0001193125-17-065746.txt : 20170301 0001193125-17-065746.hdr.sgml : 20170301 20170301161735 ACCESSION NUMBER: 0001193125-17-065746 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 103 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170301 DATE AS OF CHANGE: 20170301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Meridian Bancorp, Inc. CENTRAL INDEX KEY: 0001600125 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36573 FILM NUMBER: 17654351 BUSINESS ADDRESS: STREET 1: 10 MERIDIAN STREET CITY: EAST BOSTON STATE: MA ZIP: 02128 BUSINESS PHONE: (617) 567-1500 MAIL ADDRESS: STREET 1: 10 MERIDIAN STREET CITY: EAST BOSTON STATE: MA ZIP: 02128 10-K 1 d292547d10k.htm 10-K 10-K
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-K

 

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2016

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 001-36573

 

 

Meridian Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland   46-5396964

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

67 Prospect Street,

Peabody, Massachusetts

 

01960

Zip Code

(Address of Principal Executive Offices)  

(617) 567-1500

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

 

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value   The NASDAQ Stock Market, LLC

Securities Registered Pursuant to Section 12(g) of the Act:

None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes   ☐    No   ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes   ☐    No   ☑

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 and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☑    No   ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ☑    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 this Form 10-K or any amendment to this 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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer

 

              Accelerated Filer  

 

                Non-Accelerated Filer

 

 

      Smaller Reporting Company  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐    No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, computed by reference to price at which the common equity was last sold on June 30, 2016 was $793,517,005. As of February 22, 2017, there were 53,627,751 outstanding shares of the Registrant’s common stock.

 

 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for the 2017 Annual Meeting of Stockholders of the Registrant are incorporated by reference in Part III of this Form 10-K.

 

 

 


Table of Contents

MERIDIAN BANCORP, INC.

2016 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

 

         Page  
  PART I   
  Forward Looking Statements      3  

Item 1.

  Business      4  

Item 1A.

  Risk Factors      27  

Item 1B.

  Unresolved Staff Comments      38  

Item 2.

  Properties      38  

Item 3.

  Legal Proceedings      38  

Item 4.

  Mine Safety Disclosures      38  
  PART II   

Item 5.

  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities      39  

Item 6.

  Selected Financial Data      42  

Item 7.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      43  

Item 7A.

  Quantitative and Qualitative Disclosures about Market Risk      66  

Item 8.

  Financial Statements and Supplementary Data      67  

Item 9.

  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure      119  

Item 9A.

  Controls and Procedures      119  

Item 9B.

  Other Information      119  
  PART III   
Item 10.   Directors, Executive Officers, and Corporate Governance      120  
Item 11.   Executive Compensation      120  
Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters      120  
Item 13.   Certain Relationships and Related Transactions, and Director Independence      121  
Item 14.   Principal Accounting Fees and Services      121  
  PART IV   

Item 15.

  Exhibits and Financial Statement Schedules      122  

Item 16.

  Form 10-K Summary      124  

Signatures

     125  

 

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PART I

Forward Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

 

   

statements of our goals, intentions and expectations;

 

   

statements regarding our business plans, prospects, growth and operating strategies;

 

   

statements regarding the quality of our loan and investment portfolios; and

 

   

estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

 

   

general economic conditions, either nationally or in our market areas, that are worse than expected;

 

   

changes in the level and trends of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses;

 

   

our ability to access cost-effective funding;

 

   

fluctuations in real estate values and both residential and commercial real estate market conditions;

 

   

demand for loans and deposits in our market area;

 

   

our ability to implement and changes in our business strategies;

 

   

competition among depository and other financial institutions;

 

   

inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or the origination levels in our lending business, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets;

 

   

adverse changes in the securities or secondary mortgage markets;

 

   

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, including as a result of Basel III;

 

   

the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the implementing regulations;

 

   

our ability to manage market risk, credit risk and operational risk in the current economic conditions;

 

   

our ability to enter new markets successfully and capitalize on growth opportunities;

 

   

our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we have acquired or may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;

 

   

changes in consumer spending, borrowing and savings habits;

 

   

changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Securities and Exchange Commission;

 

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our ability to retain key employees;

 

   

significant increases in our loan losses; and

 

   

changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Please see “Risk Factors” beginning on page 27.

 

ITEM 1. BUSINESS

Meridian Bancorp, Inc.

Meridian Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in 2014. The Company owns all of East Boston Savings Bank’s stock and directs, plans and coordinates East Boston Savings Bank’s business activities. The Company is the successor to East Boston Savings Bank’s previous holding company, Meridian Interstate Bancorp, Inc. (“Old Meridian”), and was formed as a result of a second-step mutual-to-stock conversion (the “Conversion”) of Meridian Financial Services, Incorporated, (the “MHC”), the top tier mutual holding company of Old Meridian. The Conversion was completed in 2014 at which point, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company. The Company sold 32,500,000 shares of common stock at $10.00 per share in the second-step stock offering. The Company utilized $16.3 million of the proceeds to fund an additional loan to its Employee Stock Ownership Plan (“ESOP”) for the acquisition of 1,625,000 shares at $10.00 per share representing 5% of the shares sold in the second-step offering and incurred expenses in connection with the offer and sale of the common stock totaling $6.5 million, resulting in net cash proceeds to the Company of $302.3 million. The Company invested $159.3 million of the net proceeds it received from the sale into East Boston Savings Bank and has retained the remaining amount for general corporate purposes. Concurrent with the completion of the stock offering, each share of Old Meridian common stock owned by public stockholders (stockholders other than the MHC) was exchanged for 2.4484 shares of Company common stock. A total of 22,200,316 shares of Company common stock were issued in the exchange.

East Boston Savings Bank

East Boston Savings Bank (the “Bank”) is a Massachusetts-chartered stock savings bank, founded in 1848, that conducts its business from 31 full-service locations, one mobile branch and three loan centers in the greater Boston metropolitan area. We offer a variety of deposit and loan products to individuals and businesses located in our primary market, which consists of Suffolk, Norfolk, Middlesex and Essex Counties, Massachusetts. We attract deposits from the general public and use those funds to originate one- to four-family real estate, multi-family and commercial real estate, construction, commercial and industrial, and consumer loans, which we primarily hold for investment. Our lending business also involves the purchase and sale of loan participation interests. We also offer non-deposit financial products through a third-party network arrangement.

Available Information

The Company is a public company and files interim, quarterly and annual reports with the Securities and Exchange Commission. These respective reports are on file and a matter of public record with the Securities and Exchange Commission and may be read and copied at the Securities and Exchange Commission’s Public Reference Room at 100 F Street, NE, Washington, DC 20549 during the hours of 10:00 a.m. to 3:00 p.m. on official business days. The public may obtain information on the operation of the Public Reference Room by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

The Company’s executive offices are located at 67 Prospect Street, Peabody, Massachusetts 01960, and our telephone number is (617) 567-1500. The Company’s website address is www.ebsb.com. Our public reports are available, free of charge, on our website. Information on this website is not and should not be considered to be a part of this report.

 

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Market Area

We consider the greater Boston metropolitan area to be our primary market area. While our primary deposit-gathering area is concentrated in the greater Boston metropolitan area, our lending area encompasses a broader market that includes most of eastern Massachusetts, including Cape Cod, and portions of southeastern New Hampshire and Maine. We conduct our operations through our 31 full-service offices, one mobile branch and three loan centers located in the following counties, all of which are located in the greater Boston metropolitan area: Essex (five offices and two loan centers), Middlesex (seven offices), Suffolk (17 offices and one loan center) and Norfolk (two offices). The greater Boston metropolitan area is the 10th largest metropolitan area in the United States. Located adjacent to major transportation corridors, the Boston metropolitan area provides a highly diversified economic base, with major employment sectors ranging from services, manufacturing and wholesale retail trade, to finance, technology and medical care. The largest employment sector, however, is health care and social services, accounting for 16.8% of businesses in Massachusetts. Based on data from the Federal Reserve Bank of Boston, the unemployment rate for Massachusetts decreased to 2.8% in December 2016 as compared to 4.7% in December 2015. Home prices in Massachusetts rose at an annual rate of 5.9% in the third quarter of 2016 as compared to 8.1% for the third quarter of 2015.

Competition

We face significant competition for the attraction of deposits and origination of loans. Our most direct competition for deposits has historically come from the many financial institutions operating in our market area and, to a lesser extent, from other financial service companies such as brokerage firms and insurance companies. Several large holding companies operate banks in our market area. These institutions are significantly larger than us and, therefore, have greater resources. We also face competition for investors’ funds from money market funds, mutual funds and other corporate and government securities. Based on data from the Federal Deposit Insurance Corporation as of June 30, 2016 (the latest date for which information is available), the Bank had 0.98% of the deposit market share within the Boston-Cambridge-Quincy, Massachusetts — New Hampshire metropolitan statistical area, giving us the 15th largest market share in our metropolitan statistical area out of 138 financial institutions in our metropolitan statistical area as of that date.

Our competition for loans comes from financial institutions in our market area and from other financial service providers, such as mortgage companies and mortgage brokers. Competition for loans also comes from the increasing number of non-depository financial service companies entering the mortgage market, such as insurance companies, securities companies and specialty finance companies. Some of our competitors offer products and services that we do not offer, such as insurance services, trust services, wealth management and asset-based financing.

Lending Activities

Commercial Real Estate Loans. At December 31, 2016, commercial real estate loans were $1.777 billion, or 45.1%, of our total loan portfolio. The commercial real estate loan portfolio consisted of $485.7 million of fixed-rate loans and $1.291 billion of adjustable-rate loans at December 31, 2016. Our commercial real estate loans are generally secured by properties used for business purposes such as office buildings, industrial facilities and retail facilities. At December 31, 2016, $315.6 million of our commercial real estate portfolio was owner occupied commercial real estate, and the remaining $1.461 billion was secured by income producing, or non-owner occupied commercial real estate. We intend to continue to grow our commercial real estate loan portfolio while maintaining prudent underwriting standards. In addition to originating these loans, we also participate in loans with other financial institutions.

We originate a variety of fixed- and adjustable-rate commercial real estate loans for terms and amortization periods up to 30 years, which may include balloon loans. Interest rates and payments on our adjustable-rate loans adjust every three, five, seven or ten years and generally are adjusted to a rate equal to a percentage above the corresponding U.S. Treasury rate or Federal Home Loan Bank borrowing rate. Most of our adjustable-rate commercial real estate loans adjust every five years and amortize over terms of 20 to 25 years. We also include prepayment penalties on loans we originate. Loan amounts generally do not exceed 75% to 80% of the property’s

 

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appraised value at the time the loan is originated. In addition, borrowers are generally required by policy to have a minimum income to debt service ratio of 1.20x. We require independent appraisals or evaluations on all loans secured by commercial real estate from an approved appraisers list. We require most of our commercial real estate loan borrowers to submit annual financial statements and/or rent rolls on the subject property. These properties may also be subject to annual inspections to support that appropriate maintenance is being performed by the owner/borrower. All commercial real estate loans over $500,000 are reviewed at least annually along with each commercial real estate borrower and, as applicable, each guarantor. The loan and its borrowers and/or guarantors are subject to an annual risk certification verifying that the loan is properly risk rated based upon covenant compliance and other terms as provided for in the loan agreements. While this process does not prevent loans from becoming delinquent, it provides us with the opportunity to better identify problem loans in a timely manner and to work with the borrower prior to the loan becoming delinquent.

The following table provides information with respect to our commercial real estate loans by type at December 31, 2016:

 

                                                 
       Amount        Percent  
       (Dollars in thousands)  

Accommodations

     $ 145,121          8.2

Industrial/Warehouse

       347,680          19.6  

Mixed use

       160,808          9.0  

Office building

       449,948          25.3  

Office condominium

       19,599          1.1  

Restaurant

       7,183          0.4  

Retail

       415,058          23.4  

Other

       231,204          13.0  
    

 

 

      

 

 

 
     $ 1,776,601          100.0
    

 

 

      

 

 

 

If we foreclose on a commercial real estate loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic losses for the time it takes them to return the property to profitability. Depending on the individual circumstances, initial charge-offs and subsequent losses on commercial real estate loans can be unpredictable and substantial.

The average outstanding loan size in our commercial real estate portfolio was $2.6 million as of December 31, 2016. We currently target new individual commercial real estate loan originations to owners and investors in our market area and generally originate loans to one borrower up to $60.0 million. We generally do not make commercial real estate loans outside our primary market areas. Our largest single commercial real estate relationship at December 31, 2016 totaled $63.8 million. These loans are secured by industrial/warehouse properties. Our next largest borrowing relationship at December 31, 2016 was for $57.3 million and is secured by assisted living facilities and rehabilitation hospitals. The third largest relationship was for $55.1 million at December 31, 2016 and is secured by office buildings. At December 31, 2016, all of these loans were performing in accordance with their repayment terms.

One- to Four-Family Residential Loans. Our one- to four-family residential loan portfolio consists of mortgage loans that enable borrowers to purchase or refinance existing homes, most of which serve as the primary residence of the owner. At December 31, 2016, one- to four-family residential loans were $532.5 million, or 13.5% of our total loan portfolio, consisting of $69.5 million and $463.0 million of fixed-rate and adjustable-rate loans, respectively. We generally offer fixed-rate loans and adjustable-rate loans with terms up to 30 years. Generally, our fixed-rate loans conform to Fannie Mae and Freddie Mac underwriting guidelines and those with longer terms (more than 10 years) are originated with the intention to sell. Our adjustable-rate mortgage loans generally adjust annually or every three years after an initial fixed period that ranges from three to ten years. Management has the intent and ability to hold the remaining fixed-rate loans in our loan portfolio for

 

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the foreseeable future or until maturity or pay-off. Interest rates and payments on our adjustable-rate loans generally are adjusted to a rate equal to a percentage above the one or three year U.S. Treasury index. Depending on the loan type, the maximum amount by which the interest rate may be increased or decreased is generally 2% per adjustment period and the lifetime interest rate caps range from 2% to 6% over the initial interest rate of the loan. Our residential loans generally do not have prepayment penalties.

Borrower demand for adjustable-rate compared to fixed-rate loans is a function of the level of interest rates, the expectations of changes in the level of interest rates, and the difference between the interest rates and loan fees offered for fixed-rate mortgage loans as compared to the interest rates and loan fees for adjustable-rate loans. The relative amount of fixed-rate and adjustable-rate mortgage loans that can be originated at any time is largely determined by the demand for each in a competitive environment. The loan fees, interest rates and other provisions of mortgage loans are determined by us on the basis of our own pricing criteria and competitive market conditions.

While one- to four-family residential real estate loans are normally originated with up to 30-year terms, such loans typically remain outstanding for substantially shorter periods because borrowers often prepay their loans in full either upon sale of the property pledged as security or upon refinancing the original loan. Therefore, average loan maturity is a function of, among other factors, the level of purchase and sale activity in the real estate market, prevailing interest rates and the interest rates payable on outstanding loans. We do not offer loans with negative amortization and generally do not offer interest-only, one- to four-family residential real estate loans. Additionally, our current practice is generally (1) to sell to the secondary market newly originated longer-term (terms of 10 years or greater) fixed-rate, one- to four-family residential real estate loans, and (2) to hold in our portfolio shorter-term, fixed-rate loans and adjustable-rate loans. We sell residential real estate loans in the secondary market primarily with servicing released. We also sell loans to Fannie Mae, the Federal Home Loan Bank Mortgage Partnership Finance Program and other investors with servicing retained.

We will make loans with loan-to-value ratios up to 95% (100% for first time home buyers) with such value measured at origination; however, we generally require private mortgage insurance for loans with a loan-to-value ratio over 80%. We require all properties securing mortgage loans to be appraised by a licensed real estate appraiser. We generally require title insurance on all first mortgage loans. Borrowers must obtain hazard insurance, and flood insurance is required for loans on properties located in a flood zone.

In an effort to provide financing for first-time buyers, we offer fixed-rate 30-year residential real estate loans through the Massachusetts Housing Finance Agency First Time Home Buyer Program. We offer mortgage loans through this program to qualified individuals and originate the loans using modified underwriting guidelines and loan conditions.

We also offer adjustable-rate loans secured by one- to four-family properties that are not owner-occupied. Non-owner-occupied one- to four-family residential loans generally can be made with a loan-to-value ratio of up to 80% with such value measured at origination. At December 31, 2016, these loans totaled $170.5 million. Non-owner-occupied residential loans can have higher risk of loss than owner-occupied residential loans, as payment on such loans often depends on successful operation and management of the properties. In addition, non-owner-occupied residential borrowers may be more willing to default on a loan than an owner-occupied residential borrower as the non-owner-occupied residential borrower would not be losing his or her residence.

Multi-Family Real Estate Loans. At December 31, 2016, multi-family real estate loans were $562.9 million, or 14.3% of our total loan portfolio. The multi-family loan portfolio consisted of $26.2 million of fixed-rate loans and $536.7 million of adjustable-rate loans at December 31, 2016. Our multi-family real estate loans are generally secured by apartment buildings. We intend to continue to grow our multi-family loan portfolio, while maintaining prudent underwriting standards. In addition to originating these loans, we also participate in loans with other financial institutions.

We originate a variety of adjustable-rate multi-family real estate loans for terms up to 30 years. Interest rates and payments on our adjustable-rate loans adjust every three, five, seven or ten years and generally are adjusted to a rate equal to a percentage above the corresponding U.S. Treasury rate or Federal Home Loan Bank borrowing rate. Most of our adjustable-rate multi-family real estate loans adjust every five years and amortize

 

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over terms of 20 to 25 years. We also include prepayment penalties on loans we originate. Loan amounts generally do not exceed 75% to 80% of the property’s appraised value at the time the loan is originated. Borrowers are generally required by policy to have a minimum income to debt service ratio of 1.20x. We require most of our multi-family real estate loan borrowers to submit annual financial statements and/or rent rolls on the subject property. These properties may also be subject to annual inspections to support that appropriate maintenance is being performed by the owner/borrower.

If we foreclose on a multi-family real estate loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic losses for the time it takes them to return the property to profitability. Depending on the individual circumstances, initial charge-offs and subsequent losses on multi-family real estate loans can be unpredictable and substantial.

The average outstanding loan size in our multi-family real estate portfolio was $1.5 million as of December 31, 2016. We currently target new individual multi-family real estate loan originations to owners and investors in our market area and generally originate loans to one borrower up to $60.0 million.

We generally do not make multi-family real estate loans outside our primary market areas.

Our largest multi-family real estate relationship at December 31, 2016 totaled $49.0 million and originated in 2016. Our next largest multi-family borrowing relationship at December 31, 2016 was for $43.7 million and the third largest multi-family borrowing relationship was for $25.2 million. Each relationship is secured by apartment buildings. At December 31, 2016, all of these loans were performing in accordance with their terms.

Construction Loans. Historically, we have invested a significant portion of our loan portfolio in construction loans for commercial real estate, multi-family properties and one- to four-family residential developments. Although well diversified with respect to price ranges and borrowers, our construction loans are significantly concentrated in the greater Boston metropolitan area. At December 31, 2016, construction loans were $502.8 million, or 12.8% of our total loan portfolio.

We primarily make construction loans for commercial development projects, including apartment buildings, condominiums, small industrial buildings and retail and office buildings. Most of our construction loans provide for the payment of only interest during the construction phase, which is usually up to 12 to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally can be made with a maximum loan-to-value ratio of 80% of the appraised market value upon completion of the project. As appropriate to the underwriting, a “discounted cash flow analysis” is utilized. Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser. We also will generally require an inspection of the property before disbursement of funds during the term of the construction loan.

We also originate construction and site development loans to contractors and builders to finance the construction of single-family homes and subdivisions. While we may originate these loans whether or not the collateral property underlying the loan is under contract for sale, we consider each project carefully in light of current residential real estate market conditions. We actively monitor the number of unsold homes in our construction loan portfolio and local housing markets to attempt to maintain an appropriate balance between home sales and new loan originations. The maximum number of speculative loans (loans that are not pre-sold) approved for each builder is based on a combination of factors, including the financial capacity of the builder, the market demand for the finished product and the ratio of sold to unsold inventory the builder maintains. We have attempted to diversify the risk associated with speculative construction lending by doing business with a large number of experienced small and mid-sized builders within our market area.

We regularly monitor the construction loan portfolio and the economic conditions and housing inventory in each of our markets and increase or decrease this type of lending as we observe market conditions change. We believe that the underwriting policies and internal monitoring systems we have in place have helped to mitigate some of the risks inherent in construction and land lending.

 

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The composition of our construction portfolio at December 31, 2016 is as follows.

 

                                                 
       Amount        Percent  
       (Dollars in thousands)  

Condominium

     $ 162,949          32.4

One- to four-family residential real estate

       53,510          10.6  

Apartment

       100,956          20.1  

Commercial real estate

       11,937          2.4  

Mixed use

       41,442          8.2  

Accommodations

       9,787          1.9  

Retail

       24,460          4.9  

Office building

       64,706          12.9  

Land

       20,418          4.1  

Other

       12,588          2.5  
    

 

 

      

 

 

 
     $ 502,753          100.0
    

 

 

      

 

 

 

Our largest construction loan relationship at December 31, 2016 totaled $30.1 million and our next largest construction borrowing relationship at December 31, 2016 was for $22.8 million. Each relationship is secured by condominiums. The third largest construction loan relationship was for $22.8 million. This relationship is secured by apartment buildings. At December 31, 2016, all of these loans were performing in accordance with their terms.

Commercial and Industrial Loans. At December 31, 2016, commercial and industrial loans were $515.4 million, or 13.0% of our total loan portfolio, and we intend to increase the amount of commercial and industrial loans that we originate. A significant portion of our commercial and industrial loans consists of our direct purchase of tax-exempt bonds issued by non-profit organizations (primarily educational and health organizations) and manufacturers through programs sponsored by the Commonwealth of Massachusetts and the states of Maine and New Hampshire. We underwrite these bonds in substantially the same manner as our other commercial and industrial loans. At December 31, 2016, tax exempt bonds included in our commercial and industrial loan portfolio were $294.9 million, or 57.2% of our total commercial and industrial loans at that date. A portion of our commercial and industrial loans is secured by owner-occupied commercial real estate. We make commercial and industrial loans primarily in our market area to a variety of professionals, sole proprietorships, nonprofit organizations and small businesses. However, the primary source of repayment for all of our commercial and industrial loans is income from the underlying business. As part of our relationship driven focus, we require many of our commercial and industrial borrowers to maintain their primary deposit accounts with us, which enhances our interest rate spread and overall profitability.

Commercial lending products include term loans and revolving lines of credit. Commercial loans and lines of credit are made with either variable or fixed rates of interest. Variable rates are based on the Prime Rate as published in The Wall Street Journal, plus a margin. Initial rates on fixed-rate business loans are generally based on a corresponding U.S. Treasury or Federal Home Loan Bank rate, plus a margin. Commercial and industrial loans typically have shorter maturity terms and higher interest rates than commercial real estate loans, but may involve more credit risk because of the type and nature of the collateral. We are focusing our efforts on small- to medium-sized, privately-held companies with local or regional businesses and non-profit entities that operate in our market area and generally originate loans to one borrower up to $50.0 million.

When making commercial loans, we consider the financial statements of the borrower, our lending history with the borrower, the debt service capabilities of the borrower, the projected cash flows of the business and the value of the collateral, primarily real estate, accounts receivable, inventory and equipment. Depending on the collateral used to secure the loans, commercial loans are made in amounts of up to 80% of the value of the collateral securing the loan. All of these loans are secured by assets of the respective borrowers.

 

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Our largest single commercial and industrial loan relationship at December 31, 2016 totaled $76.0 million. This loan is secured by gross receipts. Our next largest borrowing relationship at December 31, 2016 was for $55.0 million and is secured by an assignment of residential mortgages. The third largest relationship was for $24.9 million at December 31, 2016 and is secured by academic facilities. At December 31, 2016, all of these loans were performing in accordance with their repayment terms.

Home Equity Lines of Credit. We offer home equity lines of credit, which are secured by one- to four-family residences. At December 31, 2016, the outstanding balance owed on home equity lines of credit amounted to $42.9 million, or 1.1% of our total loan portfolio. Home equity lines of credit have adjustable rates of interest with five to ten-year draws and 15 to 20 year terms that are indexed to the Prime Rate as published by The Wall Street Journal on the last business day of the month. Our home equity lines either have a monthly variable interest rate or an interest rate that is fixed for five years and that adjusts in years six and 11. We offer home equity lines of credit with cumulative loan-to-value ratios generally up to 80%, when taking into account both the balance of the home equity loans and first mortgage loan.

The procedures for underwriting home equity lines of credit include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loan. Although the applicant’s creditworthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral to the proposed loan amount. The procedures for underwriting one- to four-family residential real estate loans apply equally to home equity loans.

Consumer Loans. We offer automobile loans, loans secured by savings or certificate accounts, credit builder, annuity and overdraft loans. At December 31, 2016, consumer loans were $9.7 million, or 0.2% of total loans. The procedures for underwriting consumer loans include an assessment of the applicant’s payment history on other debts and ability to meet existing obligations and payments on the proposed loan. Although the applicant’s creditworthiness is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount.

Loan Underwriting Risks

Adjustable-Rate Loans. While we anticipate that adjustable-rate loans will better offset the adverse effects of an increase in interest rates as compared to fixed-rate mortgage loans, an increased monthly mortgage payment required of adjustable-rate loan borrowers in a rising interest rate environment could cause an increase in delinquencies and defaults. The marketability of the underlying property also may be adversely affected in a high interest rate environment. In addition, although adjustable-rate mortgage loans make our asset base more responsive to changes in interest rates, the extent of this interest sensitivity is limited by the annual and lifetime interest rate adjustment limits on residential loans.

Commercial and Multi-Family Real Estate Loans. Loans secured by commercial and multi-family real estate generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans. Of primary concern in commercial and multi-family real estate lending is the borrower’s creditworthiness and the feasibility and cash flow potential of the project. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. To monitor cash flows on income properties, we require borrowers and loan guarantors, if any, to provide annual financial statements on commercial and multi-family real estate loans. In reaching a decision on whether to make a commercial or multi-family real estate loan, we consider and review a global cash flow analysis of the borrower and consider the net operating income of the property, the borrower’s expertise, credit history and profitability and the value of the underlying property. We have generally required that the properties securing these real estate loans have debt service coverage ratios (the ratio of earnings before debt service to debt service) of at least 1.20x. An environmental phase one report is obtained when the possibility exists that hazardous materials may have existed on the site, or the site may have been impacted by adjoining properties that handled hazardous materials. If the estimate of value proves to be inaccurate, in the event of default and foreclosure, we may be confronted with a property the value of which is insufficient to assure full payment.

 

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Construction Loans. Our construction loans are based upon estimates of costs and values associated with the completed project. Underwriting is focused on the borrowers’ financial strength, credit history and demonstrated ability to produce a quality product and effectively market and manage their operations. All speculative construction loans must be approved by senior loan officers.

Construction lending involves additional risks when compared with permanent residential lending because funds are advanced upon the security of the project, which is of uncertain value prior to its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. This type of lending also typically involves higher loan principal amounts and is often concentrated with a small number of builders. In addition, during the term of a construction loan, interest is funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If our appraisal of the value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. A discounted cash flow analysis is utilized for determining the value of any construction project of five or more units. Our ability to continue to originate a significant amount of construction loans is dependent on the strength of the housing market in our market areas.

Commercial and Industrial Loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business and the collateral securing these loans may fluctuate in value. Our commercial and industrial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most often, this collateral consists of real estate, accounts receivable, inventory or equipment. Credit support provided by the borrower for most of these loans and the probability of repayment is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value.

Consumer Loans. Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as motor vehicles. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.

Loan Originations, Purchase and Sales

Loan originations come from a variety of sources. The primary sources of loan originations are current customers, business development by our relationship managers, walk-in traffic, our website, advertising and referrals from customers as well as our directors, business owners, investors, entrepreneurs, builders, realtors, existing customers and other professional third parties, including brokers. Loan originations are further supported by lending services offered through our internet website, direct mail, cross-selling, and employees’ community service. We also advertise in newspapers that are widely circulated throughout our market area and on local radio and television. We also participate in loans with others to supplement our origination efforts. We generally do not purchase whole loans.

 

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We generally originate loans for our portfolio; however, we generally agree to sell to the secondary market newly originated conforming fixed-rate, 10- to 30-year one- to four-family residential real estate loans. Our decision to sell loans is based on prevailing market interest rate conditions and interest rate risk management. We sell residential real estate loans in the secondary market primarily with servicing released. We also sell loans to Fannie Mae, the Federal Home Loan Bank Mortgage Partnership Finance Program and other investors with servicing retained. For the years ended December 31, 2016 and 2015, we originated $70.5 million and $65.8 million of residential real estate loans for sale, respectively, and sold $71.3 million and $62.1 million of residential real estate loans, respectively. At December 31, 2016, we were servicing $107.8 million of residential real estate loans for other financial institutions. In addition, we sell participation interests in commercial real estate loans to local financial institutions, primarily on the portion of loans exceeding our borrowing limits, or as is prudent in concert with recognition of credit risk.

Loan Approval Procedures and Authority

Our lending activities follow written, non-discriminatory, underwriting standards and loan origination procedures established by the Bank’s Board of Directors and management. The Bank’s Board of Directors has granted loan approval authority to certain officers up to prescribed limits, depending on the officer’s experience, the type of loan and whether the loan is secured or unsecured. Residential loans below $2.0 million require approval by members of senior management. Residential loans in excess of $2.0 million must be authorized by the Bank’s Executive Committee of the Board of Directors. Commercial loans below $2.5 million require approval by members of senior management. Commercial loans from $2.5 million up to $3.5 million require approval by management’s loan committee. Commercial loans in excess of $3.5 million must be authorized by the Bank’s Executive Committee of the Board of Directors. Exceptions are fully disclosed to the approving authority, either an individual officer or the appropriate management or Board committee prior to commitment. All exceptions are reported to the Board of Directors monthly.

Loans-to-One Borrower Limit and Loan Category Concentration

The maximum amount that we may lend to one borrower and the borrower’s related entities is generally limited, by statute, to 20% of our capital, which is defined under Massachusetts law as the sum of our capital stock, surplus account and undivided profits. At December 31, 2016, our regulatory limit on loans-to-one borrower was $97.1 million. At that date, our largest lending relationship consisted of one loan for $76.0 million and was secured by gross receipts. This loan was performing in accordance with its original repayment terms at December 31, 2016.

Loan Commitments

We issue commitments for fixed- and adjustable-rate loans conditioned upon the occurrence of certain events. Commitments to originate loans are legally binding agreements to lend to our customers provided there are no violations of any contractually established conditions. Generally, our commitments to originate loans expire after 60 days. Unfunded commitments under lines of credit are commitments for possible future extensions of credit to existing customers. Our lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which we are committed. Our letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party, primarily to support borrowing arrangements.

Investment Activities

We have legal authority to invest in various types of liquid assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, residential mortgage-backed securities and municipal governments, deposits at the Federal Home Loan Bank of Boston, certificates of deposit of federally insured institutions, investment grade corporate bonds and investment grade marketable equity securities, including common stock and money market mutual funds. Our equity securities generally pay dividends. We also are required to maintain an investment in Federal Home Loan Bank of Boston stock, which is based on the level of our FHLB borrowings. While we have the authority under applicable law to invest in derivative securities, we had no investments in derivative securities at December 31, 2016.

 

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At December 31, 2016, our investment portfolio consisted primarily of corporate bonds, municipal bonds, investment-grade marketable equity securities and mortgage-backed securities.

Our investment objectives are to provide and maintain liquidity, to establish and maintain an acceptable level of interest rate and credit risk, to provide a use of funds when demand for loans is weak and to generate a favorable return. Our Board of Directors has the overall responsibility for the investment portfolio, including approval of our investment policy. The Executive Committee of the Board of Directors and management are responsible for implementation of the investment policy and monitoring our investment performance. Our Executive Committee reviews the status of our investment portfolio monthly.

Each reporting period, we evaluate all securities with a decline in fair value below the amortized cost of the investment to determine whether other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) we intend to sell the security; (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that we intend to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit-related OTTI is recognized in other comprehensive income/loss, net of applicable taxes.

Deposit Activities and Other Sources of Funds

General. Deposits, borrowings and loan repayments are the major sources of our funds for lending and other investment purposes. Scheduled loan repayments are a relatively stable source of funds, while deposit inflows and outflows and loan prepayments are significantly influenced by general interest rates and market conditions.

Deposit Accounts. The substantial majority of our depositors reside in our market area. Depositors are attracted by advertising and through our website, primarily from within our market area through the offering of a broad selection of deposit instruments, including non-interest-bearing demand deposits (such as checking accounts), interest-bearing demand accounts (such as NOW and money market accounts), savings accounts and certificates of deposit. In addition to accounts for individuals, we also offer several commercial checking accounts designed for the businesses operating in our market area.

Deposit account terms vary according to the minimum balance required, the time period that funds must remain on deposit, and the interest rate, among other factors. In determining the terms of our deposit accounts, we consider the rates offered by our competition, our liquidity needs, profitability, and customer preferences and concerns. We generally review our deposit mix and pricing on a weekly basis. Our deposit pricing strategy has generally been to offer competitive rates and to periodically offer special rates in order to attract deposits of a specific type or term.

Borrowings. We may utilize advances from the Federal Home Loan Bank of Boston to supplement our supply of investable funds. The Federal Home Loan Bank functions as a central reserve bank providing credit for its member financial institutions. As a member, we are required to own capital stock in the Federal Home Loan Bank and are authorized to apply for advances on the security of such stock and certain of our whole first mortgage loans and other assets (principally securities which are obligations of, or guaranteed by, the United States), provided certain standards related to creditworthiness have been met. Advances are made under several different programs, each having its own interest rate and range of maturities. Depending on the program, limitations on the amount of advances are based either on a fixed percentage of an institution’s net worth or on the Federal Home Loan Bank’s assessment of the institution’s creditworthiness. As of December 31, 2016, we had $222.8 million of available borrowing capacity with the Federal Home Loan Bank of Boston, including an available line of credit of $9.4 million at an interest rate that adjusts daily. All of our borrowings from the Federal Home Loan Bank are secured by investment securities and qualified collateral, including one- to four-family loans and multi-family and commercial real estate loans held in the Bank’s portfolio.

 

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Financial Services

We offer customers a range of non-deposit financial products, including mutual funds, annuities, stocks and bonds which are offered and cleared by a third-party broker-dealer. We receive a portion of the commissions generated by sales to our customers. We also offer customers long-term care insurance through a third-party insurance company, which generates commissions for us. Our non-deposit financial products generated $255,000, $373,000 and $393,000 of non-interest income during the years ended December 31, 2016, 2015 and 2014, respectively.

Personnel

As of December 31, 2016, we had 412 full-time and 88 part-time employees, none of whom is represented by a collective bargaining unit. We believe our working relationship with our employees is good.

Subsidiaries and Affiliates

The Bank’s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkley River Bend Estates, LLC, both of which hold foreclosed real estate; and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive.

Supervision and Regulation

General

The Bank is a Massachusetts-charted stock savings bank. The Bank’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation and by the Depositors Insurance Fund for amounts in excess of the Federal Deposit Insurance Corporation insurance limits. The Bank is subject to extensive regulation by the Massachusetts Commissioner of Banks, as its chartering agency, and by the Federal Deposit Insurance Corporation, as its deposit insurer. The Bank is required to file reports with, and is periodically examined by, the Federal Deposit Insurance Corporation and the Massachusetts Commissioner of Banks concerning its activities and financial condition and must obtain regulatory approvals prior to entering into certain transactions, including, but not limited to, mergers with or acquisitions of other financial institutions. The Bank is a member of the Federal Home Loan Bank of Boston.

The regulation and supervision of the Bank establish a comprehensive framework of activities in which an institution can engage and is intended primarily for the protection of depositors and borrowers and, for purposes of the Federal Deposit Insurance Corporation, the protection of the insurance fund. The regulatory structure also gives the regulatory authorities extensive discretion in connection with their supervisory and enforcement activities and examination policies, including policies with respect to the classification of assets and the establishment of adequate loan loss reserves for regulatory purposes.

As a bank holding company, the Company is required to comply with the rules and regulations of the Federal Reserve Board. It is required to file certain reports with the Federal Reserve Board and is subject to examination by and the enforcement authority of the Federal Reserve Board. The Company is also subject to the rules and regulations of the Securities and Exchange Commission under the federal securities laws.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) made extensive changes in the regulation of depository institutions and their holding companies. The Dodd-Frank Act created a new Consumer Financial Protection Bureau as an independent bureau of the Federal Reserve Board. On July 21, 2011, the Consumer Financial Protection Bureau assumed responsibility for the implementation of the federal financial consumer protection and fair lending laws and regulations, a function currently assigned to prudential regulators, and will have authority to impose new requirements. However, institutions of less than $10 billion in assets, such as the Bank, continue to be examined for compliance with consumer protection and fair lending laws and regulations by, and be subject to the enforcement authority of, their federal prudential regulator, although the Consumer Financial Protection Bureau has back-up authority to examine and enforce consumer protection laws against all institutions, including institutions with less than $10 billion in assets.

 

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In addition to creating the Consumer Financial Protection Bureau, the Dodd-Frank Act, among other things, directed changes in the way that institutions are assessed for deposit insurance, mandated the imposition of tougher consolidated capital requirements on holding companies, required the issuance of regulations requiring originators of securitized loans to retain a percentage of the risk for the transferred loans, imposed regulatory rate-setting for certain debit card interchange fees, repealed restrictions on the payment of interest on commercial demand deposits and contained a number of reforms related to mortgage originations. Many of the provisions of the Dodd-Frank Act are subject to delayed effective dates and/or required the issuance of implementing regulations. Their impact on operations cannot yet be fully assessed. However, there is significant possibility that the Dodd-Frank Act will, at a minimum, result in increased regulatory burden, compliance costs and interest expense for the Bank and the Company.

Any change in applicable laws or regulations, whether by the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Commonwealth of Massachusetts or Congress, could have a material adverse impact on the operations and financial performance of the Company and the Bank. In addition, the Company and the Bank will be affected by the monetary and fiscal policies of various agencies of the United States Government, including the Federal Reserve Board. In view of changing conditions in the national economy and in the money markets, it is impossible for management to accurately predict future changes in monetary policy or the effect of such changes on the business or financial condition of the Company and the Bank.

Set forth below is a brief description of material regulatory requirements that are or will be applicable to the Bank and the Company. The description is limited to certain material aspects of the statutes and regulations addressed, and is not intended to be a complete description of such statutes and regulations and their effects on the Bank and the Company.

Massachusetts Banking Laws and Supervision

The Bank, as a Massachusetts savings bank, is regulated and supervised by the Massachusetts Commissioner of Banks. The Massachusetts Commissioner of Banks is required to regularly examine each state-chartered bank. The approval of the Massachusetts Commissioner of Banks is required to establish or close branches, to merge with another bank, to issue stock or to undertake many other activities. Any Massachusetts bank that does not operate in accordance with the regulations, policies and directives of the Massachusetts Commissioner of Banks may be sanctioned. The Massachusetts Commissioner of Banks may suspend or remove directors or officers of a bank who have violated the law, conducted a bank’s business in a manner that is unsafe, unsound or contrary to the depositors’ interests, or been negligent in the performance of their duties. In addition, the Massachusetts Commissioner of Banks has the authority to appoint a receiver or conservator if it is determined that the bank is conducting its business in an unsafe or unauthorized manner, and under certain other circumstances.

The Commonwealth of Massachusetts recently adopted a law modernizing the Massachusetts banking law, which affords Massachusetts chartered banks with greater flexibility compared to federally chartered and out-of-state banks.

The powers that Massachusetts-chartered savings banks can exercise under these laws include, but are not limited to, the following:

Lending Activities. A Massachusetts-chartered savings bank may make a wide variety of mortgage loans including fixed-rate loans, adjustable-rate loans, variable-rate loans, participation loans, graduated payment loans, construction and development loans, condominium and co-operative loans, second mortgage loans and other types of loans that may be made in accordance with applicable regulations. Commercial loans may be made to corporations and other commercial enterprises with or without security. Consumer and personal loans may also be made with or without security.

Insurance Sales. Massachusetts banks may engage in insurance sales activities if the Massachusetts Commissioner of Banks has approved a plan of operation for insurance activities and the bank obtains a license from the Massachusetts Division of Insurance. A bank may be licensed directly or indirectly through an affiliate

 

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or a subsidiary corporation established for this purpose. Customers of the Bank are offered certain insurance products through a third party. The Bank has not sought approval for insurance sales activities.

Investment Activities. In general, Massachusetts-chartered savings banks may invest in preferred and common stock of any corporation organized under the laws of the United States or any state provided such investments do not involve control of any corporation and do not, in the aggregate, exceed 4.0% of the bank’s deposits. Massachusetts-chartered savings banks may in addition invest an amount equal to 1.0% of their deposits in stocks of Massachusetts corporations or companies with substantial employment in the Commonwealth which have pledged to the Massachusetts Commissioner of Banks that such monies will be used for further development within the Commonwealth. At the present time, the Bank’s Massachusetts authority to invest in equity securities is constrained by federal law. See “— Federal Bank Regulation—Investment Activities” for such federal restrictions.

Dividends. A Massachusetts stock bank may declare from net profits cash dividends not more frequently than quarterly and non-cash dividends at any time. No dividends may be declared, credited or paid if the bank’s capital stock is impaired. A Massachusetts savings bank with outstanding preferred stock may not, without the prior approval of the Commissioner of Banks, declare dividends to the common stock without also declaring dividends to the preferred stock. The approval of the Massachusetts Commissioner of Banks is required if the total of all dividends declared in any calendar year exceeds the total of its net profits for that year combined with its retained net profits of the preceding two years, less any required transfer to surplus or a fund for the retirement of any preferred stock. Net profits for this purpose means the remainder of all earnings from current operations plus actual recoveries on loans and investments and other assets after deducting current operating expenses, actual losses, accrued dividends on preferred stock, if any, and all federal and state taxes.

Protection of Personal Information. Massachusetts has adopted regulatory requirements intended to protect personal information. The requirements, which are similar to existing federal laws such as the Gramm-Leach-Bliley Act, discussed below under “— Federal Regulations—Privacy Regulations”, that require organizations to establish written information security programs to prevent identity theft. The Massachusetts regulation also contains technology system requirements, especially for the encryption of personal information sent over wireless or public networks or stored on portable devices.

Parity Regulation. A Massachusetts bank may, in accordance with Massachusetts law and regulations issued by the Massachusetts Commissioner of Banks, exercise any power and engage in any activity that has been authorized for national banks, federal thrifts or state banks in a state other than Massachusetts, provided that the activity is permissible under applicable federal and not specifically prohibited by Massachusetts law. Such powers and activities must be subject to the same limitations and restrictions imposed on the national bank, federal thrift or out-of-state bank that exercised the power or activity. In some cases, a Massachusetts bank will be required to submit advanced written notice to the Massachusetts Commissioner of Banks prior to engaging in certain activities authorized for national banks, federal thrifts or out-of-state banks.

Loans to One Borrower Limitations. Massachusetts banking law grants broad lending authority. However, with certain limited exceptions, total obligations of one borrower to a bank may not exceed 20.0% of the total of the bank’s capital, which is defined under Massachusetts law as the sum of the bank’s capital stock, surplus account and undivided profits.

Loans to a Bank’s Insiders. Massachusetts law provides that a Massachusetts bank must comply with the federal restrictions on insider lending contained in Regulation O of the Federal Reserve Board. Regulation O generally requires that extensions of credit to insiders:

 

   

be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and

 

   

not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the bank’s capital.

The current Massachusetts statute replaced a Massachusetts statute which contained separate restrictions on insider lending.

 

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Regulatory Enforcement Authority. Any Massachusetts bank that does not operate in accordance with the regulations, policies and directives of the Massachusetts Commissioner of Banks may be subject to sanctions for non-compliance, including seizure of the property and business of the Bank and suspension or revocation of its charter. The Massachusetts Commissioner of Banks may, under certain circumstances, suspend or remove officers or directors who have violated the law, conducted the Bank’s business in a manner which is unsafe, unsound or contrary to the depositors interests or been negligent in the performance of their duties. In addition, upon finding that a bank has engaged in an unfair or deceptive act or practice, the Massachusetts Commissioner of Banks may issue an order to cease and desist and impose a fine on the bank concerned. Massachusetts consumer protection and civil rights statutes applicable to the Bank permit private individual and class action law suits and provide for the rescission of consumer transactions, including loans, and the recovery of statutory and punitive damage and attorney’s fees in the case of certain violations of those statutes.

Depositors Insurance Fund. All Massachusetts-chartered savings banks are required to be members of the Depositors Insurance Fund, a corporation that insures savings bank deposits in excess of federal deposit insurance coverage. The Depositors Insurance Fund is authorized to charge savings banks a risk-based assessment on deposits balances in excess of the amounts insured by the Federal Deposit Insurance Corporation.

Massachusetts has other statutes and regulations that are similar to the federal provisions discussed below.

Federal Bank Regulation

Capital Requirements. Under applicable federal regulations, federally insured depository institutions, including state-chartered banks that are not members of the Federal Reserve System (“state non-member banks”), such as the Bank, are required to comply with minimum capital requirements. The regulations require insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements were effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act.

Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised a permanent opt-out election regarding the treatment of Accumulated Other Comprehensive Income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale-securities). The Bank elected to exercise its option to opt-out. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.

 

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In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement is being phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increasing each year until fully implemented at 2.5% on January 1, 2019.

The Federal Deposit Insurance Corporation Improvement Act required each federal banking agency to revise its risk-based capital standards for insured institutions to ensure that those standards take adequate account of interest-rate risk, concentration of credit risk and the risk of nontraditional activities, as well as to reflect the actual performance and expected risk of loss on multi-family residential loans. The Federal Deposit Insurance Corporation, along with the other federal banking agencies, has adopted a regulation providing that the agencies will take into account the exposure of a bank’s capital and economic value to changes in interest rate risk in assessing a bank’s capital adequacy. The Federal Deposit Insurance Corporation also has authority to establish individual minimum capital requirements in appropriate cases upon determination that an institution’s capital level is, or is likely to become, inadequate in light of the particular circumstances.

Standards for Safety and Soundness. As required by statute, the federal banking agencies adopted final regulations and Interagency Guidelines Establishing Standards for Safety and Soundness to implement safety and soundness standards. The guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. The guidelines address internal controls and information systems, internal audit system, credit underwriting, loan documentation, interest rate exposure, asset growth, asset quality, earnings and compensation, fees and benefits. Most recently, the agencies have established standards for safeguarding customer information. If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard.

Investment Activities. All state-chartered Federal Deposit Insurance Corporation insured banks, including savings banks, are generally limited in their investment activities to principal and equity investments of the type and in the amount authorized for national banks, notwithstanding state law, subject to certain exceptions. For example, state chartered banks may, with Federal Deposit Insurance Corporation approval, continue to exercise state authority to invest in common or preferred stocks listed on a national securities exchange or the NASDAQ Global Market and in the shares of an investment company registered under the Investment Company Act of 1940, as amended. The maximum permissible investment is 100.0% of Tier 1 Capital, as specified by the Federal Deposit Insurance Corporation’s regulations, or the maximum amount permitted by Massachusetts law, whichever is less. The Bank received approval from the Federal Deposit Insurance Corporation to retain and acquire such equity instruments equal to the lesser of 100% of the Bank’s Tier 1 capital or the maximum permissible amount specified by Massachusetts law. Such grandfathered authority may be terminated under certain circumstances including a determination by the Federal Deposit Insurance Corporation that such investments pose a safety and soundness risk.

In addition, the Federal Deposit Insurance Corporation is authorized to permit such a state bank to engage in state-authorized activities or investments not permissible for national banks (other than non-subsidiary equity investments) if it meets all applicable capital requirements and it is determined that such activities or investments do not pose a significant risk to the Deposit Insurance Fund. The Federal Deposit Insurance Corporation has adopted procedures for institutions seeking approval to engage in such activities or investments. In addition, a nonmember bank may control a subsidiary that engages in activities as principal that would only be permitted for a national bank to conduct in a “financial subsidiary” if a bank meets specified conditions and deducts its investment in the subsidiary for regulatory capital purposes.

Interstate Banking and Branching. Federal law permits well capitalized and well managed bank holding companies to acquire banks in any state, subject to Federal Reserve Board approval, certain concentration limits and other specified conditions. Interstate mergers of banks are also authorized, subject to regulatory approval and other specified conditions. In addition, among other things, banks are permitted to establish de novo branches on an interstate basis provided that branching is authorized by the law of the host state for the banks chartered by that state.

 

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Prompt Corrective Regulatory Action. Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to banks that do not meet minimum capital requirements. For these purpose, the law establishes five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized.

The Federal Deposit Insurance Corporation has adopted regulations to implement the prompt corrective action legislation. Effective January 1, 2015, an institution is deemed to be “well capitalized” if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 ratio of 6.5% or greater. An institution is “adequately capitalized” if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater, and a common equity Tier 1 ratio of 4.5% or greater. An institution is “undercapitalized” if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0%, or a common equity Tier 1 ratio of less than 4.5%. An institution is deemed to be “significantly undercapitalized” if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 ratio of less than 3.0%. An institution is considered to be “critically undercapitalized” if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%. As of December 31, 2016, the Bank was classified as a “well capitalized” institution.

“Undercapitalized” banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank’s compliance with such a plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized. If an “undercapitalized” bank fails to submit an acceptable plan, it is treated as if it is “significantly undercapitalized.” “Significantly undercapitalized” banks must comply with one or more of a number of additional restrictions, including but not limited to an order by the Federal Deposit Insurance Corporation to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, cease receipt of deposits from correspondent banks or dismiss directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company. “Critically undercapitalized” institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after it obtains such status.

Transactions with Affiliates and Regulation W of the Federal Reserve Regulations. Transactions between banks and their affiliates are governed by federal law. An affiliate of a bank is any company or entity that controls, is controlled by or is under common control with the bank. In a holding company context, the parent bank holding company and any companies which are controlled by such parent holding company are affiliates of the bank (although subsidiaries of the bank itself, except financial subsidiaries, are generally not considered affiliates). Generally, Section 23A of the Federal Reserve Act and the Federal Reserve Board’s Regulation W limits the extent to which the bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10.0% of such institution’s capital stock and surplus, and with all such transactions with all affiliates to an amount equal to 20.0% of such institution’s capital stock and surplus. Section 23B applies to “covered transactions” as well as to certain other transactions and requires that all such transactions be on terms substantially the same, or at least as favorable, to the institution or subsidiary as those provided to a non-affiliate. The term “covered transaction” includes the making of loans, purchase of assets from, and issuance of a guarantee to an affiliate, and other similar transactions. Section 23B transactions also include the provision of services and the sale of assets by a bank to an affiliate. In addition, loans or other extensions of credit by the financial institution to the affiliate are required to be collateralized in accordance with the requirements set forth in Section 23A of the Federal Reserve Act.

As previously mentioned, Sections 22(h) and (g) of the Federal Reserve Act and the Federal Reserve Bank’s Regulation O place restrictions on loans to a bank’s insiders, i.e., executive officers, directors and principal stockholders. Under Regulation O, loans to a director, executive officer and to a greater than 10.0% stockholder of a financial institution, and certain of their affiliated interests, together with all other outstanding loans to such person and affiliated interests, may not exceed specified limits. Regulation O also requires that, subject to an exception for certain bank-wide employee programs, loans to directors, executive officers and principal

 

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stockholders be made on terms substantially the same as offered in comparable transactions to other persons. Regulation O also requires prior board approval for certain loans. In addition, the aggregate amount of extensions of credit by a financial institution to insiders cannot exceed the institution’s unimpaired capital and surplus. Additional restrictions apply to loans to executive officers.

Enforcement. The Federal Deposit Insurance Corporation has extensive enforcement authority over insured state savings banks, including the Bank. The enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations, breaches of fiduciary duty and unsafe or unsound practices. The Federal Deposit Insurance Corporation is required, with certain exceptions, to appoint a receiver or conservator for an insured state non-member bank if that bank was “critically undercapitalized” on average during the calendar quarter beginning 270 days after the date on which the institution became “critically undercapitalized.” The Federal Deposit Insurance Corporation may also appoint itself as conservator or receiver for an insured state non-member bank under specified circumstances, including: (1) insolvency; (2) substantial dissipation of assets or earnings through violations of law or unsafe or unsound practices; (3) existence of an unsafe or unsound condition to transact business; (4) insufficient capital; or (5) the incurrence of losses that will deplete substantially all of the institution’s capital with no reasonable prospect of replenishment without federal assistance.

Federal Insurance of Deposit Accounts. The Bank is a member of the Deposit Insurance Fund, which is administered by the Federal Deposit Insurance Corporation. Deposit accounts in the Bank are insured up to a maximum of $250,000 for each separately insured depositor.

The Federal Deposit Insurance Corporation imposes an assessment for deposit insurance on all depository institutions. Under the Federal Deposit Insurance Corporation’s risk-based assessment system, insured institutions were initially assigned to risk categories based on supervisory evaluations, regulatory capital levels and certain other factors. An institution’s assessment rate depended upon the category to which it is assigned and certain adjustments specified by Federal Deposit Insurance Corporation regulations, with less risky institutions paying lower rates. Assessment rates (inclusive of possible adjustments) ranged from 2  1/2 to 45 basis points of each institution’s total assets less tangible capital. The Federal Deposit Insurance Corporation’s current system represents a change, required by the Dodd-Frank Act, from its prior practice of basing the assessment on an institution’s volume of deposits.

Effective July 1, 2016, the FDIC adopted changes that eliminated the risk categories. Assessments for most institutions are now based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of failure within three years. In conjunction with the Deposit Insurance Fund reserve ratio achieving 1.15%, the assessment range (inclusive of possible adjustments) was reduced for institutions of less than $10 billion in total assets to 1.5 basis points to 30 basis points, also effective July 1, 2016. The Dodd-Frank Act specifies that banks of greater than $10 billion in assets be required to bear the burden of raising the reserve ratio from 1.15% to 1.35%. Such institutions are subject to an annual surcharge of 4.5 basis points of total assets exceeding $10 billion. This surcharge will remain in place until the earlier of the Deposit Insurance Fund reaching the 1.35% ratio or December 31, 2018, at which point a shortfall assessment would be applied. The FDIC, exercising discretion provided to it by the Dodd-Frank Act, has established a long-term goal of achieving a 2% reverse ratio for the Deposit Insurance Fund.

The Federal Deposit Insurance Corporation has authority to increase insurance assessments. A significant increase in insurance premiums would likely have an adverse effect on the operating expenses and results of operations of the Bank. Future insurance assessment rates cannot be predicted.

Insurance of deposits may be terminated by the Federal Deposit Insurance Corporation upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule order or regulatory condition imposed in writing. We do not know of any practice, condition or violation that might lead to termination of deposit insurance.

In addition to the Federal Deposit Insurance Corporation assessments, the Financing Corporation (“FICO”) is authorized to impose and collect, with the approval of the Federal Deposit Insurance Corporation, assessments

 

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for anticipated payments, issuance costs and custodial fees on bonds issued by the FICO in the 1980s to recapitalize the former Federal Savings and Loan Insurance Corporation. The bonds issued by the FICO are due to mature in 2017 through 2019. For the quarter ended December 31, 2016, the annualized FICO assessment was equal to 0.56 basis points of total assets less tangible capital.

Privacy Regulations. Federal Deposit Insurance Corporation regulations generally require that the Bank disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing the customer relationship and annually thereafter. In addition, the Bank is required to provide its customers with the ability to “opt-out” of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes. The Bank currently has a privacy protection policy in place and believes that such policy is in compliance with the regulations.

Community Reinvestment Act. Under the Community Reinvestment Act, or CRA, as implemented by Federal Deposit Insurance Corporation regulations, a non-member bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA does require the Federal Deposit Insurance Corporation, in connection with its examination of a non-member bank, to assess the institution’s record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by such institution, including applications to acquire branches and other financial institutions. The CRA requires the Federal Deposit Insurance Corporation to provide a written evaluation of an institution’s CRA performance utilizing a four-tiered descriptive rating system. The Bank’s latest Federal Deposit Insurance Corporation CRA rating was “Satisfactory.”

Massachusetts has its own statutory counterpart to the CRA which is also applicable to the Bank. The Massachusetts version is generally similar to the CRA but utilizes a five-tiered descriptive rating system. Massachusetts law requires the Massachusetts Commissioner of Banks to consider, but not be limited to, a bank’s record of performance under Massachusetts law in considering any application by the bank to establish a branch or other deposit-taking facility, to relocate an office or to merge or consolidate with or acquire the assets and assume the liabilities of any other banking institution. The Bank’s most recent rating under Massachusetts law was “Satisfactory.”

Consumer Protection and Fair Lending Regulations. Massachusetts savings banks are subject to a variety of federal and Massachusetts statutes and regulations that are intended to protect consumers and prohibit discrimination in the granting of credit. These statutes and regulations provide for a range of sanctions for non-compliance with their terms, including imposition of administrative fines and remedial orders, and referral to the Attorney General for prosecution of a civil action for actual and punitive damages and injunctive relief. Certain of these statutes authorize private individual and class action lawsuits and the award of actual, statutory and punitive damages and attorneys’ fees for certain types of violations.

USA Patriot Act. The Bank is subject to the USA PATRIOT Act, which gave federal agencies additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements. By way of amendments to the Bank Secrecy Act, Title III of the USA PATRIOT Act provided measures intended to encourage information sharing among bank regulatory agencies and law enforcement bodies. Further, certain provisions of Title III impose affirmative obligations on a broad range of financial institutions, including banks, thrifts, brokers, dealers, credit unions, money transfer agents, and parties registered under the Commodity Exchange Act.

 

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Other Regulations

Interest and other charges collected or contracted for by the Bank are subject to state usury laws and federal laws concerning interest rates. Loan operations are also subject to state and federal laws applicable to credit transactions, such as the:

 

   

Home Mortgage Disclosure Act of 1975, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

 

   

Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

 

   

Fair Credit Reporting Act of 1978, governing the use and provision of information to credit reporting agencies;

 

   

Massachusetts Debt Collection Regulations, establishing standards, by defining unfair or deceptive acts or practices, for the collection of debts from persons within the Commonwealth of Massachusetts and the General Laws of Massachusetts, Chapter 167E, which governs the Bank’s lending powers; and

 

   

Rules and regulations of the various federal and state agencies charged with the responsibility of implementing such federal and state laws.

The deposit operations of the Bank also are subject to, among others, the:

 

   

Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

 

   

Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check;

 

   

Electronic Funds Transfer Act and Regulation E promulgated thereunder, and, as to East Boston Savings Bank Chapter 167B of the General Laws of Massachusetts, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services; and

 

   

General Laws of Massachusetts, Chapter 167D, which governs the Bank’s deposit powers.

Federal Reserve System

The Federal Reserve Board regulations require depository institutions to maintain reserves against their transaction accounts (primarily NOW and regular checking accounts). The Federal Reserve Board regulations generally require that reserves be maintained against aggregate transaction accounts as follows: for that portion of transaction accounts aggregating $115.1 million or less (which may be adjusted by the Federal Reserve Board) the reserve requirement is 3.0% and the amounts greater than $115.1 million require a 10.0% reserve (which may be adjusted annually by the Federal Reserve Board between 8.0% and 14.0%). The first $15.5 million of otherwise reservable balances (which may be adjusted by the Federal Reserve Board) are exempted from the reserve requirements. The Bank is in compliance with these requirements.

Federal Home Loan Bank System

The Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks. The Federal Home Loan Bank provides a central credit facility primarily for member institutions. Members of the Federal Home Loan Bank are required to acquire and hold shares of capital stock in the Federal Home Loan Bank. The Bank was in compliance with this requirement at December 31, 2016. Based on redemption provisions of the Federal Home Loan Bank of Boston, the stock has no quoted market value and is carried at cost. The Bank reviews for impairment based on the ultimate recoverability of the cost basis of the Federal Home Loan Bank of Boston stock. As of December 31, 2016, no impairment has been recognized.

 

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At its discretion, the Federal Home Loan Bank of Boston may declare dividends on the stock. The Federal Home Loan Banks are required to provide funds for certain purposes including the resolution of insolvent thrifts in the late 1980s and to contributing funds for affordable housing programs. These requirements could reduce the amount of dividends that the Federal Home Loan Banks pay to their members and result in the Federal Home Loan Banks imposing a higher rate of interest on advances to their members. As a result of losses incurred, the Federal Home Loan Bank of Boston suspended and did not pay dividends in 2009 and 2010. However, the Federal Home Loan Bank of Boston resumed payment of quarterly dividends in 2011 and, for 2016, paid dividends with an annual yield of 3.63%. There can be no assurance that such dividends will continue in the future. Further, there can be no assurance that the impact of recent or future legislation on the Federal Home Loan Banks also will not cause a decrease in the value of the Federal Home Loan Bank of Boston stock held by the Bank.

Holding Company

The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, as administered by the Federal Reserve Board. The Company is required to obtain the prior approval of the Federal Reserve Board to acquire all, or substantially all, of the assets of any bank or bank holding company. Prior Federal Reserve Board approval is required for the Company to acquire direct or indirect ownership or control of any voting securities of any bank or bank holding company if, after such acquisition, it would, directly or indirectly, own or control more than 5% of any class of voting shares of the bank or bank holding company. In addition to the approval of the Federal Reserve Board, prior approval is also necessary from other agencies having supervisory jurisdiction over the bank to be acquired before any bank acquisition can be completed.

A bank holding company is generally prohibited from engaging in non-banking activities, or acquiring direct or indirect control of more than 5% of the voting securities of any company engaged in non-banking activities. One of the principal exceptions to this prohibition is for activities found by the Federal Reserve Board to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. Some of the principal activities that the Federal Reserve Board has determined by regulation to be so closely related to banking are: (i) making or servicing loans; (ii) performing certain data processing services; (iii) providing discount brokerage services; (iv) acting as fiduciary, investment or financial advisor; (v) leasing personal or real property; (vi) making investments in corporations or projects designed primarily to promote community welfare; and (vii) acquiring a savings and loan association whose direct and indirect activities are limited to those permitted for bank holding companies.

The Gramm-Leach-Bliley Act of 1999 authorized a bank holding company that meets specified conditions, including being “well capitalized” and “well managed,” to opt to become a “financial holding company” and thereby engage in a broader array of financial activities than previously permitted. Such activities can include insurance underwriting and investment banking.

The Company is subject to the Federal Reserve Board’s capital adequacy guidelines for bank holding companies (on a consolidated basis) which have historically been similar to, though less stringent than, those of the Federal Deposit Insurance Corporation for the Bank. The Dodd-Frank Act, however, required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to institutions themselves. Instruments such as cumulative preferred stock and trust preferred securities would no longer be includable as Tier 1 capital, as was previously the case with bank holding companies, subject to certain grandfathering rules. The previously discussed final rule regarding regulatory capital requirements implemented the Dodd-Frank Act as to bank holding company capital standards. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks applied to bank holding companies (with greater than $1 billion of assets) as of January 1, 2015. As is the case with institutions themselves, the capital conservation buffer will be phased in between 2016 and 2019. The Company was in compliance with the consolidated capital requirements as of December 31, 2016.

 

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A bank holding company is generally required to give the Federal Reserve Board prior written notice of any purchase or redemption of then outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth. The Federal Reserve Board may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe and unsound practice, or would violate any law, regulation, Federal Reserve Board order or directive, or any condition imposed by, or written agreement with, the Federal Reserve Board. There is an exception to this approval requirement for well-capitalized bank holding companies that meet certain other conditions.

The Federal Reserve Board has issued a policy statement regarding capital distributions, including dividends, by bank holding companies. In general, the Federal Reserve Board’s policies provide that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the bank holding company appears consistent with the organization’s capital needs, asset quality and overall financial condition. The Federal Reserve Board’s policies also require that a bank holding company serve as a source of financial strength to its subsidiary banks by standing ready to use available resources to provide adequate capital funds to those banks during periods of financial stress or adversity and by maintaining the financial flexibility and capital-raising capacity to obtain additional resources for assisting its subsidiary banks where necessary. The Dodd-Frank Act codified the source of strength doctrine. Under the prompt corrective action laws, the ability of a bank holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized. These regulatory policies could affect the ability of the Company to pay dividends or otherwise engage in capital distributions.

Under the Federal Deposit Insurance Act, depository institutions are liable to the Federal Deposit Insurance Corporation for losses suffered or anticipated by the Federal Deposit Insurance Corporation in connection with the default of a commonly controlled depository institution or any assistance provided by the Federal Deposit Insurance Corporation to such an institution in danger of default.

The status of the Company as a registered bank holding company under the Bank Holding Company Act does not exempt it from certain federal and state laws and regulations applicable to corporations generally, including, without limitation, certain provisions of the federal securities laws.

Massachusetts Holding Company Regulation. Under the Massachusetts banking laws, a company owning or controlling two or more banking institutions, including a savings bank, is regulated as a bank holding company. The term “company” is defined by the Massachusetts banking laws similarly to the definition of “company” under the Bank Holding Company Act. Each Massachusetts bank holding company: (i) must obtain the approval of the Massachusetts Board of Bank Incorporation before engaging in certain transactions, such as the acquisition of more than 5% of the voting stock of another banking institution; (ii) must register, and file reports, with the Massachusetts Commissioner of Banks; and (iii) is subject to examination by the Massachusetts Commissioner of Banks.

Federal Securities Laws

The Company’s common stock is registered with the Securities and Exchange Commission under Section 12(b) of the Securities Exchange Act of 1934. We are subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Exchange Act.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 is intended to improve corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws. We have policies, procedures and systems designed to comply with these regulations, and we review and document such policies, procedures and systems to ensure continued compliance with these regulations.

 

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Change in Control Regulations

Under the Change in Bank Control Act, no person, or group of persons acting in concert, may acquire control of a bank holding company such as the Company unless the Federal Reserve Board has been given 60 days’ prior written notice and not disapproved the proposed acquisition. The Federal Reserve Board considers several factors in evaluating a notice, including the financial and managerial resources of the acquirer and competitive effects. Control, as defined under the applicable regulations, means the power, directly or indirectly, to direct the management or policies of the company or to vote 25% or more of any class of voting securities of the company. Acquisition of more than 10% of any class of a bank holding company’s voting securities constitutes a rebuttable presumption of control under certain circumstances, including where the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934.

In addition, federal regulations provide that no company may acquire control (as defined in the Bank Holding Company Act) of a bank holding company without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a “bank holding company” subject to registration, examination and regulation by the Federal Reserve Board.

Taxation

The Company and the Bank are subject to federal and state income taxation in the same general manner as other corporations, with some exceptions discussed below. The following discussion of federal and state taxation is intended only to summarize certain pertinent tax matters and is not a comprehensive description of the tax rules applicable to the Company and the Bank.

Federal Taxation

General. The Company reports its income on a calendar year basis using the accrual method of accounting. The federal income tax laws apply to the Company in the same manner as to other corporations with some exceptions, including the reserve for bad debts discussed below. The Company’s federal income tax returns have been either audited or closed under the statute of limitations through December 31, 2012. For its 2016 tax year, the Bank’s maximum federal income tax rate was 35%.

Bad Debt Reserves. For taxable years beginning before January 1, 1996, thrift institutions that qualified under certain definitional tests and other conditions of the Internal Revenue Code were permitted to use certain favorable provisions to calculate their deductions from taxable income for annual additions to their bad debt reserve. A reserve could be established for bad debts on qualifying real property loans, generally secured by interests in real property improved or to be improved, under the percentage of taxable income method or the experience method. The reserve for non-qualifying loans was computed using the experience method. Federal legislation enacted in 1996 repealed the reserve method of accounting for bad debts and the percentage of taxable income method for tax years beginning after 1995 and required savings institutions to recapture or take into income certain portions of their accumulated bad debt reserves. However, those bad debt reserves accumulated prior to 1988 (“Base Year Reserves”) were not required to be recaptured unless the savings institution failed certain tests. At December 31, 2016, $9.8 million of the Bank’s accumulated bad debt reserves would not be recaptured into taxable income unless the Bank makes a “non-dividend distribution” to the Company as described below.

Distributions. If the Bank makes “non-dividend distributions” to the Company, the distributions will be considered to have been made from the Bank’s un-recaptured tax bad debt reserves, including the balance of its Base Year Reserves as of December 31, 1987, to the extent of the “non-dividend distributions,” and then from the Bank’s supplemental reserve for losses on loans, to the extent of those reserves, and an amount based on the amount distributed, but not more than the amount of those reserves, will be included in the Bank’s taxable income. Non-dividend distributions include distributions in excess of the Bank’s current and accumulated earnings and profits, as calculated for federal income tax purposes, distributions in redemption of stock and distributions in partial or complete liquidation. Dividends paid out of the Bank’s current or accumulated earnings and profits will not be so included in the Company’s taxable income.

 

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The amount of additional taxable income triggered by a non-dividend is an amount that, when reduced by the tax attributable to the income, is equal to the amount of the distribution. Therefore, if the Bank makes a non-dividend distribution to the Company, approximately one and one-half times the amount of the distribution not in excess of the amount of the reserves would be includable in income for federal income tax purposes, assuming a 35% federal corporate income tax rate. The Bank does not intend to pay dividends that would result in a recapture of any portion of its bad debt reserves.

State Taxation. Financial institutions in Massachusetts are generally required to file combined income tax returns beginning with the year ended December 31, 2009. Starting in 2010, decreasing over a three year period, the Massachusetts excise tax rate for savings banks changed from 10.5% to 9.0% of federal taxable income, adjusted for certain items. Taxable income includes gross income as defined under the Internal Revenue Code, plus interest from bonds, notes and evidences of indebtedness of any state, including Massachusetts, less deductions, but not the credits, allowable under the provisions of the Internal Revenue Code, except for those deductions relating to dividends received and income or franchise taxes imposed by a state or political subdivision. Carryforwards and carrybacks of net operating losses and capital losses are not allowed. The Company’s state tax returns, as well as those of its subsidiaries, are not currently under audit.

A financial institution or business corporation is generally entitled to special tax treatment as a “security corporation” under Massachusetts law provided that: (a) its activities are limited to buying, selling, dealing in or holding securities on its own behalf and not as a broker; and (b) it has applied for, and received, classification as a “security corporation” by the Commissioner of the Massachusetts Department of Revenue. A security corporation that is also a bank holding company under the Internal Revenue Code must pay a tax equal to 0.33% of its gross income. A security corporation that is not a bank holding company under the Internal Revenue Code must pay a tax equal to 1.32% of its gross income. Prospect, Inc. is qualified as a security corporation. As such, it has received security corporation classification by the Massachusetts Department of Revenue; and does not conduct any activities deemed impermissible under the governing statutes and the various regulations, directives, letter rulings and administrative pronouncements issued by the Massachusetts Department of Revenue.

 

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ITEM 1A. RISK FACTORS

An investment in our securities is subject to risks inherent in our business and the industry in which we operate. Before making an investment decision, you should carefully consider the risks and uncertainties described below and all other information included in this report. The risks described below may adversely affect our business, financial condition and operating results. In addition to these risks and the other risks and uncertainties described in Forward Looking Statements and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” there may be additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial that could materially and adversely affect our business, financial condition or operating results. The value or market price of our securities could decline due to any of these identified or other risks. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.

A worsening of economic conditions could result in increases in our level of non-performing loans and/or reduce demand for our products and services, which could have adverse effect on our results of operations.

Unlike larger financial institutions that are more geographically diversified, our profitability depends on the general economic conditions in the Boston metropolitan area. Local economic conditions have a significant impact on our commercial real estate and construction and consumer loans, the ability of the borrowers to repay these loans and the value of the collateral securing these loans. Almost all of our loans are to borrowers located in the greater Boston metropolitan area or secured by collateral located in the greater Boston metropolitan area.

A deterioration in economic conditions or a prolonged delay in economic recovery in the market areas we serve, in particular the greater Boston metropolitan area, could result in the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity and results of operations:

 

   

demand for our products and services may decline;

 

   

loan delinquencies, problem assets and foreclosures may increase;

 

   

collateral for loans, especially real estate, may decline further in value, in turn reducing customers’ borrowing power, reducing the value of assets and collateral associated with existing loans;

 

   

rental rates may decline reducing the borrower’s cash flow, which may impact their ability to honor their commitments to us;

 

   

the value of our securities portfolio may decline;

 

   

the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; and/or

 

   

the amount of our low-cost or non-interest-bearing deposits may decrease.

Moreover, a significant decline in general economic conditions, caused by inflation, recession, acts of terrorism, an outbreak of hostilities or other international or domestic calamities, unemployment or other factors beyond our control could further impact these local economic conditions and could further negatively affect the financial results of our banking operations. In addition, deflationary pressures, while possibly lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and the values of underlying collateral securing loans, which could negatively affect our financial performance.

Our commercial real estate, multi-family, commercial and industrial, and construction lending involves risks that could adversely affect our financial condition and results of operations.

