Page 965
MERGENT BANK & FINANCE
NEWS REPORTS
Tuesday, December 8, 2015
NEW COMPANY DESCRIPTIONS
(For details on individual listings,
see the News Section of this issue)
INVESCO UNIT TRUSTS, MUNICIPAL SERIES
1245
INVESTMENT GRADE MUNICIPAL TRUST, 10-20
YEAR SERIES 7
INVESCO UNIT TRUSTS, TAXABLE INCOME
SERIES 522
HIGH YIELD CORPORATE TRUST, 4-7 YEAR
SERIES 4
INVESCO UNIT TRUSTS, TAXABLE INCOME
SERIES 529
INVESTMENT GRADE INCOME TRUST, 7-13 YEAR
SERIES 52
INVESCO UNIT TRUSTS, TAXABLE INCOME
SERIES 532
INVESTMENT GRADE CORPORATE TURSTS, 3-7
YEARS SERIES 12
INVESCO UNIT TRUSTS, TAXABLE INCOME
SERIES 534
INVESTMENT GRADE INCOME TRUST, 10-20
YEAR SERIES 57
ACNB CORP.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
29,573
Prov. loan losses . . . .
.......
Non-int. income . . . . .
dr29,573
Non-int. expenses . . . .
25,025
Income taxes . . . . . . .
2,787
Net income . . . . . . .
8,165
Earn. per share
(primary) . . . . . . . .
$1.36
Common shares(000)
Avg. no. shs. (primary)
6,023
$000):
ALLEGIANCE BANCSHARES INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
65,314
Non-int. income . . . . .
dr65,314
Non-int. expenses . . . .
40,909
Income taxes . . . . . . .
5,809
Net income . . . . . . .
11,574
Earn. per share
(primary) . . . . . . . .
$1.12
Earn. per share
(fully-diluted) . . . . .
$1.10
Common shares(000)
Avg. no. shs. (primary)
9,823
Avg. no. shs.
(fully-diluted) . . . . .
10,001
$000):
ASSOCIATED BANC-CORP
$000):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
562,243
Prov. loan losses . . . .
17,500
Non-int. income . . . . .
dr562,243
Non-int. expenses . . . .
505,007
Income taxes . . . . . . .
65,806
Net income . . . . . . .
145,510
Earn. per share
(primary) . . . . . . . .
$0.93
Earn. per share
(fully-diluted) . . . . .
$0.92
Common shares(000)
Avg. no. shs. (primary)
149,524
Avg. no. shs.
(fully-diluted) . . . . .
150,704
ATLANTIC CAPITAL BANCSHARES, INC.
2014
28,020
150
dr28,020
23,731
2,368
7,827
$1.30
5,995
2014
38,353
dr38,353
24,021
3,795
6,705
$0.96
$0.94
6,972
7,133
2014
545,747
11,000
dr545,747
496,436
66,775
141,771
$0.86
$0.85
159,090
159,993
Annual Report:
Consolidated Income Account, years ended Dec.
31($000):
2014
2013
2012
Interest on loans held
for investment . .
32,762
27,211
26,825
Interest on loans held
for sale . . . . . . .
.......
1,760
435
Interest on
investment
securities
available-for-sale
3,109
2,917
3,040
Interest & dividends
on other
interest-earning
assets . . . . . . . .
671
649
633
Total interest income
36,542
32,537
30,933
Interest on deposits
2,889
3,116
3,453
Interest on Federal
Home Loan Bank
advances . . . . . .
437
467
713
Interest on federal
funds sold &
securities sold
under agreements
to repurchase . . .
123
32
30
Total interest
expense . . . . . .
3,449
3,615
4,196
Net interest income
before provision
for loan losses . .
33,093
28,922
26,737
Provision for loan
losses . . . . . . . .
488
246
dr1,322
Net interest income
after provision for
loan losses . . . .
32,605
28,676
28,059
Service charges . . .
1,170
935
804
Gains on sales &
calls of investment
securities
available-for-sale
59
167
27
Gains on sales of
other assets . . . .
.......
500
.......
Derivatives income
245
541
574
Bank owned life
932
833
668
insurance . . . . .
SBA lending
activities . . . . . .
2,264
44
.......
Other noninterest
income . . . . . . .
672
855
815
Total noninterest
income . . . . . . .
5,342
3,875
2,888
Salaries & employee
benefits . . . . . . .
18,608
17,318
14,864
Occupancy . . . . . .
1,721
1,597
1,551
Equipment &
software . . . . . .
921
830
507
Professional services
1,055
860
724
Postage, printing &
supplies . . . . . .
91
98
87
Communications &
data processing
1,253
1,131
981
Marketing &
business
development . . .
323
384
320
FDIC premiums . .
643
589
696
Other noninterest
expense . . . . . .
1,959
2,086
2,038
Total noninterest
expense . . . . . .
26,574
24,893
21,768
Income (loss) before
provision for
income taxes . . .
11,373
7,658
9,179
Provision for income
taxes . . . . . . . . .
3,857
2,515
3,248
Net income (loss)
7,516
5,143
5,931
Common shares(000)
Weighted average
shares
outstanding-basic
13,445
13,421
13,375
Weighted average
shares
outstanding-diluted
13,642
13,532
13,408
Year end shares
outstanding . . . .
13,454
13,426
13,384
Net earnings (loss)
per share - basic
$0.56
$0.38
$0.44
Net earnings (loss)
per share - diluted
$0.55
$0.38
$0.44
Total number of
1 106
employees . . . . .
.......
.......
1 As is
Consolidated Balance Sheet, as of Dec. 31($000):
Assets:
2014
2013
Cash & due from
banks . . . . . . . . . . .
36,490
34,517
Interest-bearing deposits in other banks . .
12,137
165,581
Other short-term investments . . . . . . . . . . .
45,623
25,060
Cash & cash
equivalents . . . . . . .
94,250
225,158
Investment securities
available-for-sale . .
133,437
145,743
Stock in Federal Home
Loan Bank, at cost
3,653
1,796
Loans held for investment, net . . . . . . . .
1,028,292
806,187
Premises & equipment,
net . . . . . . . . . . . . .
3,612
4,340
Other real estate
owned . . . . . . . . . .
1,531
1,531
Other assets . . . . . . . .
50,084
44,637
Total assets . . . . . . . .
1,314,859
1,229,392
Liabilities:
Noninterest-bearing demand deposits . . . .
320,346
244,089
Interest-bearing checking . . . . . . . . . . . . .
91,709
78,185
Savings . . . . . . . . . . .
304
235
Money market . . . . . .
572,658
653,752
Time . . . . . . . . . . . . .
16,129
16,648
Brokered deposits . . . .
Internet deposits . . . . .
Total deposits . . . . . . .
Federal Home Loan
Bank short-term borrowings . . . . . . . . .
Federal Home Loan
Bank long-term debt
Accrued expenses &
other liabilities . . . .
Total liabilities . . . . . .
Common stock . . . . . .
Additional paid-in capital . . . . . . . . . . . . .
Retained earnings (accumulated deficit) . .
Accumulated other
comprehensive income (loss) . . . . . . .
Treasury stock . . . . . .
Total stockholders’ equity (deficit) . . . . . .
BANKGUAM HOLDING CO.
Earnings,
$thousands):
9
mos.
to
No. 12
104,699
.......
1,105,845
87,501
743
1,081,153
56,517
.......
.......
7,837
11,568
1,173,930
13,497
9,167
1,098,157
13,438
122,838
122,233
4,460
dr3,056
609
475
dr1,266
114
140,929
131,235
Sep.
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Non-operating income
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common
shares(thousands)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
30
(Consol.
2015
52,147
2014
49,772
52,147
3,518
52,086
3,375
7,554
45,196
2,846
8,223
49,772
3,580
49,535
3,265
7,552
44,921
2,432
6,469
$0.92
$0.73
$0.92
$0.73
8,945
8,808
8,945
8,808
BBCN BANCORP INC.
Merger Development: On Nov. 23, 2015, Hanmi
Financial Corp. (‘Hanmi‘), the holding company for
Hanmi Bank, announced that it has proposed to combine
with Co. in an all-stock transaction at an implied purchase
price of $19.98 per Co. share based on Hanmi’s Nov. 20,
2015 closing price. Under the terms of the proposal,
Hanmi and Co. would combine in a 100% stock merger in
which Co. stockholders would receive 0.7331 of a share of
Hanmi common stock for each share of Co. common
stock. The proposal represents a 15.3% premium to Co.’s
volume weighted average price from Oct. 21, 2015 to Nov.
20, 2015. Hanmi and Co. stockholders would also benefit
from substantial earnings per share accretion. Based on
this proposal, upon closing of the transaction Co.
stockholders would represent approximately 65% of the
combined company’s stock ownership and Hanmi
stockholders would represent 35%.
BFC FINANCIAL CORP.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Non-int. income . . . . .
540,302
Income taxes . . . . . . .
cr77,531
Net income . . . . . . .
116,455
Earn. per share
(primary) . . . . . . . .
$1.18
Earn. per share
(fully-diluted) . . . . .
$1.18
Common shares(000)
Avg. no. shs. (primary)
87,083
Avg. no. shs.
(fully-diluted) . . . . .
87,228
$000):
BLACKHAWK BANCORP INC.
$):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
16,584,000
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Non-operating income
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
2014
508,661
31,400
28,050
$0.19
$0.19
83,679
84,758
2014
16,687,000
16,584,000
2,173,000
16,584,000
1,789,000
6,947,000
17,858,000
951,000
2,933,000
16,687,000
dr898,000
16,687,000
1,769,000
3,755,000
17,614,000
cr249,000
1,308,000
$1.31
$0.50
BANK
Volume 86
Page 966
Earn. per share
(fully-diluted) . . . . .
MERGENT BANK & FINANCE
$1.31
$0.50
BLACKROCK MUNIHOLDINGS FUND INC
Balance Sheet, as of Apr. 30($):
Assets:
2015
2014
Investments in unaffili1 383,410,645
1 373,587,564
ated securs, at value
Investments in affiliat2 1,340,347
2 804,766
ed securs, at value
Cash pledged as collateral for financial futures contracts . . . .
189,000
417,000
Interest receivable . . .
5,653,861
5,570,189
Investments sold receivable . . . . . . . . .
35,000
3,250,270
Variation margin receivable on financial
futures contracts . . .
18,704
.......
Deferred offering costs
.......
38,654
Prepaid expenses . . . .
29,139
29,715
Total assets . . . . . . . .
390,676,696
383,698,158
Bank overdraft . . . . . .
.......
1,197
Liabilities:
Income dividends payable - common shares
1,250,790
1,250,790
Investment advisory
fees payable . . . . . .
177,261
171,566
Variation margin payable on financial futures con . . . . . . . .
.......
113,486
Interest expense & fees
payable . . . . . . . . .
10,434
13,136
Officers & directors
fees payable . . . . . .
3,098
2,418
Other accrued expenses
payable . . . . . . . . .
105,691
94,185
Total accrued liabilities . . . . . . . . . . . . .
1,547,274
1,646,778
TOB trust certificates
56,783,700
60,238,073
VMTP shares . . . . . . .
83,700,000
83,700,000
Total other liabilities
140,483,700
143,938,073
Total liabilities . . . . . .
142,030,974
145,584,851
Net assets applicable to
common stock . . . .
248,645,722
238,113,307
Paid-in capital in excess of par . . . . . . .
210,641,316
210,679,970
Undistributed investment income-net . . .
2,787,827
3,236,074
Accumulated net realized gain (loss) . . . .
dr1,846,249
dr3,201,132
Net unrealized appreciation (depreciation),
net . . . . . . . . . . . . .
37,062,828
27,398,395
Net assets . . . . . . . . . .
248,645,722
238,113,307
Net asset value per
share of common
stock . . . . . . . . . . .
18
17
1 Identified cost - Investments in unaffiliated securities,
at value: 2015 $346,121,595; 2014 $346,105,928 2 Identified cost - Investments in affiliated securities, at value:
2015 $1,340,347; 2014 $804,766
BNCCORP INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
20,992
Prov. loan losses . . . .
dr400
Non-int. income . . . . .
dr20,992
Non-int. expenses . . . .
400
Income taxes . . . . . . .
3,471
Net income . . . . . . .
7,376
Earn. per share
(primary) . . . . . . . .
$1.76
Earn. per share
(fully-diluted) . . . . .
$1.70
Common shares(000)
Avg. no. shs. (primary)
3,385
$000):
2014
21,915
dr800
dr21,915
800
2,814
5,980
$1.38
$1.34
3,364
3,498
3,488
Transfer, as each may be supplemented or amended from
time to time.
CAPITAL BANK FINANCIAL CORP
COMMERCE UNION BANCSHARES INC
CAPITAL FINANCIAL HOLDINGS INC.
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
Merger Development: On Nov. 23, 2015, Co. and
CommunityOne Bancorp (‘CommunityOne‘) announced
the execution of a definitive merger agreement, pursuant
to which Co. will acquire CommunityOne. Under the
terms of the agreement, Co. will acquire CommunityOne
by merger, with Co. being the surviving corporation. In the
merger, CommunityOne shareholders shall have the right
to receive, at the election of each holder and subject to
proration, $14.25 per share in cash or 0.43 of a share of
Co.’s Class A common stock, with the total consideration
to consist of 85% stock and 15% cash. Based on Co.’s
closing price of $33.59 as of Friday, Nov. 20, 2015, the
merger consideration is valued at approximately
$350,000,000.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Non-int. income . . . . .
14,332,130
Non-int. expenses . . . .
14,357,634
Income taxes . . . . . . .
114,974
Net income . . . . . . .
dr30,608
Earn. per share
(primary) . . . . . . . .
d$0.25
Earn. per share
(fully-diluted) . . . . .
d$0.25
Common shares
Avg. no. shs. (primary)
1,241
Avg. no. shs.
(fully-diluted) . . . . .
1,241
$):
2014
16,079,984
15,894,172
303,206
dr18,285
d15.00
d15.00
1,241
1,241
CAPITAL ONE FINANCIAL CORP
Acquisition Completed: On Dec. 1, 2015, Co.
acquired General Electric Capital Corporation’s
Healthcare Financial Services lending business. Terms of
the transaction were not disclosed.
CAREY WATERMARK INVESTORS INC
CHOICEONE FINANCIAL SERVICES, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
14,449,000
14,211,000
Prov. loan losses . . . .
