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| Appendix A — Agreement and Plan of Merger (excluding certain exhibits) | | | | | | | |
| Appendix B — Opinion of Keefe, Bruyette & Woods, Inc. | | | | | | | |
| | |
At June 30,
2018 |
| |
At December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| | | | | | ||||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 265,562 | | | | | $ | 265,508 | | | | | $ | 252,933 | | | | | $ | 210,507 | | | | | $ | 188,035 | | | | | $ | 171,556 | | |
Cash and cash equivalents
|
| | | | 18,113 | | | | | | 14,970 | | | | | | 11,188 | | | | | | 10,670 | | | | | | 18,295 | | | | | | 8,991 | | |
Interest-bearing time deposits with other banks
|
| | | | 1,111 | | | | | | 1,106 | | | | | | 1,092 | | | | | | 1,087 | | | | | | 2,575 | | | | | | 4,511 | | |
Investment securities(1)
|
| | | | 16,098 | | | | | | 16,690 | | | | | | 17,145 | | | | | | 16,676 | | | | | | 11,916 | | | | | | 13,750 | | |
Federal Home Loan Bank stock
|
| | | | 2,296 | | | | | | 2,296 | | | | | | 2,299 | | | | | | 971 | | | | | | 694 | | | | | | 667 | | |
Loans receivable, net
|
| | | | 217,299 | | | | | | 219,975 | | | | | | 210,486 | | | | | | 170,427 | | | | | | 143,774 | | | | | | 132,923 | | |
Premises and equipment, net
|
| | | | 4,720 | | | | | | 4,758 | | | | | | 4,919 | | | | | | 5,177 | | | | | | 5,409 | | | | | | 5,571 | | |
Investment in real estate, net
|
| | | | 1,520 | | | | | | 1,547 | | | | | | 1,534 | | | | | | 1,578 | | | | | | 1,623 | | | | | | 1,662 | | |
Bank-owned life insurance
|
| | | | 2,367 | | | | | | 2,349 | | | | | | 2,314 | | | | | | 2,276 | | | | | | 2,230 | | | | | | 2,181 | | |
Total liabilities
|
| | | | 231,212 | | | | | | 231,389 | | | | | | 220,286 | | | | | | 178,538 | | | | | | 156,433 | | | | | | 159,052 | | |
Deposits
|
| | | | 194,634 | | | | | | 190,247 | | | | | | 182,086 | | | | | | 169,372 | | | | | | 151,010 | | | | | | 153,732 | | |
Federal Home Loan Bank advances
|
| | | | 35,801 | | | | | | 40,209 | | | | | | 37,329 | | | | | | 8,500 | | | | | | 5,000 | | | | | | 5,000 | | |
Total stockholders’ equity
|
| | | | 34,350 | | | | | | 34,119 | | | | | | 32,647 | | | | | | 31,969 | | | | | | 31,602 | | | | | | 12,504 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| | | | | | ||||||||||||||||||||||||||||||||||
| | |
(In thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 5,134 | | | | | $ | 4,664 | | | | | $ | 9,650 | | | | | $ | 8,223 | | | | | $ | 6,897 | | | | | $ | 5,993 | | | | | $ | 5,963 | | |
Interest expense
|
| | | | 1,117 | | | | | | 931 | | | | | | 1,985 | | | | | | 1,581 | | | | | | 1,085 | | | | | | 1,066 | | | | | | 1,175 | | |
Net interest and dividend income
|
| | | | 4,017 | | | | | | 3,733 | | | | | | 7,665 | | | | | | 6,642 | | | | | | 5,812 | | | | | | 4,927 | | | | | | 4,788 | | |
Provision for loan losses
|
| | | | 45 | | | | | | 90 | | | | | | 180 | | | | | | 170 | | | | | | 144 | | | | | | — | | | | | | — | | |
Net interest and dividend income after
provision for loan losses |
| | | | 3,972 | | | | | | 3,643 | | | | | | 7,485 | | | | | | 6,472 | | | | | | 5,668 | | | | | | 4,927 | | | | | | 4,788 | | |
Noninterest income
|
| | | | 252 | | | | | | 232 | | | | | | 446 | | | | | | 562 | | | | | | 597 | | | | | | 615 | | | | | | 351 | | |
Noninterest expense
|
