ý
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Meridian
Interstate Bancorp, Inc.
|
||
(Exact
name of registrant as specified in its charter)
|
Massachusetts
|
20-4652200
|
|
(State
or other jurisdiction of incorporation or
|
(I.R.S.
Employer Identification No.)
|
|
organization)
|
10
Meridian Street, East Boston, Massachusetts 02128
|
||
(Address
of principal executive offices)
|
(617)
567-1500
|
||
(Registrant’s
telephone number, including area code)
|
Not
Applicable
|
||
(Former
name, former address and former fiscal year, if changed since last
report)
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Page
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2
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3
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4
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6
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10
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21
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23
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24
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24
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24
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25
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25
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25
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25
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26
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March
31,
|
December
31,
|
|||||||
(Dollars
in thousands)
|
2008
|
2007
|
||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ | 11,583 | $ | 11,821 | ||||
Federal
funds sold
|
141,364 | 91,272 | ||||||
Total
cash and cash equivalents
|
152,947 | 103,093 | ||||||
Certificates
of deposit
|
2,000 | - | ||||||
Securities
available for sale, at fair value
|
251,045 | 267,058 | ||||||
Federal
Home Loan Bank stock, at cost
|
3,165 | 3,165 | ||||||
Loans
|
583,168 | 571,741 | ||||||
Less
allowance for loan losses
|
(3,768 | ) | (3,637 | ) | ||||
Loans,
net
|
579,400 | 568,104 | ||||||
Bank-owned
life insurance
|
22,188 | 18,003 | ||||||
Investment
in affiliate bank
|
10,604 | 10,772 | ||||||
Premises
and equipment, net
|
22,629 | 22,816 | ||||||
Accrued
interest receivable
|
5,250 | 5,764 | ||||||
Other
assets
|
4,613 | 4,451 | ||||||
Total
assets
|
$ | 1,053,841 | $ | 1,003,226 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Non
interest-bearing
|
$ | 53,499 | $ | 51,396 | ||||
Interest-bearing
|
752,095 | 723,050 | ||||||
Total
deposits
|
805,594 | 774,446 | ||||||
Stock
subscriptions
|
- | 62,518 | ||||||
Short-term
borrowings
|
9,154 | 9,154 | ||||||
Long-term
debt
|
21,073 | 27,373 | ||||||
Accrued
expenses and other liabilities
|
14,555 | 14,051 | ||||||
Total
liabilities
|
850,376 | 887,542 | ||||||
Stockholders'
equity:
|
||||||||
Common
stock, no par value 50,000,000
|
||||||||
shares
authorized; 23,000,000 and 0 shares
|
||||||||
issued
and outstanding at March 31, 2008
|
||||||||
and
December 31, 2007, respectively
|
- | - | ||||||
Additional
paid-in capital
|
100,628 | - | ||||||
Retained
earnings
|
107,214 | 109,177 | ||||||
Accumulated
other comprehensive income
|
3,799 | 6,507 | ||||||
Unearned
compensation- ESOP, 817,650
|
||||||||
shares
and 0 shares at March 31, 2008
|
||||||||
and
December 31, 2007, respectively
|
(8,176 | ) | - | |||||
Total
stockholders' equity
|
203,465 | 115,684 | ||||||
Total
liabilities and stockholders' equity
|
$ | 1,053,841 | $ | 1,003,226 |
Three
Months Ended March 31,
|
||||||||
(In
thousands)
|
2008
|
2007
|
||||||
Interest
and dividend income:
|
||||||||
Interest
and fees on loans
|
$ | 9,183 | $ | 8,672 | ||||
Interest
on debt securities
|
2,612 | 2,757 | ||||||
Dividends
on equity securities
|
265 | 279 | ||||||
Interest
on federal funds sold
|
1,063 | 187 | ||||||
Total
interest and dividend income
|
13,123 | 11,895 | ||||||
Interest
expense:
|
||||||||
Interest
on deposits
|
6,911 | 6,116 | ||||||
Interest
on short-term borrowings
|
62 | 89 | ||||||
Interest
on long-term debt
|
312 | 387 | ||||||
Total
interest expense
|
7,285 | 6,592 | ||||||
Net
interest income
|
5,838 | 5,303 | ||||||