100,000
100,000
Non-int. income . . . . .
dr14,449,000
dr14,211,000
Non-int. expenses . . . .
13,546,000
12,398,000
Income taxes . . . . . . .
1,529,000
1,503,000
Net income . . . . . . .
4,523,000
4,139,000
Earn. per share
(primary) . . . . . . . .
$1.37
$1.25
Earn. per share
(fully-diluted) . . . . .
$1.37
$1.25
Common shares
Avg. no. shs. (primary)
3,287,765
3,298,321
Avg. no. shs.
(fully-diluted) . . . . .
3,294,606
3,306,983
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Prov. loan losses . . . .
41,052
Non-int. expenses . . . .
3,773,494
Income taxes . . . . . . .
184,898
Net income . . . . . . .
428,397
$):
2014
161,325
2,966,197
126,209
320,188
CITIZENS BANCSHARES CORP. (GA)
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
9,705,000
10,102,000
Prov. loan losses . . . .
200,000
.......
Non-int. income . . . . .
dr9,705,000
dr10,102,000
Non-int. expenses . . . .
10,600,000
11,025,000
Income taxes . . . . . . .
266,000
158,000
Net income . . . . . . .
1,196,000
1,265,000
Earn. per share
(primary) . . . . . . . .
$0.47
$0.50
Earn. per share
(fully-diluted) . . . . .
$0.46
$0.50
Common shares
Avg. no. shs. (primary)
2,183,000
2,165,000
Avg. no. shs.
(fully-diluted) . . . . .
2,209,000
2,189,000
CIVISTA BANCSHARES INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Investment Revenues
38,608,000
Gain (losses) on sale of
assets . . . . . . . . . . .
38,608,000
Non-operating income
1,119,000
Net interest income . .
37,725,000
Prov. loan losses . . . .
1,200,000
Non-int. income . . . . .
11,132,000
Non-int. expenses . . . .
36,285,000
Income taxes . . . . . . .
3,414,000
Net income . . . . . . .
7,958,000
Earn. per share
(primary) . . . . . . . .
$1.07
Earn. per share
(fully-diluted) . . . . .
$0.87
Common shares
Avg. no. shs. (primary)
7,815,222
Avg. no. shs.
(fully-diluted) . . . . .
10,917,159
CNL GROWTH PROPERTIES INC
$000):
2014
12,722
dr1,250
dr12,722
13,114
1,432
1,586
$0.67
$0.73
$0.65
$0.72
6,059
3,993
6,245
4,049
COMMERCIAL BANCSHARES, INC. (OH)
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
10,889
Prov. loan losses . . . .
138
Non-int. income . . . . .
dr10,889
Non-int. expenses . . . .
7,876
Income taxes . . . . . . .
1,058
Net income . . . . . . .
2,538
Earn. per share
(primary) . . . . . . . .
$2.12
Earn. per share
(fully-diluted) . . . . .
$2.08
Common shares(000)
Avg. no. shs. (primary)
1,199
Avg. no. shs.
(fully-diluted) . . . . .
1,222
$000):
2014
10,787
287
dr10,787
7,615
1,076
2,483
$2.10
$2.06
1,185
1,203
COMMUNITY BANCORP. (DERBY, VT)
Acquisition Completed: On Nov. 23, 2015, Co.
acquired Le Meridien Dallas, The Stoneleigh a 176
guestrooms located in the chic Uptown Dallas district.
Terms of the transaction were not disclosed.
CINCINNATI BANCORP
Earnings, 9 mos. to Sep. 30 (Consol.
2015
20,886
dr500
dr20,886
23,022
1,644
4,451
$):
2014
34,931,000
34,931,000
1,143,000
34,347,000
1,500,000
11,016,000
36,040,000
2,306,000
5,517,000
$0.75
$0.64
7,707,917
10,904,848
Interest Sale Development: On Nov. 24, 2015, CMG
Income Fund II, LLC, CMG Acquisition Co. LLC and
CMG Partners, LLC hereby seek to acquire 1,500,000
Shares of common stock in Co. at a purchase price equal to
$5.00 per Share, in cash, without interest, upon the terms
and subject to the conditions set forth in this offer to
purchase and in the related Agreement of Assignment and
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
17,557,718
17,161,464
Prov. loan losses . . . .
375,000
405,000
Non-int. income . . . . .
dr17,557,718
dr17,161,464
Non-int. expenses . . . .
13,633,442
12,874,156
Income taxes . . . . . . .
1,331,884
1,307,276
Net income . . . . . . .
3,627,366
3,733,140
Earn. per share
(primary) . . . . . . . .
$0.72
$0.75
Common shares
Avg. no. shs. (primary)
4,954,381
4,889,086
COMMUNITYONE BANCORP
Merger Development: On Nov. 23, 2015, Capital
Bank Financial Corp. (‘Capital Bank‘) and Co. announced
the execution of a definitive merger agreement, pursuant
to which Capital Bank will acquire Co. Under the terms of
the agreement, Capital Bank will acquire Co. by merger,
with Capital Bank being the surviving corporation. In the
merger, Co. shareholders shall have the right to receive, at
the election of each holder and subject to proration, $14.25
per share in cash or 0.43 of a share of Capital Bank Class A
common stock, with the total consideration to consist of
85% stock and 15% cash. Based on Capital Bank‘s closing
price of $33.59 as of Friday, Nov. 20, 2015, the merger
consideration is valued at approximately $350,000,000.
CONSUMERS BANCORP, INC. (MINERVA, OH)
Earnings, 3 mos. to Sep. 30 (Consol.
$000):
2015
2014
Net interest income . .
3,620
3,533
Prov. loan losses . . . .
92
67
Non-int. income . . . . .
dr3,620
dr3,533
Non-int. expenses . . . .
3,045
3,005
Income taxes . . . . . . .
172
184
Net income . . . . . . .
727
756
Earn. per share
(primary) . . . . . . . .
$0.27
$0.28
Earn. per share
(fully-diluted) . . . . .
$0.27
$0.28
Common shares(000)
Avg. no. shs. (primary)
2,724
2,722
Avg. no. shs.
(fully-diluted) . . . . .
2,725
2,722
Consolidated Balance Sheet Items, as of Sep.
30($000):
Assets:
2015
Loan loss prov. . . . . . . . . . . . . . . . . .
2,514
Net loans . . . . . . . . . . . . . . . . . . . . . .
231,400
Premises & equipment . . . . . . . . . . . .
12,435
Other assets . . . . . . . . . . . . . . . . . . . .
1,918
Total assets . . . . . . . . . . . . . . . . . . . .
415,055
Liabilities:
Total deposits . . . . . . . . . . . . . . . . . . .
340,891
Demand deposits . . . . . . . . . . . . . . . .
140,092
Other liabilities . . . . . . . . . . . . . . . . .
3,331
Common stock . . . . . . . . . . . . . . . . . .
14,630
Total liab. & stockhldrs’ equity . . . . . .
415,055
CORTLAND BANCORP (OH)
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Investment Revenues
15,735
Gain (losses) on sale of
assets . . . . . . . . . . .
15,735
Non-operating income
807
Net interest income . .
15,718
Prov. loan losses . . . .
390
Non-int. income . . . . .
2,959
Non-int. expenses . . . .
15,325
Income taxes . . . . . . .
896
Net income . . . . . . .
2,066
Earn. per share
(primary) . . . . . . . .
$0.73
Earn. per share
(fully-diluted) . . . . .
$0.73
Common shares(000)
Avg. no. shs. (primary)
4,518
$000):
2014
15,961
15,961
560
15,443
488
2,832
14,849
881
2,057
$0.73
$0.73
4,528
BANK
Annual Report:
Income Account, years ended Apr. 30($):
2015
2014
2013
Investment
income-interest
18,260,014 18,431,078 19,078,700
Investment
income-affiliated
1,766
1,198
65
Total income . . . . .
18,261,780 18,432,276 19,078,765
Investment advisory
fees . . . . . . . . .
2,139,697 2,053,519 2,231,716
Professional fees . .
91,162
98,421
116,656
Accounting services
58,913
55,803
82,389
Transfer agent fees
26,666
26,978
30,136
Officer & directors
fees . . . . . . . . .
23,076
23,923
24,373
Custodian fees . . .
19,288
19,006
20,623
Printing expenses
11,444
10,830
13,376
Registration fees . .
10,083
2,438
9,374
Rating agency . . . .
33,435
.......
.......
Miscellaneous
expenses . . . . . .
45,971
76,820
58,474
Total expenses
excluding interest
expense, fees &
amortization of
offering costs . .
2,459,735 2,367,738 2,587,117
Interest expense, fees
& amortization of
offering costs . .
1,275,183 1,355,701 1,475,044
Total expenses . . .
3,734,918 3,723,439 4,062,161
Less: fees waived by
manager . . . . . .
1,264
965
245
Total expenses after
waiver &/or
reimbursement . .
3,733,654 3,722,474 4,061,916
Net investment
income . . . . . . 14,528,126 14,709,802 15,016,849
Year end shares
outstanding . . . .
14,133,224 14,133,224 14,123,440
Net earnings (loss)
per share . . . . . .
$1.03
$1.04
$1.07
Dividends per share
.......
$1.08
$1.12
Avg. no. shs.
(fully-diluted) . . . . .
December 3, 2015
December 3, 2015
Avg. no. shs.
(fully-diluted) . . . . .
MERGENT BANK & FINANCE
4,518
4,528
CVB FINANCIAL CORP.
DELMAR BANCORP
Earnings, 6 mos. to Jun. 30 (Consol.
2015
Net interest income . .
9,847,461
Prov. loan losses . . . .
300,000
Non-int. income . . . . .
dr9,847,461
Non-int. expenses . . . .
6,220,405
Income taxes . . . . . . .
1,155,400
Net income . . . . . . .
1,950,298
Earn. per share
(primary) . . . . . . . .
$0.22
$000):
2014
9,030
1,100
dr9,030
dr1,100
1,250
2,105
.......
DORAL FINANCIAL CORP.
Bankruptcy Proceedings: On Nov. 2, 2015, Co. filed
with the U.S. Bankruptcy Court a notice of auction
cancellation. The notice states, ‘The Auction scheduled
for Oct. 28, 2015 pursuant to the Order (I) Approving
Bidding Procedures for the Sale of Certain Mortgage
Loans and Real Estate Owned Properties, (II) Approving
the Breakup Fee, (III) Approving the Form and Manner of
Notice, and (IV) Scheduling an Auction and a Sale
Hearing (the Order) [Docket No. 329], has been cancelled.
No Counteroffers were received by the Bid Deadline.‘
EMBASSY BANCORP INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
20,968
Prov. loan losses . . . .
412
Non-int. income . . . . .
dr20,968
Non-int. expenses . . . .
12,202
Income taxes . . . . . . .
2,203
Net income . . . . . . .
5,491
Earn. per share
(primary) . . . . . . . .
$0.75
Earn. per share
(fully-diluted) . . . . .
$0.74
Common shares(000)
Avg. no. shs. (primary)
7,366
Avg. no. shs.
(fully-diluted) . . . . .
7,397
EQUITY BANCSHARES INC
$000):
2014
19,371
250
dr19,371
11,818
1,847
4,729
$0.64
$0.64
7,333
7,342
Annual Report:
Consolidated Income Account, years ended Dec.
31($000):
2014
2013
Loans, including fees
38,023
38,926
Securities, taxable . . .
7,204
6,294
Securities, nontaxable
839
828
Federal funds sold &
other interest &
dividend income . . .
345
327
Total interest &
dividend income . . .
46,411
46,375
Deposits . . . . . . . . . . .
4,084
4,382
Federal funds
purchased & retail
repurchase
agreements . . . . . . .
75
92
Federal Home Loan
Bank advances . . . .
345
494
Bank stock loan . . . . .
295
.......
Subordinated
debentures . . . . . . .
634
642
Total interest expense
5,433
5,610
Net interest income . .
40,978
40,765
Provision for loan
losses . . . . . . . . . . .
1,200
2,583
Net interest income
after provision for
loan losses . . . . . . .
39,778
38,182
Service charges & fees
3,040
3,432
Debit card income . . .
1,462
1,336
Mortgage banking . . .
894
701
Increase in value of
bank owned life
insurance . . . . . . . .
960
953
Net gain on sale of
available for sale
securities . . . . . . . .
986
500
Income from other real
estate owned . . . . .
40
126
Other non interest
income . . . . . . . . . .
2,097
1,808
Total noninterest
income . . . . . . . . . .
9,479
8,856
Salaries & employee
benefits . . . . . . . . .
19,621
17,776
Net occupancy &
equipment . . . . . . .
4,761
4,804
Data processing . . . . .
2,530
2,437
Professional fees . . . .
2,279
1,811
Advertising & business
development . . . . . .
1,057
952
Telecommunications
755
793
FDIC insurance . . . . .
727
922
Courier & postage . . .
562
551
Amortization of core
deposit intangible . .
363
487
Loan expense . . . . . . .
327
366
Other real estate
owned . . . . . . . . . .
61
1,251
Loss on sale of
buildings held for
sale . . . . . . . . . . . .
.......
dr197
Other noninterest
expense . . . . . . . . .
3,024
3,284
Total noninterest
expense . . . . . . . . .
36,067
35,631
Income (loss) before
income taxes . . . . .
13,190
11,407
Provision for income
taxes . . . . . . . . . . .
4,203
3,534
Net income (loss) . . .
8,987
7,873
Dividends & discount
accretion on
preferred stock . . . .
708
978
Net income allocable to
common
stockholders . . . . . .
8,279
6,895
Common shares(000)
Weighted average
shares outstanding basic . . . . . . . . . . .
6,299
7,427
Weighted average
shares outstanding diluted . . . . . . . . . .
6,373
7,492
Year end shares
outstanding . . . . . .
6,068
7,386
Net earnings (loss) per
share - basic . . . . . .
$1.31
$0.93
Net earnings (loss) per
share - diluted . . . .
$1.30
$0.92
Total number of
1 2 3 262
employees . . . . . . .
.......
1 As is 2 Approximately 3 As of June 30, 2015
Consolidated Balance Sheet, as of Dec. 31($000):
Assets:
2014
2013
Cash & due from
banks . . . . . . . . . . .
31,193
20,608
Federal funds sold . . .
514
12
Total cash & cash
equivalents . . . . . . .