| | | | 2,994 | | | | | | 2,917 | | | | | | 5,738 | | | | | | 5,525 | | | | | | 5,246 | | | | | | 5,595 | | | | | | 4,611 | | |
Income (loss) before income
tax |
| | | | 1,230 | | | | | | 958 | | | | | | 2,193 | | | | | | 1,509 | | | | | | 1,019 | | | | | | (53) | | | | | | 528 | | |
Income tax expense
|
| | | | 349 | | | | | | 363 | | | | | | 1,106 | | | | | | 502 | | | | | | 365 | | | | | | 66 | | | | | | 160 | | |
Net income (loss)
|
| | | $ | 881 | | | | | $ | 595 | | | | | $ | 1,087 | | | | | $ | 1,007 | | | | | $ | 654 | | | | | $ | (119) | | | | | $ | 368 | | |
|
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| | | | | | ||||||||||||||||||||||||||||||||||
| | |
(In thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Weighted-average number of common shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 2,053,164 | | | | | | 2,033,581 | | | | | | 2,038,153 | | | | | | 2,024,918 | | | | | | 2,076,337 | | | | | | n/a | | | | | | n/a | | |
Diluted
|
| | | | 2,108,737 | | | | | | 2,052,687 | | | | | | 2,074,918 | | | | | | 2,026,099 | | | | | | 2,076,337 | | | | | | n/a | | | | | | n/a | | |
Earnings per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.43 | | | | | $ | 0.29 | | | | | $ | 0.53 | | | | | $ | 0.50 | | | | | $ | 0.31 | | | | | | n/a | | | | | | n/a | | |
Diluted
|
| | | $ | 0.42 | | | | | $ | 0.29 | | | | | $ | 0.52 | | | | | $ | 0.50 | | | | | $ | 0.31 | | | | | | n/a | | | | | | n/a | | |
Performance Ratios(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return (loss) on average assets
|
| | | | 0.67% | | | | | | 0.46% | | | | | | 0.42% | | | | | | 0.43% | | | | | | 0.34% | | | | | | (0.07)% | | | | | | 0.21% | | |
Return (loss) on average stockholders’ equity
|
| | | | 5.17% | | | | | | 3.59% | | | | | | 3.23% | | | | | | 3.13% | | | | | | 2.05% | | | | | | (0.74)% | | | | | | 2.98% | | |
Interest rate spread(2)
|
| | | | 3.01% | | | | | | 2.88% | | | | | | 2.93% | | | | | | 2.85% | | | | | | 3.04% | | | | | | 2.97% | | | | | | 2.99% | | |
Net interest margin(3)
|
| | | | 3.20% | | | | | | 3.04% | | | | | | 3.10% | | | | | | 3.01% | | | | | | 3.19% | | | | | | 3.06% | | | | | | 3.05% | | |
Non-interest expense to average assets
|
| | | | 2.28% | | | | | | 2.27% | | | | | | 2.22% | | | | | | 2.38% | | | | | | 2.70% | | | | | | 3.22% | | | | | | 2.69% | | |
Efficiency ratio(4)
|
| | | | 70.13% | | | | | | 73.57% | | | | | | 70.74% | | | | | | 76.69% | | | | | | 81.85% | | | | | | 100.96% | | | | | | 89.73% | | |
Average interest-earning assets to average
interest-bearing liabilities |
| | | | 121.08% | | | | | | 120.54% | | | | | | 120.71% | | | | | | 121.32% | | | | | | 124.49% | | | | | | 114.41% | | | | | | 107.73% | | |
Net loans to deposits
|
| | | | 111.64% | | | | | | 112.71% | | | | | | 115.63% | | | | | | 115.60% | | | | | | 100.62% | | | | | | 95.21% | | | | | | 86.89% | | |
Average equity to average assets
|
| | | | 12.99% | | | | | | 12.88% | | | | | | 12.98% | | | | | | 13.85% | | | | | | 16.42% | | | | | | 9.24% | | | | | | 7.21% | | |
Stockholders’ equity to total assets at end
of period |
| | | | 12.93% | | | | | | 12.96% | | | | | | 12.85% | | | | | | 12.91% | | | | | | 15.19% | | | | | | 16.81% | | | | | | 7.29% | | |
Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets(5)
|