In recent years, we have focused on shifting our asset mix from increases in the one- to four-family residential loan portfolio to increases in commercial real estate, multi-family, commercial and industrial, and construction loans. As of December 31, 2016, our commercial real estate, multi-family, commercial and industrial, and construction loans totaled $3.358 billion or 85.2% of our loan portfolio. As a result, our credit risk profile is higher than traditional savings institutions that have higher concentrations of one- to four-family

 

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residential loans. Also, these types of commercial lending activities, while potentially more profitable than one-to four-family residential lending, are generally more sensitive to regional and local economic conditions, making loss levels more difficult to predict. Collateral evaluation and financial statement analysis in these types of loans requires a more detailed analysis at the time of loan underwriting and on an ongoing basis. A decline in real estate values would reduce the value of the real estate collateral securing our loans and increase the risk that we would incur losses if borrowers defaulted on their loans. In addition, the repayment of commercial real estate and multi-family loans generally is dependent, in large part, on the successful operation of the property securing the loan or the business conducted on the property securing the loan. In addition, loan balances for commercial real estate, multi-family and construction loans are typically larger than those for single-family and consumer loans. Accordingly, when there are defaults and losses on these types of loans, they are often larger on a per loan basis than those for one- to four-family residential and consumer loans. Commercial and industrial loans expose us to additional risks since they typically are made on the basis of the borrower’s ability to make repayments from the cash flow of the borrower’s business and are secured by non-real estate collateral that may depreciate over time, may be illiquid and may fluctuate in value based on the success of the business. A secondary market for most types of commercial real estate, multi-family, commercial and industrial, and construction loans is not readily liquid, so we have less opportunity to mitigate credit risk by selling part or all of our interest in these loans.

Our construction loans are based upon estimates of costs and values associated with the completed project. These estimates may be inaccurate. Construction lending involves additional risks when compared with permanent residential lending because funds are advanced upon the security of the project, which is of uncertain value prior to its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. This type of lending also typically involves higher loan principal amounts and is often concentrated with a small number of builders. In addition, during the term of a construction loan, interest is funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If our appraisal of the value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. In addition, speculative construction loans to a builder are often associated with homes that are not pre-sold, and thus pose a greater potential risk to us than construction loans to individuals on their personal residences. These risks can be significantly affected by supply and demand conditions.

The credit risk related to commercial real estate and multi-family loans is considered to be greater than the risk related to one- to four-family residential or consumer loans because the repayment of commercial real estate loans and multi-family typically is dependent on the income stream of the real estate securing the loan as collateral and the successful operation of the borrower’s business, which can be significantly affected by conditions in the real estate markets or in the economy. For example, if the cash flows from the borrower’s project reduced as a result of leases not being obtained or renewed, the borrower’s ability to repay the loan may be impaired. In addition, some of our commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. These balloon payments may require the borrower to either sell or refinance the underlying property in order to make the balloon payment, which may increase the risk of default or non-payment. This risk was exacerbated in the recent recession and could remain an elevated risk in the current slow recovery economic environment.

Further, if we foreclose on a commercial real estate, multi-family or construction loan, our holding period for the collateral may be longer than for one- to four-family residential mortgage loans because there are fewer potential purchasers of the collateral.

 

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The unseasoned nature of our commercial loan portfolio may result in errors in judging its collectability, which may lead to additional provisions for loan losses or charge-offs, which would hurt our profits.

Our commercial loan portfolio, which includes commercial real estate, multi-family, commercial and industrial, and construction loans, has increased to $3.358 billion, or 85.2% of total loans at December 31, 2016 from $1.296 billion, or 71.7% of total loans, at December 31, 2012. A portion of our commercial loan portfolio is unseasoned, meaning they were originated recently. Our limited experience with these borrowers does not provide us with a significant payment history pattern with which to judge future collectability. Further, these loans have not been subjected to unfavorable economic conditions. As a result, it is difficult to predict the future performance of this part of our loan portfolio. These loans may have delinquency or charge-off levels above our historical experience, which could adversely affect our future performance.

Our business strategy includes the continuation of significant growth plans, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.

We expect to continue to experience growth in the amount of our assets, the level of our deposits and the scale of our operations. Achieving our growth targets requires us to attract customers that currently bank at other financial institutions in our market, thereby increasing our share of the market. Our ability to successfully grow will depend on a variety of factors, including our ability to attract and retain experienced bankers, the continued availability of desirable business opportunities, the competitive responses from other financial institutions in our market areas and our ability to manage our growth. Growth opportunities may not be available or we may not be able to manage our growth successfully. If we do not manage our growth effectively, we may not be able to achieve our business plan, and our business could be harmed.

Declines in property values can increase the loan-to-value ratios on our residential mortgage loan portfolio, which could expose us to greater risk of loss.

Some of our residential mortgage loans are secured by liens on mortgage properties in which the borrowers have little or no equity because either we originated the loan with a relatively high combined loan-to-value ratio or because of the decline in home values in our market areas. Residential loans with high combined loan-to-value ratios may experience a higher incidence of default and severity of losses. In addition, if the borrowers sell their homes, such borrowers may be unable to repay their loans in full from the sale proceeds. As a result, these loans may experience higher rates of delinquencies, defaults and losses.

If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease.

We maintain an allowance for loan losses, which is established through a provision for loan losses that represents management’s best estimate of probable losses within the existing portfolio of loans. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. In determining the adequacy of the allowance for loan losses, we rely on our experience and our evaluation of economic conditions. If our assumptions prove to be incorrect, our current allowance for loan losses may not be sufficient to cover losses inherent in our loan portfolio and adjustment may be necessary to allow for different economic conditions or adverse developments in our loan portfolio. Consequently, a problem with one or more loans could require us to significantly increase the level of our provision for loan losses. In addition, federal and state regulators periodically review our allowance for loan losses and may require us to increase our provision for loan losses or recognize further loan charge-offs. Material additions to the allowance would materially decrease our net income.

The Financial Accounting Standards Board has adopted a new accounting standard that will be effective for us for the year ending December 31, 2020. This standard, which requires a Current Expected Credit Loss (“CECL”) model, will require financial institutions to determine periodic estimates of lifetime expected credit losses on loans, and recognize the expected credit losses as allowances for loan losses. This will change from the current method of providing allowances for loan losses that have already been incurred, which may require us to

 

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increase our allowance for loan losses, and to greatly increase the types of data we would need to collect and review to determine the appropriate level of the allowance for loan losses. Any increase in our allowance for loan losses or expenses incurred to determine the appropriate level of the allowance for loan losses may have a material adverse effect on our financial condition and results of operations.

Our allowance for loan losses increased in 2016, primarily due to growth in the multi-family, commercial real estate, construction, and commercial and industrial loan categories; as such loans have higher inherent credit risk than loans in our residential real estate loan categories. Refer to “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Asset Quality.”

Changes in interest rates could hurt our profits.

Our profitability, like most financial institutions, depends to a large extent upon our net interest income, which is the difference between our interest income on interest-earning assets, such as loans and securities, and our interest expense on interest-bearing liabilities, such as deposits and borrowed funds. Accordingly, our results of operations depend largely on movements in market interest rates and our ability to manage our interest-rate-sensitive assets and liabilities in response to these movements. Factors such as inflation, recession and instability in financial markets, among other factors beyond our control, may affect interest rates.

If interest rates rise, and if rates on our deposits reprice upwards faster than the rates on our long-term loans and investments, we would experience compression of our interest rate spread, which would have a negative effect on our profitability. Conversely, decreases in interest rates can result in increased prepayments of loans and mortgage-related securities, as borrowers refinance to reduce their borrowing costs. Under these circumstances, we are subject to reinvestment risk as we may have to redeploy such loan or securities proceeds into lower-yielding assets, which might also negatively impact our income.

Any substantial, unexpected, prolonged change in market interest rates could have a material adverse effect on our financial condition, liquidity and results of operations. Further, a prolonged period of exceptionally low market interest rates, such as we are currently experiencing, limits our ability to lower our interest expense, while the average yield on our interest-earning assets may continue to decrease as our loans reprice or are originated at these low market rates. Accordingly, our net interest income may continue to decrease, which would have an adverse effect on our profitability. Also, our interest rate risk modeling techniques and assumptions likely may not fully predict or capture the impact of actual interest rate changes on our balance sheet or projected operating results.

While we pursue an asset/liability strategy designed to mitigate our risk from changes in interest rates, changes in interest rates can still have a material adverse effect on our financial condition and results of operations. Changes in the level of interest rates also may negatively affect our ability to originate real estate loans, the value of our assets and our ability to realize gains from the sale of our assets, all of which ultimately affect our earnings. For further discussion of how changes in interest rates could impact us, see “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Risk Management — Interest Rate Risk Management.”

Changes in the valuation of our securities portfolio could hurt our profits.

Our securities portfolio may be impacted by fluctuations in market value, potentially reducing accumulated other comprehensive income and/or earnings. Fluctuations in market value may be caused by changes in market interest rates, lower market prices for securities and limited investor demand. Management evaluates securities for other-than-temporary impairment on a monthly basis, with more frequent evaluation for selected issues. In analyzing a debt issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, industry analysts’ reports and, to a lesser extent given the relatively insignificant levels of depreciation in our debt portfolio, spread differentials between the effective rates on instruments in the portfolio compared to risk-free rates. In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year time frame. If this

 

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evaluation shows impairment to the actual or projected cash flows associated with one or more securities, a potential loss to earnings may occur. Changes in interest rates can also have an adverse effect on our financial condition, as our available-for-sale securities are reported at their estimated fair value, and therefore are impacted by fluctuations in interest rates. We increase or decrease our stockholders’ equity by the amount of change in the estimated fair value of the available-for-sale securities, net of taxes. The declines in market value could result in other-than-temporary impairments of these assets, which would lead to accounting charges that could have a material adverse effect on our net income and capital levels. Refer to “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Securities Portfolio.”

Effective December 10, 2013, pursuant to the Dodd-Frank Act, federal banking and securities regulators issued final rules to implement Section 619 of the Dodd-Frank Act (the “Volcker Rule”). Generally, subject to a transition period and certain exceptions, the Volcker Rule restricts insured depository institutions and their affiliated companies from engaging in short-term proprietary trading of certain securities, investing in funds with collateral comprised of less than 100% loans that are not registered with the Securities and Exchange Commission and from engaging in hedging activities that do not hedge a specific identified risk. After the transition period, the Volcker Rule prohibitions and restrictions will apply to banking entities unless an exception applies.

In January 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Targeted changes to generally accepted accounting principles include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has a portfolio of equity investments and if such guidance were effective for the year ended December 31, 2016, a net unrealized gain of approximately $6.6 million and related deferred tax provision of $2.3 million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.

Impairment of goodwill could require charges to earnings, which could result in a negative impact on our results of operations.

Goodwill arises when a business is purchased for an amount greater than the net fair value of its assets. We recognized goodwill as an asset on our balance sheet in connection with our acquisition of Mt. Washington Co-operative Bank. We evaluate goodwill for impairment at least annually. Although we determined that goodwill was not impaired during 2016, a significant and sustained decline in our stock price, a significant decline in our expected future cash flows, a significant adverse change in the business climate, slower growth rates or other factors could result in impairment of goodwill. If we were to conclude that a future write-down of the goodwill was necessary, then we would record the appropriate charge to earnings, which could be materially adverse to the results of operations and financial position. For further discussion of our methodology of evaluating and impairing goodwill, refer to “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Critical Accounting Policies — Evaluation of Goodwill and Analysis for Impairment.”

The building of market share through de novo branching and expansion of our residential, commercial real estate, and commercial and industrial lending capacity could cause our expenses to increase faster than revenues.

We intend to continue to build market share in the greater Boston metropolitan area through de novo branching and expansion of our residential, commercial real estate, and commercial and industrial lending capacity. Since 2002, we have opened 18 de novo branches including the most recent two branches opened in March and December 2016. There are considerable costs involved in opening branches and expanding lending

 

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capacity that generally require a period of time to generate the necessary revenues to offset their costs, especially in areas in which we do not have an established presence. Accordingly, any such business expansion may negatively impact our earnings for some period of time until certain economies of scale are reached. Our expenses could be further increased if we encounter delays in the opening of any of our new branches. Finally, our business expansion may not be successful after establishment.

Our funding sources may prove insufficient to replace deposits at maturity and support our future growth.

We must maintain sufficient funds to respond to the needs of depositors and borrowers. As a part of our liquidity management, we use a number of funding sources in addition to core deposit growth and repayments and maturities of loans and investments. As we continue to grow, we are likely to become more dependent on these sources, which include Federal Home Loan Bank advances, proceeds from the sale of loans, federal funds purchased and brokered certificates of deposit. Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources. Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates. If we are required to rely more heavily on more expensive funding sources to support future growth, our revenues may not increase proportionately to cover our costs. In this case, our operating margins and profitability would be adversely affected.

We have become subject to more stringent capital requirements, which may adversely impact our return on equity, require us to raise additional capital, or constrain us from paying dividends or repurchasing shares.

Effective January 1, 2015, we became subject to more stringent capital requirements as a result of the implementation of Basel III regulatory capital reforms and changes required by the Dodd-Frank Act. The application of more stringent capital requirements could, among other things, result in lower returns on equity, require the raising of additional capital, and result in regulatory actions if we were to be unable to comply with such requirements. Furthermore, the imposition of liquidity requirements in connection with the implementation of Basel III could result in our having to lengthen the term of our funding, restructure our business models, and/or increase our holdings of liquid assets. Implementation of changes to asset risk weightings for risk-based capital calculations, items included or deducted in calculating regulatory capital and/or additional capital conservation buffers could result in management modifying its business strategy, and could limit our ability to make distributions, including paying out dividends or buying back shares. Specifically, the Bank’s ability to pay dividends is limited if it does not have the capital conservation buffer required by the new capital rules, which may limit our ability to pay dividends to stockholders. See “Supervision and Regulation — Federal Banking Regulation — Capital Requirements.”

The level of our commercial real estate loan portfolio may subject us to additional regulatory scrutiny.

The Federal Deposit Insurance Corporation and the other federal bank regulatory agencies have promulgated joint guidance on sound risk management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, a financial institution that, like us, is actively involved in commercial real estate lending should perform a risk assessment to identify concentrations. A financial institution may have a concentration in commercial real estate lending if, among other factors, (i) total reported loans for construction, land acquisition and development, and other land represent 100% or more of total capital, or (ii) total reported loans secured by multi-family and non-farm residential properties, loans for construction, land acquisition and development and other land, and loans otherwise sensitive to the general commercial real estate market, including loans to commercial real estate related entities, represent 300% or more of total capital. Based on these factors, we have a concentration in multi-family and commercial real estate lending, as such loans represent 500% of total bank capital as of December 31, 2016. The particular focus of the guidance is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be at greater risk to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The guidance states that management should employ heightened

 

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risk management practices including board and management oversight and strategic planning, development of underwriting standards, risk assessment and monitoring through market analysis and stress testing. While we believe we have implemented policies and procedures with respect to our commercial real estate loan portfolio consistent with this guidance, bank regulators could require us to implement additional policies and procedures consistent with their interpretation of the guidance that may result in additional costs to us or that may result in a curtailment of our multi-family and commercial real estate lending that would adversely affect our loan originations and profitability.

Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations, increase our costs of operations and decrease our efficiency.

The Company and the Bank are subject to extensive regulation, supervision and examination by the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation and the Federal Reserve Board. Such regulation and supervision governs the activities in which we may engage and are intended primarily for the protection of the insurance fund and the depositors and borrowers of the Bank rather than for holders of our common stock. Regulatory authorities have extensive discretion in their supervisory and enforcement activities, including the imposition of restrictions on our operations, the classification of our assets and the determination of the level of our allowance for loan losses. These regulations, along with the currently existing tax, accounting, securities, insurance, monetary laws, rules, standards, policies, and interpretations control the methods by which financial institutions conduct business, implement strategic initiatives and tax compliance, and govern financial reporting and disclosures. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations. Further, changes in accounting standards can be both difficult to predict and involve judgment and discretion in their interpretation by us and our independent accounting firms. These changes could materially impact, potentially even retroactively, how we report our financial condition and results of our operations as could our interpretation of those changes.

The Dodd-Frank Act has significantly changed the regulation of banks and savings institutions and affects the lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new implementing rules and regulations, and to prepare numerous studies and reports for Congress. The federal agencies have been given significant discretion in drafting the implementing rules and regulations, many of which are not in final form. As a result, we cannot at this time predict the extent to which the Dodd-Frank Act will impact our business, operations or financial condition. However, compliance with the Dodd-Frank Act and its implementing regulations and policies has already resulted in changes to our business and operations, as well as additional costs, and diverted management’s time from other business activities, which adversely affects our financial condition and results of operations.

In 2013, the Consumer Financial Protection Bureau issued several final regulations and changes to certain consumer protections under existing laws. These final rules, most of the provisions of which became effective in 2014, generally prohibit creditors from extending mortgage loans without regard for the consumer’s ability to repay and add restrictions and requirements to mortgage origination and servicing practices. In addition, these rules limit prepayment penalties and require the creditor to retain evidence of compliance with the ability-to-repay requirement for three years. Compliance with these rules will likely increase our overall regulatory compliance costs and may require changes to our underwriting practices with respect to mortgage loans. Moreover, these rules may adversely affect the volume of mortgage loans that we underwrite and may subject us to increased potential liabilities related to such residential loan origination activities.

In addition, there have been proposals made by members of Congress and others that would reduce the amount distressed borrowers are otherwise contractually obligated to pay under their mortgage loans and limit an institution’s ability to foreclose on mortgage collateral. If proposals such as these, or other proposals limiting our rights as a creditor, are implemented, we could experience increased credit losses or increased expense in pursuing our remedies as a creditor. Any other additional changes in our regulation and oversight, whether in the form of new laws, rules or regulations, could likewise make compliance more difficult or expensive or otherwise materially adversely affect, along with negative developments in the financial services industry and the credit

 

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markets, may significantly affect the markets in which we do business, the markets for and value of our loans and investments, and our business, financial condition or prospects.

Recent regulations could restrict our ability to originate and sell loans.

The Consumer Financial Protection Bureau has issued a rule designed to clarify for lenders how they can avoid legal liability under the Dodd-Frank Act, which would hold lenders accountable for ensuring a borrower’s ability to repay a mortgage. Loans that meet this “qualified mortgage” definition will be presumed to have complied with the new ability-to-repay standard. Under the Consumer Financial Protection Bureau’s rule, a “qualified mortgage” loan must not contain certain specified features, including:

 

   

excessive upfront points and fees (those exceeding 3% of the total loan amount, less “bona fide discount points” for prime loans);

 

   

interest-only payments;

 

   

negative-amortization; and

 

   

terms longer than 30 years.

Also, to qualify as a “qualified mortgage,” a borrower’s total monthly debt-to-income ratio may not exceed 43%. Lenders must also verify and document the income and financial resources relied upon to qualify the borrower for the loan and underwrite the loan based on a fully amortizing payment schedule and maximum interest rate during the first five years, taking into account all applicable taxes, insurance and assessments. In addition, the Dodd-Frank Act requires the regulatory agencies to issue regulations that require securitizers of loans to retain not less than 5% of the credit risk for any asset that is not a “qualified residential mortgage.” The regulatory agencies have issued a final rule to implement this requirement, which provides that the definition of “qualified residential mortgage” includes loans that meet the definition of “qualified mortgage” issued by the Consumer Financial Protection Bureau for purposes of its regulations (as described above).

These final rules could have a significant effect on the secondary market for loans and the types of loans we originate, and restrict our ability to make loans, any of which could limit our growth or profitability.

Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.

The USA PATRIOT and Bank Secrecy Acts require financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with the U.S. Treasury’s Office of Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions. During the last year, several banking institutions have received large fines for non-compliance with these laws and regulations. While we have developed policies and procedures designed to assist in compliance with these laws and regulations, these policies and procedures may not be effective in preventing violations of these laws and regulations.

Legal and regulatory proceedings and related matters could adversely affect us or the financial services industry in general.

We, and other participants in the financial services industry upon whom we rely to operate, have been and may in the future become involved in legal and regulatory proceedings. Most of the proceedings we consider to be in the normal course of our business or typical for the industry; however, it is inherently difficult to assess the outcome of these matters and, other participants in the financial services industry or we may not prevail in any proceeding or litigation. There could be substantial cost and management diversion in such litigation and proceedings, and any adverse determination could have a materially adverse effect on our business, brand or image, or our financial condition and results of our operations.

 

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Strong competition within our market area could hurt our profits and slow growth.

We face intense competition in making loans and attracting deposits. Price competition for loans and deposits sometimes results in us charging lower interest rates on our loans and paying higher interest rates on our deposits and may reduce our net interest income. Competition also makes it more difficult and costly to attract and retain qualified employees. Many of the institutions with which we compete have substantially greater resources and lending limits than we have and may offer services that we do not provide. We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. If we are not able to effectively compete in our market area, our profitability may be negatively affected, potentially limiting our ability to pay dividends. The greater resources and broader offering of deposit and loan products of some of our competitors may also limit our ability to increase our interest-earning assets. For more information about our market area and the competition we face, see “Item 1 — Business — Market Area” and “Item 1 — Competition.”

Our success depends on hiring and retaining certain key personnel.

Our performance largely depends on the talents and efforts of highly skilled individuals. We rely on key personnel to manage and operate our business, including major revenue generating functions such as loan and deposit generation. The loss of key staff may adversely affect our ability to maintain and manage these functions effectively, which could negatively affect our revenues. In addition, loss of key personnel could result in increased recruiting and hiring expenses, which could cause a decrease in our net income. Our continued ability to compete effectively depends on our ability to attract new employees and to retain and motivate our existing employees.

Our business may be adversely affected by an increasing prevalence of fraud and other financial crimes.

Our loans to businesses and individuals and our deposit relationships and related transactions are subject to exposure to the risk of loss due to fraud and other financial crimes. Nationally, reported incidents of fraud and other financial crimes have increased. We have also experienced losses due to apparent fraud and other financial crimes. While we have policies and procedures designed to prevent such losses, losses may still occur.

Managing reputational risk is important to attracting and maintaining customers, investors and employees.

Threats to our reputation can come from many sources, including adverse sentiment about financial institutions generally, unethical practices, employee misconduct, failure to deliver minimum standards of service or quality, compliance deficiencies, and questionable or fraudulent activities of our customers. We have policies and procedures in place to protect our reputation and promote ethical conduct, but these policies and procedures may not be fully effective. Negative publicity regarding our business, employees, or customers, with or without merit, may result in the loss of customers, investors and employees, costly litigation, a decline in revenues and increased governmental regulation.

System failure or breaches of our network security could subject us to increased operating costs as well as litigation and other liabilities.

The computer systems and network infrastructure we use could be vulnerable to unforeseen problems. Our operations are dependent upon our ability to protect our computer equipment against damage from physical theft, fire, power loss, telecommunications failure or a similar catastrophic event, as well as from security breaches, denial of service attacks, viruses, worms and other disruptive problems caused by hackers. Any damage or failure that causes an interruption in our operations could have a material adverse effect on our financial condition and results of operations. Computer break-ins, phishing and other disruptions could also jeopardize the security of information stored in and transmitted through our computer systems and network infrastructure, which may result in significant liability to us and may cause existing and potential customers to refrain from doing business with us. Although we, with the help of third-party service providers, intend to continue to implement security

 

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technology and establish operational procedures to prevent such damage, our security measures may not be successful. In addition, advances in computer capabilities, new discoveries in the field of cryptography or other developments could result in a compromise or breach of the algorithms we and our third-party service providers use to encrypt and protect customer transaction data. A failure of such security measures could have a material adverse effect on our financial condition and results of operations.

It is possible that a significant amount of time and money may be spent to rectify the harm caused by a breach or hack. While we have general liability insurance and cyber liability insurance, there are limitations on coverage as well as dollar amount. Furthermore, cyber incidents carry a greater risk of injury to our reputation. Finally, depending on the type of incident, banking regulators can impose restrictions on our business and consumer laws may require reimbursement of customer loss.

Our risk management framework may not be effective in mitigating risk and reducing the potential for significant losses.

Our risk management framework is designed to minimize risk and loss to us. We seek to identify, measure, monitor, report and control our exposure to risk, including strategic, market, liquidity, compliance and operational risks. While we use a broad and diversified set of risk monitoring and mitigation techniques, these techniques are inherently limited because they cannot anticipate the existence or future development of currently unanticipated or unknown risks. Recent economic conditions and heightened legislative and regulatory scrutiny of the financial services industry, among other developments, have increased our level of risk. Accordingly, we could suffer losses as a result of our failure to properly anticipate and manage these risks.

We face significant operational risks because the financial services business involves a high volume of transactions.

We operate in diverse markets and rely on the ability of our employees and systems to process a high number of transactions. Operational risk is the risk of loss resulting from our operations, including but not limited to, the risk of fraud by employees or persons outside our company, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of our internal control systems and compliance requirements, and business continuation and disaster recovery. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits. This risk of loss also includes the potential legal actions that could arise as a result of operational deficiencies or as a result of non-compliance with applicable regulatory standards or customer attrition due to potential negative publicity. In the event of a breakdown in our internal control systems, improper operation of systems or improper employee actions, we could suffer financial loss, face regulatory action, and/or suffer damage to our reputation.

We are subject to environmental liability risk associated with lending activities.

A significant portion of our loan portfolio is secured by real estate, and we could become subject to environmental liabilities with respect to one or more of these properties. During the ordinary course of business, we may foreclose on and take title to properties securing defaulted loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Although we have policies and procedures to perform an environmental review before initiating any foreclosure action on nonresidential real property, these reviews may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on us.

 

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Various factors may make takeover attempts more difficult to achieve.

Certain provisions of our articles of incorporation and state and federal banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire control of the Company without our Board of Directors’ approval. Under regulations applicable to the mutual-to-stock conversion of Meridian Financial Services, for a period of three years following completion of the conversion, no person may acquire beneficial ownership of more than 10% of our common stock without prior approval of the Federal Reserve Board and the Massachusetts Commissioner of Banks. Under federal law, subject to certain exemptions, a person, entity or group must notify the Federal Reserve Board before acquiring control of a bank holding company. Acquisition of 10% or more of any class of voting stock of a bank holding company, including shares of our common stock or shares of our preferred stock were those shares to become entitled to vote upon the election of two directors because of missed dividends, creates a rebuttable presumption that the acquirer “controls” the bank holding company. Also, a bank holding company must obtain the prior approval of the Federal Reserve Board before, among other things, acquiring direct or indirect ownership or control of more than 5% of any class of voting shares of any bank, including East Boston Savings Bank.

There also are provisions in our articles of incorporation that may be used to delay or block a takeover attempt, including a provision that prohibits any person from voting more than 10% of the shares of common stock outstanding. Furthermore, shares of restricted stock and stock options that we have granted or may grant to employees and directors, stock ownership by our management and directors, including through our ESOP, employment agreements that we have entered into with our executive officers and other factors may make it more difficult for companies or persons to acquire control of the Company without the consent of our Board of Directors. Taken as a whole, these statutory provisions and provisions in our articles of incorporation could result in our being less attractive to a potential acquirer and thus could adversely affect the market price of our common stock.

Our stock-based benefit plans will increase our expenses and reduce our income, and may dilute your ownership interest.

In 2015, we adopted new stock-based benefit plans. These plans may be funded either through open market purchases or from the issuance of authorized but unissued shares of common stock. Our ability to purchase shares of common stock to fund these plans will be subject to many factors, including applicable regulatory restrictions, the availability of stock in the market, the trading price of the stock, our capital levels, alternative uses for our capital and our financial performance. While our intention is to fund the new stock-based benefit plans through open market purchases, stockholders would experience dilution in ownership interest in the event newly issued shares of our common stock are used to fund stock options and shares of restricted common stock.

Changes in management’s estimates and assumptions may have a material impact on our consolidated financial statements and our financial condition or operating results.

In preparing this annual report as well as other periodic reports we are required to file under the Securities Exchange Act of 1934, including our consolidated financial statements, our management is and will be required under applicable rules and regulations to make estimates and assumptions as of a specified date. These estimates and assumptions are based on management’s best estimates and experience as of that date and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. Areas requiring significant estimates and assumptions by management include our determination of the allowance for loan losses, the evaluation of goodwill for impairment and the evaluation of securities for other-than-temporary impairment.

Any future action by the U.S. Congress lowering the federal corporate income tax rate and/or eliminating the federal corporate alternative minimum tax could result in the reduction of the net deferred tax asset and a corresponding charge against earnings.

The net deferred tax asset reported on the Company’s balance sheet represents the net amount of income taxes expected to be received upon the reversal of temporary differences between the bases of assets and

 

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liabilities as measured by enacted tax laws, and their bases as reported in the financial statements. As of December 31, 2016, the company’s net deferred tax asset was computed using the federal statutory rate of 35%.

The President of the United States and members of Congress have announced plans to lower the federal corporate income tax rate from its current level of 35% and to eliminate the corporate alternative minimum tax. If these plans ultimately result in the enactment of new laws lowering the corporate income tax rate and/or eliminating the corporate alternative minimum tax, the Company’s net deferred tax asset could be re-measured. This could result in a reduction of the deferred tax asset in the period of the law change and a corresponding charge against earnings.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

 

ITEM 2. PROPERTIES

At December 31, 2016, we conducted business through our 31 full service offices, one mobile branch and three loan centers located in Allston, Belmont, Boston, Brookline, Cambridge, Danvers, East Boston, Revere, Somerville, South Boston, Dorchester, Jamaica Plain, West Roxbury, Everett, Medford, Melrose, Wakefield, Winthrop, Lynn, Peabody and Saugus, Massachusetts. We also operate in two administrative/support offices. We own 18 and lease 18 of our offices. At December 31, 2016, the total net book value of our land, buildings, furniture, fixtures and equipment was $41.4 million.

 

ITEM 3. LEGAL PROCEEDINGS

Periodically, there have been various claims and lawsuits against us, such as claims to enforce liens, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. We are not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, results of operations or cash flows.

 

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

 

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PART II

 

ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information and Holders

The Company’s shares of common stock are traded on the NASDAQ Global Select Market under the symbol “EBSB.” The approximate number of shareholders of record of the Company’s common stock as of February 22, 2017 was 1,884. Certain shares of the Company are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.

The following table sets forth for each quarter of 2016 and 2015 the intra-day high and low sales prices per share of common stock as reported by Nasdaq and the cash dividends declared per share.

 

                                                                          

2016

     High        Low        Dividends  

Fourth quarter

     $ 20.55        $ 15.06        $ 0.03  

Third quarter

       15.77          14.62          0.03  

Second quarter

       15.34          13.41          0.03  

First quarter

       14.36          12.28          0.03  

2015

     High        Low        Dividends  

Fourth quarter

     $ 14.91        $ 13.19        $ 0.03  

Third quarter

       13.99          12.02          0.03  

Second quarter

       13.66          12.15           

First quarter

       13.30          11.03           

Dividends

The Company is not permitted to pay dividends on its common stock if its stockholders’ equity would be reduced below the amount of the liquidation account established by the Company in connection with the conversion. The source of dividends will depend on the net proceeds retained by the Company and earnings thereon, and dividends from the Bank. In addition, the Company is subject to state law limitations and federal bank regulatory policy on the payment of dividends. Maryland law generally limits dividends if the corporation would not be able to pay its debts in the usual course of business after giving effect to the dividend or if the corporation’s total assets would be less than the corporation’s total liabilities plus the amount needed to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the distribution. In addition, the Company is subject to the Federal Reserve Board’s policy that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the Company appears consistent with its capital needs, asset quality and overall financial condition. See “Supervision and Regulation — Holding Company Regulation.”

Dividends from the Company may depend, in part, upon receipt of dividends from the Bank because the Company has no source of income other than dividends from the Bank and earnings from investment of net proceeds from the offering retained by the Company. Massachusetts banking law and FDIC regulations limit distributions from the Bank to the Company. For example, the Bank could not pay dividends if it were not in compliance with applicable regulatory capital requirements. See “Supervision and Regulation — Massachusetts Banking Laws and Supervision — Dividends” and “Federal Bank Regulation — Prompt Corrective Regulatory Action.”

In determining whether to declare or pay any dividends, whether regular or special, the Board of Directors takes into account our financial condition and results of operations, tax considerations, statutory and regulatory limitations, and general economic conditions. The payment and amount of any dividend payments depends upon a number of factors. We cannot assure that dividends will not be reduced or eliminated in the future.

 

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Purchases of Equity Securities by the Issuer and Affiliated Purchases

The following table sets forth information with respect to any purchase made by or on behalf of the Company during the indicated periods:

 

                                                                                                   

Period

     (a)
Total Number of
Shares (or Units)
Purchased
       (b)
Average Price
Paid Per Share
(or Unit)
       (c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs(1)
       (d)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
 

October 1 – 31, 2016

              $                   794,519  

November 1 – 30, 2016

       116,796        $ 15.79          116,796          677,723  

December 1 – 31, 2016

              $                   677,723  
    

 

 

           

 

 

      

Total

       116,796        $ 15.79          116,796          677,723  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(1)

In August 12, 2015, the Company’s Board of Directors voted to adopt a stock repurchase program of up to 5% of its outstanding common stock, or 2,737,334 shares of its common stock. The repurchase program has no expiration date.

Securities Authorized for Issuance under Equity Compensation Plans

Stock-based compensation awards outstanding and available for future grants as of December 31, 2016 represents stock-based compensation plans approved by stockholders. Other than our Employee Stock Ownership Plan, there are no plans that have not been approved by stockholders. Additional information is presented in Note 10, Employee Benefit Plans, in the Notes to Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, within this report. Additional information regarding the Company’s equity compensation plans is included in Part III, Item 12 of this Form 10-K.

 

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Performance Graph

The stock performance graph below compares the Company’s cumulative shareholder return on its common stock from December 31, 2011 to December 31, 2016 with the cumulative total return of the NASDAQ Composite and the SNL Bank and Thrift Composite. Total shareholder return is measured by dividing total dividends (assuming dividend reinvestment) for the measurement period plus share price change for the period from the share price at the beginning of the measurement period. The return is based on an initial investment of $100.00.

Meridian Bancorp, Inc.

 

LOGO

 

     Period Ending  

Index

  12/31/11     12/31/12     12/31/13     12/31/14     12/31/15     12/31/16  

Meridian Bancorp, Inc.

    100.00       134.78       181.37       220.65       278.51       376.22  

SNL Bank and Thrift

    100.00       134.28       183.86       205.25       209.39       264.35  

NASDAQ Composite

    100.00       117.45       164.57       188.84       201.98       219.89  

Source: SNL Financial LC, Charlottesville, VA

 

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ITEM 6. SELECTED FINANCIAL DATA

The following tables set forth selected consolidated financial data for the Company. This information should be read in conjunction with the Consolidated Financial Statements and related notes, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that appear elsewhere in this Annual Report.

 

                                                                                                                            
    At or For the Years Ended December 31,  
    2016     2015     2014     2013     2012  
    (Dollars in thousands, except per share amounts)  

Financial Condition Data

         

Total assets

  $ 4,436,002     $ 3,524,509     $ 3,278,526     $ 2,682,101     $ 2,278,771  

Securities available for sale

    67,663       141,646       203,521       201,137       262,785  

Loans, net

    3,898,668       3,045,242       2,648,907       2,265,400       1,786,339  

Deposits

    3,475,837       2,743,018       2,503,935       2,248,600       1,865,433  

Borrowings

    322,512       167,226       171,899       161,903       161,254  

Total stockholders’ equity

    607,297       588,126       577,710       249,205       233,943  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Data

         

Interest and dividend income

  $ 149,692     $ 123,342     $ 108,679     $ 95,204     $ 84,969  

Interest expense

    27,137       20,451       20,513       20,135       18,945  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

    122,555       102,891       88,166       75,069       66,024  

Provision for loan losses

    7,180       6,667       3,313       6,470       8,581  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income, after provision for loan losses

    115,375       96,224       84,853       68,599       57,443  

Non-interest income

    14,190       13,040       16,056       19,416       21,261  

Non-interest expenses

    77,494       72,691       67,434       64,515       59,948  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    52,071       36,573       33,475       23,500       18,756  

Provision for income taxes

    17,881       11,966       11,148       8,071       6,330  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 34,190     $ 24,607     $ 22,327     $ 15,429     $ 12,426  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Key Performance Ratios

         

Return on average assets

    0.87     0.74     0.75     0.62     0.59

Return on average equity

    5.77       4.19       5.69       6.39       5.42  

Interest rate spread(1)

    2.99       2.97       2.88       3.00       3.16  

Net interest margin(2)

    3.20       3.19       3.08       3.15       3.33  

Non-interest expense to average assets

    1.97       2.17       2.26       2.58       2.84  

Efficiency ratio(3)

    57.95       64.05       68.84       76.04       77.96  

Dividend payout ratio

    17.91       12.77                    

Average interest-earning assets to average interest-bearing liabilities

    129.95       134.63       126.57       118.30       117.32  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Capital Ratios

         

Stockholders’ equity to total assets

    13.69     16.69     17.62     9.29     10.27

Total capital to risk weighted assets

    14.95       17.48       20.34       10.77       11.93  

Tier I capital to risk weighted assets

    13.97       16.52       19.30       9.60       10.81  

Common equity tier I capital to risk weighted assets

    13.97       16.52                    

Tier I capital to average assets

    13.77       16.71       17.44       8.73       9.69  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset Quality Ratios

         

Allowance for loan losses/total loans

    1.02     1.08     1.06     1.11     1.13

Allowance for loan losses/non-accrual loans

    298.82       106.58       90.35       61.00       51.81  

Net charge-offs/average loans outstanding

    0.01       0.06       0.01       0.08       0.07  

Non-accrual loans/total loans

    0.34       1.02       1.18       1.81       2.19  

Non-performing assets/total assets

    0.30       0.89       0.99       1.60       1.85  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Per Share Data

         

Basic earnings per share

  $ 0.67     $ 0.47     $ 0.43     $ 0.29     $ 0.23  

Diluted earnings per share

    0.65       0.46       0.42       0.29       0.23  

Dividends per share

    0.12       0.06                    

Book value per share

    11.33       10.72       10.56       4.58       4.29  

Tangible book value per share(4)

    11.08       10.47       10.31       4.33       4.04  

Market value per share

    18.90       14.10       11.22       9.22       6.85  

Number of shares outstanding at end of year

    53,596,105       54,875,237       54,708,066       54,406,335       54,488,922  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other Data:

         

Number of offices

    31       29       27       27       24  

Number of full-time equivalent employees

    462       445       431       420       415  

 

(footnotes begin on following page)

 

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(footnotes from previous page)

 

(1)

Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities.

 

(2)

Represents net interest income as a percent of average interest-earning assets.

 

(3)

The efficiency ratio is a non-GAAP measure representing non-interest expense divided by the sum of net interest income and non-interest income excluding gains or losses on sales of securities. The efficiency ratio is a common measure used by banks to understand expenses related to the generation of revenue. We have removed gains or losses on sales of securities as management deems them to be discretionary and not representative of operating performance.

 

(4)

Tangible book value per share is calculated as follows.

 

                                                                                                                            
       At December 31,  
       2016        2015        2014        2013        2012  
       (Dollars in thousands, except per share amounts)  

Total stockholders’ equity

     $ 607,297        $ 588,126        $ 577,710        $ 249,205        $ 233,943  

Less: goodwill

       13,687          13,687          13,687          13,687          13,687  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Tangible book value

     $ 593,610        $ 574,439        $ 564,023        $ 235,518        $ 220,256  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Number of shares outstanding at end of year

       53,596,105          54,875,237          54,708,066          54,406,335          54,488,922  

Tangible book value per share

     $ 11.08        $ 10.47        $ 10.31        $ 4.33        $ 4.04  

 

ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with our business and financial information and the Consolidated Financial Statements and related notes that appear elsewhere in this Annual Report.

Critical Accounting Policies

A summary of significant accounting policies is described in Note 1 to the Consolidated Financial Statements included in this Annual Report on Form 10-K for the year ended December 31, 2016. Critical accounting estimates are necessary in the application of certain accounting policies and procedures and are particularly susceptible to significant change. Critical accounting policies are defined as those involving significant judgments and assumptions by management that could have a material impact on the carrying value of certain assets or on income under different assumptions or conditions. Management believes that the most critical accounting policies, which involve the most complex or subjective decisions or assessments, are as follows:

Allowance for Loan Losses. The determination of the allowance for loan losses is considered critical due to the high degree of judgment involved, the subjectivity of the underlying assumptions used, and the potential for changes in the economic environment that could result in material changes in the amount of the allowance for loan losses. The allowance for loan losses is utilized to absorb losses inherent in the loan portfolio. The allowance represents management’s estimate of losses as of the date of the financial statements. The allowance includes an allocated component for impaired loans and a general component for pools of non-impaired loans.

The adequacy of the allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the size and composition of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

While management believes that it uses the best information available to establish the allowance for loan losses, future adjustments to the allowance may be necessary and results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making its determinations. Because

 

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the estimation of inherent losses cannot be made with certainty, there can be no assurance that the existing allowance for loan losses is adequate or that increases will not be necessary should the quality of any loan deteriorate as a result of the factors noted above. Any material increase in the allowance for loan losses may adversely affect the financial condition and results of operations and will be recorded in the period in which the circumstances become known.

Other-than-temporary Impairment of Securities. In analyzing a debt issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, industry analysts’ reports and, to a lesser extent given the relatively insignificant levels of depreciation in our debt portfolio, spread differentials between the effective rates on instruments in the portfolio compared to risk-free rates. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation.

From time to time, management’s intent to hold depreciated debt securities to recovery or maturity may change as a result of prudent portfolio management. If management’s intent changes, unrealized losses are recognized either as impairment charges to the consolidated income statement or as realized losses if a sale has been executed. In most instances, management sells the securities at the time their intent changes.

In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year time frame. A decline of 10% or more in the value of an acquired equity security is generally the triggering event for management to review individual securities for liquidation and/or classification as other-than-temporarily impaired. Impairment losses are recognized when management concludes that declines in the value of equity securities are other than temporary, or when they can no longer assert that they have the intent and ability to hold depreciated equity securities for a period of time sufficient to allow for any anticipated recovery in fair value. Unrealized losses on marketable equity securities that are in excess of 25% of cost and that have been sustained for more than twelve months are generally considered-other-than temporary and charged to earnings as impairment losses, or realized through sale of the security.

Business Strategy

We emphasize responsive and personalized service to our customers. Due to the consolidation of financial institutions in our market, we continue to believe there is a significant opportunity for a community-focused bank to provide a full range of financial services to small and middle-market commercial and retail customers. By offering quicker decision making in the delivery of banking products and services, offering customized products where appropriate, and providing customer access to our senior managers, we distinguish ourselves from larger, regional banks operating in our market areas, while our larger capital base and product mix enable us to compete effectively against smaller banks. As a result, we believe we have a substantial opportunity to attract experienced management, loan officers and banking customers. We believe this will provide us a competitive advantage as we continue to expand into attractive, high growth markets within the Boston metropolitan area through the establishment of de novo bank branch offices, the potential acquisition of community banks and bank branches, and organic expansion where possible by growing our existing branches in their respective communities.

Our strategies center on the continued enhancement of our full-service, community-oriented Bank, including the expansion of our branch network to more adequately cover the large geography of the Boston metropolitan area. In order to realize these objectives, we are pursuing the following strategies:

Emphasizing growth in commercial lending. We have diversified our loan portfolio by increasing the percentage of our assets consisting of higher-yielding commercial and industrial loans and commercial real estate loans with higher risk-adjusted returns, shorter maturities and more sensitivity to interest rate fluctuations, while still providing high quality loan products for single-family residential borrowers. We have a highly competitive suite of cash management services, technology solutions, and internal support expertise specific to the needs of our commercial business customers. Our lending staff is experienced and knowledgeable about local commercial business in our markets, enabling us to build on the relationship-style banking that is our hallmark. We also continue to review the products we offer to provide diversification of revenue sources and to enhance our customer relationships.

 

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Hiring experienced employees with a customer service focus. We have been successful in attracting and retaining banking professionals with strong community relationships and significant knowledge of our markets, which is central to our business strategy. Exceptional service, local involvement and timely decision making are integral parts of our business strategy, and we have attracted highly qualified and highly motivated individuals. We believe that by focusing on experienced bankers who are established in their communities, we enhance our market position and add profitable growth opportunities. Our compensation and incentive systems are aligned with our strategies to grow core deposits and commercial loans, while maintaining superior asset quality. We have a strong corporate culture based on personal accountability, high ethical standards and significant training opportunities, which is supported by our commitment to career development and promotion from within the organization.

Improving profitability through geographic expansion within our market area, disciplined pricing, expense control and balance sheet management. We have achieved many milestones over the last five years as we have grown total assets to $4.434 billion at December 31, 2016 from $2.279 billion at December 31, 2012. Since 2002, we have opened 18 de novo branches, the most recent two in March and December 2016, and acquired six branch offices in our 2010 acquisition of Mt. Washington Co-operative Bank. We intend to continue our geographic expansion in the greater Boston metropolitan area by opening de novo branches in communities contiguous to those we currently serve, as opportunities present themselves in favorable locations. We have also focused significant efforts and invested heavily in our infrastructure to support future growth, creating brand awareness, competitive products and a strong and experienced workforce. We believe these initiatives have positioned us well to implement a strategy focused on improving operating efficiency and earnings growth. While we expect to continue to strive for an appropriate level of loan and deposit growth, we will keenly focus on enhancing our profitability by exercising a disciplined approach to product pricing, expense control and balance sheet mix.

Expanding our presence and market share in contiguous and nearby market areas and capturing business opportunities resulting from changes in the competitive environment. Over the last several years, our markets have been subject to large-scale consolidation of local community banks, primarily by larger, out-of-state financial institutions. We believe there is a large customer base in our market that prefers doing business with a local institution and may be dissatisfied with the service received from larger regional banks. We believe that opportunities currently exist in contiguous and nearby market areas to grow our franchise and to complement our primary market areas. In addition, by delivering high quality, customer-focused products and services, we expect to attract additional borrowers and depositors and thus increase our market share and revenue generation.

We believe the success of our strategy is evidenced by the growth of our deposits to $3.476 billion at December 31, 2016 from $1.865 billion at December 31, 2012, and net loans, which increased to $3.899 billion at December 31, 2016 from $1.786 billion at December 31, 2012. We also believe that community bank consolidation will continue to take place and further believe that, with our capital and liquidity positions, we will be positioned to take advantage of industry consolidation through de novo branching, potential acquisition of individual branches, and the potential for whole bank acquisitions. Our focus will be on the Massachusetts markets we know and understand, with a primary view toward continued growth in the Boston metropolitan area. We believe our management team’s unique understanding of the Massachusetts market facilitates our growth into locations that will provide the right complement to our existing franchise and geographic footprint.

It is our intention to achieve significant market penetration in a relatively short period of time when we enter a new market. In advance of any branch expansion we hire experienced local bankers and make a concerted effort to establish as many high profile contacts as possible in the new target area. We are focused on generating key loan relationships and capturing significant deposit market share in our markets. Upon commencement of operations in a new location, we monitor and aggressively pursue a core deposit strategy that enhances profitability and we believe provides quality market penetration in the most expedient manner.

Managing credit risk to maintain a low level of nonperforming assets, and interest rate risk to optimize our net interest margin. Managing risk is an essential part of successfully managing a financial institution. Credit risk and interest rate risk are two prominent risk exposures that we face. Credit risk is the risk of not

 

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collecting the interest and/or the principal balance of a loan or investment when it is due. Our strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans. We believe that strong asset quality is a key to long-term financial success. We have sought to grow and diversify the loan portfolio, while maintaining strong asset quality and moderate credit risk, using conservative underwriting standards, as well as diligent monitoring of the portfolio and loans in non-accrual status and on-going collection efforts. Although we will continue to originate commercial real estate, multi-family, commercial and industrial, and construction loans, we intend to continue our philosophy of managing large loan exposures through our experienced, risk-based approach to lending. In addition, we intend to remain focused on lending within our immediate market area, with a specific focus on commercial customers disaffected by their relationships with larger banks as a result of turmoil in the industry.

Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates. Our earnings and the market value of our assets and liabilities are subject to fluctuations caused by changes in the level of interest rates. We manage the interest rate sensitivity of our interest-bearing liabilities and interest-earning assets in an effort to minimize the adverse effects of changes in the interest rate environment. To reduce the potential volatility of our earnings, we have sought to improve the match between asset and liability maturities and rates, while maintaining an acceptable interest rate spread. Our strategy for managing interest rate risk emphasizes: originating loans with adjustable interest rates; selling the residential real estate fixed-rate loans with terms 10 years or greater that we originate; promoting core deposit products; and adjusting the interest rates and maturities of funding sources, as necessary.

Increasing core deposits through aggressive marketing and the offering of new deposit products. Deposits are our primary source of funds for investing and lending. Core deposits, which include all deposit account types except certificates of deposit, comprised 67.5% of our total deposits at December 31, 2016. We value our core deposits because they represent a lower cost of funding and are generally less sensitive to withdrawal when interest rates fluctuate as compared to certificate of deposit accounts. We market core deposits through the internet, in-branch and local mail, print and television advertising, as well as programs that link various accounts and services together, minimizing service fees. We will continue to customize existing deposit products and introduce new products to meet the needs of our customers.

Continuing to grow and diversify our sources of non-interest income. Our profits rely heavily on the spread between the interest earned on loans and securities and interest paid on deposits and borrowings. In order to decrease our reliance on interest rate spread income, we have pursued initiatives to increase non-interest income. Our focus on attaining additional deposit customer relationships and balances has enabled us to increase income from customer service fees to $8.5 million for the year ended December 31, 2016 from $7.9 million and $7.5 million for the years ended December 31, 2015 and 2014, respectively. We have also continued to generate gains from our mortgage banking activities in recent years. We also offer non-deposit financial products, including mutual funds, annuities, stocks, bonds, life insurance and long-term care insurance.

Balance Sheet Analysis

Assets. Our total assets increased $911.5 million, or 25.9%, to $4.436 billion at December 31, 2016 from $3.525 billion at December 31, 2015. Net loans increased $853.4 million, or 28.0%, to $3.899 billion at December 31, 2016 from $3.045 billion at December 31, 2015. Cash and due from banks increased $140.1 million, or 145.3%, to $236.4 million at December 31, 2016 from $96.4 million at December 31, 2015. Certificates of deposit decreased $18.7 million, or 18.9%, to $80.3 million at December 31, 2016 from $99.1 million at December 31, 2015, primarily due to maturities of $99.2 million, partially offset by purchases of $80.4 million. Securities available for sale decreased $74.0 million, or 52.2%, to $67.7 million at December 31, 2016 from $141.6 million at December 31, 2015.

Loan Portfolio Analysis. At December 31, 2016, net loans were $3.899 billion, or 87.9% of total assets. During the year ended December 31, 2016, net loans increased $853.4 million, or 28.0%. Loan originations totaled $1.627 billion during the year ended December 31, 2016. The increase in net loans consisted of $448.2 million in commercial real estate loans, $145.6 million in multi-family loans, $115.4 million in commercial and industrial loans and $81.2 million in construction loans and $74.0 million in one- to four-family

 

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loans. These net changes reflect reclassifications during the third quarter of $44.3 million in multi-family loans and $34.5 million in commercial real estate loans to one- to four-family loans in accordance with regulatory guidance.

Our loan portfolio consists of one- to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments. There are no foreign loans outstanding. Interest rates charged on loans are affected principally by the demand for such loans, the supply of money available for lending purposes and the rates offered by our competitors. Loan detail by category was as follows:

 

    At December 31,
    2016   2015   2014   2013   2012
    Amount   Percent   Amount   Percent   Amount   Percent   Amount   Percent   Amount   Percent
    (Dollars in thousands)

Real estate loans:

                                       

Residential real estate:

                                       

One- to four-family

    $ 532,450       13.5 %     $ 458,423       14.9 %     $ 468,560       17.5 %     $ 454,148       19.8 %     $ 443,228       24.5 %

Multi-family

      562,948       14.3       417,388       13.5       409,675       15.3       288,172       12.6       178,948       9.9

Home equity lines of credit

      42,913       1.1       46,660       1.5       50,091       1.9       54,499       2.4       60,907       3.4

Commercial real estate

      1,776,601       45.1       1,328,344       43.1       1,145,820       42.8       1,032,408       45.0       795,642       44.0

Construction

      502,753       12.8       421,531       13.7       265,980       9.9       208,799       9.1       173,255       9.6
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total real estate loans

      3,417,665       86.8       2,672,346       86.7       2,340,126       87.4       2,038,026       88.9       1,651,980       91.4

Commercial and industrial

      515,430       13.0       400,051       13.0       330,813       12.3       247,005       10.8       147,814       8.2

Consumer

      9,712       0.2       10,028       0.3       8,772       0.3       7,225       0.3       7,143       0.4
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total loans

      3,942,807       100.0 %       3,082,425       100.0 %       2,679,711       100.0 %       2,292,256       100.0 %       1,806,937       100.0 %
       

 

 

         

 

 

         

 

 

         

 

 

         

 

 

 

Allowance for loan losses

      (40,149 )           (33,405 )           (28,469 )           (25,335 )           (20,504 )    

Net deferred loan origination costs
(fees)

      (3,990 )           (3,778 )           (2,335 )           (1,521 )           (94 )    
   

 

 

         

 

 

         

 

 

         

 

 

         

 

 

     

Loans, net

    $ 3,898,668         $ 3,045,242         $ 2,648,907         $ 2,265,400         $ 1,786,339    
   

 

 

         

 

 

         

 

 

         

 

 

         

 

 

     

Loan Maturity. The following table sets forth certain information at December 31, 2016 regarding the dollar amount of loan principal repayments becoming due during the periods indicated. The table does not include any estimate of prepayments which significantly shorten the average life of all loans and may cause our actual repayment experience to differ from that shown below. Demand loans having no stated schedule of repayments and no stated maturity are reported as due in one year or less. The amounts shown below exclude net deferred loan origination fees. Our adjustable-rate mortgage loans generally do not provide for downward adjustments below the initial discounted contract rate, other than declines due to a decline in the index rate.

 

                                                                                                   
       December 31, 2016  
       Real estate        Commercial
and industrial
       Consumer        Total  
       (In thousands)  

Amounts due in:

                   

One year or less

     $ 208,336        $ 40,990        $ 533        $ 249,859  

More than one to five years

       400,230          34,369          9,179          443,778  

More than five to ten years

       624,230          57,484                   681,714  

More than ten years

       2,184,869          382,587                   2,567,456  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 3,417,665        $ 515,430        $ 9,712        $ 3,942,807  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

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       December 31, 2016  
       Real estate        Commercial
and industrial
       Consumer        Total  
       (In thousands)  

Interest rate terms on amounts due after one year:

                   

Fixed-rate loans

     $ 670,366        $ 79,472        $ 9,179        $ 759,017  

Adjustable-rate loans

       2,538,964          394,967                   2,933,931  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 3,209,330        $ 474,439        $ 9,179        $ 3,692,948  
    

 

 

      

 

 

      

 

 

      

 

 

 

At December 31, 2016, our loan portfolio consisted of $851.6 million of fixed-rate loans and $3.091 billion of adjustable-rate loans.

Asset Quality

Credit Risk Management. Our strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans. Management of asset quality is accomplished by internal controls, monitoring and reporting of key risk indicators, and both internal and independent third-party loan reviews. The primary objective of our loan review process is to measure borrower performance and assess risk for the purpose of identifying loan weakness in order to minimize loan loss exposure. From the time of loan origination through final repayment, multi-family, commercial real estate, construction, and commercial and industrial loans are assigned a risk rating based on pre-determined criteria and levels of risk. The risk rating is monitored annually for most loans; however, it may change during the life of the loan as appropriate.

Internal and independent third-party loan reviews vary by loan type, as well as the size and complexity of the loan. Depending on the size and complexity of the loan, some loans may warrant detailed individual review, while other loans may have less risk based upon size, or be of a homogeneous nature reducing the need for detailed individual analysis. Assets with these characteristics, such as consumer loans and loans secured by residential real estate, may be reviewed on the basis of risk indicators such as delinquency or credit rating. In cases of significant concern, a total re-evaluation of the loan and associated risks are documented by completing a loan risk assessment and action plan. Some loans may be re-evaluated in terms of their fair market value or net realizable value in order to determine the likelihood of potential loss exposure and, consequently, the adequacy of specific and general loan loss reserves.

When a borrower fails to make a required loan payment, we take a number of steps to have the borrower cure the delinquency and restore the loan to current status, including contacting the borrower by letter and phone at regular intervals. When the borrower is in default, we may commence collection proceedings. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure sale, the real property securing the loan generally is sold at foreclosure. Management informs the Executive Committee monthly of the amount of loans delinquent more than 30 days. Management provides detailed information to the Board of Directors on loans 60 or more days past due and all loans in foreclosure and repossessed property that we own.

Delinquencies. Total past due loans decreased $17.2 million, or 62.2%, to $10.4 million at December 31, 2016 from $27.6 million at December 31, 2015, reflecting decreases of $16.8 million in loans 90 days or greater past due and $373,000 in loans 30 to 89 days past due. The decrease in loans 90 days or greater past due was primarily due to the sale at foreclosure during the third quarter of 2016 of a property securing an $11.5 million multi-family construction loan in Boston that was originally placed on non-accrual status during the second quarter of 2015, along with surplus sale proceeds on completed foreclosures on other collateral properties used to pay down the loan during the year ended December 31, 2016. Additional reductions were also made across all categories of loans 90 days or greater past due. At December 31, 2016 and 2015, non-accrual loans exceeded loans 90 days or greater past due primarily due to loans which were placed on non-accrual status based on a determination that the ultimate collection of all principal and interest due was not expected and certain loans remain on non-accrual status until they attain a sustained payment history of six consecutive months.

 

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Non-performing Assets. Non-performing assets include loans that are 90 or more days past due or on non-accrual status, including troubled debt restructurings (“TDRs”) on non-accrual status, and real estate and other loan collateral acquired through foreclosure and repossession. Loans 90 days or greater past due may remain on an accrual basis if adequately collateralized and in the process of collection. At December 31, 2016 and 2015, we did not have any accruing loans past due 90 days or greater. For non-accrual loans, interest previously accrued but not collected is reversed and charged against income at the time a loan is placed on non-accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Real estate that we acquire as a result of foreclosure or by deed-in-lieu of foreclosure is classified as foreclosed real estate until it is sold. When property is acquired, it is initially recorded at the fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Holding costs and declines in fair value after acquisition of the property result in charges against income. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction totaled $2.0 million at December 31, 2016. The following table provides information with respect to our non-performing assets at the dates indicated.

 

                                                                                                                            
       At December 31,  
       2016      2015      2014      2013      2012  
       (Dollars in thousands)  

Loans accounted for on a non-accrual basis:

                

Real estate loans:

                

Residential real estate:

                

One- to four-family

     $ 8,487      $ 9,264      $ 14,649      $ 17,622      $ 18,870  

Multi-family

                                   976  

Home equity lines of credit

       674        1,763        2,277        2,689        2,674  

Commercial real estate

       2,807        3,663        5,311        8,972        8,844  

Construction

       815        15,849        8,417        11,298        7,785  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total real estate loans

       12,783        30,539        30,654        40,581        39,149  

Commercial and industrial

       653        805        855        949        424  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total non-accrual loans(1)

       13,436        31,344        31,509        41,530        39,573  

Foreclosed assets

                     1,046        1,390        2,604  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total non-performing assets

     $ 13,436      $ 31,344      $ 32,555      $ 42,920      $ 42,177  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Non-accrual loans to total loans

       0.34      1.02      1.18      1.81      2.19

Non-accrual loans to total assets

       0.30      0.89      0.96      1.55      1.74

Non-performing assets to total assets

       0.30      0.89      0.99      1.60      1.85

 

(1)

TDRs on accrual status not included above totaled $13.3 million at December 31, 2016, $14.2 million at December 31, 2015, $14.5 million at December 31, 2014, $4.1 million at December 31, 2013 and $6.8 million at December 31, 2012.

Non-performing assets were $13.4 million or 0.30% of total assets, at December 31, 2016, compared to $31.3 million, or 0.89% of total assets, at December 31, 2015. We recognized $467,000 of interest income on non-accrual loans for the year ended December 31, 2016. Additional interest income that would have been recorded for the year ended December 31, 2016 had non-accruing loans been current according to their original terms amounted to $236,000.

 

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Non-accrual loans decreased $17.9 million, or 57.1%, to $13.4 million, or 0.34% of total loans outstanding at December 31, 2016, from $31.3 million, or 1.02% of total loans outstanding at December 31, 2015. The reduction in non-accrual loans was primarily due to the sale at foreclosure during the third quarter of 2016 of a property securing an $11.5 million multi-family construction loan in Boston that was originally placed on non-accrual status during the second quarter of 2015, along with surplus sale proceeds on completed foreclosures on other collateral properties used to pay down the loan during the year ended December 31, 2016. Additional reductions were also made across all categories of non-accrual loans.

Achieving and maintaining a moderate risk profile by aggressively managing troubled assets has been and will continue to be a primary focus for us. At December 31, 2016, our allowance for loan losses was $40.1 million, or 1.02% of total loans and 298.82% of non-accrual loans, compared to $33.4 million, or 1.08% of total loans and 106.58% of non-accrual loans at December 31, 2015. We increased our allowance primarily as a result of growth in the loan portfolio, and in particular commercial loans, and changes in the composition of the loan portfolio. Included in our allowance at December 31, 2016 was a general component of $40.0 million, which is based upon our evaluation of various factors relating to loans not deemed to be impaired. We continue to believe our level of non-performing loans and assets, which declined significantly during the past two years, is manageable and we believe that we have sufficient capital and human resources to manage the collection of our non-performing assets in an orderly fashion.

The Company did not hold any foreclosed real estate at December 31, 2016 and 2015. We continue to be actively engaged with our borrowers in resolving remaining problem assets and with the effective management of real estate owned as a result of foreclosures.

Troubled Debt Restructurings. In the course of resolving loans of borrowers with financial difficulties, we may choose to restructure the contractual terms of certain loans, with terms modified to fit the ability of the borrower to repay in line with its current financial status. A loan is considered a troubled debt restructure if, for reasons related to the debtor’s financial difficulties, a concession is granted to the debtor that would not otherwise be considered.

The following table summarizes our TDRs at the dates indicated.

 

                                                                                                                            
     At December 31,  
     2016      2015      2014      2013      2012  
     (In thousands)  

TDRs on accrual status:

              

One- to four-family

   $ 2,219      $ 2,621      $ 2,946      $ 2,588      $ 1,992  

Multi-family

     1,359        1,402        1,443        109        110  

Home equity lines of credit

     18        18        20        21        22  

Commercial real estate

     9,460        9,968        9,950        1,368        1,393  

Construction

     174        174        121               3,319  

Commercial and industrial

     27        33                       
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total TDRs on accrual status

     13,257        14,216        14,480        4,086        6,836  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TDRs on non-accrual status:

              

One- to four-family

     1,123        1,261        1,469        1,500        2,493  

Commercial real estate

            528        283        4,309        4,466  

Construction

            1,136        6,496        9,489        3,838  

Commercial and industrial

            186        186        192         
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total TDRs on non-accrual status

     1,123        3,111        8,434        15,490        10,797  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total TDRs

   $ 14,380      $ 17,327      $ 22,914      $ 19,576      $ 17,633  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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Total TDRs decreased $2.9 million, or 17.0%, to $14.4 million at December 31, 2016 from $17.3 million at December 31, 2015, due to decreases of $959,000 in TDRs on accrual status and $2.0 million in TDRs on non-accrual status reflecting principal paydowns. Modifications of TDRs consist of rate reductions, loan term extensions or provisions for interest-only payments for specified periods up to 12 months. We have generally been successful with the concessions we have offered to borrowers to date. We generally return TDRs to accrual status when they have sustained payments for six consecutive months based on the restructured terms and future payments are reasonably assured. We recognized $623,000 of interest income on TDRs for the year ended December 31, 2016. Interest income that would have recorded for the year ended December 31, 2016 had TDRs on non-accrual status been current according to their original terms amounted to $5,000.

Potential Problem Loans. Certain loans are identified during our loan review process that are currently performing in accordance with their contractual terms and we ultimately expect to receive payment in full of principal and interest, but it is deemed probable that we will be unable to collect all the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. This may result from deteriorating conditions such as cash flows, collateral values or creditworthiness of the borrower. These loans are classified as impaired but are not accounted for on a non-accrual basis.

Other potential problem loans are those loans that are currently performing, but where known information about possible credit problems of the borrowers causes us to have concerns as to the ability of such borrowers to comply with contractual loan repayment terms. These other potential problem loans are generally loans classified as “substandard” or 5-rated loans in accordance with our nine-grade internal loan rating system that is consistent with guidelines established by banking regulators. At December 31, 2016, other potential problem loans totaled $8.1 million, including $3.9 million of multi-family loans and $1.2 million of construction loans and $3.0 million of commercial and industrial loans.

Allowance for Loan Losses. The allowance for loan losses is maintained at levels considered adequate by management to provide for probable loan losses inherent in the loan portfolio as of the consolidated balance sheet reporting dates. The allowance for loan losses is based on management’s assessment of various factors affecting the loan portfolio, including portfolio composition, delinquent and non-accrual loans, national and local business conditions and loss experience and an overall evaluation of the quality of the underlying collateral.

Changes in the allowance for loan losses during the years indicated were as follows:

 

                                                                                                                            
       Years Ended December 31,  
       2016        2015        2014        2013        2012  
       (Dollars in thousands)  

Beginning balance

     $ 33,405        $ 28,469        $ 25,335        $ 20,504        $ 13,053  

Provision for loan losses

       7,180          6,667          3,313          6,470          8,581  

Charge-offs:

                        

One- to four-family

                165          54          531          599  

Multi-family

                                  96          72  

Home equity lines of credit

                60          5                   52  

Commercial real estate

                         116                   719  

Construction

       486          2,287          71          1,362          398  

Commercial and industrial

       49          36          72          288           

Consumer

       302          306          187          283          164  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total charge-offs

       837          2,854          505          2,560          2,004  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

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Table of Contents
                                                                                                                            
       Years Ended December 31,  
       2016      2015      2014      2013      2012  
       (Dollars in thousands)  

Recoveries:

                

One- to four-family

              116        67        232        326  

Multi-family

                                   28  

Commercial real estate

              18        30               227  

Construction

       230        881        137        555        242  

Commercial and industrial

       60        1        8        24        11  

Consumer

       111        107        84        110        40  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total recoveries

       401        1,123        326        921        874  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net charge-offs

       (436      (1,731      (179      (1,639      (1,130
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ending balance

     $ 40,149      $ 33,405      $ 28,469      $ 25,335      $ 20,504  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Allowance to non-accrual loans

       298.82      106.58      90.35      61.00      51.81

Allowance to total loans outstanding

       1.02      1.08      1.06      1.11      1.13

Net charge-offs to average loans outstanding

       0.01      0.06      0.01      0.08      0.07

Our provision for loan losses was $7.2 million for the year ended December 31, 2016 compared to $6.7 million for the year ended December 31, 2015 and $3.3 million for the year ended December 31, 2014. The changes in the provision for loan losses were based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, an ongoing evaluation of credit quality and current economic conditions. The changes also reflected provisions and charge-offs of $486,000 on a multi-family construction loan relationship when the property was sold at foreclosure during the third quarter of 2016 and $2.3 million when the loan was placed on non-accrual during the second quarter of 2015. The increases in the allowance for loan losses at December 31, 2016, 2015 and 2014 were primarily due to increases in the multi-family, commercial real estate, construction, and commercial and industrial loan categories; as such loans have higher inherent credit risk than loan in our residential real estate loan categories. We continue to assess the adequacy of our allowance for loan losses in accordance with established policies.

The following tables set forth the breakdown of the allowance for loan losses by loan category at the dates indicated:

 

     At December 31,
     2016   2015   2014
    

Amount

  Percent of
Allowance
to Total
Allowance
  Percent
of
Loans in
Category
of Total
Loans
  Amount   Percent of
Allowance
to Total
Allowance
  Percent
of
Loans in
Category
of Total
Loans
  Amount   Percent of
Allowance
to Total
Allowance
  Percent
of
Loans in
Category
of Total
Loans
    (Dollars in thousands)

Real estate loans:

                                   

Residential real estate:

                                   

One- to four-family

    $ 1,367       3.4 %       13.5 %     $ 1,354       4.1 %       14.9 %     $ 1,849       6.5 %       17.5 %

Multi-family

      4,514       11.2       14.3       3,385       10.1       13.5       3,635       12.8       15.3

Home equity lines of credit

      73       0.2       1.1       144       0.4       1.5       100       0.4       1.9

Commercial real estate

      18,725       46.7       45.1       14,497       43.4       43.1       13,000       45.6       42.8

Construction

      8,931       22.2       12.8       8,313       24.9       13.7       5,155       18.1       9.9
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total real estate loans

      33,610       83.7       86.8       27,693       82.9       86.7       23,739       83.4       87.4

Commercial and industrial

      6,452       16.1       13.0       5,620       16.8       13.0       4,633       16.3       12.3

Consumer

      87       0.2       0.2       92       0.3       0.3       97       0.3       0.3
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total loans

    $ 40,149       100.0 %       100.0 %     $ 33,405       100.0 %       100.0 %     $ 28,469       100.0 %       100.0 %
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

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Table of Contents
                                                                                                                                                     
     At December 31,  
      2013     2012  
      Amount      Percent of
Allowance
to Total
Allowance
    Percent
of
Loans in
Category
of Total
Loans
    Amount      Percent of
Allowance
to Total
Allowance
    Percent
of
Loans in
Category
of Total
Loans
 
     (Dollars in thousands)  

Real estate loans:

              

Residential real estate:

              

One- to four-family

   $ 1,991        7.9     19.8   $ 2,507        12.2     24.5

Multi-family

     2,419        9.5       12.6       1,431        7.0       9.9  

Home equity lines of credit

     155        0.6       2.4       226        1.1       3.4  

Commercial real estate

     12,831        50.6       45.0       10,405        50.8       44.0  

Construction

     4,374        17.3       9.1       3,656        17.8       9.6  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total real estate loans

     21,770        85.9       88.9       18,225        88.9       91.4  

Commercial and industrial

     3,433        13.6       10.8       2,174        10.6       8.2  

Consumer

     132        0.5       0.3       105        0.5       0.4  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total loans

   $ 25,335        100.0     100.0   $ 20,504        100.0     100.0
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

The allowance consists of general and allocated components. The general component relates to pools of non-impaired loans and is based on historical loss experience adjusted for qualitative factors. The allocated component relates to loans that are classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

We had impaired loans totaling $8.4 million and $23.5 million as of December 31, 2016 and 2015, respectively. At December 31, 2016, impaired loans totaling $1.9 million had a valuation allowance of $186,000. Impaired loans totaling $2.6 million had a valuation allowance of $274,000 at December 31, 2015. Our average investment in impaired loans was $19.2 million and $28.7 million for the years ended December 31, 2016 and 2015, respectively.

Large groups of smaller balance homogeneous loans are collectively evaluated for impairment based on payment status. Accordingly, we do not separately identify individual one- to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring. We periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a TDR. All TDRs are initially classified as impaired.

Management has reviewed the collateral value for all impaired and non-accrual loans that were collateral-dependent as of December 31, 2016 and considered any probable loss in determining the allowance for loan losses.

For residential loans measured for impairment based on the collateral value, we will do the following:

 

   

When a loan becomes seriously delinquent, generally 60 days past due, we obtain third-party appraisals that are generally the basis for charge-offs when a loss is indicated, prior to the foreclosure sale, but usually no later than when such loans are 180 days past due. We generally are able to complete the foreclosure process within six to nine months from receipt of the third-party appraisal.

 

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We make adjustments to appraisals based on updated economic information, if necessary, prior to the foreclosure sale. We review current market factors to determine whether, in management’s opinion, downward adjustments to the most recent appraised values may be warranted. If so, we use our best estimate to apply an estimated discount rate to the appraised values to reflect current market factors.

 

   

Appraisals we receive are based on comparable property sales.

For commercial loans measured for impairment based on the collateral value, we will do the following:

 

   

We obtain a third party appraisal at the time a loan is deemed to be in a workout situation and there is no indication that the loan will return to performing status, generally when the loan is 90 days or more past due. One or more updated third party appraisals are obtained prior to foreclosure depending on the foreclosure timeline. In general we order new appraisals annually on loans in the process of foreclosure.

 

   

We make downward adjustments to appraisals when conditions warrant. Adjustments are made by applying a discount to the appraised value based on occupancy, recent changes in condition to the property and certain other factors. Adjustments are also made to appraisals for construction projects involving residential properties based on recent sales of units. Losses are recognized if the appraised value less estimated costs to sell is less than our carrying value of the loan.

 

   

Appraisals we receive are generally based on a reconciliation of comparable property sales and income capitalization approaches. For loans on construction projects involving residential properties, appraisals are generally based on a discounted cash flow analysis assuming a bulk sale to a single buyer.

Loans that are partially charged off generally remain on non-accrual status until foreclosure or such time that they are performing in accordance with the terms of the loan and have a sustained payment history of at least six consecutive months. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. Loan losses are charged against the allowance when we believe the uncollectability of a loan balance is confirmed; for collateral-dependent loans, generally when appraised values (as adjusted values, if applicable) less estimated costs to sell, are less than our carrying values.