31,707
20,620
Interest-bearing time
deposits in other
banks . . . . . . . . . . .
5,995
3,995
Available for sale securities . . . . . . . . . .
52,985
65,450
Held to maturity securi1 261,017
1 284,407
ties . . . . . . . . . . . . .
Loans held for sale . . .
897
347
Loans, net . . . . . . . . .
719,284
653,345
Other real estate
owned . . . . . . . . . .
4,754
7,332
Premises & equipment,
net . . . . . . . . . . . . .
36,434
37,500
Buildings held for sale,
net . . . . . . . . . . . . .
32
669
Bank owned life insurance . . . . . . . . . . . .
28,729
27,799
Federal Reserve Bank
& Federal Home
Loan Bank stock . . .
4,312
4,250
Interest receivable . . .
3,589
3,757
Goodwill . . . . . . . . . .
18,130
18,130
Core deposit intangibles, net . . . . .
1,107
1,470
Other assets . . . . . . . .
6,351
11,003
Total assets . . . . . . . .
1,175,323
1,140,074
Liabilities:
Demand deposits . . . .
49,312
47,682
Savings, NOW & money market . . . . . . . .
589,494
536,252
Time deposits . . . . . . .
342,160
363,210
Total deposits . . . . . . .
980,966
947,144
Federal funds purchased & retail repurchase agreements
25,301
25,450
FHLB advances . . . . .
20,976
9,284
Bank stock loan . . . . .
15,152
.......
Subordinated debentures . . . . . . . . . . . .
8,941
8,631
Contractual obligations
3,146
3,353
Interest payable & other liabilities . . . . . .
3,112
6,339
Total liabilities . . . . . .
1,057,594
1,000,201
Preferred stock, Series
A (redeemed) . . . . .
.......
14,800
Preferred stock, Series
B (redeemed) . . . . .
.......
740
Preferred stock, Series
C ..............
16,359
16,352
Common stock . . . . . .
76
76
Additional paid-in capital . . . . . . . . . . . . .
98,398
96,392
Retained earnings (accumulated deficit) . .
24,832
16,553
Accumulated other
comprehensive income (loss) . . . . . . .
dr2,281
dr2,606
Treasury stock . . . . . .
19,655
2,434
Total stockholders’ equity (deficit) . . . . . .
117,729
139,873
1 Fair
value
of:
2013
$279,748,000;
2014
$265,189,000
FEDERAL HOME LOAN BANK OF DES MOINES
Earnings, 9 mos. to Sep. 30 (
Net interest income
Prov. loan losses .
Non-int. income . .
Non-int. expenses .
Net income . . . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$000):
2015
591,616
1,367
dr591,616
106,563
100,304
FIRST ADVANTAGE BANCORP
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
16,329
Prov. loan losses . . . .
927
Non-int. income . . . . .
dr16,329
Non-int. expenses . . . .
11,280
Income taxes . . . . . . .
933
Net income . . . . . . .
2,182
2014
491,646
dr1,746
dr491,646
50,209
90,586
$000):
2014
14,889
464
dr14,889
10,253
1,386
2,245
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$0.60
$0.59
$0.55
$0.55
3,659
3,789
3,982
4,075
FIRST FINANCIAL BANKSHARES, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
162,576,000
Prov. loan losses . . . .
5,508,000
Non-int. income . . . . .
dr162,576,000
Non-int. expenses . . . .
103,614,000
Income taxes . . . . . . .
23,867,000
Net income . . . . . . .
75,189,000
Earn. per share
(primary) . . . . . . . .
$1.16
Earn. per share
(fully-diluted) . . . . .
$1.16
Common shares
Avg. no. shs. (primary)
64,540,034
Avg. no. shs.
(fully-diluted) . . . . .
64,736,155
FIRST KEYSTONE CORP.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
23,651
Prov. loan losses . . . .
1,178
Non-int. income . . . . .
dr23,651
Non-int. expenses . . . .
14,733
Income taxes . . . . . . .
1,805
Net income . . . . . . .
7,364
Earn. per share
(primary) . . . . . . . .
$1.32
Earn. per share
(fully-diluted) . . . . .
$1.32
Common shares(000)
Avg. no. shs. (primary)
5,581
Avg. no. shs.
(fully-diluted) . . . . .
5,583
$):
2014
147,418,000
3,710,000
dr147,418,000
97,779,000
21,705,000
66,972,000
$1.05
$1.04
64,038,526
64,302,615
$000):
2014
23,224
433
dr23,224
15,520
1,823
7,437
$1.34
$1.34
5,533
5,538
FIRST NBC BANK HOLDING CO.
Acquisition Completed: On Dec. 1, 2015, Co.
acquired State Investors Bancorp, Inc. (‘State Investors‘)
for approximately $50,800,000 (the ‘Acquisition‘). As a
result of the Acquisition, shareholders of State Investors
received $21.51 per share in cash.
FIRST NATIONAL CORP. (STRASBURG, VA)
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
16,144
Prov. loan losses . . . .
dr100
Non-int. income . . . . .
dr16,144
Non-int. expenses . . . .
19,143
Income taxes . . . . . . .
613
Net income . . . . . . .
1,714
Earn. per share
(primary) . . . . . . . .
$0.15
Earn. per share
(fully-diluted) . . . . .
$0.15
Common shares(000)
Avg. no. shs. (primary)
4,909
Avg. no. shs.
(fully-diluted) . . . . .
4,912
FIRST NILES FINANCIAL INC.
$000):
2014
15,185
dr700
dr15,185
14,614
1,662
3,935
$0.64
$0.64
4,902
4,902
Annual Report:
Consolidated Income Account, years ended Dec.
31($000):
1 2012
2014
2013
Interest income - first
mortgage loans
1,004
1,121
1,325
Interest income consumer & other
loans . . . . . . . .
115
120
138
Interest income mortgage-backed
& related
securities . . . . .
504
342
647
Interest income U.S. Agencies &
other securities
940
821
819
Interest income interest-bearing
deposits . . . . . .
30
37
29
Total interest income
2,593
2,441
2,958
Interest expense deposits . . . . . .
277
323
400
Interest expense borrowings . . . .
544
591
777
Total interest
expense . . . . . .
821
914
1,177
Net interest income
1,772
1,527
1,781
Provision for loan
losses . . . . . . . .
159
237
7.00
Net interest income
after provision for
loan losses . . . .
1,613
1,290
1,774
Realized gain on sale
of securities . . . .
160
65
441
Gain on sale of real
estate partnership
investment . . . .
167
.......
.......
Service fees & other
noninterest
income . . . . . . .
124
122
62
Total noninterest
income . . . . . . .
451
187
503
Equity in income
(loss) of limited
partnership . . . .
.......
.......
dr27
Real estate owned
losses & expenses
dr71
dr70
dr62
Compensation &
benefits expense
1,028
1,036
1,003
Occupancy &
equipment
expense . . . . . .
113
108
102
BANK
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
196,426,000
187,573,000
Prov. loan losses . . . .
dr4,500,000
dr16,100,000
dr187,573,000
Non-int. income . . . . .
dr196,426,000
Non-int. expenses . . . .
113,247,000
111,062,000
Income taxes . . . . . . .
39,674,000
44,594,000
Net income . . . . . . .
70,532,000
78,440,000
Earn. per share
(primary) . . . . . . . .
$0.66
$0.74
Earn. per share
(fully-diluted) . . . . .
$0.66
$0.74
Common shares
Avg. no. shs. (primary)
105,672,000
105,218,000
Avg. no. shs.
(fully-diluted) . . . . .
106,139,000
105,760,000
Page 967
Page 968
MERGENT BANK & FINANCE
FNBPA BANCORP, INC.
Sale Completed: On Dec. 1, 2015, Co. was acquired
by Juniata Valley Financial Corp. for approximately
$13,200,000.
FORTRESS INVESTMENT GROUP LLC
Acquisition Completed: On Nov. 24, 2015, Co.’s
subsidiaries, Fortress Operating Entity I LP, FOE II (New)
LP and Principal Holdings I LP (collectively, the
‘Purchasers‘), purchased 56,817,035 Class B shares of
Co. and 817,035 Class B common units of each of the
Purchasers from Michael Novogratz, a principal, officer
and director of Fortress, and certain trusts controlled by
Mr. Novogratz for an aggregate purchase price of
$255,700,000 (or $4.50 per unit), of which $100,000,000
is payable in cash at closing and $155,700,000 is payable
in the form of promissory notes, the principal amount of
which shall mature based on the following schedule:
one-half of the principal amount on Nov. 24, 2016 and the
remainder on Nov. 24, 2017
FOUR OAKS FINCORP, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
22,136
Prov. loan losses . . . .
.......
Non-int. income . . . . .
dr22,136
Non-int. expenses . . . .
19,178
$000):
2014
21,627
7,954
dr21,627
12,185
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
cr16,480
19,198
.......
dr4,822
$0.60
d$0.38
$0.60
d$0.38
32,090
12,584
32,244
12,584
FOX CHASE BANCORP, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
30,120
Prov. loan losses . . . .
dr1,095
Non-int. income . . . . .
dr30,120
Non-int. expenses . . . .
18,941
Income taxes . . . . . . .
3,200
Net income . . . . . . .
7,763
Earn. per share
(primary) . . . . . . . .
$0.71
Earn. per share
(fully-diluted) . . . . .
$0.69
Common shares(000)
Avg. no. shs. (primary)
10,961
Avg. no. shs.
(fully-diluted) . . . . .
11,199
$000):
FRANKLIN FINANCIAL SERVICES CORP
$000):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
25,823
1,035
dr25,823
21,727
7,937
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
2014
30,289
1,593
dr30,289
15,017
2,585
6,087
$0.54
$0.53
11,291
11,541
2014
26,165
464
dr26,165
22,587
6,555
$1.87
$1.57
$1.87
$1.56
4,236
4,184
4,243
4,189
GENERAL ELECTRIC CAPITAL CORP.
Spin-Off Completed: On Nov. 17, 2015, Co.’s parent
company, General Electric Company (‘GE‘), completed
the previously announced split-off of Synchrony Financial
(‘Synchrony‘) through which GE accepted 671,366,809
shares of GE common stock from its shareholders in
exchange for 705,270,833 shares of Synchrony stock that
it owned.
GENWORTH FINANCIAL, INC. (HOLDING CO)
Interest Sale Completed: On Dec. 2, 2015, Co. sold
its lifestyle protection insurance business to AXA S.A. for
approximately $490,000,000 and net proceeds from the
transaction, net of pension settlement costs; transaction
related expenses and gains related to foreign exchange
hedging are expected to be approximately $415,000,000.
GERMAN AMERICAN BANCORP INC
Merger Development: On Oct. 26, 2015, River
Valley Bancorp (‘River Valley‘) and Co. jointly
announced the signing of a definitive agreement (the
‘Agreement‘) pursuant to which River Valley will be
merged with and into Co. (the ‘Merger‘). Simultaneously
with the Merger, River Valley Financial Bank, an Indiana
bank and wholly owned subsidiary of River Valley, will
merge with and into German American Bancorp, an
Indiana bank and wholly owned subsidiary of Co. The
Agreement provides that upon the effective date of the
Merger (the ‘Effective Time‘), each share of common
stock of River Valley will become and be converted into
the right to receive 0.770 of a share of common stock of
Co. (the ‘Exchange Ratio‘) and $9.90 in cash (collectively,
the ‘Merger Consideration‘). In the event the ‘Effective
Time Book Value’ (as defined below) of River Valley is
less than $53,250,000 (assuming a closing prior to Mar. 1,
2016), then the cash component of the Merger
Consideration will be reduced by a per share amount equal
to the quotient obtained by dividing (i) the difference
between $53,250,000 and the Effective Time Book Value,
by (ii) 2,552,762 (the number of shares of common stock
outstanding plus the number of potentially issuable shares
of common stock pursuant to options). If the closing
occurs on or after Mar. 1, 2016, then the difference, or
shortfall, will be measured against $53,883,000 instead of
$53,250,000. ‘Effective Time Book Value‘ is calculated as
the estimated shareholders‘ equity of River Valley as of
the end of the month prior to the Effective Time,
determined no earlier than three (3) business days prior to
the closing of the Merger. The Effective Time Book Value
must reflect an allowance for loan and lease losses and all
accruals for fees and expenses relating to the Merger, as
more completely described in the Agreement. The
Effective Time Book Value will not include, however, any
termination liability for a defined benefit plan, changes to
the investment portfolio attributable to accounting
standards relating to fair value since June 30, 2105, certain
contract termination fees incident to the Merger, and gains
on sales of securities. River Valley has the right to
terminate the Agreement for certain breaches and failure
to satisfy covenants in the Agreement, as well as if the
River Valley shareholders fail to approve the actions
necessary to complete the Merger. Co. has the right to
terminate the Agreement in the event of certain adverse
environmental reports on property owned by River Valley.
At the Effective Time of the Merger, each outstanding
option to purchase a share of common stock of River
Valley will vest fully and be converted into the right to
receive, in cash, an amount equal to $9.90 plus the product
obtained by multiplying the Exchange Ratio by the
Average Co. Closing Price (as defined below), less the
option exercise price per share and applicable withholding
taxes. This amount is subject to adjustment of the $9.90
cash component for an Effective Time Book Value less
than $53,250,000 (or $53,883,000 in the event closing
occurs on or after Mar. 1, 2016), as described above with
respect to the Merger Consideration. ‘Average Co.
Closing Price‘ refers to the volume weighted average of
the trading prices of Co. common stock, rounded to the
nearest cent, during the twenty (20) consecutive trading
days ended on the trading day that is the second business
day preceding the closing date, as reported by Bloomberg
L.P. (or, if not reported therein, in another authoritative
source mutually selected by the parties). Also at the
Effective Time, all shares of restricted stock shall be
released from the transfer restrictions to which the shares
are subject.