| | | | 15.86% | | | | | | 15.12% | | | | | | 15.15% | | | | | | 14.56% | | | | | | 16.18% | | | | | | 21.92% | | | | | | 13.49% | | |
Tier 1 capital to risk-weighted assets(5)
|
| | | | 15.11% | | | | | | 14.43% | | | | | | 14.43% | | | | | | 13.93% | | | | | | 15.55% | | | | | | 21.17% | | | | | | 12.74% | | |
Common equity Tier 1 capital to risk-weighted assets(5)
|
| | | | 15.11% | | | | | | 14.43% | | | | | | 14.43% | | | | | | 13.93% | | | | | | 15.55% | | | | | | n/a | | | | | | n/a | | |
Tier 1 capital to average assets (5)
|
| | | | 9.90% | | | | | | 9.29% | | | | | | 9.45% | | | | | | 9.38% | | | | | | 10.86% | | | | | | 11.65% | | | | | | 7.49% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percentage
of total loans |
| | | | 0.58% | | | | | | 0.53% | | | | | | 0.56% | | | | | | 0.50% | | | | | | 0.52% | | | | | | 0.51% | | | | | | 0.56% | | |
Allowance for loan losses as a percentage
of non-performing loans |
| | | | NM% | | | | | | NM% | | | | | | NM | | | | | | NM | | | | | | 62.84% | | | | | | 52.36% | | | | | | 31.55% | | |
Net charge-offs to average outstanding loans during the period
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.04% | | |
Non-performing loans as a percentage of
total loans |
| | | | 0.31% | | | | | | 0.32% | | | | | | 0.05% | | | | | | 0.00% | | | | | | 0.83% | | | | | | 0.98% | | | | | | 1.76% | | |
Non-performing assets as a percentage of
total assets |
| | | | 0.26% | | | | | | 0.27% | | | | | | 0.04% | | | | | | 0.00% | | | | | | 0.67% | | | | | | 0.75% | | | | | | 1.37% | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Offices
|
| | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
Full-time equivalent employees
(FTE) |
| | | | 33 | | | | | | 34 | | | | | | 31 | | | | | | 33 | | | | | | 33 | | | | | | 32 | | | | | | 32 | | |
Year Ending December 31, 2018
|
| |
High
|
| |
Low
|
| |
Cash Dividends
Declared Per Share |
| |||||||||
Fourth quarter (through October 22, 2018)
|
| | | $ | 22.50 | | | | | $ | 22.30 | | | | | $ | — | | |
Third quarter
|
| | | | 20.34 | | | | | | 20.15 | | | | | | — | | |
Second quarter
|
| | | | 20.25 | | | | | | 19.40 | | | | | | — | | |
First quarter
|
| | | | 19.75 | | | | | | 18.71 | | | | | | 0.30 | | |
Year Ended December 31, 2017
|
| |
High
|
| |
Low
|
| |
Cash Dividends
Paid Per Share |
| |||||||||
Fourth quarter
|
| | | $ | 19.40 | | | | | $ | 18.80 | | | | | $ | — | | |
Third quarter
|
| | | | 19.95 | | | | | | 18.45 | | | | | | — | | |
Second quarter
|
| | | | 18.99 | | | | | | 15.90 | | | | | | — | | |
First quarter
|
| | | | 16.00 | | | | | | 14.20 | | | | | | — | | |
Year Ended December 31, 2016
|
| |
High
|
| |
Low
|
| |
Cash Dividends
Paid Per Share |
| |||||||||
Fourth quarter
|
| | | $ | 15.00 | | | | | $ | 13.00 | | | | | $ | — | | |
Third quarter
|
| | | | 13.25 | | | | | | 12.85 | | | | | | — | | |
Second quarter
|
| | | | 13.10 | | | | | | 12.80 | | | | | | — | | |
First quarter
|
| | | | 13.15 | | | | | | 12.70 | | | | | | — | | |
| Damariscotta Bankshares, Inc. | | | PB Bancorp, Inc. | |
| Ledyard Financial Group, Inc. | | | Peoples Trust Company of St. Albans | |
| Melrose Bancorp, Inc. | | | Randolph Bancorp, Inc. | |
| Middlebury National Corporation | | | SBT Bancorp, Inc. | |
| | |
Selected Companies
|
| |||||||||||||||||||||||||||
| | |
Pilgrim
|
| |
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||||||||||||