Although we believe that we use the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and our results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while we believe we have established our allowance for loan losses in conformity with generally accepted accounting principles in the United States of America, there can be no assurance that regulators, in reviewing our loan portfolio, will not require us to increase our allowance for loan losses. In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that the existing allowance for loan losses is adequate or that increases will not be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses may adversely affect our financial condition and results of operations.

Securities Portfolio

At December 31, 2016, our securities portfolio was $67.7 million, or 1.5% of total assets. During the year ended December 31, 2016, the securities portfolio decreased $74.0 million, or 52.2%, primarily due to $56.4 million in maturities, calls and principal payments and $38.4 million in sales, partially offset by $12.0 million in purchases and $6.4 million in market value appreciation. At December 31, 2016, the securities portfolio consisted of $21.6 million, or 32.0%, in debt securities and $46.0 million, or 68.0%, in marketable equity securities. The debt securities within the portfolio are corporate bonds, government-sponsored enterprises, municipal bonds and mortgage-backed securities issued by government-sponsored enterprises and private companies. Included in marketable equity securities are common stocks and money market mutual funds. We purchase marketable equity securities with the intent to generate long-term capital gains through purchasing investment grade dividend paying securities in companies with relatively low long-term debt and a history of sustained earnings and above-average growth. We typically initiate a securities position based on market

 

54


Table of Contents

opportunities. Refer to Note 2, Securities Available for Sale, in Notes to the Consolidated Financial Statements included in Item 8 Financial Statements and Supplementary Data within this report for more detail regarding industry concentrations in our securities portfolio.

The following table sets forth the amortized cost and fair value of our securities, all of which at the dates indicated were available for sale.

 

                                                                                                                                                     
    At December 31,  
    2016     2015     2014  
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
 
    (In thousands)  

Debt securities:

           

Corporate bonds

  $ 13,988     $ 14,005     $ 29,429     $ 29,499     $ 48,793     $ 49,455  

Government-sponsored enterprises

                11,000       10,962       34,548       34,200  

Municipal bonds

    1,202       1,219       4,326       4,415       5,441       5,623  

Residential mortgage-backed securities:

           

Government-sponsored enterprises

    5,284       5,606       6,948       7,381       8,754       9,340  

Private label

    779       801       878       904       1,410       1,496  

U.S. treasury securities

                24,996       24,934       24,991       24,937  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total debt securities

    21,253       21,631       77,577       78,095       123,937       125,051  

Marketable equity securities:

           

Common stocks

    42,770       46,030       65,683       62,406       52,917       57,445  

Money market mutual funds

    2       2       1,193       1,145       21,060       21,025  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total marketable equity securities

    42,772       46,032       66,876       63,551       73,977       78,470  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 64,025     $ 67,663     $ 144,453     $ 141,646     $ 197,914     $ 203,521  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At December 31, 2016, we had no investments in a single company or entity that had an aggregate book value in excess of 10% of our equity.

The following table sets forth the stated maturities and weighted average yields of the securities at December 31, 2016.

 

    One Year or Less   More than One Year
to Five Years
  More than Five Years
to Ten Years
  More than Ten Years   Total
    Amortized
Cost
  Weighted
Average
Yield
  Amortized
Cost
  Weighted
Average
Yield
  Amortized
Cost
  Weighted
Average
Yield
  Amortized
Cost
  Weighted
Average
Yield
  Amortized
Cost
  Weighted
Average
Yield
    (Dollars in thousands)

Debt securities:

                                       

Corporate bonds

    $ 13,988       1.72 %     $       %     $       %     $       %     $ 13,989       1.72 %

Municipal bonds

      480       3.49       722       3.53                               1,202       3.51

Residential mortgage-backed securities:

                                       

Government-sponsored enterprises

                  1       9.67       709       4.52       4,575       4.24       5,284       4.28

Private label

                                          779       5.40       779       5.40
   

 

 

         

 

 

         

 

 

         

 

 

         

 

 

     

Total debt securities

    $ 14,468       1.78 %     $ 723       3.54 %     $ 709       4.52 %     $ 5,354       4.41 %     $ 21,254       2.59 %
   

 

 

         

 

 

         

 

 

         

 

 

         

 

 

     

Each reporting period, we evaluate all securities with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). OTTI is required to be recognized if (1) we intend to sell the security; (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities

 

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that we intend to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income, net of applicable taxes.

At December 31, 2016, 19 marketable equity securities with a fair value of $12.2 million had gross unrealized losses totaling $1.3 million, or an aggregate depreciation of 9.6% from the Company’s cost basis. These marketable equity securities consisted of nine securities with a fair value of $6.0 million and a gross unrealized loss of $507,000 for less than 12 months and 10 securities with a fair value of $6.2 million and a gross unrealized loss of $794,000 for 12 months or longer. The marketable equity securities in a gross unrealized loss position for 12 months or longer were comprised of three securities in the basic materials sector with a fair value of $1.6 million and a gross unrealized loss of $232,000, three marketable equity securities in the consumer products and services sector with a fair value of $1.6 million and a gross unrealized loss of $145,000, two securities in the healthcare sector with a fair value of $1.4 million and a gross unrealized loss of $197,000 and two securities in the technology sector with a fair value of $1.7 million and a gross unrealized loss of $220,000.

In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year time frame. A decline of 10% or more in the value of an acquired equity security is generally the triggering event for management to review individual securities for liquidation and/or write-down. Impairment losses are recognized when management concludes that declines in the value of equity securities are other than temporary, or when they can no longer assert that they have the intent and ability to hold depreciated equity securities for a period of time sufficient to allow for any anticipated recovery in fair value. Unrealized losses on marketable equity securities that are in excess of 25% of cost and that have been sustained for more than twelve months are generally considered-other-than temporary and charged to earnings as impairment losses, or realized through sale of the security.

Although issuers within the marketable equity securities portfolio had price declines resulting in unrealized losses, management does not believe these declines in market value are other than temporary and the Company currently has the ability and intent to hold these investments until a recovery of fair value.

Deposits

Deposits are a major source of our funds for lending and other investment purposes. Deposit inflows and outflows are significantly influenced by general interest rates and money market conditions. Our deposit base is comprised of demand, NOW, money market, regular savings and other deposits, and certificates of deposit, which include brokered certificates of deposit. We consider demand, NOW, money market, and regular savings and other deposits to be core deposits. Total deposits increased $732.8 million, or 26.7%, to $3.476 billion at December 31, 2016 from $2.743 billion at December 31, 2015. Our continuing focus on the acquisition and expansion of core deposit relationships resulted in net growth in core deposits of $493.2 million, or 26.6%, to $2.348 billion, or 67.5% of total deposits.

The following table sets forth the average balances of deposits for the years indicated.

 

     Years Ended December 31,
     2016   2015   2014
     Average
Balance
   Average
Rate
  Percent
of Total
Deposits
  Average
Balance
   Average
Rate
  Percent
of Total
Deposits
  Average
Balance
   Average
Rate
  Percent
of Total
Deposits
     (Dollars in thousands)

Demand deposits

     $ 382,644        %       12.3 %     $ 335,060        %       13.5 %     $ 302,417        %       11.4 %

NOW deposits

       469,103        0.64       18.1       295,958        0.58       12.2       249,919        0.60       11.8

Money market deposits

       857,952        0.82       28.2       928,712        0.83       31.4       879,211        0.89       37.6

Regular savings and other deposits

       296,951        0.14       8.8       281,389        0.16       10.5       267,145        0.26       10.9

Certificates of deposit

       1,042,425        1.31       32.6       745,866        1.16       32.4       678,443        1.19       28.3
    

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

 

Total

     $ 3,049,075        0.79 %       100.0 %     $ 2,586,985        0.76 %       100.0 %     $ 2,377,135        0.76 %       100.0 %
    

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

 

 

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The following table indicates the amount of the certificates of deposits of $100,000 or more by time remaining until maturity as of December 31, 2016.

 

                        
        Certificates
of Deposit
 
       (In thousands)  

Maturity Period:

    

Three months or less

     $ 81,275  

Over three through six months

       80,249  

Over six through twelve months

       144,811  

Over twelve months

       315,049  
    

 

 

 

Total

     $ 621,384  
    

 

 

 

Borrowings

We use borrowings from the Federal Home Loan Bank of Boston to supplement our supply of funds for loans and investments. At December 31, 2016 and 2015, Federal Home Loan Bank of Boston advances totaled $322.5 million and $167.2 million, respectively, with a weighted average rate of 1.01% and 1.20%, respectively. Total borrowings increased $155.3 million, or 92.9%, during the year ended December 31, 2016, reflecting a $175.3 million increase in long-term advances, partially offset by a $20.0 million decrease in short-term advances. The Bank entered into long-term advances with the Federal Home Loan Bank of Boston totaling $220.0 million with original terms ranging from two to 15 years and initial interest rates ranging from 0.03% to 2.10% during the year ended December 31, 2016. The maturing advances with the Federal Home Loan Bank of Boston totaled $44.7 million and consisted of a short-term advance totaling $20.0 million with an original term of one month and a fixed interest rate of 0.57% and long-term advances totaling $44.7 million with original terms ranging from two to 10 years and fixed interest rates ranging from of 0.65% to 3.99% during the year ended December 31, 2016. At December 31, 2016, we also had an available line of credit of $9.4 million with the Federal Home Loan Bank of Boston at an interest rate that adjusts daily, none of which was outstanding at that date.

Information relating to borrowings is detailed in the following table.

 

                                                 
       Years Ended December 31,  
       2016      2015  
       (Dollars in thousands)  

Balance outstanding at end of period

     $ 322,512      $ 167,226  

Average amount outstanding during the period

     $ 277,586      $ 146,364  

Weighted average interest rate during the period

       1.09      1.35

Maximum outstanding at any month end

     $ 329,551      $ 167,226  

Weighted average interest rate at end of period

       1.26      1.20

Stockholders’ Equity

Total stockholders’ equity increased $19.2 million, or 3.3%, to $607.3 million at December 31, 2016, from $588.1 million at December 31, 2015. The increase for the year ended December 31, 2016 was due primarily to $34.2 million in net income, $6.0 million related to stock-based compensation plans and $3.9 million in accumulated other comprehensive income, reflecting an increase in the fair value of available-for-sale securities, partially offset by a $18.8 million reduction in additional paid-in-capital resulting from the Company’s repurchase of 1,337,507 shares of the Company’s common stock and four quarterly dividends of $0.03 per share totaling $6.1 million. Stockholders’ equity to assets was 13.69% at December 31, 2016, compared to 16.69% at December 31, 2015. Book value per share increased to $11.33 at December 31, 2016 from $10.72 at December 31, 2015. At December 31, 2016, the Company and the Bank continued to exceed all regulatory capital requirements.

 

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Results of Operations for the Years Ended December 31, 2016, 2015 and 2014

Net Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income that we earn on our loans and investments, and interest expense, which is the interest that we pay on our deposits and borrowings. Changes in levels of interest rates affect our net interest income. A secondary source of income is non-interest income, which includes revenue that we receive from providing products and services. The majority of our non-interest income generally comes from customer service fees, loan fees, bank-owned life insurance, mortgage banking gains and gains on sales of securities.

Net income information is as follows:

 

                                                                                                                                                                              
     Years Ended December 31,     Change 2016/2015     Change 2015/2014  
     2016     2015     2014     Amount     Percent     Amount     Percent  
     (Dollars in thousands)  

Net interest income

   $ 122,555     $ 102,891     $ 88,166     $ 19,664       19.1   $ 14,725       16.7

Provision for loan losses

     7,180       6,667       3,313       513       7.7       3,354       101.2  

Non-interest income

     14,190       13,040       16,056       1,150       8.8       (3,016     (18.8

Non-interest expenses

     77,494       72,691       67,434       4,803       6.6       5,257       7.8  

Net income

     34,190       24,607       22,327       9,583       38.9       2,280       10.2  

Basic earnings per share

     0.67       0.47       0.43       0.20       41.2       0.04       9.4  

Diluted earnings per share

     0.65       0.46       0.42       0.19       41.1       0.04       9.6  

Return on average assets

     0.87     0.74     0.75     0.13     17.6       (0.01 )%      (1.3

Return on average equity

     5.77     4.19     5.69     1.58     37.7       (1.50 )%      (26.4

Net Interest Income.

Average Balance Sheets and Related Yields and Rates

The following table presents information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. For purposes of this table, average balances have been calculated using daily average balances, and include non-accrual loans and purchase accounting related premium

 

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and discounts. The loan yields include the effect of amortization or accretion of deferred loan fees/costs and purchase accounting premiums/discounts to interest and fees on loans.

 

    Years Ended December 31,
    2016   2015   2014
    Average
Balance
  Interest
(1)
  Yield/
Cost (1)
  Average
Balance
  Interest
(1)
  Yield/
Cost (1)
  Average
Balance
  Interest
(1)
  Yield/
Cost (1)
    (Dollars in thousands)

Assets:

                                   

Interest-earning assets:

                                   

Loans (2)

    $ 3,495,088     $ 150,182       4.30 %     $ 2,801,970     $ 121,859       4.35 %     $ 2,427,538     $ 106,519       4.39 %

Securities and certificates of deposits

      183,828       3,629       1.97       268,398       4,719       1.76       188,543       4,732       2.51

Other interest-earning assets (3)

      146,786       1,147       0.78       158,463       724       0.46       249,482       747       0.30
   

 

 

     

 

 

         

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-earning assets

      3,825,702       154,958       4.05       3,228,831       127,302       3.94       2,865,563       111,998       3.91
       

 

 

             

 

 

             

 

 

     

Noninterest-earning assets

      116,985               114,081               113,464        
   

 

 

             

 

 

             

 

 

         

Total assets

    $ 3,942,687             $ 3,342,912             $ 2,979,027        
   

 

 

             

 

 

             

 

 

         

Liabilities and stockholders’ equity:

                                   

Interest-bearing liabilities:

                                   

NOW deposits

    $ 469,103       2,988       0.64     $ 295,958       1,709       0.58     $ 249,919       1,489       0.60

Money market deposits

      857,952       7,025       0.82       928,712       7,663       0.83       879,211       7,812       0.89

Regular savings and other deposits

      296,951       424       0.14       281,389       459       0.16       267,145       690       0.26

Certificates of deposit

      1,042,425       13,687       1.31       745,866       8,648       1.16       678,443       8,050       1.19
   

 

 

     

 

 

         

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing deposits

      2,666,431       24,124       0.90       2,251,925       18,479       0.82       2,074,718       18,041       0.87

Borrowings

      277,586       3,013       1.09       146,364       1,972       1.35       189,247       2,472       1.31
   

 

 

     

 

 

         

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing liabilities

      2,944,017       27,137       0.92       2,398,289       20,451       0.85       2,263,965       20,513       0.91
       

 

 

             

 

 

             

 

 

     

Noninterest-bearing demand deposits

      382,644               335,060               302,417        

Other noninterest-bearing liabilities

      23,879               22,605               20,325        
   

 

 

             

 

 

             

 

 

         

Total liabilities

      3,350,540               2,755,954               2,586,707        

Total stockholders’ equity

      592,147               586,958               392,320        
   

 

 

             

 

 

             

 

 

         

Total liabilities and stockholders’ equity

    $ 3,942,687             $ 3,342,912             $ 2,979,027        
   

 

 

             

 

 

             

 

 

         

Net interest-earning assets

    $ 881,685             $ 830,542             $ 601,598        
   

 

 

             

 

 

             

 

 

         

Fully tax-equivalent net interest income

          127,821               106,851               91,485    

Less: tax-equivalent adjustments

          (5,266 )               (3,960 )               (3,319 )    
       

 

 

             

 

 

             

 

 

     

Net interest income

        $ 122,555             $ 102,891             $ 88,166    
       

 

 

             

 

 

             

 

 

     

Interest rate spread (1)(4)

              3.13 %               3.09 %               3.00 %

Net interest margin (1)(5)

              3.34 %               3.31 %               3.19 %

Average interest-earning assets to average interest-bearing liabilities

          129.95 %               134.63 %               126.57 %    

Supplemental Information:

                                   

Total deposits, including noninterest-bearing demand deposits

    $ 3,049,075     $ 24,124       0.79 %     $ 2,586,985     $ 18,479       0.71 %     $ 2,377,135     $ 18,041       0.76 %

Total deposits and borrowings, including noninterest-bearing demand deposits

    $ 3,326,661     $ 27,137       0.82 %     $ 2,733,349     $ 20,451       0.75 %     $ 2,566,382     $ 20,513       0.80 %

 

(footnotes begin on following page)

 

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(footnotes from previous page)

 

 

(1)

Income on debt securities, equity securities and revenue bonds included in commercial real estate loans, as well as resulting yields, interest rate spread and net interest margin, are presented on a tax-equivalent basis. The tax-equivalent adjustments are deducted from tax-equivalent net interest income to agree to amounts reported in the consolidated statements of net income. For the years ended December 31, 2016, 2015 and 2014, yields on loans before tax-equivalent adjustments were 4.16%, 4.23% and 4.28%, respectively, yields on securities and certificates of deposit before tax-equivalent adjustments were 1.63%, 1.50% and 2.18%, respectively, and yield on total interest-earning assets before tax-equivalent adjustments were 3.91%, 3.82% and 3.79%, respectively. Interest rate spread before tax-equivalent adjustments for the years ended December 31, 2016, 2015 and 2014 was 2.99%, 2.97% and 2.88%, respectively, while net interest margin before tax-equivalent adjustments for the years ended December 31, 2016, 2015 and 2014 was 3.20%, 3.19% and 3.08%, respectively.

 

(2)

Loans on non-accrual status are included in average balances.

 

(3)

Includes Federal Home Loan Bank stock and associated dividends.

 

(4)

Interest rate spread represents the difference between the tax-equivalent yield on interest-earning assets and the cost of interest-bearing liabilities.

 

(5)

Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

Rate/Volume Analysis

The following table sets forth the effects of changing rates and volumes on our fully tax-equivalent net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. For purposes of this table, changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

 

                                                                                                                                                     
     Years Ended December 31,
2016 Compared to 2015

Increase (Decrease) Due to
    Years Ended December 31,
2015 Compared to 2014
Increase (Decrease) Due to
 
     Volume     Rate     Net     Volume     Rate     Net  
     (In thousands)  

Interest income:

            

Loans

   $ 29,800     $ (1,477   $ 28,323     $ 16,292     $ (952   $ 15,340  

Securities and certificates of deposit

     (1,618     528       (1,090     1,653       (1,666     (13

Other interest-earning assets

     (57     480       423       (331     308       (23
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     28,125       (469     27,656       17,614       (2,310     15,304  

Interest expense:

            

Deposits

     4,312       1,333       5,645       1,513       (1,075     438  

Borrowings

     1,486       (445     1,041       (575     75       (500
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     5,798       888       6,686       938       (1,000     (62
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in fully tax-equivalent net interest income

   $ 22,327     $ (1,357   $ 20,970     $ 16,676     $ (1,310   $ 15,366  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The net interest rate spread and net interest margin on a tax-equivalent basis were 3.13% and 3.34%, respectively, for the year ended December 31, 2016 compared to 3.09% and 3.31%, respectively, for the year

 

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ended December 31, 2015. The increase in net interest income was due primarily to loan growth, partially offset by growth in total deposits and borrowings for the year ended December 31, 2016 compared to the same period in 2015.

The Company’s yield on interest-earning assets on a tax-equivalent basis increased 11 basis points to 4.05% for the year ended December 31, 2016 compared to 3.94% for the year ended December 31, 2015, while the total cost of funds increased seven basis points to 0.82% for the year ended December 31, 2016 compared to 0.75% for the year ended December 31, 2015. The increase in interest income was primarily due to growth in the Company’s average loan balances of $693.1 million, or 24.7%, to $3.495 billion, partially offset by a decrease in the yield on loans on a tax-equivalent basis of five basis points to 4.30% for the year ended December 31, 2016 compared to 4.35% for the year ended December 31, 2015. The increase in interest expense on deposits was primarily due to the growth in average total deposits of $462.1 million, or 17.9%, to $3.049 billion and an increase in the cost of average total deposits of eight basis points to 0.79% for the year ended December 31, 2016 compared to 0.71% for the year ended December 31, 2015. The increase in interest expense on borrowings was primarily due to the increase in average borrowings of $131.2 million, or 89.7%, to $277.6 million, partially offset by a decrease in the cost of average borrowings of 26 basis points to 1.09% for the year ended December 31, 2016 compared to 1.35% for the year ended December 31, 2015.

The net interest rate spread and net interest margin on a tax-equivalent basis were 3.09% and 3.31%, respectively, for the year ended December 31, 2015 compared to 3.00% and 3.19%, respectively, for the year ended December 31, 2014. The increase in net interest income was due primarily to loan growth along with declines in the cost of funds, partially offset by deposit growth for the year ended December 31, 2015.

The Company’s yield on interest-earning assets on a tax-equivalent basis increased three basis points to 3.94% for the year ended December 31, 2015 compared to 3.91% for the year ended December 31, 2014, while the cost of funds declined five basis points to 0.75% for the year ended December 31, 2015 compared to 0.80% for the year ended December 31, 2014. The increase in interest income was primarily due to growth in the Company’s average loan balances of $374.4 million, or 15.4%, to $2.802 billion, partially offset by a decrease in the yield on loans on a tax-equivalent basis of four basis points to 4.35% for the year ended December 31, 2015 compared to 4.39% for the year ended December 31, 2014. The increase in interest expense on deposits was primarily due to the growth in average total deposits of $209.9 million, or 8.8%, to $2.587 billion, partially offset by the decline in the cost of average total deposits of five basis points to 0.71% for the year ended December 31, 2015 compared to 0.76% for the year ended December 31, 2014. The decrease in interest expense on borrowings was primarily due to the reduction in average borrowings of $42.9 million, or 22.7%, to $146.4 million, partially offset by an increase in the cost of average borrowings of four basis points to 1.35% for the year ended December 31, 2015 compared to 1.31% for the year ended December 31, 2014.

Provision for Loan Losses. Our provision for loan losses was $7.2 million for the year ended December 31, 2016 compared to $6.7 million and $3.3 million for the years ended December 31, 2015 and 2014, respectively. For further discussion of the changes in the provision and allowance for loan losses, refer to “Asset Quality — Allowance for Loan Losses.”

Non-Interest Income. Non-interest income information is as follows:

 

                                                                                                                                                                              
    Years Ended December 31,     Change 2016/2015     Change 2015/2014  
    2016     2015     2014     Amount     Percent     Amount     Percent  
    (Dollars in thousands)  

Customer service fees

  $ 8,484     $ 7,923     $ 7,492     $ 561       7.1   $ 431       5.8

Loan fees

    865       917       591       (52     (5.7     326       55.2  

Mortgage banking gains, net

    573       535       532       38       7.1       3       0.6  

Gain on sales of available for sale securities, net

    3,020       2,432       6,258       588       24.2       (3,826     (61.1

Income from bank-owned life insurance

    1,188       1,225       1,165       (37     (3.0     60       5.2  

Other income

    60       8       18       52       650.0       (10     (55.6
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

Total non-interest income

  $ 14,190     $ 13,040     $ 16,056     $ 1,150       8.8   $ (3,016     (18.8 )% 
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

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The increase in customer service fees for the year ended December 31, 2016 was primarily due to the growth in checking accounts. The increase in gain on sales of available for sale securities, net, reflected an increase in proceeds from sales of marketable equity securities during the year ended December 31, 2016 compared to the year ended December 31, 2015.

For the year ended December 31, 2015, the increase in customer service fees was primarily due to interchange fees earned as a result of increased checking accounts. The increase in loan fees reflected loan growth during 2015. The decrease in gain on sales of securities, net, reflected a decrease in the number and prices of marketable equity securities sold during the year ended December 31, 2015 compared to the year ended in December 31, 2014.

Non-Interest Expense. Non-interest expense information is as follows:

 

                                                                                                                                                                              
     Years Ended December 31,      Change 2016/2015     Change 2015/2014  
     2016      2015      2014      Amount     Percent     Amount     Percent  
     (Dollars in thousands)  

Salaries and employee benefits

   $ 48,828      $ 44,737      $ 41,407      $ 4,091       9.1   $ 3,330       8.0

Occupancy and equipment

     10,809        9,876        9,258        933       9.4       618       6.7  

Data processing

     5,135        5,204        4,516        (69     (1.3     688       15.2  

Marketing and advertising

     3,217        3,715        2,901        (498     (13.4     814       28.1  

Professional services

     2,965        2,633        2,469        332       12.6       164       6.6  

Deposit insurance

     2,037        1,989        2,131        48       2.4       (142     (6.7

Other general and administrative

     4,503        4,537        4,752        (34     (0.7     (215     (4.5
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

Total non-interest expenses

   $ 77,494      $ 72,691      $ 67,434      $ 4,803       6.6   $ 5,257       7.8
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

The increase in salaries and employee benefits expenses for the year ended December 31, 2016 was primarily due to annual increases in employee compensation and health benefits, and expenses associated with the November 2015 grant of restricted stock and stock options to the Company’s directors, officers and employees. In addition, increases in salaries and employee benefits expenses and occupancy and equipment expenses reflect costs associated with two new branches opened during 2016. The decrease in marketing and advertising expenses reflected lower advertising production and direct mail costs and cost savings associated with the 2015 rebranding of the former Mt. Washington Bank Division into the East Boston Savings Bank brand. The increase in professional services reflected costs associated with regulatory compliance initiatives undertaken during the year. The Company’s efficiency ratio improved to 57.95% for the year ended December 31, 2016 from 64.05% for the year ended December 31, 2015.

For the year ended December 31, 2015, the increase in salaries and employee benefits expense was primarily due to employee compensation increases and staffing growth during the current year along with expenses associated with the grant of restricted stock and stock options to the Company’s directors, officers and employees in November 2015. The increase in occupancy and equipment includes costs associated with the opening of two new branches. The increase in data processing expense reflected a scheduled contractual increase and business growth during the current year, partially offset by a cost reduction during the second quarter of 2014. The increase in marketing and advertising expense reflected the Bank’s new and expanded advertising campaign in our Boston area market. The Company’s efficiency ratio improved to 64.05% for the year ended December 31, 2015 from 68.84% for the year ended December 31, 2014.

Income Tax Provision. We recorded a provision for income taxes of $17.9 million for the year ended December 31, 2016, reflecting an effective tax rate of 34.3%, compared to $12.0 million, or a 32.7% effective tax rate, for the year ended December 31, 2015 and $11.1 million, reflecting an effective tax rate of 33.3%, for the year ended December 31, 2014. The changes in the income tax provision and effective tax rate were primarily due to changes in the components of pre-tax income.

 

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Risk Management

Overview. Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are credit risk, interest rate risk and market risk. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan or investment when it is due. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates. Market risk arises from fluctuations in interest rates that may result in changes in the values of financial instruments, such as available-for-sale securities that are accounted for on a mark-to-market basis. Other risks that we face are operational risks, liquidity risk and reputation risk. Operational risks include risks related to fraud, regulatory compliance, processing errors, and technology and disaster recovery. Liquidity risk is the possible inability to fund obligations to depositors, lenders or borrowers. Reputation risk is the risk that negative publicity or press, whether true or not, could cause a decline in our customer base or revenue.

The Company’s Risk Management and Compliance Officer and the Compliance/Risk Management Committee oversee the risk management process on behalf of the Company’s Board of Directors, with responsibility for the overall risk program and strategy, determining risks and implementing risk mitigation strategies in the following risk areas: interest rates, operational/compliance, liquidity, strategic, reputation, credit and legal/regulatory. The Risk Management Officer reports the activities of the Compliance/Risk Management Committee to the Audit Committee of the Board of Directors on a quarterly basis, or more often as necessary. The Risk Management Officer provides counsel to members of our management team on all issues that affect our risk positions.

In addition, the Risk Management Officer is responsible for the following:

 

   

Develops, implements and maintains a risk management program for the entire Bank to withstand regulatory scrutiny and provides operational safety and efficiency;

 

   

Recommends policy to the Board of Directors;

 

   

Chairs the Company’s Compliance/Risk Management Committee;

 

   

Participates in developing long-term strategic risk objectives for the Company;

 

   

Coordinates and reviews risk assessments and provides recommendations on risk controls, testing and mitigation strategies;

 

   

Reviews and provides recommendations and approvals for all proposed business initiatives;

 

   

Implements and maintains the Vendor Management Program; and

 

   

Keeps abreast of risk management and regulatory trends and mitigation strategies.

Asset/Liability Management. Our earnings and the market value of our assets and liabilities are subject to fluctuations caused by changes in the level of interest rates. We manage the interest rate sensitivity of our interest-bearing liabilities and interest-earning assets in an effort to minimize the adverse effects of changes in the interest rate environment. Deposit accounts typically react more quickly to changes in market interest rates than mortgage loans because of the shorter maturities of deposits. As a result, sharp increases in interest rates may adversely affect our earnings while decreases in interest rates may beneficially affect our earnings. To reduce the potential volatility of our earnings, we have sought to improve the match between asset and liability maturities and rates, while maintaining an acceptable interest rate spread. Our strategy for managing interest rate risk emphasizes: originating loans with adjustable interest rates; selling the residential real estate fixed-rate loans with terms greater than 10 years that we originate; promoting core deposit products; and adjusting the interest rates and maturities of funding sources, as necessary.

We have an Asset/Liability Management Committee to coordinate all aspects of asset/liability management. The committee establishes and monitors the volume, maturities, pricing and mix of assets and funding sources with the objective of managing assets and funding sources to provide results that are consistent with liquidity, growth, risk limits and profitability goals.

 

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We analyze our interest rate sensitivity position to manage the risk associated with interest rate movements through the use of interest income simulation. The matching of assets and liabilities may be analyzed by examining the extent to which such assets and liabilities are “interest sensitive.” An asset or liability is said to be interest rate sensitive within a specific time period if it will mature or reprice within that time period.

Our goal is to manage asset and liability positions to moderate the effects of interest rate fluctuations on net interest income. Interest income simulations are completed quarterly and presented to the Asset/Liability Committee and the Board of Directors. The simulations provide an estimate of the impact of changes in interest rates on net interest income under a range of assumptions. The numerous assumptions used in the simulation process are reviewed by the Asset/Liability Committee and the Executive Committee on a quarterly basis. Changes to these assumptions can significantly affect the results of the simulation. The simulation incorporates assumptions regarding the potential timing of the repricing of certain assets and liabilities when market rates change and the changes in spreads between different market rates. The simulation analysis incorporates management’s current assessment of the risk that pricing margins will change adversely over time due to competition or other factors.

Simulation analysis is only an estimate of our interest rate risk exposure at a particular point in time. We continually review the potential effect changes in interest rates could have on the repayment of rate sensitive assets and funding requirements of rate sensitive liabilities.

The simulation uses projected repricing of assets and liabilities on the basis of contractual maturities, anticipated repayments and scheduled rate adjustments. Prepayment rates can have a significant impact on interest income simulation. Because of the large percentage of loans we hold, rising or falling interest rates have a significant impact on the prepayment speeds of our earning assets that in turn affect the rate sensitivity position. When interest rates rise, prepayments tend to slow. When interest rates fall, prepayments tend to rise. Our asset sensitivity would be reduced if prepayments slow and vice versa. While we believe such assumptions to be reasonable, there can be no assurance that assumed prepayment rates will approximate actual future mortgage-backed security and loan repayment activity.

The following table reflects changes in estimated net interest income for the Bank due to immediate non-parallel changes in interest rates for the subsequent one year period as of the dates indicated.

 

                                                                                                                                                     

Increase (Decrease)

in Market Interest Rates

     December 31, 2016     December 31, 2015  
     Amount        Change      Percent     Amount        Change      Percent  
       (Dollars in thousands)  

300

     $ 115,819        $ (17,805      (13.32 )%    $ 109,496        $ (15,465      (12.38 )% 

Flat

       133,624               124,961          

-100

       131,636          (1,988      (1.49     125,171          210        0.17  

Liquidity Management. Liquidity is the ability to meet current and future financial obligations of a short-term nature. Our primary sources of funds consist of deposit inflows, loan repayments, sales, maturities and payments on investment securities and borrowings from the Federal Home Loan Bank of Boston. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.

We regularly adjust our investments in liquid assets based upon our assessment of (1) expected loan demand, (2) expected deposit flows, (3) yields available on interest-earning deposits and securities and (4) the objectives of our asset/liability management policy.

Our most liquid assets are cash and due from banks, and certificates of deposit with other banks. The levels of these assets depend on our operating, financing, lending and investing activities during any given period. At December 31, 2016, cash and due from banks totaled $236.4 million and certificates of deposit totaled $80.3 million. In addition, at December 31, 2016, we had $222.8 million of available borrowing capacity with the Federal Home Loan Bank of Boston, including a $9.4 million line of credit. On December 31, 2016, we had $322.5 million of advances outstanding. We periodically pledge additional multi-family and commercial real estate loans held in the Bank’s portfolio as qualified collateral to increase our borrowing capacity with the FHLB.

 

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Our primary investing activities are the origination of loans and the purchase and sale of securities. Our primary financing activities consist of activity in deposit accounts and Federal Home Loan Bank advances. Deposit flows are affected by the overall level of interest rates, the interest rates and products offered by us and our local competitors and other factors. We generally manage the pricing of our deposits to be competitive. Occasionally, we offer promotional rates on certain deposit products to attract deposits.

A significant use of our liquidity is the funding of loan originations. At December 31, 2016 and 2015, we had total loan commitments outstanding of $1.178 billion and $997.3 million, respectively. Historically, many of the commitments expire without being fully drawn; therefore the total amount of commitments does not necessarily represent future cash requirements. For further information, see Note 9 of the notes to the consolidated financial statements.

Another significant use of our liquidity is the funding of deposit withdrawals. Certificates of deposit due within one year of December 31, 2016 totaled $539.9 million, or 47.9% of total certificates of deposit. If these maturing deposits do not remain with us, we will be required to utilize other sources of funds. Historically, a significant portion of certificates of deposit that mature have remained with us. We have the ability to attract and retain deposits by adjusting the interest rates offered and accept brokered certificates of deposit when it is deemed cost effective.

Meridian Bancorp, Inc. is a separate legal entity from East Boston Savings Bank and it must provide for its own liquidity to pay dividends and repurchase its common stock and for other corporate purposes. Meridian Bancorp, Inc.’s primary source of liquidity is proceeds from the 2014 second-step offering, which may be augmented by dividend payments from East Boston Savings Bank.

The ability of East Boston Savings Bank to pay dividends is subject to regulatory requirements. At December 31, 2016, Meridian Bancorp, Inc. (on an unconsolidated basis) had cash and cash equivalents, certificates of deposit and securities available for sale totaling $119.9 million.

The net proceeds from the stock offering significantly increased our liquidity and capital resources. Over time, our level of liquidity may be reduced as the net proceeds from the stock offering are used for general corporate purposes, including the funding of loans. Our financial condition and results of operations are expected to be enhanced and result in increases in net interest-earning assets and net interest income. However, due to the increase in equity from the stock offering proceeds, our return on equity has initially been lower but is expected to increase over time.

Contractual Obligations. The following table presents our contractual obligations as of December 31, 2016.

 

                                                                                                                            
     Payments Due by Period  
     Total      Up to One
Year
     More than
One Year to
Three Years
     More than
Three Years
to Five Years
     More Than
Five Years
 
     (Dollars in thousands)  

Contractual obligations:

              

Long-term debt obligations

   $ 322,512      $ 89,632      $ 47,891      $ 74,989      $ 110,000  

Operating lease obligations

     14,993        1,797        3,194        2,723        7,279  

Data processing agreement (1)

     21,635        4,327        8,654        8,654         
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 359,140      $ 95,756      $ 59,739      $ 86,366      $ 117,279  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Estimated payments subject to change based on transaction volume.

Capital Management. Both the Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the Federal Deposit Insurance Corporation, respectively, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2016, both the Company and the Bank exceeded all of their respective regulatory capital requirements. The Bank is considered “well capitalized” under regulatory guidelines. See “Supervision and Regulation — Federal Bank Regulation — Capital Requirements,” “Regulatory

 

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Capital Compliance” and Note 11, Stockholders’ Equity, “Minimum Regulatory Capital Requirements” in Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, within this report.

Effective January 1, 2015, federal banking regulations changed the minimum capital requirements for community banking institutions. The regulations include a new minimum ratio of common equity Tier 1 capital to risk-weighted assets of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4% to 6% and include a minimum leverage ratio of 4% for all banking organizations. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer is being phased in over three years, beginning on January 1, 2016. Also, certain new deductions from and adjustments to regulatory capital will be phased in over several years. Management believes that the Company will remain characterized as “well-capitalized” throughout the phase-in periods.

The Company may use capital management tools such as cash dividends and common share repurchases. Massachusetts regulations restrict repurchases for the first three years following the second-step conversion except where compelling and valid business reasons are established to the satisfaction of the Massachusetts Commissioner of Banks. We are also subject to the Federal Reserve Board’s notice provisions for stock repurchases. In August 2015, the Company received regulatory approval from the Massachusetts Commissioner of Banks and a non-objection from the Federal Reserve Bank to adopt a stock repurchase program for up to 5% of its common stock.

As of December 31, 2016, the Company had repurchased 2,059,611 shares of its stock at an average price of $13.71 per share, or 75.2% of the 2,737,334 shares authorized for repurchase under the Company’s repurchase program. For the year ended December 31, 2016, the Company’s Board of Directors declared four quarterly cash dividends of $0.03 per common share on March 1, 2016, June 1, 2016, September 1, 2016 and December 1, 2016.

Off-Balance Sheet Arrangements. In the normal course of operations, we engage in a variety of financial transactions that, in accordance with generally accepted accounting principles in the United States of America are not recorded in our financial statements. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are used primarily to manage customers’ requests for funding and take the form of loan commitments and lines of credit.

For the year ended December 31, 2016, we engaged in no off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows.

Impact of Recent Accounting Pronouncements. For a discussion of the impact of recent accounting pronouncements, see Note 1, Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data within this report.

Effect of Inflation and Changing Prices

The consolidated financial statements and related financial data included in this Annual Report have been prepared in accordance with generally accepted accounting principles in the United States of America, which require the measurement of financial position and operating results in terms of historical dollars without considering the change in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates generally have a more significant impact on a financial institution’s performance than do general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information regarding quantitative and qualitative disclosures about market risk appears under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under the caption “Asset/Liability Management”.

 

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements

 

     Page  

Management’s Annual Report on Internal Control Over Financial Reporting

     68  

Report of Independent Registered Public Accounting Firm – Internal Control Over Financial Reporting

     69  

Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements

     70  

Consolidated Balance Sheets as of December 31, 2016 and 2015

     71  

Consolidated Statements of Net Income for the Years Ended December 31, 2016, 2015 and 2014

     72  

Consolidated Statements of Comprehensive Income for the Years Ended December  31, 2016, 2015 and 2014

     73  

Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December  31, 2016, 2015 and 2014

     74  

Consolidated Statements of Cash Flows for the Years Ended December 31, 2016, 2015 and 2014

     75  

Notes to Consolidated Financial Statements

     77  

 

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MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of Meridian Bancorp, Inc. and subsidiaries (the “Company”), is responsible for establishing and maintaining effective internal control over financial reporting. The internal control process has been designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United States of America.

Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2016, utilizing the framework established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has determined that the Company’s internal control over financial reporting as of December 31, 2016 is effective.

Our internal control over financial reporting includes policies and procedures that (a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States of America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the Company’s financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems designed to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2016 has been audited by Wolf & Company, P.C., an independent registered public accounting firm, as stated in their report, which follows. This report expresses an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2016.

 

Date: March 1, 2017      

/s/    Richard J. Gavegnano

      Richard J. Gavegnano
      Chairman, President and Chief Executive Officer

 

Date: March 1, 2017      

/s/    Mark L. Abbate

      Mark L. Abbate
      Executive Vice President, Treasurer and Chief
Financial Officer

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – INTERNAL CONTROL OVER FINANCIAL REPORTING

To the Board of Directors and Stockholders of

Meridian Bancorp, Inc.

We have audited Meridian Bancorp, Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Meridian Bancorp, Inc. and subsidiaries’ management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. A company’s internal control over financial reporting includes those policies and procedures that (a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the company’s financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Meridian Bancorp, Inc. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the December 31, 2016 consolidated financial statements of Meridian Bancorp, Inc. and subsidiaries and our report dated March 1, 2017 expressed an unqualified opinion.

 

/s/    Wolf & Company, P.C.

Boston, Massachusetts

March 1, 2017

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – CONSOLIDATED FINANCIAL STATMENTS

To the Board of Directors and Stockholders of

Meridian Bancorp, Inc.

We have audited the accompanying consolidated balance sheets of Meridian Bancorp, Inc. and subsidiaries (the “Company”) as of December 31, 2016 and 2015, and the related consolidated statements of net income, comprehensive income, changes in stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2016. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Meridian Bancorp, Inc. and subsidiaries as of December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Meridian Bancorp, Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 1, 2017 expressed an unqualified opinion on the effectiveness of Meridian Bancorp, Inc. and subsidiaries’ internal control over financial reporting.

 

/s/    Wolf & Company, P.C.

Boston, Massachusetts

March 1, 2017

 

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MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

                                                 
       December 31,  
       2016      2015  
       (Dollars in thousands)  
ASSETS  

Cash and due from banks

     $ 236,423      $ 96,363  

Certificates of deposit

       80,323        99,062  

Securities available for sale, at fair value

       67,663        141,646  

Federal Home Loan Bank stock, at cost

       18,175        10,931  

Loans held for sale

       3,944        4,669  

Loans, net of fees and costs

       3,938,817        3,078,647  

Less: allowance for loan losses

       (40,149      (33,405
    

 

 

    

 

 

 

Loans, net

       3,898,668        3,045,242  

Bank-owned life insurance

       40,745        39,557  

Premises and equipment, net

       41,427        40,248  

Accrued interest receivable

       10,381        8,574  

Deferred tax asset, net

       21,461        21,246  

Goodwill

       13,687        13,687  

Other assets

       3,105        3,284  
    

 

 

    

 

 

 

Total assets

     $ 4,436,002      $ 3,524,509  
    

 

 

    

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY  

Deposits:

       

Non interest-bearing

     $ 431,222      $ 370,546  

Interest-bearing

       3,044,615        2,372,472  
    

 

 

    

 

 

 

Total deposits

       3,475,837        2,743,018  

Short-term borrowings

              20,000  

Long-term debt

       322,512        147,226  

Accrued expenses and other liabilities

       30,356        26,139  
    

 

 

    

 

 

 

Total liabilities

       3,828,705        2,936,383  
    

 

 

    

 

 

 

Commitments and contingencies (Notes 4, 5 and 9)

       

Stockholders’ equity:

       

Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued

               

Common stock, $0.01 par value, 100,000,000 shares authorized; 53,596,105 and 54,875,237 shares issued and outstanding at December 31, 2016 and 2015, respectively

       536        549  

Additional paid-in capital

       390,065        403,737  

Retained earnings

       234,290        206,214  

Accumulated other comprehensive income (loss)

       1,806        (2,092

Unearned compensation — ESOP, 2,678,800 and 2,800,564 shares at December 31, 2016 and 2015, respectively

       (19,400      (20,282
    

 

 

    

 

 

 

Total stockholders’ equity

       607,297        588,126  
    

 

 

    

 

 

 

Total liabilities and stockholders’ equity

     $ 4,436,002      $ 3,524,509  
    

 

 

    

 

 

 

See accompanying notes to consolidated financial statements.

 

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MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET INCOME

 

                                                                          
       Years Ended December 31,  
       2016        2015        2014  
       (Dollars in thousands, except per share amounts)  

Interest and dividend income:

              

Interest and fees on loans

     $ 145,541        $ 118,586        $ 103,814  

Interest on debt securities:

              

Taxable

       866          1,608          2,468  

Tax-exempt

       114          162          178  

Dividends on equity securities

       1,529          1,638          1,425  

Interest on certificates of deposit

       495          624          47  

Other interest and dividend income

       1,147          724          747  
    

 

 

      

 

 

      

 

 

 

Total interest and dividend income

       149,692          123,342          108,679  
    

 

 

      

 

 

      

 

 

 

Interest expense:

              

Interest on deposits

       24,124          18,479          18,041  

Interest on short-term borrowings

       6          5          —    

Interest on long-term debt

       3,007          1,967          2,472  
    

 

 

      

 

 

      

 

 

 

Total interest expense

       27,137          20,451          20,513  
    

 

 

      

 

 

      

 

 

 

Net interest income

       122,555          102,891          88,166  

Provision for loan losses

       7,180          6,667          3,313  
    

 

 

      

 

 

      

 

 

 

Net interest income, after provision for loan losses

       115,375          96,224          84,853  
    

 

 

      

 

 

      

 

 

 

Non-interest income:

              

Customer service fees

       8,484          7,923          7,492  

Loan fees

       865          917          591  

Mortgage banking gains, net

       573          535          532  

Gain on sales of securities, net

       3,020          2,432          6,258  

Income from bank-owned life insurance

       1,188          1,225          1,165  

Other income

       60          8          18  
    

 

 

      

 

 

      

 

 

 

Total non-interest income

       14,190          13,040          16,056  
    

 

 

      

 

 

      

 

 

 

Non-interest expenses:

              

Salaries and employee benefits

       48,828          44,737          41,407  

Occupancy and equipment

       10,809          9,876          9,258  

Data processing

       5,135          5,204          4,516  

Marketing and advertising

       3,217          3,715          2,901  

Professional services

       2,965          2,633          2,469  

Deposit insurance

       2,037          1,989          2,131  

Other general and administrative

       4,503          4,537          4,752  
    

 

 

      

 

 

      

 

 

 

Total non-interest expenses

       77,494          72,691          67,434  
    

 

 

      

 

 

      

 

 

 

Income before income taxes

       52,071          36,573          33,475  

Provision for income taxes

       17,881          11,966          11,148  
    

 

 

      

 

 

      

 

 

 

Net income

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

Earnings per share:

              

Basic

     $ 0.67        $ 0.47        $ 0.43  

Diluted

     $ 0.65        $ 0.46        $ 0.42  

Weighted average shares:

              

Basic

       51,128,914          51,965,036          52,470,513  

Diluted

       52,248,308          53,071,932          53,567,771  

See accompanying notes to consolidated financial statements.

 

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MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

                                                                          
       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

Net income

     $ 34,190      $ 24,607      $ 22,327  
    

 

 

    

 

 

    

 

 

 

Other comprehensive income (loss):

          

Securities available for sale:

          

Unrealized holding gain (loss)

       9,464        (5,982      4,449  

Reclassification adjustment for gains realized in income (1)

       (3,020      (2,432      (6,258
    

 

 

    

 

 

    

 

 

 

Net unrealized gain (loss)

       6,444        (8,414      (1,809

Tax effect

       (2,582      3,327        780  
    

 

 

    

 

 

    

 

 

 

Net-of-tax amount

       3,862        (5,087      (1,029
    

 

 

    

 

 

    

 

 

 

Defined benefit plans:

          

Reclassification adjustments (2):

          

Amortization of prior service cost

       24        45        45  

Amortization of unrecognized cost

       32        105        3  

Actuarial net loss arising during the year

       (57      (1      (321

Settlement costs

       56        —          —    
    

 

 

    

 

 

    

 

 

 
       55        149        (273

Tax effect

       (19      (52      96  
    

 

 

    

 

 

    

 

 

 

Net-of-tax amount

       36        97        (177
    

 

 

    

 

 

    

 

 

 

Total other comprehensive income (loss)

       3,898        (4,990      (1,206
    

 

 

    

 

 

    

 

 

 

Comprehensive income

     $ 38,088      $ 19,617      $ 21,121  
    

 

 

    

 

 

    

 

 

 

 

 

(1)

Amounts are included in gain on sales of securities, net in the Consolidated Statements of Net Income. Provision for income tax associated with the reclassification adjustments for the years ended December 31, 2016, 2015 and 2014 was $1.2 million, $962,000 and $2.7 million, respectively.

(2)

Amounts are included in salaries and employee benefits in the Consolidated Statements of Net Income. Benefit for income tax associated with the reclassification adjustments for the years ended December 31, 2016, 2015 and 2014 was $19,000, $52,000 and $17,000, respectively.

 

 

See accompanying notes to consolidated financial statements.

 

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MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Years Ended December 31, 2016, 2015 and 2014

 

                                                                                                                                                                                                       
    Shares of
Common Stock
Outstanding
    Common Stock     Additional
Paid-in
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income (Loss)
    Unearned
Compensation  -
ESOP
    Treasury
Stock
    Total  
    (Dollars in thousands)  

Balance at December 31, 2013

    54,406,335     $     $ 98,428     $ 162,388     $ 4,104     $ (5,796   $ (9,919   $ 249,205  

Corporate Reorganization:

               

Conversion of Meridian Interstate Bancorp, Inc.

    (1,356,629     531       301,750                               302,281  

Purchase by ESOP

    1,625,000       16       16,234                   (16,250            

Treasury stock retired

                (9,769                       9,769        

Contribution of Meridian Financial Services, MHC

                2,640                               2,640  

Comprehensive income

                      22,327       (1,206                 21,121  

ESOP shares earned (121,765 shares)

                453                   882             1,335  

Share-based compensation expense — restricted stock, net of awards forfeited

    (1,861           492                               492  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Share-based compensation expense — stock options, net of awards forfeited

                300                               300  

Excess tax benefits in connection with share-based compensation

                267                               267  

Stock options exercised

    35,221             (81                       150       69  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2014

    54,708,066       547       410,714       184,715       2,898       (21,164           577,710  

Comprehensive income

                      24,607       (4,990                 19,617  

Dividends declared ($0.06 per share)

                      (3,108                       (3,108

Repurchased stock related to buyback program

    (722,104     (7     (9,421                             (9,428

ESOP shares earned (121,764 shares)

                713                   882             1,595  

Share-based compensation expense — restricted stock, net of awards forfeited

    685,480       7       724                               731  

Share-based compensation expense — stock options, net of awards forfeited

                357                               357  

Excess tax benefits in connection with share-based compensation

                420                               420  

Stock options exercised

    203,795       2       230                               232  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2015

    54,875,237       549       403,737       206,214       (2,092     (20,282           588,126  

Comprehensive income

                      34,190       3,898                   38,088  

Dividends declared ($0.12 per share)

                      (6,114                       (6,114

Repurchased stock related to buyback program

    (1,337,507     (13     (18,786                             (18,799

ESOP shares earned (121,764 shares)

                960                   882             1,842  

Share-based compensation expense — restricted stock, net of awards forfeited

    (21,538           2,104                               2,104  

Share-based compensation expense — stock options, net of awards forfeited

                1,231                               1,231  

Excess tax benefits in connection with share-based compensation

                614                               614  

Stock options exercised

    79,913             205                               205  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2016

    53,596,105     $ 536     $ 390,065     $ 234,290     $ 1,806     $ (19,400   $     $ 607,297  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See accompanying notes to consolidated financial statements.

 

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MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

                                                                          
    Years Ended December 31,  
    2016     2015     2014  
    (In thousands)  

Cash flows from operating activities:

     

Net income

  $ 34,190     $ 24,607     $ 22,327  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Accretion of acquisition fair value adjustments

    (145     (133     (53

ESOP shares earned expense

    1,842       1,595       1,335  

Provision for loan losses

    7,180       6,667       3,313  

Accretion of net deferred loan origination fees

    (1,273     (1,011     (608

Net accretion of securities available for sale

    (47     (64     (34

Depreciation and amortization expense

    3,004       2,524       2,385  

Gain on sales of securities, net

    (3,020     (2,432     (6,258

Net loss and provision for foreclosed real estate

    8       214       303  

Deferred income tax benefit

    (2,816     (2,361     (1,256

Income from bank-owned life insurance

    (1,188     (1,225     (1,165

Share-based compensation expense

    3,335       1,088       792  

Excess tax benefits in connection with share-based compensation

    (614     (420     (267

Net changes in:

     

Loans held for sale

    725       (3,698     1,392  

Accrued interest receivable

    (1,807     (826     (621

Other assets

    179       3,172       (446

Accrued expenses and other liabilities

    4,458       80       1,162  
 

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

    44,011       27,777       22,301  
 

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

     

Purchases of certificates of deposit

    (80,423     (26,562     (85,000

Maturities of certificates of deposit

    99,162       12,500        

Activity in securities available for sale:

     

Proceeds from maturities, calls and principal payments

    56,353       44,470       45,874  

Redemption (purchase) of mutual funds, net

    1,191       19,867       (18,995

Proceeds from sales

    38,429       27,120       33,335  

Purchases

    (12,035     (35,507     (60,264

Loans originated, net of principal payments received

    (860,088     (401,953     (387,952

Proceeds from bank-owned life insurance death benefit

          279        

Purchases of premises and equipment

    (4,100     (4,177     (1,388

Cash received in MHC merger

                2,640  

(Purchase) redemption of Federal Home Loan Bank stock

    (7,244     1,794       (818

Proceeds from sales of foreclosed real estate

    808       832       1,758  
 

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (767,947     (361,337     (470,810
 

 

 

   

 

 

   

 

 

 

 

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    Years Ended December 31,  
    2016     2015     2014  
    (In thousands)  

Cash flows from financing activities:

     

Net increase in deposits

    732,838       239,102       255,357  

Net change in borrowings with maturities less than three months

    (20,000     20,000        

Proceeds from Federal Home Loan Bank advances with maturities of three months or more

    220,000       18,000       57,131  

Repayment of Federal Home Loan Bank advances with maturities of three months or more

    (44,714     (42,673     (47,135

Cash dividends paid on common stock

    (6,148     (1,462      

Stock options exercised

    205       232       69  

Repurchase of common stock

    (18,799     (9,428      

Excess tax benefits in connection with share-based compensation

    614       420       267  

Net proceeds from sale of common stock

                302,281  
 

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

    863,996       224,191       567,970  
 

 

 

   

 

 

   

 

 

 

Net change in cash and cash equivalents

    140,060       (109,369     119,461  

Cash and cash equivalents at beginning of year

    96,363       205,732       86,271  
 

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of year

  $ 236,423     $ 96,363     $ 205,732  
 

 

 

   

 

 

   

 

 

 

Supplemental cash flow information:

     

Interest paid on deposits

  $ 23,762     $ 18,477     $ 17,974  

Interest paid on borrowings

    2,900       1,994       2,489  

Income taxes paid, net of refunds

    19,151       13,905       12,461  

Non-cash investing and financing activities:

     

Transfers from loans to foreclosed real estate

    816             1,717  

Net amounts due (to) from broker on security transactions

    (462           2,120  

See accompanying notes to consolidated financial statements.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

Meridian Bancorp, Inc. (the “Company”) is a Maryland corporation incorporated on March 6, 2014 to be the successor to Meridian Interstate Bancorp, Inc. (“Old Meridian”) upon completion of the second-step mutual-to-stock conversion (the “Conversion”) of Meridian Financial Services, Incorporated (the “MHC”), the top tier mutual holding company of Old Meridian. Old Meridian was the former mid-tier holding company for East Boston Savings Bank (the “Bank”). Prior to completion of the Conversion, approximately 59% of the shares of common stock of Old Meridian were owned by the MHC. In conjunction with the Conversion, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company and the Company became its successor under the name Meridian Bancorp, Inc. The Conversion was completed July 28, 2014.

The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. The Company owns the Bank. The Bank’s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkeley Riverbend Estates LLC, both of which can hold foreclosed real estate, and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation.

Business and Operating Segments

The Company provides loan and deposit services to its customers through its local banking offices in the greater Boston metropolitan area. The Company is subject to competition from other financial institutions including commercial banks, other savings banks, credit unions, mortgage banking companies and other financial service providers.

Generally, financial information is to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company’s performance and allocates resources based on a single segment concept. Accordingly, there is no separately identified material operating segment for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues.

Use of Estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and evaluation of securities for other-than-temporary impairment.

Significant Concentrations of Credit Risk

Most of the Company’s activities are with customers located within Massachusetts. Note 2 includes the types of securities in which the Company invests and Note 3 includes the types of lending in which the Company engages. The Company believes that it does not have any significant loan concentrations or security in any one industry or with any customer.

Reclassification

Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform to the 2016 presentation.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, cash and cash equivalents include amounts due from banks and federal funds sold on a daily basis, which mature overnight or on demand. The Company may from time to time have deposits in financial institutions which exceed the federally insured limits. At December 31, 2016, the Company had a concentration of cash on deposit at the Federal Reserve Bank amounting to $191.8 million.

Certificates of Deposit

Certificates of deposit are purchased from FDIC-insured depository institutions, have an original maturity greater than 90 days and up to 24 months and are carried at cost. At December 31, 2016, all certificates of deposit invested in by the Company exceeded the FDIC insurance limit of $250,000 but were insured up to the full amount under the Massachusetts Depositors Insurance Fund, Massachusetts Credit Union Insurance Corporation or Massachusetts Cooperative Bank Share Insurance Fund.

Fair Value Hierarchy

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 — Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Transfers between levels are recognized at the end of a reporting period, if applicable.

Securities Available for Sale

Securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component in other comprehensive income, net of tax effects. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

Each reporting period, the Company evaluates all securities with a decline in fair value below the amortized cost of the investment to determine whether or not other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income, net of applicable taxes.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Federal Home Loan Bank Stock

The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis on the FHLB stock. As of December 31, 2016 no impairment has been recognized.

Loans Held For Sale

Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.

Loans

The Company grants mortgage, commercial and consumer loans to customers. The Company’s loan portfolio includes one- to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments.

A substantial portion of the loan portfolio is represented by mortgage loans throughout eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area.

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net deferred loan origination costs or fees. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method over the terms of the loans.

The accrual of interest on all loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable losses inherent in the loan portfolio and is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The adequacy of the allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

The allowance consists of general and allocated components and may include an unallocated component, as further described below.

General Component

The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by loan segments and classes. Management uses a rolling average of historical losses

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquent and non-accrual loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; national and local economic trends and conditions, and industry conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2016, 2015 or 2014.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows:

One- to four-family residential real estate loans and home equity lines of credit — The Company primarily originates loans with a loan-to-value ratio of 80% or less and does not grant subprime loans. The Company may also originate loans with loan-to-value ratios up to 95% (100% for first time home buyers only) with such value measured at origination; however, private mortgage insurance is generally required for loans with a loan-to-value ratio over 80%. All loans in these segments are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments.

Multi-family and commercial real estate loans — Loans in these segments are primarily income-producing properties such as apartment buildings and properties used for business purposes such as office buildings, industrial facilities and retail facilities. These properties are generally located in the greater Boston metropolitan area and certain other areas in eastern Massachusetts, and in southeastern New Hampshire and Maine. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in these segments. Management obtains rent rolls annually and continually monitors the cash flows of these loans.

Construction loans — Loans in this segment primarily include loans for construction of commercial development projects, including apartment buildings, small industrial buildings and retail and office buildings. The Company also originates loans to individuals and to builders to finance the construction of residential dwellings. Most of these construction loans provide for the payment of only interest during the construction phase, which is usually up to 12 to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally are made with a maximum loan to value ratio of 80% of the appraised market value upon completion of the project. Management carefully monitors the existing construction portfolio for performance and project completion, with a goal of moving completed commercial projects to the commercial real estate portfolio and reviewing sales-based projects for tracking toward construction goals. The rent-up or sales of the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates or decreased home sales.

Commercial and industrial loans — Loans in this segment are made to businesses in the Company’s market area and are generally secured by real estate or other assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment.

Consumer loans — Loans in this segment may include automobile loans, loans secured by passbook or certificate accounts and overdraft loans and repayment is dependent on the credit quality of the individual borrower.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Allocated Component

The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for multi-family residential, commercial real estate, construction and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual one- to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired.

Unallocated Component

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general components of the allowance for loan losses.

Bank-Owned Life Insurance

The Bank has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as excess insurance proceeds received, are reflected in non-interest income on the consolidated statements of net income and are not subject to income taxes.

Premises and Equipment

Land is carried at cost. Buildings, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for improvements are capitalized and depreciated.

Derivative Financial Instruments

Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value, if material.

 

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Loan Level Interest Rate Swaps

The Company enters into interest rate swaps with commercial loan customers to synthetically convert the customer’s loan from a variable rate to a fixed rate. These swaps are matched in offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets and other liabilities. The Company’s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other non-interest income.

Derivative Loan Commitments

Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net, if material.

Forward Loan Sale Commitments

To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery forward sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net if material.

Foreclosed Assets

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. The excess, if any, of the loan balance over the fair value of the asset at the time of transfer from loans to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations, changes in the valuation allowance, any direct write-downs and gains or losses on sales are included in other general and administrative expenses.

Valuation of Goodwill and Analysis for Impairment

The Company’s goodwill resulted from the acquisition of another financial institution accounted for under the acquisition method of accounting. The amount of goodwill recorded at acquisition was impacted by the recorded fair value of the assets acquired and liabilities assumed, which is an estimate determined by the use of internal or other valuation techniques.

Goodwill is subject to an annual review by management that first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of the Company unless management determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the two-step quantitative goodwill impairment test is necessary, step one compares the book value of the Company to the fair value of the Company. If book value exceeds fair value, a more detailed analysis is performed, which involves measuring the excess of the fair value of the Company, as determined in step one, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the Company was being acquired in a business combination. In the event of future changes in fair value, the Company may be exposed to an impairment charge that could be material.

 

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Transfers of Financial Assets

Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets.

During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.

Marketing and Advertising

Marketing and advertising costs are expensed as incurred.

Supplemental Director and Executive Retirement and Long-Term Health Care Plans

The Company accounts for certain supplemental director and executive retirement and long-term health care benefits on the net periodic cost method using an actuarial model that allocates costs over the service period of participants in the plans. The Company accounts for the over-funded or under-funded status of these defined benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.

Share-Based Compensation Plans

The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide service for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted quarterly based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted.

Employee Stock Ownership Plan

Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP, multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholder’s equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital.

Income Taxes

Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than

 

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not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December 31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2016, 2015 and 2014.

Income tax benefits related to stock compensation in excess of grant date fair value, less any proceeds on exercise, are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.

Earnings Per Share

Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are non-forfeitable, therefore these unvested stock awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations.

Basic and diluted earnings per share have been computed based on the following:

 

                                                                          
       Years Ended December 31,  
       2016        2015        2014  
       (Dollars in thousands, except per share amounts)  

Net income available to common stockholders

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

Basic weighted average shares outstanding

       51,128,914          51,965,036          52,470,513  

Effect of dilutive stock options

       1,119,394          1,106,896          1,097,258  
    

 

 

      

 

 

      

 

 

 

Diluted weighted average shares outstanding

       52,248,308        $ 53,071,932        $ 53,567,771  
    

 

 

      

 

 

      

 

 

 

Earnings per share:

              

Basic

     $ 0.67        $ 0.47        $ 0.43  

Diluted

     $ 0.65        $ 0.46        $ 0.42  

For the years ended December 31, 2016 and 2015, options for the exercise of 9,440 and 366,002 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. There were no anti-dilutive options for the year ended December 31, 2014.

 

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Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:

 

                                                 
       December 31,  
       2016      2015  
       (In thousands)  

Securities available for sale:

       

Net unrealized gain (loss) on securities available for sale

     $ 3,637      $ (2,807

Tax effect

       (1,444      1,138  
    

 

 

    

 

 

 

Net-of-tax amount

       2,193        (1,669
    

 

 

    

 

 

 

Defined benefit plans:

       

Unrecognized prior service cost

       (197      (221

Unrecognized net actuarial loss

       (399      (430
    

 

 

    

 

 

 

Total

       (596      (651

Tax effect

       209        228  
    

 

 

    

 

 

 

Net-of-tax amount

       (387      (423
    

 

 

    

 

 

 
     $ 1,806      $ (2,092
    

 

 

    

 

 

 

Unrecognized prior service costs amounting to $17,000, included in accumulated other comprehensive income at December 31, 2016, are expected to be recognized as a component of net periodic cost for the year ending December 31, 2017.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of this ASU was to clarify the principles for recognizing revenue and to develop a common revenue standard for generally accepted accounting principles (“GAAP”) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted changes to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The

 

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Company has a portfolio of equity investments and if such guidance were effective for the year ended December 31, 2016, a net unrealized gain of approximately $6.6 million and related deferred tax provision of $2.3 million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This update is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-to-use asset and liability representing the obligation to make lease payments for long-term operating leases. The update will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting (Topic 718). This update is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The more significant change relates to the recognition of excess tax benefits/deficiencies recorded on certain stock compensation transactions. Such items are reported in additional paid in capital and, upon adoption of the update, will be recorded as income tax benefit or expense in the income statement. Accordingly, the update is not expected to have a significant impact on the Company’s consolidated financial statements. The update will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including loans, held-to-maturity debt securities and commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as Current Expected Credit Loss, or CECL, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses on available-for-sale debt securities will be measured in a manner similar to current GAAP, but will be recognized through an allowance rather than as a direct write-down. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350). The update intends to simplify the subsequent measurement of goodwill by requiring an entity to compare the fair value of a reporting unit to the carrying amount of goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the impairment charge should not exceed the total amount of goodwill allocated to that reporting unit. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

 

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2. SECURITIES AVAILABLE FOR SALE

The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows:

 

                                                                                                   
       Amortized
Cost
       Gross
Unrealized
Gains
       Gross
Unrealized
Losses
     Fair
Value
 
       (In thousands)  

December 31,2016

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 12,989        $ 16        $ (3    $ 13,002  

Industrials

       1,000          3                 1,003  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       13,989          19          (3      14,005  

Municipal bonds

       1,202          17                 1,219  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       5,284          325          (3      5,606  

Private label

       779          22                 801  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       21,254          383          (6      21,631  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       6,763          901          (232      7,432  

Consumer products and services

       13,567          1,093          (382      14,278  

Financial services

       5,953          970                 6,923  

Healthcare

       8,225          533          (456      8,302  

Industrials

       4,181          624          (11      4,794  

Technology

       4,081          440          (220      4,301  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       42,770          4,561          (1,301      46,030  

Money market mutual funds

       2                          2  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       42,772          4,561          (1,301      46,032  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total securities available for sale

     $ 64,026        $ 4,944        $ (1,307    $ 67,663  
    

 

 

      

 

 

      

 

 

    

 

 

 

 

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       Amortized
Cost
       Gross
Unrealized
Gains
       Gross
Unrealized
Losses
     Fair Value  
       (In thousands)  

December 31, 2015

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 26,430        $ 101        $ (42    $ 26,489  

Industrials

       2,999          11                 3,010  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       29,429          112          (42      29,499  

Government-sponsored enterprises

       11,000          2          (40      10,962  

Municipal bonds

       4,326          89                 4,415  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       6,948          436          (3      7,381  

Private label

       878          26                 904  

U.S. treasury securities

       24,996                   (62      24,934  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       77,577          665          (147      78,095  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       13,221          370          (4,043      9,548  

Consumer products and services

       18,987          1,060          (1,578      18,469  

Financial services

       11,821          782          (649      11,954  

Healthcare

       9,403          1,050          (117      10,336  

Industrials

       5,308          96          (573      4,831  

Technology

       4,987          138          (559      4,566  

Utilities

       1,956          757          (11      2,702  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       65,683          4,253          (7,530      62,406  

Money market mutual funds

       1,193                   (48      1,145  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       66,876          4,253          (7,578      63,551  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total securities available for sale

     $ 144,453        $ 4,918        $ (7,725    $ 141,646  
    

 

 

      

 

 

      

 

 

    

 

 

 

At December 31, 2016, securities with an amortized cost of $4.2 million and $680,000 were pledged as collateral for Federal Home Loan Bank of Boston borrowings and for the Federal Reserve Bank discount window borrowings, respectively. See Note 7.

 

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The amortized cost and fair value of debt securities by contractual maturity at December 31, 2016 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties.

 

                                                                                                                                                                                                       
    One Year or Less     After One Year
Through Five Years
    After Five Years     Total  
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
 
    (In thousands)  

Corporate bonds:

               

Financial services

  $ 12,989     $ 13,002     $     $     $     $     $ 12,989     $ 13,002  

Industrials

    1,000       1,003                               1,000       1,003  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total corporate bonds

    13,989       14,005                               13,989       14,005  

Municipal bonds

    480       483       722       736                   1,202       1,219  

Residential mortgage-backed securities:

               

Government-sponsored enterprises

                1       1       5,283       5,605       5,284       5,606  

Private label

                            779       801       779       801  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 14,469     $ 14,488     $ 723     $ 737     $ 6,062     $ 6,406     $ 21,254     $ 21,631  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the years ended December 31, 2016, 2015 and 2014, proceeds from sales of securities available for sale amounted to $38.4 million, $27.1 million and $33.3 million, respectively. Gross gains of $7.2 million, $4.2 million and $6.3 million and gross losses of $4.2 million, $1.8 million and $91,000, respectively, were realized on those sales.

 

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Information pertaining to securities available for sale as of December 31, 2016 and 2015, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

                                                                                                   
       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31, 2016

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 3        $ 5,000        $        $  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       3          5,000          3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

                         232          1,568  

Consumer products and services

       237          3,496          145          1,618  

Healthcare

       259          2,039          197          1,377  

Industrials

       11          450                    

Technology

                         220          1,681  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 510        $ 10,985        $ 797        $ 6,449  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

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       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31, 2015

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 10        $ 4,998        $ 32        $ 3,468  

Government-sponsored enterprises

       14          3,986          26          4,974  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          215  

U.S. treasury securities

       62          24,934                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       86          33,918          61          8,657  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

       2,043          4,478          2,000          3,138  

Consumer products and services

       1,099          7,521          479          1,657  

Financial services

       421          4,019          228          540  

Healthcare

       117          1,202                    

Industrials

       573          2,647                    

Technology

       103          675          456          1,091  

Utilities

       11          8                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       4,367          20,550          3,163          6,426  

Money market mutual funds

                         48          1,020  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       4,367          20,550          3,211          7,446  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 4,453        $ 54,468        $ 3,272        $ 16,103  
    

 

 

      

 

 

      

 

 

      

 

 

 

The Company determined no securities were other-than-temporarily impaired for the years ended December 31, 2016, 2015 and 2014. Management evaluates securities for other-than-temporary impairment on a quarterly basis, with more frequent evaluation for selected issuers or when economic or market concerns warrant such evaluations.

At December 31, 2016, 19 marketable equity securities with a fair value of $12.2 million had gross unrealized losses totaling $1.3 million, or an aggregate depreciation of 9.6% from the Company’s cost basis. These marketable equity securities consisted of nine securities with a fair value of $6.0 million and a gross unrealized loss of $507,000 for less than 12 months and 10 securities with a fair value of $6.2 million and a gross unrealized loss of $794,000 for 12 months or longer. The marketable equity securities in a gross unrealized loss position for 12 months or longer were comprised of three securities in the basic materials sector with a fair value of $1.6 million and a gross unrealized loss of $232,000, three marketable equity securities in the consumer products and services sector with a fair value of $1.6 million and a gross unrealized loss of $145,000, two securities in the healthcare sector with a fair value of $1.4 million and a gross unrealized loss of $197,000 and two securities in the technology sector with a fair value of $1.7 million and a gross unrealized loss of $220,000.

In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year time frame. A decline of 10% or more in the value of an acquired equity security is generally the triggering event for management to review individual securities for liquidation and/or write-down. Impairment losses are recognized when management concludes that declines in the value of equity securities are other than temporary, or when they can

 

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no longer assert that they have the intent and ability to hold depreciated equity securities for a period of time sufficient to allow for any anticipated recovery in fair value. Unrealized losses on marketable equity securities that are in excess of 25% of cost and that have been sustained for more than twelve months are generally considered-other-than temporary and charged to earnings as impairment losses, or realized through sale of the security.

Although issuers within the marketable equity securities portfolio had price declines resulting in unrealized losses, management does not believe these declines in market value are other than temporary and the Company currently has the ability and intent to hold these investments until a recovery of fair value.

3.     LOANS

A summary of loans follows:

 

                                                 
       December 31,  
       2016      2015  
       (Dollars in thousands)  

Real estate loans:

       

Residential real estate:

       

One- to four-family

     $ 532,450      $ 458,423  

Multi-family

       562,948        417,388  

Home equity lines of credit

       42,913        46,660  

Commercial real estate

       1,776,601        1,328,344  

Construction

       502,753        421,531  
    

 

 

    

 

 

 

Total real estate loans

       3,417,665        2,672,346  

Commercial and industrial

       515,430        400,051  

Consumer

       9,712        10,028  
    

 

 

    

 

 

 

Total loans

       3,942,807        3,082,425  

Allowance for loan losses

       (40,149      (33,405

Net deferred loan origination fees

       (3,990      (3,778
    

 

 

    

 

 

 

Loans, net

     $ 3,898,668      $ 3,045,242  
    

 

 

    

 

 

 

The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying balance sheets. The Company and participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2016 and 2015, the Company was servicing loans for participants aggregating $210.5 million and $137.7 million, respectively.

At December 31, 2016, multi-family and commercial real estate loans with carrying values totaling $73.0 million and $473.2 million, respectively, were pledged as collateral for Federal Home Loan Bank of Boston borrowings. See Note 7.