GFI GROUP INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
574,405
594,272
cr9,933
dr9,934
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$000):
2014
669,145
800,106
cr30,239
dr100,722
d$0.07
d$0.82
d$0.07
d$0.82
152,069
124,238
152,069
124,238
GREAT WESTERN BANCORP INC
Merger Development: On Nov. 30, 2015, HF
Financial Corp. (‘HF‘) and Co. entered into an Agreement
and Plan of Merger (the ‘Merger Agreement‘). Under the
Merger Agreement, HF will merge with and into Co. with
Co. surviving the merger (the ‘Merger‘). Pursuant to the
terms and subject to the conditions of the Merger
Agreement, which has been approved by the boards of
directors of each of HF and Co., the Merger Agreement
provides for the payment to HF stockholders, based on
their election, of the following consideration (the Merger
Consideration), either (i) $19.50 in cash or (ii) .65 shares
of Co. common stock, in each case, per share of HF
common stock. The Merger Consideration will be prorated
as necessary to ensure that 25% of the total outstanding
shares of HF common stock will be exchanged for cash
and 75% of such shares will be exchanged for Co.
common stock in the Merger. At closing of the Merger
Agreement, Home Federal Bank a wholly-owned
subsidiary of HF (‘Home Federal Bank‘) and Great
Western Bank a wholly-owned subsidiary of Co. (‘Great
Western Bank‘), will enter into a Bank Agreement and
Plan of Merger pursuant to which Home Federal Bank will
merge with and into Great Western Bank, with Great
Western Bank surviving the bank merger. The Merger
Agreement contains customary representations, warranties
and covenants made by each of HF and Co. Completion of
the Merger is subject to certain conditions, including,
among others, (i) the approval of the Merger Agreement
by HF’s stockholders; (ii) the absence of governmental
orders prohibiting or seeking to prohibit the Merger; (iii)
the receipt of certain governmental and regulatory
approvals; (iv) the absence of an event that would have or
could reasonably be expected to have a material adverse
effect on HF; and (v) the receipt by HF of certain
third-party consents. The Merger Agreement may be
terminated in certain circumstances, including, among
others, (i) in the event that the Merger has not been
effected on or prior to Dec. 31, 2016, as extended in
certain circumstances; (ii) in the event that HF’s
stockholders do not approve the Merger Agreement; (iii)
in the event HF receives a superior proposal to acquire
more than half of its outstanding voting securities; and (iv)
in the event that Co.’s stock price declines by more than
20% from its initial trading values prior to the execution of
the Merger Agreement and relative to the performance of
the SNL Mid Cap U.S. Bank Index.
HALLMARK FINANCIAL SERVICES INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
263,578,000
10,051,000
3,688,000
282,331,000
173,671,000
8,382,000
97,235,000
Insurance premiums . .
Net investment income
Non-operating income
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$):
2014
237,770,000
9,139,000
dr122,000
249,362,000
157,690,000
3,520,000
84,717,000
$0.96
$0.50
$0.95
$0.50
19,233,000
19,227,000
19,415,000
19,364,000
HANMI FINANCIAL CORP.
Merger Development: On Nov. 23, 2015, Co., the
holding company for Hanmi Bank, announced that it has
proposed to combine with BBCN Bancorp, Inc. (‘BBCN‘)
in an all-stock transaction at an implied purchase price of
$19.98 per BBCN share based on Co.’s Nov. 20, 2015
closing price. Under the terms of the proposal, Co. and
BBCN would combine in a 100% stock merger in which
BBCN stockholders would receive 0.7331 of a share of
Co. common stock for each share of BBCN common
stock. The proposal represents a 15.3% premium to
BBCN’s volume weighted average price from Oct. 21,
2015 to Nov. 20, 2015. Co. and BBCN stockholders would
also benefit from substantial earnings per share accretion.
Based on this proposal, upon closing of the transaction
BBCN stockholders would represent approximately 65%
of the combined company‘s stock ownership and Co.
stockholders would represent 35%.
HARLEYSVILLE SAVINGS FINANCIAL CORP
Earnings, 9 mos. to Jun. 30 (Consol.
2015
..
21,669,000
...
695,000
...
dr21,669,000
...
9,910,000
...
1,831,000
...
3,713,000
Net interest income
Prov. loan losses .
Non-int. income . .
Non-int. expenses .
Income taxes . . . .
Net income . . . .
Earn. per share
(primary) . . . . .
Earn. per share
(fully-diluted) . .
Common shares
$):
2014
21,963,000
670,000
dr21,963,000
9,561,000
1,693,000
3,715,000
...
$1.00
$0.98
...
$0.98
$0.96
BANK
Federal deposit
insurance
premiums . . . . .
74
82
59
State franchise taxes
100
180
188
Other operating
expense . . . . . .
531
492
472
Total noninterest
expense . . . . . .
1,917
1,968
1,913
Income (loss) before
income taxes . . .
147
dr491
364
Federal income tax
cr78
cr207
123
expense (benefit)
Net income (loss)
225
dr284
241
Common shares(000)
Weighted average
shares
outstanding-basic
1,113
1,119
1,131
Weighted average
shares
outstanding-diluted
1,113
1,119
1,131
Year end shares
outstanding . . . .
1,108
1,108
1,119
Net earnings (losses)
per share-basic
$0.20
d$0.26
$0.21
Net earnings (losses)
per share-diluted
$0.20
d$0.26
$0.21
Dividends per
common share . .
$.20
$.23
$.32
Total number of
2 1.00
employees . . . . .
.......
.......
Number of common
2 3 116
2 3 121
stockholders . . .
.......
Number of preferred
2 3 182
2 3 186
stockholders . . .
.......
1 As reported from the 2013 Annual Report 2 As is
3 Approximately
Consolidated Balance Sheet, as of Dec. 31($000):
Assets:
2014
2013
Cash & cash
equivalents - noninterest bearing . . . . .
855
711
Cash & cash
equivalents - interest
bearing . . . . . . . . . .
6,624
4,743
Total cash & cash
equivalents . . . . . . .
7,479
5,454
Securities available-for-sale, at fair
value . . . . . . . . . . .
59,848
61,637
Securities held to maturity - at amortized
cost . . . . . . . . . . . .
11
1,014
Loans receivable . . . .
22,869
21,452
Accrued interest receivable . . . . . . . . . . . .
288
323
Federal Home Loan
Bank stock, at cost restricted . . . . . . . .
1,327
1,327
Bank owned life insurance . . . . . . . . . . . .
3,155
3,060
Real estate investment limited partnership
.......
38
Other real estate
owned . . . . . . . . . .
381
422
Prepaid expenses &
other assets . . . . . . .
370
368
Prepaid federal income
taxes . . . . . . . . . . .
111
318
Deferred federal income tax asset . . . .
279
1,067
Premises & equipment,
net . . . . . . . . . . . . .
319
296
Total assets . . . . . . . .
96,437
96,776
Liabilities:
Deposits . . . . . . . . . . .
59,217
62,110
Accrued interest payable . . . . . . . . . . . . .
59
64
Accounts payable &
other liabilities . . . .
210
216
Federal Home Loan
Bank advances . . . .
25,000
24,000
Total liabilities . . . . . .
84,486
86,390
Common stock . . . . . .
18
18
Additional paid-in capital . . . . . . . . . . . . .
7,045
7,045
Retained earnings . . . .
12,792
12,795
Net unrealized gains
(losses) on securities
available for sale,
1 dr546
1 dr2,122
net . . . . . . . . . . . . .
Treasury stock, at cost
7,358
7,350
Total stockholders’ equity . . . . . . . . . . . .
11,951
10,386
1 Net of related tax effects - Net unrealized losses on
securities available-for-sale: 2014 $281,000; 2013
$1,092,000
December 3, 2015
December 3, 2015
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
MERGENT BANK & FINANCE
3,715,210,000
3,794,209,000
3,791,401,000
3,865,459,000
HEARTLAND FINANCIAL USA, INC. (DUBUQUE, IA)
HF FINANCIAL CORP.
Merger Development: On Nov. 30, 2015, Co. and
Great Western Bancorp, Inc. (‘Great Western‘) entered
into an Agreement and Plan of Merger (the ‘Merger
Agreement‘). Under the Merger Agreement, Co. will
merge with and into Great Western with Great Western
surviving the merger (the ‘Merger‘). Pursuant to the terms
and subject to the conditions of the Merger Agreement,
which has been approved by the boards of directors of
each of Co. and Great Western, the Merger Agreement
provides for the payment to Co. stockholders, based on
their election, of the following consideration (the Merger
Consideration), either (i) $19.50 in cash or (ii) .65 shares
of Great Western common stock, in each case, per share of
Co. common stock. The Merger Consideration will be
prorated as necessary to ensure that 25% of the total
outstanding shares of Co. common stock will be
exchanged for cash and 75% of such shares will be
exchanged for Great Western common stock in the
Merger. At closing of the Merger Agreement, Home
Federal Bank a wholly-owned subsidiary of Co. (‘Home
Federal Bank‘) and Great Western Bank a wholly-owned
subsidiary of Great Western (‘Great Western Bank‘), will
enter into a Bank Agreement and Plan of Merger pursuant
to which Home Federal Bank will merge with and into
Great Western Bank, with Great Western Bank surviving
the bank merger. The Merger Agreement contains
customary representations, warranties and covenants
made by each of Co. and Great Western. Completion of
the Merger is subject to certain conditions, including,
among others, (i) the approval of the Merger Agreement
by Co.’s stockholders; (ii) the absence of governmental
orders prohibiting or seeking to prohibit the Merger; (iii)
the receipt of certain governmental and regulatory
approvals; (iv) the absence of an event that would have or
could reasonably be expected to have a material adverse
effect on Co.; and (v) the receipt by Co. of certain
third-party consents. The Merger Agreement may be
terminated in certain circumstances, including, among
others, (i) in the event that the Merger has not been
effected on or prior to Dec. 31, 2016, as extended in
certain circumstances; (ii) in the event that Co.’s
stockholders do not approve the Merger Agreement; (iii)
in the event Co. receives a superior proposal to acquire
more than half of its outstanding voting securities; and (iv)
in the event that Great Western s stock price declines by
more than 20% from its initial trading values prior to the
execution of the Merger Agreement and relative to the
performance of the SNL Mid Cap U.S. Bank Index.
HINGHAM INSTITUTION FOR SAVINGS
Earnings, 6 mos. to Jun. 30 (Consol.
2015
Net interest income . .
29,973
Prov. loan losses . . . .
350
Non-int. income . . . . .
dr29,973
Non-int. expenses . . . .
9,179
Income taxes . . . . . . .
6,410
Net income . . . . . . .
9,238
Earn. per share
(primary) . . . . . . . .
$4.34
Earn. per share
(fully-diluted) . . . . .
$4.31
Common shares(000)
Avg. no. shs. (primary)
2,129
Avg. no. shs.
(fully-diluted) . . . . .
2,142
$000):
HOMETOWN BANKSHARES CORP
$000):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
13,106
Prov. loan losses . . . .
.......
Non-int. income . . . . .
dr13,106
Non-int. expenses . . . .
9,668
Income taxes . . . . . . .
1,108
Net income . . . . . . .
2,544
Earn. per share
(primary) . . . . . . . .
$0.57
Earn. per share
(fully-diluted) . . . . .
$0.54
Common shares(000)
Avg. no. shs. (primary)
3,295
Avg. no. shs.
(fully-diluted) . . . . .
5,535
ING LIFE INSURANCE & ANNUITY CO
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Insurance premiums . .
592,100
Net investment income
1,044,700
Non-int. income . . . . .
2,207,100
2014
27,053
325
dr27,053
10,438
4,870
13,248
$6.22
$6.22
2,129
2,130
2014
12,501
202
dr12,501
8,344
1,086
2,413
$0.54
$0.44
3,284
5,524
$000):
2014
56,000
1,031,900
1,753,700
42,800
130,100
INVESTORS HERITAGE CAPITAL CORP.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
35,177,949
52,978,724
722,893
Insurance premiums . .
Non-int. income . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
54,200
170,500
$):
2014
36,048,067
53,559,578
1,041,577
$0.64
$0.92
$0.92
1,121,130
1,127,006
1,127,006
JUNIATA VALLEY FINANCIAL CORP
Acquisition Completed: On Dec. 1, 2015, Co.
acquired FNBPA Bancorp, Inc. for approximately
$13,200,000.
KEARNY FINANCIAL CORP (MD)
Earnings, 3 mos. to Sep. 30 (Consol.
$000):
2015
2014
Investment Revenues
29,487
25,547
Gain (losses) on sale of
assets . . . . . . . . . . .
29,487
25,547
Non-operating income
1,462
748
Net interest income . .
29,415
25,698
Prov. loan losses . . . .
2,641
858
Non-int. income . . . . .
4,986
3,160
Non-int. expenses . . . .
25,441
22,944
Income taxes . . . . . . .
850
553
Net income . . . . . . .
5,469
4,503
Earn. per share
(primary) . . . . . . . .
$0.03
$0.03
Earn. per share
(fully-diluted) . . . . .
$0.03
$0.03
Common shares(000)
Avg. no. shs. (primary)
89,590
92,452
Avg. no. shs.
(fully-diluted) . . . . .
89,619
92,999
Consolidated Balance Sheet Items, as of Sep.
30($000):
Assets:
2015
Cash & due from banks . . . . . . . . . . .
19,379
Loans . . . . . . . . . . . . . . . . . . . . . . . .
2,414,932
Loan loss prov. . . . . . . . . . . . . . . . . .
17,690
Net loans . . . . . . . . . . . . . . . . . . . . . .
2,399,822
Premises & equipment . . . . . . . . . . . .
39,256
Other assets . . . . . . . . . . . . . . . . . . . .
12,420
Total assets . . . . . . . . . . . . . . . . . . . .
4,301,941
Liabilities:
Total deposits . . . . . . . . . . . . . . . . . . .
2,463,890
Demand deposits . . . . . . . . . . . . . . . .
227,941
Savings & time deposits . . . . . . . . . . .
2,235,949
Long term debt . . . . . . . . . . . . . . . . . .
628,351
Other liabilities . . . . . . . . . . . . . . . . .
36,798
Common stock . . . . . . . . . . . . . . . . . .
935
Surplus . . . . . . . . . . . . . . . . . . . . . . .
870,701
Retain earnings . . . . . . . . . . . . . . . . .
343,335
Total liab. & stockhldrs’ equity . . . . . .
4,301,941
KEARNY FINANCIAL CORP
Earnings, 3 mos. to Sep. 30 (Consol.
$000):
2015
2014
Investment Revenues
29,487
25,547
Gain (losses) on sale of
assets . . . . . . . . . . .
29,487
25,547
Non-operating income
1,462
748
Net interest income . .
29,415
25,698
Prov. loan losses . . . .