LTM Core Return on Average Assets (%)(1)
|
| | | | 0.60 | | | | | | 0.43 | | | | | | 0.55 | | | | | | 0.54 | | | | | | 0.70 | | |
LTM Core Return on Average Tangible Common Equity (%)(1)
|
| | | | 4.60 | | | | | | 2.94 | | | | | | 5.43 | | | | | | 5.57 | | | | | | 9.21 | | |
LTM Net Interest Margin (%)
|
| | | | 3.12 | | | | | | 2.97 | | | | | | 3.21 | | | | | | 3.15 | | | | | | 3.41 | | |
LTM Fee Income/Operating Revenue (%)(2)
|
| | | | 5.9 | | | | | | 15.3 | | | | | | 18.4 | | | | | | 22.5 | | | | | | 28.5 | | |
LTM Efficiency Ratio (%)
|
| | | | 69.0 | | | | | | 80.3 | | | | | | 76.5 | | | | | | 79.7 | | | | | | 73.6 | | |
| | |
Selected Companies
|
| |||||||||||||||||||||||||||
| | |
Pilgrim
|
| |
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||||||||||||
Tangible Common Equity/Tangible Assets (%)
|
| | | | 12.92 | | | | | | 9.18 | | | | | | 10.91 | | | | | | 11.15 | | | | | | 13.99 | | |
Leverage Ratio (%)
|
| | | | 9.66 | | | | | | 9.00 | | | | | | 10.63 | | | | | | 10.87 | | | | | | 12.31 | | |
Total Risk Based Capital Ratio (%)
|
| | | | 15.67 | | | | | | 14.99 | | | | | | 17.32 | | | | | | 17.29 | | | | | | 19.07 | | |
Loans/Deposits (%)
|
| | | | 114.0 | | | | | | 76.2 | | | | | | 81.1 | | | | | | 87.1 | | | | | | 97.2 | | |
LTM Cost of Deposits (%)
|
| | | | 0.83 | | | | | | 0.25 | | | | | | 0.32 | | | | | | 0.38 | | | | | | 0.47 | | |
Loan Loss Reserve/Gross Loans (%)
|
| | | | 0.58 | | | | | | 0.86 | | | | | | 0.88 | | | | | | 1.02 | | | | | | 1.12 | | |
Nonperforming Assets/Loans + OREO (%)
|
| | | | 1.66 | | | | | | 1.96 | | | | | | 1.13 | | | | | | 1.29 | | | | | | 0.38 | | |
LTM Net Charge-Offs/Average Loans
|
| | | | 0.00 | | | | | | 0.02 | | | | | | 0.01 | | | | | | 0.01 | | | | | | 73.6 | | |
| | |
Selected Companies
|
| |||||||||||||||||||||||||||
| | |
Pilgrim
|
| |
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||||||||||||
One-Year Stock Price Change (%)
|
| | | | 9.8 | | | | | | 3.7 | | | | | | 9.3 | | | | | | 9.8 | | | | | | 11.4 | | |
Year-to-Date Stock Price Change (%)
|
| | | | 6.5 | | | | | | (3.6) | | | | | | 3.0 | | | | | | 4.5 | | | | | | 10.0 | | |
One-Year Total Return (%)
|
| | | | 11.5 | | | | | | 6.6 | | | | | | 10.6 | | | | | | 11.8 | | | | | | 12.6 | | |
Stock Price/Tangible Book Value per Share (%)
|
| | | | 1.35 | | | | | | 1.05 | | | | | | 1.14 | | | | | | 1.21 | | | | | | 1.41 | | |
Stock Price/Adj. LTM EPS (%)(1)
|
| | | | 27.6 | | | | | | 15.9 | | | | | | 17.0 | | | | | | 18.8 | | | | | | 21.9 | | |
Dividend Yield (%)
|
| | | | 1.5 | | | | | | 1.5 | | | | | | 1.7 | | | | | | 1.8 | | | | | | 2.2 | | |
LTM Dividend Payout Ratio (%)(2)
|
| | | | 40.9 | | | | | | 23.7 | | | | | | 34.9 | | | | | | 32.4 | | | | | | 43.8 | | |
Acquiror
|
| |
Acquired
|
|
PeoplesBancorp, MHC | | | First Suffield Financial, Inc. | |
Independent Bank Corp. | | | MNB Bancorp | |
Bangor Bancorp, MHC | | | First Colebrook Bancorp, Inc. | |
Brookline Bancorp, Inc. | | | First Commons Bank, National Association | |
Patriot National Bancorp, Inc. | | | Prime Bank | |
Atlantic Community Bancshares, Inc. | | | BBN Financial Corporation | |
Meridian Bancorp, Inc. | | | Meetinghouse Bancorp, Inc. | |
Independent Bank Corp. | | | Island Bancorp, Inc. | |
Salem Five Bancorp | | | Georgetown Bancorp, Inc. | |
Independent Bank Corp. | | | New England Bancorp, Inc. | |