 

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An analysis of the allowance for loan losses and related information follows:

 

    One- to
four-family
  Multi-
family
  Home
equity lines
of credit
  Commercial
real estate
  Construction   Commercial
and
industrial
  Consumer   Total
    (In thousands)

Balance at December 31, 2013

    $ 1,991     $ 2,419     $ 155     $ 12,831     $ 4,374     $ 3,433     $ 132     $ 25,335

Provision (credit) for loan losses

      (155 )       1,216       (50 )       255       715       1,264       68       3,313

Charge-offs

      (54 )             (5 )       (116 )       (71 )       (72 )       (187 )       (505 )

Recoveries

      67                   30       137       8       84       326
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2014

      1,849       3,635       100       13,000       5,155       4,633       97       28,469

Provision (credit) for loan losses

      (446 )       (250 )       104       1,479       4,564       1,022       194       6,667

Charge-offs

      (165 )             (60 )             (2,287 )       (36 )       (306 )       (2,854 )

Recoveries

      116                   18       881       1       107       1,123
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2015

      1,354       3,385       144       14,497       8,313       5,620       92       33,405

Provision (credit) for loan losses

      13       1,129       (71 )       4,228       874       821       186       7,180

Charge-offs

                              (486 )       (49 )       (302 )       (837 )

Recoveries

                              230       60       111       401
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2016

    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2016

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 49     $ 137     $     $     $     $     $     $ 186

Amount of allowance for loan losses for loans not deemed to be impaired

      1,318       4,377       73       18,725       8,931       6,452       87       39,963
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,422     $ 1,359     $     $ 2,807     $ 988     $ 1,808     $     $ 8,384

Loans not deemed to be impaired

      531,028       561,589       42,913       1,773,794       501,765       513,622       9,712       3,934,423
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 532,450     $ 562,948     $ 42,913     $ 1,776,601     $ 502,753     $ 515,430     $ 9,712     $ 3,942,807
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2015

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 3     $ 143     $     $ 84     $     $ 44     $     $ 274

Amount of allowance for loan losses for loans not deemed to be impaired

      1,351       3,242       144       14,413       8,313       5,576       92       33,131
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,354     $ 3,385     $ 144     $ 14,497     $ 8,313     $ 5,620     $ 92     $ 33,405
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,582     $ 1,401     $     $ 3,663     $ 16,026     $ 805     $     $ 23,477

Loans not deemed to be impaired

      456,841       415,987       46,660       1,324,681       405,505       399,246       10,028       3,058,948
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 458,423     $ 417,388     $ 46,660     $ 1,328,344     $ 421,531     $ 400,051     $ 10,028     $ 3,082,425
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

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The following table provides information about the Company’s past due and non-accrual loans:

 

                                                                                                                            
       30-59
Days
Past Due
       60-89
Days
Past Due
       90 Days
or Greater
Past Due
       Total
Past Due
       Loans on
Non-accrual
 
       (In thousands)  

December 31,2016

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 641        $ 834        $ 2,902        $ 4,377        $ 8,487  

Home equity lines of credit

       707          131          672          1,510          674  

Commercial real estate

       105                   1,904          2,009          2,807  

Construction

                         815          815          815  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       1,453          965          6,293          8,711          12,783  

Commercial and industrial

                         653          653          653  

Consumer

       679          392                   1,071           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 2,132        $ 1,357        $ 6,946        $ 10,435        $ 13,436  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

December 31, 2015

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 1,674        $ 221        $ 3,266        $ 5,161        $ 9,264  

Home equity lines of credit

       587                   1,166          1,753          1,763  

Commercial real estate

       483                   2,652          3,135          3,663  

Construction

                         15,849          15,849          15,849  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       2,744          221          22,933          25,898          30,539  

Commercial and industrial

                         805          805          805  

Consumer

       580          317                   897           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 3,324        $ 538        $ 23,738        $ 27,600        $ 31,344  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

At December 31, 2016 and 2015, the Company did not have any accruing loans past due 90 days or more.

 

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The following tables provide information with respect to the Company’s impaired loans:

 

                                                                                                                                                     
    December 31,  
    2016     2015  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
    (In thousands)  

Impaired loans without a valuation allowance:

           

One- to four-family

  $ 841     $ 1,281       $ 1,318     $ 1,813    

Multi-family

    74       74         88       88    

Commercial real estate

    2,807       3,102         2,652       2,947    

Construction

    988       1,083         16,026       18,660    

Commercial and industrial

    1,808       2,138         761       1,095    
 

 

 

   

 

 

     

 

 

   

 

 

   

Total

    6,518       7,678         20,845       24,603    
 

 

 

   

 

 

     

 

 

   

 

 

   

Impaired loans with a valuation allowance:

           

One- to four-family

    581       581     $ 49       264       264     $ 3  

Multi-family

    1,285       1,285       137       1,313       1,313       143  

Commercial real estate

                      1,011       1,022       84  

Commercial and industrial

                      44       44       44  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    1,866       1,866       186       2,632       2,643       274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 8,384     $ 9,544     $ 186     $ 23,477     $ 27,246     $ 274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At December 31, 2016, additional funds committed to be advanced in connection with impaired construction loans were immaterial.

 

                                                                                                                                                                                                                                
    Years Ended December 31,  
    2016     2015     2014  
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
 
    (In thousands)  

One- to four-family

  $ 1,788     $ 68     $ 47     $ 2,625     $ 120     $ 72     $ 4,246     $ 243     $ 103  

Multi-family

    1,379       55             1,421       55             3,395       297        

Home equity lines of credit

                                        20       1        

Commercial real estate

    3,281       80       80       7,425       284       81       10,463       456       273  

Construction

    11,076       31       17       16,273       315       295       11,060       314       247  

Commercial and industrial

    1,635       84       13       930       5       5       1,139       26       17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 19,159     $ 318     $ 157     $ 28,674     $ 779     $ 453     $ 30,323     $ 1,337     $ 640  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

The following table summarizes the TDRs at the dates indicated:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

TDRs on accrual status:

         

One- to four-family

     $ 2,219        $ 2,621  

Multi-family

       1,359          1,402  

Home equity lines of credit

       18          18  

Commercial real estate

       9,460          9,968  

Construction

       174          174  

Commercial and industrial

       27          33  
    

 

 

      

 

 

 

Total TDRs on accrual status

       13,257          14,216  
    

 

 

      

 

 

 

TDRs on non-accrual status:

         

One- to four-family

       1,123          1,261  

Commercial real estate

                528  

Construction

                1,136  

Commercial and industrial

                186  
    

 

 

      

 

 

 

Total TDRs on non-accrual status

       1,123          3,111  
    

 

 

      

 

 

 

Total TDRs

     $ 14,380        $ 17,327  
    

 

 

      

 

 

 

The Company generally places loans modified as TDRs on non-accrual status for a minimum period of six months. Loans modified as TDRs qualify for return to accrual status once they have demonstrated performance with the modified terms of the loan agreement for a minimum of six months and future payments are reasonably assured. TDRs are initially reported as impaired loans with an allowance established as part of the allocated component of the allowance for loan losses when the discounted cash flows of the impaired loan is lower than the carrying value of that loan. TDRs may be removed from impairment disclosures in the year following the restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. At December 31, 2016 and 2015, the allowance for loan losses included an allocated component related to TDRs of $186,000 and $68,000, respectively. There were no charge-offs related to the TDRs modified during the years ended December 31, 2016 and 2015, respectively.

TDRs that defaulted and became 90 days past due in the first twelve months after restructure were immaterial for the years ended December 31, 2016, 2015 and 2014.

The Company utilizes a nine-grade internal loan rating system for multi-family, commercial real estate, construction, and commercial and industrial loans as follows:

 

   

Loans rated 1, 2, 3 and 3A:    Loans in these categories are considered “pass” rated loans with low to average risk.

 

   

Loans rated 4 and 4A:    Loans in these categories are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management.

 

   

Loans rated 5:    Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.

 

 

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Loans rated 6:    Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.

 

   

Loans rated 7:    Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted.

On an annual basis, or more often if needed, the Company formally reviews the ratings on all multi-family, commercial real estate, construction, and commercial and industrial loans. The Company also engages an independent third-party to review a significant portion of loans within these segments on at least an annual basis. Management uses the results of these reviews as part of its annual review process.

The following tables provide the Company’s risk-rated loans by class:

 

                                                                                                                                                                                                       
    December 31,  
    2016     2015  
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
 
    (In thousands)  

Loans rated
1 — 3A

  $ 556,892     $ 1,771,671     $ 500,565     $ 465,979     $ 408,121     $ 1,320,748     $ 403,411     $ 375,013  

Loans rated
4 — 4A

    841       2,123             22,820       887       3,655             24,199  

Loans rated 5

    5,215       2,807       2,188       26,631       8,380       3,941       18,120       839  

Loans rated 6

                                               

Loans rated 7

                                               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 562,948     $ 1,776,601     $ 502,753     $ 515,430     $ 417,388     $ 1,328,344     $ 421,531     $ 400,051  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For one- to four-family residential real estate loans, home equity lines of credit and consumer loans, management uses delinquency reports as the key credit quality indicator.

4.    SERVICING

Loans serviced for others by the Company are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage loans serviced for others amounted to $107.8 million, $129.8 million and $150.5 million at December 31, 2016, 2015 and 2014, respectively.

Included in loans serviced for others at December 31, 2016, 2015 and 2014 is $47.2 million, $56.0 million and $65.6 million, respectively, of loans serviced for the Federal Home Loan Bank of Boston with a recourse provision whereby the Company may be obligated to participate in potential losses on a limited basis when a realized loss on foreclosure occurs. Losses are borne in priority order by the borrower, PMI insurance, the Federal Home Loan Bank and the Company. At December 31, 2016, 2015 and 2014, the maximum contingent liability associated with loans sold with recourse is $3.0 million, $2.8 million and $3.2 million, respectively, which is not recorded in the consolidated financial statements. The Company has never repurchased any loans or incurred any losses under these recourse provisions.

Mortgage servicing rights were immaterial for the years ended December 31, 2016, 2015 and 2014.

 

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5. PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation and amortization of premises and equipment follows:

 

                                                                          
       December 31,      Estimated
Useful
Lives
 
       2016      2015     
       (In thousands)         

Land and land improvements

     $ 8,243      $ 8,243        N/A  

Buildings

       34,421        34,113        40 Years  

Leasehold improvements

       8,629        6,680        5-20 Years  

Equipment

       20,799        18,956        3-7 Years  
    

 

 

    

 

 

    
       72,092        67,992     

Less accumulated depreciation and amortization

       (30,665      (27,744   
    

 

 

    

 

 

    
     $ 41,427      $ 40,248     
    

 

 

    

 

 

    

Depreciation and amortization expense for the years ended December 31, 2016, 2015 and 2014 amounted to $3.0 million, $2.5 million and $2.4 million, respectively.

Lease Commitments

The Company is obligated under non-cancelable operating lease agreements for banking offices and facilities. These leases have terms with renewal options, the cost of which is not included below. The leases generally provide that real estate taxes, insurance, maintenance and other related costs are to be paid by the Company. At December 31, 2016, future minimum lease payments are as follows:

 

                        

Years Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 1,797  

2018

       1,726  

2019

       1,468  

2020

       1,391  

2021

       1,332  

Thereafter

       7,279  
    

 

 

 
     $ 14,993  
    

 

 

 

Total rent expense for all operating leases amounted to $1.7 million, $1.5 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively.

 

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6. DEPOSITS

A summary of deposit balances, by type, follows:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

Demand deposits

     $ 431,222        $ 370,546  

NOW deposits

       630,413          334,753  

Money market deposits

       980,344          860,957  

Regular savings and other deposits

       305,632          288,180  
    

 

 

      

 

 

 

Total non-certificate accounts

       2,347,611          1,854,436  
    

 

 

      

 

 

 

Term certificates less than $250,000

       850,565          648,278  

Term certificates $250,000 and greater

       277,661          240,304  
    

 

 

      

 

 

 

Total certificate accounts

       1,128,226          888,582  
    

 

 

      

 

 

 

Total deposits

     $ 3,475,837        $ 2,743,018  
    

 

 

      

 

 

 

A summary of term certificates, by maturity, follows:

 

                                                                                                   
       December 31,  
       2016      2015  

Maturing

     Amount        Weighted
Average Rate
     Amount        Weighted
Average Rate
 
       (Dollars in thousands)  

Within 1 year

     $ 539,903          1.16    $ 504,756          1.03

Over 1 year to 2 years

       306,120          1.29        201,929          1.25  

Over 2 years to 3 years

       122,952          1.69        74,304          1.25  

Over 3 years to 4 years

       133,256          2.02        79,017          1.83  

Over 4 years to 5 years

       22,483          1.61        25,225          1.67  

Greater than 5 years

       3,512          5.50        3,351          5.50  
    

 

 

         

 

 

      
     $ 1,128,226          1.38    $ 888,582          1.21
    

 

 

         

 

 

      

The Company had brokered certificates of deposit, which are included in term certificates in the tables above, totaling $158.5 million with a weighted average rate of 1.33% and $130.8 million with a weighted average rate of 1.22% at December 31, 2016 and 2015, respectively. At December 31, 2016, the Company also had brokered NOW deposits totaling $296.3 million representing reciprocal deposits received from other financial institutions through Authorized Bank Deposit Placement Network Sponsor to facilitate full federal deposit insurance coverage for certain Bank customers. There were no brokered NOW deposits at December 31, 2015.

7.    BORROWINGS

The Company had no short-term borrowings at December 31, 2016. At December 31, 2015, short-term borrowings with an original maturity of less than three months consisted of a FHLB advance totaling $20.0 million with a rate of 0.57% that matured on January 16, 2016. The Company also has an available line of credit of $9.4 million with the FHLB at an interest rate that adjusts daily and $680,000 of borrowing capacity at the Federal Reserve Bank discount window. No amounts were drawn on the line of credit and no borrowings were outstanding with the Federal Reserve Bank discount window as of December 31, 2016 or December 31, 2015.

 

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Long-term debt consists of FHLB advances as follows:

 

                                                                                                   
       December 31,  
       2016      2015  
        Amount        Weighted
Average Rate
     Amount        Weighted
Average
Rate
 
       (Dollars in thousands)  

Fixed rate advances maturing:

                 

2016

     $             $ 41,500          1.20

2017

       89,632          1.32        89,632          1.32  

2018

       43,000          1.25        3,000          1.63  

2019

       4,891          1.23        6,684          1.23  

2020

       4,989          1.22        6,410          1.22  

2021

       45,000          1.46                  

2023

       10,000          2.10                  

2026

       20,000          0.59                  

2031

       20,000          0.88                  
    

 

 

         

 

 

      
       237,512          1.26        147,226          1.28  
    

 

 

         

 

 

      

Variable rate advances maturing:

                 

2020

       25,000          0.27                  

2021

       60,000          0.31                  
    

 

 

         

 

 

      
       85,000          0.29                  
    

 

 

         

 

 

      

Total advances

     $ 322,512          1.01    $ 147,226          1.28
    

 

 

         

 

 

      

At December 31, 2016, advances amounting to $145.0 million are callable by the FHLB prior to maturity, including advances totaling $85.0 million with variable rates based on the 3-Month London Interbank Offered Rate (LIBOR), less 60 basis points, during the first year.

All borrowings from the FHLB are secured by investment securities (see Note 2) and qualified collateral, consisting of a blanket lien on one- to four-family loans and certain multi-family and commercial real estate loans held in the Bank’s portfolio. At December 31, 2016, the Company pledged multi-family and commercial real estate loans with carrying values totaling $73.0 million and $473.2 million, respectively.

 

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8.    INCOME TAXES

Allocation of federal and state income taxes between current and deferred portions is as follows:

 

                                                                          
       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

Current tax provision:

          

Federal

     $ 15,989      $ 11,109      $ 9,684  

State

       4,708        3,218        2,720  
    

 

 

    

 

 

    

 

 

 

Total current provision

       20,697        14,327        12,404  
    

 

 

    

 

 

    

 

 

 

Deferred tax benefit:

          

Federal

       (2,176      (1,841      (980

State

       (640      (520      (276
    

 

 

    

 

 

    

 

 

 

Total deferred benefit

       (2,816      (2,361      (1,256
    

 

 

    

 

 

    

 

 

 

Total tax provision

     $ 17,881      $ 11,966      $ 11,148  
    

 

 

    

 

 

    

 

 

 

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

 

                                                                          
       Years Ended
December 31,
 
       2016      2015      2014  
       (In thousands)  

Statutory federal tax rate

       35.0      35.0      35.0

Increase (decrease) resulting from:

          

State taxes, net of federal tax benefit

       5.1        4.8        4.7  

Dividends received deduction

       (0.7      (1.1      (1.0

Bank-owned life insurance

       (0.8      (1.2      (1.2

Tax exempt income

       (5.9      (6.0      (5.4

Other, net

       1.6        1.2        1.2  
    

 

 

    

 

 

    

 

 

 

Effective tax rates

       34.3      32.7      33.3
    

 

 

    

 

 

    

 

 

 

The components of the net deferred tax asset are as follows:

 

                                                 
       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Federal

     $ 19,275      $ 18,034  

State

       5,482        5,094  
    

 

 

    

 

 

 
       24,757        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Federal

       (2,625      (1,467

State

       (671      (415
    

 

 

    

 

 

 
       (3,296      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

The tax effects of each item that give rise to deferred tax assets and deferred tax liabilities are as follows:

 

                                                 
       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Allowance for loan loss

     $ 16,401      $ 13,646  

Employee benefit and retirement plans

       5,011        4,880  

Acquisition accounting

       2,135        2,163  

Net unrealized loss on securities available for sale

              1,138  

Non-accrual interest

       1,091        1,091  

Other

       208        210  
    

 

 

    

 

 

 
       24,846        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Net unrealized gain on securities available for sale

       (1,444       

Depreciation and amortization

       (1,289      (1,232

Other

       (652      (650
    

 

 

    

 

 

 
       (3,385      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 

The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is not “more likely than not” that some portion or all of the deferred tax assets will be realized. The Company assesses the realizability of its deferred tax assets by assessing the likelihood of the Company generating federal and state tax income, as applicable, in future periods in amounts sufficient to offset the deferred tax charges in the periods they are expected to reverse. Based on this assessment, management concluded that a valuation allowance was not required as of December 31, 2016, 2015 and 2014.

The federal income tax reserve for loan losses at the Company’s base year is $9.8 million. If any portion of the reserve is used for purposes other than to absorb loan losses, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve to absorb only loan losses, a deferred tax liability of $4.0 million has not been provided.

The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2013 through 2016. The years open to examination by state taxing authorities vary by jurisdiction; no years prior to 2013 are open.

9.    OTHER COMMITMENTS AND CONTINGENCIES AND DERIVATIVES

In the normal course of business, there are outstanding commitments and contingencies which are not reflected in the accompanying consolidated financial statements.

Loan Commitments

The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

 

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The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

Unadvanced portion of existing loans:

         

Construction

     $ 503,586        $ 567,177  

Home equity lines of credit

       36,722          34,965  

Other lines and letters of credit

       314,225          149,973  

Commitments to originate:

         

One- to four-family

       18,272          15,122  

Commercial real estate

       42,141          57,589  

Construction

       231,274          125,367  

Commercial and industrial

       31,463          45,960  

Other loans

       350          1,159  
    

 

 

      

 

 

 

Total loan commitments outstanding

     $ 1,178,033        $ 997,312  
    

 

 

      

 

 

 

Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Company for the extension of credit, is based upon management’s credit evaluation of the borrower. Collateral held includes, but is not limited to, residential real estate and deposit accounts.

Unfunded commitments under lines of credit are commitments for possible future extensions of credit to existing customers. These lines of credit are collateralized if deemed necessary and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Interest Rate Swaps

The Company is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that the Company enters into with commercial business customers to synthetically convert their loans from a variable rate to a fixed rate. The Company pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. Concurrently, the Company enters into an offsetting interest rate swap with a third party financial institution. In the offsetting swap, the Company pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating and probability of default. At December 31, 2016 and 2015, the Company had $1.8 million and $1.4 million, respectively, in cash pledged for collateral on its interest rate swaps with the third party financial institution.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Summary information regarding these derivatives is presented below:

 

                December 31,
                2016   2015
    Maturity   Interest Rate Paid   Interest
Rate Received
  Notional
Amount
  Fair
Value
  Notional
Amount
  Fair
Value
            (Dollars in thousands)

Customer interest rate swap

      10/17/33   1 Mo. Libor + 175bp   Fixed (4.1052%)     $ 10,922     $ 839     $ 11,100     $ 1,008

Third-party interest rate swap

      10/17/33   Fixed (4.1052%)   1 Mo. Libor + 175bp       10,922       (839 )       11,100       (1,008 )

Customer interest rate swap

      12/13/26   1 Mo. Libor + 205bp   Fixed (3.82%)     $ 3,036     $ (60 )     $ —       $ —  

Third-party interest rate swap

      12/13/26   Fixed (3.82%)   1 Mo. Libor + 205bp       3,036       60       —         —  

Derivative Loan Commitments

Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential real estate loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A residential loan commitment requires the Company to originate a loan at a specific interest rate upon the completion of various underwriting requirements. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from the exercise of the loan commitment might decline from the inception of the rate lock to funding of the loan due to increases in loan interest rates. If interest rates increase, the value of these commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Derivative loan commitments with a notional amount of $7.6 million and $6.6 million were outstanding at December 31, 2016 and 2015, respectively. The fair value of such commitments was a net liability of $6,000 at December 31, 2016 and a net asset of $15,000 at December 31, 2015.

Forward Loan Sale Commitments

To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Under a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a “pair-off” fee, based then-current market prices, to compensate the investor for the shortfall. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. The Company generally enters into forward sale contracts on the same day it commits to lend funds to a potential borrower. The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Forward loan sale commitments with a notional amount of $11.4 million and $11.1 million were outstanding at December 31, 2016 and 2015, respectively. The fair value of such commitments was a net asset of $154,000 and $65,000 at December 31, 2016 and 2015, respectively.

Other Commitments

As of December 31, 2016, the Company has an outstanding commitment of $21.6 million with its core data processing provider through December 2021.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Employment and Change in Control Agreements

The Company has entered into employment agreements with certain senior executives which provide for a minimum annual salary, subject to increase at the discretion of the Board of Directors, and other benefits. The agreements may be terminated for cause by the Company without further liability on the part of the Bank, or by the executives with prior written notice to the Board of Directors. The Company also has change in control agreements with several officers which provide a severance payment in the event employment is terminated in conjunction with a defined change in control.

Legal Claims

Various legal claims may arise from time to time in the normal course of business, but in the opinion of management, these claims are not expected to have a material effect on the Company’s consolidated financial statements.

10.    EMPLOYEE BENEFIT PLANS

401(k) Plan

The Company has a 401(k) plan to provide retirement benefits for eligible employees. Under this plan, each employee reaching the age of eighteen and having completed at least three months of service in any one twelve-month period, beginning with such employee’s date of employment, can elect to be a participant in the retirement plan. All participants are fully vested upon entering the plan. The Company contributes an amount equal to three percent of an employee’s compensation regardless of the employee’s contributions and makes matching contributions equal to fifty percent of the first six percent of an employee’s compensation contributed to the Plan. For the years ended December 31, 2016, 2015 and 2014, expense attributable to the plan amounted to $1.6 million, $1.6 million and $1.4 million, respectively.

Supplemental Executive Retirement Benefits — Officers and Directors

The Company has supplemental retirement benefit agreements with certain officers. The present value of the estimated future benefits is accrued over the required service periods. At December 31, 2016 and 2015, the accrued liability for these agreements amounted to $6.4 million and $6.2 million, respectively.

The Company also has an unfunded Supplemental Executive Retirement Plan for certain directors which provides for a defined benefit obligation, based on the director’s final average compensation. At December 31, 2016 and 2015, the accrued liability for the plan amounted to $1.3 million and $1.5 million, respectively. Both contributions and benefit payments amounted to $411,000 for the year ended December 31, 2016. No amounts were contributed or paid in the form of benefits for the years ended December 31, 2015 or 2014.

Supplemental executive retirement benefits expense for officers and directors amounted to $421,000, $1.5 million and $1.1 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Share-Based Compensation Plan

On September 17, 2015, stockholders of the Company approved the 2015 Equity Incentive Plan (the “2015 EIP”). The 2015 EIP provides for the award of up to 4,550,000 shares of common stock pursuant to grants of restricted stock awards, incentive stock options and non-qualified stock options; provided, however, that no more than 1,300,000 shares may be issued or delivered pursuant to restricted stock awards and no more than 3,250,000 shares may be issued or delivered in the aggregate pursuant to the exercise of stock options. Pursuant to terms of the 2015 EIP, the Board of Directors has granted restricted stock and stock options to employees and directors. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December 31, 2016, there were 717,290 restricted stock awards and 1,883,774 stock options that remain available for future grants.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

The Company also maintains the 2008 Equity Incentive Plan (the “2008 EIP”). The 2008 EIP provides for the award of up to 3,547,732 shares of common stock pursuant to grants of restricted stock awards, incentive stock options, non-qualified stock options and stock appreciation rights (“SARs”); provided, however, that no more than 1,013,638 shares may be issued or delivered pursuant to restricted stock awards and no more than 2,534,094 shares may be issued or delivered in the aggregate pursuant to the exercise of stock options or SARs. The Board of Directors has granted restricted shares and stock options to employees and directors pursuant to the terms of the 2008 EIP. The options may be treated as stock appreciation rights that are settled in stock at the option of the vested participant. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December 31, 2016, there were 7,595 restricted stock awards and 21,357 stock options that remain available for future grants.

The fair value of each option award for the 2015 EIP and 2008 EIP is estimated on the date of grant using the Black-Scholes Option-Pricing Model. The expected volatility is based on historical volatility of the stock price. The dividend yield assumption is based on the Company’s expectation of dividend payouts. The Company uses historical employee turnover data to determine the expected forfeiture rate in the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

The Company utilized the simplified method of calculating the expected term of the options granted in 2015 for the 2015 EIP and 2008 EIP because limited historical data specific to the shares exists at the present time. The simplified method is an appropriate method because the option awards are “plain vanilla” shares that are valued utilizing the Black-Scholes method. The weighted-average assumptions used and fair value for options granted during the years ended December 31, 2015, respectively are as follows:

 

                        
       2015  

Expected term (years)

       6.50  

Expected dividend yield

       0.83

Expected volatility

       26.02

Expected forfeiture rate

       6.02

Risk-free interest rate

       1.77

Weighted average fair value of options granted

     $ 3.78  

The aggregate grant date fair value of options granted in 2015 was $5.9 million. There were no options granted during the years ended December 31, 2016 and December 31, 2014.

A summary of options and SARs under the plans as of December 31, 2016, and activity during the year then ended, is presented below:

 

                                                                          
       Number
of Shares
     Weighted -Average
Exercise Price
       Weighted -Average
Remaining
Contractual  Life
(in years)
 

Options outstanding at beginning of year

       3,513,467      $ 8.53          6.34  

Options granted

                    

Options exercised

       (53,314      3.87       

SARs exercised

       (36,556      4.04       

Forfeited

       (40,508      12.94       
    

 

 

         

Options outstanding at end of year

       3,383,089        8.60          5.39  
    

 

 

         

Options exercisable at end of year

       2,115,966        5.50          3.42  
    

 

 

         

 

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The aggregate intrinsic value, which fluctuates based on changes in the fair market value of the Company’s stock, is $34.9 million and $28.4 million for all outstanding and exercisable options, respectively, at December 31, 2016, based on a closing stock price of $18.90. The aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2016 and the weighted-average exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on December 31, 2016. The total pre-tax intrinsic value for options exercised was $954,000, $2.3 million and $287,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The total pre-tax intrinsic value for options exercised represents the difference between the weighted-average closing market stock price on the exercise date and the weighted-average exercise price, multiplied by the number of options exercised during the year. Shares for the exercise of stock options are expected to come from the Company’s authorized and unissued shares.

The following table summarizes the Company’s non-vested restricted stock activity for the year ended December 31, 2016:

 

                                                 
       Number of
Shares
       Weighted -
Average
Grant-Date
Fair Value
 

Non-vested restricted stock at beginning of year

       777,341          13.27  

Granted

                 

Vested

       172,325          12.45  

Forfeited

       21,513          13.39  
    

 

 

      

Non-vested restricted stock at end of year

       583,503          13.50  
    

 

 

      

The total fair value of restricted shares vested in 2016 was $3.3 million.

For the years ended December 31, 2016, 2015 and 2014, share-based compensation expense under the plans and the related tax benefit totaled $3.3 million and $1.1 million, $1.1 million and $289,000, and $792,000 and $218,000, respectively.

As of December 31, 2016, there was $11.8 million of total unrecognized compensation expense related to non-vested options and restricted shares granted under the plan. This cost is expected to be recognized over a weighted-average period of 3.7 years.

Employee Stock Ownership Plan

The Company established an ESOP for its eligible employees effective January 1, 2008 to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The ESOP acquired 2,027,275 shares in the Company’s initial stock offering with the proceeds of a loan totaling $8.3 million from the Company’s subsidiary, Meridian Interstate Funding Corporation. The loan was payable annually over 20 years at a rate of 6.5%. In conjunction with the Conversion, Meridian Interstate Funding Corporation was liquidated and merged into the Company. The Company refinanced the original loan to the ESOP with an additional $16.3 million payable over 25 years at a rate of 3.5%. The ESOP then acquired an additional 1,625,000 shares at $10.00 per share representing 5% of the shares issued in the Company’s second-step offering with proceeds from the Company’s loan to the ESOP. In total, the ESOP has purchased 3,652,275 shares at an average price of $7.22 per share. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The Company’s annual cash contributions to the ESOP at a minimum will be sufficient to service the annual debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. Cash dividends received on unallocated shares are utilized to prepay the loan and dividends received on allocated shares are distributed to the participants.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

At December 31, 2016, the remaining principal balance on the ESOP debt is payable as follows:

 

                        

Year Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 667  

2018

       689  

2019

       711  

2020

       734  

2021

       758  

Thereafter

       17,395  
    

 

 

 
     $ 20,954  
    

 

 

 

Shares held by the ESOP include the following:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

Allocated

       851          729  

Committed to be allocated

       122          122  

Unallocated

       2,679          2,801  
    

 

 

      

 

 

 
       3,652          3,652  
    

 

 

      

 

 

 

The fair value of the unallocated shares was $50.6 million and $39.5 million at December 31, 2016 and 2015, respectively. Total compensation expense recognized in connection with the ESOP for the years ended December 31, 2016, 2015 and 2014 was $1.8 million, $1.6 million and $1.3 million, respectively.

Bank-Owned Life Insurance

The Company is the sole owner of life insurance policies pertaining to certain employees. The Company has entered into agreements with these employees whereby the Company will pay to the employees’ estate or beneficiaries a portion of the death benefit that the Company will receive as beneficiary of such policies. These post-retirement benefits are accrued over the expected service period of the employees. Expense associated with this post-retirement benefit for the years ended December 31, 2016, 2015 and 2014 amounted to $543,000, $410,000 and $490,000, respectively.

Incentive Compensation Plan

Eligible officers and employees of the Company participate in an incentive compensation plan which is based on various factors as set forth by the Executive Committee. Incentive compensation plan expense for the years ended December 31, 2016, 2015 and 2014 amounted to $4.9 million, $4.2 million and $3.5 million, respectively.

11.    STOCKHOLDERS’ EQUITY

Minimum Regulatory Capital Requirements

Both the Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the Federal Deposit Insurance Corporation, respectively, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to mutual holding companies.

Federal banking regulations include minimum capital requirements as set forth in the following table. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer is being phased in over three years, beginning on January 1, 2016. Also, certain new deductions from and adjustments to regulatory capital will be phased in over several years. Management believes that the Company’s capital levels will remain characterized as “well-capitalized” throughout the phase in periods.

The Company’s and the Bank’s actual capital amounts and ratios follow:

 

                                                                                                                                                     
     Actual     Minimum Capital
Requirement
    Minimum To Be
Well Capitalized
Under Prompt
Corrective Action
Provisions
 
      Amount      Ratio     Amount      Ratio     Amount      Ratio  
     (Dollars in thousands)  

December 31, 2016

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 633,420        15.0   $ 338,878        8.0   $ 423,597        10.0

Bank

     493,944        11.7       337,058        8.0       421,323        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       254,158        6.0       338,878        8.0  

Bank

     452,328        10.7       252,794        6.0       337,058        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       190,619        4.5       275,338        6.5  

Bank

     452,328        10.7       189,595        4.5       273,860        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     591,804        13.8       171,854        4.0       214,817        5.0  

Bank

     452,328        10.7       168,518        4.0       210,648        5.0  

December 31, 2015

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 606,611        17.5   $ 277,591        8.0   $ 346,989        10.0

Bank

     442,978        12.7       279,604        8.0       349,505        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       208,194        6.0       277,591        8.0  

Bank

     409,573        11.7       209,703        6.0       279,604        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       156,145        4.5       225,543        6.5  

Bank

     409,573        11.7       157,277        4.5       227,179        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     573,206        16.7       137,245        4.0       171,557        5.0  

Bank

     409,573        12.5       130,988        4.0       163,735        5.0  

 

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A reconciliation of the Company’s and Bank’s stockholders’ equity to total regulatory capital follows:

 

                                                                                                   
       December 31,  
       2016      2015  
       Consolidated      Bank      Consolidated      Bank  
       (In thousands)  

Total stockholders’ equity per financial statements

     $ 607,297      $ 467,821      $ 588,126      $ 424,535  

Adjustments to Tier 1 and Common Equity Tier 1 capital:

             

Accumulated other comprehensive (gain) loss

       (1,806      (1,806      2,092        2,050  

Net unrealized losses on marketable equity securities

                     (3,325      (3,325

Goodwill disallowed

       (13,687      (13,687      (13,687      (13,687
    

 

 

    

 

 

    

 

 

    

 

 

 

Total Tier 1 and Common Equity Tier 1 capital

       591,804        452,328        573,206        409,573  
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjustments to total capital:

             

Allowance for loan losses

       40,149        40,149        33,405        33,405  

45% of net unrealized gains on marketable equity securities

       1,467        1,467                
    

 

 

    

 

 

    

 

 

    

 

 

 

Total regulatory capital

     $ 633,420      $ 493,944      $ 606,611      $ 442,978  
    

 

 

    

 

 

    

 

 

    

 

 

 

Liquidation Account

At the time of the minority stock offering, which was completed on January 22, 2008, the Company established a liquidation account totaling $114.2 million. The liquidation account is equal to the net worth of the Company as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection with the minority stock offering. In addition, the Company also established a secondary liquidation account totaling $150.2 million in connection with the second-step offering that was completed on July 28, 2014. This liquidation account is equal to Meridian Financial Services, Incorporated’s ownership interest in Old Meridian’s total stockholders’ equity as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection second-step stock offering plus the value of the net assets of Meridian Financial Services, Incorporated as of the date of the latest statement of financial condition of Meridian Financial Services, Incorporated prior to the consummation of the conversion (excluding its ownership of Old Meridian). The liquidation accounts are maintained for the benefit of the eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the offerings. The liquidation accounts are reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder’s interest in the liquidation account. In the event of a complete liquidation, each eligible account holder will be entitled to receive balances for accounts held then. At December 31, 2016, the minority stock offering and second-step offering liquidation accounts amounted to $15.4 million and $74.8 million, respectively.

Other Capital Restrictions

Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount for dividends which may be paid in any calendar year cannot exceed the Bank’s net income for the current year, plus the Bank’s net income retained for the two previous years, without regulatory approval. At December 31, 2016, the Bank’s retained earnings available for the payment of dividends was $80.6 million. Loans or advances are limited to 10% of the Bank’s capital stock

 

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and surplus on a secured basis. Funds available for loans or advances by the Bank to the Company amounted to $46.8 million. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements.

Stock Repurchases and Dividends

The Company may use capital management tools such as cash dividends and common share repurchases. Massachusetts regulations restrict repurchases for the first three years following the second-step conversion except where compelling and valid business reasons are established to the satisfaction of the Massachusetts Commissioner of Banks. The Company is also subject to the Federal Reserve Board’s notice provisions for stock repurchases. In August 2015, the Company received regulatory approval from the Massachusetts Commissioner of Banks and a non-objection from the Federal Reserve Bank to adopt a stock repurchase program for up to 5% of its common stock. As of December 31, 2016, the Company had repurchased 2,059,611 shares of its stock at an average price of $13.71 per share, or 75.2% of the 2,737,334 shares authorized for repurchase under the Company’s repurchase program. For the year ended December 31, 2016, the Company’s Board of Directors declared four quarterly cash dividends of $0.03 per common share on March 1, 2016, June 1, 2016, September 1, 2016 and December 1, 2016.

12.    FAIR VALUES OF ASSETS AND LIABILITIES

Determination of Fair Value

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability.

The following methods and assumptions were used by the Company in estimating fair value disclosures:

Cash and cash equivalents — The carrying amounts of cash and short-term instruments approximate fair values, based on the short-term nature of the assets.

Certificates of deposit — Fair values of certificates of deposit are estimated using discounted cash flow analyses based on current market rates for similar types of deposits.

Securities available for sale — All fair value measurements are obtained from a third party pricing service and are not adjusted by management. Marketable equity securities are measured at fair value utilizing quoted market prices (Level 1). Corporate bonds, obligations of government-sponsored enterprises, U.S. treasury securities, municipal bonds and mortgage-backed securities are determined by pricing models that consider standard input factors such as observable market data, benchmark yields, reported trades, broker/dealer quotes, credit spreads, benchmark securities, as well as new issue data, monthly payment information, and collateral performance, among others (Level 2).

Federal Home Loan Bank stock — The carrying value of Federal Home Loan Bank stock approximates fair value based on the redemption provisions of the Federal Home Loan Bank.

Loans held for sale — The fair value is based on commitments in effect from investors or prevailing market prices.

Loans — For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash

 

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flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for non-accrual loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable.

Deposits — The fair values disclosed for non-certificate accounts are, by definition, equal to the amount payable on demand at the reporting date which is their carrying amounts. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Borrowings — The fair value is estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements.

Accrued interest — The carrying amounts of accrued interest approximate fair value.

Forward loan sale commitments and derivative loan commitments — Forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans and for derivative loan commitments, fair values also include the value of servicing and the probability of such commitments being exercised. Management judgment and estimation is required in determining these fair value measurements.

Loan level interest rate swaps — The fair value is based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves.

Off-balance sheet credit-related instruments — Fair values for off-balance-sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these instruments is considered immaterial.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis.

 

                                                                                                   
       December 31, 2016  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 21,631        $        $ 21,631  

Marketable equity securities

       46,032                            46,032  

Derivative loan commitments

                         20          20  

Forward loan sale commitments

                         169          169  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 46,032        $ 21,631        $ 968        $ 68,631  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 26        $ 26  

Forward loan sale commitments

                         15          15  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 820        $ 820  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 78,095        $        $ 78,095  

Marketable equity securities

       63,551                            63,551  

Derivative loan commitments

                         19          19  

Forward loan sale commitments

                         67          67  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 63,551        $ 78,095        $ 1,094        $ 142,740  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 4        $ 4  

Forward loan sale commitments

                         2          2  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 1,014        $ 1,014  
    

 

 

      

 

 

      

 

 

      

 

 

 

Assets Measured at Fair Value on a Non-recurring Basis

The Company may also be required, from time to time, to measure certain other assets on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from the application of lower-of-cost-or market accounting or write-downs of individual assets.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

The following tables summarize the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. The gain/loss represents the amount of write-down, charge-off or specific reserve recorded during the periods noted on the assets held at period end. There were no liabilities measured at fair value on a non-recurring basis.

 

                                                                                                   
       December 31,2016        Year Ended
December 31, 2016
 
       Level 1        Level 2        Level 3        Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015         
Year Ended
December 31, 2015
 
 
       Level 1          Level 2          Level 3          Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 

Certain impaired loans were adjusted to fair value, less cost to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties.

Certain properties in foreclosed real estate are periodically adjusted to fair value using appraised values of collateral, less estimated cost to sell, and adjusted as necessary by management based on unobservable inputs for specific properties. The loss on foreclosed assets represents adjustments in valuation recorded during the time period indicated and not for losses incurred on sales.

Summary of Fair Values of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

 

                                                                                                                            
     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 236,423      $ 236,423      $      $      $ 236,423  

Certificates of deposit

     80,323               80,710               80,710  

Securities available for sale

     67,663        46,032        21,631               67,663  

Federal Home Loan Bank stock

     18,175                      18,175        18,175  

Loans and loans held for sale, net

     3,902,612                      3,970,896        3,970,896  

Accrued interest receivable

     10,381                      10,381        10,381  

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

                                                                                                                            
     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial liabilities:

              

Deposits

     3,475,837                      3,485,618        3,485,618  

Borrowings

     322,512               322,928               322,928  

Accrued interest payable

     1,384                      1,384        1,384  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     20                      20        20  

Forward loan sale commitments

     169                      169        169  

Loan level interest rate swaps

     779                      779        779  

Liabilities:

              

Derivative loan commitments

     26                      26        26  

Forward loan sale commitments

     15                      15        15  

Loan level interest rate swaps

     779                      779        779  
     December 31, 2015  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 96,363      $ 96,363      $      $      $ 96,363  

Certificates of deposit

     99,062               99,205               99,205  

Securities available for sale

     141,646        63,551        78,095               141,646  

Federal Home Loan Bank stock

     10,931                      10,931        10,931  

Loans and loans held for sale, net

     3,049,911                      3,096,160        3,096,160  

Accrued interest receivable

     8,574                      8,574        8,574  

Financial liabilities:

              

Deposits

     2,743,018                      2,749,601        2,749,601  

Borrowings

     167,226               167,702               167,702  

Accrued interest payable

     890                      890        890  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     19                      19        19  

Forward loan sale commitments

     67                      67        67  

Loan level interest rate swaps

     1,008                      1,008        1,008  

Liabilities:

              

Derivative loan commitments

     4                      4        4  

Forward loan sale commitments

     2                      2        2  

Loan level interest rate swaps

     1,008                      1,008        1,008  

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

13.    CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information pertaining only to Meridian Bancorp, Inc. is as follows:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

BALANCE SHEETS

         

Assets

         

Cash and cash equivalents from subsidiary

     $ 34,613        $ 3,448  

Cash and cash equivalents from other banks

                10,065  
    

 

 

      

 

 

 

Total cash and cash equivalents

       34,613          13,513  

Certificates of deposit

       80,323          99,062  

Securities available for sale, at fair value

       5,003          30,057  

Investment in subsidiaries

       467,821          424,535  

ESOP loan receivable

       20,954          21,600  

Other assets

       2,735          2,995  
    

 

 

      

 

 

 

Total assets

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

Liabilities and Stockholders’ Equity

         

Accrued expenses and other liabilities

     $ 4,152        $ 3,636  

Stockholders’ equity

       607,297          588,126  
    

 

 

      

 

 

 

Total liabilities and stockholders’ equity

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

 

                                                                          
       Years Ended December 31,  
       2016        2015        2014  
       (In thousands)  

STATEMENTS OF INCOME

              

Income:

              

Interest on ESOP loan

     $ 702        $ 722        $ 574  

Interest on certificates of deposit

       495          624          47  

Interest and dividend income on securities

       184          151          10  

Other interest and dividend income

       4          82          12  

Gain on sale of securities, net

       182                    
    

 

 

      

 

 

      

 

 

 

Total income

       1,567          1,579          643  

Operating expenses

       1,174          993          808  
    

 

 

      

 

 

      

 

 

 

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries

       393          586          (165

Applicable income tax provision (benefit)

       160          240          (67
    

 

 

      

 

 

      

 

 

 
       233          346          (98

Equity in undistributed earnings of subsidiaries

       33,957          24,261          22,425  
    

 

 

      

 

 

      

 

 

 

Net income

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

                                                                          
       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

STATEMENTS OF CASH FLOWS

          

Cash flows from operating activities:

          

Net income

     $ 34,190      $ 24,607      $ 22,327  

Adjustments to reconcile net income to net cash provided by operating activities:

          

Equity in undistributed earnings of subsidiaries

       (33,957      (24,261      (22,425

Net accretion of securities available for sale

              (3       

Gain on sales of securities, net

       (182              

Share-based compensation expense

       319        97        140  

Decrease (increase) in other assets

       232        828        (1,489

Increase in other liabilities

       550        211        1,708  
    

 

 

    

 

 

    

 

 

 

Net cash provided by operating activities

       1,152        1,479        261  
    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities:

          

Purchases of certificates of deposit

       (80,423      (26,562      (85,000

Maturities of certificates of deposit

       99,162        12,500         

Activity in securities available for sale:

          

Redemption (purchase) of mutual funds, net

       123        19,882        (18,981

Proceeds from sales

       782                

Proceeds from maturities

       25,000                

Purchases

       (600      (5,009      (24,991

Cash received in MHC merger

                     2,640  

Capital contribution from subsidiary

                     3,034  

Capital contribution to bank subsidiary

                     (159,266

Principal payments on ESOP loan receivable

       646        626        1,025  
    

 

 

    

 

 

    

 

 

 

Net cash provided (used) by investing activities

       44,690        1,437        (281,539
    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities:

          

Net proceeds from sale of common stock

                     302,281  

Cash dividends paid on common stock

       (6,148      (1,462       

Repurchase of common stock

       (18,799      (9,428       

Stock options exercised

       205        232        69  
    

 

 

    

 

 

    

 

 

 

Net cash (used) provided by financing activities

       (24,742      (10,658      302,350  
    

 

 

    

 

 

    

 

 

 

Net change in cash and cash equivalents

       21,100        (7,742      21,072  

Cash and cash equivalents at beginning of year

       13,513        21,255        183  
    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents at end of year

     $ 34,613      $ 13,513      $ 21,255  
    

 

 

    

 

 

    

 

 

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

14.    SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited)

The selected quarterly financial data presented below should be read in conjunction with the Consolidated Financial Statements and related notes.

 

                                                                                                                                                                                                       
    Years Ended December 31,  
    2016     2015  
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
 
    (Dollars in thousands, except per share amounts)  

Interest and dividend income

  $ 41,249     $ 38,420     $ 35,839     $ 34,184     $ 32,639     $ 31,338     $ 29,787     $ 29,578  

Interest expense

    7,830       7,118       6,384       5,805       5,300       5,125       4,841       5,185  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

    33,419       31,302       29,455       28,379       27,339       26,213       24,946       24,393  

Provision for loan losses (1)

    1,304       858       3,952       1,066       544       2,412       3,651       60  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income, after provision for loan losses

    32,115       30,444       25,503       27,313       26,795       23,801       21,295       24,333  

Non-interest income (2)

    5,614       3,301       2,583       2,692       2,674       2,797       4,219       3,350  

Non-interest expenses

    19,778       19,164       19,322       19,230       19,187       18,089       17,347       18,068  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    17,951       14,581       8,764       10,775       10,282       8,509       8,167       9,615  

Provision for income taxes

    6,642       5,084       2,857       3,298       3,407       2,767       2,582       3,210  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 11,309     $ 9,497     $ 5,907     $ 7,477     $ 6,875     $ 5,742     $ 5,585     $ 6,405  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

               

Basic

  $ 0.22     $ 0.19     $ 0.12     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Diluted

  $ 0.22     $ 0.18     $ 0.11     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Weighted average shares:

               

Basic

    50,940,037       50,982,633       51,026,985       51,569,683       51,982,009       51,940,055       52,074,889       51,862,146  

Diluted

    52,102,511       52,093,009       52,137,475       52,663,921       53,092,652       53,023,850       53,166,560       53,003,621  

 

(1)

The provision for loan losses for the second quarter of 2016 reflected higher expense primarily due to loan portfolio growth in the commercial loan categories occurring in the quarter. For the second quarter of 2015, the provision for loan losses reflected higher provision expense primarily due to a $2.3 million charge-off related to a construction loan relationship.

(2)

Non-interest income fluctuates each quarter primarily due to net securities gains.

 

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ITEM  9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

 

ITEM  9A. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

ITEM  9B. OTHER INFORMATION

Not applicable.

 

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PART III

 

ITEM  10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE

The information in the Company’s definitive Proxy Statement, prepared for the 2017 Annual Meeting of Shareholders, which contains information concerning directors of the Company under the captions “Election of Directors” and “Information About the Board of Directors”; information concerning executive officers of the Company under the caption “Information About the Executive Officers”; information concerning the code of ethics, the audit committee and its composition and the audit committee financial expert under the under caption “Corporate Governance;” and information concerning Section 16(a) compliance under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” is incorporated herein by reference or will be filed by an amendment to this Annual Report.

A copy of the Company’s Code of Ethics and Business Conduct is available to stockholders on the Corporate Governance portion of the Investors Relations section on the Bank’s website at www.ebsb.com.

 

ITEM  11. EXECUTIVE COMPENSATION

The information in the Company’s definitive Proxy Statement, prepared for the 2017 Annual Meeting of Shareholders, which contains information concerning this item, under the captions “Executive Compensation,” and “Compensation Committee Interlocks and Insider Participation,” is incorporated herein by reference or will be filed by an amendment to this Annual Report.

 

ITEM  12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information in the Company’s definitive Proxy Statement, prepared for the 2017 Annual Meeting of Shareholders, which contains information concerning this item, under the caption “Stock Ownership” is incorporated herein by reference or will be filed by an amendment to this Annual Report.

Equity Compensation Plan Information

The following table provides information as of December 31, 2016, regarding shares outstanding and available for issuance under the Company’s equity compensation plan. Additional information regarding stock-based compensation is presented in Note 10, “Employee Benefit Plans” of the Notes to Consolidated Financial Statements within Part II, Item 8, “Financial Statements and Supplementary Data.” Other than our employee stock ownership plan, there are no equity compensation plans not approved by security holders.

 

                                                                          

Plan Category

     (a)
Number of
Securities to be
Issued Upon
Exercise  of
Outstanding
Options, Warrants
and Rights
       (b)
Weighted-Average
Exercise Price  of
Outstanding
Options, Warrants
and Rights
       (c)
Number of
Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(excluding
securities
reflected in column
(a))
 

Equity compensation plans approved by security holders

       3,383,089        $ 8.60          2,630,016  

Equity compensation plans not approved by security holders

                          
    

 

 

      

 

 

      

 

 

 

Total

       3,383,089        $ 8.60          2,630,016  
    

 

 

      

 

 

      

 

 

 

 

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ITEM  13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The “Transactions with Certain Related Persons” and information concerning directors independence of the Company under the caption “Election 1 – Election of Directors” section of the 2017 Proxy Statement is incorporated herein by reference or filed by an amendment to this Annual Report.

 

ITEM  14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The “Proposal II — Ratification of Appointment of Independent Registered Public Accounting Firm” Section of the 2017 Proxy Statement is incorporated herein by reference or filed by an amendment to this Annual Report.

 

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PART IV

 

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) Financial Statements

The following documents are filed as part of this Form 10-K.

 

  (A)

Report of Independent Registered Public Accounting Firm

 

  (B)

Consolidated Balance Sheets — at December 31, 2016 and 2015

 

  (C)

Consolidated Statements of Net Income — Years ended December 31, 2016, 2015 and 2014

 

  (D)

Consolidated Statements of Comprehensive Income — Years ended December 31, 2016, 2015 and 2014

 

  (E)

Consolidated Statements of Changes in Stockholders’ Equity — Years ended December 31, 2016, 2015 and 2014

 

  (F)

Consolidated Statements of Cash Flows — Years ended December 31, 2016, 2015 and 2014

 

  (G)

Notes to Consolidated Financial Statements.

 

  (a)(2)

Financial Statement Schedules

None.

 

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(a)(3) Exhibits

 

3.1    Articles of Incorporation of Meridian Bancorp, Inc. (Incorporated by reference to the Registration Statement on Form S-1 of Meridian Bancorp, Inc. (File No. 333-194454), originally filed with the Securities and Exchange Commission on March 10, 2014)
3.2    Bylaws of Meridian Bancorp, Inc. (Incorporated by reference to the Registration Statement on Form S-1 of Meridian Bancorp, Inc. (File No. 333-194454), originally filed with the Securities and Exchange Commission on March 10, 2014)
4    Form of Common Stock Certificate of Meridian Bancorp, Inc. (Incorporated by reference to the Registration Statement on Form S-1 of Meridian Bancorp, Inc. (File No. 333-194454), originally filed with the Securities and Exchange Commission on March 10, 2014)
10.1    Meridian Bancorp, Inc. 2015 Equity Incentive Plan (Incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement for the Annual Meeting of Stockholders (File No. 001-36573), filed with the Securities and Exchange Commission on August 18, 2015)
10.2    Form of Employee Stock Option Agreement under the Meridian Bancorp, Inc. 2015 Equity Incentive Plan filed as an exhibit to Form 8-K filed on November 5, 2015
10.3    Form of Director Stock Option Agreement under the Meridian Bancorp, Inc. 2015 Equity Incentive Plan filed as an exhibit to Form 8-K filed on November 5, 2015
10.4    Amended and Restated Employment Agreement with Richard J. Gavegnano and East Boston Savings Bank dated July 28, 2014 filed as an exhibit to Form 10-Q filed on November 10, 2014
10.5    East Boston Savings Bank Amended and Restated Employee Severance Compensation Plan filed as an exhibit to Form 10-Q filed on November 10, 2014
10.6    Form of Amended and Restated Supplemental Executive Retirement Agreements with Directors Vincent D. Basile, Domenic A. Gambardella, Edward L. Lynch, Gregory F. Natalucci, and James G. Sartori filed as an exhibit to Form 10-Q filed on November 10, 2014
10.7    Amended and Restated Supplemental Executive Retirement Agreement with Richard J. Gavegnano filed as an exhibit to Form 10-Q filed on November 10, 2014
10.8    2008 Equity Incentive Plan (Incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement for its 2008 Annual Meeting, as filed with the Securities and Exchange Commission on July 11, 2008)
10.9    Termination Amendment for the Amended and Restated Employment Agreement between Edward J. Merritt and East Boston Savings Bank dated December 10, 2015 filed as an exhibit to Form 8-K filed on December 10, 2015
10.10    Amended and Restated Supplemental Executive Retirement Agreement between East Boston Savings Bank and Edward J. Merritt dated July 28, 2014 filed as an exhibit to Form 10-Q filed on November 10, 2014
10.11    Joint Beneficiary Designation Agreement between Edward J. Merritt and Mt. Washington Co-operative Bank (Incorporated by reference to the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 16, 2010)
10.12    First Amendment to Joint Beneficiary Designation Agreement between Edward J. Merritt and Mt. Washington Co-operative Bank (Incorporated by reference to the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 16, 2010)
10.13    Amended and Restated Two-Year Change in Control Agreement between Mark Abbate and East Boston Savings Bank dated July 28, 2014 filed as an exhibit to Form 10-Q filed on November 10, 2014
10.14    Incentive Compensation Plan filed as an exhibit to Form 10-K filed on March 17, 2014
10.15    Amended and Restated Two-Year Change in Control Agreement between John Migliozzi and East Boston Savings Bank dated July 28, 2014 filed as an exhibit to Form 10-Q filed on November 10, 2014
10.16    East Boston Non-Qualified Supplemental Employee Stock Ownership Plan dated October 1, 2014 filed as an exhibit to Form 10-Q filed on November 10, 2014

 

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10.17    Amended and Restated Two-Year Change in Control Agreement between Frank Romano and East Boston Savings Bank dated July 28, 2014 filed as an exhibit to Form 10-K filed on March 13, 2015
10.18    Form of Restricted Stock Award Agreement under the Meridian Bancorp, Inc. 2015 Equity Incentive Plan filed as an exhibit to Form 8-K filed on November 5, 2015
10.19    Two-Year Change in Control Agreement between Edward J. Merritt and East Boston Savings Bank dated December 10, 2015 filed as an exhibit to Form 8-K filed on December 10, 2015
10.20    Freeze Amendment to the Amended and Restated Supplemental Executive Retirement Agreement between East Boston Savings Bank and Edward J. Merritt dated December 10, 2015 filed as an exhibit to Form 8-K filed on December 10, 2015
21    Subsidiaries of Registrant filed as an exhibit to Form 10-Q filed on November 10, 2014
23    Consent of Independent Registered Public Accounting Firm
31.1    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32    Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101    The following financial statements formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Net Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to the Consolidated Financial Statements.
101.INS    XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Taxonomy Extension Labels Linkbase Document
101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document

 

ITEM 16. FORM 10-K SUMMARY

Not applicable.

 

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

MERIDIAN BANCORP, INC.

(Registrant)

Date: March 1, 2017     By:  

/s/    Richard J. Gavegnano

     

Richard J. Gavegnano

Chairman, President and Chief Executive Officer

(Duly Authorized Representative)

 

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Pursuant to the requirements of the Securities Exchange of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

Signatures

  

Title

 

Date

/s/    Richard J. Gavegnano

Richard J. Gavegnano

  

Chairman, President and Chief Executive Officer

(Principal Executive Officer)

  March 1, 2017

/s/    Mark L. Abbate

Mark L. Abbate

   Executive Vice President, Treasurer and Chief
Financial Officer (Principal Financial and
Accounting Officer)
  March 1, 2017

/s/    Cynthia C. Carney

Cynthia C. Carney

   Director   March 1, 2017

/s/    Marilyn A. Censullo

Marilyn A. Censullo

   Director   March 1, 2017

/s/    Russell L. Chin

Russell L. Chin

   Director   March 1, 2017

/s/    Anna R. DiMaria

Anna R. DiMaria

   Director   March 1, 2017

/s/    Richard F. Fernandez

Richard F. Fernandez

   Director   March 1, 2017

/s/    Domenic A. Gambardella

Domenic A. Gambardella

   Director   March 1, 2017

/s/    Thomas J. Gunning

Thomas J. Gunning

   Director   March 1, 2017

/s/    Carl A. LaGreca

Carl A. LaGreca

   Director   March 1, 2017

/s/    Edward J. Merritt

Edward J. Merritt

   Director   March 1, 2017

/s/    Gregory F. Natalucci

Gregory F. Natalucci

   Director   March 1, 2017

/s/    James G. Sartori

James G. Sartori

   Director   March 1, 2017

 

126

EX-23 2 d292547dex23.htm EX-23 EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statements No. 333-198686 and No. 333-207373 of our reports dated March 1, 2017 relating to the consolidated financial statements of Meridian Bancorp, Inc. (the “Company”) and the effectiveness of the Company’s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Meridian Bancorp, Inc. for the year ended December 31, 2016.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

March 1, 2017

EX-31.1 3 d292547dex311.htm EX-31.1 EX-31.1

EXHIBIT 31.1

RULE 13a-14(a)/15d-14(a)

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Richard J. Gavegnano, certify that:

1) I have reviewed this Annual Report on Form 10-K of Meridian Bancorp, Inc.;

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 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 13(a)-15(f) and 15(d)-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 subsidiaries, 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 controls over financial reporting, or caused such internal controls 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 the 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 control over financial reporting.

 

Date: March 1, 2017     /s/    Richard J. Gavegnano
   

Richard J. Gavegnano

Chairman, President and Chief Executive Officer

EX-31.2 4 d292547dex312.htm EX-31.2 EX-31.2

EXHIBIT 31.2

RULE 13a-14(a)/15d-14(a)

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Mark L. Abbate, certify that:

1) I have reviewed this Annual Report on Form 10-K of Meridian Bancorp, Inc.;

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 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 13(a) — 15(f) and 15(d)-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 subsidiaries, 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 controls over financial reporting, or caused such internal controls 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 the 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 control over financial reporting.

 

Date: March 1, 2017   /s/    Mark L. Abbate
  Mark L. Abbate
  Executive Vice President, Treasurer and Chief Financial Officer
  (Principal Financial and Accounting Officer)
EX-32.0 5 d292547dex320.htm EX-32.0 EX-32.0

EXHIBIT 32.0

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Meridian Bancorp, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report 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 the Report fairly presents, in all material respects, the financial condition and results of operations of Meridian Bancorp, Inc. as of and for the period covered by the Report.

 

Dated: March 1, 2017   /s/    Richard J. Gavegnano
 

Richard J. Gavegnano

Chairman, President and Chief Executive Officer

Dated: March 1, 2017   /s/    Mark L. Abbate
 

Mark L. Abbate

Executive Vice President, Treasurer and Chief Financial Officer

(Principal Financial and Accounting Officer)