2,641
858
Non-int. income . . . . .
2,493
1,580
Non-int. expenses . . . .
25,441
22,944
Income taxes . . . . . . .
850
553
Net income . . . . . . .
2,976
2,923
Earn. per share
(primary) . . . . . . . .
$0.03
$0.03
Earn. per share
(fully-diluted) . . . . .
$0.03
$0.03
Common shares(000)
Avg. no. shs. (primary)
89,590
92,452
Avg. no. shs.
(fully-diluted) . . . . .
89,619
92,999
Consolidated Balance Sheet Items, as of Sep.
30($000):
Assets:
2015
Cash & due from banks . . . . . . . . . . .
19,379
Loans . . . . . . . . . . . . . . . . . . . . . . . .
2,414,932
Loan loss prov. . . . . . . . . . . . . . . . . .
17,690
Net loans . . . . . . . . . . . . . . . . . . . . . .
2,399,822
Premises & equipment . . . . . . . . . . . .
39,256
Other assets . . . . . . . . . . . . . . . . . . . .
12,420
Total assets . . . . . . . . . . . . . . . . . . . .
4,301,941
Liabilities:
Total deposits . . . . . . . . . . . . . . . . . . .
2,463,890
Demand deposits . . . . . . . . . . . . . . . .
227,941
Savings & time deposits . . . . . . . . . . .
2,235,949
Long term debt . . . . . . . . . . . . . . . . . .
628,351
Other liabilities . . . . . . . . . . . . . . . . .
36,798
Common stock . . . . . . . . . . . . . . . . . .
935
Surplus . . . . . . . . . . . . . . . . . . . . . . .
870,701
Retain earnings . . . . . . . . . . . . . . . . .
343,335
Total liab. & stockhldrs’ equity . . . . . .
4,301,941
KENTUCKY BANCSHARES INC
2,774,000
M & F BANCORP INC
$0.64
1,121,130
Avg. no. shs.
(fully-diluted) . . . . .
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
24,207,000
22,170,000
Prov. loan losses . . . .
1,025,000
500,000
Non-int. income . . . . .
dr24,207,000
dr22,170,000
Non-int. expenses . . . .
22,469,000
19,694,000
Income taxes . . . . . . .
409,000
704,000
Net income . . . . . . .
5,178,000
5,395,000
Earn. per share
(primary) . . . . . . . .
$1.85
$1.99
Earn. per share
(fully-diluted) . . . . .
$1.85
$1.99
Common shares
Avg. no. shs. (primary)
2,774,000
2,708,000
Earnings, 9 mos. to Sep. 30 (Consol.
2015
7,974,000
.......
dr7,974,000
8,147,000
109,000
425,000
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
2,708,000
$):
2014
8,429,000
50,000
dr8,429,000
8,339,000
591,000
1,013,000
$0.12
$0.41
$0.12
$0.41
2,031,337
2,031,337
2,031,337
2,031,337
MADISON COUNTY FINANCIAL INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
10,018
Prov. loan losses . . . .
1,015
Non-int. income . . . . .
dr10,018
Non-int. expenses . . . .
4,817
Income taxes . . . . . . .
920
Net income . . . . . . .
2,501
Earn. per share
(primary) . . . . . . . .
$0.91
Earn. per share
(fully-diluted) . . . . .
$0.90
Common shares(000)
Avg. no. shs. (primary)
2,662
Avg. no. shs.
(fully-diluted) . . . . .
2,683
$000):
2014
9,299
930
dr9,299
4,607
695
2,174
$0.76
$0.76
2,749
2,749
MAINSOURCE FINANCIAL GROUP INC
Merger Development: On Nov. 23, 2015, Co. entered
into an Agreement and Plan of Merger (the Merger
Agreement) with Cheviot Financial Corp. (‘Cheviot‘),
pursuant to which Cheviot will merge with and into Co.,
whereupon the separate corporate existence of Cheviot
will cease and Co. will survive (the Merger). It is
anticipated that immediately after the Merger, Cheviot
Savings Bank a wholly-owned subsidiary of Cheviot, will
merge with and into MainSource Bank a wholly -owned
subsidiary of Co., with MainSource Bank as the surviving
bank. At the effective time of the Merger, stockholders of
Cheviot will have the right to elect to receive either 0.6916
shares of Co.’s common stock or $15.00 in cash for each
share of Cheviot common stock owned, subject to
proration provisions specified in the Merger Agreement
that provide for a targeted aggregate split of total
consideration of 50% common stock and 50% cash.
Additionally, all outstanding and unexercised options to
purchase Cheviot stock will vest in full and be converted
automatically into the right to receive an amount of cash
equal to the product of (i) the difference (if positive)
between (A) $15.00, minus (B) the exercise price of such
Cheviot Stock Option, multiplied by (ii) the number of
shares of Cheviot common stock subject to the Cheviot
Stock Option. Each share of Cheviot restricted stock will
become fully vested and the restrictions shall lapse, and
each holder of shares of Cheviot restricted stock will be
entitled to receive cash or Co.’s common stock, as
described above. Based upon the Nov. 20, 2015 closing
price of $23.56 per share of Co.’s common stock, the
transaction is valued at approximately $107,400,000.
MB BANCORP INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
3,637,000
dr3,637,000
3,340,000
262,000
dr740,000
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$):
2014
3,844,000
dr3,844,000
3,054,000
363,000
dr1,162,000
d$0.38
.......
d$0.38
.......
1,951,437
.......
1,951,437
.......
MELROSE BANCORP INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Investment Revenues
4,727
Gain (losses) on sale of
assets . . . . . . . . . . .
4,727
Non-operating income
dr252
Net interest income . .
4,318
Prov. loan losses . . . .
45
Non-int. income . . . . .
225
Non-int. expenses . . . .
4,700
Income taxes . . . . . . .
238
Net income . . . . . . .
dr440
Earn. per share
(primary) . . . . . . . .
$0.19
Earn. per share
(fully-diluted) . . . . .
$0.19
Common shares(000)
Avg. no. shs. (primary)
2,611
Avg. no. shs.
(fully-diluted) . . . . .
2,611
$000):
MERRIMAN HOLDINGS INC.
$):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
....
8,361,074
....
12,482,536
....
2,600
....
dr7,441,462
Non-int. income .
Non-int. expenses
Income taxes . . .
Net income . . .
Earn. per share
(primary) . . . .
Earn. per share
(fully-diluted) .
2014
4,013
4,013
76
3,994
10
182
4,366
237
dr437
.......
.......
.......
.......
2014
13,640,859
13,224,324
.......
dr167,990
....
d$1.46
d$0.08
....
d$1.46
d$0.08
BANK
Merger Completed: On Nov. 30, 2015, Premier
Valley Bank (‘Premier‘) merged with and into PV
Acquisition Bank (‘PV‘) a subsidiary of Co. and PV
changed its name to ‘Premier Valley Bank‘. As a result of
the Merger, Premier became a wholly owned subsidiary of
Co. and each share of Premier common stock was
converted into and exchanged for the right to receive,
subject to allocation adjustments: (i) cash in the amount of
$7.725 per share, or (ii) 0.2042 shares of Co. common
stock. Under the Merger Agreement, each holder of
Premier common stock could: (i) elect to receive Co.
common stock with respect to all of the holder’s Premier
common stock; (ii) elect to receive cash with respect to all
of such holder’s Premier common stock; (iii) elect to
receive cash with respect to a portion of such holder’s
Premier common stock and shares of Co. common stock
with respect to such holder’s remaining shares; or (iv)
indicate that the holder made no such election with respect
to the holder’s shares of Premier common stock. After
application of the election and allocation procedures,
Premier shareholders will receive merger consideration, in
the aggregate, consisting of approximately $28,500,000 in
cash and 1,814,275 shares of Co. common stock (which
were valued based on the $37.8232 per share volume
weighted average closing price of Co. common stock for
the 20 trading days ended Nov. 25, 2015).
Income taxes . . . . . . .
Net income . . . . . . .
Page 969
Page 970
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
MERGENT BANK & FINANCE
4,518,633
4,388,746
4,518,633
4,388,746
MILLENNIUM HEALTHCARE INC
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
933,485
7,427,290
20,531,922
18,823,560
dr18,237,740
dr13,106,131
d$0.08
d$0.17
d$0.08
d$0.17
233,911,019
77,330,185
233,911,019
77,330,185
MVB FINANCIAL CORP
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
31,748
Prov. loan losses . . . .
1,856
Non-int. income . . . . .
dr31,748
Non-int. expenses . . . .
45,246
Income taxes . . . . . . .
2,518
Net income . . . . . . .
5,414
Earn. per share
(primary) . . . . . . . .
$0.62
Earn. per share
(fully-diluted) . . . . .
$0.62
Common shares(000)
Avg. no. shs. (primary)
7,998
Avg. no. shs.
(fully-diluted) . . . . .
8,606
$000):
MVC CAPITAL INC
$):
Earnings, 6 mos. to Apr. 30 (Consol.
2015
Investment Revenues
445
Gain (losses) on sale of
assets . . . . . . . . . . .
445
Net interest income . .
445
Non-int. income . . . . .
2,107,902
Non-int. expenses . . . .
12,742,249
Income taxes . . . . . . .
878
Net income . . . . . . .
dr10,634,780
Earn. per share
(primary) . . . . . . . .
d$0.95
Common shares
Avg. no. shs. (primary)
22,702,821
2014
26,632
2,192
dr26,632
33,047
556
2,664
$0.31
$0.31
7,864
8,078
2014
15,984,673
15,984,673
15,430,904
553,769
17,211,844
877
dr1,228,048
d$0.49
22,574,010
MVC CAPITAL INC
New Auditor: On Nov. 20, 2015, Co. dismissed Ernst &
Young LLP as its independent accounting firm and
engaged Grant Thornton, LLP as its new independent
accounting firm.
NATIONAL PENN BANCSHARES INC
(BOYERTOWN, PENN.)
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
229,040
Prov. loan losses . . . .
3,000
Non-int. income . . . . .
dr229,040
Non-int. expenses . . . .
159,759
Income taxes . . . . . . .
28,427
Net income . . . . . . .
81,841
Earn. per share
(primary) . . . . . . . .
$0.58
Earn. per share
(fully-diluted) . . . . .
$0.58
Common shares(000)
Avg. no. shs. (primary)
141,081
Avg. no. shs.
(fully-diluted) . . . . .
141,718
$000):
2014
212,029
2,251
dr212,029
154,358
25,126
74,229
$0.53
$0.53
139,935
140,466
NUVEEN DIVERSIFIED COMMODITY FUND
Earnings, 9 mos. to Sep. 30 (
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Common shares
Avg. no. shs. (primary)
$):
2015
109,335
109,335
109,335
dr109,335
2,067,690
dr17,864,266
2014
108,684
108,684
108,684
dr108,684
2,252,209
dr8,487,094
d$1.97
d$0.92
9,047,040
9,206,940
NUVEEN LONG/SHORT COMMODITY TOTAL
RETURN FUND
Earnings, 9 mos. to Sep. 30 (
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Common shares
Avg. no. shs. (primary)
$):
2015
291,280
2014
215,662
291,280
291,280
dr291,280
4,443,310
dr3,529,780
215,662
215,662
dr215,662
4,466,388
dr11,668,427
d$0.22
d$0.66
16,345,840
17,663,321
NUVEEN PREFERRED & INCOME TERM FUND
Annual Report:
Income Account, years ended Jul. 31($):
2015
2014
2013
Dividends on
1 8,530,632
investments . . . .
20,902,828 1 18,767,001
Interest on
investments . . . .
32,954,654 35,769,550 43,767,761
Other income . . . .
342,188
220,313
.......
Total investment
income . . . . . . .
54,199,670 54,756,864 52,298,393
Management fees
6,819,802 6,779,942 6,610,386
Interest expense on
borrowings . . . .
2,369,590 2,530,206 2,734,795
Shareholders’
servicing agent
fees & expenses
.......
221
595
Custodian’s fees . .
111,698
133,374
123,809
Trustees’ fees . . . .
24,408
22,032
37,864
Professional fees . .
56,320
67,989
47,434
Shareholder reporting
expenses . . . . . .
55,423
93,540
123,301
Shareholder servicing
agent fees . . . . .
203
.......
.......
Stock exchange
listing fees . . . .
8,315
8,739
5,006
Investor relations
expense . . . . . .
44,138
87,866
47,541
Other expenses . . .
24,051
33,085
11,886
Total expenses . . .
9,513,948 9,756,994 9,742,617
Net investment
income (loss)
44,685,722 44,999,870 42,555,776
Year end shares
outstanding . . . .
22,752,777 22,752,777 22,752,777
Net investment
income per share
$1.96
$1.98
$1.89
1 Net of tax withheld - dividends: 2014 $37,144; 2013
$1,125
Balance Sheet, as of Jul. 31($):
Assets:
2015
2014
Long-term investments,
1 785,988,145
1 796,776,621
at value . . . . . . . . .
Short-term investments
4,677,630
4,458,983
Unrealized appreciation
on interest rate
swaps . . . . . . . . . . .
.......
1,597,306
Cash . . . . . . . . . . . . .
1,481,089
.......
Cash collateral at bro2 2,880,000
kers . . . . . . . . . . . .
.......
Dividends receivable
451,121
485,750
Interest receivables . . .
7,337,896
6,942,722
Investments sold receivable . . . . . . . . .
326,557
131,705
Recliams receivable . .
82,067
.......
Reclaims receivables
.......
10,036
Other assets . . . . . . . .
33,227
25,093
Total assets . . . . . . . .
803,257,732
810,428,216
Liabilities:
Borrowings . . . . . . . .
225,000,000
225,000,000
Unrealized depreciation
on interest rate
swaps . . . . . . . . . . .
4,605,813
.......
Common share dividends . . . . . . . . . . .
3,642,436
3,525,818
Payable for investments
purchased . . . . . . . .
3,138,977
576,346
Accrued interest on
borrowings . . . . . . .
12,958
13,188
Accrued management
fees . . . . . . . . . . . .
574,045
587,177
Accrued trustee fees . .
28,947
24,425
Other accrued expenses . . . . . . . . . .
117,432
185,183
Total liabilities . . . . . .
237,120,608
229,912,137
Net assets applicable to
common shares . . . .
566,137,124
580,516,079
Common shares . . . . .
227,528
227,528
Paid-in surplus . . . . . .