| | |
Selected Companies
|
| |||||||||||||||||||||||||||
| | |
Pilgrim
|
| |
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||||||||||||
Transaction Value/Tangible Book Value (x)
|
| | | | 1.54x/1.64x(1) | | | | | | 1.39x | | | | | | 1.54x | | | | | | 1.57x | | | | | | 1.78x | | |
Core Deposit Premium (%)
|
| | | | 15.5% | | | | | | 5.3% | | | | | | 10.3% | | | | | | 8.7% | | | | | | 11.5% | | |
Transaction Value/LTM Net Income(2) (x)
|
| | | | 31.5x | | | | | | 22.1x | | | | | | 23.1x | | | | | | 23.1x | | | | | | 23.6x | | |
One-Day Market Premium (%)
|
| | | | 13.6% | | | | | | 38.7% | | | | | | 70.4% | | | | | | 68.3% | | | | | | 100.1% | | |
(Dollars in thousands)
|
| |
December 31,
2017 |
| |
December 31,
2018 |
| |
$ Growth
|
| |
% Growth
|
| ||||||||||||
Total Assets
|
| | | $ | 265,508 | | | | | $ | 279,749 | | | | | $ | 14,241 | | | | | | 5.4% | | |
Total Loans
|
| | | $ | 221,204 | | | | | $ | 235,902 | | | | | $ | 14,698 | | | | | | 6.6% | | |
Total Deposits
|
| | | $ | 189,901 | | | | | $ | 203,168 | | | | | $ | 13,267 | | | | | | 7.0% | | |
Total Equity
|
| | | $ | 34,119 | | | | | $ | 35,526 | | | | | $ | 1,407 | | | | | | 4.1% | | |
Net Income (reported)
|
| | | $ | 1,087 | | | | | $ | 1,619 | | | | | $ | 532 | | | | | | 48.9% | | |
Net Income (adjusted)*
|
| | | $ | 1,327 | | | | | $ | 1,619 | | | | | $ | 292 | | | | | | 22.0% | | |
Key Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on Average Assets
|
| | | | 0.42% | | | | | | 0.59% | | | | | | | | | | | | | | |
Return on Average Equity
|
| | | | 3.23% | | | | | | 4.68% | | | | | | | | | | | | | | |
Return on Average Assets*
|
| | | | 0.51% | | | | | | 0.59% | | | | | | | | | | | | | | |
Return on Average Equity*
|
| | | | 3.95% | | | | | | 4.68% | | | | | | | | | | | | | | |
Net Interest Spread
|
| | | | 2.96% | | | | | | 2.95% | | | | | | | | | | | | | | |
Operating Expense
|
| | | | 2.22% | | | | | | 2.23% | | | | | | | | | | | | | | |
Efficiency Ratio
|
| | | | 70.74% | | | | | | 71.34% | | | | | | | | | | | | | | |
Executive/Director of Pilgrim Bancshares
|
| |
Pilgrim
Bancshares Stock Options |
| |
Cash-Out Value
|
| ||||||
Francis E. Campbell
|
| | | | 36,000 | | | | | $ | 365,400 | | |
Melissa J. Browne
|
| | | | 7,500 | | | | | | 76,125 | | |
Michael J. Buckley
|
| | | | 7,500 | | | | | | 76,125 | | |
Steven T. Golden
|
| | | | 7,500 | | | | | | 76,125 | | |
Ronald H. Goodwin
|
| | | | 7,500 | | | | | | 76,125 | | |
Mary E. Granville
|
| | | | 6,000 | | | | | | 60,900 | | |
William H. Ohrenberger III
|
| | | | 7,500 | | | | | | 41,625 | | |
Brian W. Noonan
|
| | | | 7,500 | | | | | | 76,125 | | |
Joseph P. Reilly
|
| | | | 7,500 | | | | | | 76,125 | | |
Christopher G. McCourt
|
| | | | 28,000 | | | | | | 219,700 | | |
Joan A. MacIntyre
|
| | | | 18,000 | | | | | | 182,700 | | |
Total
|
| | | | 140,500 | | | | | $ | 1,327,075 | | |
|
Executive/Director of Pilgrim Bancshares
|
| |
Unvested
Restricted Stock Awards |
| |
Unvested
Dividends |
| ||||||
Francis E. Campbell
|
| | | | 12,000 | | | | | $ | 3,600 | | |
Melissa J. Browne
|
| | | | 2,010 | | | | | | 603 | | |
Michael J. Buckley
|
| | | | 2,010 | | | | | | 603 | | |
Steven T. Golden
|
| | | | 2,010 | | | | | | 603 | | |
Ronald H. Goodwin
|
| | | | 2,010 | | | | | | 603 | | |
Mary E. Granville
|
| | | | 2,010 | | | | | | 603 | | |
