | $ | 23.65 |
2.5
|
-
|
|||||||
Exercisable
at September 30, 2009
|
65,746 | $ | 23.58 |
2.4
|
-
|
(Dollars in thousands)
|
|
|||
Collateralized debt
obligations other-
than-temporarily
impaired
|
||||
Beginning
balance, June 30, 2009
|
$ | - | ||
Additions
not previously recongnized
|
44 | |||
Ending
balance, September 30, 2009
|
$ | 44 |
Deal
name
|
PreTSL
XXIV
|
PreTSL
XXVII
|
Alesco
IX
|
Alesco
XVII
|
||||||||||||
Class
|
B-1 | C-1 | A-2A | B | ||||||||||||
Book
value
|
1,272,986 | 1,427,774 | 1,322,816 | 1,411,090 | ||||||||||||
Fair
value
|
394,483 | 360,208 | 330,000 | 188,821 | ||||||||||||
Unrealized
gains/(losses)
|
(878,503 | ) | (1,067,566 | ) | (992,816 | ) | (1,222,269 | ) | ||||||||
Lowest
credit rating assigned
|
Caa3
|
Ca
|
BB
|
Ca
|
||||||||||||
Number
of performing banks
|
57 | 31 | 52 | 42 | ||||||||||||
Number
of performing insurance companies
|
13 | 7 | 11 | n/a | ||||||||||||
Number
of issuers in deferral or default
|
23 | 11 | 7 | 13 | ||||||||||||
Defaults
& deferrals as a % of performing collateral
|
28.50 | % | 20.00 | % | 16.55 | % | 31.51 | % | ||||||||
Excess
subordination:
|
||||||||||||||||
As
a % of performing collateral
|
-8.57 | % | -10.88 | % | 29.60 | % | 3.80 | % | ||||||||
As
a % of performing collateral - adjusted for projected future
defaults
|
-16.78 | % | -12.60 | % | 24.66 | % | -1.20 | % | ||||||||
Other-than-temporary
impairment model assumptions:
|
||||||||||||||||
Defaults:
|
||||||||||||||||
Year
1
|
4.00 | % | 2.00 | % | 5.00 | % | 0.25 | % | ||||||||
Year
2
|
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||
Year
3
|
3.50 | % | 0.25 | % | 2.00 | % | 0.25 | % | ||||||||
>
3 Years
|
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||
Discount
rate
|
1.58 | % | 1.24 | % | 1.29 | % | 1.46 | % | ||||||||
Recovery
assumptions
|
25% - 5 year lag
|
25% - 5 year lag
|
12% - 5 year lag
|
0 | % | |||||||||||
Prepayments
|
1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||
Other-than-temporary
impairment
|
25,086 | 0 | 15,884 | 2,563 |
(Dollars in thousands)
|
Fair Value Measurements at September 30, 2009 Using
|
|||||||||||||||
30-Sep-09
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Available
for sale securities
|
$ | 122,279 | $ | - | $ | 121,005 | $ | 1,274 |
(Dollars in thousands)
|
Fair Value Measurements at
September 30, 2009 Using
Significant Unobservable
Inputs
(Level 3)
|
|||
Available for
sale securities
|
||||
Beginning
balance, December 31, 2008
|
$ | 1,003 | ||
Total
realized/unrealized losses
|
||||
Included
in earnings
|
(44 | ) | ||
Included
in other comprehensive income
|
(135 | ) | ||
Transfers
in and/or (out) of Level 3
|
450 | |||
Ending
balance, September 30, 2009
|
$ | 1,274 |