541,808,950
541,836,890
Undistributed
(over-distribution of)
net investment income . . . . . . . . . . .
1,261,626
668,650
Accumulated net realized gain (loss) . . . .
4,191,099
dr1,867,687
Net unrealized appreciation (depreciation)
18,647,921
39,650,698
Net assets applicable to
common shares . . . .
566,137,124
580,516,079
Net assets value per
common share . . . .
25
26
1 Cost - Long-term investments, at value: 2015
$762,734,411; 2014 $758,723,229 2 Cash pledged to collarteralize net payment obligations for investments in
derivatives
OCB BANCORP
Earnings,
$thousands):
9
Net interest income
Prov. loan losses .
Non-int. income . .
Non-int. expenses .
Income taxes . . . .
Net income . . . .
Earn. per share
(fully-diluted) . .
mos.
to
Sep.
30
(Consol.
.
.
.
.
.
.
2015
5,487
342
dr5,487
3,955
412
622
2014
4,239
80
dr4,239
3,548
273
410
...
.......
$0.27
.
.
.
.
.
.
.
.
.
.
.
PACIFIC VENTURES GROUP INC
Earnings, 9 mos. to Sep. 30 (Consol.
$):
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Net interest income . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
2015
7.00
2014
10
7.00
7.00
6,202
dr6,195
10
10
4,606
dr4,596
d$1.26
d$0.95
d$1.26
d$0.95
5,318
5,318
5,318
5,318
PREFERRED BANK (LOS ANGELES, CA)
Earnings, 6 mos. to Jun. 30 (Consol.
2015
45,696
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Non-operating income
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$000):
2014
38,674
45,696
168
44,899
1,000
1,600
22,048
9,571
13,880
38,674
164
38,044
2,350
3,884
18,931
7,343
13,304
$1.04
$0.85
$1.03
$0.83
13,439
13,252
13,627
13,571
PREMIER VALLEY BANK
Merger Completed: On Nov. 30, 2015, Co. merged
with and into PV Acquisition Bank (‘PV‘) a subsidiary of
Heartland Financial USA, Inc. (‘Heartland‘) and PV
changed its name to ‘Premier Valley Bank‘. As a result of
the Merger, Co. became a wholly owned subsidiary of
Heartland and each share of Co. common stock was
converted into and exchanged for the right to receive,
subject to allocation adjustments: (i) cash in the amount of
$7.725 per share, or (ii) 0.2042 shares of the Heartland
common stock. Under the Merger Agreement, each holder
of Co. common stock could: (i) elect to receive Heartland
common stock with respect to all of the holder’s Co.
common stock; (ii) elect to receive cash with respect to all
of such holder’s Co. common stock; (iii) elect to receive
cash with respect to a portion of such holder’s Co.
common stock and shares of Heartland common stock
with respect to such holder’s remaining shares; or (iv)
indicate that the holder made no such election with respect
to the holder’s shares of Co. common stock. After
application of the election and allocation procedures, Co.
shareholders will receive merger consideration, in the
aggregate, consisting of approximately $28,500,000 in
cash and 1,814,275 shares of the Heartland common stock
(which were valued based on the $37.8232 per share
volume weighted average closing price of heartland
common stock for the 20 trading days ended Nov. 25,
2015).
PRESIDENTIAL REALTY CORP.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
700,003
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$):
2014
653,816
700,003
200
699,803
1,182,883
dr250,322
653,816
1,849
651,967
1,410,204
dr924,832
d$0.06
d$0.22
d$0.06
d$0.22
4,288,680
4,257,142
4,288,680
4,257,142
PRINCIPAL FINANCIAL GROUP, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Insurance premiums . .
4,155,900
Net investment income
2,267,300
Non-int. income . . . . .
9,157,400
Non-int. expenses . . . .
2,751,600
Income taxes . . . . . . .
126,900
Net income . . . . . . .
994,900
Earn. per share
(primary) . . . . . . . .
$3.24
Earn. per share
(fully-diluted) . . . . .
$3.20
Common shares(000)
Avg. no. shs. (primary)
295,000
Avg. no. shs.
(fully-diluted) . . . . .
298,500
$000):
2014
2,514,800
2,444,100
7,569,600
2,647,700
281,600
896,100
$2.78
$2.75
294,900
298,700
PENNYMAC MORTGAGE INVESTMENT TRUST
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
147,456,000
Non-int. income . . . . .
50,740,000
Non-int. expenses . . . .
131,821,000
Income taxes . . . . . . .
cr8,016,000
Net income . . . . . . .
74,391,000
Earn. per share
(primary) . . . . . . . .
$0.98
Earn. per share
(fully-diluted) . . . . .
$0.95
Common shares
Avg. no. shs. (primary)
74,675,000
Avg. no. shs.
(fully-diluted) . . . . .
83,486,000
PGI INC.
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2014
129,100,000
174,581,000
136,157,000
cr509,000
168,033,000
$2.28
$2.13
73,254,000
81,978,000
$000):
PRIVATE BANCORP OF AMERICA I
New Name: On dec. 3, 2015, Co. changed its name
fromSan Diego Private Bank to Private Bancorp Of
America Inc.
PROSHARES TRUST II
Earnings, 9 mos. to Sep. 30 (
Gain (losses) on sale of
assets . . . . . . . . . . .
Investment Revenues
Net interest income . .
Non-int. expenses . . . .
Net income . . . . . . .
$):
2015
2014
.......
.......
.......
53,388
dr53,388
954,921
954,921
954,921
23,181,241
dr22,226,320
PROTECTIVE LIFE INSURANCE CO
Earnings, 9 mos. to Sep. 30 (Consol.
$000):
BANK
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
December 3, 2015
December 3, 2015
Net investment income
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
MERGENT BANK & FINANCE
2015
1,093,902
2,510,585
2,365,495
40,667
104,423
QUAINT OAK BANCORP INC
2014
1,572,474
3,345,295
2,836,949
167,921
340,425
$000):
SECURITY FEDERAL CORP (SC)
$):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Investment Revenues
23,125,548
Gain (losses) on sale of
assets . . . . . . . . . . .
23,125,548
Non-operating income
871,020
Net interest income . .
20,922,849
Prov. loan losses . . . .
dr100,000
Non-int. income . . . . .
5,407,006
Non-int. expenses . . . .
19,961,469
Income taxes . . . . . . .
1,696,268
Net income . . . . . . .
4,772,118
Earn. per share
(primary) . . . . . . . .
$1.51
Earn. per share
(fully-diluted) . . . . .
$1.44
Common shares
Avg. no. shs. (primary)
2,944,001
Avg. no. shs.
(fully-diluted) . . . . .
3,248,284
2014
5,418
337
dr5,418
3,525
535
881
$0.52
$0.49
1,704
1,806
2014
22,872,611
22,872,611
1,444,054
22,219,353
200,000
4,354,643
20,108,845
1,775,175
4,489,976
$1.41
$1.35
2,944,001
3,248,201
STATE INVESTORS BANCORP, INC.
Sale Completed: On Dec. 1, 2015, Co. was acquired
by First NBC Bank Holding Company for approximately
$50,800,000 (the ‘Acquisition‘). As a result of the
Acquisition, Co.’s shareholders received $21.51 per share
in cash.
TEUCRIUM COMMODITY TRUST
Earnings, 9 mos. to Sep. 30 (
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
$):
2015
dr14,987,747
2014
dr30,572,705
dr14,987,747
122,964
dr122,964
3,273,383
dr18,261,130
dr30,572,705
31,284
dr31,284
3,381,858
dr33,954,563
THORNBURG MORTGAGE INC
Bankruptcy Proceedings: On Nov. 30, 2015, Co.’s
Chapter 11 trustee filed with the U.S. Bankruptcy Court a
monthly operating report for Oct. 2015. For the period,
Co. reported a net loss of $5,400,000 on $774 in net
operating revenue (derived from mortgage servicing
income). Co. paid $280,652 in legal and professional fees
and $302,152 in total reorganizational expenses during the
month.
TIDELANDS BANCSHARES INC
Earnings, 9 mos. to Sep. 30 (Consol.
$):
2015
2014
Net interest income . .
12,687,259
13,280,788
Prov. loan losses . . . .
1,175,000
71,000
Non-int. income . . . . .
dr12,687,259
dr13,280,788
Non-int. expenses . . . .
9,091,346
10,153,044
Income taxes . . . . . . .
.......
16,000
Net income . . . . . . .
dr1,505,575
dr50,251
Earn. per share
(primary) . . . . . . . .
d$0.65
d$0.25
Earn. per share
(fully-diluted) . . . . .
d$0.65
d$0.25
Common shares
Avg. no. shs. (primary)
4,254,126
4,210,000
Avg. no. shs.
(fully-diluted) . . . . .
4,254,126
4,210,000
T BANCSHARES, INC.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
6,211
Prov. loan losses . . . .
.......
Non-int. income . . . . .
dr6,211
Non-int. expenses . . . .
12,975
Income taxes . . . . . . .
1,298
Net income . . . . . . .
2,589
Earn. per share
(primary) . . . . . . . .
$0.64
Earn. per share
(fully-diluted) . . . . .
$0.64
Common shares(000)
Avg. no. shs. (primary)
4,033
Avg. no. shs.
(fully-diluted) . . . . .
4,043
$000):
2014
5,807
492
dr5,807
11,698
1,056
1,931
$0.48
$0.48
4,030
$1.42
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
118,924
Prov. loan losses . . . .
dr1,302
Non-int. income . . . . .
dr118,924
Non-int. expenses . . . .
97,459
Income taxes . . . . . . .
21,508
Net income . . . . . . .
32,396
$1.41
$1.25
22,743
16,121
22,979
16,321
UNITED COMMUNITY BANCORP (IN)
Earnings, 3 mos. to Sep. 30 (Consol.
$000):
2015
2014
Net interest income . .
3,958
3,761
Prov. loan losses . . . .
44
9.00
Non-int. income . . . . .
dr3,958
dr3,761
Non-int. expenses . . . .
3,581
3,397
Income taxes . . . . . . .
56
74
Net income . . . . . . .
699
479
Earn. per share
(primary) . . . . . . . .
$0.16
$0.10
Earn. per share
(fully-diluted) . . . . .
$0.16
$0.10
Common shares(000)
Avg. no. shs. (primary)
4,369
4,584
Avg. no. shs.
(fully-diluted) . . . . .
4,407
4,584
Consolidated Balance Sheet Items, as of Sep.
30($000):
Assets:
2015
Cash & due from banks . . . . . . . . . . .
2,797
Unearned income . . . . . . . . . . . . . . . .
1,888
Loan loss prov. . . . . . . . . . . . . . . . . .
5,151
Net loans . . . . . . . . . . . . . . . . . . . . . .
263,540
Premises & equipment . . . . . . . . . . . .
6,919
Other assets . . . . . . . . . . . . . . . . . . . .
1,347
Total assets . . . . . . . . . . . . . . . . . . . .
519,894
Liabilities:
Total deposits . . . . . . . . . . . . . . . . . . .
431,196
Other liabilities . . . . . . . . . . . . . . . . .
3,696
Common stock . . . . . . . . . . . . . . . . . .
51
Treasury stock . . . . . . . . . . . . . . . . . .
7,465
Total liab. & stockhldrs’ equity . . . . . .
519,894
UNIVERSAL INSURANCE HOLDINGS INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Insurance premiums . .
353,401,000
Net investment income
3,376,000
Non-int. income . . . . .
384,443,000
Income taxes . . . . . . .
49,811,000
Net income . . . . . . .
77,332,000
Earn. per share
(primary) . . . . . . . .
$2.22
Earn. per share
(fully-diluted) . . . . .
$2.15
Common shares
Avg. no. shs. (primary)
34,837,000
Avg. no. shs.
(fully-diluted) . . . . .
35,918,000
UTG INC
Earnings, 9 mos. to Sep. 30 (Consol.
2015
11,965,809
26,281,863
1,545,975
3,787,506
Net investment income
Non-int. income . . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$0.97
$):
2014
231,457,000
1,574,000
264,794,000
38,662,000
52,016,000
$1.55
$1.48
33,607,000
35,097,000
$):
2014
13,166,432
25,668,374
cr969,751
2,078,781
$0.42
$0.97
$0.42
3,706,741
3,764,578
3,706,741
3,764,578
WELLS FINANCIAL CORP
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
7,038
Prov. loan losses . . . .
.......
Non-int. income . . . . .
dr7,038
Non-int. expenses . . . .
7,065
Income taxes . . . . . . .
995
Net income . . . . . . .
4,463
Earn. per share
(primary) . . . . . . . .
$5.88
Earn. per share
(fully-diluted) . . . . .
$5.88
Common shares(000)
Avg. no. shs. (primary)
759
Avg. no. shs.
(fully-diluted) . . . . .
759
$000):
WHITEHORSE FINANCE, INC.
$000):
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Investment Revenues
35,140
Gain (losses) on sale of
assets . . . . . . . . . . .
35,140
Net income . . . . . . .
16,881
Earn. per share
(primary) . . . . . . . .
$0.80
Earn. per share
(fully-diluted) . . . . .
$0.80
Common shares(000)
Avg. no. shs. (primary)
14,983
Avg. no. shs.
(fully-diluted) . . . . .
14,983
2014
6,451
420
dr6,451
6,656
323
865
$1.14
$1.14
760
762
2014
26,533
26,533
12,026
$1.06
$1.06
14,983
14,983
4,033
WILSON BANK HOLDING CO.
TRICO BANCSHARES (CHICO, CA)
$1.27
$000):
2014
84,708
dr2,624
dr84,708
76,437
14,578
20,458
Annual Report:
Consolidated Income Account, years ended Dec.
31($000):
1 2013
1 2012
2014
Interest & fees on
loans . . . . . . . .
66,685
66,177
66,080
Interest & dividends
on securities taxable securities
6,464
4,411
5,253
Interest & dividends
on securities exempt from
federal income
taxes . . . . . . . . .
679
603
464
Interest on loans held
for sale . . . . . . .
263
258
307
Interest on federal
funds sold . . . . .
167
215
129
Interest & dividends
on restricted equity
securities . . . . .
122
150
128
Total interest income
74,380
71,814
72,361
Interest on negotiable
order of
withdrawal
accounts . . . . . .
1,587
1,589
1,942
Interest on money
market accounts &
other savings
accounts . . . . . .