William H. Ohrenberger III
|
| | | | 2,680 | | | | | | 804 | | |
Brian W. Noonan
|
| | | | 2,010 | | | | | | 603 | | |
Joseph P. Reilly
|
| | | | 2,010 | | | | | | 603 | | |
Christopher G. McCourt
|
| | | | 8,000 | | | | | | 2,400 | | |
Joan A. MacIntyre
|
| | | | 6,000 | | | | | | 1,800 | | |
Total
|
| | | | 42,750 | | | | | $ | 12,825 | | |
|
Name and Address of Beneficial Owners
|
| |
Amount of Shares
Owned and Nature of Beneficial Ownership(1),(2) |
| |
Percent of Shares
of Common Stock Outstanding |
| ||||||
Five Percent Stockholders | | | | | | | | | | | | | |
Pilgrim Bank ESOP Trust, 2321 Kochs Lane, P.O. Box 4005, Quincy, IL 62305
|
| | | | 178,970(3) | | | | | | 7.90% | | |
Wellington Management Group LLP, 280 Congress Street, Boston, MA 02210
|
| | | | 187,311(4) | | | | | | 8.27% | | |
Wellington Management Group LLP
|
| | | | | | | | | | | | |
Wellington Trust Company, NA
|
| | | | | | | | | | | | |
Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Micro Cap Equity Portfolio
|
| | | | | | | | | | | | |
Maltese Capital Management LLC, 150 East 52nd Street, 30th Floor, New York, New York 10022
|
| | | | 120,800(5) | | | | | | 5.33% | | |
Context BH Capital Management, LP, 401 City Avenue, Suite 800, Bala Cybwyd, PA 19004
|
| | | | 115,369(6) | | | | | | 5.10% | | |
Lawrence B. Seidman, 100 Lanidex Plaza, 1st Floor, Parsippany, NJ 07054
|
| | | | 113,900(7) | | | | | | 5.03% | | |
Directors and Executive Officers | | | | | | | | | | | | | |
Francis E. Campbell, President, Chief Executive Officer and Chairman of the Board
|
| | | | 41,278(8) | | | | | | 1.83% | | |
Melissa J. Browne, Director
|
| | | | 15,350(9) | | | | | | * | | |
J. Michael Buckley, Director
|
| | | | 5,500(10) | | | | | | * | | |
Steven T. Golden, Director
|
| | | | 25,850(11) | | | | | | 1.14% | | |
Ronald H. Goodwin, Director
|
| | | | 13,350(12) | | | | | | * | | |
Mary E. Granville, Director
|
| | | | 29,850(13) | | | | | | 1.32% | | |
William H. Ohrenberger III, Director
|
| | | | 12,950(14) | | | | | | * | | |
Brian W. Noonan, Director
|
| | | | 10,750(15) | | | | | | * | | |
Joseph P. Reilly, Director
|
| | | | 14,350(16) | | | | | | * | | |
Christopher G. McCourt, Executive Vice President and Chief Financial Officer
|
| | | | 28,589(17) | | | | | | 1.26% | | |
Joan A. MacIntyre, Senior Vice President and Chief Information Officer
|
| | | | 11,075(18) | | | | | | * | | |
Edward T. Mulvey, Secretary and Clerk
|
| | | | 6,000(19) | | | | | | * | | |
All directors and executive officers as a group (12 persons) 40 Main Street, Cohasset, Massachusetts 02025
|
| | | | 214,892 | | | | | | 9.50% | | |
| | |
Page Nos.
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Page Nos.
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| | | | A-36 | | | |
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| | | | A-43 | | |
|
FOR
|
| |
AGAINST
|
| |
ABSTAIN
|
|
|
☐
|
| |
☐
|
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☐
|
|
|
FOR
|
| |
AGAINST
|
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ABSTAIN
|
|
|
☐
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☐
|
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☐
|
|
| Dated: | | |
|
| |
SIGNATURE OF STOCKHOLDER
|
|
| | | | | | |
SIGNATURE OF CO-HOLDER (IF ANY)
|
|
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