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133000 -19867000 6667000 4200000 0.0602 -214000 18477000 26562000 0 917000 18000 81000 7425000 284000 1479000 306000 107000 194000 165000 116000 -446000 60000 104000 -250000 366002 36000 1000 5000 930000 5000 1022000 2399000 2399000 -651000 -228000 -423000 97000 1000 52000 149000 45000 52000 -430000 221000 105000 0 2287000 881000 295000 16273000 315000 4564000 72000 2625000 120000 1421000 55000 3000 -7742000 722000 624000 211000 993000 24607000 1437000 9428000 82000 -828000 5009000 1462000 -10658000 346000 -626000 1579000 586000 240000 151000 1479000 -24261000 232000 97000 12500000 -19882000 26562000 -3325000 1500000 713000 420000 724000 357000 9421000 230000 7000 203795 722104 7000 2000 685480 -4990000 24607000 3108000 882000 732838000 47000 Meridian Bancorp, Inc. 3020000 16300000 15989000 20697000 614000 10-K 7.22 0001600125 8484000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Loans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company grants mortgage, commercial and consumer loans to customers. The Company&#x2019;s loan portfolio includes&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A substantial portion of the loan portfolio is represented by mortgage loans throughout eastern Massachusetts. The ability of the Company&#x2019;s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans that management has the intent and ability to hold for the foreseeable future or until maturity or&#xA0;<font style="WHITE-SPACE: nowrap">pay-off</font>&#xA0;generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net deferred loan origination costs or fees. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method over the terms of the loans.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The accrual of interest on all loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;or&#xA0;<font style="WHITE-SPACE: nowrap">charged-off</font>&#xA0;at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>7.&#xA0;&#xA0;&#xA0;&#xA0;BORROWINGS</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company had no short-term borrowings at December&#xA0;31, 2016. At December&#xA0;31, 2015, short-term borrowings with an original maturity of less than three months consisted of a FHLB advance totaling $20.0&#xA0;million with a rate of 0.57% that matured on January&#xA0;16, 2016. The Company also has an available line of credit of $9.4&#xA0;million with the FHLB at an interest rate that adjusts daily and $680,000 of borrowing capacity at the Federal Reserve Bank discount window. No amounts were drawn on the line of credit and no borrowings were outstanding with the Federal Reserve Bank discount window as of December&#xA0;31, 2016 or December&#xA0;31, 2015.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Long-term debt consists of FHLB advances as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="88%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom">&#xA0;<font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average<br /> Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Fixed rate advances maturing:</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2016</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">41,500</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">43,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.63</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,891</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.23</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,684</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.23</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,410</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">45,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2023</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2.10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2026</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.59</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2031</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">237,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">147,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.28</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Variable rate advances maturing:</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">60,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.31</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">85,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.29</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Total advances</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.01</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">147,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.28</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, advances amounting to $145.0&#xA0;million are callable by the FHLB prior to maturity, including advances totaling $85.0&#xA0;million with variable rates based on the&#xA0;<font style="WHITE-SPACE: nowrap">3-Month</font>&#xA0;London Interbank Offered Rate (LIBOR), less 60 basis points, during the first year.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">All borrowings from the FHLB are secured by investment securities (see Note 2) and qualified collateral, consisting of a blanket lien on&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family loans and certain multi-family and commercial real estate loans held in the Bank&#x2019;s portfolio. At December&#xA0;31, 2016, the Company pledged multi-family and commercial real estate loans with carrying values totaling $73.0&#xA0;million and $473.2&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> Community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. 2016-12-31 140060000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>13.&#xA0;&#xA0;&#xA0;&#xA0;CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial information pertaining only to Meridian Bancorp, Inc. is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>BALANCE SHEETS</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Assets</u></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents from subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,448</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents from other banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,065</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale, at fair value</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">30,057</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Investment in subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">467,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">424,535</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">ESOP loan receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,735</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,995</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">611,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,762</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Liabilities and Stockholders&#x2019; Equity</u></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued expenses and other liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,152</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,636</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Stockholders&#x2019; equity</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">607,297</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">588,126</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities and stockholders&#x2019; equity</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">611,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,762</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="90%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>STATEMENTS OF INCOME</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Income:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest on ESOP loan</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest on certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">495</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">624</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest and dividend income on securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">184</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">151</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other interest and dividend income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">82</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Gain on sale of securities, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">182</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,567</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,579</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">643</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Operating expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">993</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">808</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Income (loss) before income taxes and equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">393</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">586</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(165</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Applicable income tax provision (benefit)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">240</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">233</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">346</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(98</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="86%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>STATEMENTS OF CASH FLOWS</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from operating activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(33,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(22,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net accretion of securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Gain on sales of securities, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(182</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Share-based compensation expense</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">319</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">97</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">140</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Decrease (increase) in other assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">828</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,489</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Increase in other liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">211</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,708</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash provided by operating activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,152</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,479</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from investing activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Purchases of certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(80,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(26,562</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(85,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Maturities of certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,162</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,500</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Activity in securities available for sale:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Redemption (purchase) of mutual funds, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(18,981</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Proceeds from sales</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">782</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Proceeds from maturities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Purchases</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,991</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash received in MHC merger</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Capital contribution from subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,034</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Capital contribution to bank subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(159,266</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Principal payments on ESOP loan receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">626</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,025</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash provided (used) by investing activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44,690</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,437</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(281,539</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from financing activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net proceeds from sale of common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">302,281</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash dividends paid on common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6,148</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,462</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Repurchase of common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(18,799</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(9,428</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Stock options exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">69</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash (used) provided by financing activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(10,658</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">302,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net change in cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,100</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,072</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,255</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">183</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,255</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Basis of Presentation and Consolidation</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Meridian Bancorp, Inc. (the &#x201C;Company&#x201D;) is a Maryland corporation incorporated on March&#xA0;6, 2014 to be the successor to Meridian Interstate Bancorp, Inc. (&#x201C;Old Meridian&#x201D;) upon completion of the second-step&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">mutual-to-stock</font></font>conversion (the &#x201C;Conversion&#x201D;) of Meridian Financial Services, Incorporated (the &#x201C;MHC&#x201D;), the top tier mutual holding company of Old&#xA0; Meridian. Old Meridian was the former&#xA0;<font style="WHITE-SPACE: nowrap">mid-tier</font>&#xA0;holding company for East Boston Savings Bank (the &#x201C;Bank&#x201D;). Prior to completion of the Conversion, approximately 59% of the shares of common stock of Old Meridian were owned by the MHC. In conjunction with the Conversion, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company and the Company became its successor under the name Meridian Bancorp, Inc. The Conversion was completed July&#xA0;28, 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. The Company owns the Bank. The Bank&#x2019;s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkeley Riverbend Estates LLC, both of which can hold foreclosed real estate, and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p> </div> 0.051 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Foreclosed Assets</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. The excess, if any, of the loan balance over the fair value of the asset at the time of transfer from loans to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations, changes in the valuation allowance, any direct write-downs and gains or losses on sales are included in other general and administrative expenses.</font></p> </div> No 3300000 4200000 1842000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="87%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amortized<br /> Cost</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Gross<br /> Unrealized<br /> Gains</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Gross<br /> Unrealized<br /> Losses</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair<br /> Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,284</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,606</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Private label</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,254</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">383</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,763</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">901</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,432</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,567</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,093</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(382</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,278</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,953</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">970</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,923</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">533</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,302</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,181</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">624</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,081</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">440</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(220</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,770</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,561</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,030</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,772</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,561</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">64,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,307</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">101</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,489</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,010</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">29,429</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">112</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">29,499</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,962</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,326</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,415</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Private label</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">904</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">U.S. treasury securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,996</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(62</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">77,577</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(147</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">370</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(4,043</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,548</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,987</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,060</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,469</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">782</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(649</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,403</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(117</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,336</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,831</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,987</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(559</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,566</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Utilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,956</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">757</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">65,683</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,253</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,530</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">62,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,193</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(48</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">66,876</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,253</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">144,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,918</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,725</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> -2176000 -640000 2016 false 837000 0.12 --12-31 Yes 0.67 0.008 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Significant Concentrations of Credit Risk</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Most of the Company&#x2019;s activities are with customers located within Massachusetts. Note 2 includes the types of securities in which the Company invests and Note 3 includes the types of lending in which the Company engages. The Company believes that it does not have any significant loan concentrations or security in any one industry or with any customer.</font></p> </div> 1600000 0.50 0 3004000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Fair Value Hierarchy</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;1 &#x2014; Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;2 &#x2014; Valuation is based on observable inputs other than Level&#xA0;1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;3 &#x2014; Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level&#xA0;3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Transfers between levels are recognized at the end of a reporting period, if applicable.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For purposes of the consolidated statements of cash flows, cash and cash equivalents include amounts due from banks and federal funds sold on a daily basis, which mature overnight or on demand. The Company may from time to time have deposits in financial institutions which exceed the federally insured limits. At December&#xA0;31, 2016, the Company had a concentration of cash on deposit at the Federal Reserve Bank amounting to $191.8&#xA0;million.</font></p> </div> 0.03 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Earnings Per Share</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are&#xA0;<font style="WHITE-SPACE: nowrap">non-forfeitable,</font>&#xA0;therefore these unvested stock awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders&#x2019; equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic and diluted earnings per share have been computed based on the following:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="89%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands, except per share amounts)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income available to common stockholders</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,128,914</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,965,036</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,470,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Effect of dilutive stock options</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,119,394</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,106,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,097,258</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,248,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,071,932</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,567,771</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Earnings per share:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.43</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.65</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For the years ended December&#xA0;31, 2016 and 2015, options for the exercise of 9,440 and 366,002 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. There were no anti-dilutive options for the year ended December&#xA0;31, 2014.</font></p> </div> 1273000 FY 0.65 38088000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Comprehensive Income</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders&#x2019; equity, are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized gain (loss) on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,637</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,193</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,669</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Defined benefit plans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized prior service cost</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized net actuarial loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(596</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(651</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">209</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(387</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized prior service costs amounting to $17,000, included in accumulated other comprehensive income at December&#xA0;31, 2016, are expected to be recognized as a component of net periodic cost for the year ending December&#xA0;31, 2017.</font></p> </div> 1444000 1529000 0.016 Large Accelerated Filer <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables summarize the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. The gain/loss represents the amount of write-down,&#xA0;<font style="WHITE-SPACE: nowrap">charge-off</font>&#xA0;or specific reserve recorded during the periods noted on the assets held at period end. There were no liabilities measured at fair value on a&#xA0;<font style="WHITE-SPACE: nowrap">non-recurring</font>&#xA0;basis.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ended<br /> December&#xA0;31,&#xA0;2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total Losses</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,916</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,916</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="12"></td> <td height="8" colspan="4"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2015</b></font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;<br /></b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ended<br /> December&#xA0;31,&#xA0;2015</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;<br /> &#xA0;</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total Losses</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,452</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,452</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> 401000 1188000 No <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><u>December&#xA0;31, 2016</u></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and due from banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,710</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,710</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal Home Loan Bank stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans and loans held for sale, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,902,612</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,970,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,970,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,475,837</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,485,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,485,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Borrowings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,928</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,928</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest payable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">On-balance</font>&#xA0;sheet derivative financial instruments:</font></p> </td> <td 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valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" 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nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 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size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="20"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and due from banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal Home Loan Bank stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans and loans held for sale, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,049,911</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,096,160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,096,160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,743,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,749,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,749,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Borrowings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest payable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font 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size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td 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style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 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nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> </tr> </table> </div> 4708000 289000 <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>12.&#xA0;&#xA0;&#xA0;&#xA0;FAIR VALUES OF ASSETS AND LIABILITIES</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 25px; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Determination of Fair Value</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company&#x2019;s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following methods and assumptions were used by the Company in estimating fair value disclosures:</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Cash and cash equivalents</u>&#xA0;&#x2014; The carrying amounts of cash and short-term instruments approximate fair values, based on the short-term nature of the assets.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Certificates of deposit</u>&#xA0;&#x2014; Fair values of certificates of deposit are estimated using discounted cash flow analyses based on current market rates for similar types of deposits.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Securities available for sale</u>&#xA0;&#x2014; All fair value measurements are obtained from a third party pricing service and are not adjusted by management. Marketable equity securities are measured at fair value utilizing quoted market prices (Level&#xA0;1). Corporate bonds, obligations of government-sponsored enterprises, U.S. treasury securities, municipal bonds and mortgage-backed securities are determined by pricing models that consider standard input factors such as observable market data, benchmark yields, reported trades, broker/dealer quotes, credit spreads, benchmark securities, as well as new issue data, monthly payment information, and collateral performance, among others (Level 2).</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Federal Home Loan Bank stock</u>&#xA0;&#x2014; The carrying value of Federal Home Loan Bank stock approximates fair value based on the redemption provisions of the Federal Home Loan Bank.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Loans held for sale</u>&#xA0;&#x2014; The fair value is based on commitments in effect from investors or prevailing market prices.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Loans&#xA0;</u>&#x2014; For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Deposits</u>&#xA0;&#x2014; The fair values disclosed for&#xA0;<font style="WHITE-SPACE: nowrap">non-certificate</font>&#xA0;accounts are, by definition, equal to the amount payable on demand at the reporting date which is their carrying amounts. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Borrowings</u>&#xA0;&#x2014; The fair value is estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Accrued interest</u>&#xA0;&#x2014; The carrying amounts of accrued interest approximate fair value.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Forward loan sale commitments and derivative loan commitments</u>&#xA0;&#x2014; Forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans and for derivative loan commitments, fair values also include the value of servicing and the probability of such commitments being exercised. Management judgment and estimation is required in determining these fair value measurements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Loan level interest rate swaps</u>&#xA0;&#x2014; The fair value is based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 100px; MARGIN-TOP: 6px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u><font style="WHITE-SPACE: nowrap">Off-balance</font>&#xA0;sheet credit-related instruments</u>&#xA0;&#x2014; Fair values for&#xA0;<font style="WHITE-SPACE: nowrap">off-balance-sheet,</font>&#xA0;credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties&#x2019; credit standing. The fair value of these instruments is considered immaterial.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Assets and Liabilities Measured at Fair Value on a Recurring Basis</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;1</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">968</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">68,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="16"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: 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size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="16"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,094</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">142,740</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,014</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,014</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Assets Measured at Fair Value on a&#xA0;<font style="WHITE-SPACE: nowrap">Non-recurring</font>&#xA0;Basis</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company may also be required, from time to time, to measure certain other assets on a&#xA0;<font style="WHITE-SPACE: nowrap">non-recurring</font>&#xA0;basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from the application of&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">lower-of-cost-or</font></font></font>&#xA0;market accounting or write-downs of individual assets.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables summarize the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. The gain/loss represents the amount of write-down,&#xA0;<font style="WHITE-SPACE: nowrap">charge-off</font>&#xA0;or specific reserve recorded during the periods noted on the assets held at period end. There were no liabilities measured at fair value on a&#xA0;<font style="WHITE-SPACE: nowrap">non-recurring</font>&#xA0;basis.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ended<br /> December&#xA0;31,&#xA0;2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total Losses</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,916</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,916</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="12"></td> <td height="8" colspan="4"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2015</b></font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;<br /></b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ended<br /> December&#xA0;31,&#xA0;2015</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;<br /> &#xA0;</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total Losses</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>&#xA0;</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,452</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,452</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certain impaired loans were adjusted to fair value, less cost to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certain properties in foreclosed real estate are periodically adjusted to fair value using appraised values of collateral, less estimated cost to sell, and adjusted as necessary by management based on unobservable inputs for specific properties. The loss on foreclosed assets represents adjustments in valuation recorded during the time period indicated and not for losses incurred on sales.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 25px; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Summary of Fair Values of Financial Instruments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The estimated fair values, and related carrying amounts, of the Company&#x2019;s financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><u>December&#xA0;31, 2016</u></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and due from banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">236,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,710</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,710</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal Home Loan Bank stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans and loans held for sale, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,902,612</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,970,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,970,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;1</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;2</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Level&#xA0;3</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,475,837</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,485,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,485,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Borrowings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,928</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,928</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest payable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">On-balance</font>&#xA0;sheet derivative financial instruments:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times 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&quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font 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valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New 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valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> 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valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td 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size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="20"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Carrying</b></font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" 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-1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and due from banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal Home Loan Bank stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,931</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans and loans held for sale, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,049,911</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,096,160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,096,160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,743,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,749,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,749,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Borrowings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">167,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued interest payable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">On-balance</font>&#xA0;sheet derivative financial instruments:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td 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size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New 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size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; 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medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td style="FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An analysis of the allowance for loan losses and related information follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 40pt"></td> <td></td> <td></td> <td style="WIDTH: 40pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 26pt"></td> <td></td> <td></td> <td style="WIDTH: 26pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 54pt"></td> <td></td> <td></td> <td style="WIDTH: 54pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 39pt"></td> <td></td> <td></td> <td style="WIDTH: 39pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 22pt"></td> <td></td> <td></td> <td style="WIDTH: 22pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 61pt"></td> <td></td> <td></td> <td style="WIDTH: 61pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 17pt"></td> <td></td> <td></td> <td style="WIDTH: 17pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 9pt"></td> <td></td> <td></td> <td style="WIDTH: 9pt"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to<br /> <font style="WHITE-SPACE: nowrap">four-family</font></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Multi-<br /> family</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Home<br /> equity&#xA0;lines<br /> of credit</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Consumer</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="39" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance&#xA0;at&#xA0;December&#xA0;31,&#xA0;2013</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,991</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,419</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">155</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">12,831</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,374</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,433</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">132</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">25,335</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision (credit) for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(155</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,216</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">255</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">715</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,264</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">68</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,313</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(54</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(116</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(71</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(72</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(187</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(505</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Recoveries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">67</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">137</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8</font></td> <td valign="bottom" 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style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at 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valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">13,000</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,155</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,633</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">97</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,469</font></td> <td valign="bottom" nowrap="nowrap"></td> 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valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">104</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,479</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,564</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,022</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">194</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,667</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(165</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(2,287</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(36</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(306</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(2,854</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Recoveries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">116</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">881</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">107</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,123</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at December&#xA0;31, 2015</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,354</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,385</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,497</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,620</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,405</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision (credit) for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">13</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,129</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(71</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,228</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">874</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">821</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">186</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,180</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(486</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> 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valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">230</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">60</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">111</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">401</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at December&#xA0;31, 2016</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td 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valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">49</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">137</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">186</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,318</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,377</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">73</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,725</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,931</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,452</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">87</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">39,963</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,367</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,514</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">73</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,725</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,931</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,452</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">87</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">40,149</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,422</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,359</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,807</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">988</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,808</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,384</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">531,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">561,589</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">42,913</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 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size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,712</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,934,423</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">532,450</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">562,948</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">42,913</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> 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valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,712</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,942,807</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px 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size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">143</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">84</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">44</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">274</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of 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&quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,413</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,576</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New 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solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,354</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,385</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,497</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,620</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,405</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,582</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,401</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,663</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">16,026</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">805</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">23,477</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">456,841</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">415,987</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">46,660</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,324,681</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">405,505</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">399,246</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,058,948</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">458,423</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">417,388</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">46,660</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">421,531</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">400,051</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,082,425</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: 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-webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; 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style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 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&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: 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normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Derivative Financial Instruments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value, if material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Loan Level Interest Rate Swaps</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company enters into interest rate swaps with commercial loan customers to synthetically convert the customer&#x2019;s loan from a variable rate to a fixed rate. These swaps are matched in offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets and other liabilities. The Company&#x2019;s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other&#xA0;<font style="WHITE-SPACE: nowrap">non-interest</font>&#xA0;income.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Derivative Loan Commitments</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net, if material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Forward Loan Sale Commitments</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">To protect against the price risk inherent in derivative loan commitments, the Company utilizes both &#x201C;mandatory delivery&#x201D; and &#x201C;best efforts&#x201D; forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery forward sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net if material.</font></p> </div> 7200000 3637000 <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>9.&#xA0;&#xA0;&#xA0;&#xA0;OTHER COMMITMENTS AND CONTINGENCIES AND DERIVATIVES</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">In the normal course of business, there are outstanding commitments and contingencies which are not reflected in the accompanying consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Loan Commitments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company is party to financial instruments with <font style="WHITE-SPACE: nowrap">off-balance</font> sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for <font style="WHITE-SPACE: nowrap">on-balance</font> sheet instruments.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Unadvanced portion of existing loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">503,586</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">567,177</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">36,722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">34,965</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Other lines and letters of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">314,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">149,973</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Commitments to originate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2"><font style="WHITE-SPACE: nowrap">One-</font> to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,272</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">42,141</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">57,589</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">231,274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">125,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">31,463</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">45,960</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Other loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total loan commitments outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,178,033</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">997,312</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer&#x2019;s credit worthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Company for the extension of credit, is based upon management&#x2019;s credit evaluation of the borrower. Collateral held includes, but is not limited to, residential real estate and deposit accounts.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Unfunded commitments under lines of credit are commitments for possible future extensions of credit to existing customers. These lines of credit are collateralized if deemed necessary and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Interest Rate Swaps</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that the Company enters into with commercial business customers to synthetically convert their loans from a variable rate to a fixed rate. The Company pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. Concurrently, the Company enters into an offsetting interest rate swap with a third party financial institution. In the offsetting swap, the Company pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating and probability of default. At December&#xA0;31, 2016 and 2015, the Company had $1.8&#xA0;million and $1.4&#xA0;million, respectively, in cash pledged for collateral on its interest rate swaps with the third party financial institution.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Summary information regarding these derivatives is presented below:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="70%"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 15pt"></td> <td></td> <td></td> <td style="WIDTH: 15pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 31pt"></td> <td></td> <td></td> <td style="WIDTH: 31pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 62pt"></td> <td></td> <td></td> <td style="WIDTH: 62pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 29pt"></td> <td></td> <td></td> <td style="WIDTH: 29pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 21pt"></td> <td></td> <td></td> <td style="WIDTH: 21pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 29pt"></td> <td></td> <td></td> <td style="WIDTH: 29pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 24pt"></td> <td></td> <td></td> <td style="WIDTH: 24pt"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="19" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,</b></font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2015</b></font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Maturity</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Interest Rate Paid</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Interest<br /> Rate&#xA0;Received</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Notional<br /> Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Fair<br /> Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Notional<br /> Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Fair<br /> Value</b></font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="5"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="19" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><i>(Dollars in thousands)</i></font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Customer&#xA0;interest&#xA0;rate&#xA0;swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10/17/33</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;175bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Fixed&#xA0;(4.1052%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,922</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">839</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11,100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Third-party interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10/17/33</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Fixed&#xA0;(4.1052%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;175bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,922</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11,100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)</font></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> <td height="8" colspan="5"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Customer interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12/13/26</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;205bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Fixed (3.82%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,036</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Third-party interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12/13/26</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Fixed (3.82%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;205bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,036</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">60</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Derivative Loan Commitments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential real estate loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A residential loan commitment requires the Company to originate a loan at a specific interest rate upon the completion of various underwriting requirements. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from the exercise of the loan commitment might decline from the inception of the rate lock to funding of the loan due to increases in loan interest rates. If interest rates increase, the value of these commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Derivative loan commitments with a notional amount of $7.6&#xA0;million and $6.6&#xA0;million were outstanding at December&#xA0;31, 2016 and 2015, respectively. The fair value of such commitments was a net liability of $6,000 at December&#xA0;31, 2016 and a net asset of $15,000 at December&#xA0;31, 2015.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Forward Loan Sale Commitments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">To protect against the price risk inherent in derivative loan commitments, the Company utilizes both &#x201C;mandatory delivery&#x201D; and &#x201C;best efforts&#x201D; forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Under a &#x201C;mandatory delivery&#x201D; contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a <font style="WHITE-SPACE: nowrap">&#x201C;pair-off&#x201D;</font> fee, based then-current market prices, to compensate the investor for the shortfall. Under a &#x201C;best efforts&#x201D; contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. The Company generally enters into forward sale contracts on the same day it commits to lend funds to a potential borrower. The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Forward loan sale commitments with a notional amount of $11.4&#xA0;million and $11.1&#xA0;million were outstanding at December&#xA0;31, 2016 and 2015, respectively. The fair value of such commitments was a net asset of $154,000 and $65,000 at December&#xA0;31, 2016 and 2015, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Other Commitments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">As of December&#xA0;31, 2016, the Company has an outstanding commitment of $21.6&#xA0;million with its core data processing provider through December 2021.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Employment and Change in Control Agreements</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company has entered into employment agreements with certain senior executives which provide for a minimum annual salary, subject to increase at the discretion of the Board of Directors, and other benefits. The agreements may be terminated for cause by the Company without further liability on the part of the Bank, or by the executives with prior written notice to the Board of Directors. The Company also has change in control agreements with several officers which provide a severance payment in the event employment is terminated in conjunction with a defined change in control.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Legal Claims</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Various legal claims may arise from time to time in the normal course of business, but in the opinion of management, these claims are not expected to have a material effect on the Company&#x2019;s consolidated financial statements.</font></p> </div> 6114000 2037000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Valuation of Goodwill and Analysis for Impairment</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company&#x2019;s goodwill resulted from the acquisition of another financial institution accounted for under the acquisition method of accounting. The amount of goodwill recorded at acquisition was impacted by the recorded fair value of the assets acquired and liabilities assumed, which is an estimate determined by the use of internal or other valuation techniques.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Goodwill is subject to an annual review by management that first assesses qualitative factors to determine whether it is necessary to perform the&#xA0;<font style="WHITE-SPACE: nowrap">two-step</font>&#xA0;quantitative goodwill impairment test. The Company is not required to calculate the fair value of the Company unless management determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the&#xA0;<font style="WHITE-SPACE: nowrap">two-step</font>&#xA0;quantitative goodwill impairment test is necessary, step one compares the book value of the Company to the fair value of the Company. If book value exceeds fair value, a more detailed analysis is performed, which involves measuring the excess of the fair value of the Company, as determined in step one, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the Company was being acquired in a business combination. In the event of future changes in fair value, the Company may be exposed to an impairment charge that could be material.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Information pertaining to securities available for sale as of December&#xA0;31, 2016 and 2015, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Less Than Twelve Months</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Twelve&#xA0;Months&#xA0;or&#xA0;Longer</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds-financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,568</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">237</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,496</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">259</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,039</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,377</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">450</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">220</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,681</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">507</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,244</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">507</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,244</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total temporarily impaired securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">510</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Less Than Twelve Months</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Twelve Months or Longer</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>December&#xA0;31, 2015</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds-financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,998</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,986</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,974</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">215</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">U.S. treasury securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">62</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">86</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,918</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">61</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,657</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,043</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,478</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,099</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,521</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">479</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,657</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,019</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">540</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">117</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,647</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">675</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Utilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,163</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,426</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">48</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,020</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,211</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,446</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total temporarily impaired securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">54,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,272</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 0.343 0.007 0.059 614000 614000 -2816000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>6.&#xA0;DEPOSITS</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of deposit balances, by type, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Demand deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">431,222</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">370,546</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">NOW deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">630,413</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">334,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">980,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">860,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Regular savings and other deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">305,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">288,180</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total&#xA0;<font style="WHITE-SPACE: nowrap">non-certificate</font>&#xA0;accounts</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,347,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,854,436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Term certificates less than $250,000</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">850,565</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">648,278</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Term certificates $250,000 and greater</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">277,661</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">240,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total certificate accounts</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,128,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">888,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,475,837</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,743,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of term certificates, by maturity, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="88%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 32pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Maturing</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Within 1 year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">539,903</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.16</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">504,756</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.03</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 1 year to 2 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">306,120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.29</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">201,929</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 2 years to 3 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122,952</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.69</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 3 years to 4 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">133,256</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">79,017</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.83</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 4 years to 5 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.61</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Greater than 5 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,351</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,128,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.38</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">888,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.21</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company had brokered certificates of deposit, which are included in term certificates in the tables above, totaling $158.5&#xA0;million with a weighted average rate of 1.33% and $130.8&#xA0;million with a weighted average rate of 1.22% at December&#xA0;31, 2016 and 2015, respectively. At December&#xA0;31, 2016, the Company also had brokered NOW deposits totaling $296.3&#xA0;million representing reciprocal deposits received from other financial institutions through Authorized Bank Deposit Placement Network Sponsor to facilitate full federal deposit insurance coverage for certain Bank customers. There were no brokered NOW deposits at December&#xA0;31, 2015.</font></p> </div> 0.350 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Employee Stock Ownership Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Compensation expense for the Employee Stock Ownership Plan (&#x201C;ESOP&#x201D;) is recorded at an amount equal to the shares allocated by the ESOP, multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company&#x2019;s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholder&#x2019;s equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional&#xA0;<font style="WHITE-SPACE: nowrap">paid-in</font>&#xA0;capital.</font></p> </div> 6000 7244000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Summary information regarding these derivatives is presented below:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="70%"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 15pt"></td> <td></td> <td></td> <td style="WIDTH: 15pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 31pt"></td> <td></td> <td></td> <td style="WIDTH: 31pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 62pt"></td> <td></td> <td></td> <td style="WIDTH: 62pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 29pt"></td> <td></td> <td></td> <td style="WIDTH: 29pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 21pt"></td> <td></td> <td></td> <td style="WIDTH: 21pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 29pt"></td> <td></td> <td></td> <td style="WIDTH: 29pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 24pt"></td> <td></td> <td></td> <td style="WIDTH: 24pt"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="19" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="9" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Maturity</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest Rate Paid</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Rate&#xA0;Received</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Notional<br /> Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair<br /> Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Notional<br /> Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair<br /> Value</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="5"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="19" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Customer&#xA0;interest&#xA0;rate&#xA0;swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10/17/33</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;175bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Fixed&#xA0;(4.1052%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,922</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">839</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Third-party interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10/17/33</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Fixed&#xA0;(4.1052%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;175bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,922</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Customer interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12/13/26</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;205bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Fixed (3.82%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,036</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Third-party interest rate swap</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12/13/26</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Fixed (3.82%)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1&#xA0;Mo.&#xA0;Libor&#xA0;+&#xA0;205bp</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,036</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">60</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Allowance for Loan Losses</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allowance for loan losses represents management&#x2019;s estimate of the probable losses inherent in the loan portfolio and is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The adequacy of the allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allowance consists of general and allocated components and may include an unallocated component, as further described below.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>General Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by loan segments and classes. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquent and&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; national and local economic trends and conditions, and industry conditions. There were no changes in the Company&#x2019;s policies or methodology pertaining to the general component of the allowance for loan losses during 2016, 2015 or 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family residential real estate loans and home equity lines of credit</i>&#xA0;&#x2014; The Company primarily originates loans with a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratio of 80% or less and does not grant subprime loans. The Company may also originate loans with&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratios up to 95% (100% for first time home buyers only) with such value measured at origination; however, private mortgage insurance is generally required for loans with a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratio over 80%. All loans in these segments are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Multi-family and commercial real estate loans</i>&#xA0;&#x2014; Loans in these segments are primarily income-producing properties such as apartment buildings and properties used for business purposes such as office buildings, industrial facilities and retail facilities. These properties are generally located in the greater Boston metropolitan area and certain other areas in eastern Massachusetts, and in southeastern New Hampshire and Maine. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in these segments. Management obtains rent rolls annually and continually monitors the cash flows of these loans.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Construction loans</i>&#xA0;&#x2014; Loans in this segment primarily include loans for construction of commercial development projects, including apartment buildings, small industrial buildings and retail and office buildings. The Company also originates loans to individuals and to builders to finance the construction of residential dwellings. Most of these construction loans provide for the payment of only interest during the construction phase, which is usually up to 12&#xA0;to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally are made with a maximum loan to value ratio of 80% of the appraised market value upon completion of the project. Management carefully monitors the existing construction portfolio for performance and project completion, with a goal of moving completed commercial projects to the commercial real estate portfolio and reviewing sales-based projects for tracking toward construction goals. The&#xA0;<font style="WHITE-SPACE: nowrap">rent-up</font>&#xA0;or sales of the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates or decreased home sales.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Commercial and industrial loans</i>&#xA0;&#x2014; Loans in this segment are made to businesses in the Company&#x2019;s market area and are generally secured by real estate or other assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Consumer loans</i>&#xA0;&#x2014; Loans in this segment may include automobile loans, loans secured by passbook or certificate accounts and overdraft loans and repayment is dependent on the credit quality of the individual borrower.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Allocated Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for multi-family residential, commercial real estate, construction and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan&#x2019;s effective interest rate or the fair value of the collateral if the loan is collateral dependent.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">case-by-case</font></font>&#xA0;basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#x2019;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#x201C;TDR&#x201D;). All TDRs are initially classified as impaired.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Unallocated Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An unallocated component may be maintained to cover uncertainties that could affect management&#x2019;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general components of the allowance for loan losses.</font></p> </div> 808000 5135000 145541000 860088000 157000 495000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The amortized cost and fair value of debt securities by contractual maturity at December&#xA0;31, 2016 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">One Year or Less</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">After One Year</font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Through Five Years</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">After Five Years</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">480</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">736</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential 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size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,283</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,605</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New 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size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,469</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,488</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">723</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">737</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,254</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 1700000 44714000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;1</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">169</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">968</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">68,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="16"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31, 2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;1</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Level&#xA0;3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="16"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,094</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">142,740</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Liabilities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative loan commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forward loan sale commitments</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loan level interest rate swaps</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,008</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,014</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,014</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>5.&#xA0;PREMISES AND EQUIPMENT</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of the cost and accumulated depreciation and amortization of premises and equipment follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="90%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Estimated<br /> Useful<br /> Lives</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Land and land improvements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">N/A</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Buildings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,113</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40&#xA0;Years</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Leasehold improvements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,629</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,680</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">5-20&#xA0;Years</font></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equipment</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,799</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,956</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">3-7</font>&#xA0;Years</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">72,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,992</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Less accumulated depreciation and amortization</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(30,665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(27,744</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">41,427</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40,248</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Depreciation and amortization expense for the years ended December&#xA0;31, 2016, 2015 and 2014 amounted to $3.0&#xA0;million, $2.5&#xA0;million and $2.4&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Lease Commitments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company is obligated under&#xA0;<font style="WHITE-SPACE: nowrap">non-cancelable</font>&#xA0;operating lease agreements for banking offices and facilities. These leases have terms with renewal options, the cost of which is not included below. The leases generally provide that real estate taxes, insurance, maintenance and other related costs are to be paid by the Company. At December&#xA0;31, 2016, future minimum lease payments are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 95pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ending December&#xA0;31,</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In&#xA0;thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,726</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,391</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,332</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Thereafter</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,279</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,993</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total rent expense for all operating leases amounted to $1.7&#xA0;million, $1.5&#xA0;million and $1.4&#xA0;million for the years ended December&#xA0;31, 2016, 2015 and 2014, respectively.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>8.&#xA0;&#xA0;&#xA0;&#xA0;INCOME TAXES</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allocation of federal and state income taxes between current and deferred portions is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="86%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Current tax provision:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,109</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,684</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,708</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,218</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,720</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total current provision</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,697</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,404</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax benefit:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,176</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(980</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(520</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(276</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total deferred benefit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,816</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,361</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,256</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total tax provision</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,881</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,966</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,148</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended<br /> December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Statutory federal tax rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Increase (decrease) resulting from:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State taxes, net of federal tax benefit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Dividends received deduction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(0.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank-owned life insurance</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(0.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax exempt income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5.9</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.6</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Effective tax rates</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">32.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The components of the net deferred tax asset are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19,275</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,034</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,482</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,094</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,757</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,128</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,625</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(671</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(415</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,296</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred tax asset</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,461</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The tax effects of each item that give rise to deferred tax assets and deferred tax liabilities are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allowance for loan loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,401</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Employee benefit and retirement plans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,011</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,880</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Acquisition accounting</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,135</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,163</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized loss on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-accrual</font>&#xA0;interest</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">208</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">210</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,846</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,128</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized gain on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Depreciation and amortization</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,289</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(650</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,385</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred tax asset</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,461</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is not &#x201C;more likely than not&#x201D; that some portion or all of the deferred tax assets will be realized. The Company assesses the realizability of its deferred tax assets by assessing the likelihood of the Company generating federal and state tax income, as applicable, in future periods in amounts sufficient to offset the deferred tax charges in the periods they are expected to reverse. Based on this assessment, management concluded that a valuation allowance was not required as of December&#xA0;31, 2016, 2015 and 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The federal income tax reserve for loan losses at the Company&#x2019;s base year is $9.8&#xA0;million. If any portion of the reserve is used for purposes other than to absorb loan losses, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve to absorb only loan losses, a deferred tax liability of $4.0&#xA0;million has not been provided.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company&#x2019;s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December&#xA0;31, 2013 through 2016. The years open to examination by state taxing authorities vary by jurisdiction; no years prior to 2013 are open.</font></p> </div> 48828000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table provides information about the Company&#x2019;s past due and&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;loans:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="81%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">30-59</font><br /> Days<br /> Past&#xA0;Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">60-89</font><br /> Days<br /> Past&#xA0;Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>90 Days<br /> or&#xA0;Greater<br /> Past Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total<br /> Past Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Loans on<br /> <font style="WHITE-SPACE: nowrap">Non-accrual</font></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">641</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">834</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,902</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,377</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,487</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">707</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">131</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">672</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,510</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">105</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,904</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">965</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,293</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,711</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,783</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">679</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">392</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,071</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,132</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,357</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,946</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,435</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,266</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,161</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">587</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,166</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,763</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,135</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,744</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,933</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,898</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">30,539</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">580</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">317</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">897</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,324</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">538</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,738</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27,600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">31,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> 4458000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Securities Available for Sale</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component in other comprehensive income, net of tax effects. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Each reporting period, the Company evaluates all securities with a decline in fair value below the amortized cost of the investment to determine whether or not other-than-temporary impairment (&#x201C;OTTI&#x201D;) exists. OTTI is required to be recognized if (1)&#xA0;the Company intends to sell the security; (2)&#xA0;it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3)&#xA0;for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and&#xA0;<font style="WHITE-SPACE: nowrap">non-credit</font>&#xA0;related OTTI is recognized in other comprehensive income, net of applicable taxes.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> 2193000 3020000 19159000 -462000 34190000 52071000 27137000 -767947000 3862000 115375000 318000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of the cost and accumulated depreciation and amortization of premises and equipment follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="90%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Estimated<br /> Useful<br /> Lives</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Land and land improvements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">N/A</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Buildings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,113</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40&#xA0;Years</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Leasehold improvements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,629</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,680</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">5-20&#xA0;Years</font></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equipment</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,799</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,956</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">3-7</font>&#xA0;Years</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">72,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,992</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Less accumulated depreciation and amortization</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(30,665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(27,744</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">41,427</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40,248</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> </tr> </table> </div> 18799000 77494000 1147000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Reclassification</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform to the 2016 presentation.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Recent Accounting Pronouncements</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In May 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;)&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2014-09,</font>&#xA0;<i>Revenue from Contracts with Customers (Topic 606).&#xA0;</i>The objective of this ASU was to clarify the principles for recognizing revenue and to develop a common revenue standard for generally accepted accounting principles (&#x201C;GAAP&#x201D;) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December&#xA0;15, 2017, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In January 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-01,</font>&#xA0;<i>Financial Instruments &#x2014; Overall, (Subtopic&#xA0;<font style="WHITE-SPACE: nowrap">825-10).</font>&#xA0;</i>The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted changes to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December&#xA0;15, 2017, including interim periods within those fiscal years. The Company has a portfolio of equity investments and if such guidance were effective for the year ended December&#xA0;31, 2016, a net unrealized gain of approximately $6.6&#xA0;million and related deferred tax provision of $2.3&#xA0;million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In February 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font>&#xA0;<i>Leases</i>&#xA0;<i>(Topic 842)</i>. This update is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-to-use</font></font>&#xA0;asset and liability representing the obligation to make lease payments for long-term operating leases. The update will be effective for public business entities for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In February 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-09,</font>&#xA0;<i>Compensation &#x2014; Stock Compensation: Improvements to Employee Share-Based Payment Accounting (Topic 718</i>). This update is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The more significant change relates to the recognition of excess tax benefits/deficiencies recorded on certain stock compensation transactions. Such items are reported in additional paid in capital and, upon adoption of the update, will be recorded as income tax benefit or expense in the income statement. Accordingly, the update is not expected to have a significant impact on the Company&#x2019;s consolidated financial statements. The update will be effective for public business entities for fiscal years beginning after December&#xA0;15, 2016, including interim periods within those fiscal years.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In June 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-13,</font>&#xA0;<i>Financial Instruments &#x2014; Credit Losses (Topic 326)</i>. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including loans,&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">held-to-maturity</font></font>&#xA0;debt securities and commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as Current Expected Credit Loss, or CECL, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses on&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale</font></font>&#xA0;debt securities will be measured in a manner similar to current GAAP, but will be recognized through an allowance rather than as a direct write-down. This update will be effective for fiscal years beginning after December&#xA0;15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for all entities for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In January 2017, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2017-04,</font>&#xA0;<i>Intangibles &#x2014; Goodwill and Other (Topic 350)</i>. The update intends to simplify the subsequent measurement of goodwill by requiring an entity to compare the fair value of a reporting unit to the carrying amount of goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#x2019;s fair value; however, the impairment charge should not exceed the total amount of goodwill allocated to that reporting unit. This update will be effective for fiscal years beginning after December&#xA0;15, 2019, including interim periods within those fiscal years.</font></p> </div> 3898000 -179000 1119394 1200000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>3.&#xA0;&#xA0;&#xA0;&#xA0; LOANS</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of loans follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">532,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">458,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">562,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">417,388</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,913</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,660</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,776,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">502,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421,531</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,417,665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,672,346</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">515,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">400,051</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,712</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,028</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,942,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,082,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allowance for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred loan origination fees</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,990</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,778</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,898,668</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,045,242</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company&#x2019;s accompanying balance sheets. The Company and participating lenders share ratably in any gains or losses that may result from a borrower&#x2019;s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At December&#xA0;31, 2016 and 2015, the Company was servicing loans for participants aggregating $210.5&#xA0;million and $137.7&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, multi-family and commercial real estate loans with carrying values totaling $73.0&#xA0;million and $473.2&#xA0;million, respectively, were pledged as collateral for Federal Home Loan Bank of Boston borrowings. See Note 7.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An analysis of the allowance for loan losses and related information follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 40pt"></td> <td></td> <td></td> <td style="WIDTH: 40pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 26pt"></td> <td></td> <td></td> <td style="WIDTH: 26pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 54pt"></td> <td></td> <td></td> <td style="WIDTH: 54pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 39pt"></td> <td></td> <td></td> <td style="WIDTH: 39pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 22pt"></td> <td></td> <td></td> <td style="WIDTH: 22pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 61pt"></td> <td></td> <td></td> <td style="WIDTH: 61pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 17pt"></td> <td></td> <td></td> <td style="WIDTH: 17pt"></td> <td valign="bottom" width="1%"></td> <td style="WIDTH: 9pt"></td> <td></td> <td></td> <td style="WIDTH: 9pt"></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to<br /> <font style="WHITE-SPACE: nowrap">four-family</font></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Multi-<br /> family</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Home<br /> equity&#xA0;lines<br /> of credit</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Consumer</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="4" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total</b></font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="39" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance&#xA0;at&#xA0;December&#xA0;31,&#xA0;2013</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,991</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,419</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">155</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">12,831</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,374</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,433</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">132</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">25,335</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision (credit) for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(155</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,216</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">255</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">715</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,264</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">68</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,313</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(54</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(116</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(71</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(72</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(187</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(505</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Recoveries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">67</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">137</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">84</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">326</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at December&#xA0;31, 2014</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,849</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,635</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">100</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">13,000</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,155</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,633</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">97</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,469</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision (credit) for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(446</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(250</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">104</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,479</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,564</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,022</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">194</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,667</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(165</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(2,287</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(36</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(306</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(2,854</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Recoveries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">116</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">881</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">107</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,123</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at December&#xA0;31, 2015</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,354</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,385</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,497</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,620</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,405</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision (credit) for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">13</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,129</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(71</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,228</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">874</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">821</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">186</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,180</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Charge-offs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(486</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(49</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(302</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">(837</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">)</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Recoveries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">230</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">60</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">111</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">401</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Balance at December&#xA0;31, 2016</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,367</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,514</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">73</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,725</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,931</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,452</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">87</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">40,149</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: 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double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><u>December&#xA0;31, 2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td 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style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">49</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">137</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">186</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,318</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,377</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">73</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,725</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,931</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,452</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">87</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">39,963</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,367</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,514</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">73</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,725</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,931</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,452</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">87</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">40,149</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,422</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,359</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,807</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">988</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,808</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,384</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">531,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">561,589</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">42,913</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,773,794</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">501,765</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">513,622</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,712</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,934,423</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">532,450</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">562,948</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">42,913</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> 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valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,712</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,942,807</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">143</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">84</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">44</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">274</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amount of allowance for loan losses for&#xA0;loans&#xA0;not&#xA0;deemed&#xA0;to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,351</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,242</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,413</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,576</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New 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solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,354</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,385</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">144</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,497</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,313</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,620</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">92</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,405</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,582</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,401</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,663</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">16,026</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">805</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">23,477</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Loans not deemed to be impaired</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">456,841</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">415,987</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">46,660</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,324,681</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">405,505</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">399,246</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,058,948</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">458,423</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">417,388</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">46,660</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">421,531</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">400,051</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,028</font></td> <td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,082,425</font></td> <td valign="bottom" nowrap="nowrap"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table provides information about the Company&#x2019;s past due and&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;loans:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="81%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">30-59</font><br /> Days<br /> Past&#xA0;Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">60-89</font><br /> Days<br /> Past&#xA0;Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>90 Days<br /> or&#xA0;Greater<br /> Past Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Total<br /> Past Due</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Loans on<br /> <font style="WHITE-SPACE: nowrap">Non-accrual</font></b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="18" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">641</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">834</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,902</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,377</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,487</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">707</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">131</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">672</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,510</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">105</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,904</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">815</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">965</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,293</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,711</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,783</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">679</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">392</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,071</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,132</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,357</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,946</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,435</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,266</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,161</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">587</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,166</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,763</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,135</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,849</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,744</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,933</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,898</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">30,539</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">580</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">317</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">897</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,324</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">538</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,738</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27,600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">31,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016 and 2015, the Company did not have any accruing loans past due 90&#xA0;days or more.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables provide information with respect to the Company&#x2019;s impaired loans:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="82%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Unpaid<br /> Principal<br /> Balance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Related<br /> Allowance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Unpaid<br /> Principal<br /> Balance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Related<br /> Allowance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans without a valuation allowance:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,281</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,318</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,813</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,102</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,947</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">988</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,083</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,660</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,808</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">761</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,518</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,678</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,845</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,603</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans with a valuation allowance:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">581</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">581</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">49</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,285</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,285</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">137</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">143</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,011</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,022</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">84</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,866</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,866</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,643</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,544</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,477</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, additional funds committed to be advanced in connection with impaired construction loans were immaterial.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="73%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="34" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="34" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,788</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">68</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,625</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">72</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,379</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">55</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">55</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,395</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">297</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,281</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">80</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">80</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">284</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">81</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,463</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">273</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">11,076</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">31</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">16,273</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">315</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">295</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">11,060</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">314</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">247</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,635</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">84</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">13</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">930</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,139</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">318</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">157</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,337</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table summarizes the TDRs at the dates indicated:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">TDRs on accrual status:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,621</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,359</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,402</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,460</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,968</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs on accrual status</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,257</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,216</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">TDRs on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;status:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">528</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,136</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;status</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,111</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,380</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company generally places loans modified as TDRs on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;status for a minimum period of six months. Loans modified as TDRs qualify for return to accrual status once they have demonstrated performance with the modified terms of the loan agreement for a minimum of six months and future payments are reasonably assured. TDRs are initially reported as impaired loans with an allowance established as part of the allocated component of the allowance for loan losses when the discounted cash flows of the impaired loan is lower than the carrying value of that loan. TDRs may be removed from impairment disclosures in the year following the restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. At December&#xA0;31, 2016 and 2015, the allowance for loan losses included an allocated component related to TDRs of $186,000 and $68,000, respectively. There were no charge-offs related to the TDRs modified during the years ended December&#xA0;31, 2016 and 2015, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">TDRs that defaulted and became 90 days past due in the first twelve months after restructure were immaterial for the years ended December&#xA0;31, 2016, 2015 and 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company utilizes a nine-grade internal loan rating system for multi-family, commercial real estate, construction, and commercial and industrial loans as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="1%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Loans rated 1, 2, 3 and 3A:</i>&#xA0;&#xA0;&#xA0;&#xA0;Loans in these categories are considered &#x201C;pass&#x201D; rated loans with low to average risk.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="1%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Loans rated 4 and 4A:</i>&#xA0;&#xA0;&#xA0;&#xA0;Loans in these categories are considered &#x201C;special mention.&#x201D; These loans are starting to show signs of potential weakness and are being closely monitored by management.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="1%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Loans rated 5:</i>&#xA0;&#xA0;&#xA0;&#xA0;Loans in this category are considered &#x201C;substandard.&#x201D; Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="1%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Loans rated 6:</i>&#xA0;&#xA0;&#xA0;&#xA0;Loans in this category are considered &#x201C;doubtful.&#x201D; Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="1%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Loans rated 7:</i>&#xA0;&#xA0;&#xA0;&#xA0;Loans in this category are considered uncollectible (&#x201C;loss&#x201D;) and of such little value that their continuance as loans is not warranted.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">On an annual basis, or more often if needed, the Company formally reviews the ratings on all multi-family, commercial real estate, construction, and commercial and industrial loans. The Company also engages an independent third-party to review a significant portion of loans within these segments on at least an annual basis. Management uses the results of these reviews as part of its annual review process.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables provide the Company&#x2019;s risk-rated loans by class:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Multi-family</font><br /> residential<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Multi-family</font><br /> residential<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated<br /> 1 &#x2014; 3A</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">556,892</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,771,671</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">500,565</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">465,979</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">408,121</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,320,748</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">403,411</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">375,013</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated<br /> 4 &#x2014; 4A</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">887</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,655</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,199</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 5</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,215</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,188</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,380</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,941</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 6</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 7</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">562,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,776,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">502,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">515,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">417,388</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421,531</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">400,051</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family residential real estate loans, home equity lines of credit and consumer loans, management uses delinquency reports as the key credit quality indicator.</font></p> </div> 12035000 122555000 6148000 863996000 6444000 4503000 -725000 3007000 19151000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>2.&#xA0;SECURITIES AVAILABLE FOR SALE</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="87%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amortized<br /> Cost</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Gross<br /> Unrealized<br /> Gains</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Gross<br /> Unrealized<br /> Losses</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Fair<br /> Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,284</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,606</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Private label</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,254</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">383</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,763</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">901</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,432</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,567</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,093</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(382</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,278</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,953</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">970</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,923</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">533</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,302</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,181</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">624</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,081</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">440</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(220</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,770</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,561</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,030</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,772</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,561</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,032</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">64,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,307</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">67,663</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">101</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,489</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,010</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">29,429</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">112</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">29,499</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,962</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,326</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,415</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,381</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Private label</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">904</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">U.S. treasury securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,996</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(62</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">77,577</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(147</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">78,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">370</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(4,043</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,548</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,987</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,060</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,469</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">782</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(649</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,403</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(117</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,336</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">96</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,831</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,987</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(559</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,566</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Utilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,956</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">757</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">65,683</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,253</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,530</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">62,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,193</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(48</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">66,876</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,253</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">63,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">144,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,918</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,725</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">141,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, securities with an amortized cost of $4.2&#xA0;million and $680,000 were pledged as collateral for Federal Home Loan Bank of Boston borrowings and for the Federal Reserve Bank discount window borrowings, respectively. See Note 7.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The amortized cost and fair value of debt securities by contractual maturity at December&#xA0;31, 2016 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">One Year or Less</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">After One Year</font><br /> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Through Five Years</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">After Five Years</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Amortized<br /> Cost</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,005</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Municipal bonds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">480</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">736</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,283</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,605</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,284</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,606</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Private label</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,469</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,488</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">723</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">737</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,254</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For the years ended December&#xA0;31, 2016, 2015 and 2014, proceeds from sales of securities available for sale amounted to $38.4&#xA0;million, $27.1&#xA0;million and $33.3&#xA0;million, respectively. 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-webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Information pertaining to securities available for sale as of December&#xA0;31, 2016 and 2015, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Less Than Twelve Months</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Twelve&#xA0;Months&#xA0;or&#xA0;Longer</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31,2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds-financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,568</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">237</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,496</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,618</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">259</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,039</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,377</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">450</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">220</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,681</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">507</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,244</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">507</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,244</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total temporarily impaired securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">510</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Less Than Twelve Months</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Twelve Months or Longer</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Gross<br /> Unrealized<br /> Losses</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fair<br /> Value</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>December&#xA0;31, 2015</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Debt securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Corporate bonds-financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,998</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,986</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,974</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential mortgage-backed securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Government-sponsored enterprises</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">215</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">U.S. treasury securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">62</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total debt securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">86</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,918</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">61</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,657</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketable equity securities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common stocks:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic materials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,043</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,478</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer products and services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,099</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,521</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">479</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,657</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial services</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,019</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">540</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Healthcare</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">117</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,202</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Industrials</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,647</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Technology</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">675</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Utilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total common stocks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,163</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,426</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market mutual funds</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">48</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,020</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,211</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,446</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total temporarily impaired securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">54,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,272</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company determined no securities were other-than-temporarily impaired for the years ended December&#xA0;31, 2016, 2015 and 2014. Management evaluates securities for other-than-temporary impairment on a quarterly basis, with more frequent evaluation for selected issuers or when economic or market concerns warrant such evaluations.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, 19 marketable equity securities with a fair value of $12.2&#xA0;million had gross unrealized losses totaling $1.3&#xA0;million, or an aggregate depreciation of 9.6% from the Company&#x2019;s cost basis. These marketable equity securities consisted of nine securities with a fair value of $6.0&#xA0;million and a gross unrealized loss of $507,000 for less than 12 months and 10 securities with a fair value of $6.2&#xA0;million and a gross unrealized loss of $794,000 for 12 months or longer. The marketable equity securities in a gross unrealized loss position for 12 months or longer were comprised of three securities in the basic materials sector with a fair value of $1.6&#xA0;million and a gross unrealized loss of $232,000, three marketable equity securities in the consumer products and services sector with a fair value of $1.6&#xA0;million and a gross unrealized loss of $145,000, two securities in the healthcare sector with a fair value of $1.4&#xA0;million and a gross unrealized loss of $197,000 and two securities in the technology sector with a fair value of $1.7&#xA0;million and a gross unrealized loss of $220,000.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In analyzing an equity issuer&#x2019;s financial condition, management considers industry analysts&#x2019; reports, financial performance and projected target prices of investment analysts within a&#xA0;<font style="WHITE-SPACE: nowrap">one-year</font>&#xA0;time frame. A decline of 10% or more in the value of an acquired equity security is generally the triggering event for management to review individual securities for liquidation and/or write-down. Impairment losses are recognized when management concludes that declines in the value of equity securities are other than temporary, or when they can no longer assert that they have the intent and ability to hold depreciated equity securities for a period of time sufficient to allow for any anticipated recovery in fair value. Unrealized losses on marketable equity securities that are in excess of 25% of cost and that have been sustained for more than twelve months are generally considered-other-than temporary and charged to earnings as impairment losses, or realized through sale of the security.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Although issuers within the marketable equity securities portfolio had price declines resulting in unrealized losses, management does not believe these declines in market value are other than temporary and the Company currently has the ability and intent to hold these investments until a recovery of fair value.</font></p> </div> 17000 0.80 0 24124000 1467000 9464000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The selected quarterly financial data presented below should be read in conjunction with the Consolidated Financial Statements and related notes.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fourth<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Third<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Second<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">First<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fourth<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Third<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Second<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">First<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands, except per share amounts)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Interest and dividend income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">41,249</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">38,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">35,839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">34,184</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">32,639</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">31,338</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,787</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Interest expense</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,830</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,118</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,300</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,125</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,185</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net interest income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,419</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">31,302</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,455</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,379</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">27,339</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26,213</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,946</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,393</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision for loan losses (1)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">858</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,952</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,066</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">544</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,412</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,651</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net interest income, after provision for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">32,115</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">25,503</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">27,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26,795</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">23,801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">21,295</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,333</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">Non-interest</font>&#xA0;income (2)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,614</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,583</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,692</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">Non-interest</font>&#xA0;expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,778</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,164</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,322</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,230</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,187</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,089</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17,347</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,068</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Income before income taxes</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17,951</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,581</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,764</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,775</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,282</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,509</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,167</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,615</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision for income taxes</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,642</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,084</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,857</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,298</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,407</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,767</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,210</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">11,309</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,497</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,907</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,477</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,875</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,585</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Earnings per share:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.13</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.13</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Weighted average shares:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">50,940,037</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">50,982,633</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,026,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,569,683</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,982,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,940,055</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,074,889</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,862,146</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,102,511</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,093,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,137,475</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,663,921</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,092,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,023,850</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,166,560</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,003,621</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1)</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The provision for loan losses for the second quarter of 2016 reflected higher expense primarily due to loan portfolio growth in the commercial loan categories occurring in the quarter. For the second quarter of 2015, the provision for loan losses reflected higher provision expense primarily due to a $2.3 million charge-off related to a construction loan relationship.</font></p> </td> </tr> </table> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2)</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Non-interest income fluctuates each quarter primarily due to net securities gains.</font></p> </td> </tr> </table> </div> 2104000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables provide the Company&#x2019;s risk-rated loans by class:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Multi-family</font><br /> residential<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Multi-family</font><br /> residential<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> real estate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Construction</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Commercial<br /> and<br /> industrial</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated<br /> 1 &#x2014; 3A</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">556,892</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,771,671</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">500,565</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">465,979</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">408,121</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,320,748</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">403,411</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">375,013</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated<br /> 4 &#x2014; 4A</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,820</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">887</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,655</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,199</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 5</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,215</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,188</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26,631</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,380</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,941</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 6</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans rated 7</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">562,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,776,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">502,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">515,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">417,388</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421,531</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">400,051</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /> </div> 149692000 3217000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following tables provide information with respect to the Company&#x2019;s impaired loans:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="82%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Recorded<br /> 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size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Unpaid<br /> Principal<br /> Balance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Related<br /> Allowance</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans without a valuation allowance:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,281</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,318</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,813</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,102</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,947</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">988</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,083</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,660</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,808</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">761</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,518</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,678</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,845</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,603</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Impaired loans with a valuation allowance:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: 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valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">49</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,285</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,285</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">137</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">143</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,011</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,022</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">84</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New 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size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,866</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,866</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,643</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,544</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,477</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, additional funds committed to be advanced in connection with impaired construction loans were immaterial.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="73%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="34" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Average<br /> Recorded<br /> Investment</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Interest<br /> Income<br /> Recognized<br /> on&#xA0;Cash&#xA0;Basis</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="34" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,788</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">68</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,625</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">72</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">243</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">103</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,379</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font 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style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" 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valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,463</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">456</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">273</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" 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align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">315</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">295</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">11,060</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">314</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">247</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Commercial and industrial</font></p> </td> <td 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size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,139</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Total impaired loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">318</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">157</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">779</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">453</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,337</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> 17881000 114000 44011000 14190000 38429000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Income Taxes</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December&#xA0;31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. 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Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional&#xA0;<font style="WHITE-SPACE: nowrap">paid-in</font>&#xA0;capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.</font></p> </div> 1807000 4100000 220000000 866000 2582000 <div> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>STATEMENTS OF INCOME</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Income:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest on ESOP loan</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">574</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest on certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">495</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">624</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Interest and dividend income on securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">184</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">151</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other interest and dividend income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">82</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Gain on sale of securities, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">182</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; 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TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Operating expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">993</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">808</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Income (loss) before income taxes and equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">393</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">586</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(165</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Applicable income tax provision (benefit)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">160</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">240</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">233</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">346</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(98</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> 13.39 0 53314 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and evaluation of securities for other-than-temporary impairment.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Loans Held For Sale</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Business and Operating Segments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company provides loan and deposit services to its customers through its local banking offices in the greater Boston metropolitan area. The Company is subject to competition from other financial institutions including commercial banks, other savings banks, credit unions, mortgage banking companies and other financial service providers.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Generally, financial information is to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company&#x2019;s performance and allocates resources based on a single segment concept. Accordingly, there is no separately identified material operating segment for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company&#x2019;s total revenues.</font></p> </div> 1231000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table summarizes the TDRs at the dates indicated:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">TDRs on accrual status:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,621</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,359</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,402</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,460</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,968</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">174</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs on accrual status</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,257</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,216</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">TDRs on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;status:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">528</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,136</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">186</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;status</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,111</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total TDRs</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,380</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 52248308 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Premises and Equipment</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Land is carried at cost. Buildings, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for improvements are capitalized and depreciated.</font></p> </div> P5Y <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The components of accumulated other comprehensive income (loss), included in stockholders&#x2019; equity, are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized gain (loss) on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,637</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,193</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,669</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Defined benefit plans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized prior service cost</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized net actuarial loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(596</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(651</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">209</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(387</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> 2059611 816000 <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table summarizes the Company&#x2019;s&#xA0;<font style="WHITE-SPACE: nowrap">non-vested</font>&#xA0;restricted stock activity for the year ended December&#xA0;31, 2016:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="95%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Number&#xA0;of<br /> Shares</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted&#xA0;-<br /> Average<br /> <font style="WHITE-SPACE: nowrap">Grant-Date</font><br /> Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-vested</font>&#xA0;restricted stock at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">777,341</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Vested</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">172,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.45</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forfeited</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.39</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-vested</font>&#xA0;restricted stock at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">583,503</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> </tr> </table> </div> P5Y4M21D <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic and diluted earnings per share have been computed based on the following:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="89%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands, except per share amounts)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income available to common stockholders</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,128,914</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,965,036</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,470,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Effect of dilutive stock options</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,119,394</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,106,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,097,258</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,248,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,071,932</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,567,771</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Earnings per share:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.43</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.65</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> </table> <br class="Apple-interchange-newline" /></div> 0 172325 21513 P3Y5M1D 12.94 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allocation of federal and state income taxes between current and deferred portions is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="86%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Current tax provision:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,109</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,684</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,708</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,218</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,720</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total current provision</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,697</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,404</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax benefit:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,176</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(980</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(520</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(276</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total deferred benefit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,816</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,361</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,256</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total tax provision</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,881</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,966</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11,148</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 56353000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unadvanced portion of existing loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">503,586</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">567,177</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">36,722</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,965</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other lines and letters of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">314,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">149,973</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commitments to originate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,272</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15,122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,141</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">57,589</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">231,274</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">125,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">31,463</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">45,960</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total loan commitments outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,178,033</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">997,312</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 12.45 18799000 0.25 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The tax effects of each item that give rise to deferred tax assets and deferred tax liabilities are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allowance for loan loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16,401</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Employee benefit and retirement plans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,011</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,880</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Acquisition accounting</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,135</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,163</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized loss on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-accrual</font>&#xA0;interest</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,091</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">208</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">210</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,846</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,128</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized gain on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Depreciation and amortization</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,289</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(650</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,385</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred tax asset</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,461</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Long-term debt consists of FHLB advances as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="88%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom">&#xA0;<font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average<br /> Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Fixed rate advances maturing:</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2016</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">41,500</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.20</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">89,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">43,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.63</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,891</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.23</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,684</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.23</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6,410</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">45,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2023</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2.10</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2026</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.59</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2031</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.88</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">237,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.26</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">147,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.28</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Variable rate advances maturing:</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">60,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.31</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">85,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.29</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>Total advances</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">322,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.01</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">147,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.28</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <br class="Apple-interchange-newline" /> </div> 3.87 51128914 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Financial information pertaining only to Meridian Bancorp, Inc. is as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>BALANCE SHEETS</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Assets</u></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents from subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,448</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents from other banks</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,065</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">80,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,062</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale, at fair value</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">30,057</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Investment in subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">467,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">424,535</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">ESOP loan receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,735</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,995</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">611,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,762</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><u>Liabilities and Stockholders&#x2019; Equity</u></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accrued expenses and other liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4,152</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,636</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Stockholders&#x2019; equity</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">607,297</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">588,126</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total liabilities and stockholders&#x2019; equity</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">611,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,762</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, future minimum lease payments are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 95pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ending December&#xA0;31,</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In&#xA0;thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,726</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,391</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,332</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Thereafter</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">7,279</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14,993</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 10px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>1.&#xA0;&#xA0;&#xA0;&#xA0; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Basis of Presentation and Consolidation</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Meridian Bancorp, Inc. (the &#x201C;Company&#x201D;) is a Maryland corporation incorporated on March&#xA0;6, 2014 to be the successor to Meridian Interstate Bancorp, Inc. (&#x201C;Old Meridian&#x201D;) upon completion of the second-step&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">mutual-to-stock</font></font>conversion (the &#x201C;Conversion&#x201D;) of Meridian Financial Services, Incorporated (the &#x201C;MHC&#x201D;), the top tier mutual holding company of Old&#xA0; Meridian. Old Meridian was the former&#xA0;<font style="WHITE-SPACE: nowrap">mid-tier</font>&#xA0;holding company for East Boston Savings Bank (the &#x201C;Bank&#x201D;). Prior to completion of the Conversion, approximately 59% of the shares of common stock of Old Meridian were owned by the MHC. In conjunction with the Conversion, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company and the Company became its successor under the name Meridian Bancorp, Inc. The Conversion was completed July&#xA0;28, 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. The Company owns the Bank. The Bank&#x2019;s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkeley Riverbend Estates LLC, both of which can hold foreclosed real estate, and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Business and Operating Segments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company provides loan and deposit services to its customers through its local banking offices in the greater Boston metropolitan area. The Company is subject to competition from other financial institutions including commercial banks, other savings banks, credit unions, mortgage banking companies and other financial service providers.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Generally, financial information is to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company&#x2019;s performance and allocates resources based on a single segment concept. Accordingly, there is no separately identified material operating segment for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company&#x2019;s total revenues.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and evaluation of securities for other-than-temporary impairment.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Significant Concentrations of Credit Risk</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Most of the Company&#x2019;s activities are with customers located within Massachusetts. Note 2 includes the types of securities in which the Company invests and Note 3 includes the types of lending in which the Company engages. The Company believes that it does not have any significant loan concentrations or security in any one industry or with any customer.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Reclassification</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform to the 2016 presentation.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For purposes of the consolidated statements of cash flows, cash and cash equivalents include amounts due from banks and federal funds sold on a daily basis, which mature overnight or on demand. The Company may from time to time have deposits in financial institutions which exceed the federally insured limits. At December&#xA0;31, 2016, the Company had a concentration of cash on deposit at the Federal Reserve Bank amounting to $191.8&#xA0;million.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Certificates of Deposit</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit are purchased from FDIC-insured depository institutions, have an original maturity greater than 90 days and up to 24 months and are carried at cost. At December&#xA0;31, 2016, all certificates of deposit invested in by the Company exceeded the FDIC insurance limit of $250,000 but were insured up to the full amount under the Massachusetts Depositors Insurance Fund, Massachusetts Credit Union Insurance Corporation or Massachusetts Cooperative Bank Share Insurance Fund.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Fair Value Hierarchy</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;1 &#x2014; Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;2 &#x2014; Valuation is based on observable inputs other than Level&#xA0;1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Level&#xA0;3 &#x2014; Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level&#xA0;3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Transfers between levels are recognized at the end of a reporting period, if applicable.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Securities Available for Sale</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component in other comprehensive income, net of tax effects. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Each reporting period, the Company evaluates all securities with a decline in fair value below the amortized cost of the investment to determine whether or not other-than-temporary impairment (&#x201C;OTTI&#x201D;) exists. OTTI is required to be recognized if (1)&#xA0;the Company intends to sell the security; (2)&#xA0;it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3)&#xA0;for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and&#xA0;<font style="WHITE-SPACE: nowrap">non-credit</font>&#xA0;related OTTI is recognized in other comprehensive income, net of applicable taxes.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Federal Home Loan Bank Stock</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Bank, as a member of the Federal Home Loan Bank (&#x201C;FHLB&#x201D;) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis on the FHLB stock. As of December&#xA0;31, 2016 no impairment has been recognized.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Loans Held For Sale</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Loans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company grants mortgage, commercial and consumer loans to customers. The Company&#x2019;s loan portfolio includes&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A substantial portion of the loan portfolio is represented by mortgage loans throughout eastern Massachusetts. The ability of the Company&#x2019;s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans that management has the intent and ability to hold for the foreseeable future or until maturity or&#xA0;<font style="WHITE-SPACE: nowrap">pay-off</font>&#xA0;generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net deferred loan origination costs or fees. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method over the terms of the loans.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The accrual of interest on all loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;or&#xA0;<font style="WHITE-SPACE: nowrap">charged-off</font>&#xA0;at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Allowance for Loan Losses</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allowance for loan losses represents management&#x2019;s estimate of the probable losses inherent in the loan portfolio and is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The adequacy of the allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allowance consists of general and allocated components and may include an unallocated component, as further described below.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>General Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by loan segments and classes. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquent and&#xA0;<font style="WHITE-SPACE: nowrap">non-accrual</font>&#xA0;loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; national and local economic trends and conditions, and industry conditions. There were no changes in the Company&#x2019;s policies or methodology pertaining to the general component of the allowance for loan losses during 2016, 2015 or 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family residential real estate loans and home equity lines of credit</i>&#xA0;&#x2014; The Company primarily originates loans with a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratio of 80% or less and does not grant subprime loans. The Company may also originate loans with&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratios up to 95% (100% for first time home buyers only) with such value measured at origination; however, private mortgage insurance is generally required for loans with a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">loan-to-value</font></font>&#xA0;ratio over 80%. All loans in these segments are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Multi-family and commercial real estate loans</i>&#xA0;&#x2014; Loans in these segments are primarily income-producing properties such as apartment buildings and properties used for business purposes such as office buildings, industrial facilities and retail facilities. These properties are generally located in the greater Boston metropolitan area and certain other areas in eastern Massachusetts, and in southeastern New Hampshire and Maine. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in these segments. Management obtains rent rolls annually and continually monitors the cash flows of these loans.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Construction loans</i>&#xA0;&#x2014; Loans in this segment primarily include loans for construction of commercial development projects, including apartment buildings, small industrial buildings and retail and office buildings. The Company also originates loans to individuals and to builders to finance the construction of residential dwellings. Most of these construction loans provide for the payment of only interest during the construction phase, which is usually up to 12&#xA0;to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally are made with a maximum loan to value ratio of 80% of the appraised market value upon completion of the project. Management carefully monitors the existing construction portfolio for performance and project completion, with a goal of moving completed commercial projects to the commercial real estate portfolio and reviewing sales-based projects for tracking toward construction goals. The&#xA0;<font style="WHITE-SPACE: nowrap">rent-up</font>&#xA0;or sales of the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates or decreased home sales.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Commercial and industrial loans</i>&#xA0;&#x2014; Loans in this segment are made to businesses in the Company&#x2019;s market area and are generally secured by real estate or other assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 50px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i>Consumer loans</i>&#xA0;&#x2014; Loans in this segment may include automobile loans, loans secured by passbook or certificate accounts and overdraft loans and repayment is dependent on the credit quality of the individual borrower.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Allocated Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for multi-family residential, commercial real estate, construction and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan&#x2019;s effective interest rate or the fair value of the collateral if the loan is collateral dependent.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual&#xA0;<font style="WHITE-SPACE: nowrap">one-</font>&#xA0;to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">case-by-case</font></font>&#xA0;basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#x2019;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#x201C;TDR&#x201D;). All TDRs are initially classified as impaired.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Unallocated Component</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">An unallocated component may be maintained to cover uncertainties that could affect management&#x2019;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general components of the allowance for loan losses.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Bank-Owned Life Insurance</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Bank has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as excess insurance proceeds received, are reflected in&#xA0;<font style="WHITE-SPACE: nowrap">non-interest</font>&#xA0;income on the consolidated statements of net income and are not subject to income taxes.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Premises and Equipment</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Land is carried at cost. Buildings, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for improvements are capitalized and depreciated.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Derivative Financial Instruments</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value, if material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Loan Level Interest Rate Swaps</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company enters into interest rate swaps with commercial loan customers to synthetically convert the customer&#x2019;s loan from a variable rate to a fixed rate. These swaps are matched in offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets and other liabilities. The Company&#x2019;s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other&#xA0;<font style="WHITE-SPACE: nowrap">non-interest</font>&#xA0;income.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Derivative Loan Commitments</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net, if material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><i><u>Forward Loan Sale Commitments</u></i></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">To protect against the price risk inherent in derivative loan commitments, the Company utilizes both &#x201C;mandatory delivery&#x201D; and &#x201C;best efforts&#x201D; forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery forward sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net if material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Foreclosed Assets</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. The excess, if any, of the loan balance over the fair value of the asset at the time of transfer from loans to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations, changes in the valuation allowance, any direct write-downs and gains or losses on sales are included in other general and administrative expenses.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Valuation of Goodwill and Analysis for Impairment</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company&#x2019;s goodwill resulted from the acquisition of another financial institution accounted for under the acquisition method of accounting. The amount of goodwill recorded at acquisition was impacted by the recorded fair value of the assets acquired and liabilities assumed, which is an estimate determined by the use of internal or other valuation techniques.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Goodwill is subject to an annual review by management that first assesses qualitative factors to determine whether it is necessary to perform the&#xA0;<font style="WHITE-SPACE: nowrap">two-step</font>&#xA0;quantitative goodwill impairment test. The Company is not required to calculate the fair value of the Company unless management determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the&#xA0;<font style="WHITE-SPACE: nowrap">two-step</font>&#xA0;quantitative goodwill impairment test is necessary, step one compares the book value of the Company to the fair value of the Company. If book value exceeds fair value, a more detailed analysis is performed, which involves measuring the excess of the fair value of the Company, as determined in step one, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the Company was being acquired in a business combination. In the event of future changes in fair value, the Company may be exposed to an impairment charge that could be material.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Transfers of Financial Assets</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1)&#xA0;the assets have been isolated from the Company, (2)&#xA0;the transferee obtains the right to pledge or exchange the transferred assets, and (3)&#xA0;the Company does not maintain effective control over the transferred assets.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Marketing and Advertising</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketing and advertising costs are expensed as incurred.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Supplemental Director and Executive Retirement and Long-Term Health Care Plans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company accounts for certain supplemental director and executive retirement and long-term health care benefits on the net periodic cost method using an actuarial model that allocates costs over the service period of participants in the plans. The Company accounts for the over-funded or under-funded status of these defined benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Share-Based Compensation Plans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide service for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted quarterly based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Employee Stock Ownership Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Compensation expense for the Employee Stock Ownership Plan (&#x201C;ESOP&#x201D;) is recorded at an amount equal to the shares allocated by the ESOP, multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company&#x2019;s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholder&#x2019;s equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional&#xA0;<font style="WHITE-SPACE: nowrap">paid-in</font>&#xA0;capital.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Income Taxes</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December&#xA0;31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December&#xA0;31, 2016, 2015 and 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Income tax benefits related to stock compensation in excess of grant date fair value, less any proceeds on exercise, are recognized as an increase to additional&#xA0;<font style="WHITE-SPACE: nowrap">paid-in</font>&#xA0;capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional&#xA0;<font style="WHITE-SPACE: nowrap">paid-in</font>&#xA0;capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Earnings Per Share</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are&#xA0;<font style="WHITE-SPACE: nowrap">non-forfeitable,</font>&#xA0;therefore these unvested stock awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders&#x2019; equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic and diluted earnings per share have been computed based on the following:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="89%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands, except per share amounts)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income available to common stockholders</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,128,914</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">51,965,036</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,470,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Effect of dilutive stock options</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,119,394</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,106,896</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,097,258</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted weighted average shares outstanding</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">52,248,308</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,071,932</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">53,567,771</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Earnings per share:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.43</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.65</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For the years ended December&#xA0;31, 2016 and 2015, options for the exercise of 9,440 and 366,002 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. There were no anti-dilutive options for the year ended December&#xA0;31, 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Comprehensive Income</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders&#x2019; equity, are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Securities available for sale:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized gain (loss) on securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,637</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,193</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,669</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Defined benefit plans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized prior service cost</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(197</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(221</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized net actuarial loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(399</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(596</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(651</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax effect</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">209</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">228</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">Net-of-tax</font></font>&#xA0;amount</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(387</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unrecognized prior service costs amounting to $17,000, included in accumulated other comprehensive income at December&#xA0;31, 2016, are expected to be recognized as a component of net periodic cost for the year ending December&#xA0;31, 2017.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Recent Accounting Pronouncements</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In May 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;)&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2014-09,</font>&#xA0;<i>Revenue from Contracts with Customers (Topic 606).&#xA0;</i>The objective of this ASU was to clarify the principles for recognizing revenue and to develop a common revenue standard for generally accepted accounting principles (&#x201C;GAAP&#x201D;) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December&#xA0;15, 2017, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In January 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-01,</font>&#xA0;<i>Financial Instruments &#x2014; Overall, (Subtopic&#xA0;<font style="WHITE-SPACE: nowrap">825-10).</font>&#xA0;</i>The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted changes to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December&#xA0;15, 2017, including interim periods within those fiscal years. The Company has a portfolio of equity investments and if such guidance were effective for the year ended December&#xA0;31, 2016, a net unrealized gain of approximately $6.6&#xA0;million and related deferred tax provision of $2.3&#xA0;million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In February 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font>&#xA0;<i>Leases</i>&#xA0;<i>(Topic 842)</i>. This update is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-to-use</font></font>&#xA0;asset and liability representing the obligation to make lease payments for long-term operating leases. The update will be effective for public business entities for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In February 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-09,</font>&#xA0;<i>Compensation &#x2014; Stock Compensation: Improvements to Employee Share-Based Payment Accounting (Topic 718</i>). This update is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The more significant change relates to the recognition of excess tax benefits/deficiencies recorded on certain stock compensation transactions. Such items are reported in additional paid in capital and, upon adoption of the update, will be recorded as income tax benefit or expense in the income statement. Accordingly, the update is not expected to have a significant impact on the Company&#x2019;s consolidated financial statements. The update will be effective for public business entities for fiscal years beginning after December&#xA0;15, 2016, including interim periods within those fiscal years.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In June 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2016-13,</font>&#xA0;<i>Financial Instruments &#x2014; Credit Losses (Topic 326)</i>. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including loans,&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">held-to-maturity</font></font>&#xA0;debt securities and commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as Current Expected Credit Loss, or CECL, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses on&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale</font></font>&#xA0;debt securities will be measured in a manner similar to current GAAP, but will be recognized through an allowance rather than as a direct write-down. This update will be effective for fiscal years beginning after December&#xA0;15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for all entities for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">In January 2017, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">No.&#xA0;2017-04,</font>&#xA0;<i>Intangibles &#x2014; Goodwill and Other (Topic 350)</i>. The update intends to simplify the subsequent measurement of goodwill by requiring an entity to compare the fair value of a reporting unit to the carrying amount of goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#x2019;s fair value; however, the impairment charge should not exceed the total amount of goodwill allocated to that reporting unit. This update will be effective for fiscal years beginning after December&#xA0;15, 2019, including interim periods within those fiscal years.</font></p> </div> 205000 EBSB <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company&#x2019;s and the Bank&#x2019;s actual capital amounts and ratios follow:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="82%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Actual</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Minimum Capital<br /> Requirement</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Minimum To Be<br /> Well Capitalized<br /> Under Prompt<br /> Corrective Action<br /> Provisions</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom">&#xA0;<font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">633,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">15.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">338,878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">423,597</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">493,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">337,058</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">254,158</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">338,878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">252,794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">337,058</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common Equity Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">14.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">190,619</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">275,338</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">189,595</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">273,860</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tier 1 Capital (to Average Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">171,854</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">214,817</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">168,518</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">210,648</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">606,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">277,591</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">346,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">442,978</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">279,604</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">349,505</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">208,194</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">277,591</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">209,703</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">279,604</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Common Equity Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">156,145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">225,543</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">157,277</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">227,179</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tier 1 Capital (to Average Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">16.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">137,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">171,557</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">130,988</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">163,735</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.0</font></td> </tr> </table> </div> 0 205000 7180000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>14.&#xA0;&#xA0;&#xA0;&#xA0;SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited)</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The selected quarterly financial data presented below should be read in conjunction with the Consolidated Financial Statements and related notes.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="76%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" 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align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Third<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Second<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">First<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Fourth<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Third<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Second<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">First<br /> Quarter</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="30" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands, except per share amounts)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Interest and dividend income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">41,249</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">38,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">35,839</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">34,184</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">32,639</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">31,338</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,787</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Interest expense</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,830</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,118</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,384</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,805</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,300</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,125</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,841</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,185</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net interest income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">33,419</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">31,302</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">29,455</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">28,379</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">27,339</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26,213</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,946</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,393</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision for loan losses (1)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">858</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,952</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">1,066</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">544</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,412</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,651</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net interest income, after provision for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">32,115</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">30,444</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">25,503</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">27,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">26,795</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">23,801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">21,295</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">24,333</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">Non-interest</font>&#xA0;income (2)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,614</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,301</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,583</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,692</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,797</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">4,219</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><font style="WHITE-SPACE: nowrap">Non-interest</font>&#xA0;expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,778</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,164</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,322</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,230</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">19,187</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,089</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17,347</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">18,068</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Income before income taxes</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">17,951</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">14,581</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,764</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,775</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">10,282</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,509</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">8,167</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,615</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Provision for income taxes</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,642</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,084</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,857</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,298</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,407</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,767</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">2,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">3,210</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">11,309</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">9,497</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,907</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">7,477</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,875</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">5,585</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">6,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Earnings per share:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.19</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.13</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.22</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.18</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.13</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.11</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">0.12</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Weighted average shares:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Basic</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">50,940,037</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">50,982,633</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,026,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,569,683</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,982,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,940,055</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,074,889</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">51,862,146</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,102,511</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,093,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,137,475</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">52,663,921</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,092,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,023,850</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,166,560</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">53,003,621</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1)</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The provision for loan losses for the second quarter of 2016 reflected higher expense primarily due to loan portfolio growth in the commercial loan categories occurring in the quarter. For the second quarter of 2015, the provision for loan losses reflected higher provision expense primarily due to a $2.3 million charge-off related to a construction loan relationship.</font></p> </td> </tr> </table> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2)</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Non-interest income fluctuates each quarter primarily due to net securities gains.</font></p> </td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of loans follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Real estate loans:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Residential real estate:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">One-</font>&#xA0;to four-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">532,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">458,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Multi-family</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">562,948</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">417,388</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Home equity lines of credit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">42,913</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">46,660</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial real estate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,776,601</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,328,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Construction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">502,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">421,531</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total real estate loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,417,665</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,672,346</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Commercial and industrial</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">515,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">400,051</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Consumer</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">9,712</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">10,028</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total loans</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,942,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,082,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allowance for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred loan origination fees</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,990</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,778</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,898,668</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,045,242</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, the remaining principal balance on the ESOP debt is payable as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 92pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ending December&#xA0;31,</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In&#xA0;thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">667</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">689</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">711</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">734</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">758</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Thereafter</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,395</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> 1842000 2965000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended<br /> December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Statutory federal tax rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">35.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Increase (decrease) resulting from:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State taxes, net of federal tax benefit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Dividends received deduction</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(0.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Bank-owned life insurance</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(0.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Tax exempt income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5.9</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Other, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.6</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Effective tax rates</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">32.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of options and SARs under the plans as of December&#xA0;31, 2016, and activity during the year then ended, is presented below:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Number<br /> of Shares</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Weighted&#xA0;-Average</font><br /> Exercise Price</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Weighted&#xA0;-Average</font><br /> Remaining<br /> Contractual&#xA0; Life<br /> (in&#xA0;years)</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options outstanding at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,513,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.53</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.34</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(53,314</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.87</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">SARs exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(36,556</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.04</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forfeited</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40,508</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.94</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options outstanding at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,383,089</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.39</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options exercisable at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,115,966</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <br class="Apple-interchange-newline" /></div> 954000.0 0 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Transfers of Financial Assets</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1)&#xA0;the assets have been isolated from the Company, (2)&#xA0;the transferee obtains the right to pledge or exchange the transferred assets, and (3)&#xA0;the Company does not maintain effective control over the transferred assets.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.</font></p> </div> 8300000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Share-Based Compensation Plans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide service for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted quarterly based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted.</font></p> </div> 40508 3335000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Shares held by the ESOP include the following:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="95%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">851</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">729</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Committed to be allocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unallocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,679</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The weighted-average assumptions used and fair value for options granted during the years ended December&#xA0;31, 2015, respectively are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="96%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected term (years)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected dividend yield</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.83</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected volatility</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected forfeiture rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Risk-free interest rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.77</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Weighted average fair value of options granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.78</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of term certificates, by maturity, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="88%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 32pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Maturing</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted<br /> Average&#xA0;Rate</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Within 1 year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">539,903</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.16</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">504,756</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.03</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 1 year to 2 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">306,120</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.29</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">201,929</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 2 years to 3 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122,952</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.69</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">74,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.25</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 3 years to 4 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">133,256</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">79,017</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.83</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Over 4 years to 5 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,483</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.61</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.67</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Greater than 5 years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,512</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,351</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,128,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.38</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">888,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.21</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" valign="bottom"></td> </tr> </table> </div> <div> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Years Ended December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2014</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><u>STATEMENTS OF CASH FLOWS</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from operating activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net income</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,190</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,607</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">22,327</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Equity in undistributed earnings of subsidiaries</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(33,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(22,425</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net accretion of securities available for sale</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Gain on sales of securities, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(182</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Share-based compensation expense</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">319</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">97</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">140</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Decrease (increase) in other assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">828</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,489</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Increase in other liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">550</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">211</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,708</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash provided by operating activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,152</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,479</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">261</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from investing activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Purchases of certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(80,423</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(26,562</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(85,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Maturities of certificates of deposit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">99,162</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12,500</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Activity in securities available for sale:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Redemption (purchase) of mutual funds, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">123</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(18,981</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Proceeds from sales</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">782</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Proceeds from maturities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">25,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 4em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Purchases</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(600</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(5,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,991</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash received in MHC merger</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,640</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Capital contribution from subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,034</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Capital contribution to bank subsidiary</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(159,266</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Principal payments on ESOP loan receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">646</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">626</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,025</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash provided (used) by investing activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">44,690</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,437</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(281,539</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash flows from financing activities:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net proceeds from sale of common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">302,281</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash dividends paid on common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(6,148</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,462</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Repurchase of common stock</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(18,799</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(9,428</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Stock options exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">205</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">232</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">69</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 5em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net cash (used) provided by financing activities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(24,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(10,658</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">302,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net change in cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,100</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(7,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,072</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,255</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">183</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Cash and cash equivalents at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">34,613</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,255</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> 60000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>10.&#xA0;&#xA0;&#xA0;&#xA0;EMPLOYEE BENEFIT PLANS</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>401(k) Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company has a 401(k) plan to provide retirement benefits for eligible employees. Under this plan, each employee reaching the age of eighteen and having completed at least three months of service in any one twelve-month period, beginning with such employee&#x2019;s date of employment, can elect to be a participant in the retirement plan. All participants are fully vested upon entering the plan. The Company contributes an amount equal to three percent of an employee&#x2019;s compensation regardless of the employee&#x2019;s contributions and makes matching contributions equal to fifty percent of the first six percent of an employee&#x2019;s compensation contributed to the Plan. For the years ended December&#xA0;31, 2016, 2015 and 2014, expense attributable to the plan amounted to $1.6&#xA0;million, $1.6&#xA0;million and $1.4&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Supplemental Executive Retirement Benefits &#x2014; Officers and Directors</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company has supplemental retirement benefit agreements with certain officers. The present value of the estimated future benefits is accrued over the required service periods. At December&#xA0;31, 2016 and 2015, the accrued liability for these agreements amounted to $6.4&#xA0;million and $6.2&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company also has an unfunded Supplemental Executive Retirement Plan for certain directors which provides for a defined benefit obligation, based on the director&#x2019;s final average compensation. At December&#xA0;31, 2016 and 2015, the accrued liability for the plan amounted to $1.3&#xA0;million and $1.5&#xA0;million, respectively. Both contributions and benefit payments amounted to $411,000 for the year ended December&#xA0;31, 2016. No amounts were contributed or paid in the form of benefits for the years ended December&#xA0;31, 2015 or 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Supplemental executive retirement benefits expense for officers and directors amounted to $421,000, $1.5&#xA0;million and $1.1&#xA0;million for the years ended December&#xA0;31, 2016, 2015 and 2014, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Share-Based Compensation Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">On September&#xA0;17, 2015, stockholders of the Company approved the 2015 Equity Incentive Plan (the &#x201C;2015 EIP&#x201D;). The 2015 EIP provides for the award of up to 4,550,000 shares of common stock pursuant to grants of restricted stock awards, incentive stock options and&#xA0;<font style="WHITE-SPACE: nowrap">non-qualified</font>&#xA0;stock options; provided, however, that no more than 1,300,000 shares may be issued or delivered pursuant to restricted stock awards and no more than 3,250,000&#xA0;shares may be issued or delivered in the aggregate pursuant to the exercise of stock options. Pursuant to terms of the 2015 EIP, the Board of Directors has granted restricted stock and stock options to employees and directors. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December&#xA0;31, 2016, there were 717,290 restricted stock awards and 1,883,774 stock options that remain available for future grants.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company also maintains the 2008 Equity Incentive Plan (the &#x201C;2008 EIP&#x201D;). The 2008 EIP provides for the award of up to 3,547,732 shares of common stock pursuant to grants of restricted stock awards, incentive stock options,&#xA0;<font style="WHITE-SPACE: nowrap">non-qualified</font>&#xA0;stock options and stock appreciation rights (&#x201C;SARs&#x201D;); provided, however, that no more than 1,013,638 shares may be issued or delivered pursuant to restricted stock awards and no more than 2,534,094 shares may be issued or delivered in the aggregate pursuant to the exercise of stock options or SARs. The Board of Directors has granted restricted shares and stock options to employees and directors pursuant to the terms of the 2008 EIP. The options may be treated as stock appreciation rights that are settled in stock at the option of the vested participant. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December&#xA0;31, 2016, there were 7,595 restricted stock awards and 21,357 stock options that remain available for future grants.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The fair value of each option award for the 2015 EIP and 2008 EIP is estimated on the date of grant using the Black-Scholes Option-Pricing Model. The expected volatility is based on historical volatility of the stock price. The dividend yield assumption is based on the Company&#x2019;s expectation of dividend payouts. The Company uses historical employee turnover data to determine the expected forfeiture rate in the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company utilized the simplified method of calculating the expected term of the options granted in 2015 for the 2015 EIP and 2008 EIP because limited historical data specific to the shares exists at the present time. The simplified method is an appropriate method because the option awards are &#x201C;plain vanilla&#x201D; shares that are valued utilizing the Black-Scholes method. The weighted-average assumptions used and fair value for options granted during the years ended December&#xA0;31, 2015, respectively are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="96%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected term (years)</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected dividend yield</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">0.83</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected volatility</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">26.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Expected forfeiture rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.02</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Risk-free interest rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1.77</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">%&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Weighted average fair value of options granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.78</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The aggregate grant date fair value of options granted in 2015 was $5.9&#xA0;million. There were no options granted during the years ended December&#xA0;31, 2016 and December&#xA0;31, 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of options and SARs under the plans as of December&#xA0;31, 2016, and activity during the year then ended, is presented below:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Number<br /> of Shares</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Weighted&#xA0;-Average</font><br /> Exercise Price</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b><font style="WHITE-SPACE: nowrap">Weighted&#xA0;-Average</font><br /> Remaining<br /> Contractual&#xA0; Life<br /> (in&#xA0;years)</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options outstanding at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,513,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.53</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">6.34</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(53,314</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.87</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">SARs exercised</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(36,556</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">4.04</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forfeited</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(40,508</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.94</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options outstanding at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,383,089</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">8.60</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.39</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Options exercisable at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,115,966</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3.42</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The aggregate intrinsic value, which fluctuates based on changes in the fair market value of the Company&#x2019;s stock, is $34.9&#xA0;million and $28.4&#xA0;million for all outstanding and exercisable options, respectively, at December&#xA0;31, 2016, based on a closing stock price of $18.90. The aggregate intrinsic value represents the total&#xA0;<font style="WHITE-SPACE: nowrap">pre-tax</font>&#xA0;intrinsic value (i.e., the difference between the Company&#x2019;s closing stock price on the last trading day of 2016 and the weighted-average exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on December&#xA0;31, 2016. The total&#xA0;<font style="WHITE-SPACE: nowrap">pre-tax</font>&#xA0;intrinsic value for options exercised was $954,000, $2.3&#xA0;million and $287,000 for the years ended December&#xA0;31, 2016, 2015 and 2014, respectively. The total&#xA0;<font style="WHITE-SPACE: nowrap">pre-tax</font>&#xA0;intrinsic value for options exercised represents the difference between the weighted-average closing market stock price on the exercise date and the weighted-average exercise price, multiplied by the number of options exercised during the year. Shares for the exercise of stock options are expected to come from the Company&#x2019;s authorized and unissued shares.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The following table summarizes the Company&#x2019;s&#xA0;<font style="WHITE-SPACE: nowrap">non-vested</font>&#xA0;restricted stock activity for the year ended December&#xA0;31, 2016:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="95%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Number&#xA0;of<br /> Shares</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Weighted&#xA0;-<br /> Average<br /> <font style="WHITE-SPACE: nowrap">Grant-Date</font><br /> Fair Value</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-vested</font>&#xA0;restricted stock at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">777,341</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.27</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Granted</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Vested</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">172,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">12.45</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Forfeited</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.39</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><font style="WHITE-SPACE: nowrap">Non-vested</font>&#xA0;restricted stock at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">583,503</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">13.50</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The total fair value of restricted shares vested in 2016 was $3.3&#xA0;million.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">For the years ended December&#xA0;31, 2016, 2015 and 2014, share-based compensation expense under the plans and the related tax benefit totaled $3.3&#xA0;million and $1.1&#xA0;million, $1.1&#xA0;million and $289,000, and $792,000 and $218,000, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">As of December&#xA0;31, 2016, there was $11.8&#xA0;million of total unrecognized compensation expense related to&#xA0;<font style="WHITE-SPACE: nowrap">non-vested</font>&#xA0;options and restricted shares granted under the plan. This cost is expected to be recognized over a weighted-average period of 3.7 years.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Employee Stock Ownership Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company established an ESOP for its eligible employees effective January&#xA0;1, 2008 to provide eligible employees the opportunity to own Company stock. The plan is a&#xA0;<font style="WHITE-SPACE: nowrap">tax-qualified</font>&#xA0;retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The ESOP acquired 2,027,275 shares in the Company&#x2019;s initial stock offering with the proceeds of a loan totaling $8.3&#xA0;million from the Company&#x2019;s subsidiary, Meridian Interstate Funding Corporation. The loan was payable annually over 20 years at a rate of 6.5%. In conjunction with the Conversion, Meridian Interstate Funding Corporation was liquidated and merged into the Company. The Company refinanced the original loan to the ESOP with an additional $16.3&#xA0;million payable over 25 years at a rate of 3.5%. The ESOP then acquired an additional 1,625,000 shares at $10.00 per share representing 5% of the shares issued in the Company&#x2019;s second-step offering with proceeds from the Company&#x2019;s loan to the ESOP. In total, the ESOP has purchased 3,652,275 shares at an average price of $7.22 per share. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The Company&#x2019;s annual cash contributions to the ESOP at a minimum will be sufficient to service the annual debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. Cash dividends received on unallocated shares are utilized to prepay the loan and dividends received on allocated shares are distributed to the participants.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">At December&#xA0;31, 2016, the remaining principal balance on the ESOP debt is payable as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="WIDTH: 92pt; BORDER-BOTTOM: rgb(0,0,0) 1px solid"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Year Ending December&#xA0;31,</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In&#xA0;thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2017</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">667</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2018</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">689</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2019</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">711</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2020</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">734</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2021</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">758</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Thereafter</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">17,395</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">20,954</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Shares held by the ESOP include the following:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="95%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">851</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">729</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Committed to be allocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">122</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Unallocated</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,679</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,801</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,652</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The fair value of the unallocated shares was $50.6&#xA0;million and $39.5&#xA0;million at December&#xA0;31, 2016 and 2015, respectively. Total compensation expense recognized in connection with the ESOP for the years ended December&#xA0;31, 2016, 2015 and 2014 was $1.8&#xA0;million, $1.6&#xA0;million and $1.3&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Bank-Owned Life Insurance</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company is the sole owner of life insurance policies pertaining to certain employees. The Company has entered into agreements with these employees whereby the Company will pay to the employees&#x2019; estate or beneficiaries a portion of the death benefit that the Company will receive as beneficiary of such policies. These post-retirement benefits are accrued over the expected service period of the employees. Expense associated with this post-retirement benefit for the years ended December&#xA0;31, 2016, 2015 and 2014 amounted to $543,000, $410,000 and $490,000, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Incentive Compensation Plan</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Eligible officers and employees of the Company participate in an incentive compensation plan which is based on various factors as set forth by the Executive Committee. Incentive compensation plan expense for the years ended December&#xA0;31, 2016, 2015 and 2014 amounted to $4.9&#xA0;million, $4.2&#xA0;million and $3.5&#xA0;million, respectively.</font></p> </div> -20000000 13.71 1.50 10.00 0.95 99162000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A summary of deposit balances, by type, follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="93%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Demand deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">431,222</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">370,546</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">NOW deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">630,413</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">334,753</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Money market deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">980,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">860,957</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Regular savings and other deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">305,632</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">288,180</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total&#xA0;<font style="WHITE-SPACE: nowrap">non-certificate</font>&#xA0;accounts</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,347,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,854,436</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Term certificates less than $250,000</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">850,565</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">648,278</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Term certificates $250,000 and greater</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">277,661</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">240,304</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total certificate accounts</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,128,226</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">888,582</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total deposits</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">3,475,837</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,743,018</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> P6M 573000 0.10 543000 0.10 10809000 P20Y 2900000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Federal Home Loan Bank Stock</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Bank, as a member of the Federal Home Loan Bank (&#x201C;FHLB&#x201D;) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis on the FHLB stock. As of December&#xA0;31, 2016 no impairment has been recognized.</font></p> </div> 145000 -1191000 114200000 7180000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Certificates of Deposit</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Certificates of deposit are purchased from FDIC-insured depository institutions, have an original maturity greater than 90 days and up to 24 months and are carried at cost. At December&#xA0;31, 2016, all certificates of deposit invested in by the Company exceeded the FDIC insurance limit of $250,000 but were insured up to the full amount under the Massachusetts Depositors Insurance Fund, Massachusetts Credit Union Insurance Corporation or Massachusetts Cooperative Bank Share Insurance Fund.</font></p> </div> 3652275 0 1.00 4900000 P3M <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">A reconciliation of the Company&#x2019;s and Bank&#x2019;s stockholders&#x2019; equity to total regulatory capital follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="81%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Consolidated</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Bank</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Consolidated</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>Bank</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total stockholders&#x2019; equity per financial statements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">607,297</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">467,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">588,126</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">424,535</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Adjustments to Tier 1 and Common Equity Tier 1 capital:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Accumulated other comprehensive (gain) loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">2,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net unrealized losses on marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Goodwill disallowed</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total Tier 1 and Common Equity Tier 1 capital</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Adjustments to total capital:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Allowance for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">45% of net unrealized gains on marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Total regulatory capital</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">633,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">493,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">606,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">442,978</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> -8000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>4.&#xA0;&#xA0;&#xA0;&#xA0;SERVICING</b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Loans serviced for others by the Company are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage loans serviced for others amounted to $107.8&#xA0;million, $129.8&#xA0;million and $150.5&#xA0;million at December&#xA0;31, 2016, 2015 and 2014, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Included in loans serviced for others at December&#xA0;31, 2016, 2015 and 2014 is $47.2&#xA0;million, $56.0&#xA0;million and $65.6&#xA0;million, respectively, of loans serviced for the Federal Home Loan Bank of Boston with a recourse provision whereby the Company may be obligated to participate in potential losses on a limited basis when a realized loss on foreclosure occurs. Losses are borne in priority order by the borrower, PMI insurance, the Federal Home Loan Bank and the Company. At December&#xA0;31, 2016, 2015 and 2014, the maximum contingent liability associated with loans sold with recourse is $3.0&#xA0;million, $2.8&#xA0;million and $3.2&#xA0;million, respectively, which is not recorded in the consolidated financial statements. The Company has never repurchased any loans or incurred any losses under these recourse provisions.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Mortgage servicing rights were immaterial for the years ended December&#xA0;31, 2016, 2015 and 2014.</font></p> </div> P90D 23762000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Bank-Owned Life Insurance</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Bank has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as excess insurance proceeds received, are reflected in&#xA0;<font style="WHITE-SPACE: nowrap">non-interest</font>&#xA0;income on the consolidated statements of net income and are not subject to income taxes.</font></p> </div> 0.06 0.05 P18Y 80423000 0.752 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The components of the net deferred tax asset are as follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"></td> <td></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">19,275</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">18,034</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,482</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">5,094</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">24,757</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">23,128</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Deferred tax liabilities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="break-inside: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Federal</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(2,625</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(671</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(415</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(3,296</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">(1,882</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Net deferred tax asset</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,461</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">21,246</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div> 0 P6M <div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>11.&#xA0;&#xA0;&#xA0;&#xA0;STOCKHOLDERS&#x2019; EQUITY</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Minimum Regulatory Capital Requirements</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Both the Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the Federal Deposit Insurance Corporation, respectively, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and <font style="WHITE-SPACE: nowrap">off-balance</font> sheet items to broad risk categories. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company&#x2019;s and Bank&#x2019;s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain <font style="WHITE-SPACE: nowrap">off-balance-sheet</font> items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to mutual holding companies.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Federal banking regulations include minimum capital requirements as set forth in the following table. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer is being phased in over three years, beginning on January&#xA0;1, 2016. Also, certain new deductions from and adjustments to regulatory capital will be phased in over several years. Management believes that the Company&#x2019;s capital levels will remain characterized as &#x201C;well-capitalized&#x201D; throughout the phase in periods.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s and the Bank&#x2019;s actual capital amounts and ratios follow:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="82%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Actual</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Minimum Capital<br /> Requirement</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Minimum To Be<br /> Well Capitalized<br /> Under Prompt<br /> Corrective Action<br /> Provisions</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">&#xA0;<font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Amount</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Ratio</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="22" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><i>(Dollars in thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>December&#xA0;31, 2016</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">633,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">338,878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">423,597</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">493,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">337,058</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">421,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">254,158</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">338,878</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">252,794</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">337,058</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Common Equity Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">190,619</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">275,338</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">189,595</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">273,860</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Tier 1 Capital (to Average Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">171,854</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">214,817</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">168,518</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">210,648</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>December&#xA0;31, 2015</u></b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">606,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">17.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">277,591</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">346,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">442,978</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">279,604</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">349,505</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">208,194</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">277,591</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">209,703</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">279,604</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Common Equity Tier 1 Capital (to Risk Weighted Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">156,145</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">225,543</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">157,277</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">227,179</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Tier 1 Capital (to Average Assets):</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Company</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">137,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">171,557</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bank</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">130,988</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">163,735</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">A reconciliation of the Company&#x2019;s and Bank&#x2019;s stockholders&#x2019; equity to total regulatory capital follows:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="COLOR: white; LINE-HEIGHT: 0pt; VISIBILITY: hidden"> <td width="81%"></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td nowrap="nowrap"><font size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2016</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2015</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Consolidated</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Bank</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Consolidated</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Bank</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><i>(In thousands)</i></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total stockholders&#x2019; equity per financial statements</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">607,297</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">467,821</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">588,126</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">424,535</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Adjustments to Tier 1 and Common Equity Tier 1 capital:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Accumulated other comprehensive (gain) loss</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,806</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,092</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Net unrealized losses on marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(3,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(3,325</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Goodwill disallowed</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(13,687</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 3em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Tier 1 and Common Equity Tier 1 capital</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">591,804</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">452,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">573,206</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">409,573</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Adjustments to total capital:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Allowance for loan losses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">40,149</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 2em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">45% of net unrealized gains on marketable equity securities</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,467</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total regulatory capital</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">633,420</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">493,944</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">606,611</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">442,978</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Liquidation Account</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">At the time of the minority stock offering, which was completed on January&#xA0;22, 2008, the Company established a liquidation account totaling $114.2&#xA0;million. The liquidation account is equal to the net worth of the Company as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection with the minority stock offering. In addition, the Company also established a secondary liquidation account totaling $150.2&#xA0;million in connection with the second-step offering that was completed on July&#xA0;28, 2014. This liquidation account is equal to Meridian Financial Services, Incorporated&#x2019;s ownership interest in Old Meridian&#x2019;s total stockholders&#x2019; equity as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection second-step stock offering plus the value of the net assets of Meridian Financial Services, Incorporated as of the date of the latest statement of financial condition of Meridian Financial Services, Incorporated prior to the consummation of the conversion (excluding its ownership of Old Meridian). The liquidation accounts are maintained for the benefit of the eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the offerings. The liquidation accounts are reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder&#x2019;s interest in the liquidation account. In the event of a complete liquidation, each eligible account holder will be entitled to receive balances for accounts held then. At December&#xA0;31, 2016, the minority stock offering and second-step offering liquidation accounts amounted to $15.4&#xA0;million and $74.8&#xA0;million, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Other Capital Restrictions</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount for dividends which may be paid in any calendar year cannot exceed the Bank&#x2019;s net income for the current year, plus the Bank&#x2019;s net income retained for the two previous years, without regulatory approval. At December&#xA0;31, 2016, the Bank&#x2019;s retained earnings available for the payment of dividends was $80.6&#xA0;million. Loans or advances are limited to 10% of the Bank&#x2019;s capital stock and surplus on a secured basis. Funds available for loans or advances by the Bank to the Company amounted to $46.8&#xA0;million. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank&#x2019;s capital to be reduced below applicable minimum capital requirements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Stock Repurchases and Dividends</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The Company may use capital management tools such as cash dividends and common share repurchases. Massachusetts regulations restrict repurchases for the first three years following the second-step conversion except where compelling and valid business reasons are established to the satisfaction of the Massachusetts Commissioner of Banks. The Company is also subject to the Federal Reserve Board&#x2019;s notice provisions for stock repurchases. In August 2015, the Company received regulatory approval from the Massachusetts Commissioner of Banks and a <font style="WHITE-SPACE: nowrap">non-objection</font> from the Federal Reserve Bank to adopt a stock repurchase program for up to 5% of its common stock. As of December&#xA0;31, 2016, the Company had repurchased 2,059,611 shares of its stock at an average price of $13.71 per share, or 75.2% of the 2,737,334 shares authorized for repurchase under the Company&#x2019;s repurchase program. For the year ended December&#xA0;31, 2016, the Company&#x2019;s Board of Directors declared four quarterly cash dividends of $0.03 per common share on March&#xA0;1, 2016, June&#xA0;1, 2016, September&#xA0;1, 2016 and December&#xA0;1, 2016.</font></p> </div> 865000 <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Supplemental Director and Executive Retirement and Long-Term Health Care Plans</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">The Company accounts for certain supplemental director and executive retirement and long-term health care benefits on the net periodic cost method using an actuarial model that allocates costs over the service period of participants in the plans. The Company accounts for the over-funded or under-funded status of these defined benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.</font></p> </div> <div> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 25px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b><i>Marketing and Advertising</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: small; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6px; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">Marketing and advertising costs are expensed as incurred.</font></p> </div> 80000 3281000 80000 4228000 302000 111000 186000 13000 -71000 1129000 9440 P25Y 49000 60000 13000 1635000 84000 821000 36556 4.04 P3Y8M12D 3300000 2300000 6600000 -596000 -209000 -387000 36000 57000 19000 55000 24000 19000 -399000 197000 32000 56000 411000 2033-10-17 1 Mo. Libor + 175bp Fixed (4.1052%) 2033-10-17 Fixed (4.1052%) 1 Mo. Libor + 175bp 2026-12-13 Fixed (3.82%) 1 Mo. Libor + 205bp 2026-12-13 1 Mo. 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Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2016
Feb. 22, 2017
Jun. 30, 2016
Document And Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2016    
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus FY    
Trading Symbol EBSB    
Entity Registrant Name Meridian Bancorp, Inc.    
Entity Central Index Key 0001600125    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Common Stock, Shares Outstanding   53,627,751  
Entity Public Float     $ 793,517,005
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and due from banks $ 236,423,000 $ 96,363,000
Certificates of deposit 80,323,000 99,062,000
Securities available for sale, at fair value 67,663,000 141,646,000
Federal Home Loan Bank stock, at cost 18,175,000 10,931,000
Loans held for sale 3,944,000 4,669,000
Loans, net of fees and costs 3,938,817,000 3,078,647,000
Less: allowance for loan losses (40,149,000) (33,405,000)
Loans, net 3,898,668,000 3,045,242,000
Bank-owned life insurance 40,745,000 39,557,000
Premises and equipment, net 41,427,000 40,248,000
Accrued interest receivable 10,381,000 8,574,000
Deferred tax asset, net 21,461,000 21,246,000
Goodwill 13,687,000 13,687,000
Other assets 3,105,000 3,284,000
Total assets 4,436,002,000 3,524,509,000
Deposits:    
Non interest-bearing 431,222,000 370,546,000
Interest-bearing 3,044,615,000 2,372,472,000
Total deposits 3,475,837,000 2,743,018,000
Short-term borrowings 0 20,000,000
Long-term debt 322,512,000 147,226,000
Accrued expenses and other liabilities 30,356,000 26,139,000
Total liabilities 3,828,705,000 2,936,383,000
Commitments and contingencies (Notes 4, 5 and 9)
Stockholders' equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued
Common stock, $0.01 par value, 100,000,000 shares authorized; 53,596,105 and 54,875,237 shares issued and outstanding at December 31, 2016 and 2015, respectively 536,000 549,000
Additional paid-in capital 390,065,000 403,737,000
Retained earnings 234,290,000 206,214,000
Accumulated other comprehensive income (loss) 1,806,000 (2,092,000)
Unearned compensation - ESOP, 2,678,800 and 2,800,564 shares at December 31, 2016 and 2015, respectively (19,400,000) (20,282,000)
Total stockholders' equity 607,297,000 588,126,000
Total liabilities and stockholders' equity $ 4,436,002,000 $ 3,524,509,000
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 53,596,105 54,875,237
Common stock, shares outstanding 53,596,105 54,875,237
Unearned compensation, ESOP 2,678,800 2,800,564
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Net Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest and dividend income:      
Interest and fees on loans $ 145,541 $ 118,586 $ 103,814
Interest on debt securities:      
Taxable 866 1,608 2,468
Tax-exempt 114 162 178
Dividends on equity securities 1,529 1,638 1,425
Interest on certificates of deposit 495 624 47
Other interest and dividend income 1,147 724 747
Total interest and dividend income 149,692 123,342 108,679
Interest expense:      
Interest on deposits 24,124 18,479 18,041
Interest on short-term borrowings 6 5  
Interest on long-term debt 3,007 1,967 2,472
Total interest expense 27,137 20,451 20,513
Net interest income 122,555 102,891 88,166
Provision for loan losses 7,180 6,667 3,313
Net interest income, after provision for loan losses 115,375 96,224 84,853
Non-interest income:      
Customer service fees 8,484 7,923 7,492
Loan fees 865 917 591
Mortgage banking gains, net 573 535 532
Gain on sales of securities, net 3,020 2,432 6,258
Income from bank-owned life insurance 1,188 1,225 1,165
Other income 60 8 18
Total non-interest income 14,190 13,040 16,056
Non-interest expenses:      
Salaries and employee benefits 48,828 44,737 41,407
Occupancy and equipment 10,809 9,876 9,258
Data processing 5,135 5,204 4,516
Marketing and advertising 3,217 3,715 2,901
Professional services 2,965 2,633 2,469
Deposit insurance 2,037 1,989 2,131
Other general and administrative 4,503 4,537 4,752
Total non-interest expenses 77,494 72,691 67,434
Income before income taxes 52,071 36,573 33,475
Provision for income taxes 17,881 11,966 11,148
Net income $ 34,190 $ 24,607 $ 22,327
Earnings per share:      
Basic $ 0.67 $ 0.47 $ 0.43
Diluted $ 0.65 $ 0.46 $ 0.42
Weighted average shares:      
Basic 51,128,914 51,965,036 52,470,513
Diluted 52,248,308 53,071,932 53,567,771
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Comprehensive Income - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net income $ 34,190,000 $ 24,607,000 $ 22,327,000
Securities available for sale:      
Unrealized holding gain (loss) 9,464,000 (5,982,000) 4,449,000
Reclassification adjustment for gains realized in income [1] (3,020,000) (2,432,000) (6,258,000)
Net unrealized gain (loss) 6,444,000 (8,414,000) (1,809,000)
Tax effect (2,582,000) 3,327,000 780,000
Net-of-tax amount 3,862,000 (5,087,000) (1,029,000)
Reclassification adjustments:      
Amortization of prior service cost 17,000    
Net unrealized gain (loss) 6,444,000 (8,414,000) (1,809,000)
Tax effect (2,582,000) 3,327,000 780,000
Net-of-tax amount 3,862,000 (5,087,000) (1,029,000)
Total other comprehensive income (loss) 3,898,000 (4,990,000) (1,206,000)
Comprehensive income 38,088,000 19,617,000 21,121,000
Defined Benefit Plans [Member]      
Securities available for sale:      
Net unrealized gain (loss) 55,000 149,000 (273,000)
Tax effect (19,000) (52,000) 96,000
Net-of-tax amount 36,000 97,000 (177,000)
Reclassification adjustments:      
Amortization of prior service cost [2] 24,000 45,000 45,000
Amortization of unrecognized cost [2] 32,000 105,000 3,000
Actuarial net loss arising during the year (57,000) (1,000) (321,000)
Settlement costs 56,000    
Net unrealized gain (loss) 55,000 149,000 (273,000)
Tax effect (19,000) (52,000) 96,000
Net-of-tax amount 36,000 97,000 $ (177,000)
Comprehensive income $ (596,000) $ (651,000)  
[1] Amounts are included in gain on sales of securities, net in the Consolidated Statements of Net Income. Provision for income tax associated with the reclassification adjustments for the years ended December 31, 2016, 2015 and 2014 was $1.2 million, $962,000 and $2.7 million, respectively.
[2] Amounts are included in salaries and employee benefits in the Consolidated Statements of Net Income. Benefit for income tax associated with the reclassification adjustments for the years ended December 31, 2016, 2015 and 2014 was $19,000, $52,000 and $17,000, respectively.
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income tax associated with reclassification adjustments $ 1,200,000 $ 962,000 $ 2,700,000
Defined Benefit Plans [Member]      
Benefit for income tax associated with the reclassification adjustments on salaries and employee benefits $ 19,000 $ 52,000 $ 17,000
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Changes In Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Unearned Compensation - ESOP [Member]
Treasury Stock [Member]
Beginning Balance at Dec. 31, 2013 $ 249,205   $ 98,428 $ 162,388 $ 4,104 $ (5,796) $ (9,919)
Beginning balance, shares at Dec. 31, 2013   54,406,335          
Conversion of Meridian Interstate Bancorp, Inc. 302,281 $ 531 301,750        
Conversion of Meridian Interstate Bancorp, Inc., shares   (1,356,629)          
Purchase by ESOP   $ 16 16,234     (16,250)  
Purchase by ESOP, shares   1,625,000          
Treasury stock retired     (9,769)       9,769
Contribution of Meridian Financial Services, MHC 2,640   2,640        
Comprehensive income 21,121     22,327 (1,206)    
ESOP shares earned 1,335   453     882  
Share-based compensation expense - restricted stock, net of awards forfeited 492   492        
Share-based compensation expense - restricted stock, net of awards forfeited, shares   (1,861)          
Share-based compensation expense - stock options, net of awards forfeited 300   300        
Excess tax benefits in connection with share-based compensation 267   267        
Stock options exercised 69   (81)       $ 150
Stock options exercised, shares   35,221          
Ending Balance at Dec. 31, 2014 577,710 $ 547 410,714 184,715 2,898 (21,164)  
Ending balance, shares at Dec. 31, 2014   54,708,066          
Comprehensive income 19,617     24,607 (4,990)    
Dividends declared (3,108)     (3,108)      
Repurchased stock related to buyback program (9,428) $ (7) (9,421)        
Repurchased stock related to buyback program, shares   (722,104)          
ESOP shares earned 1,595   713     882  
Share-based compensation expense - restricted stock, net of awards forfeited 731 $ 7 724        
Share-based compensation expense - restricted stock, net of awards forfeited, shares   685,480          
Share-based compensation expense - stock options, net of awards forfeited 357   357        
Excess tax benefits in connection with share-based compensation 420   420        
Stock options exercised 232 $ 2 230        
Stock options exercised, shares   203,795          
Ending Balance at Dec. 31, 2015 $ 588,126 $ 549 403,737 206,214 (2,092) (20,282)  
Ending balance, shares at Dec. 31, 2015 54,875,237 54,875,237          
Comprehensive income $ 38,088     34,190 3,898    
Dividends declared (6,114)     (6,114)      
Repurchased stock related to buyback program $ (18,799) $ (13) (18,786)        
Repurchased stock related to buyback program, shares (2,059,611) (1,337,507)          
ESOP shares earned $ 1,842   960     882  
Share-based compensation expense - restricted stock, net of awards forfeited 2,104   2,104        
Share-based compensation expense - restricted stock, net of awards forfeited, shares   (21,538)          
Share-based compensation expense - stock options, net of awards forfeited 1,231   1,231        
Excess tax benefits in connection with share-based compensation 614   614        
Stock options exercised $ 205   205        
Stock options exercised, shares 53,314 79,913          
Ending Balance at Dec. 31, 2016 $ 607,297 $ 536 $ 390,065 $ 234,290 $ 1,806 $ (19,400)  
Ending balance, shares at Dec. 31, 2016 53,596,105 53,596,105          
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dividends declared per share $ 0.12 $ 0.06  
ESOP shares earned 121,764 121,764 121,765
Additional Paid-in Capital [Member]      
ESOP shares earned 121,764 121,764 121,765
Unearned Compensation - ESOP [Member]      
ESOP shares earned 121,764 121,764 121,765
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 34,190 $ 24,607 $ 22,327
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of acquisition fair value adjustments (145) (133) (53)
ESOP shares earned expense 1,842 1,595 1,335
Provision for loan losses 7,180 6,667 3,313
Accretion of net deferred loan origination fees (1,273) (1,011) (608)
Net accretion of securities available for sale (47) (64) (34)
Depreciation and amortization expense 3,004 2,524 2,385
Gain on sales of securities, net (3,020) (2,432) (6,258)
Net loss and provision for foreclosed real estate 8 214 303
Deferred income tax benefit (2,816) (2,361) (1,256)
Income from bank-owned life insurance (1,188) (1,225) (1,165)
Share-based compensation expense 3,335 1,088 792
Excess tax benefits in connection with share-based compensation (614) (420) (267)
Net changes in:      
Loans held for sale 725 (3,698) 1,392
Accrued interest receivable (1,807) (826) (621)
Other assets 179 3,172 (446)
Accrued expenses and other liabilities 4,458 80 1,162
Net cash provided by operating activities 44,011 27,777 22,301
Cash flows from investing activities:      
Purchases of certificates of deposit (80,423) (26,562) (85,000)
Maturities of certificates of deposit 99,162 12,500  
Activity in securities available for sale:      
Proceeds from maturities, calls and principal payments 56,353 44,470 45,874
Redemption (purchase) of mutual funds, net 1,191 19,867 (18,995)
Proceeds from sales 38,429 27,120 33,335
Purchases (12,035) (35,507) (60,264)
Loans originated, net of principal payments received (860,088) (401,953) (387,952)
Proceeds from bank-owned life insurance death benefit   279  
Purchases of premises and equipment (4,100) (4,177) (1,388)
Cash received in MHC merger     2,640
(Purchase) redemption of Federal Home Loan Bank stock (7,244) 1,794 (818)
Proceeds from sales of foreclosed real estate 808 832 1,758
Net cash provided (used) by investing activities (767,947) (361,337) (470,810)
Cash flows from financing activities:      
Net increase in deposits 732,838 239,102 255,357
Net change in borrowings with maturities less than three months (20,000) 20,000  
Proceeds from Federal Home Loan Bank advances with maturities of three months or more 220,000 18,000 57,131
Repayment of Federal Home Loan Bank advances with maturities of three months or more (44,714) (42,673) (47,135)
Cash dividends paid on common stock (6,148) (1,462)  
Stock options exercised 205 232 69
Repurchase of common stock (18,799) (9,428)  
Excess tax benefits in connection with share-based compensation 614 420 267
Net proceeds from sale of common stock     302,281
Net cash (used) provided by financing activities 863,996 224,191 567,970
Net change in cash and cash equivalents 140,060 (109,369) 119,461
Cash and cash equivalents at beginning of year 96,363 205,732 86,271
Cash and cash equivalents at end of year 236,423 96,363 205,732
Supplemental cash flow information:      
Interest paid on deposits 23,762 18,477 17,974
Interest paid on borrowings 2,900 1,994 2,489
Income taxes paid, net of refunds 19,151 $ 13,905 12,461
Non-cash investing and financing activities:      
Transfers from loans to foreclosed real estate 816   1,717
Net amounts due (to) from broker on security transactions $ (462)   $ 2,120
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