2,366
2,407
2,705
Interest on
certificates of
deposit &
individual
retirement
accounts . . . . . .
5,791
6,832
9,403
Interest on securities
sold under
repurchase
agreements . . . .
23
50
56
Interest on federal
funds purchased
1.00
1.00
1.00
Total interest
expense . . . . . .
9,768
10,879
14,107
Net interest income
before provision
for loan losses . .
64,612
60,935
58,254
Provision for loan
losses . . . . . . . .
498
2,177
9,528
Net interest income
after provision for
loan losses . . . .
64,114
58,758
48,726
Non-interest income
16,678
15,204
16,035
Non-interest expense
47,705
48,787
45,098
Earnings before
income taxes . . .
33,087
25,175
19,663
Income taxes . . . . .
12,310
9,306
7,515
Net earnings . . .
20,777
15,869
12,148
Common shares(000)
Weighted average
shares outstanding
- basic . . . . . . . .
7,547
7,473
7,360
Weighted average
shares outstanding
- diluted . . . . . .
7,551
7,477
7,366
Year end shares
outstanding . . . .
7,572
7,499
7,419
Net earnings per
common share basic . . . . . . . . .
$2.75
$2.12
$1.65
Net earnings per
common share diluted . . . . . . .
$2.75
$2.12
$1.65
Dividends per
common share . .
.......
$.60
$.85
Number of full time
2 4 5 406
2 3 4 419
2 6 4 396
employees . . . . .
Number of common
2 8 3,620
2 7 3,553
2 9 3,417
stockholders . . .
1 Reclassified to conform with 2014 presentation 2 As
is 3 As of March 14, 2014 4 Full-time equivalent employees 5 As of March 13, 2015 6 As of March 13, 2013 7 As
of February 4, 2014 8 As of February 4, 2015 9 As of
February 1, 2013
Consolidated Balance Sheet, as of Dec. 31($000):
1 2013
Assets:
2014
Loans, net of allowance
for loan losses . . . .
1,329,865
1,184,267
Securities held to maturity, at amortized
2 28,123
2 26,823
cost . . . . . . . . . . . .
Securities available for
3 346,420
3 329,373
sale, at market . . . .
Total securities . . . . . .
374,543
356,196
Loans held for sale . . .
9,466
7,022
Federal funds sold . . .
16,005
38,190
Restricted equity securities, at cost . . . . . .
3,012
3,012
Total earning assets . .
1,732,891
1,588,687
Cash & due from
banks . . . . . . . . . . .
52,002
73,314
Premises & equipment,
net . . . . . . . . . . . . .
40,123
38,176
Accrued interest receivable . . . . . . . . . . . .
5,463
5,063
Deferred income taxes
9,171
11,437
Other real estate . . . . .
7,298
12,869
Bank owned life insurance & annuity contracts . . . . . . . . . . .
17,331
11,390
Goodwill . . . . . . . . . .
4,805
4,805
Other assets . . . . . . . .
4,158
3,230
Total assets . . . . . . . .
1,873,242
1,748,971
Liabilities:
Total deposits . . . . . . .
1,660,270
1,554,255
Securities sold under
repurchase agreements . . . . . . . . . . .
3,437
9,078
Accrued interest & other liabilities . . . . . .
8,643
7,967
Total liabilities . . . . . .
1,672,350
1,571,300
Common stock . . . . . .
15,144
14,997
Additional paid-in capital . . . . . . . . . . . . .
57,709
54,519
Retained earnings . . . .
128,718
112,451
Net unrealized gains
(losses) on available-for-sale securi4 dr679
4 dr4,296
ties . . . . . . . . . . . . .
Total stockholder’s equity . . . . . . . . . . . .
200,892
177,671
1 Reclassified to conform with 2014 presentation
2 Market value - Securities held to maturity: 2013
$26,561,000; 2014 $28,400,000 3 Amortized cost - Securities available-for-sale: 2013 $336,335,000 4 Net of
BANK
Earnings, 9 mos. to Sep. 30 (Consol.
2015
Net interest income . .
6,262
Prov. loan losses . . . .
280
Non-int. income . . . . .
dr6,262
Non-int. expenses . . . .
4,180
Income taxes . . . . . . .
552
Net income . . . . . . .
893
Earn. per share
(primary) . . . . . . . .
$0.52
Earn. per share
(fully-diluted) . . . . .
$0.48
Common shares(000)
Avg. no. shs. (primary)
1,715
Avg. no. shs.
(fully-diluted) . . . . .
1,877
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
Page 971
Page 972
MERGENT BANK & FINANCE
income taxes - Net unrealized gains (losses) on available-for-sale securities: 2013 $2,666,000; 2014 $421,000
WILSON BANK HOLDING CO.
Earnings, 9 mos. to Sep. 30 (Consol.
2015
58,626
265
dr58,626
37,730
11,000
17,905
2014
55,200
364
dr55,200
34,960
9,522
14,677
$2.35
$1.95
$2.35
$1.95
7,615
7,539
7,619
7,543
WMIH CORP
Earnings, 9 mos. to Sep. 30 (Consol.
2015
1,994
Investment Revenues
Gain (losses) on sale of
assets . . . . . . . . . . .
Insurance premiums . .
Net interest income . .
Non-int. income . . . . .
Non-int. expenses . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
$000):
$000):
2014
3,732
1,994
3,938
179
5,299
18,537
dr71,131
3,732
5,514
9.00
7,887
dr5,938
13,834
d$0.42
$0.02
d$0.42
$0.01
201,671
200,826
201,671
237,872
NEWS SECTION TWO
News Section Two includes:
UNIT INVESTMENT TRUSTS
INVESCO UNIT TRUSTS, MUNICIPAL SERIES 1245
TRUSTEE: Bank of New York Mellon
TEL: (800) 856-8487
Cusip: 46137J222
Cusip: 46137J230
INVESTMENT GRADE MUNICIPAL TRUST, 10-20
YEAR SERIES 7
DISTRIBUTIONS
Initial distribution of $2.17 per unit to be paid on Dec.
25, 2015 to holders of record on Dec. 10, 2015.
RECORD OF UNIT HOLDERS VALUE, AS OF NOV. 17:
Units Outstanding:
Value
Units
Per Unit
2015 . . . . . . . . . . . . .
5,655
$1,042.64
Principal Amount of Bonds Held ($):
2015 . . . . . . . . . . . . . . . . . . . . . . . . .
5,655,000
OFFERED
(5,655 units) at $1,092.07 per unit including a 3.90%
sales charge plus accrued interest on Nov. 17, 2015 thru
Invesco Capital Markets, Inc. and associates.
Estimated current return: 3.59%
FINANCIAL STATEMENTS
Statement of Condition, as of Nov. 17, 2015
($000):
Trust Property
Contracts to purchase securities . . . . .
5,896
Accrued interest . . . . . . . . . . . . . . . . .
58
Cash . . . . . . . . . . . . . . . . . . . . . . . . .
40
Total . . . . . . . . . . . . . . . . . . . . .
5,995
Liabilities
Cost to investors . . . . . . . . . . . . . . . .
6,176
Less: Gross underwrtg. commission . .
239
Less: Organization costs . . . . . . . . . . .
40
Accrued interest payable to Sponsor . .
58
Organization costs . . . . . . . . . . . . . . .
40
Total . . . . . . . . . . . . . . . . . . . . .
5,995
SCHEDULE OF SECURITIES OWNED, AS OF NOV.
17, 2015:
M Princ
Amt.
$225 Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Refunding Bonds, Plum Point
Project, Series A 5.00s, 01/01/2032
225 Texas, North Texas Tollway Authority, System Second
Tier Revenue Refunding Bonds, Series A 5.00s,
01/01/2032
250 Florida, Miami-Dade County General Obligation Refunding Bonds, Building Better Communities Program, Series B 4.00s, 07/01/2032
250 California, Jefferson Elementary School District, Election of 2012 General Obligation Bonds, Series C
3.125s, 09/01/2032
55 New York, Hempstead Local Development Corporation
Revenue Refunding Bonds, Adelphi University Project
3.75s, 10/01/2032
250 Illinois, City of Aurora, Kane, DuPage, Kendall and Will
Counties, General Obligation Refunding Bonds, Series
A 3.25s, 12/30/2032
250 Illinois Municipal Electric Agency Power Supply System
Revenue Refunding Bonds, Series A 4.00s,
02/01/2033
195 New Jersey Transportation Trust Fund Authority, Transportation Program Revenue Bonds, Series AA 5.25s,
06/15/2033
120 Hawaii, City and County Honolulu Wastewater System
Revenue Bonds, Senior Series B, First Bond Resolution 3.50s, 07/01/2033
INVESCO UNIT TRUSTS, TAXABLE INCOME SERIES
522
TRUSTEE: Bank of New York Mellon
TEL: (800) 856-8487
Cusip: 42981J160
Cusip: 42981J178
HIGH YIELD CORPORATE TRUST, 4-7 YEAR
SERIES 4
DISTRIBUTIONS
Initial distribution of $2.68 per unit to be paid on Dec.
25, 2015 to holders of record on Dec. 10, 2015.
RECORD OF UNIT HOLDERS VALUE, AS OF NOV. 20:
Units Outstanding:
Value
Units
Per Unit
2015 . . . . . . . . . . . . .
12,038
$975.13
Principal Amount of Bonds Held ($):
2015 . . . . . . . . . . . . . . . . . . . . . . . . .
12,038,000
OFFERED
(12,038 units) at $1,008.50 per unit including a 2.95%
sales charge plus accrued interest on Nov. 20, 2015 thru
Invesco Capital Markets, Inc. and associates.
FINANCIAL STATEMENTS
Statement of Condition, as of Nov. 20, 2015
($000):
Trust Property
Contracts to purchase securities . . . . .
11,739
Accrued interest . . . . . . . . . . . . . . . . .
194
Cash . . . . . . . . . . . . . . . . . . . . . . . . .
45
Total . . . . . . . . . . . . . . . . . . . . .
11,977
Liabilities
Cost to investors . . . . . . . . . . . . . . . .
12,140
Less: Gross underwrtg. commission . .
357
Less: Organization costs . . . . . . . . . . .
45
Accrued interest payable to Sponsor . .
194
Organization costs . . . . . . . . . . . . . . .
45
Total . . . . . . . . . . . . . . . . . . . . .
11,977
SCHEDULE OF SECURITIES OWNED, AS OF NOV.
20, 2015:
M Princ
Amt.
$375 Allied Specialty Vehicles, Inc. 8.50s, 11/01/2019
367 Ashton Woods USA, L.L.C. 6.875s, 02/15/2021
375 CSC Holdings LLC 6.75s, 11/15/2021
125 1011778 B.C. ULC / New Red Finance, Inc. 6.00s,
04/01/2022
250 Meritage Homes Corporation 7.00s, 04/01/2022
375 Numericable-SFR S.A.S. 6.00s, 05/15/2022
375 Altice, S.A. 7.75s, 05/15/2022
375 DISH DBS Corporation 5.875s, 07/15/2022
375 Hillman Group, Inc. 6.375s, 07/15/2022
375 KB Home 7.50s, 09/15/2022
125 CCO Holdings L.L.C. 5.25s, 09/30/2022
125 Sinclair Television Group, Inc. 6.125s, 10/01/2022
375 Clear Channel Worldwide Holdings, Inc. 6.50s,
11/15/2022
375 DJO Finance, L.L.C. 8.125s, 06/15/2021
375 Post Holdings, Inc. 6.75s, 12/01/2021
125 Navios Maritime Acquisition Corporation 8.125s,
11/15/2021
250 Precision Drilling Corporation 6.50s, 12/15/2021
375 Laredo Petroleum, Inc. 5.625s, 01/15/2022
375 Rice Energy, Inc. 6.25s, 05/01/2022
375 Range Resources Corporation 5.00s, 08/15/2022
250 Bristow Group, Inc. 6.25s, 10/15/2022
375 Antero Resources Corporation 5.125s, 12/01/2022
168 CyrusOne, L.P. 6.375s, 11/15/2022
375 Tenet Healthcare Corporation 8.125s, 04/01/2022
125 Acadia Healthcare Company, Inc. 5.125s, 07/01/2022
125 CTP Transportation Products L.L.C. 8.25s, 12/15/2019
375 ADS Waste Holdings, Inc. 8.25s, 10/01/2020
43 Gibraltar Industries, Inc. 6.25s, 02/01/2021
375 Air Canada 7.75s, 04/15/2021
375 Fly Leasing, Ltd. 6.375s, 10/15/2021
375 KLX, Inc. 5.875s, 12/01/2022
125 Multi-Color Corporation 6.125s, 12/01/2022
250 Hughes Satellite Systems Corporation 7.625s,
06/15/2021
375 Amkor Technology, Inc. 6.375s, 10/01/2022
125 Owens-Brockway Glass Container, Inc. 5.00s,
01/15/2022
125 ArcelorMittal 7.25s, 02/25/2022
250 FMG Resources (August 2006) Pty, Ltd. 9.75s,
03/01/2022
125 Berry Plastics Corporation 5.50s, 05/15/2022
375 Mediacom Broadband, L.L.C. 5.50s, 04/15/2021
250 Sprint Communications, Inc. 6.00s, 11/15/2022
125 Level 3 Communications, Inc. 5.75s, 12/01/2022
335 Ferrellgas, L.P. 6.75s, 01/15/2022
INVESCO UNIT TRUSTS, TAXABLE INCOME SERIES
529
TRUSTEE: Bank of New York Mellon
TEL: (800) 856-8487
Cusip: 46137L326
Cusip: 46137L334
INVESTMENT GRADE INCOME TRUST, 7-13 YEAR
SERIES 52
DISTRIBUTIONS
Initial distribution of $2.31 per unit to be paid on Dec.
25, 2015 to holders of record on Dec. 10, 2015.
RECORD OF UNIT HOLDERS VALUE, AS OF NOV. 17:
Units Outstanding:
Value
Units
Per Unit
2015 . . . . . . . . . . . . .
5,595
$1,031.51
Principal Amount of Bonds Held ($):
2015 . . . . . . . . . . . . . . . . . . . . . . . . .
5,595,000
OFFERED
(5,595 units) at $1,070.36 per unit including a 3.89%
sales charge plus accrued interest on Nov. 17, 2015 thru
Invesco Capital Markets, Inc. and associates.
Estimated current return: 3.48%
FINANCIAL STATEMENTS
Statement of Condition, as of Nov. 17, 2015
($000):
Trust Property
Contracts to purchase securities . . .
Accrued interest . . . . . . . . . . . . . . .
Cash . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . .
.
.
.
.
.
.
.
.
5,771
71
39
5,881
Liabilities
Cost to investors . . . . . . . . . . . . . . . .
5,989
Less: Gross underwrtg. commission . .
178
Less: Organization costs . . . . . . . . . . .
39
Accrued interest payable to Sponsor . .
71
Organization costs . . . . . . . . . . . . . . .
39
Total . . . . . . . . . . . . . . . . . . . . .
5,881
SCHEDULE OF SECURITIES OWNED, AS OF NOV.
17, 2015:
M Princ
Amt.
$450 Ohio, American Municipal Power, Inc., Combined Hydroelectric Projects Revenue Bonds, Taxable Series C,
New Clean Renewable Energy Bonds 6.973s,
02/15/2024
65 New York, Metropolitan Transportation Authority, Dedicated Tax Fund Revenue Bonds, Series A-2, Taxable
Build America Bonds 5.455s, 11/15/2024
225 New York, Enlarged City School District of the City of
Troy Qualified School General Obligation Construction Bonds (Build America Mutual Assurance Insured)
4.25s, 06/15/2025
45 Florida, Lee Memorial Health System Hospital Revenue
Bonds, Series A, Build America Bonds 7.281s,
04/01/2027
100 California, City of Pasadena Taxable Pension Obligation
Refunding Revenue Bonds, Series B 3.865s,
05/01/2027
40 New York, City of New York Taxable General Obligation Bonds, Fiscal 2010 - Subseries H-1, Build
America Bonds 5.646s, 06/01/2027
55 California, Alameda Public Financing Authority Taxable
Revenue Bonds, Alameda Municipal Power Refinancing, Series B 6.517s, 07/01/2027
470 Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust
Fund, Series A-2, Taxable Build America Bonds
6.348s, 07/15/2028
195 New York, City of New York Taxable General Obligation Bonds, Series J, Subseries J-12 3.60s, 08/01/2028
225 New Jersey Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series C, Taxable
Build America Bonds 5.754s, 12/15/2028
250 Kohls Corporation 4.25s, 07/17/2025
250 Noble Energy, Inc. 3.90s, 11/15/2024
250 ConocoPhillips Company 3.35s, 05/15/2025
225 Goldman Sachs Group, Inc. 3.75s, 05/22/2025
250 Corporate Office Properties, LP 5.00s, 07/01/2025
225 JPMorgan Chase & Company 3.90s, 07/15/2025
200 Morgan Stanley 4.00s, 07/23/2025
225 Gilead Sciences, Inc. 3.65s, 03/01/2026
250 KLA-Tencor Corporation 4.65s, 11/01/2024
450 QUALCOMM, Inc. 3.45s, 05/20/2025
225 Applied Materials, Inc. 3.90s, 10/01/2025
250 Potash Corporation of Saskatchewan, Inc. 3.00s,
04/01/2025
425 Rio Tinto Finance USA, Ltd. 3.75s, 06/15/2025
250 AT&T, Inc. 3.40s, 05/15/2025
INVESCO UNIT TRUSTS, TAXABLE INCOME SERIES
532
TRUSTEE: Bank of New York Mellon
TEL: (800) 856-8487
Cusip: 46136J322
Cusip: 46136J330
INVESTMENT GRADE CORPORATE TURSTS, 3-7
YEARS SERIES 12
DISTRIBUTIONS
Initial distribution of $1.19 per unit to be paid on Dec.
25, 2015 to holders of record on Dec. 10, 2015.
BANK
Net interest income . .
Prov. loan losses . . . .
Non-int. income . . . . .
Non-int. expenses . . . .
Income taxes . . . . . . .
Net income . . . . . . .
Earn. per share
(primary) . . . . . . . .
Earn. per share
(fully-diluted) . . . . .
Common shares(000)
Avg. no. shs. (primary)
Avg. no. shs.
(fully-diluted) . . . . .
250 Pennsylvania, General Obligation Bonds, Second Series
4.00s, 08/15/2033
210 Pennsylvania Higher Educational Facilities Authority,
Thomas Jefferson University Revenue Bonds, Series A
5.00s, 09/01/2033
150 Florida, Citrus County Non-Ad Valorem Revenue Bonds
(Build America Mutual Assurance Insured) 3.50s,
10/01/2033
225 Illinois, Chicago Midway Airport Second Lien Revenue
Refunding Bonds, Series B 5.00s, 01/01/2034
250 Florida, Board of Governors, Florida State University
Dormitory Revenue Bonds, Series A 4.00s,
05/01/2034
225 New Jersey Educational Facilities Authority Revenue
Bonds, Montclair State University Issue, Series A
5.00s, 07/01/2034
250 Oklahoma, Tulsa Industrial Authority, Student Housing
Revenue Refunding Bonds, The University of Tulsa
3.75s, 10/01/2034
225 Illinois, Finance Authority Revenue Bonds, OSF Healthcare System, Series A 5.00s, 11/15/2034
250 Illinois, Chicago OHare International Airport, General
Airport Senior Lien Revenue Bonds, Series D 4.00s,
01/01/2035
230 Missouri, The Industrial Development Authority of the
City of Joplin, Health Facilities Revenue Bonds, Freeman Health System 5.00s, 02/15/2035
400 Pennsylvania, Butler County Hospital Authority, Hospital Revenue Bonds, Butler Health System Project,
Series A 5.00s, 07/01/2035
190 South Dakota, Sioux Falls School District 49-5 Limited
Tax General Obligation Certificates 3.25s, 07/01/2035
230 California, East Side Union High School District, 2014
General Obligation Refunding Bonds 3.75s,
08/01/2035
250 California, Oceanside Unified School District, 2015 General Obligation Refunding Bonds 3.50s, 08/01/2035
500 Florida, Martin County Health Facilities Authority, Hospital Revenue Bonds, Martin Memorial Medical
Center 4.00s, 11/15/2035
December 3, 2015
December 3, 2015
MERGENT BANK & FINANCE
RECORD OF UNIT HOLDERS VALUE, AS OF NOV. 23:
Units Outstanding:
Value
Units
Per Unit
2015 . . . . . . . . . . . . .
5,522
$999.51
Principal Amount of Bonds Held ($):
2015 . . . . . . . . . . . . . . . . . . . . . . . . .
5,522,000
OFFERED
(5,522 units) at $1,026.23 per unit including a 1.95%
sales charge plus accrued interest on Nov. 23, 2015 thru
Invesco Capital Markets, Inc. and associates.
Estimated current return: 3.22%
FINANCIAL STATEMENTS
Statement of Condition, as of Nov. 23, 2015
($000):
.
.
.
.
.
.
.
.
5,519
55
38
5,612
Liabilities
Cost to investors . . . . . . . . . . . . . . . .
5,667
Less: Gross underwrtg. commission . .
110
Less: Organization costs . . . . . . . . . . .
38
Accrued interest payable to Sponsor . .
55
Organization costs . . . . . . . . . . . . . . .
38
Total . . . . . . . . . . . . . . . . . . . . .
5,612
SCHEDULE OF SECURITIES OWNED, AS OF NOV.
23, 2015:
M Princ
Amt.
$98 Advance Auto Parts, Inc. 5.75s, 05/01/2020
250 Scripps Networks Interactive, Inc. 2.80s, 06/15/2020
250 AutoNation, Inc. 3.35s, 01/15/2021
250 Tupperware Brands Corporation 4.75s, 06/01/2021
400 ONEOK Partners LP 3.80s, 03/15/2020
225 Exelon Generation Company LLC 4.00s, 10/01/2020
250 Baker Hughes, Inc. 3.20s, 08/15/2021
450 Nabors Industries, Inc. 4.625s, 09/15/2021
250 Morgan Stanley 2.65s, 01/27/2020
250 HSBC USA, Inc. 2.75s, 08/07/2020
250 Goldman Sachs Group, Inc. 2.75s, 09/15/2020
250 JPMorgan Chase & Company 2.55s, 10/29/2020
225 Gilead Sciences, Inc. 4.40s, 12/01/2021
500 QUALCOMM, Inc. 2.25s, 05/20/2020
250 Hewlett-Packard Company 3.75s, 12/01/2020
25 KLA-Tencor Corporation 4.125s, 11/01/2021
174 Newmont Mining Corporation 5.125s, 10/01/2019
450 Vale Overseas, Ltd. 4.625s, 09/15/2020
250 Du Pont E.I. de Nemours and Company 3.625s,
01/15/2021
250 Barrick North America Finance LLC 4.40s, 05/30/2021
225 AT&T, Inc. 2.45s, 06/30/2020
INVESCO UNIT TRUSTS, TAXABLE INCOME SERIES
534
TRUSTEE: Bank of New York Mellon
TEL: (800) 856-8487
Cusip: 46136H482
Cusip: 46136H490
INVESTMENT GRADE INCOME TRUST, 10-20
YEAR SERIES 57
DISTRIBUTIONS
Initial distribution of $2.48 per unit to be paid on Dec.
25, 2015 to holders of record on Dec. 10, 2015.
RECORD OF UNIT HOLDERS VALUE, AS OF NOV. 18:
Units Outstanding:
Value
Units
Per Unit
2015 . . . . . . . . . . . . .
7,195
$1,063.45
Principal Amount of Bonds Held ($):
2015 . . . . . . . . . . . . . . . . . . . . . . . . .
7,195,000
OFFERED
(7,195 units) at $1,112.75 per unit including a 3.90%
sales charge plus accrued interest on Nov. 18, 2015 thru
Invesco Capital Markets, Inc. and associates.
Estimated current return: 4.72%
FINANCIAL STATEMENTS
Statement of Condition, as of Nov. 18, 2015
($000):
Trust Property
Contracts to purchase securities . . .
Accrued interest . . . . . . . . . . . . . . .
Cash . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . .
.
.
.
.
.
.
.
.
7,652
79
44
7,775
Liabilities
Cost to investors . . . . . . . . . . . . . . . .
8,006
Less: Gross underwrtg. commission . .
311
Less: Organization costs . . . . . . . . . . .
44
Accrued interest payable to Sponsor . .
79
Organization costs . . . . . . . . . . . . . . .
44
Total . . . . . . . . . . . . . . . . . . . . .
7,775
SCHEDULE OF SECURITIES OWNED, AS OF NOV.
18, 2015:
M Princ
Amt.
$275 New Jersey Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series C, Taxable
Build America Bonds 5.754s, 12/15/2028
230 California, Regents of the University of California Medical Center Pooled Revenue Bonds, Series F, Taxable
Build America Bonds 6.458s, 05/15/2029
175 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series C (Assured
Municipal Insured) 3.822s, 01/01/2030
75 Arizona Board of Regents, Arizona State University System Revenue Bonds, Taxable Series A, Build America
Bonds 6.204s, 07/01/2030
75 California, Sacramento County Sanitation Districts Financing Authority Revenue Bonds, Sacramento Area
Sewer District, Series A, Taxable Build America
Bonds 6.125s, 08/01/2030
300 Michigan, County of Macomb, Retirees Health Care
General Obligation Bonds 4.126s, 11/01/2030
700 Illinois, Cook County General Obligation Bonds, Series
B, Taxable Build America Bonds 6.31s, 11/15/2031
100 New York, Metropolitan Transportation Authority,
Transportation Revenue Bonds, Series B-1, Taxable
Build America Bonds 6.548s, 11/15/2031
210 Ohio, American Municipal Power, Inc., Combined Hydroelectric Projects Revenue Bonds, Series B, Taxable
Build America Bonds 6.424s, 02/15/2032
110 Mississippi Development Bank Special Obligation Revenue Bonds, DeSoto County, Mississippi Highway
Construction Project, Series B, Build America Bonds
6.313s, 01/01/2033
250 Illinois, Wheaton College Taxable Fixed Rate Revenue
Bonds 6.09s, 10/01/2034
480 Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Taxable Series C, Build America
Bonds 6.832s, 02/01/2035
275 Texas, Austin Community College District Public Facility Corporation Lease Revenue Bonds, New Campuses
Project, Series A, Taxable Build America Bonds
6.908s, 08/01/2035
300 California, Imperial Irrigation District, Electric System
Refunding Revenue Bonds, Series B 4.30s,
11/01/2035
40 New York, New York City Taxable General Obligation
Bonds, Fiscal 2010 - Subseries G-1, Build America
Bonds 5.968s, 03/01/2036
325 ConocoPhillips Company 4.15s, 11/15/2034
300 TransCanada PipeLines, Ltd. 5.85s, 03/15/2036
300 Goldman Sachs Group, Inc. 6.125s, 02/15/2033
325 Gilead Sciences, Inc. 4.60s, 09/01/2035
300 KLA-Tencor Corporation 5.65s, 11/01/2034
630 QUALCOMM, Inc. 4.65s, 05/20/2035
300 Applied Materials, Inc. 5.10s, 10/01/2035
300 Rio Tinto Alcan, Inc. 6.125s, 12/15/2033
200 Rio Tinto Alcan, Inc. 5.75s, 06/01/2035
140 Potash Corporation of Saskatchewan, Inc. 5.875s,
12/01/2036
480 AT&T, Inc. 4.50s, 05/15/2035
Mergent Bank & Finance (ISSN 0027-0814) is published online on Tuesday’s and printed the last Friday of the month by Mergent, Inc., 444 Madison Ave., Suite 502, New York, NY
10022. Send address changes to Mergent, Inc., 444 Madison Ave., Suite 502, New York, NY 10022.
Copyright@ 2015 by Mergent. All Information contained herein is copyrighted in the name of Mergent, Inc., and none of such information may be copied or otherwise reproduced,
repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, in whole or in part, in any form or matter or by any
means whatsoever, by any person without Mergent’s prior written consent.
All information contained herein is obtained by Mergent, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as
other factors, however, such information is provided ‘‘as is’’ without warranty of any kind. NO WARRANTY, EXPRESS OF IMPLIED, AS TO THE ACCURACY, TIMELINESS,
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advance of the possibility of such damages, resulting from the use of, or inability to use, any such information.
BANK
Trust Property
Contracts to purchase securities . . .
Accrued interest . . . . . . . . . . . . . . .
Cash . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . .
Page 973