Meridian Bancorp, Inc. (the “Company”) is a Maryland corporation incorporated on March 6, 2014 to be the successor to Meridian Interstate Bancorp, Inc. (“Old Meridian”) upon completion of the second-step mutual-to-stockconversion (the “Conversion”) of Meridian Financial Services, Incorporated (the “MHC”), the top tier mutual holding company of Old  Meridian. Old Meridian was the former mid-tier holding company for East Boston Savings Bank (the “Bank”). Prior to completion of the Conversion, approximately 59% of the shares of common stock of Old Meridian were owned by the MHC. In conjunction with the Conversion, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company and the Company became its successor under the name Meridian Bancorp, Inc. The Conversion was completed July 28, 2014.

The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. The Company owns the Bank. The Bank’s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkeley Riverbend Estates LLC, both of which can hold foreclosed real estate, and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation.

Business and Operating Segments

The Company provides loan and deposit services to its customers through its local banking offices in the greater Boston metropolitan area. The Company is subject to competition from other financial institutions including commercial banks, other savings banks, credit unions, mortgage banking companies and other financial service providers.

Generally, financial information is to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company’s performance and allocates resources based on a single segment concept. Accordingly, there is no separately identified material operating segment for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues.

Use of Estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and evaluation of securities for other-than-temporary impairment.

Significant Concentrations of Credit Risk

Most of the Company’s activities are with customers located within Massachusetts. Note 2 includes the types of securities in which the Company invests and Note 3 includes the types of lending in which the Company engages. The Company believes that it does not have any significant loan concentrations or security in any one industry or with any customer.

Reclassification

Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform to the 2016 presentation.

 

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, cash and cash equivalents include amounts due from banks and federal funds sold on a daily basis, which mature overnight or on demand. The Company may from time to time have deposits in financial institutions which exceed the federally insured limits. At December 31, 2016, the Company had a concentration of cash on deposit at the Federal Reserve Bank amounting to $191.8 million.

Certificates of Deposit

Certificates of deposit are purchased from FDIC-insured depository institutions, have an original maturity greater than 90 days and up to 24 months and are carried at cost. At December 31, 2016, all certificates of deposit invested in by the Company exceeded the FDIC insurance limit of $250,000 but were insured up to the full amount under the Massachusetts Depositors Insurance Fund, Massachusetts Credit Union Insurance Corporation or Massachusetts Cooperative Bank Share Insurance Fund.

Fair Value Hierarchy

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 — Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Transfers between levels are recognized at the end of a reporting period, if applicable.

Securities Available for Sale

Securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component in other comprehensive income, net of tax effects. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

Each reporting period, the Company evaluates all securities with a decline in fair value below the amortized cost of the investment to determine whether or not other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income, net of applicable taxes.

 

Federal Home Loan Bank Stock

The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis on the FHLB stock. As of December 31, 2016 no impairment has been recognized.

Loans Held For Sale

Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.

Loans

The Company grants mortgage, commercial and consumer loans to customers. The Company’s loan portfolio includes one- to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments.

A substantial portion of the loan portfolio is represented by mortgage loans throughout eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area.

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net deferred loan origination costs or fees. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method over the terms of the loans.

The accrual of interest on all loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable losses inherent in the loan portfolio and is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The adequacy of the allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

The allowance consists of general and allocated components and may include an unallocated component, as further described below.

General Component

The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by loan segments and classes. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquent and non-accrual loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; national and local economic trends and conditions, and industry conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2016, 2015 or 2014.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows:

One- to four-family residential real estate loans and home equity lines of credit — The Company primarily originates loans with a loan-to-value ratio of 80% or less and does not grant subprime loans. The Company may also originate loans with loan-to-value ratios up to 95% (100% for first time home buyers only) with such value measured at origination; however, private mortgage insurance is generally required for loans with a loan-to-value ratio over 80%. All loans in these segments are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments.

Multi-family and commercial real estate loans — Loans in these segments are primarily income-producing properties such as apartment buildings and properties used for business purposes such as office buildings, industrial facilities and retail facilities. These properties are generally located in the greater Boston metropolitan area and certain other areas in eastern Massachusetts, and in southeastern New Hampshire and Maine. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in these segments. Management obtains rent rolls annually and continually monitors the cash flows of these loans.

Construction loans — Loans in this segment primarily include loans for construction of commercial development projects, including apartment buildings, small industrial buildings and retail and office buildings. The Company also originates loans to individuals and to builders to finance the construction of residential dwellings. Most of these construction loans provide for the payment of only interest during the construction phase, which is usually up to 12 to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally are made with a maximum loan to value ratio of 80% of the appraised market value upon completion of the project. Management carefully monitors the existing construction portfolio for performance and project completion, with a goal of moving completed commercial projects to the commercial real estate portfolio and reviewing sales-based projects for tracking toward construction goals. The rent-up or sales of the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates or decreased home sales.

Commercial and industrial loans — Loans in this segment are made to businesses in the Company’s market area and are generally secured by real estate or other assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment.

Consumer loans — Loans in this segment may include automobile loans, loans secured by passbook or certificate accounts and overdraft loans and repayment is dependent on the credit quality of the individual borrower.

 

Allocated Component

The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for multi-family residential, commercial real estate, construction and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual one- to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired.

Unallocated Component

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general components of the allowance for loan losses.

Bank-Owned Life Insurance

The Bank has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as excess insurance proceeds received, are reflected in non-interest income on the consolidated statements of net income and are not subject to income taxes.

Premises and Equipment

Land is carried at cost. Buildings, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for improvements are capitalized and depreciated.

Derivative Financial Instruments

Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value, if material.

 

Loan Level Interest Rate Swaps

The Company enters into interest rate swaps with commercial loan customers to synthetically convert the customer’s loan from a variable rate to a fixed rate. These swaps are matched in offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets and other liabilities. The Company’s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other non-interest income.

Derivative Loan Commitments

Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net, if material.

Forward Loan Sale Commitments

To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery forward sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net if material.

Foreclosed Assets

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. The excess, if any, of the loan balance over the fair value of the asset at the time of transfer from loans to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations, changes in the valuation allowance, any direct write-downs and gains or losses on sales are included in other general and administrative expenses.

Valuation of Goodwill and Analysis for Impairment

The Company’s goodwill resulted from the acquisition of another financial institution accounted for under the acquisition method of accounting. The amount of goodwill recorded at acquisition was impacted by the recorded fair value of the assets acquired and liabilities assumed, which is an estimate determined by the use of internal or other valuation techniques.

Goodwill is subject to an annual review by management that first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of the Company unless management determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the two-step quantitative goodwill impairment test is necessary, step one compares the book value of the Company to the fair value of the Company. If book value exceeds fair value, a more detailed analysis is performed, which involves measuring the excess of the fair value of the Company, as determined in step one, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the Company was being acquired in a business combination. In the event of future changes in fair value, the Company may be exposed to an impairment charge that could be material.

 

Transfers of Financial Assets

Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets.

During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.

Marketing and Advertising

Marketing and advertising costs are expensed as incurred.

Supplemental Director and Executive Retirement and Long-Term Health Care Plans

The Company accounts for certain supplemental director and executive retirement and long-term health care benefits on the net periodic cost method using an actuarial model that allocates costs over the service period of participants in the plans. The Company accounts for the over-funded or under-funded status of these defined benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.

Share-Based Compensation Plans

The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide service for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted quarterly based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted.

Employee Stock Ownership Plan

Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP, multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholder’s equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital.

Income Taxes

Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December 31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2016, 2015 and 2014.

Income tax benefits related to stock compensation in excess of grant date fair value, less any proceeds on exercise, are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.

Earnings Per Share

Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are non-forfeitable, therefore these unvested stock awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations.

Basic and diluted earnings per share have been computed based on the following:

 

       Years Ended December 31,  
       2016        2015        2014  
       (Dollars in thousands, except per share amounts)  

Net income available to common stockholders

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

Basic weighted average shares outstanding

       51,128,914          51,965,036          52,470,513  

Effect of dilutive stock options

       1,119,394          1,106,896          1,097,258  
    

 

 

      

 

 

      

 

 

 

Diluted weighted average shares outstanding

       52,248,308        $ 53,071,932        $ 53,567,771  
    

 

 

      

 

 

      

 

 

 

Earnings per share:

              

Basic

     $ 0.67        $ 0.47        $ 0.43  

Diluted

     $ 0.65        $ 0.46        $ 0.42  

For the years ended December 31, 2016 and 2015, options for the exercise of 9,440 and 366,002 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. There were no anti-dilutive options for the year ended December 31, 2014.

 

Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Securities available for sale:

       

Net unrealized gain (loss) on securities available for sale

     $ 3,637      $ (2,807

Tax effect

       (1,444      1,138  
    

 

 

    

 

 

 

Net-of-tax amount

       2,193        (1,669
    

 

 

    

 

 

 

Defined benefit plans:

       

Unrecognized prior service cost

       (197      (221

Unrecognized net actuarial loss

       (399      (430
    

 

 

    

 

 

 

Total

       (596      (651

Tax effect

       209        228  
    

 

 

    

 

 

 

Net-of-tax amount

       (387      (423
    

 

 

    

 

 

 
     $ 1,806      $ (2,092
    

 

 

    

 

 

 

Unrecognized prior service costs amounting to $17,000, included in accumulated other comprehensive income at December 31, 2016, are expected to be recognized as a component of net periodic cost for the year ending December 31, 2017.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of this ASU was to clarify the principles for recognizing revenue and to develop a common revenue standard for generally accepted accounting principles (“GAAP”) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted changes to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has a portfolio of equity investments and if such guidance were effective for the year ended December 31, 2016, a net unrealized gain of approximately $6.6 million and related deferred tax provision of $2.3 million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This update is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-to-use asset and liability representing the obligation to make lease payments for long-term operating leases. The update will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting (Topic 718). This update is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The more significant change relates to the recognition of excess tax benefits/deficiencies recorded on certain stock compensation transactions. Such items are reported in additional paid in capital and, upon adoption of the update, will be recorded as income tax benefit or expense in the income statement. Accordingly, the update is not expected to have a significant impact on the Company’s consolidated financial statements. The update will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including loans, held-to-maturity debt securities and commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as Current Expected Credit Loss, or CECL, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses on available-for-sale debt securities will be measured in a manner similar to current GAAP, but will be recognized through an allowance rather than as a direct write-down. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350). The update intends to simplify the subsequent measurement of goodwill by requiring an entity to compare the fair value of a reporting unit to the carrying amount of goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the impairment charge should not exceed the total amount of goodwill allocated to that reporting unit. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Securities Available for Sale
12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale

2. SECURITIES AVAILABLE FOR SALE

The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows:

 

       Amortized
Cost
       Gross
Unrealized
Gains
       Gross
Unrealized
Losses
     Fair
Value
 
       (In thousands)  

December 31,2016

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 12,989        $ 16        $ (3    $ 13,002  

Industrials

       1,000          3                 1,003  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       13,989          19          (3      14,005  

Municipal bonds

       1,202          17                 1,219  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       5,284          325          (3      5,606  

Private label

       779          22                 801  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       21,254          383          (6      21,631  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       6,763          901          (232      7,432  

Consumer products and services

       13,567          1,093          (382      14,278  

Financial services

       5,953          970                 6,923  

Healthcare

       8,225          533          (456      8,302  

Industrials

       4,181          624          (11      4,794  

Technology

       4,081          440          (220      4,301  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       42,770          4,561          (1,301      46,030  

Money market mutual funds

       2                          2  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       42,772          4,561          (1,301      46,032  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total securities available for sale

     $ 64,026        $ 4,944        $ (1,307    $ 67,663  
    

 

 

      

 

 

      

 

 

    

 

 

 

December 31, 2015

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 26,430        $ 101        $ (42    $ 26,489  

Industrials

       2,999          11                 3,010  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       29,429          112          (42      29,499  

Government-sponsored enterprises

       11,000          2          (40      10,962  

Municipal bonds

       4,326          89                 4,415  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       6,948          436          (3      7,381  

Private label

       878          26                 904  

U.S. treasury securities

       24,996                   (62      24,934  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       77,577          665          (147      78,095  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       13,221          370          (4,043      9,548  

Consumer products and services

       18,987          1,060          (1,578      18,469  

Financial services

       11,821          782          (649      11,954  

Healthcare

       9,403          1,050          (117      10,336  

Industrials

       5,308          96          (573      4,831  

Technology

       4,987          138          (559      4,566  

Utilities

       1,956          757          (11      2,702  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       65,683          4,253          (7,530      62,406  

Money market mutual funds

       1,193                   (48      1,145  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       66,876          4,253          (7,578      63,551  

Total securities available for sale

     $ 144,453        $ 4,918        $ (7,725    $ 141,646  
    

 

 

      

 

 

      

 

 

    

 

 

 

At December 31, 2016, securities with an amortized cost of $4.2 million and $680,000 were pledged as collateral for Federal Home Loan Bank of Boston borrowings and for the Federal Reserve Bank discount window borrowings, respectively. See Note 7.

 

The amortized cost and fair value of debt securities by contractual maturity at December 31, 2016 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties.

 

    One Year or Less     After One Year
Through Five Years
    After Five Years     Total  
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
 
    (In thousands)  

Corporate bonds:

               

Financial services

  $ 12,989     $ 13,002     $     $     $     $     $ 12,989     $ 13,002  

Industrials

    1,000       1,003                               1,000       1,003  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total corporate bonds

    13,989       14,005                               13,989       14,005  

Municipal bonds

    480       483       722       736                   1,202       1,219  

Residential mortgage-backed securities:

               

Government-sponsored enterprises

                1       1       5,283       5,605       5,284       5,606  

Private label

                            779       801       779       801  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 14,469     $ 14,488     $ 723     $ 737     $ 6,062     $ 6,406     $ 21,254     $ 21,631  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the years ended December 31, 2016, 2015 and 2014, proceeds from sales of securities available for sale amounted to $38.4 million, $27.1 million and $33.3 million, respectively. Gross gains of $7.2 million, $4.2 million and $6.3 million and gross losses of $4.2 million, $1.8 million and $91,000, respectively, were realized on those sales.

 

Information pertaining to securities available for sale as of December 31, 2016 and 2015, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31,2016

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 3        $ 5,000        $        $  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       3          5,000          3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

                         232          1,568  

Consumer products and services

       237          3,496          145          1,618  

Healthcare

       259          2,039          197          1,377  

Industrials

       11          450                    

Technology

                         220          1,681  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 510        $ 10,985        $ 797        $ 6,449  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31, 2015

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 10        $ 4,998        $ 32        $ 3,468  

Government-sponsored enterprises

       14          3,986          26          4,974  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          215  

U.S. treasury securities

       62          24,934                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       86          33,918          61          8,657  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

       2,043          4,478          2,000          3,138  

Consumer products and services

       1,099          7,521          479          1,657  

Financial services

       421          4,019          228          540  

Healthcare

       117          1,202                    

Industrials

       573          2,647                    

Technology

       103          675          456          1,091  

Utilities

       11          8                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       4,367          20,550          3,163          6,426  

Money market mutual funds

                         48          1,020  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       4,367          20,550          3,211          7,446  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 4,453        $ 54,468        $ 3,272        $ 16,103  
    

 

 

      

 

 

      

 

 

      

 

 

 

The Company determined no securities were other-than-temporarily impaired for the years ended December 31, 2016, 2015 and 2014. Management evaluates securities for other-than-temporary impairment on a quarterly basis, with more frequent evaluation for selected issuers or when economic or market concerns warrant such evaluations.

At December 31, 2016, 19 marketable equity securities with a fair value of $12.2 million had gross unrealized losses totaling $1.3 million, or an aggregate depreciation of 9.6% from the Company’s cost basis. These marketable equity securities consisted of nine securities with a fair value of $6.0 million and a gross unrealized loss of $507,000 for less than 12 months and 10 securities with a fair value of $6.2 million and a gross unrealized loss of $794,000 for 12 months or longer. The marketable equity securities in a gross unrealized loss position for 12 months or longer were comprised of three securities in the basic materials sector with a fair value of $1.6 million and a gross unrealized loss of $232,000, three marketable equity securities in the consumer products and services sector with a fair value of $1.6 million and a gross unrealized loss of $145,000, two securities in the healthcare sector with a fair value of $1.4 million and a gross unrealized loss of $197,000 and two securities in the technology sector with a fair value of $1.7 million and a gross unrealized loss of $220,000.

In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year time frame. A decline of 10% or more in the value of an acquired equity security is generally the triggering event for management to review individual securities for liquidation and/or write-down. Impairment losses are recognized when management concludes that declines in the value of equity securities are other than temporary, or when they can no longer assert that they have the intent and ability to hold depreciated equity securities for a period of time sufficient to allow for any anticipated recovery in fair value. Unrealized losses on marketable equity securities that are in excess of 25% of cost and that have been sustained for more than twelve months are generally considered-other-than temporary and charged to earnings as impairment losses, or realized through sale of the security.

Although issuers within the marketable equity securities portfolio had price declines resulting in unrealized losses, management does not believe these declines in market value are other than temporary and the Company currently has the ability and intent to hold these investments until a recovery of fair value.

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans
12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Loans

3.     LOANS

A summary of loans follows:

 

       December 31,  
       2016      2015  
       (Dollars in thousands)  

Real estate loans:

       

Residential real estate:

       

One- to four-family

     $ 532,450      $ 458,423  

Multi-family

       562,948        417,388  

Home equity lines of credit

       42,913        46,660  

Commercial real estate

       1,776,601        1,328,344  

Construction

       502,753        421,531  
    

 

 

    

 

 

 

Total real estate loans

       3,417,665        2,672,346  

Commercial and industrial

       515,430        400,051  

Consumer

       9,712        10,028  
    

 

 

    

 

 

 

Total loans

       3,942,807        3,082,425  

Allowance for loan losses

       (40,149      (33,405

Net deferred loan origination fees

       (3,990      (3,778
    

 

 

    

 

 

 

Loans, net

     $ 3,898,668      $ 3,045,242  
    

 

 

    

 

 

 

The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying balance sheets. The Company and participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2016 and 2015, the Company was servicing loans for participants aggregating $210.5 million and $137.7 million, respectively.

At December 31, 2016, multi-family and commercial real estate loans with carrying values totaling $73.0 million and $473.2 million, respectively, were pledged as collateral for Federal Home Loan Bank of Boston borrowings. See Note 7.

 

An analysis of the allowance for loan losses and related information follows:

 

    One- to
four-family
  Multi-
family
  Home
equity lines
of credit
  Commercial
real estate
  Construction   Commercial
and
industrial
  Consumer   Total
    (In thousands)

Balance at December 31, 2013

    $ 1,991     $ 2,419     $ 155     $ 12,831     $ 4,374     $ 3,433     $ 132     $ 25,335

Provision (credit) for loan losses

      (155 )       1,216       (50 )       255       715       1,264       68       3,313

Charge-offs

      (54 )             (5 )       (116 )       (71 )       (72 )       (187 )       (505 )

Recoveries

      67                   30       137       8       84       326
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2014

      1,849       3,635       100       13,000       5,155       4,633       97       28,469

Provision (credit) for loan losses

      (446 )       (250 )       104       1,479       4,564       1,022       194       6,667

Charge-offs

      (165 )             (60 )             (2,287 )       (36 )       (306 )       (2,854 )

Recoveries

      116                   18       881       1       107       1,123
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2015

      1,354       3,385       144       14,497       8,313       5,620       92       33,405

Provision (credit) for loan losses

      13       1,129       (71 )       4,228       874       821       186       7,180

Charge-offs

                              (486 )       (49 )       (302 )       (837 )

Recoveries

                              230       60       111       401
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2016

    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2016

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 49     $ 137     $     $     $     $     $     $ 186

Amount of allowance for loan losses for loans not deemed to be impaired

      1,318       4,377       73       18,725       8,931       6,452       87       39,963
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,422     $ 1,359     $     $ 2,807     $ 988     $ 1,808     $     $ 8,384

Loans not deemed to be impaired

      531,028       561,589       42,913       1,773,794       501,765       513,622       9,712       3,934,423
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 532,450     $ 562,948     $ 42,913     $ 1,776,601     $ 502,753     $ 515,430     $ 9,712     $ 3,942,807
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2015

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 3     $ 143     $     $ 84     $     $ 44     $     $ 274

Amount of allowance for loan losses for loans not deemed to be impaired

      1,351       3,242       144       14,413       8,313       5,576       92       33,131
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,354     $ 3,385     $ 144     $ 14,497     $ 8,313     $ 5,620     $ 92     $ 33,405
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,582     $ 1,401     $     $ 3,663     $ 16,026     $ 805     $     $ 23,477

Loans not deemed to be impaired

      456,841       415,987       46,660       1,324,681       405,505       399,246       10,028       3,058,948
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 458,423     $ 417,388     $ 46,660     $ 1,328,344     $ 421,531     $ 400,051     $ 10,028     $ 3,082,425
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

The following table provides information about the Company’s past due and non-accrual loans:

 

       30-59
Days
Past Due
       60-89
Days
Past Due
       90 Days
or Greater
Past Due
       Total
Past Due
       Loans on
Non-accrual
 
       (In thousands)  

December 31,2016

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 641        $ 834        $ 2,902        $ 4,377        $ 8,487  

Home equity lines of credit

       707          131          672          1,510          674  

Commercial real estate

       105                   1,904          2,009          2,807  

Construction

                         815          815          815  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       1,453          965          6,293          8,711          12,783  

Commercial and industrial

                         653          653          653  

Consumer

       679          392                   1,071           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 2,132        $ 1,357        $ 6,946        $ 10,435        $ 13,436  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

December 31, 2015

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 1,674        $ 221        $ 3,266        $ 5,161        $ 9,264  

Home equity lines of credit

       587                   1,166          1,753          1,763  

Commercial real estate

       483                   2,652          3,135          3,663  

Construction

                         15,849          15,849          15,849  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       2,744          221          22,933          25,898          30,539  

Commercial and industrial

                         805          805          805  

Consumer

       580          317                   897           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 3,324        $ 538        $ 23,738        $ 27,600        $ 31,344  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

At December 31, 2016 and 2015, the Company did not have any accruing loans past due 90 days or more.

 

The following tables provide information with respect to the Company’s impaired loans:

 

    December 31,  
    2016     2015  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
    (In thousands)  

Impaired loans without a valuation allowance:

           

One- to four-family

  $ 841     $ 1,281       $ 1,318     $ 1,813    

Multi-family

    74       74         88       88    

Commercial real estate

    2,807       3,102         2,652       2,947    

Construction

    988       1,083         16,026       18,660    

Commercial and industrial

    1,808       2,138         761       1,095    
 

 

 

   

 

 

     

 

 

   

 

 

   

Total

    6,518       7,678         20,845       24,603    
 

 

 

   

 

 

     

 

 

   

 

 

   

Impaired loans with a valuation allowance:

           

One- to four-family

    581       581     $ 49       264       264     $ 3  

Multi-family

    1,285       1,285       137       1,313       1,313       143  

Commercial real estate

                      1,011       1,022       84  

Commercial and industrial

                      44       44       44  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    1,866       1,866       186       2,632       2,643       274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 8,384     $ 9,544     $ 186     $ 23,477     $ 27,246     $ 274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At December 31, 2016, additional funds committed to be advanced in connection with impaired construction loans were immaterial.

 

    Years Ended December 31,  
    2016     2015     2014  
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
 
    (In thousands)  

One- to four-family

  $ 1,788     $ 68     $ 47     $ 2,625     $ 120     $ 72     $ 4,246     $ 243     $ 103  

Multi-family

    1,379       55             1,421       55             3,395       297        

Home equity lines of credit

                                        20       1        

Commercial real estate

    3,281       80       80       7,425       284       81       10,463       456       273  

Construction

    11,076       31       17       16,273       315       295       11,060       314       247  

Commercial and industrial

    1,635       84       13       930       5       5       1,139       26       17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 19,159     $ 318     $ 157     $ 28,674     $ 779     $ 453     $ 30,323     $ 1,337     $ 640  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

The following table summarizes the TDRs at the dates indicated:

 

       December 31,  
       2016        2015  
       (In thousands)  

TDRs on accrual status:

         

One- to four-family

     $ 2,219        $ 2,621  

Multi-family

       1,359          1,402  

Home equity lines of credit

       18          18  

Commercial real estate

       9,460          9,968  

Construction

       174          174  

Commercial and industrial

       27          33  
    

 

 

      

 

 

 

Total TDRs on accrual status

       13,257          14,216  
    

 

 

      

 

 

 

TDRs on non-accrual status:

         

One- to four-family

       1,123          1,261  

Commercial real estate

                528  

Construction

                1,136  

Commercial and industrial

                186  
    

 

 

      

 

 

 

Total TDRs on non-accrual status

       1,123          3,111  
    

 

 

      

 

 

 

Total TDRs

     $ 14,380        $ 17,327  
    

 

 

      

 

 

 

The Company generally places loans modified as TDRs on non-accrual status for a minimum period of six months. Loans modified as TDRs qualify for return to accrual status once they have demonstrated performance with the modified terms of the loan agreement for a minimum of six months and future payments are reasonably assured. TDRs are initially reported as impaired loans with an allowance established as part of the allocated component of the allowance for loan losses when the discounted cash flows of the impaired loan is lower than the carrying value of that loan. TDRs may be removed from impairment disclosures in the year following the restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. At December 31, 2016 and 2015, the allowance for loan losses included an allocated component related to TDRs of $186,000 and $68,000, respectively. There were no charge-offs related to the TDRs modified during the years ended December 31, 2016 and 2015, respectively.

TDRs that defaulted and became 90 days past due in the first twelve months after restructure were immaterial for the years ended December 31, 2016, 2015 and 2014.

The Company utilizes a nine-grade internal loan rating system for multi-family, commercial real estate, construction, and commercial and industrial loans as follows:

 

   

Loans rated 1, 2, 3 and 3A:    Loans in these categories are considered “pass” rated loans with low to average risk.

 

   

Loans rated 4 and 4A:    Loans in these categories are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management.

 

   

Loans rated 5:    Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.

 

   

Loans rated 6:    Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.

 

   

Loans rated 7:    Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted.

On an annual basis, or more often if needed, the Company formally reviews the ratings on all multi-family, commercial real estate, construction, and commercial and industrial loans. The Company also engages an independent third-party to review a significant portion of loans within these segments on at least an annual basis. Management uses the results of these reviews as part of its annual review process.

The following tables provide the Company’s risk-rated loans by class:

 

    December 31,  
    2016     2015  
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
 
    (In thousands)  

Loans rated
1 — 3A

  $ 556,892     $ 1,771,671     $ 500,565     $ 465,979     $ 408,121     $ 1,320,748     $ 403,411     $ 375,013  

Loans rated
4 — 4A

    841       2,123             22,820       887       3,655             24,199  

Loans rated 5

    5,215       2,807       2,188       26,631       8,380       3,941       18,120       839  

Loans rated 6

                                               

Loans rated 7

                                               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 562,948     $ 1,776,601     $ 502,753     $ 515,430     $ 417,388     $ 1,328,344     $ 421,531     $ 400,051  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For one- to four-family residential real estate loans, home equity lines of credit and consumer loans, management uses delinquency reports as the key credit quality indicator.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Servicing
12 Months Ended
Dec. 31, 2016
Text Block [Abstract]  
Servicing

4.    SERVICING

Loans serviced for others by the Company are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage loans serviced for others amounted to $107.8 million, $129.8 million and $150.5 million at December 31, 2016, 2015 and 2014, respectively.

Included in loans serviced for others at December 31, 2016, 2015 and 2014 is $47.2 million, $56.0 million and $65.6 million, respectively, of loans serviced for the Federal Home Loan Bank of Boston with a recourse provision whereby the Company may be obligated to participate in potential losses on a limited basis when a realized loss on foreclosure occurs. Losses are borne in priority order by the borrower, PMI insurance, the Federal Home Loan Bank and the Company. At December 31, 2016, 2015 and 2014, the maximum contingent liability associated with loans sold with recourse is $3.0 million, $2.8 million and $3.2 million, respectively, which is not recorded in the consolidated financial statements. The Company has never repurchased any loans or incurred any losses under these recourse provisions.

Mortgage servicing rights were immaterial for the years ended December 31, 2016, 2015 and 2014.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Premises and Equipment
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Premises and Equipment

5. PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation and amortization of premises and equipment follows:

 

       December 31,      Estimated
Useful
Lives
 
       2016      2015     
       (In thousands)         

Land and land improvements

     $ 8,243      $ 8,243        N/A  

Buildings

       34,421        34,113        40 Years  

Leasehold improvements

       8,629        6,680        5-20 Years  

Equipment

       20,799        18,956        3-7 Years  
    

 

 

    

 

 

    
       72,092        67,992     

Less accumulated depreciation and amortization

       (30,665      (27,744   
    

 

 

    

 

 

    
     $ 41,427      $ 40,248     
    

 

 

    

 

 

    

Depreciation and amortization expense for the years ended December 31, 2016, 2015 and 2014 amounted to $3.0 million, $2.5 million and $2.4 million, respectively.

Lease Commitments

The Company is obligated under non-cancelable operating lease agreements for banking offices and facilities. These leases have terms with renewal options, the cost of which is not included below. The leases generally provide that real estate taxes, insurance, maintenance and other related costs are to be paid by the Company. At December 31, 2016, future minimum lease payments are as follows:

 

Years Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 1,797  

2018

       1,726  

2019

       1,468  

2020

       1,391  

2021

       1,332  

Thereafter

       7,279  
    

 

 

 
     $ 14,993  
    

 

 

 

Total rent expense for all operating leases amounted to $1.7 million, $1.5 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively.

XML 27 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Deposits
12 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
Deposits

6. DEPOSITS

A summary of deposit balances, by type, follows:

 

       December 31,  
       2016        2015  
       (In thousands)  

Demand deposits

     $ 431,222        $ 370,546  

NOW deposits

       630,413          334,753  

Money market deposits

       980,344          860,957  

Regular savings and other deposits

       305,632          288,180  
    

 

 

      

 

 

 

Total non-certificate accounts

       2,347,611          1,854,436  
    

 

 

      

 

 

 

Term certificates less than $250,000

       850,565          648,278  

Term certificates $250,000 and greater

       277,661          240,304  
    

 

 

      

 

 

 

Total certificate accounts

       1,128,226          888,582  
    

 

 

      

 

 

 

Total deposits

     $ 3,475,837        $ 2,743,018  
    

 

 

      

 

 

 

A summary of term certificates, by maturity, follows:

 

       December 31,  
       2016      2015  

Maturing

     Amount        Weighted
Average Rate
     Amount        Weighted
Average Rate
 
       (Dollars in thousands)  

Within 1 year

     $ 539,903          1.16    $ 504,756          1.03

Over 1 year to 2 years

       306,120          1.29        201,929          1.25  

Over 2 years to 3 years

       122,952          1.69        74,304          1.25  

Over 3 years to 4 years

       133,256          2.02        79,017          1.83  

Over 4 years to 5 years

       22,483          1.61        25,225          1.67  

Greater than 5 years

       3,512          5.50        3,351          5.50  
    

 

 

         

 

 

      
     $ 1,128,226          1.38    $ 888,582          1.21
    

 

 

         

 

 

      

The Company had brokered certificates of deposit, which are included in term certificates in the tables above, totaling $158.5 million with a weighted average rate of 1.33% and $130.8 million with a weighted average rate of 1.22% at December 31, 2016 and 2015, respectively. At December 31, 2016, the Company also had brokered NOW deposits totaling $296.3 million representing reciprocal deposits received from other financial institutions through Authorized Bank Deposit Placement Network Sponsor to facilitate full federal deposit insurance coverage for certain Bank customers. There were no brokered NOW deposits at December 31, 2015.

XML 28 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Borrowings
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Borrowings

7.    BORROWINGS

The Company had no short-term borrowings at December 31, 2016. At December 31, 2015, short-term borrowings with an original maturity of less than three months consisted of a FHLB advance totaling $20.0 million with a rate of 0.57% that matured on January 16, 2016. The Company also has an available line of credit of $9.4 million with the FHLB at an interest rate that adjusts daily and $680,000 of borrowing capacity at the Federal Reserve Bank discount window. No amounts were drawn on the line of credit and no borrowings were outstanding with the Federal Reserve Bank discount window as of December 31, 2016 or December 31, 2015.

 

Long-term debt consists of FHLB advances as follows:

 

       December 31,  
       2016      2015  
        Amount        Weighted
Average Rate
     Amount        Weighted
Average
Rate
 
       (Dollars in thousands)  

Fixed rate advances maturing:

                 

2016

     $             $ 41,500          1.20

2017

       89,632          1.32        89,632          1.32  

2018

       43,000          1.25        3,000          1.63  

2019

       4,891          1.23        6,684          1.23  

2020

       4,989          1.22        6,410          1.22  

2021

       45,000          1.46                  

2023

       10,000          2.10                  

2026

       20,000          0.59                  

2031

       20,000          0.88                  
    

 

 

         

 

 

      
       237,512          1.26        147,226          1.28  
    

 

 

         

 

 

      

Variable rate advances maturing:

                 

2020

       25,000          0.27                  

2021

       60,000          0.31                  
    

 

 

         

 

 

      
       85,000          0.29                  
    

 

 

         

 

 

      

Total advances

     $ 322,512          1.01    $ 147,226          1.28
    

 

 

         

 

 

      

At December 31, 2016, advances amounting to $145.0 million are callable by the FHLB prior to maturity, including advances totaling $85.0 million with variable rates based on the 3-Month London Interbank Offered Rate (LIBOR), less 60 basis points, during the first year.

All borrowings from the FHLB are secured by investment securities (see Note 2) and qualified collateral, consisting of a blanket lien on one- to four-family loans and certain multi-family and commercial real estate loans held in the Bank’s portfolio. At December 31, 2016, the Company pledged multi-family and commercial real estate loans with carrying values totaling $73.0 million and $473.2 million, respectively.

 

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

8.    INCOME TAXES

Allocation of federal and state income taxes between current and deferred portions is as follows:

 

       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

Current tax provision:

          

Federal

     $ 15,989      $ 11,109      $ 9,684  

State

       4,708        3,218        2,720  
    

 

 

    

 

 

    

 

 

 

Total current provision

       20,697        14,327        12,404  
    

 

 

    

 

 

    

 

 

 

Deferred tax benefit:

          

Federal

       (2,176      (1,841      (980

State

       (640      (520      (276
    

 

 

    

 

 

    

 

 

 

Total deferred benefit

       (2,816      (2,361      (1,256
    

 

 

    

 

 

    

 

 

 

Total tax provision

     $ 17,881      $ 11,966      $ 11,148  
    

 

 

    

 

 

    

 

 

 

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

 

       Years Ended
December 31,
 
       2016      2015      2014  
       (In thousands)  

Statutory federal tax rate

       35.0      35.0      35.0

Increase (decrease) resulting from:

          

State taxes, net of federal tax benefit

       5.1        4.8        4.7  

Dividends received deduction

       (0.7      (1.1      (1.0

Bank-owned life insurance

       (0.8      (1.2      (1.2

Tax exempt income

       (5.9      (6.0      (5.4

Other, net

       1.6        1.2        1.2  
    

 

 

    

 

 

    

 

 

 

Effective tax rates

       34.3      32.7      33.3
    

 

 

    

 

 

    

 

 

 

The components of the net deferred tax asset are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Federal

     $ 19,275      $ 18,034  

State

       5,482        5,094  
    

 

 

    

 

 

 
       24,757        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Federal

       (2,625      (1,467

State

       (671      (415
    

 

 

    

 

 

 
       (3,296      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 

 

The tax effects of each item that give rise to deferred tax assets and deferred tax liabilities are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Allowance for loan loss

     $ 16,401      $ 13,646  

Employee benefit and retirement plans

       5,011        4,880  

Acquisition accounting

       2,135        2,163  

Net unrealized loss on securities available for sale

              1,138  

Non-accrual interest

       1,091        1,091  

Other

       208        210  
    

 

 

    

 

 

 
       24,846        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Net unrealized gain on securities available for sale

       (1,444       

Depreciation and amortization

       (1,289      (1,232

Other

       (652      (650
    

 

 

    

 

 

 
       (3,385      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 

The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is not “more likely than not” that some portion or all of the deferred tax assets will be realized. The Company assesses the realizability of its deferred tax assets by assessing the likelihood of the Company generating federal and state tax income, as applicable, in future periods in amounts sufficient to offset the deferred tax charges in the periods they are expected to reverse. Based on this assessment, management concluded that a valuation allowance was not required as of December 31, 2016, 2015 and 2014.

The federal income tax reserve for loan losses at the Company’s base year is $9.8 million. If any portion of the reserve is used for purposes other than to absorb loan losses, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve to absorb only loan losses, a deferred tax liability of $4.0 million has not been provided.

The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2013 through 2016. The years open to examination by state taxing authorities vary by jurisdiction; no years prior to 2013 are open.

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Commitments and Contingencies and Derivatives
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments and Contingencies and Derivatives

9.    OTHER COMMITMENTS AND CONTINGENCIES AND DERIVATIVES

In the normal course of business, there are outstanding commitments and contingencies which are not reflected in the accompanying consolidated financial statements.

Loan Commitments

The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

 

The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows:

 

                                                 
       December 31,  
       2016        2015  
       (In thousands)  

Unadvanced portion of existing loans:

         

Construction

     $ 503,586        $ 567,177  

Home equity lines of credit

       36,722          34,965  

Other lines and letters of credit

       314,225          149,973  

Commitments to originate:

         

One- to four-family

       18,272          15,122  

Commercial real estate

       42,141          57,589  

Construction

       231,274          125,367  

Commercial and industrial

       31,463          45,960  

Other loans

       350          1,159  
    

 

 

      

 

 

 

Total loan commitments outstanding

     $ 1,178,033        $ 997,312  
    

 

 

      

 

 

 

Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Company for the extension of credit, is based upon management’s credit evaluation of the borrower. Collateral held includes, but is not limited to, residential real estate and deposit accounts.

Unfunded commitments under lines of credit are commitments for possible future extensions of credit to existing customers. These lines of credit are collateralized if deemed necessary and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Interest Rate Swaps

The Company is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that the Company enters into with commercial business customers to synthetically convert their loans from a variable rate to a fixed rate. The Company pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. Concurrently, the Company enters into an offsetting interest rate swap with a third party financial institution. In the offsetting swap, the Company pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating and probability of default. At December 31, 2016 and 2015, the Company had $1.8 million and $1.4 million, respectively, in cash pledged for collateral on its interest rate swaps with the third party financial institution.

 

Summary information regarding these derivatives is presented below:

 

                December 31,
                2016   2015
    Maturity   Interest Rate Paid   Interest
Rate Received
  Notional
Amount
  Fair
Value
  Notional
Amount
  Fair
Value
            (Dollars in thousands)

Customer interest rate swap

      10/17/33   1 Mo. Libor + 175bp   Fixed (4.1052%)     $ 10,922     $ 839     $ 11,100     $ 1,008

Third-party interest rate swap

      10/17/33   Fixed (4.1052%)   1 Mo. Libor + 175bp       10,922       (839 )       11,100       (1,008 )

Customer interest rate swap

      12/13/26   1 Mo. Libor + 205bp   Fixed (3.82%)     $ 3,036     $ (60 )     $ —       $ —  

Third-party interest rate swap

      12/13/26   Fixed (3.82%)   1 Mo. Libor + 205bp       3,036       60       —         —  

Derivative Loan Commitments

Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential real estate loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A residential loan commitment requires the Company to originate a loan at a specific interest rate upon the completion of various underwriting requirements. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from the exercise of the loan commitment might decline from the inception of the rate lock to funding of the loan due to increases in loan interest rates. If interest rates increase, the value of these commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Derivative loan commitments with a notional amount of $7.6 million and $6.6 million were outstanding at December 31, 2016 and 2015, respectively. The fair value of such commitments was a net liability of $6,000 at December 31, 2016 and a net asset of $15,000 at December 31, 2015.

Forward Loan Sale Commitments

To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Under a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a “pair-off” fee, based then-current market prices, to compensate the investor for the shortfall. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. The Company generally enters into forward sale contracts on the same day it commits to lend funds to a potential borrower. The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Forward loan sale commitments with a notional amount of $11.4 million and $11.1 million were outstanding at December 31, 2016 and 2015, respectively. The fair value of such commitments was a net asset of $154,000 and $65,000 at December 31, 2016 and 2015, respectively.

Other Commitments

As of December 31, 2016, the Company has an outstanding commitment of $21.6 million with its core data processing provider through December 2021.

 

Employment and Change in Control Agreements

The Company has entered into employment agreements with certain senior executives which provide for a minimum annual salary, subject to increase at the discretion of the Board of Directors, and other benefits. The agreements may be terminated for cause by the Company without further liability on the part of the Bank, or by the executives with prior written notice to the Board of Directors. The Company also has change in control agreements with several officers which provide a severance payment in the event employment is terminated in conjunction with a defined change in control.

Legal Claims

Various legal claims may arise from time to time in the normal course of business, but in the opinion of management, these claims are not expected to have a material effect on the Company’s consolidated financial statements.

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

10.    EMPLOYEE BENEFIT PLANS

401(k) Plan

The Company has a 401(k) plan to provide retirement benefits for eligible employees. Under this plan, each employee reaching the age of eighteen and having completed at least three months of service in any one twelve-month period, beginning with such employee’s date of employment, can elect to be a participant in the retirement plan. All participants are fully vested upon entering the plan. The Company contributes an amount equal to three percent of an employee’s compensation regardless of the employee’s contributions and makes matching contributions equal to fifty percent of the first six percent of an employee’s compensation contributed to the Plan. For the years ended December 31, 2016, 2015 and 2014, expense attributable to the plan amounted to $1.6 million, $1.6 million and $1.4 million, respectively.

Supplemental Executive Retirement Benefits — Officers and Directors

The Company has supplemental retirement benefit agreements with certain officers. The present value of the estimated future benefits is accrued over the required service periods. At December 31, 2016 and 2015, the accrued liability for these agreements amounted to $6.4 million and $6.2 million, respectively.

The Company also has an unfunded Supplemental Executive Retirement Plan for certain directors which provides for a defined benefit obligation, based on the director’s final average compensation. At December 31, 2016 and 2015, the accrued liability for the plan amounted to $1.3 million and $1.5 million, respectively. Both contributions and benefit payments amounted to $411,000 for the year ended December 31, 2016. No amounts were contributed or paid in the form of benefits for the years ended December 31, 2015 or 2014.

Supplemental executive retirement benefits expense for officers and directors amounted to $421,000, $1.5 million and $1.1 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Share-Based Compensation Plan

On September 17, 2015, stockholders of the Company approved the 2015 Equity Incentive Plan (the “2015 EIP”). The 2015 EIP provides for the award of up to 4,550,000 shares of common stock pursuant to grants of restricted stock awards, incentive stock options and non-qualified stock options; provided, however, that no more than 1,300,000 shares may be issued or delivered pursuant to restricted stock awards and no more than 3,250,000 shares may be issued or delivered in the aggregate pursuant to the exercise of stock options. Pursuant to terms of the 2015 EIP, the Board of Directors has granted restricted stock and stock options to employees and directors. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December 31, 2016, there were 717,290 restricted stock awards and 1,883,774 stock options that remain available for future grants.

 

The Company also maintains the 2008 Equity Incentive Plan (the “2008 EIP”). The 2008 EIP provides for the award of up to 3,547,732 shares of common stock pursuant to grants of restricted stock awards, incentive stock options, non-qualified stock options and stock appreciation rights (“SARs”); provided, however, that no more than 1,013,638 shares may be issued or delivered pursuant to restricted stock awards and no more than 2,534,094 shares may be issued or delivered in the aggregate pursuant to the exercise of stock options or SARs. The Board of Directors has granted restricted shares and stock options to employees and directors pursuant to the terms of the 2008 EIP. The options may be treated as stock appreciation rights that are settled in stock at the option of the vested participant. All of the awards granted to date vest evenly over a five year period from the date of the grant and the maximum term of each option is ten years. As of December 31, 2016, there were 7,595 restricted stock awards and 21,357 stock options that remain available for future grants.

The fair value of each option award for the 2015 EIP and 2008 EIP is estimated on the date of grant using the Black-Scholes Option-Pricing Model. The expected volatility is based on historical volatility of the stock price. The dividend yield assumption is based on the Company’s expectation of dividend payouts. The Company uses historical employee turnover data to determine the expected forfeiture rate in the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

The Company utilized the simplified method of calculating the expected term of the options granted in 2015 for the 2015 EIP and 2008 EIP because limited historical data specific to the shares exists at the present time. The simplified method is an appropriate method because the option awards are “plain vanilla” shares that are valued utilizing the Black-Scholes method. The weighted-average assumptions used and fair value for options granted during the years ended December 31, 2015, respectively are as follows:

 

       2015  

Expected term (years)

       6.50  

Expected dividend yield

       0.83

Expected volatility

       26.02

Expected forfeiture rate

       6.02

Risk-free interest rate

       1.77

Weighted average fair value of options granted

     $ 3.78  

The aggregate grant date fair value of options granted in 2015 was $5.9 million. There were no options granted during the years ended December 31, 2016 and December 31, 2014.

A summary of options and SARs under the plans as of December 31, 2016, and activity during the year then ended, is presented below:

 

       Number
of Shares
     Weighted -Average
Exercise Price
       Weighted -Average
Remaining
Contractual  Life
(in years)
 

Options outstanding at beginning of year

       3,513,467      $ 8.53          6.34  

Options granted

                    

Options exercised

       (53,314      3.87       

SARs exercised

       (36,556      4.04       

Forfeited

       (40,508      12.94       
    

 

 

         

Options outstanding at end of year

       3,383,089        8.60          5.39  
    

 

 

         

Options exercisable at end of year

       2,115,966        5.50          3.42  
    

 

 

         

 

The aggregate intrinsic value, which fluctuates based on changes in the fair market value of the Company’s stock, is $34.9 million and $28.4 million for all outstanding and exercisable options, respectively, at December 31, 2016, based on a closing stock price of $18.90. The aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2016 and the weighted-average exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on December 31, 2016. The total pre-tax intrinsic value for options exercised was $954,000, $2.3 million and $287,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The total pre-tax intrinsic value for options exercised represents the difference between the weighted-average closing market stock price on the exercise date and the weighted-average exercise price, multiplied by the number of options exercised during the year. Shares for the exercise of stock options are expected to come from the Company’s authorized and unissued shares.

The following table summarizes the Company’s non-vested restricted stock activity for the year ended December 31, 2016:

 

       Number of
Shares
       Weighted -
Average
Grant-Date
Fair Value
 

Non-vested restricted stock at beginning of year

       777,341          13.27  

Granted

                 

Vested

       172,325          12.45  

Forfeited

       21,513          13.39  
    

 

 

      

Non-vested restricted stock at end of year

       583,503          13.50  
    

 

 

      

The total fair value of restricted shares vested in 2016 was $3.3 million.

For the years ended December 31, 2016, 2015 and 2014, share-based compensation expense under the plans and the related tax benefit totaled $3.3 million and $1.1 million, $1.1 million and $289,000, and $792,000 and $218,000, respectively.

As of December 31, 2016, there was $11.8 million of total unrecognized compensation expense related to non-vested options and restricted shares granted under the plan. This cost is expected to be recognized over a weighted-average period of 3.7 years.

Employee Stock Ownership Plan

The Company established an ESOP for its eligible employees effective January 1, 2008 to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The ESOP acquired 2,027,275 shares in the Company’s initial stock offering with the proceeds of a loan totaling $8.3 million from the Company’s subsidiary, Meridian Interstate Funding Corporation. The loan was payable annually over 20 years at a rate of 6.5%. In conjunction with the Conversion, Meridian Interstate Funding Corporation was liquidated and merged into the Company. The Company refinanced the original loan to the ESOP with an additional $16.3 million payable over 25 years at a rate of 3.5%. The ESOP then acquired an additional 1,625,000 shares at $10.00 per share representing 5% of the shares issued in the Company’s second-step offering with proceeds from the Company’s loan to the ESOP. In total, the ESOP has purchased 3,652,275 shares at an average price of $7.22 per share. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The Company’s annual cash contributions to the ESOP at a minimum will be sufficient to service the annual debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. Cash dividends received on unallocated shares are utilized to prepay the loan and dividends received on allocated shares are distributed to the participants.

 

At December 31, 2016, the remaining principal balance on the ESOP debt is payable as follows:

 

Year Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 667  

2018

       689  

2019

       711  

2020

       734  

2021

       758  

Thereafter

       17,395  
    

 

 

 
     $ 20,954  
    

 

 

 

Shares held by the ESOP include the following:

 

       December 31,  
       2016        2015  
       (In thousands)  

Allocated

       851          729  

Committed to be allocated

       122          122  

Unallocated

       2,679          2,801  
    

 

 

      

 

 

 
       3,652          3,652  
    

 

 

      

 

 

 

The fair value of the unallocated shares was $50.6 million and $39.5 million at December 31, 2016 and 2015, respectively. Total compensation expense recognized in connection with the ESOP for the years ended December 31, 2016, 2015 and 2014 was $1.8 million, $1.6 million and $1.3 million, respectively.

Bank-Owned Life Insurance

The Company is the sole owner of life insurance policies pertaining to certain employees. The Company has entered into agreements with these employees whereby the Company will pay to the employees’ estate or beneficiaries a portion of the death benefit that the Company will receive as beneficiary of such policies. These post-retirement benefits are accrued over the expected service period of the employees. Expense associated with this post-retirement benefit for the years ended December 31, 2016, 2015 and 2014 amounted to $543,000, $410,000 and $490,000, respectively.

Incentive Compensation Plan

Eligible officers and employees of the Company participate in an incentive compensation plan which is based on various factors as set forth by the Executive Committee. Incentive compensation plan expense for the years ended December 31, 2016, 2015 and 2014 amounted to $4.9 million, $4.2 million and $3.5 million, respectively.

XML 32 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stockholders' Equity

11.    STOCKHOLDERS’ EQUITY

Minimum Regulatory Capital Requirements

Both the Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the Federal Deposit Insurance Corporation, respectively, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to mutual holding companies.

Federal banking regulations include minimum capital requirements as set forth in the following table. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer is being phased in over three years, beginning on January 1, 2016. Also, certain new deductions from and adjustments to regulatory capital will be phased in over several years. Management believes that the Company’s capital levels will remain characterized as “well-capitalized” throughout the phase in periods.

The Company’s and the Bank’s actual capital amounts and ratios follow:

 

                                                                                                                                                     
     Actual     Minimum Capital
Requirement
    Minimum To Be
Well Capitalized
Under Prompt
Corrective Action
Provisions
 
      Amount      Ratio     Amount      Ratio     Amount      Ratio  
     (Dollars in thousands)  

December 31, 2016

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 633,420        15.0   $ 338,878        8.0   $ 423,597        10.0

Bank

     493,944        11.7       337,058        8.0       421,323        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       254,158        6.0       338,878        8.0  

Bank

     452,328        10.7       252,794        6.0       337,058        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       190,619        4.5       275,338        6.5  

Bank

     452,328        10.7       189,595        4.5       273,860        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     591,804        13.8       171,854        4.0       214,817        5.0  

Bank

     452,328        10.7       168,518        4.0       210,648        5.0  

December 31, 2015

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 606,611        17.5   $ 277,591        8.0   $ 346,989        10.0

Bank

     442,978        12.7       279,604        8.0       349,505        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       208,194        6.0       277,591        8.0  

Bank

     409,573        11.7       209,703        6.0       279,604        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       156,145        4.5       225,543        6.5  

Bank

     409,573        11.7       157,277        4.5       227,179        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     573,206        16.7       137,245        4.0       171,557        5.0  

Bank

     409,573        12.5       130,988        4.0       163,735        5.0  

 

A reconciliation of the Company’s and Bank’s stockholders’ equity to total regulatory capital follows:

 

                                                                                                   
       December 31,  
       2016      2015  
       Consolidated      Bank      Consolidated      Bank  
       (In thousands)  

Total stockholders’ equity per financial statements

     $ 607,297      $ 467,821      $ 588,126      $ 424,535  

Adjustments to Tier 1 and Common Equity Tier 1 capital:

             

Accumulated other comprehensive (gain) loss

       (1,806      (1,806      2,092        2,050  

Net unrealized losses on marketable equity securities

                     (3,325      (3,325

Goodwill disallowed

       (13,687      (13,687      (13,687      (13,687
    

 

 

    

 

 

    

 

 

    

 

 

 

Total Tier 1 and Common Equity Tier 1 capital

       591,804        452,328        573,206        409,573  
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjustments to total capital:

             

Allowance for loan losses

       40,149        40,149        33,405        33,405  

45% of net unrealized gains on marketable equity securities

       1,467        1,467                
    

 

 

    

 

 

    

 

 

    

 

 

 

Total regulatory capital

     $ 633,420      $ 493,944      $ 606,611      $ 442,978  
    

 

 

    

 

 

    

 

 

    

 

 

 

Liquidation Account

At the time of the minority stock offering, which was completed on January 22, 2008, the Company established a liquidation account totaling $114.2 million. The liquidation account is equal to the net worth of the Company as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection with the minority stock offering. In addition, the Company also established a secondary liquidation account totaling $150.2 million in connection with the second-step offering that was completed on July 28, 2014. This liquidation account is equal to Meridian Financial Services, Incorporated’s ownership interest in Old Meridian’s total stockholders’ equity as of the date of the latest consolidated balance sheet appearing in the final prospectus distributed in connection second-step stock offering plus the value of the net assets of Meridian Financial Services, Incorporated as of the date of the latest statement of financial condition of Meridian Financial Services, Incorporated prior to the consummation of the conversion (excluding its ownership of Old Meridian). The liquidation accounts are maintained for the benefit of the eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the offerings. The liquidation accounts are reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder’s interest in the liquidation account. In the event of a complete liquidation, each eligible account holder will be entitled to receive balances for accounts held then. At December 31, 2016, the minority stock offering and second-step offering liquidation accounts amounted to $15.4 million and $74.8 million, respectively.

Other Capital Restrictions

Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount for dividends which may be paid in any calendar year cannot exceed the Bank’s net income for the current year, plus the Bank’s net income retained for the two previous years, without regulatory approval. At December 31, 2016, the Bank’s retained earnings available for the payment of dividends was $80.6 million. Loans or advances are limited to 10% of the Bank’s capital stock and surplus on a secured basis. Funds available for loans or advances by the Bank to the Company amounted to $46.8 million. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements.

Stock Repurchases and Dividends

The Company may use capital management tools such as cash dividends and common share repurchases. Massachusetts regulations restrict repurchases for the first three years following the second-step conversion except where compelling and valid business reasons are established to the satisfaction of the Massachusetts Commissioner of Banks. The Company is also subject to the Federal Reserve Board’s notice provisions for stock repurchases. In August 2015, the Company received regulatory approval from the Massachusetts Commissioner of Banks and a non-objection from the Federal Reserve Bank to adopt a stock repurchase program for up to 5% of its common stock. As of December 31, 2016, the Company had repurchased 2,059,611 shares of its stock at an average price of $13.71 per share, or 75.2% of the 2,737,334 shares authorized for repurchase under the Company’s repurchase program. For the year ended December 31, 2016, the Company’s Board of Directors declared four quarterly cash dividends of $0.03 per common share on March 1, 2016, June 1, 2016, September 1, 2016 and December 1, 2016.

XML 33 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities

12.    FAIR VALUES OF ASSETS AND LIABILITIES

Determination of Fair Value

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability.

The following methods and assumptions were used by the Company in estimating fair value disclosures:

Cash and cash equivalents — The carrying amounts of cash and short-term instruments approximate fair values, based on the short-term nature of the assets.

Certificates of deposit — Fair values of certificates of deposit are estimated using discounted cash flow analyses based on current market rates for similar types of deposits.

Securities available for sale — All fair value measurements are obtained from a third party pricing service and are not adjusted by management. Marketable equity securities are measured at fair value utilizing quoted market prices (Level 1). Corporate bonds, obligations of government-sponsored enterprises, U.S. treasury securities, municipal bonds and mortgage-backed securities are determined by pricing models that consider standard input factors such as observable market data, benchmark yields, reported trades, broker/dealer quotes, credit spreads, benchmark securities, as well as new issue data, monthly payment information, and collateral performance, among others (Level 2).

Federal Home Loan Bank stock — The carrying value of Federal Home Loan Bank stock approximates fair value based on the redemption provisions of the Federal Home Loan Bank.

Loans held for sale — The fair value is based on commitments in effect from investors or prevailing market prices.

Loans — For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for non-accrual loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable.

Deposits — The fair values disclosed for non-certificate accounts are, by definition, equal to the amount payable on demand at the reporting date which is their carrying amounts. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Borrowings — The fair value is estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements.

Accrued interest — The carrying amounts of accrued interest approximate fair value.

Forward loan sale commitments and derivative loan commitments — Forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans and for derivative loan commitments, fair values also include the value of servicing and the probability of such commitments being exercised. Management judgment and estimation is required in determining these fair value measurements.

Loan level interest rate swaps — The fair value is based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves.

Off-balance sheet credit-related instruments — Fair values for off-balance-sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these instruments is considered immaterial.

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis.

 

       December 31, 2016  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 21,631        $        $ 21,631  

Marketable equity securities

       46,032                            46,032  

Derivative loan commitments

                         20          20  

Forward loan sale commitments

                         169          169  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 46,032        $ 21,631        $ 968        $ 68,631  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 26        $ 26  

Forward loan sale commitments

                         15          15  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 820        $ 820  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 78,095        $        $ 78,095  

Marketable equity securities

       63,551                            63,551  

Derivative loan commitments

                         19          19  

Forward loan sale commitments

                         67          67  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 63,551        $ 78,095        $ 1,094        $ 142,740  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 4        $ 4  

Forward loan sale commitments

                         2          2  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 1,014        $ 1,014  
    

 

 

      

 

 

      

 

 

      

 

 

 

Assets Measured at Fair Value on a Non-recurring Basis

The Company may also be required, from time to time, to measure certain other assets on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from the application of lower-of-cost-or market accounting or write-downs of individual assets.

 

The following tables summarize the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. The gain/loss represents the amount of write-down, charge-off or specific reserve recorded during the periods noted on the assets held at period end. There were no liabilities measured at fair value on a non-recurring basis.

 

       December 31,2016        Year Ended
December 31, 2016
 
       Level 1        Level 2        Level 3        Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015         
Year Ended
December 31, 2015
 
 
       Level 1          Level 2          Level 3          Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 

Certain impaired loans were adjusted to fair value, less cost to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties.

Certain properties in foreclosed real estate are periodically adjusted to fair value using appraised values of collateral, less estimated cost to sell, and adjusted as necessary by management based on unobservable inputs for specific properties. The loss on foreclosed assets represents adjustments in valuation recorded during the time period indicated and not for losses incurred on sales.

Summary of Fair Values of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

 


     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 236,423      $ 236,423      $      $      $ 236,423  

Certificates of deposit

     80,323               80,710               80,710  

Securities available for sale

     67,663        46,032        21,631               67,663  

Federal Home Loan Bank stock

     18,175                      18,175        18,175  

Loans and loans held for sale, net

     3,902,612                      3,970,896        3,970,896  

Accrued interest receivable

     10,381                      10,381        10,381  
     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial liabilities:

              

Deposits

     3,475,837                      3,485,618        3,485,618  

Borrowings

     322,512               322,928               322,928  

Accrued interest payable

     1,384                      1,384        1,384  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     20                      20        20  

Forward loan sale commitments

     169                      169        169  

Loan level interest rate swaps

     779                      779        779  

Liabilities:

              

Derivative loan commitments

     26                      26        26  

Forward loan sale commitments

     15                      15        15  

Loan level interest rate swaps

     779                      779        779  
     December 31, 2015  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 96,363      $ 96,363      $      $      $ 96,363  

Certificates of deposit

     99,062               99,205               99,205  

Securities available for sale

     141,646        63,551        78,095               141,646  

Federal Home Loan Bank stock

     10,931                      10,931        10,931  

Loans and loans held for sale, net

     3,049,911                      3,096,160        3,096,160  

Accrued interest receivable

     8,574                      8,574        8,574  

Financial liabilities:

              

Deposits

     2,743,018                      2,749,601        2,749,601  

Borrowings

     167,226               167,702               167,702  

Accrued interest payable

     890                      890        890  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     19                      19        19  

Forward loan sale commitments

     67                      67        67  

Loan level interest rate swaps

     1,008                      1,008        1,008  

Liabilities:

              

Derivative loan commitments

     4                      4        4  

Forward loan sale commitments

     2                      2        2  

Loan level interest rate swaps

     1,008                      1,008        1,008
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Statements of Parent Company

13.    CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information pertaining only to Meridian Bancorp, Inc. is as follows:

 

       December 31,  
       2016        2015  
       (In thousands)  

BALANCE SHEETS

         

Assets

         

Cash and cash equivalents from subsidiary

     $ 34,613        $ 3,448  

Cash and cash equivalents from other banks

                10,065  
    

 

 

      

 

 

 

Total cash and cash equivalents

       34,613          13,513  

Certificates of deposit

       80,323          99,062  

Securities available for sale, at fair value

       5,003          30,057  

Investment in subsidiaries

       467,821          424,535  

ESOP loan receivable

       20,954          21,600  

Other assets

       2,735          2,995  
    

 

 

      

 

 

 

Total assets

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

Liabilities and Stockholders’ Equity

         

Accrued expenses and other liabilities

     $ 4,152        $ 3,636  

Stockholders’ equity

       607,297          588,126  
    

 

 

      

 

 

 

Total liabilities and stockholders’ equity

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

 

       Years Ended December 31,  
       2016        2015        2014  
       (In thousands)  

STATEMENTS OF INCOME

              

Income:

              

Interest on ESOP loan

     $ 702        $ 722        $ 574  

Interest on certificates of deposit

       495          624          47  

Interest and dividend income on securities

       184          151          10  

Other interest and dividend income

       4          82          12  

Gain on sale of securities, net

       182                    
    

 

 

      

 

 

      

 

 

 

Total income

       1,567          1,579          643  

Operating expenses

       1,174          993          808  
    

 

 

      

 

 

      

 

 

 

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries

       393          586          (165

Applicable income tax provision (benefit)

       160          240          (67
    

 

 

      

 

 

      

 

 

 
       233          346          (98

Equity in undistributed earnings of subsidiaries

       33,957          24,261          22,425  
    

 

 

      

 

 

      

 

 

 

Net income

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

 

       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

STATEMENTS OF CASH FLOWS

          

Cash flows from operating activities:

          

Net income

     $ 34,190      $ 24,607      $ 22,327  

Adjustments to reconcile net income to net cash provided by operating activities:

          

Equity in undistributed earnings of subsidiaries

       (33,957      (24,261      (22,425

Net accretion of securities available for sale

              (3       

Gain on sales of securities, net

       (182              

Share-based compensation expense

       319        97        140  

Decrease (increase) in other assets

       232        828        (1,489

Increase in other liabilities

       550        211        1,708  
    

 

 

    

 

 

    

 

 

 

Net cash provided by operating activities

       1,152        1,479        261  
    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities:

          

Purchases of certificates of deposit

       (80,423      (26,562      (85,000

Maturities of certificates of deposit

       99,162        12,500         

Activity in securities available for sale:

          

Redemption (purchase) of mutual funds, net

       123        19,882        (18,981

Proceeds from sales

       782                

Proceeds from maturities

       25,000                

Purchases

       (600      (5,009      (24,991

Cash received in MHC merger

                     2,640  

Capital contribution from subsidiary

                     3,034  

Capital contribution to bank subsidiary

                     (159,266

Principal payments on ESOP loan receivable

       646        626        1,025  
    

 

 

    

 

 

    

 

 

 

Net cash provided (used) by investing activities

       44,690        1,437        (281,539
    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities:

          

Net proceeds from sale of common stock

                     302,281  

Cash dividends paid on common stock

       (6,148      (1,462       

Repurchase of common stock

       (18,799      (9,428       

Stock options exercised

       205        232        69  
    

 

 

    

 

 

    

 

 

 

Net cash (used) provided by financing activities

       (24,742      (10,658      302,350  
    

 

 

    

 

 

    

 

 

 

Net change in cash and cash equivalents

       21,100        (7,742      21,072  

Cash and cash equivalents at beginning of year

       13,513        21,255        183  
    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents at end of year

     $ 34,613      $ 13,513      $ 21,255  
    

 

 

    

 

 

    

 

 

 

 

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Selected Quarterly Consolidated Financial Information (Unaudited)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Consolidated Financial Information (Unaudited)

14.    SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited)

The selected quarterly financial data presented below should be read in conjunction with the Consolidated Financial Statements and related notes.

 

    Years Ended December 31,  
    2016     2015  
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
 
    (Dollars in thousands, except per share amounts)  

Interest and dividend income

  $ 41,249     $ 38,420     $ 35,839     $ 34,184     $ 32,639     $ 31,338     $ 29,787     $ 29,578  

Interest expense

    7,830       7,118       6,384       5,805       5,300       5,125       4,841       5,185  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

    33,419       31,302       29,455       28,379       27,339       26,213       24,946       24,393  

Provision for loan losses (1)

    1,304       858       3,952       1,066       544       2,412       3,651       60  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income, after provision for loan losses

    32,115       30,444       25,503       27,313       26,795       23,801       21,295       24,333  

Non-interest income (2)

    5,614       3,301       2,583       2,692       2,674       2,797       4,219       3,350  

Non-interest expenses

    19,778       19,164       19,322       19,230       19,187       18,089       17,347       18,068  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    17,951       14,581       8,764       10,775       10,282       8,509       8,167       9,615  

Provision for income taxes

    6,642       5,084       2,857       3,298       3,407       2,767       2,582       3,210  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 11,309     $ 9,497     $ 5,907     $ 7,477     $ 6,875     $ 5,742     $ 5,585     $ 6,405  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

               

Basic

  $ 0.22     $ 0.19     $ 0.12     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Diluted

  $ 0.22     $ 0.18     $ 0.11     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Weighted average shares:

               

Basic

    50,940,037       50,982,633       51,026,985       51,569,683       51,982,009       51,940,055       52,074,889       51,862,146  

Diluted

    52,102,511       52,093,009       52,137,475       52,663,921       53,092,652       53,023,850       53,166,560       53,003,621  

 

(1)

The provision for loan losses for the second quarter of 2016 reflected higher expense primarily due to loan portfolio growth in the commercial loan categories occurring in the quarter. For the second quarter of 2015, the provision for loan losses reflected higher provision expense primarily due to a $2.3 million charge-off related to a construction loan relationship.

(2)

Non-interest income fluctuates each quarter primarily due to net securities gains.

XML 36 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

Meridian Bancorp, Inc. (the “Company”) is a Maryland corporation incorporated on March 6, 2014 to be the successor to Meridian Interstate Bancorp, Inc. (“Old Meridian”) upon completion of the second-step mutual-to-stockconversion (the “Conversion”) of Meridian Financial Services, Incorporated (the “MHC”), the top tier mutual holding company of Old  Meridian. Old Meridian was the former mid-tier holding company for East Boston Savings Bank (the “Bank”). Prior to completion of the Conversion, approximately 59% of the shares of common stock of Old Meridian were owned by the MHC. In conjunction with the Conversion, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company and the Company became its successor under the name Meridian Bancorp, Inc. The Conversion was completed July 28, 2014.

The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. The Company owns the Bank. The Bank’s subsidiaries include Prospect, Inc., which engages in securities transactions on its own behalf, EBOSCO, LLC and Berkeley Riverbend Estates LLC, both of which can hold foreclosed real estate, and East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation.

Business and Operating Segments

Business and Operating Segments

The Company provides loan and deposit services to its customers through its local banking offices in the greater Boston metropolitan area. The Company is subject to competition from other financial institutions including commercial banks, other savings banks, credit unions, mortgage banking companies and other financial service providers.

Generally, financial information is to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company’s performance and allocates resources based on a single segment concept. Accordingly, there is no separately identified material operating segment for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues.

Use of Estimates

Use of Estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and evaluation of securities for other-than-temporary impairment.

Significant Concentrations of Credit Risk

Significant Concentrations of Credit Risk

Most of the Company’s activities are with customers located within Massachusetts. Note 2 includes the types of securities in which the Company invests and Note 3 includes the types of lending in which the Company engages. The Company believes that it does not have any significant loan concentrations or security in any one industry or with any customer.

Reclassification

Reclassification

Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform to the 2016 presentation.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, cash and cash equivalents include amounts due from banks and federal funds sold on a daily basis, which mature overnight or on demand. The Company may from time to time have deposits in financial institutions which exceed the federally insured limits. At December 31, 2016, the Company had a concentration of cash on deposit at the Federal Reserve Bank amounting to $191.8 million.

Certificates of Deposit

Certificates of Deposit

Certificates of deposit are purchased from FDIC-insured depository institutions, have an original maturity greater than 90 days and up to 24 months and are carried at cost. At December 31, 2016, all certificates of deposit invested in by the Company exceeded the FDIC insurance limit of $250,000 but were insured up to the full amount under the Massachusetts Depositors Insurance Fund, Massachusetts Credit Union Insurance Corporation or Massachusetts Cooperative Bank Share Insurance Fund.

Fair Value Hierarchy

Fair Value Hierarchy

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 — Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Transfers between levels are recognized at the end of a reporting period, if applicable.

Securities Available for Sale

Securities Available for Sale

Securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component in other comprehensive income, net of tax effects. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

Each reporting period, the Company evaluates all securities with a decline in fair value below the amortized cost of the investment to determine whether or not other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income, net of applicable taxes.

 

Federal Home Loan Bank Stock

Federal Home Loan Bank Stock

The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis on the FHLB stock. As of December 31, 2016 no impairment has been recognized.

Loans Held For Sale

Loans Held For Sale

Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.

Loans

Loans

The Company grants mortgage, commercial and consumer loans to customers. The Company’s loan portfolio includes one- to four-family residential real estate, multi-family, home equity lines of credit, commercial real estate, construction, commercial and industrial and consumer segments.

A substantial portion of the loan portfolio is represented by mortgage loans throughout eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area.

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net deferred loan origination costs or fees. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method over the terms of the loans.

The accrual of interest on all loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable losses inherent in the loan portfolio and is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The adequacy of the allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

The allowance consists of general and allocated components and may include an unallocated component, as further described below.

General Component

The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by loan segments and classes. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquent and non-accrual loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; national and local economic trends and conditions, and industry conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2016, 2015 or 2014.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows:

One- to four-family residential real estate loans and home equity lines of credit — The Company primarily originates loans with a loan-to-value ratio of 80% or less and does not grant subprime loans. The Company may also originate loans with loan-to-value ratios up to 95% (100% for first time home buyers only) with such value measured at origination; however, private mortgage insurance is generally required for loans with a loan-to-value ratio over 80%. All loans in these segments are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments.

Multi-family and commercial real estate loans — Loans in these segments are primarily income-producing properties such as apartment buildings and properties used for business purposes such as office buildings, industrial facilities and retail facilities. These properties are generally located in the greater Boston metropolitan area and certain other areas in eastern Massachusetts, and in southeastern New Hampshire and Maine. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in these segments. Management obtains rent rolls annually and continually monitors the cash flows of these loans.

Construction loans — Loans in this segment primarily include loans for construction of commercial development projects, including apartment buildings, small industrial buildings and retail and office buildings. The Company also originates loans to individuals and to builders to finance the construction of residential dwellings. Most of these construction loans provide for the payment of only interest during the construction phase, which is usually up to 12 to 24 months, although some construction loans are renewed, generally for one or two additional years. At the end of the construction phase, the loan may convert to a permanent mortgage loan or the loan may be paid in full. Loans generally are made with a maximum loan to value ratio of 80% of the appraised market value upon completion of the project. Management carefully monitors the existing construction portfolio for performance and project completion, with a goal of moving completed commercial projects to the commercial real estate portfolio and reviewing sales-based projects for tracking toward construction goals. The rent-up or sales of the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates or decreased home sales.

Commercial and industrial loans — Loans in this segment are made to businesses in the Company’s market area and are generally secured by real estate or other assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment.

Consumer loans — Loans in this segment may include automobile loans, loans secured by passbook or certificate accounts and overdraft loans and repayment is dependent on the credit quality of the individual borrower.

 

Allocated Component

The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for multi-family residential, commercial real estate, construction and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual one- to four-family residential real estate, home equity lines of credit and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired.

Unallocated Component

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general components of the allowance for loan losses.

Bank-Owned Life Insurance

Bank-Owned Life Insurance

The Bank has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as excess insurance proceeds received, are reflected in non-interest income on the consolidated statements of net income and are not subject to income taxes.

Premises and Equipment

Premises and Equipment

Land is carried at cost. Buildings, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for improvements are capitalized and depreciated.

Derivative Financial Instruments

Derivative Financial Instruments

Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value, if material.

 

Loan Level Interest Rate Swaps

The Company enters into interest rate swaps with commercial loan customers to synthetically convert the customer’s loan from a variable rate to a fixed rate. These swaps are matched in offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets and other liabilities. The Company’s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other non-interest income.

Derivative Loan Commitments

Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net, if material.

Forward Loan Sale Commitments

To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery forward sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in mortgage-banking gains, net if material.

Foreclosed Assets

Foreclosed Assets

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. The excess, if any, of the loan balance over the fair value of the asset at the time of transfer from loans to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations, changes in the valuation allowance, any direct write-downs and gains or losses on sales are included in other general and administrative expenses.

Valuation of Goodwill and Analysis for Impairment

Valuation of Goodwill and Analysis for Impairment

The Company’s goodwill resulted from the acquisition of another financial institution accounted for under the acquisition method of accounting. The amount of goodwill recorded at acquisition was impacted by the recorded fair value of the assets acquired and liabilities assumed, which is an estimate determined by the use of internal or other valuation techniques.

Goodwill is subject to an annual review by management that first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of the Company unless management determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the two-step quantitative goodwill impairment test is necessary, step one compares the book value of the Company to the fair value of the Company. If book value exceeds fair value, a more detailed analysis is performed, which involves measuring the excess of the fair value of the Company, as determined in step one, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the Company was being acquired in a business combination. In the event of future changes in fair value, the Company may be exposed to an impairment charge that could be material.

Transfers of Financial Assets

Transfers of Financial Assets

Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets.

During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.

Marketing and Advertising

Marketing and Advertising

Marketing and advertising costs are expensed as incurred.

Supplemental Director and Executive Retirement and Long-Term Health Care Plans

Supplemental Director and Executive Retirement and Long-Term Health Care Plans

The Company accounts for certain supplemental director and executive retirement and long-term health care benefits on the net periodic cost method using an actuarial model that allocates costs over the service period of participants in the plans. The Company accounts for the over-funded or under-funded status of these defined benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.

Share-Based Compensation Plans

Share-Based Compensation Plans

The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant-date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide service for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted quarterly based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted.

Employee Stock Ownership Plan

Employee Stock Ownership Plan

Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP, multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholder’s equity in the consolidated balance sheets. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital.

Income Taxes

Income Taxes

Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December 31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2016, 2015 and 2014.

Income tax benefits related to stock compensation in excess of grant date fair value, less any proceeds on exercise, are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.

Earnings Per Share

Earnings Per Share

Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are non-forfeitable, therefore these unvested stock awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations.

Basic and diluted earnings per share have been computed based on the following:

 

       Years Ended December 31,  
       2016        2015        2014  
       (Dollars in thousands, except per share amounts)  

Net income available to common stockholders

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

Basic weighted average shares outstanding

       51,128,914          51,965,036          52,470,513  

Effect of dilutive stock options

       1,119,394          1,106,896          1,097,258  
    

 

 

      

 

 

      

 

 

 

Diluted weighted average shares outstanding

       52,248,308        $ 53,071,932        $ 53,567,771  
    

 

 

      

 

 

      

 

 

 

Earnings per share:

              

Basic

     $ 0.67        $ 0.47        $ 0.43  

Diluted

     $ 0.65        $ 0.46        $ 0.42  

For the years ended December 31, 2016 and 2015, options for the exercise of 9,440 and 366,002 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. There were no anti-dilutive options for the year ended December 31, 2014.

Comprehensive Income

Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Securities available for sale:

       

Net unrealized gain (loss) on securities available for sale

     $ 3,637      $ (2,807

Tax effect

       (1,444      1,138  
    

 

 

    

 

 

 

Net-of-tax amount

       2,193        (1,669
    

 

 

    

 

 

 

Defined benefit plans:

       

Unrecognized prior service cost

       (197      (221

Unrecognized net actuarial loss

       (399      (430
    

 

 

    

 

 

 

Total

       (596      (651

Tax effect

       209        228  
    

 

 

    

 

 

 

Net-of-tax amount

       (387      (423
    

 

 

    

 

 

 
     $ 1,806      $ (2,092
    

 

 

    

 

 

 

Unrecognized prior service costs amounting to $17,000, included in accumulated other comprehensive income at December 31, 2016, are expected to be recognized as a component of net periodic cost for the year ending December 31, 2017.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of this ASU was to clarify the principles for recognizing revenue and to develop a common revenue standard for generally accepted accounting principles (“GAAP”) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted changes to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has a portfolio of equity investments and if such guidance were effective for the year ended December 31, 2016, a net unrealized gain of approximately $6.6 million and related deferred tax provision of $2.3 million would have been recognized in net income, instead of in other comprehensive income. The impact of this guidance on future periods is dependent on future market conditions and investment activity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This update is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-to-use asset and liability representing the obligation to make lease payments for long-term operating leases. The update will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting (Topic 718). This update is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The more significant change relates to the recognition of excess tax benefits/deficiencies recorded on certain stock compensation transactions. Such items are reported in additional paid in capital and, upon adoption of the update, will be recorded as income tax benefit or expense in the income statement. Accordingly, the update is not expected to have a significant impact on the Company’s consolidated financial statements. The update will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including loans, held-to-maturity debt securities and commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as Current Expected Credit Loss, or CECL, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses on available-for-sale debt securities will be measured in a manner similar to current GAAP, but will be recognized through an allowance rather than as a direct write-down. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently reviewing this ASU to determine the impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350). The update intends to simplify the subsequent measurement of goodwill by requiring an entity to compare the fair value of a reporting unit to the carrying amount of goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the impairment charge should not exceed the total amount of goodwill allocated to that reporting unit. This update will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Computation of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share have been computed based on the following:

 

       Years Ended December 31,  
       2016        2015        2014  
       (Dollars in thousands, except per share amounts)  

Net income available to common stockholders

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

Basic weighted average shares outstanding

       51,128,914          51,965,036          52,470,513  

Effect of dilutive stock options

       1,119,394          1,106,896          1,097,258  
    

 

 

      

 

 

      

 

 

 

Diluted weighted average shares outstanding

       52,248,308        $ 53,071,932        $ 53,567,771  
    

 

 

      

 

 

      

 

 

 

Earnings per share:

              

Basic

     $ 0.67        $ 0.47        $ 0.43  

Diluted

     $ 0.65        $ 0.46        $ 0.42  

Components of Accumulated Other Comprehensive Income (loss), Included in Stockholders' Equity

The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Securities available for sale:

       

Net unrealized gain (loss) on securities available for sale

     $ 3,637      $ (2,807

Tax effect

       (1,444      1,138  
    

 

 

    

 

 

 

Net-of-tax amount

       2,193        (1,669
    

 

 

    

 

 

 

Defined benefit plans:

       

Unrecognized prior service cost

       (197      (221

Unrecognized net actuarial loss

       (399      (430
    

 

 

    

 

 

 

Total

       (596      (651

Tax effect

       209        228  
    

 

 

    

 

 

 

Net-of-tax amount

       (387      (423
    

 

 

    

 

 

 
     $ 1,806      $ (2,092
    

 

 

    

 

 

 

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Securities Available for Sale (Tables)
12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Values of Securities Available for Sale

The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows:

 

       Amortized
Cost
       Gross
Unrealized
Gains
       Gross
Unrealized
Losses
     Fair
Value
 
       (In thousands)  

December 31,2016

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 12,989        $ 16        $ (3    $ 13,002  

Industrials

       1,000          3                 1,003  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       13,989          19          (3      14,005  

Municipal bonds

       1,202          17                 1,219  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       5,284          325          (3      5,606  

Private label

       779          22                 801  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       21,254          383          (6      21,631  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       6,763          901          (232      7,432  

Consumer products and services

       13,567          1,093          (382      14,278  

Financial services

       5,953          970                 6,923  

Healthcare

       8,225          533          (456      8,302  

Industrials

       4,181          624          (11      4,794  

Technology

       4,081          440          (220      4,301  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       42,770          4,561          (1,301      46,030  

Money market mutual funds

       2                          2  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       42,772          4,561          (1,301      46,032  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total securities available for sale

     $ 64,026        $ 4,944        $ (1,307    $ 67,663  
    

 

 

      

 

 

      

 

 

    

 

 

 

December 31, 2015

                 

Debt securities:

                 

Corporate bonds:

                 

Financial services

     $ 26,430        $ 101        $ (42    $ 26,489  

Industrials

       2,999          11                 3,010  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total corporate bonds

       29,429          112          (42      29,499  

Government-sponsored enterprises

       11,000          2          (40      10,962  

Municipal bonds

       4,326          89                 4,415  

Residential mortgage-backed securities:

                 

Government-sponsored enterprises

       6,948          436          (3      7,381  

Private label

       878          26                 904  

U.S. treasury securities

       24,996                   (62      24,934  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total debt securities

       77,577          665          (147      78,095  
    

 

 

      

 

 

      

 

 

    

 

 

 

Marketable equity securities:

                 

Common stocks:

                 

Basic materials

       13,221          370          (4,043      9,548  

Consumer products and services

       18,987          1,060          (1,578      18,469  

Financial services

       11,821          782          (649      11,954  

Healthcare

       9,403          1,050          (117      10,336  

Industrials

       5,308          96          (573      4,831  

Technology

       4,987          138          (559      4,566  

Utilities

       1,956          757          (11      2,702  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total common stocks

       65,683          4,253          (7,530      62,406  

Money market mutual funds

       1,193                   (48      1,145  
    

 

 

      

 

 

      

 

 

    

 

 

 

Total marketable equity securities

       66,876          4,253          (7,578      63,551  

Total securities available for sale

     $ 144,453        $ 4,918        $ (7,725    $ 141,646  
    

 

 

      

 

 

      

 

 

    

 

 

 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities by contractual maturity at December 31, 2016 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties.

 

    One Year or Less     After One Year
Through Five Years
    After Five Years     Total  
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
    Amortized
Cost
    Fair
Value
 
    (In thousands)  

Corporate bonds:

               

Financial services

  $ 12,989     $ 13,002     $     $     $     $     $ 12,989     $ 13,002  

Industrials

    1,000       1,003                               1,000       1,003  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total corporate bonds

    13,989       14,005                               13,989       14,005  

Municipal bonds

    480       483       722       736                   1,202       1,219  

Residential mortgage-backed securities:

               

Government-sponsored enterprises

                1       1       5,283       5,605       5,284       5,606  

Private label

                            779       801       779       801  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 14,469     $ 14,488     $ 723     $ 737     $ 6,062     $ 6,406     $ 21,254     $ 21,631  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of Information Pertaining to Securities Available for Sale

Information pertaining to securities available for sale as of December 31, 2016 and 2015, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31,2016

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 3        $ 5,000        $        $  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       3          5,000          3          205  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

                         232          1,568  

Consumer products and services

       237          3,496          145          1,618  

Healthcare

       259          2,039          197          1,377  

Industrials

       11          450                    

Technology

                         220          1,681  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       507          5,985          794          6,244  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 510        $ 10,985        $ 797        $ 6,449  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

       Less Than Twelve Months        Twelve Months or Longer  
       Gross
Unrealized
Losses
       Fair
Value
       Gross
Unrealized
Losses
       Fair
Value
 
       (In thousands)  

December 31, 2015

                   

Debt securities:

                   

Corporate bonds-financial services

     $ 10        $ 4,998        $ 32        $ 3,468  

Government-sponsored enterprises

       14          3,986          26          4,974  

Residential mortgage-backed securities:

                   

Government-sponsored enterprises

                         3          215  

U.S. treasury securities

       62          24,934                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total debt securities

       86          33,918          61          8,657  
    

 

 

      

 

 

      

 

 

      

 

 

 

Marketable equity securities:

                   

Common stocks:

                   

Basic materials

       2,043          4,478          2,000          3,138  

Consumer products and services

       1,099          7,521          479          1,657  

Financial services

       421          4,019          228          540  

Healthcare

       117          1,202                    

Industrials

       573          2,647                    

Technology

       103          675          456          1,091  

Utilities

       11          8                    
    

 

 

      

 

 

      

 

 

      

 

 

 

Total common stocks

       4,367          20,550          3,163          6,426  

Money market mutual funds

                         48          1,020  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total marketable equity securities

       4,367          20,550          3,211          7,446  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total temporarily impaired securities

     $ 4,453        $ 54,468        $ 3,272        $ 16,103  
    

 

 

      

 

 

      

 

 

      

 

 

 
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Loans (Tables)
12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Summary of Loans

A summary of loans follows:

 

       December 31,  
       2016      2015  
       (Dollars in thousands)  

Real estate loans:

       

Residential real estate:

       

One- to four-family

     $ 532,450      $ 458,423  

Multi-family

       562,948        417,388  

Home equity lines of credit

       42,913        46,660  

Commercial real estate

       1,776,601        1,328,344  

Construction

       502,753        421,531  
    

 

 

    

 

 

 

Total real estate loans

       3,417,665        2,672,346  

Commercial and industrial

       515,430        400,051  

Consumer

       9,712        10,028  
    

 

 

    

 

 

 

Total loans

       3,942,807        3,082,425  

Allowance for loan losses

       (40,149      (33,405

Net deferred loan origination fees

       (3,990      (3,778
    

 

 

    

 

 

 

Loans, net

     $ 3,898,668      $ 3,045,242  
    

 

 

    

 

 

 

Allowance for Loan Losses

An analysis of the allowance for loan losses and related information follows:

 


    One- to
four-family
  Multi-
family
  Home
equity lines
of credit
  Commercial
real estate
  Construction   Commercial
and
industrial
  Consumer   Total
    (In thousands)

Balance at December 31, 2013

    $ 1,991     $ 2,419     $ 155     $ 12,831     $ 4,374     $ 3,433     $ 132     $ 25,335

Provision (credit) for loan losses

      (155 )       1,216       (50 )       255       715       1,264       68       3,313

Charge-offs

      (54 )             (5 )       (116 )       (71 )       (72 )       (187 )       (505 )

Recoveries

      67                   30       137       8       84       326
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2014

      1,849       3,635       100       13,000       5,155       4,633       97       28,469

Provision (credit) for loan losses

      (446 )       (250 )       104       1,479       4,564       1,022       194       6,667

Charge-offs

      (165 )             (60 )             (2,287 )       (36 )       (306 )       (2,854 )

Recoveries

      116                   18       881       1       107       1,123
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2015

      1,354       3,385       144       14,497       8,313       5,620       92       33,405

Provision (credit) for loan losses

      13       1,129       (71 )       4,228       874       821       186       7,180

Charge-offs

                              (486 )       (49 )       (302 )       (837 )

Recoveries

                              230       60       111       401
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Balance at December 31, 2016

    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2016

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 49     $ 137     $     $     $     $     $     $ 186

Amount of allowance for loan losses for loans not deemed to be impaired

      1,318       4,377       73       18,725       8,931       6,452       87       39,963
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,367     $ 4,514     $ 73     $ 18,725     $ 8,931     $ 6,452     $ 87     $ 40,149
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,422     $ 1,359     $     $ 2,807     $ 988     $ 1,808     $     $ 8,384

Loans not deemed to be impaired

      531,028       561,589       42,913       1,773,794       501,765       513,622       9,712       3,934,423
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 532,450     $ 562,948     $ 42,913     $ 1,776,601     $ 502,753     $ 515,430     $ 9,712     $ 3,942,807
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

December 31, 2015

                               

Amount of allowance for loan losses for loans deemed to be impaired

    $ 3     $ 143     $     $ 84     $     $ 44     $     $ 274

Amount of allowance for loan losses for loans not deemed to be impaired

      1,351       3,242       144       14,413       8,313       5,576       92       33,131
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 1,354     $ 3,385     $ 144     $ 14,497     $ 8,313     $ 5,620     $ 92     $ 33,405
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Loans deemed to be impaired

    $ 1,582     $ 1,401     $     $ 3,663     $ 16,026     $ 805     $     $ 23,477

Loans not deemed to be impaired

      456,841       415,987       46,660       1,324,681       405,505       399,246       10,028       3,058,948
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    $ 458,423     $ 417,388     $ 46,660     $ 1,328,344     $ 421,531     $ 400,051     $ 10,028     $ 3,082,425
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

Past Due and Non Accrual

The following table provides information about the Company’s past due and non-accrual loans:

 

       30-59
Days
Past Due
       60-89
Days
Past Due
       90 Days
or Greater
Past Due
       Total
Past Due
       Loans on
Non-accrual
 
       (In thousands)  

December 31,2016

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 641        $ 834        $ 2,902        $ 4,377        $ 8,487  

Home equity lines of credit

       707          131          672          1,510          674  

Commercial real estate

       105                   1,904          2,009          2,807  

Construction

                         815          815          815  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       1,453          965          6,293          8,711          12,783  

Commercial and industrial

                         653          653          653  

Consumer

       679          392                   1,071           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 2,132        $ 1,357        $ 6,946        $ 10,435        $ 13,436  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

December 31, 2015

                        

Real estate loans:

                        

Residential real estate:

                        

One- to four-family

     $ 1,674        $ 221        $ 3,266        $ 5,161        $ 9,264  

Home equity lines of credit

       587                   1,166          1,753          1,763  

Commercial real estate

       483                   2,652          3,135          3,663  

Construction

                         15,849          15,849          15,849  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total real estate loans

       2,744          221          22,933          25,898          30,539  

Commercial and industrial

                         805          805          805  

Consumer

       580          317                   897           
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 3,324        $ 538        $ 23,738        $ 27,600        $ 31,344  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Impaired Loans of Company

The following tables provide information with respect to the Company’s impaired loans:

 

    December 31,  
    2016     2015  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
    (In thousands)  

Impaired loans without a valuation allowance:

           

One- to four-family

  $ 841     $ 1,281       $ 1,318     $ 1,813    

Multi-family

    74       74         88       88    

Commercial real estate

    2,807       3,102         2,652       2,947    

Construction

    988       1,083         16,026       18,660    

Commercial and industrial

    1,808       2,138         761       1,095    
 

 

 

   

 

 

     

 

 

   

 

 

   

Total

    6,518       7,678         20,845       24,603    
 

 

 

   

 

 

     

 

 

   

 

 

   

Impaired loans with a valuation allowance:

           

One- to four-family

    581       581     $ 49       264       264     $ 3  

Multi-family

    1,285       1,285       137       1,313       1,313       143  

Commercial real estate

                      1,011       1,022       84  

Commercial and industrial

                      44       44       44  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    1,866       1,866       186       2,632       2,643       274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 8,384     $ 9,544     $ 186     $ 23,477     $ 27,246     $ 274  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At December 31, 2016, additional funds committed to be advanced in connection with impaired construction loans were immaterial.

 

    Years Ended December 31,  
    2016     2015     2014  
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
    Average
Recorded
Investment
    Interest
Income
Recognized
    Interest
Income
Recognized
on Cash Basis
 
    (In thousands)  

One- to four-family

  $ 1,788     $ 68     $ 47     $ 2,625     $ 120     $ 72     $ 4,246     $ 243     $ 103  

Multi-family

    1,379       55             1,421       55             3,395       297        

Home equity lines of credit

                                        20       1        

Commercial real estate

    3,281       80       80       7,425       284       81       10,463       456       273  

Construction

    11,076       31       17       16,273       315       295       11,060       314       247  

Commercial and industrial

    1,635       84       13       930       5       5       1,139       26       17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total impaired loans

  $ 19,159     $ 318     $ 157     $ 28,674     $ 779     $ 453     $ 30,323     $ 1,337     $ 640  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Summary of Troubled Debt Restructurings

The following table summarizes the TDRs at the dates indicated:

 

       December 31,  
       2016        2015  
       (In thousands)  

TDRs on accrual status:

         

One- to four-family

     $ 2,219        $ 2,621  

Multi-family

       1,359          1,402  

Home equity lines of credit

       18          18  

Commercial real estate

       9,460          9,968  

Construction

       174          174  

Commercial and industrial

       27          33  
    

 

 

      

 

 

 

Total TDRs on accrual status

       13,257          14,216  
    

 

 

      

 

 

 

TDRs on non-accrual status:

         

One- to four-family

       1,123          1,261  

Commercial real estate

                528  

Construction

                1,136  

Commercial and industrial

                186  
    

 

 

      

 

 

 

Total TDRs on non-accrual status

       1,123          3,111  
    

 

 

      

 

 

 

Total TDRs

     $ 14,380        $ 17,327  
    

 

 

      

 

 

 
Risk Rated Loans by Class

The following tables provide the Company’s risk-rated loans by class:

 

    December 31,  
    2016     2015  
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
    Multi-family
residential
real estate
    Commercial
real estate
    Construction     Commercial
and
industrial
 
    (In thousands)  

Loans rated
1 — 3A

  $ 556,892     $ 1,771,671     $ 500,565     $ 465,979     $ 408,121     $ 1,320,748     $ 403,411     $ 375,013  

Loans rated
4 — 4A

    841       2,123             22,820       887       3,655             24,199  

Loans rated 5

    5,215       2,807       2,188       26,631       8,380       3,941       18,120       839  

Loans rated 6

                                               

Loans rated 7

                                               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 562,948     $ 1,776,601     $ 502,753     $ 515,430     $ 417,388     $ 1,328,344     $ 421,531     $ 400,051  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

XML 40 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Premises and Equipment (Tables)
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Summary of Cost and Accumulated Depreciation and Amortization of Premises and Equipment

A summary of the cost and accumulated depreciation and amortization of premises and equipment follows:

 

       December 31,      Estimated
Useful
Lives
 
       2016      2015     
       (In thousands)         

Land and land improvements

     $ 8,243      $ 8,243        N/A  

Buildings

       34,421        34,113        40 Years  

Leasehold improvements

       8,629        6,680        5-20 Years  

Equipment

       20,799        18,956        3-7 Years  
    

 

 

    

 

 

    
       72,092        67,992     

Less accumulated depreciation and amortization

       (30,665      (27,744   
    

 

 

    

 

 

    
     $ 41,427      $ 40,248     
    

 

 

    

 

 

    
Future Minimum Lease Payments

At December 31, 2016, future minimum lease payments are as follows:

 

Years Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 1,797  

2018

       1,726  

2019

       1,468  

2020

       1,391  

2021

       1,332  

Thereafter

       7,279  
    

 

 

 
     $ 14,993  
    

 

 

 

XML 41 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Deposits (Tables)
12 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
Summary of Deposit Balances, by Type

A summary of deposit balances, by type, follows:

 

       December 31,  
       2016        2015  
       (In thousands)  

Demand deposits

     $ 431,222        $ 370,546  

NOW deposits

       630,413          334,753  

Money market deposits

       980,344          860,957  

Regular savings and other deposits

       305,632          288,180  
    

 

 

      

 

 

 

Total non-certificate accounts

       2,347,611          1,854,436  
    

 

 

      

 

 

 

Term certificates less than $250,000

       850,565          648,278  

Term certificates $250,000 and greater

       277,661          240,304  
    

 

 

      

 

 

 

Total certificate accounts

       1,128,226          888,582  
    

 

 

      

 

 

 

Total deposits

     $ 3,475,837        $ 2,743,018  
    

 

 

      

 

 

 

Summary of Term Certificates, by Maturity

A summary of term certificates, by maturity, follows:

 


       December 31,  
       2016      2015  

Maturing

     Amount        Weighted
Average Rate
     Amount        Weighted
Average Rate
 
       (Dollars in thousands)  

Within 1 year

     $ 539,903          1.16    $ 504,756          1.03

Over 1 year to 2 years

       306,120          1.29        201,929          1.25  

Over 2 years to 3 years

       122,952          1.69        74,304          1.25  

Over 3 years to 4 years

       133,256          2.02        79,017          1.83  

Over 4 years to 5 years

       22,483          1.61        25,225          1.67  

Greater than 5 years

       3,512          5.50        3,351          5.50  
    

 

 

         

 

 

      
     $ 1,128,226          1.38    $ 888,582          1.21
    

 

 

         

 

 

      
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Borrowings (Tables)
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Long-term Debt, FHLB Advances

Long-term debt consists of FHLB advances as follows:

 

       December 31,  
       2016      2015  
        Amount        Weighted
Average Rate
     Amount        Weighted
Average
Rate
 
       (Dollars in thousands)  

Fixed rate advances maturing:

                 

2016

     $             $ 41,500          1.20

2017

       89,632          1.32        89,632          1.32  

2018

       43,000          1.25        3,000          1.63  

2019

       4,891          1.23        6,684          1.23  

2020

       4,989          1.22        6,410          1.22  

2021

       45,000          1.46                  

2023

       10,000          2.10                  

2026

       20,000          0.59                  

2031

       20,000          0.88                  
    

 

 

         

 

 

      
       237,512          1.26        147,226          1.28  
    

 

 

         

 

 

      

Variable rate advances maturing:

                 

2020

       25,000          0.27                  

2021

       60,000          0.31                  
    

 

 

         

 

 

      
       85,000          0.29                  
    

 

 

         

 

 

      

Total advances

     $ 322,512          1.01    $ 147,226          1.28
    

 

 

         

 

 

      

XML 43 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Summary of Allocation of Federal and State Income Taxes Between Current and Deferred Portions

Allocation of federal and state income taxes between current and deferred portions is as follows:

 

       Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

Current tax provision:

          

Federal

     $ 15,989      $ 11,109      $ 9,684  

State

       4,708        3,218        2,720  
    

 

 

    

 

 

    

 

 

 

Total current provision

       20,697        14,327        12,404  
    

 

 

    

 

 

    

 

 

 

Deferred tax benefit:

          

Federal

       (2,176      (1,841      (980

State

       (640      (520      (276
    

 

 

    

 

 

    

 

 

 

Total deferred benefit

       (2,816      (2,361      (1,256
    

 

 

    

 

 

    

 

 

 

Total tax provision

     $ 17,881      $ 11,966      $ 11,148  
    

 

 

    

 

 

    

 

 

 
Summary of Differences Between the Statutory Federal Income Tax Rate and the Effective Tax Rates

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

 

       Years Ended
December 31,
 
       2016      2015      2014  
       (In thousands)  

Statutory federal tax rate

       35.0      35.0      35.0

Increase (decrease) resulting from:

          

State taxes, net of federal tax benefit

       5.1        4.8        4.7  

Dividends received deduction

       (0.7      (1.1      (1.0

Bank-owned life insurance

       (0.8      (1.2      (1.2

Tax exempt income

       (5.9      (6.0      (5.4

Other, net

       1.6        1.2        1.2  
    

 

 

    

 

 

    

 

 

 

Effective tax rates

       34.3      32.7      33.3
    

 

 

    

 

 

    

 

 

 

Components of the Net Deferred Tax Asset

The components of the net deferred tax asset are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Federal

     $ 19,275      $ 18,034  

State

       5,482        5,094  
    

 

 

    

 

 

 
       24,757        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Federal

       (2,625      (1,467

State

       (671      (415
    

 

 

    

 

 

 
       (3,296      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 

 

Summary of Tax Effects of Each Item that Give Rise to Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of each item that give rise to deferred tax assets and deferred tax liabilities are as follows:

 

       December 31,  
       2016      2015  
       (In thousands)  

Deferred tax assets:

       

Allowance for loan loss

     $ 16,401      $ 13,646  

Employee benefit and retirement plans

       5,011        4,880  

Acquisition accounting

       2,135        2,163  

Net unrealized loss on securities available for sale

              1,138  

Non-accrual interest

       1,091        1,091  

Other

       208        210  
    

 

 

    

 

 

 
       24,846        23,128  
    

 

 

    

 

 

 

Deferred tax liabilities

       

Net unrealized gain on securities available for sale

       (1,444       

Depreciation and amortization

       (1,289      (1,232

Other

       (652      (650
    

 

 

    

 

 

 
       (3,385      (1,882
    

 

 

    

 

 

 

Net deferred tax asset

     $ 21,461      $ 21,246  
    

 

 

    

 

 

 
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Commitments and Contingencies and Derivatives (Tables)
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Loan Commitments Outstanding

A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows:

 

       December 31,  
       2016        2015  
       (In thousands)  

Unadvanced portion of existing loans:

         

Construction

     $ 503,586        $ 567,177  

Home equity lines of credit

       36,722          34,965  

Other lines and letters of credit

       314,225          149,973  

Commitments to originate:

         

One- to four-family

       18,272          15,122  

Commercial real estate

       42,141          57,589  

Construction

       231,274          125,367  

Commercial and industrial

       31,463          45,960  

Other loans

       350          1,159  
    

 

 

      

 

 

 

Total loan commitments outstanding

     $ 1,178,033        $ 997,312  
    

 

 

      

 

 

 
Summary Information Regarding the Derivatives

Summary information regarding these derivatives is presented below:

 

                December 31,
                2016   2015
    Maturity   Interest Rate Paid   Interest
Rate Received
  Notional
Amount
  Fair
Value
  Notional
Amount
  Fair
Value
            (Dollars in thousands)

Customer interest rate swap

      10/17/33   1 Mo. Libor + 175bp   Fixed (4.1052%)     $ 10,922     $ 839     $ 11,100     $ 1,008

Third-party interest rate swap

      10/17/33   Fixed (4.1052%)   1 Mo. Libor + 175bp       10,922       (839 )       11,100       (1,008 )

Customer interest rate swap

      12/13/26   1 Mo. Libor + 205bp   Fixed (3.82%)     $ 3,036     $ (60 )     $ —       $ —  

Third-party interest rate swap

      12/13/26   Fixed (3.82%)   1 Mo. Libor + 205bp       3,036       60       —         —  

XML 45 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Weighted-Average Assumptions Used And Fair Value For Options Granted

The weighted-average assumptions used and fair value for options granted during the years ended December 31, 2015, respectively are as follows:

 

       2015  

Expected term (years)

       6.50  

Expected dividend yield

       0.83

Expected volatility

       26.02

Expected forfeiture rate

       6.02

Risk-free interest rate

       1.77

Weighted average fair value of options granted

     $ 3.78  
Summary of Options and SARs Under Share-based Compensation Plans

A summary of options and SARs under the plans as of December 31, 2016, and activity during the year then ended, is presented below:

 

       Number
of Shares
     Weighted -Average
Exercise Price
       Weighted -Average
Remaining
Contractual  Life
(in years)
 

Options outstanding at beginning of year

       3,513,467      $ 8.53          6.34  

Options granted

                    

Options exercised

       (53,314      3.87       

SARs exercised

       (36,556      4.04       

Forfeited

       (40,508      12.94       
    

 

 

         

Options outstanding at end of year

       3,383,089        8.60          5.39  
    

 

 

         

Options exercisable at end of year

       2,115,966        5.50          3.42  
    

 

 

         

Non-vested Restricted Stock Activity

The following table summarizes the Company’s non-vested restricted stock activity for the year ended December 31, 2016:

 


       Number of
Shares
       Weighted -
Average
Grant-Date
Fair Value
 

Non-vested restricted stock at beginning of year

       777,341          13.27  

Granted

                 

Vested

       172,325          12.45  

Forfeited

       21,513          13.39  
    

 

 

      

Non-vested restricted stock at end of year

       583,503          13.50  
    

 

 

      
Remaining Principal Balance Payable on ESOP Debt

At December 31, 2016, the remaining principal balance on the ESOP debt is payable as follows:

 

Year Ending December 31,

     Amount  
       (In thousands)  

2017

     $ 667  

2018

       689  

2019

       711  

2020

       734  

2021

       758  

Thereafter

       17,395  
    

 

 

 
     $ 20,954  
    

 

 

 

Shares Held by ESOP

Shares held by the ESOP include the following:

 

       December 31,  
       2016        2015  
       (In thousands)  

Allocated

       851          729  

Committed to be allocated

       122          122  

Unallocated

       2,679          2,801  
    

 

 

      

 

 

 
       3,652          3,652  
    

 

 

      

 

 

 
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
The Company's and the Bank's Actual Capital Amounts and Ratios

The Company’s and the Bank’s actual capital amounts and ratios follow:

 

     Actual     Minimum Capital
Requirement
    Minimum To Be
Well Capitalized
Under Prompt
Corrective Action
Provisions
 
      Amount      Ratio     Amount      Ratio     Amount      Ratio  
     (Dollars in thousands)  

December 31, 2016

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 633,420        15.0   $ 338,878        8.0   $ 423,597        10.0

Bank

     493,944        11.7       337,058        8.0       421,323        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       254,158        6.0       338,878        8.0  

Bank

     452,328        10.7       252,794        6.0       337,058        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     591,804        14.0       190,619        4.5       275,338        6.5  

Bank

     452,328        10.7       189,595        4.5       273,860        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     591,804        13.8       171,854        4.0       214,817        5.0  

Bank

     452,328        10.7       168,518        4.0       210,648        5.0  

December 31, 2015

               

Total Capital (to Risk Weighted Assets):

               

Company

   $ 606,611        17.5   $ 277,591        8.0   $ 346,989        10.0

Bank

     442,978        12.7       279,604        8.0       349,505        10.0  

Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       208,194        6.0       277,591        8.0  

Bank

     409,573        11.7       209,703        6.0       279,604        8.0  

Common Equity Tier 1 Capital (to Risk Weighted Assets):

               

Company

     573,206        16.5       156,145        4.5       225,543        6.5  

Bank

     409,573        11.7       157,277        4.5       227,179        6.5  

Tier 1 Capital (to Average Assets):

               

Company

     573,206        16.7       137,245        4.0       171,557        5.0  

Bank

     409,573        12.5       130,988        4.0       163,735        5.0
Reconciliation of the Company's and Banks Stockholders Equity to Total Regulatory Capital

A reconciliation of the Company’s and Bank’s stockholders’ equity to total regulatory capital follows:

 

       December 31,  
       2016      2015  
       Consolidated      Bank      Consolidated      Bank  
       (In thousands)  

Total stockholders’ equity per financial statements

     $ 607,297      $ 467,821      $ 588,126      $ 424,535  

Adjustments to Tier 1 and Common Equity Tier 1 capital:

             

Accumulated other comprehensive (gain) loss

       (1,806      (1,806      2,092        2,050  

Net unrealized losses on marketable equity securities

                     (3,325      (3,325

Goodwill disallowed

       (13,687      (13,687      (13,687      (13,687
    

 

 

    

 

 

    

 

 

    

 

 

 

Total Tier 1 and Common Equity Tier 1 capital

       591,804        452,328        573,206        409,573  
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjustments to total capital:

             

Allowance for loan losses

       40,149        40,149        33,405        33,405  

45% of net unrealized gains on marketable equity securities

       1,467        1,467                
    

 

 

    

 

 

    

 

 

    

 

 

 

Total regulatory capital

     $ 633,420      $ 493,944      $ 606,611      $ 442,978  
    

 

 

    

 

 

    

 

 

    

 

 

 
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis.

 

       December 31, 2016  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 21,631        $        $ 21,631  

Marketable equity securities

       46,032                            46,032  

Derivative loan commitments

                         20          20  

Forward loan sale commitments

                         169          169  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 46,032        $ 21,631        $ 968        $ 68,631  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 26        $ 26  

Forward loan sale commitments

                         15          15  

Loan level interest rate swaps

                         779          779  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 820        $ 820  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015  
       Level 1        Level 2        Level 3        Total Fair
Value
 
       (In thousands)  

Assets:

                   

Debt securities

     $        $ 78,095        $        $ 78,095  

Marketable equity securities

       63,551                            63,551  

Derivative loan commitments

                         19          19  

Forward loan sale commitments

                         67          67  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

     $ 63,551        $ 78,095        $ 1,094        $ 142,740  
    

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities:

                   

Derivative loan commitments

     $        $        $ 4        $ 4  

Forward loan sale commitments

                         2          2  

Loan level interest rate swaps

                         1,008          1,008  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

     $        $        $ 1,014        $ 1,014  
    

 

 

      

 

 

      

 

 

      

 

 

 
Assets Measured at Fair Value on a Non-recurring Basis

The following tables summarize the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. The gain/loss represents the amount of write-down, charge-off or specific reserve recorded during the periods noted on the assets held at period end. There were no liabilities measured at fair value on a non-recurring basis.

 

       December 31,2016        Year Ended
December 31, 2016
 
       Level 1        Level 2        Level 3        Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 4,916        $  
    

 

 

      

 

 

      

 

 

      

 

 

 
       December 31, 2015         
Year Ended
December 31, 2015
 
 
       Level 1          Level 2          Level 3          Total Losses  
       (In thousands)  

Impaired loans

     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 
     $        $        $ 20,452        $ 2,399  
    

 

 

      

 

 

      

 

 

      

 

 

 

Summary of Fair Values of Financial Instruments

Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

 


     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 236,423      $ 236,423      $      $      $ 236,423  

Certificates of deposit

     80,323               80,710               80,710  

Securities available for sale

     67,663        46,032        21,631               67,663  

Federal Home Loan Bank stock

     18,175                      18,175        18,175  

Loans and loans held for sale, net

     3,902,612                      3,970,896        3,970,896  

Accrued interest receivable

     10,381                      10,381        10,381  
     December 31, 2016  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial liabilities:

              

Deposits

     3,475,837                      3,485,618        3,485,618  

Borrowings

     322,512               322,928               322,928  

Accrued interest payable

     1,384                      1,384        1,384  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     20                      20        20  

Forward loan sale commitments

     169                      169        169  

Loan level interest rate swaps

     779                      779        779  

Liabilities:

              

Derivative loan commitments

     26                      26        26  

Forward loan sale commitments

     15                      15        15  

Loan level interest rate swaps

     779                      779        779  
     December 31, 2015  
     Carrying
Amount
     Fair Value  
        Level 1      Level 2      Level 3      Total  
     (In thousands)  

Financial assets:

              

Cash and due from banks

   $ 96,363      $ 96,363      $      $      $ 96,363  

Certificates of deposit

     99,062               99,205               99,205  

Securities available for sale

     141,646        63,551        78,095               141,646  

Federal Home Loan Bank stock

     10,931                      10,931        10,931  

Loans and loans held for sale, net

     3,049,911                      3,096,160        3,096,160  

Accrued interest receivable

     8,574                      8,574        8,574  

Financial liabilities:

              

Deposits

     2,743,018                      2,749,601        2,749,601  

Borrowings

     167,226               167,702               167,702  

Accrued interest payable

     890                      890        890  

On-balance sheet derivative financial instruments:

              

Assets:

              

Derivative loan commitments

     19                      19        19  

Forward loan sale commitments

     67                      67        67  

Loan level interest rate swaps

     1,008                      1,008        1,008  

Liabilities:

              

Derivative loan commitments

     4                      4        4  

Forward loan sale commitments

     2                      2        2  

Loan level interest rate swaps

     1,008                      1,008        1,008
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Financial Statements of Parent Company (Tables)
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets Pertaining Only to Meridian Bancorp

Financial information pertaining only to Meridian Bancorp, Inc. is as follows:

 

       December 31,  
       2016        2015  
       (In thousands)  

BALANCE SHEETS

         

Assets

         

Cash and cash equivalents from subsidiary

     $ 34,613        $ 3,448  

Cash and cash equivalents from other banks

                10,065  
    

 

 

      

 

 

 

Total cash and cash equivalents

       34,613          13,513  

Certificates of deposit

       80,323          99,062  

Securities available for sale, at fair value

       5,003          30,057  

Investment in subsidiaries

       467,821          424,535  

ESOP loan receivable

       20,954          21,600  

Other assets

       2,735          2,995  
    

 

 

      

 

 

 

Total assets

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

Liabilities and Stockholders’ Equity

         

Accrued expenses and other liabilities

     $ 4,152        $ 3,636  

Stockholders’ equity

       607,297          588,126  
    

 

 

      

 

 

 

Total liabilities and stockholders’ equity

     $ 611,449        $ 591,762  
    

 

 

      

 

 

 

 

Statements of Income Pertaining Only to Meridian Bancorp
Years Ended December 31,  
       2016        2015        2014  
       (In thousands)  

STATEMENTS OF INCOME

              

Income:

              

Interest on ESOP loan

     $ 702        $ 722        $ 574  

Interest on certificates of deposit

       495          624          47  

Interest and dividend income on securities

       184          151          10  

Other interest and dividend income

       4          82          12  

Gain on sale of securities, net

       182                    
    

 

 

      

 

 

      

 

 

 

Total income

       1,567          1,579          643  

Operating expenses

       1,174          993          808  
    

 

 

      

 

 

      

 

 

 

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries

       393          586          (165

Applicable income tax provision (benefit)

       160          240          (67
    

 

 

      

 

 

      

 

 

 
       233          346          (98

Equity in undistributed earnings of subsidiaries

       33,957          24,261          22,425  
    

 

 

      

 

 

      

 

 

 

Net income

     $ 34,190        $ 24,607        $ 22,327  
    

 

 

      

 

 

      

 

 

 

 

Statements of Cash Flows Pertaining Only to Meridian Bancorp
Years Ended December 31,  
       2016      2015      2014  
       (In thousands)  

STATEMENTS OF CASH FLOWS

          

Cash flows from operating activities:

          

Net income

     $ 34,190      $ 24,607      $ 22,327  

Adjustments to reconcile net income to net cash provided by operating activities:

          

Equity in undistributed earnings of subsidiaries

       (33,957      (24,261      (22,425

Net accretion of securities available for sale

              (3       

Gain on sales of securities, net

       (182              

Share-based compensation expense

       319        97        140  

Decrease (increase) in other assets

       232        828        (1,489

Increase in other liabilities

       550        211        1,708  
    

 

 

    

 

 

    

 

 

 

Net cash provided by operating activities

       1,152        1,479        261  
    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities:

          

Purchases of certificates of deposit

       (80,423      (26,562      (85,000

Maturities of certificates of deposit

       99,162        12,500         

Activity in securities available for sale:

          

Redemption (purchase) of mutual funds, net

       123        19,882        (18,981

Proceeds from sales

       782                

Proceeds from maturities

       25,000                

Purchases

       (600      (5,009      (24,991

Cash received in MHC merger

                     2,640  

Capital contribution from subsidiary

                     3,034  

Capital contribution to bank subsidiary

                     (159,266

Principal payments on ESOP loan receivable

       646        626        1,025  
    

 

 

    

 

 

    

 

 

 

Net cash provided (used) by investing activities

       44,690        1,437        (281,539
    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities:

          

Net proceeds from sale of common stock

                     302,281  

Cash dividends paid on common stock

       (6,148      (1,462       

Repurchase of common stock

       (18,799      (9,428       

Stock options exercised

       205        232        69  
    

 

 

    

 

 

    

 

 

 

Net cash (used) provided by financing activities

       (24,742      (10,658      302,350  
    

 

 

    

 

 

    

 

 

 

Net change in cash and cash equivalents

       21,100        (7,742      21,072  

Cash and cash equivalents at beginning of year

       13,513        21,255        183  
    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents at end of year

     $ 34,613      $ 13,513      $ 21,255  
    

 

 

    

 

 

    

 

 

 

 

XML 49 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Selected Quarterly Consolidated Financial Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data Consolidated Financial Statements (Unaudited)

The selected quarterly financial data presented below should be read in conjunction with the Consolidated Financial Statements and related notes.

 

    Years Ended December 31,  
    2016     2015  
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
 
    (Dollars in thousands, except per share amounts)  

Interest and dividend income

  $ 41,249     $ 38,420     $ 35,839     $ 34,184     $ 32,639     $ 31,338     $ 29,787     $ 29,578  

Interest expense

    7,830       7,118       6,384       5,805       5,300       5,125       4,841       5,185  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

    33,419       31,302       29,455       28,379       27,339       26,213       24,946       24,393  

Provision for loan losses (1)

    1,304       858       3,952       1,066       544       2,412       3,651       60  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income, after provision for loan losses

    32,115       30,444       25,503       27,313       26,795       23,801       21,295       24,333  

Non-interest income (2)

    5,614       3,301       2,583       2,692       2,674       2,797       4,219       3,350  

Non-interest expenses

    19,778       19,164       19,322       19,230       19,187       18,089       17,347       18,068  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    17,951       14,581       8,764       10,775       10,282       8,509       8,167       9,615  

Provision for income taxes

    6,642       5,084       2,857       3,298       3,407       2,767       2,582       3,210  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 11,309     $ 9,497     $ 5,907     $ 7,477     $ 6,875     $ 5,742     $ 5,585     $ 6,405  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

               

Basic

  $ 0.22     $ 0.19     $ 0.12     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Diluted

  $ 0.22     $ 0.18     $ 0.11     $ 0.14     $ 0.13     $ 0.11     $ 0.11     $ 0.12  

Weighted average shares:

               

Basic

    50,940,037       50,982,633       51,026,985       51,569,683       51,982,009       51,940,055       52,074,889       51,862,146  

Diluted

    52,102,511       52,093,009       52,137,475       52,663,921       53,092,652       53,023,850       53,166,560       53,003,621  

 

(1)

The provision for loan losses for the second quarter of 2016 reflected higher expense primarily due to loan portfolio growth in the commercial loan categories occurring in the quarter. For the second quarter of 2015, the provision for loan losses reflected higher provision expense primarily due to a $2.3 million charge-off related to a construction loan relationship.

(2)

Non-interest income fluctuates each quarter primarily due to net securities gains.

XML 50 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
12 Months Ended
Mar. 06, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]        
Total revenue   10.00%    
Cash on deposit   $ 191,800,000    
Impairment charges   $ 0    
Loans accrual of interest is discontinued at the time the loan   90 days    
Maximum loan value ratio   80.00%    
Originate loans with loan-to-value ratios   95.00%    
First time home buyers, loans with loan-to-value ratios   100.00%    
Uncertain tax positions   $ 0 $ 0  
Interest or penalties   0 0 $ 0
Unrecognized prior service cost   17,000    
Deferred tax provision (benefit)   (2,816,000) $ (2,361,000) $ (1,256,000)
Change in Accounting Method Accounted for as Change in Estimate [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Unrealized gain on equity investment   6,600,000    
Deferred tax provision (benefit)   $ 2,300,000    
Minimum [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Maturity period of certificate of deposit   90 days    
FDIC insured amount   $ 250,000    
Period of repayment of loan   12 months    
Maximum [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Maturity period of certificate of deposit   24 months    
Period of repayment of loan   24 months    
Meridian Financial Services Incorporated [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Percentage of common stock owned before merger 59.00%      
Stock Option [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Anti-dilutive Options   9,440 366,002 0
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Earnings Per Share [Abstract]                      
Net income available to common stockholders $ 11,309 $ 9,497 $ 5,907 $ 7,477 $ 6,875 $ 5,742 $ 5,585 $ 6,405 $ 34,190 $ 24,607 $ 22,327
Basic weighted average shares outstanding 50,940,037 50,982,633 51,026,985 51,569,683 51,982,009 51,940,055 52,074,889 51,862,146 51,128,914 51,965,036 52,470,513
Effect of dilutive stock options                 1,119,394 1,106,896 1,097,258
Diluted weighted average shares outstanding 52,102,511 52,093,009 52,137,475 52,663,921 53,092,652 53,023,850 53,166,560 53,003,621 52,248,308 53,071,932 53,567,771
Earnings per share:                      
Basic $ 0.22 $ 0.19 $ 0.12 $ 0.14 $ 0.13 $ 0.11 $ 0.11 $ 0.12 $ 0.67 $ 0.47 $ 0.43
Diluted $ 0.22 $ 0.18 $ 0.11 $ 0.14 $ 0.13 $ 0.11 $ 0.11 $ 0.12 $ 0.65 $ 0.46 $ 0.42
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (loss), Included in Stockholders' Equity (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]      
Net unrealized gain (loss) on securities available for sale $ 3,637 $ (2,807)  
Comprehensive income 38,088 19,617 $ 21,121
Tax effect (1,444) 1,138  
Net-of-tax amount 2,193 (1,669)  
Accumulated other comprehensive income 1,806 (2,092)  
Defined Benefit Plans [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Unrecognized prior service cost (197) (221)  
Unrecognized net actuarial loss (399) (430)  
Comprehensive income (596) (651)  
Tax effect 209 228  
Net-of-tax amount $ (387) $ (423)  
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Securities Available for Sale - Amortized Cost and Fair Values of Securities Available for Sale (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total $ 21,254 $ 77,577
Debt Securities, Gross Unrealized Gains 383 665
Debt Securities, Gross Unrealized Losses (6) (147)
Debt Securities, Fair Value 21,631 78,095
Marketable Equity Securities, Amortized Cost 42,772 66,876
Marketable Equity Securities, Gross Unrealized Gains 4,561 4,253
Marketable Equity Securities, Gross Unrealized Losses (1,301) (7,578)
Marketable Equity Securities, Fair Value 46,032 63,551
Total Securities Available for Sale, Amortized Cost 64,026 144,453
Total Securities Available for Sale, Gross Unrealized Gains 4,944 4,918
Total Securities Available for Sale, Gross Unrealized Losses (1,307) (7,725)
Total Securities Available for Sale, Fair Value 67,663 141,646
Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 13,989 29,429
Debt Securities, Gross Unrealized Gains 19 112
Debt Securities, Gross Unrealized Losses (3) (42)
Debt Securities, Fair Value 14,005 29,499
Municipal Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 1,202 4,326
Debt Securities, Gross Unrealized Gains 17 89
Debt Securities, Fair Value 1,219 4,415
Money Market Funds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 2 1,193
Marketable Equity Securities, Gross Unrealized Losses   (48)
Marketable Equity Securities, Fair Value 2 1,145
Government-sponsored enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total   11,000
Debt Securities, Gross Unrealized Gains   2
Debt Securities, Gross Unrealized Losses   (40)
Debt Securities, Fair Value   10,962
Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 5,284 6,948
Debt Securities, Gross Unrealized Gains 325 436
Debt Securities, Gross Unrealized Losses (3) (3)
Debt Securities, Fair Value 5,606 7,381
Residential Mortgage-backed Securities, Private Label [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 779 878
Debt Securities, Gross Unrealized Gains 22 26
Debt Securities, Fair Value 801 904
Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 42,770 65,683
Marketable Equity Securities, Gross Unrealized Gains 4,561 4,253
Marketable Equity Securities, Gross Unrealized Losses (1,301) (7,530)
Marketable Equity Securities, Fair Value 46,030 62,406
US Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total   24,996
Debt Securities, Gross Unrealized Losses   (62)
Debt Securities, Fair Value   24,934
Financial Services [Member] | Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 12,989 26,430
Debt Securities, Gross Unrealized Gains 16 101
Debt Securities, Gross Unrealized Losses (3) (42)
Debt Securities, Fair Value 13,002 26,489
Financial Services [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 5,953 11,821
Marketable Equity Securities, Gross Unrealized Gains 970 782
Marketable Equity Securities, Gross Unrealized Losses   (649)
Marketable Equity Securities, Fair Value 6,923 11,954
Industrials [Member] | Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, Total 1,000 2,999
Debt Securities, Gross Unrealized Gains 3 11
Debt Securities, Fair Value 1,003 3,010
Industrials [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 4,181 5,308
Marketable Equity Securities, Gross Unrealized Gains 624 96
Marketable Equity Securities, Gross Unrealized Losses (11) (573)
Marketable Equity Securities, Fair Value 4,794 4,831
Basic Materials [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 6,763 13,221
Marketable Equity Securities, Gross Unrealized Gains 901 370
Marketable Equity Securities, Gross Unrealized Losses (232) (4,043)
Marketable Equity Securities, Fair Value 7,432 9,548
Consumer Products and Services [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 13,567 18,987
Marketable Equity Securities, Gross Unrealized Gains 1,093 1,060
Marketable Equity Securities, Gross Unrealized Losses (382) (1,578)
Marketable Equity Securities, Fair Value 14,278 18,469
Healthcare [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 8,225 9,403
Marketable Equity Securities, Gross Unrealized Gains 533 1,050
Marketable Equity Securities, Gross Unrealized Losses (456) (117)
Marketable Equity Securities, Fair Value 8,302 10,336
Technology [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost 4,081 4,987
Marketable Equity Securities, Gross Unrealized Gains 440 138
Marketable Equity Securities, Gross Unrealized Losses (220) (559)
Marketable Equity Securities, Fair Value $ 4,301 4,566
Utilities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable Equity Securities, Amortized Cost   1,956
Marketable Equity Securities, Gross Unrealized Gains   757
Marketable Equity Securities, Gross Unrealized Losses   (11)
Marketable Equity Securities, Fair Value   $ 2,702
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Securities Available for Sale - Additional Information (Detail)
12 Months Ended
Dec. 31, 2016
USD ($)
SecurityLoan
Security
shares
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales of securities available for sale $ 38,429,000 $ 27,120,000 $ 33,335,000
Gross gains 7,200,000 4,200,000 6,300,000
Gross losses $ 4,200,000 1,800,000 $ 91,000
Unrealized losses with equity aggregate depreciation, percentage 9.60%    
Marketable equity securities in an unrealized loss position for less than 12 months, fair value $ 10,985,000 54,468,000  
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 6,449,000 $ 16,103,000  
Declined percentage of equity securities unrealized losses 10.00%    
Other-than-temporarily impaired securities | shares 0    
Unrealized losses on marketable equity securities, declined percentage 25.00%    
Equity Securities [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Marketable equity securities, fair value $ 12,200,000    
Marketable equity securities, total unrealized losses $ 1,300,000    
Number of securities in unrealized loss position | SecurityLoan 19,000,000    
Marketable equity securities in an unrealized loss position for less than 12 months, fair value $ 6,000,000    
Marketable equity securities in an unrealized loss position for less than 12 months, unrealized losses $ 507,000    
Marketable equity securities in an unrealized loss position for less than 12 months, number of securities | Security 9    
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 6,200,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses $ 794,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security 10    
Equity Securities [Member] | Basic Materials [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 1,600,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses $ 232,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security 3    
Equity Securities [Member] | Consumer Products and Services [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 1,600,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses $ 145,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security 3    
Equity Securities [Member] | Healthcare [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 1,400,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses $ 197,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security 2    
Equity Securities [Member] | Technology [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value $ 1,700,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses $ 220,000    
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security 2    
Federal Reserve Bank Discount Window Borrowings [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Securities with amortized cost, pledged as collateral $ 4,200,000    
Federal Home Loan Bank of Boston Borrowings [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Securities with amortized cost, pledged as collateral $ 680,000    
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Securities Available for Sale - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, within 1 year $ 14,469  
Fair Value, within 1 year 14,488  
Amortized Cost, over 1 year to 5 years 723  
Fair Value, over 1 year to 5 years 737  
Amortized Cost, over 5 years 6,062  
Fair Value, over 5 years 6,406  
Amortized Cost, Total 21,254 $ 77,577
Fair Value, Total 21,631 78,095
Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, within 1 year 13,989  
Fair Value, within 1 year 14,005  
Amortized Cost, Total 13,989 29,429
Fair Value, Total 14,005 29,499
Municipal Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, within 1 year 480  
Fair Value, within 1 year 483  
Amortized Cost, over 1 year to 5 years 722  
Fair Value, over 1 year to 5 years 736  
Amortized Cost, Total 1,202 4,326
Fair Value, Total 1,219 4,415
Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, over 1 year to 5 years 1  
Fair Value, over 1 year to 5 years 1  
Amortized Cost, over 5 years 5,283  
Fair Value, over 5 years 5,605  
Amortized Cost, Total 5,284 6,948
Fair Value, Total 5,606 7,381
Residential Mortgage-backed Securities, Private Label [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, over 5 years 779  
Fair Value, over 5 years 801  
Amortized Cost, Total 779 878
Fair Value, Total 801 904
Financial Services [Member] | Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, within 1 year 12,989  
Fair Value, within 1 year 13,002  
Amortized Cost, Total 12,989 26,430
Fair Value, Total 13,002 26,489
Industrials [Member] | Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost, within 1 year 1,000  
Fair Value, within 1 year 1,003  
Amortized Cost, Total 1,000 2,999
Fair Value, Total $ 1,003 $ 3,010
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Securities Available for Sale - Schedule of Information Pertaining to Securities Available for Sale (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months $ 510 $ 4,453
Fair value, less than twelve months 10,985 54,468
Gross unrealized losses, over twelve months 797 3,272
Fair value, over twelve months 6,449 16,103
Debt Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 3 86
Fair value, less than twelve months 5,000 33,918
Gross unrealized losses, over twelve months 3 61
Fair value, over twelve months 205 8,657
Debt Securities [Member] | Government-sponsored enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   14
Fair value, less than twelve months   3,986
Gross unrealized losses, over twelve months   26
Fair value, over twelve months   4,974
Debt Securities [Member] | Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, over twelve months 3 3
Fair value, over twelve months 205 215
Debt Securities [Member] | US Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   62
Fair value, less than twelve months   24,934
Marketable Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 507 4,367
Fair value, less than twelve months 5,985 20,550
Gross unrealized losses, over twelve months 794 3,211
Fair value, over twelve months 6,244 7,446
Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 507 4,367
Fair value, less than twelve months 5,985 20,550
Gross unrealized losses, over twelve months 794 3,163
Fair value, over twelve months 6,244 6,426
Marketable Equity Securities [Member] | Money Market Funds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, over twelve months   48
Fair value, over twelve months   1,020
Financial Services [Member] | Debt Securities [Member] | Corporate Bond Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 3 10
Fair value, less than twelve months 5,000 4,998
Gross unrealized losses, over twelve months   32
Fair value, over twelve months   3,468
Financial Services [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   421
Fair value, less than twelve months   4,019
Gross unrealized losses, over twelve months   228
Fair value, over twelve months   540
Basic Materials [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   2,043
Fair value, less than twelve months   4,478
Gross unrealized losses, over twelve months 232 2,000
Fair value, over twelve months 1,568 3,138
Consumer Products and Services [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 237 1,099
Fair value, less than twelve months 3,496 7,521
Gross unrealized losses, over twelve months 145 479
Fair value, over twelve months 1,618 1,657
Healthcare [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 259 117
Fair value, less than twelve months 2,039 1,202
Gross unrealized losses, over twelve months 197  
Fair value, over twelve months 1,377  
Industrials [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months 11 573
Fair value, less than twelve months 450 2,647
Technology [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   103
Fair value, less than twelve months   675
Gross unrealized losses, over twelve months 220 456
Fair value, over twelve months $ 1,681 1,091
Utilities [Member] | Marketable Equity Securities [Member] | Common Stock [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross unrealized losses, less than twelve months   11
Fair value, less than twelve months   $ 8
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Summary of Loans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount $ 3,942,807 $ 3,082,425    
Allowance for loan losses (40,149) (33,405) $ (28,469) $ (25,335)
Net deferred loan origination fees (3,990) (3,778)    
Loans, net 3,898,668 3,045,242    
Commercial and Industrial [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 515,430 400,051    
Allowance for loan losses (6,452) (5,620) (4,633) (3,433)
Construction [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 502,753 421,531    
Allowance for loan losses (8,931) (8,313) (5,155) (4,374)
Total Real Estate Loans [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 3,417,665 2,672,346    
Residential Portfolio Segment [Member] | Multi-Family Residential Real Estate [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 562,948 417,388    
Allowance for loan losses (4,514) (3,385) (3,635) (2,419)
Residential Portfolio Segment [Member] | One-to Four-Family [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 532,450 458,423    
Allowance for loan losses (1,367) (1,354) (1,849) (1,991)
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 42,913 46,660    
Allowance for loan losses (73) (144) (100) (155)
Commercial Real Estate Portfolio Segment [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 1,776,601 1,328,344    
Allowance for loan losses (18,725) (14,497) (13,000) (12,831)
Consumer Portfolio Segment [Member]        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Total loans, Amount 9,712 10,028    
Allowance for loan losses $ (87) $ (92) $ (97) $ (132)
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Additional Information (Detail)
12 Months Ended
Dec. 31, 2016
USD ($)
SecurityLoan
Jan. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Servicing loans for participants $ 210,500,000   $ 137,700,000
Number of accruing loans | SecurityLoan 0   0
Loans modified as TDRs on non-accrual status, minimum period 6 months    
Loans modified as TDRs qualify for return to accrual status if demonstrated performance with modified terms of loan agreement, minimum period 6 months    
Allocated component included in allowance for loan losses $ 186,000   $ 68,000
Charge-offs related to the TDRs modified 0   0
TDRs defaulted within 12 months of restructure   $ 0 $ 0
Commercial Real Estate Portfolio Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Carrying value of loan pledged 473,200,000    
Multi-Family Residential Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Carrying value of loan pledged $ 73,000,000    
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Allowance for Loan Losses (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   $ 33,405 $ 28,469 $ 25,335    
Provision (credit) for loan losses   7,180 6,667 3,313    
Charge-offs   (837) (2,854) (505)    
Recoveries   401 1,123 326    
Ending balance   40,149 33,405 28,469    
Amount of allowance for loan losses for loans deemed to be impaired         $ 186 $ 274
Amount of allowance for loan losses for loans not deemed to be impaired         39,963 33,131
Total, Amount of allowance   33,405 28,469 25,335 40,149 33,405
Loans deemed to be impaired         8,384 23,477
Loans not deemed to be impaired         3,934,423 3,058,948
Total, Amount of allowance impaired         3,942,807 3,082,425
Commercial and Industrial [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   5,620 4,633 3,433    
Provision (credit) for loan losses   821 1,022 1,264    
Charge-offs   (49) (36) (72)    
Recoveries   60 1 8    
Ending balance   6,452 5,620 4,633    
Amount of allowance for loan losses for loans deemed to be impaired           44
Amount of allowance for loan losses for loans not deemed to be impaired         6,452 5,576
Total, Amount of allowance   5,620 4,633 3,433 6,452 5,620
Loans deemed to be impaired         1,808 805
Loans not deemed to be impaired         513,622 399,246
Total, Amount of allowance impaired         515,430 400,051
Multi-Family Residential Real Estate [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Amount of allowance for loan losses for loans deemed to be impaired         137 143
One-to Four-Family [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Amount of allowance for loan losses for loans deemed to be impaired         49 3
Construction [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   8,313 5,155 4,374    
Provision (credit) for loan losses   874 4,564 715    
Charge-offs $ (2,300) (486) (2,287) (71)    
Recoveries   230 881 137    
Ending balance   8,931 8,313 5,155    
Amount of allowance for loan losses for loans not deemed to be impaired         8,931 8,313
Total, Amount of allowance   8,313 5,155 4,374 8,931 8,313
Loans deemed to be impaired         988 16,026
Loans not deemed to be impaired         501,765 405,505
Total, Amount of allowance impaired         502,753 421,531
Residential Portfolio Segment [Member] | Multi-Family Residential Real Estate [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   3,385 3,635 2,419    
Provision (credit) for loan losses   1,129 (250) 1,216    
Ending balance   4,514 3,385 3,635    
Amount of allowance for loan losses for loans deemed to be impaired         137 143
Amount of allowance for loan losses for loans not deemed to be impaired         4,377 3,242
Total, Amount of allowance   3,385 3,635 2,419 4,514 3,385
Loans deemed to be impaired         1,359 1,401
Loans not deemed to be impaired         561,589 415,987
Total, Amount of allowance impaired         562,948 417,388
Residential Portfolio Segment [Member] | One-to Four-Family [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   1,354 1,849 1,991    
Provision (credit) for loan losses   13 (446) (155)    
Charge-offs     (165) (54)    
Recoveries     116 67    
Ending balance   1,367 1,354 1,849    
Amount of allowance for loan losses for loans deemed to be impaired         49 3
Amount of allowance for loan losses for loans not deemed to be impaired         1,318 1,351
Total, Amount of allowance   1,354 1,849 1,991 1,367 1,354
Loans deemed to be impaired         1,422 1,582
Loans not deemed to be impaired         531,028 456,841
Total, Amount of allowance impaired         532,450 458,423
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   144 100 155    
Provision (credit) for loan losses   (71) 104 (50)    
Charge-offs     (60) (5)    
Ending balance   73 144 100    
Amount of allowance for loan losses for loans not deemed to be impaired         73 144
Total, Amount of allowance   144 100 155 73 144
Loans not deemed to be impaired         42,913 46,660
Total, Amount of allowance impaired         42,913 46,660
Commercial Real Estate Portfolio Segment [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   14,497 13,000 12,831    
Provision (credit) for loan losses   4,228 1,479 255    
Charge-offs       (116)    
Recoveries     18 30    
Ending balance   18,725 14,497 13,000    
Amount of allowance for loan losses for loans deemed to be impaired           84
Amount of allowance for loan losses for loans not deemed to be impaired         18,725 14,413
Total, Amount of allowance   14,497 13,000 12,831 18,725 14,497
Loans deemed to be impaired         2,807 3,663
Loans not deemed to be impaired         1,773,794 1,324,681
Total, Amount of allowance impaired         1,776,601 1,328,344
Consumer Portfolio Segment [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Beginning balance   92 97 132    
Provision (credit) for loan losses   186 194 68    
Charge-offs   (302) (306) (187)    
Recoveries   111 107 84    
Ending balance   87 92 97    
Amount of allowance for loan losses for loans not deemed to be impaired         87 92
Total, Amount of allowance   $ 92 $ 97 $ 132 87 92
Loans not deemed to be impaired         9,712 10,028
Total, Amount of allowance impaired         $ 9,712 $ 10,028
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Past Due and Non Accrual (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due $ 10,435 $ 27,600
Loans on Non-accrual 13,436 31,344
Commercial and Industrial [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 653 805
Loans on Non-accrual 653 805
Residential Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 8,711 25,898
Loans on Non-accrual 12,783 30,539
One-to Four-Family [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 4,377 5,161
Loans on Non-accrual 8,487 9,264
Home Equity Lines of Credit [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 1,510 1,753
Loans on Non-accrual 674 1,763
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 2,009 3,135
Loans on Non-accrual 2,807 3,663
Construction [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 815 15,849
Loans on Non-accrual 815 15,849
Consumer [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 1,071 897
Financing Receivables, 30 to 59 Days Past Due [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 2,132 3,324
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 1,453 2,744
Financing Receivables, 30 to 59 Days Past Due [Member] | One-to Four-Family [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 641 1,674
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Lines of Credit [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 707 587
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 105 483
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 679 580
Financing Receivables, 60 to 89 Days Past Due [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 1,357 538
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 965 221
Financing Receivables, 60 to 89 Days Past Due [Member] | One-to Four-Family [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 834 221
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Lines of Credit [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 131  
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 392 317
Financing Receivables, 90 Days or Greater Past Due [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 6,946 23,738
Financing Receivables, 90 Days or Greater Past Due [Member] | Commercial and Industrial [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 653 805
Financing Receivables, 90 Days or Greater Past Due [Member] | Residential Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 6,293 22,933
Financing Receivables, 90 Days or Greater Past Due [Member] | One-to Four-Family [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 2,902 3,266
Financing Receivables, 90 Days or Greater Past Due [Member] | Home Equity Lines of Credit [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 672 1,166
Financing Receivables, 90 Days or Greater Past Due [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due 1,904 2,652
Financing Receivables, 90 Days or Greater Past Due [Member] | Construction [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Total Past Due $ 815 $ 15,849
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Impaired Loans of Company (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Financing Receivable, Impaired [Line Items]      
Recorded Investment, Total $ 8,384 $ 23,477  
Impaired Loans Without Valuation Allowance, Recorded Investment 6,518 20,845  
Unpaid Principal Balance, Total 9,544 27,246  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 7,678 24,603  
Impaired Loans With Valuation Allowance, Recorded Investment 1,866 2,632  
Impaired Loans With Valuation Allowance, Unpaid Principal Balance 1,866 2,643  
Impaired Loans With Valuation Allowance, Related Allowance 186 274  
Average Recorded Investment 19,159 28,674 $ 30,323
Interest Income Recognized 318 779 1,337
Interest Income Recognized on Cash Basis 157 453 640
Multi-Family Residential Real Estate [Member]      
Financing Receivable, Impaired [Line Items]      
Impaired Loans Without Valuation Allowance, Recorded Investment 74 88  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 74 88  
Impaired Loans With Valuation Allowance, Recorded Investment 1,285 1,313  
Impaired Loans With Valuation Allowance, Unpaid Principal Balance 1,285 1,313  
Impaired Loans With Valuation Allowance, Related Allowance 137 143  
Average Recorded Investment 1,379 1,421 3,395
Interest Income Recognized 55 55 297
One-to Four-Family [Member]      
Financing Receivable, Impaired [Line Items]      
Impaired Loans Without Valuation Allowance, Recorded Investment 841 1,318  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 1,281 1,813  
Impaired Loans With Valuation Allowance, Recorded Investment 581 264  
Impaired Loans With Valuation Allowance, Unpaid Principal Balance 581 264  
Impaired Loans With Valuation Allowance, Related Allowance 49 3  
Average Recorded Investment 1,788 2,625 4,246
Interest Income Recognized 68 120 243
Interest Income Recognized on Cash Basis 47 72 103
Construction [Member]      
Financing Receivable, Impaired [Line Items]      
Recorded Investment, Total 988 16,026  
Impaired Loans Without Valuation Allowance, Recorded Investment 988 16,026  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 1,083 18,660  
Average Recorded Investment 11,076 16,273 11,060
Interest Income Recognized 31 315 314
Interest Income Recognized on Cash Basis 17 295 247
Home Equity Lines of Credit [Member]      
Financing Receivable, Impaired [Line Items]      
Average Recorded Investment     20
Interest Income Recognized     1
Commercial Real Estate Portfolio Segment [Member]      
Financing Receivable, Impaired [Line Items]      
Recorded Investment, Total 2,807 3,663  
Impaired Loans Without Valuation Allowance, Recorded Investment 2,807 2,652  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 3,102 2,947  
Impaired Loans With Valuation Allowance, Recorded Investment   1,011  
Impaired Loans With Valuation Allowance, Unpaid Principal Balance   1,022  
Impaired Loans With Valuation Allowance, Related Allowance   84  
Average Recorded Investment 3,281 7,425 10,463
Interest Income Recognized 80 284 456
Interest Income Recognized on Cash Basis 80 81 273
Commercial and Industrial [Member]      
Financing Receivable, Impaired [Line Items]      
Recorded Investment, Total 1,808 805  
Impaired Loans Without Valuation Allowance, Recorded Investment 1,808 761  
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance 2,138 1,095  
Impaired Loans With Valuation Allowance, Recorded Investment   44  
Impaired Loans With Valuation Allowance, Unpaid Principal Balance   44  
Impaired Loans With Valuation Allowance, Related Allowance   44  
Average Recorded Investment 1,635 930 1,139
Interest Income Recognized 84 5 26
Interest Income Recognized on Cash Basis $ 13 $ 5 $ 17
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Summary of Troubled Debt Restructurings (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status $ 13,257 $ 14,216
Total TDRs on non-accrual status 1,123 3,111
Total TDRs 14,380 17,327
Multi-Family Residential Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status 1,359 1,402
One-to Four-Family [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status 2,219 2,621
Total TDRs on non-accrual status 1,123 1,261
Home Equity Lines of Credit [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status 18 18
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status 9,460 9,968
Total TDRs on non-accrual status   528
Construction [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status 174 174
Total TDRs on non-accrual status   1,136
Commercial and Industrial [Member]    
Financing Receivable, Modifications [Line Items]    
Total TDRs on accrual status $ 27 33
Total TDRs on non-accrual status   $ 186
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans - Risk Rated Loans by Class (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Multi-Family Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating $ 562,948 $ 417,388
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 1,776,601 1,328,344
Construction [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 502,753 421,531
Loans Rated 1 - 3A [Member] | Multi-Family Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 556,892 408,121
Loans Rated 1 - 3A [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 1,771,671 1,320,748
Loans Rated 1 - 3A [Member] | Construction [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 500,565 403,411
Loans Rated 4 - 4A [Member] | Multi-Family Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 841 887
Loans Rated 4 - 4A [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 2,123 3,655
Loans Rated 5 [Member] | Multi-Family Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 5,215 8,380
Loans Rated 5 [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 2,807 3,941
Loans Rated 5 [Member] | Construction [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 2,188 18,120
Commercial and Industrial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 515,430 400,051
Commercial and Industrial [Member] | Loans Rated 1 - 3A [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 465,979 375,013
Commercial and Industrial [Member] | Loans Rated 4 - 4A [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating 22,820 24,199
Commercial and Industrial [Member] | Loans Rated 5 [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Financing Receivable Credit Quality Rating $ 26,631 $ 839
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.6.0.2
Servicing - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Servicing Asset At Amortized Value Additional Disclosures [Abstract]      
Unpaid principal balances of mortgage loans serviced for others $ 107.8 $ 129.8 $ 150.5
Loans serviced for others 47.2 56.0 65.6
Contingent liability associated with loans $ 3.0 $ 2.8 $ 3.2
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.6.0.2
Premises and Equipment - Summary of Cost and Accumulated Depreciation and Amortization of Premises and Equipment (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 72,092 $ 67,992
Less accumulated depreciation and amortization (30,665) (27,744)
Premises and equipment, net 41,427 40,248
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 8,243 8,243
Buildings [Member]    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 34,421 34,113
Estimated useful lives 40 years  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 8,629 6,680
Leasehold Improvements [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful lives 5 years  
Leasehold Improvements [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful lives 20 years  
Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 20,799 $ 18,956
Equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful lives 3 years  
Equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful lives 7 years  
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.6.0.2
Premises and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property Plant and Equipment Useful Life and Values [Abstract]      
Depreciation and amortization expense $ 3,004 $ 2,524 $ 2,385
Total rent expense $ 1,700 $ 1,500 $ 1,400
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.6.0.2
Premises and Equipment - Future Minimum Lease Payments (Detail)
$ in Thousands
Dec. 31, 2016
USD ($)
Property Plant and Equipment Useful Life and Values [Abstract]  
2017 $ 1,797
2018 1,726
2019 1,468
2020 1,391
2021 1,332
Thereafter 7,279
Operating Leases Total $ 14,993
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.6.0.2
Deposits - Summary of Deposit Balances, by Type (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Banking and Thrift [Abstract]    
Demand deposits $ 431,222 $ 370,546
NOW deposits 630,413 334,753
Money market deposits 980,344 860,957
Regular savings and other deposits 305,632 288,180
Total non-certificate accounts 2,347,611 1,854,436
Term certificates less than $250,000 850,565 648,278
Term certificates $250,000 and greater 277,661 240,304
Total certificate accounts 1,128,226 888,582
Total deposits $ 3,475,837 $ 2,743,018
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.6.0.2
Deposits - Summary of Term Certificates, by Maturity (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Banking and Thrift [Abstract]    
Within 1 year, Amount $ 539,903 $ 504,756
Over 1 year to 2 years, Amount 306,120 201,929
Over 2 years to 3 years, Amount 122,952 74,304
Over 3 years to 4 years, Amount 133,256 79,017
Over 4 years to 5 years, Amount 22,483 25,225
Greater than 5 years, Amount 3,512 3,351
Total certificate accounts $ 1,128,226 $ 888,582
Within 1 year, Weighted Average Rate 1.16% 1.03%
Over 1 year to 2 years, Weighted Average Rate 1.29% 1.25%
Over 2 year to 3 years, Weighted Average Rate 1.69% 1.25%
Over 3 year to 4 years, Weighted Average Rate 2.02% 1.83%
Over 4 years to 5 years, Weighted Average Rate 1.61% 1.67%
Greater than 5 Years, Weighted Average Rate 5.50% 5.50%
Weighted average rate on term certificates 1.38% 1.21%
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.6.0.2
Deposits - Additional Information (Detail) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Banking and Thrift [Abstract]    
Brokered certificate of deposit included in term certificates $ 158,500,000 $ 130,800,000
Weighted average rate of deposit included in term certificates 1.33% 1.22%
Brokered NOW deposits $ 296,300,000 $ 0
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.6.0.2
Borrowings - Additional Information (Detail) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Debt Disclosure [Line Items]    
Prepaid amount of FHLB $ 20,000,000  
Weighted average interest rate 0.57%  
Available line of credit with the FHLB $ 9,400,000  
Short-term borrowings 0 $ 20,000,000
Amounts drawn on the line of credit 0 0
Available borrowings under Federal Reserve Bank discount window 680,000  
Outstanding borrowings under Federal Reserve Bank discount window 0 $ 0
Amount of advances callable by the FHLB prior to maturity 145,000,000  
Multi-Family Residential Real Estate [Member]    
Debt Disclosure [Line Items]    
Carrying value of commercial real estate loans pledged 73,000,000  
London Interbank Offered Rate (LIBOR) [Member]    
Debt Disclosure [Line Items]    
FHLB advances during the first year $ 85,000,000  
LIBOR, Basis points 0.60%  
Interest rate, Description 3-Month London Interbank Offered Rate (LIBOR), less 60 basis points  
Interest rate, Term Variable  
Period of LIBOR measurement 3 months  
Commercial Real Estate Portfolio Segment [Member]    
Debt Disclosure [Line Items]    
Carrying value of commercial real estate loans pledged $ 473,200,000  
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.6.0.2
Borrowings - Long-term Debt, FHLB Advances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Total advances $ 322,512 $ 147,226
Weighted Average Rate 0.57%  
Weighted Average [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate 1.01% 1.28%
Fixed Interest Rate [Member]    
Debt Instrument [Line Items]    
2016   $ 41,500
2017 $ 89,632 89,632
2018 43,000 3,000
2019 4,891 6,684
2020 4,989 6,410
2021 45,000  
2023 10,000  
2026 20,000  
2031 20,000  
Total advances $ 237,512 $ 147,226
Weighted Average Rate, 2016   1.20%
Weighted Average Rate, 2017 1.32% 1.32%
Weighted Average Rate, 2018 1.25% 1.63%
Weighted Average Rate, 2019 1.23% 1.23%
Weighted Average Rate, 2020 1.22% 1.22%
Weighted Average Rate, 2021 1.46%  
Weighted Average Rate, 2023 2.10%  
Weighted Average Rate, 2026 0.59%  
Weighted Average Rate, 2031 0.88%  
Fixed Interest Rate [Member] | Weighted Average [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate 1.26% 1.28%
Variable Interest Rate [Member]    
Debt Instrument [Line Items]    
2020 $ 25,000  
2021 60,000  
Total advances $ 85,000  
Weighted Average Rate, 2020 0.27%  
Weighted Average Rate, 2021 0.31%  
Variable Interest Rate [Member] | Weighted Average [Member]    
Debt Instrument [Line Items]    
Weighted Average Rate 0.29%  
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes - Summary of Allocation of Federal and State Income Taxes Between Current and Deferred Portions (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Current tax provision:                      
Federal                 $ 15,989 $ 11,109 $ 9,684
State                 4,708 3,218 2,720
Total current provision                 20,697 14,327 12,404
Deferred tax benefit:                      
Federal                 (2,176) (1,841) (980)
State                 (640) (520) (276)
Total deferred benefit                 (2,816) (2,361) (1,256)
Total tax provision $ 6,642 $ 5,084 $ 2,857 $ 3,298 $ 3,407 $ 2,767 $ 2,582 $ 3,210 $ 17,881 $ 11,966 $ 11,148
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes - Summary of Differences Between the Statutory Federal Income Tax Rate and the Effective Tax Rates (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 35.00% 35.00% 35.00%
Increase (decrease) resulting from:      
State taxes, net of federal tax benefit 5.10% 4.80% 4.70%
Dividends received deduction (0.70%) (1.10%) (1.00%)
Bank-owned life insurance (0.80%) (1.20%) (1.20%)
Tax exempt income (5.90%) (6.00%) (5.40%)
Other, net 1.60% 1.20% 1.20%
Effective tax rates 34.30% 32.70% 33.30%
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes - Components of the Net Deferred Tax Asset (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:    
Total deferred tax assets $ 24,757 $ 23,128
Deferred tax liabilities    
Total deferred tax liabilities (3,296) (1,882)
Net deferred tax asset 21,461 21,246
Federal [Member]    
Deferred tax assets:    
Total deferred tax assets 19,275 18,034
Deferred tax liabilities    
Total deferred tax liabilities (2,625) (1,467)
State [Member]    
Deferred tax assets:    
Total deferred tax assets 5,482 5,094
Deferred tax liabilities    
Total deferred tax liabilities $ (671) $ (415)
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes - Summary of Tax Effects of Each Item that Give Rise to Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:    
Allowance for loan loss $ 16,401 $ 13,646
Employee benefit and retirement plans 5,011 4,880
Acquisition accounting 2,135 2,163
Net unrealized loss on securities available for sale   1,138
Non-accrual interest 1,091 1,091
Other 208 210
Deferred tax assets, gross 24,757 23,128
Deferred tax liabilities    
Net unrealized gain on securities available for sale (1,444)  
Depreciation and amortization (1,289) (1,232)
Other (652) (650)
Deferred tax liabilities, gross (3,296) (1,882)
Net deferred tax asset $ 21,461 $ 21,246
XML 77 R65.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes - Additional Information (Detail)
$ in Millions
12 Months Ended
Dec. 31, 2016
USD ($)
Income Tax Disclosure [Abstract]  
Federal income tax reserve for loan losses $ 9.8
Percentage of the amount actually used subject to taxation 150.00%
Deferred tax liability not been provided $ 4.0
XML 78 R66.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Commitments and Contingencies and Derivatives - Loan Commitments Outstanding (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Loss Contingencies [Line Items]    
Total loan commitments outstanding $ 1,178,033 $ 997,312
Construction [Member] | Unadvanced Portion of Existing Loans [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 503,586 567,177
Construction [Member] | Unfunded Loan Commitment [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 231,274 125,367
Home Equity Lines of Credit [Member] | Unadvanced Portion of Existing Loans [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 36,722 34,965
One-to Four-Family [Member] | Unfunded Loan Commitment [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 18,272 15,122
Commercial Real Estate Portfolio Segment [Member] | Unfunded Loan Commitment [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 42,141 57,589
Unallocated Financing Receivables [Member] | Unfunded Loan Commitment [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 350 1,159
Other Lines and Letters of Credit [Member] | Unadvanced Portion of Existing Loans [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding 314,225 149,973
Commercial and Industrial [Member] | Unfunded Loan Commitment [Member]    
Loss Contingencies [Line Items]    
Total loan commitments outstanding $ 31,463 $ 45,960
XML 79 R67.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Commitments and Contingencies and Derivatives - Additional Information (Detail) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]    
Cash pledged for collateral interest rate swap $ 1,800,000 $ 1,400,000
Derivative loan commitments with a notional amount outstanding 7,600,000 6,600,000
Core Data Processing Provider [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other outstanding commitments 21,600,000  
Derivative Loan Commitments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value commitments of an asset   15,000
Fair value commitments of liability 6,000  
Forward Loan Sale Commitments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative loan commitments with a notional amount outstanding 11,400,000 11,100,000
Fair value commitments of an asset $ 154,000 $ 65,000
XML 80 R68.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Commitments and Contingencies and Derivatives - Summary Information Regarding the Derivatives (Detail) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Loss Contingencies [Line Items]    
Notional amount $ 7,600,000 $ 6,600,000
Customer Interest Rate Swap Maturing on 10/17/33 [Member]    
Loss Contingencies [Line Items]    
Notional amount 10,922,000 11,100,000
Fair value $ 839,000 1,008,000
Maturity Oct. 17, 2033  
Interest rate paid 1 Mo. Libor + 175bp  
Interest rate received Fixed (4.1052%)  
Third Party Interest Rate Swap Maturing on 10/17/33 [Member]    
Loss Contingencies [Line Items]    
Notional amount $ 10,922,000 11,100,000
Fair value $ (839,000) $ (1,008,000)
Maturity Oct. 17, 2033  
Interest rate paid Fixed (4.1052%)  
Interest rate received 1 Mo. Libor + 175bp  
Customer Interest Rate Swap Maturing on 12/13/26 [Member]    
Loss Contingencies [Line Items]    
Notional amount $ 3,036,000  
Fair value $ (60,000)  
Maturity Dec. 13, 2026  
Interest rate paid 1 Mo. Libor + 205bp  
Interest rate received Fixed (3.82%)  
Third Party Interest Rate Swap Maturing on 12/13/26 [Member]    
Loss Contingencies [Line Items]    
Notional amount $ 3,036,000  
Fair value $ 60,000  
Maturity Dec. 13, 2026  
Interest rate paid Fixed (3.82%)  
Interest rate received 1 Mo. Libor + 205bp  
XML 81 R69.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Additional Information (Detail) - USD ($)
12 Months Ended
Sep. 17, 2015
Aug. 19, 2008
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Employee Benefit Plan [Line Items]          
Qualification criteria minimum age     18 years    
Service period     3 months    
Employer contribution, employee retirement plan     3.00%    
Employee retirement plan, employer matching contribution     50.00%    
Employee's compensation contribution     6.00%    
Expense attributable to retirement benefit plan     $ 1,600,000 $ 1,600,000 $ 1,400,000
Accrued liability for retirement benefit agreement     $ 6,400,000 6,200,000  
Restricted stock awards, issued   1,013,638      
Equity Incentive Plan, issued   2,534,094      
Stock options and restricted shares granted date to employees and directors     5 years    
Restricted stock awards, delivered   1,013,638      
Aggregate grant date fair value of options granted       5,900,000  
Options granted, Number of Shares     0   0
Aggregate intrinsic value of stock outstanding     $ 34,900,000    
Aggregate intrinsic value of exercisable options     $ 28,400,000    
Aggregate intrinsic value of share     $ 18.90    
Pre-tax intrinsic value for options exercised     $ 954,000.0 2,300,000 $ 287,000.0
Compensation expense related to Share-Based Compensation Plan     3,300,000 1,100,000 1,100,000
Tax benefit related to Share-Based Compensation Plan     289,000 $ 792,000 218,000
Proceeds on loan from the Company's subsidiary, Meridian Interstate Funding Corporation     $ 8,300,000    
Maturity period of loan     20 years    
Loan payable rate     6.50%    
Additional funds utilized     $ 16,300,000    
Number of additional shares     3,652,000 3,652,000  
Employee stock ownership plan per share     $ 10.00    
Percentage of shares issued     5.00%    
Employee stock ownership plan purchase     3,652,275    
Employee stock ownership plan, average purchase price     $ 7.22    
Fair value of the unallocated shares     $ 50,600,000 $ 39,500,000  
Compensation expense recognized in connection with the ESOP     1,842,000 1,595,000 1,335,000
Post-retirement benefit expenses     543,000 410,000 490,000
Incentive compensation plan expense     $ 4,900,000 4,200,000 3,500,000
2015 EIP [Member]          
Employee Benefit Plan [Line Items]          
Equity Incentive Plan award, delivered 4,550,000        
Restricted stock awards, issued 1,300,000        
Equity Incentive Plan, issued 3,250,000        
Stock options and restricted shares granted date to employees and directors 5 years        
2008 EIP [Member]          
Employee Benefit Plan [Line Items]          
Equity Incentive Plan award, delivered   3,547,732      
Subsidiaries [Member]          
Employee Benefit Plan [Line Items]          
Number of shares ESOP acquired     2,027,275    
Supplemental Executive Retirement Benefits [Member]          
Employee Benefit Plan [Line Items]          
Benefit obligation     $ 1,300,000 1,500,000  
Benefit payments     $ 411,000 0 0
Maximum [Member] | 2015 EIP [Member]          
Employee Benefit Plan [Line Items]          
Share-based Compensation expiration term 10 years        
Maximum [Member] | 2008 EIP [Member]          
Employee Benefit Plan [Line Items]          
Share-based Compensation expiration term     10 years    
Employee Stock Ownership Plan [Member]          
Employee Benefit Plan [Line Items]          
Maturity period of loan     25 years    
Loan payable rate     3.50%    
Number of additional shares     1,625,000    
Restricted Stock [Member]          
Employee Benefit Plan [Line Items]          
Number of shares available for future grant     7,595    
Fair value of restricted shares vested, total     $ 3,300,000    
Unrecognized compensation expense related to non-vested options under the plan     $ 11,800,000    
Cost expected to recognize weighted-average period     3 years 8 months 12 days    
Restricted Stock [Member] | 2015 EIP [Member]          
Employee Benefit Plan [Line Items]          
Number of shares available for future grant     717,290    
Stock Option [Member]          
Employee Benefit Plan [Line Items]          
Number of shares available for future grant     21,357    
Stock Option [Member] | 2015 EIP [Member]          
Employee Benefit Plan [Line Items]          
Number of shares available for future grant     1,883,774    
Officer and Director [Member]          
Employee Benefit Plan [Line Items]          
Supplemental executive retirement benefit expense for officers and directors     $ 421,000 $ 1,500,000 $ 1,100,000
XML 82 R70.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Weighted-Average Assumptions Used And Fair Value For Options Granted (Detail)
12 Months Ended
Dec. 31, 2015
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected term (years) 6 years 6 months
Expected dividend yield 0.83%
Expected volatility 26.02%
Expected forfeiture rate 6.02%
Risk-free interest rate 1.77%
Weighted average fair value of options granted $ 3.78
XML 83 R71.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Summary of Options and SARs Under Share-based Compensation Plans (Detail) - $ / shares
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]      
Options outstanding at beginning of year, Number of Shares 3,513,467    
Options granted, Number of Shares 0   0
Options exercised, Number of Shares (53,314)    
Forfeited, Number of Shares (40,508)    
Options outstanding at end of year, Number of Shares 3,383,089 3,513,467  
Options exercisable at end of year, Number of Shares 2,115,966    
Options outstanding at beginning of year, Weighted-Average Exercise Price $ 8.53    
Options granted, Weighted-Average Exercise Price 0    
Options exercised, Weighted-Average Exercise Price 3.87    
Options forfeited, Weighted-Average Exercise Price 12.94    
Options outstanding at end of year, Weighted-Average Exercise Price 8.60 $ 8.53  
Options exercisable at end of year, Weighted-Average Exercise Price $ 5.50    
Options outstanding at beginning of year 5 years 4 months 21 days 6 years 4 months 2 days  
Options outstanding at end of year 5 years 4 months 21 days 6 years 4 months 2 days  
Options exercisable at end of year 3 years 5 months 1 day    
Stock Appreciation Rights (SARs) [Member]      
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]      
Options exercised, Number of Shares (36,556)    
Options exercised, Weighted-Average Exercise Price $ 4.04    
XML 84 R72.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Non-vested Restricted Stock Activity (Detail)
12 Months Ended
Dec. 31, 2016
$ / shares
shares
Compensation Related Costs [Abstract]  
Non-vested restricted stock at beginning of year, Number of shares | shares 777,341
Granted, Number of shares | shares 0
Vested, Number of shares | shares 172,325
Forfeited, Number of shares | shares 21,513
Non-vested restricted stock at end of year, Number of shares | shares 583,503
Non-vested restricted stock at beginning of year, Weighted average grant date fair value | $ / shares $ 13.27
Granted, Weighted average grant date fair value | $ / shares 0
Vested, Weighted average grant date fair value | $ / shares 12.45
Forfeited, Weighted average grant date fair value | $ / shares 13.39
Non-vested restricted stock at end of year, Weighted average grant date fair value | $ / shares $ 13.50
XML 85 R73.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Remaining Principal Balance Payable on ESOP Debt (Detail)
$ in Thousands
Dec. 31, 2016
USD ($)
Compensation Related Costs [Abstract]  
2017 $ 667
2018 689
2019 711
2020 734
2021 758
Thereafter 17,395
Total $ 20,954
XML 86 R74.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans - Shares Held by ESOP (Detail) - shares
Dec. 31, 2016
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]    
Allocated 851,000 729,000
Committed to be allocated 122,000 122,000
Unallocated 2,678,800 2,800,564
Total 3,652,000 3,652,000
XML 87 R75.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholder's Equity - Additional Information (Detail) - USD ($)
12 Months Ended
Dec. 01, 2016
Sep. 01, 2016
Jun. 01, 2016
Mar. 01, 2016
Jul. 28, 2014
Dec. 31, 2016
Dec. 31, 2015
Schedule Of Stockholders Equity [Line Items]              
Capital conservation buffer description           Community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total to risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses.  
Liquidation amount           $ 114,200,000  
Reserve for dividend payment           $ 80,600,000  
Percentage of Loans or advances           10.00%  
Funds available for loans or advances by the Bank to the Company           $ 46,800,000  
Stock repurchased during period, shares           2,059,611  
Average cost per share           $ 13.71  
Stock repurchase program percentage of shares repurchased           75.20%  
Shares authorized to be repurchased           2,737,334  
Stock repurchase program, percentage of shares authorized to be repurchased           5.00%  
Cash dividends declared per common share $ 0.03 $ 0.03 $ 0.03 $ 0.03   $ 0.12 $ 0.06
Second Step Offering Liquidation[Member]              
Schedule Of Stockholders Equity [Line Items]              
Liquidation amount         $ 150,200,000 $ 74,800,000  
Minority Stock Offering [Member]              
Schedule Of Stockholders Equity [Line Items]              
Liquidation amount           $ 15,400,000  
XML 88 R76.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity - The Company's and the Bank's Actual Capital Amounts and Ratios (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital (to Risk Weighted Assets) $ 633,420 $ 606,611
Meridian Interstate Bancorp, Inc/Parent Company [Member]    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital (to Risk Weighted Assets) $ 633,420 $ 606,611
Total Capital (to Risk Weighted Assets), Ratio 15.00% 17.50%
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 338,878 $ 277,591
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 8.00% 8.00%
Total Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 423,597 $ 346,989
Total capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 10.00% 10.00%
Tier 1 Capital (to Risk Weighted Assets) $ 591,804 $ 573,206
Tier 1 Capital (to Risk Weighted Assets), Ratio 14.00% 16.50%
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 254,158 $ 208,194
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 6.00% 6.00%
Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 338,878 $ 277,591
Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 8.00% 8.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 591,804 $ 573,206
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio 14.00% 16.50%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 190,619 $ 156,145
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 4.50% 4.50%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 275,338 $ 225,543
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.50% 6.50%
Tier 1 Capital (to Average Assets) $ 591,804 $ 573,206
Tier 1 Capital (to Average Assets), Ratio 13.80% 16.70%
Tier 1 Capital (to Average Assets), Minimum Capital Requirement $ 171,854 $ 137,245
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio 4.00% 4.00%
Tier 1 capital (to Average Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 214,817 $ 171,557
Tier 1 capital (to Average Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 5.00% 5.00%
Bank [Member]    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital (to Risk Weighted Assets) $ 493,944 $ 442,978
Total Capital (to Risk Weighted Assets), Ratio 11.70% 12.70%
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 337,058 $ 279,604
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 8.00% 8.00%
Total Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 421,323 $ 349,505
Total capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 10.00% 10.00%
Tier 1 Capital (to Risk Weighted Assets) $ 452,328 $ 409,573
Tier 1 Capital (to Risk Weighted Assets), Ratio 10.70% 11.70%
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 252,794 $ 209,703
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 6.00% 6.00%
Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 337,058 $ 279,604
Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 8.00% 8.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 452,328 $ 409,573
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio 10.70% 11.70%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement $ 189,595 $ 157,277
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio 4.50% 4.50%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 273,860 $ 227,179
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.50% 6.50%
Tier 1 Capital (to Average Assets) $ 452,328 $ 409,573
Tier 1 Capital (to Average Assets), Ratio 10.70% 12.50%
Tier 1 Capital (to Average Assets), Minimum Capital Requirement $ 168,518 $ 130,988
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio 4.00% 4.00%
Tier 1 capital (to Average Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 210,648 $ 163,735
Tier 1 capital (to Average Assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 5.00% 5.00%
XML 89 R77.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholder's Equity - Reconciliation of the Company's and Banks Stockholders Equity to Total Regulatory Capital (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]        
Total stockholders' equity per financial statements $ 607,297 $ 588,126 $ 577,710 $ 249,205
Adjustments to Tier 1 and Common Equity Tier 1 capital:        
Accumulated other comprehensive (gain) loss (1,806) 2,092    
Net unrealized losses on marketable equity securities 1,467 (3,325)    
Goodwill disallowed (13,687) (13,687)    
Total Tier 1 and Common Equity Tier 1 capital 591,804 573,206    
Adjustments to total capital:        
Allowance for loan losses 40,149 33,405 $ 28,469 $ 25,335
45% of net unrealized gains on marketable equity securities 1,467 (3,325)    
Total regulatory capital 633,420 606,611    
Bank [Member]        
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]        
Total stockholders' equity per financial statements 467,821 424,535    
Adjustments to Tier 1 and Common Equity Tier 1 capital:        
Accumulated other comprehensive (gain) loss (1,806) 2,050    
Net unrealized losses on marketable equity securities 1,467 (3,325)    
Goodwill disallowed (13,687) (13,687)    
Total Tier 1 and Common Equity Tier 1 capital 452,328 409,573    
Adjustments to total capital:        
Allowance for loan losses 40,149 33,405    
45% of net unrealized gains on marketable equity securities 1,467 (3,325)    
Total regulatory capital $ 493,944 $ 442,978    
XML 90 R78.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 21,631 $ 78,095
Marketable equity securities 46,032 63,551
Total assets 68,631 142,740
Total liabilities 820 1,014
Derivative Loan Commitments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 20 19
Derivative liabilities 26 4
Forward Loan Sale Commitments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 169 67
Total assets 169 67
Derivative liabilities 15 2
Total liabilities 15 2
Loan Level Interest Rate Swaps [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 779 1,008
Total liabilities 779 1,008
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable equity securities 46,032 63,551
Total assets 46,032 63,551
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 21,631 78,095
Total assets 21,631 78,095
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 968 1,094
Total liabilities 820 1,014
Fair Value, Inputs, Level 3 [Member] | Derivative Loan Commitments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 20 19
Derivative liabilities 26 4
Fair Value, Inputs, Level 3 [Member] | Forward Loan Sale Commitments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 169 67
Total assets 169 67
Derivative liabilities 15 2
Total liabilities 15 2
Fair Value, Inputs, Level 3 [Member] | Loan Level Interest Rate Swaps [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 779 1,008
Total liabilities $ 779 $ 1,008
XML 91 R79.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value non-recurring basis $ 820,000 $ 1,014,000
Fair Value, Measurements, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value non-recurring basis $ 0  
XML 92 R80.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on a Non-recurring Basis (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets Fair Value Disclosure $ 20,452 $ 4,916
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets Fair Value Disclosure 20,452 $ 4,916
Fair Value, Measurements, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value assets measured on non recurring basis, total losses 2,399  
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value assets measured on non recurring basis, total losses $ 2,399  
XML 93 R81.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Assets and Liabilities - Summary of Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Financial assets:    
Cash and due from banks, fair value $ 236,423 $ 96,363
Cash and due from banks, carrying amount 236,423 96,363
Certificates of deposit, fair value 80,710 99,205
Certificates of deposit, carrying amount 80,323 99,062
Securities available for sale, carrying amount 67,663 141,646
Federal Home Loan Bank stock, carrying amount 18,175 10,931
Federal Home Loan Bank stock, fair value 18,175 10,931
Loans and loans held for sale, net, carrying amount 3,902,612 3,049,911
Loans and loans held for sale, net, fair value 3,970,896 3,096,160
Accrued interest receivable, carrying amount 10,381 8,574
Accrued interest receivable, fair value 10,381 8,574
Financial liabilities:    
Deposits, fair value 3,485,618 2,749,601
Deposits, carrying amount 3,475,837 2,743,018
Borrowings, fair value 322,928 167,702
Borrowings, carrying amount 322,512 167,226
Accrued interest payable, fair value 1,384 890
Accrued interest payable, carrying amount 1,384 890
Reported Value Measurement [Member]    
Financial assets:    
Securities available for sale, carrying amount 67,663 141,646
Derivative Loan Commitments [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 20 19
Derivative Financial Assets, carrying amount 20 19
Derivative Financial Liability, fair value 26 4
Derivative Financial Liability, carrying amount 26 4
Forward Loan Sale Commitments [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 169 67
Derivative Financial Assets, carrying amount 169 67
Derivative Financial Liability, fair value 15 2
Derivative Financial Liability, carrying amount 15 2
Interest Rate Swaps Asset [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 779 1,008
Derivative Financial Assets, carrying amount 779 1,008
Interest Rate Swaps Liability [Member]    
Financial liabilities:    
Derivative Financial Liability, fair value 779 1,008
Derivative Financial Liability, carrying amount 779 1,008
Fair Value, Inputs, Level 1 [Member]    
Financial assets:    
Cash and due from banks, fair value 236,423 96,363
Securities available for sale, carrying amount 46,032 63,551
Fair Value, Inputs, Level 2 [Member]    
Financial assets:    
Certificates of deposit, fair value 80,710 99,205
Securities available for sale, carrying amount 21,631 78,095
Financial liabilities:    
Borrowings, fair value 322,928 167,702
Fair Value, Inputs, Level 3 [Member]    
Financial assets:    
Federal Home Loan Bank stock, fair value 18,175 10,931
Loans and loans held for sale, net, fair value 3,970,896 3,096,160
Accrued interest receivable, fair value 10,381 8,574
Financial liabilities:    
Deposits, fair value 3,485,618 2,749,601
Accrued interest payable, fair value 1,384 890
Fair Value, Inputs, Level 3 [Member] | Derivative Loan Commitments [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 20 19
Derivative Financial Liability, fair value 26 4
Fair Value, Inputs, Level 3 [Member] | Forward Loan Sale Commitments [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 169 67
Derivative Financial Liability, fair value 15 2
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps Asset [Member]    
Financial liabilities:    
Derivative Financial Assets, fair value 779 1,008
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps Liability [Member]    
Financial liabilities:    
Derivative Financial Liability, fair value $ 779 $ 1,008
XML 94 R82.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Financial Statements of Parent Company - Balance Sheets Pertaining Only to Meridian Bancorp (Detail) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
ASSETS        
Cash and cash equivalents from other banks $ 236,423 $ 96,363    
Total cash and cash equivalents 236,423 96,363 $ 205,732 $ 86,271
Certificates of deposit 80,323 99,062    
Securities available for sale, at fair value 67,663 141,646    
Other assets 3,105 3,284    
Total assets 4,436,002 3,524,509    
Liabilities and Stockholders' Equity        
Accrued expenses and other liabilities 30,356 26,139    
Stockholders' equity 607,297 588,126 577,710 249,205
Total liabilities and stockholders' equity 4,436,002 3,524,509    
Meridian Interstate Bancorp, Inc/Parent Company [Member]        
ASSETS        
Cash and cash equivalents from other banks   10,065    
Total cash and cash equivalents 34,613 13,513 $ 21,255 $ 183
Certificates of deposit 80,323 99,062    
Securities available for sale, at fair value 5,003 30,057    
ESOP loan receivable 20,954 21,600    
Other assets 2,735 2,995    
Total assets 611,449 591,762    
Liabilities and Stockholders' Equity        
Accrued expenses and other liabilities 4,152 3,636    
Stockholders' equity 607,297 588,126    
Total liabilities and stockholders' equity 611,449 591,762    
Subsidiaries [Member] | Meridian Interstate Bancorp, Inc/Parent Company [Member]        
ASSETS        
Cash and cash equivalents from subsidiary 34,613 3,448    
Investment in subsidiaries $ 467,821 $ 424,535    
XML 95 R83.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Financial Statements of Parent Company - Statements of Income Pertaining Only to Meridian Bancorp (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income:                      
Interest on ESOP loan                 $ 145,541 $ 118,586 $ 103,814
Interest on certificates of deposit                 495 624 47
Other interest and dividend income                 1,147 724 747
Gain on sale of securities, net                 3,020 2,432 6,258
Total interest and dividend income $ 41,249 $ 38,420 $ 35,839 $ 34,184 $ 32,639 $ 31,338 $ 29,787 $ 29,578 149,692 123,342 108,679
Applicable income tax provision (benefit) 6,642 5,084 2,857 3,298 3,407 2,767 2,582 3,210 17,881 11,966 11,148
Net income $ 11,309 $ 9,497 $ 5,907 $ 7,477 $ 6,875 $ 5,742 $ 5,585 $ 6,405 34,190 24,607 22,327
Meridian Interstate Bancorp, Inc/Parent Company [Member]                      
Income:                      
Interest on ESOP loan                 702 722 574
Interest on certificates of deposit                 495 624 47
Interest and dividend income on securities                 184 151 10
Other interest and dividend income                 4 82 12
Gain on sale of securities, net                 182    
Total interest and dividend income                 1,567 1,579 643
Operating expenses                 1,174 993 808
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries                 393 586 (165)
Applicable income tax provision (benefit)                 160 240 (67)
Income after income tax provision, Total                 233 346 (98)
Equity in undistributed earnings of subsidiaries                 33,957 24,261 22,425
Net income                 $ 34,190 $ 24,607 $ 22,327
XML 96 R84.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Financial Statements of Parent Company - Statements of Cash Flows Pertaining Only to Meridian Bancorp (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:                      
Net income $ 11,309 $ 9,497 $ 5,907 $ 7,477 $ 6,875 $ 5,742 $ 5,585 $ 6,405 $ 34,190 $ 24,607 $ 22,327
Adjustments to reconcile net income to net cash provided by operating activities:                      
Net accretion of securities available for sale                 (47) (64) (34)
Gain on sales of securities, net                 (3,020) (2,432) (6,258)
Share-based compensation expense                 3,335 1,088 792
Decrease (increase) in other assets                 179 3,172 (446)
Net cash provided by operating activities                 44,011 27,777 22,301
Cash flows from investing activities:                      
Purchases of certificates of deposit                 (80,423) (26,562) (85,000)
Maturities of certificates of deposit                 99,162 12,500  
Activity in securities available for sale:                      
Redemption (purchase) of mutual funds, net                 1,191 19,867 (18,995)
Proceeds from sales                 38,429 27,120 33,335
Proceeds from maturities                 56,353 44,470 45,874
Purchases                 (12,035) (35,507) (60,264)
Cash received in MHC merger                     2,640
Net cash provided (used) by investing activities                 (767,947) (361,337) (470,810)
Cash flows from financing activities:                      
Net proceeds from sale of common stock                     302,281
Cash dividends paid on common stock                 (6,148) (1,462)  
Repurchase of common stock                 (18,799) (9,428)  
Stock options exercised                 205 232 69
Net cash (used) provided by financing activities                 863,996 224,191 567,970
Net change in cash and cash equivalents                 140,060 (109,369) 119,461
Cash and cash equivalents at beginning of year       96,363       205,732 96,363 205,732 86,271
Cash and cash equivalents at end of year 236,423       96,363       236,423 96,363 205,732
Meridian Interstate Bancorp, Inc/Parent Company [Member]                      
Cash flows from operating activities:                      
Net income                 34,190 24,607 22,327
Adjustments to reconcile net income to net cash provided by operating activities:                      
Equity in undistributed earnings of subsidiaries                 (33,957) (24,261) (22,425)
Net accretion of securities available for sale                   (3)  
Gain on sales of securities, net                 (182)    
Share-based compensation expense                 319 97 140
Decrease (increase) in other assets                 232 828 (1,489)
Increase in other liabilities                 550 211 1,708
Net cash provided by operating activities                 1,152 1,479 261
Cash flows from investing activities:                      
Purchases of certificates of deposit                 (80,423) (26,562) (85,000)
Maturities of certificates of deposit                 99,162 12,500  
Activity in securities available for sale:                      
Redemption (purchase) of mutual funds, net                 123 19,882 (18,981)
Proceeds from sales                 782    
Proceeds from maturities                 25,000    
Purchases                 (600) (5,009) (24,991)
Cash received in MHC merger                     2,640
Capital contribution to bank subsidiary                     (159,266)
Principal payments on ESOP loan receivable                 646 626 1,025
Net cash provided (used) by investing activities                 44,690 1,437 (281,539)
Cash flows from financing activities:                      
Net proceeds from sale of common stock                     302,281
Cash dividends paid on common stock                 (6,148) (1,462)  
Repurchase of common stock                 (18,799) (9,428)  
Stock options exercised                 205 232 69
Net cash (used) provided by financing activities                 (24,742) (10,658) 302,350
Net change in cash and cash equivalents                 21,100 (7,742) 21,072
Cash and cash equivalents at beginning of year       $ 13,513       $ 21,255 13,513 21,255 183
Cash and cash equivalents at end of year $ 34,613       $ 13,513       $ 34,613 $ 13,513 21,255
Meridian Interstate Bancorp, Inc/Parent Company [Member] | Subsidiaries [Member]                      
Activity in securities available for sale:                      
Capital contribution from subsidiary                     $ 3,034
XML 97 R85.htm IDEA: XBRL DOCUMENT v3.6.0.2
Selected Quarterly Consolidated Financial Information (Unaudited) - Selected Quarterly Financial Data Consolidated Financial Statements (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]                      
Interest and dividend income $ 41,249 $ 38,420 $ 35,839 $ 34,184 $ 32,639 $ 31,338 $ 29,787 $ 29,578 $ 149,692 $ 123,342 $ 108,679
Interest expense 7,830 7,118 6,384 5,805 5,300 5,125 4,841 5,185 27,137 20,451 20,513
Net interest income 33,419 31,302 29,455 28,379 27,339 26,213 24,946 24,393 122,555 102,891 88,166
Provision for loan losses 1,304 858 3,952 1,066 544 2,412 3,651 60 7,180 6,667 3,313
Net interest income, after provision for loan losses 32,115 30,444 25,503 27,313 26,795 23,801 21,295 24,333 115,375 96,224 84,853
Non-interest income 5,614 3,301 2,583 2,692 2,674 2,797 4,219 3,350 14,190 13,040 16,056
Non-interest expenses 19,778 19,164 19,322 19,230 19,187 18,089 17,347 18,068 77,494 72,691 67,434
Income before income taxes 17,951 14,581 8,764 10,775 10,282 8,509 8,167 9,615      
Provision for income taxes 6,642 5,084 2,857 3,298 3,407 2,767 2,582 3,210 17,881 11,966 11,148
Net income $ 11,309 $ 9,497 $ 5,907 $ 7,477 $ 6,875 $ 5,742 $ 5,585 $ 6,405 $ 34,190 $ 24,607 $ 22,327
Earnings per share:                      
Basic $ 0.22 $ 0.19 $ 0.12 $ 0.14 $ 0.13 $ 0.11 $ 0.11 $ 0.12 $ 0.67 $ 0.47 $ 0.43
Diluted $ 0.22 $ 0.18 $ 0.11 $ 0.14 $ 0.13 $ 0.11 $ 0.11 $ 0.12 $ 0.65 $ 0.46 $ 0.42
Weighted average shares:                      
Basic 50,940,037 50,982,633 51,026,985 51,569,683 51,982,009 51,940,055 52,074,889 51,862,146 51,128,914 51,965,036 52,470,513
Diluted 52,102,511 52,093,009 52,137,475 52,663,921 53,092,652 53,023,850 53,166,560 53,003,621 52,248,308 53,071,932 53,567,771
XML 98 R86.htm IDEA: XBRL DOCUMENT v3.6.0.2
Selected Quarterly Consolidated Financial Information (Unaudited) - Selected Quarterly Financial Data Consolidated Financial Statements (Parenthetical) (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interim Reporting [Line Items]        
Charge-offs   $ 837 $ 2,854 $ 505
Construction [Member]        
Interim Reporting [Line Items]        
Charge-offs $ 2,300 $ 486 $ 2,287 $ 71
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