Provision
for loan losses
|
131 | 72 | ||||||
Net
interest income, after provision
|
||||||||
for
loan losses
|
5,707 | 5,231 | ||||||
Non-interest
income:
|
||||||||
Customer
service fees
|
696 | 637 | ||||||
Loan
fees
|
178 | 171 | ||||||
Gain
on sales of loans, net
|
19 | 17 | ||||||
Gain
on sales of securities, net
|
2,266 | 2,032 | ||||||
Income
from bank-owned life insurance
|
185 | 162 | ||||||
Equity
loss on investment in affiliate bank
|
(168 | ) | (83 | ) | ||||
Total
non-interest income
|
3,176 | 2,936 | ||||||
Non-interest
expenses:
|
||||||||
Salaries
and employee benefits
|
4,092 | 3,736 | ||||||
Occupancy
and equipment
|
780 | 702 | ||||||
Data
processing
|
387 | 363 | ||||||
Marketing
and advertising
|
246 | 140 | ||||||
Professional
services
|
309 | 155 | ||||||
Contribution
to the Meridian
|
||||||||
Charitable
Foundation
|
3,000 | - | ||||||
Other
general and administrative
|
498 | 440 | ||||||
Total
non-interest expenses
|
9,312 | 5,536 | ||||||
Income
(loss) before income taxes
|
(429 | ) | 2,631 | |||||
Provision
(benefit) for income taxes
|
(108 | ) | 836 | |||||
Net
income (loss)
|
$ | (321 | ) | $ | 1,795 |
(Dollars
in thousands)
|
Shares
of
Common Stock |
Common
Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Unearned
Compensation |
Accumulated
Other Comprehensive Income |
Total
|
|||||||||||||||||||||
Three
months ended March 31, 2007
|
||||||||||||||||||||||||||||
Balance
at December 31, 2006
|
- | $ | - | $ | - | $ | 106,911 | $ | - | $ | 3,364 | $ | 110,275 | |||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
- | - | - | 1,795 | - | - | 1,795 | |||||||||||||||||||||
Change
in net unrealized gain on securities
|
||||||||||||||||||||||||||||
available
for sale, net of reclassification
|
||||||||||||||||||||||||||||
adjustment
and tax effects
|
- | - | - | - | - | (559 | ) | (559 | ) | |||||||||||||||||||
Total
comprehensive income
|
1,236 | |||||||||||||||||||||||||||
Balance
at March 31, 2007
|
- | $ | - | $ | - | $ | 108,706 | $ | - | $ | 2,805 | $ | 111,511 | |||||||||||||||
Three
months ended March 31, 2008
|
||||||||||||||||||||||||||||
Balance
at December 31, 2007
|
- | $ | - | $ | - | $ | 109,177 | $ | - | $ | 6,507 | $ | 115,684 | |||||||||||||||
Comprehensive
loss:
|
||||||||||||||||||||||||||||
Net
loss
|
- | - | - | (321 | ) | - | - | (321 | ) | |||||||||||||||||||
Change
in net unrealized gain on securities
|
||||||||||||||||||||||||||||
available
for sale, net of reclassification
|
||||||||||||||||||||||||||||
adjustment
and tax effects
|
- | - | - | - | - | (2,713 | ) | (2,713 | ) | |||||||||||||||||||
Amortization
of prior service cost, net
|
||||||||||||||||||||||||||||
of tax
effects
|
- | - | - | - | - | 5 | 5 | |||||||||||||||||||||
Total
comprehensive loss
|
(3,029 | ) | ||||||||||||||||||||||||||
Adjustment
to initially apply EITF 06-4
|
- | - | - | (1,642 | ) | - | - | (1,642 | ) | |||||||||||||||||||
Issuance
of 12,650,000 shares
|
||||||||||||||||||||||||||||
to
the mutual holding company
|
12,650,000 | - | - | - | - | - | - | |||||||||||||||||||||
Issuance
of 10,050,000 shares in the initial public
|
||||||||||||||||||||||||||||
offering,
net of expenses of $2,867
|
10,050,000 | - | 97,633 | - | - | - | 97,633 | |||||||||||||||||||||
Contribution
of common stock to the
|
||||||||||||||||||||||||||||
Meridian
Charitable Foundation, Inc.
|
300,000 | - | 3,000 | - | - | - | 3,000 | |||||||||||||||||||||
Purchase
of common stock by the ESOP
|
- | - | - | - | (8,280 | ) | - | (8,280 | ) | |||||||||||||||||||
Unallocated
ESOP, shares earned (10,350 shares earned)
|
- | - | (5 | ) | - | 104 | - | 99 | ||||||||||||||||||||
Balance
at March 31, 2008
|
23,000,000 | $ | - | $ | 100,628 | $ | 107,214 | $ | (8,176 | ) | $ | 3,799 | $ | 203,465 |
Three
Months Ended March 31,
|
||||||||
(In
thousands)
|
2008
|
2007
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income (loss)
|
$ | (321 | ) | $ | 1,795 | |||
Adjustments
to reconcile net income (loss) to net cash
|
||||||||
provided
by operating activities:
|
||||||||
Contribution
of stock to charitable foundation
|
3,000 | - | ||||||
Earned
ESOP shares
|
99 | - | ||||||
Provision
for loan losses
|
131 | 72 | ||||||
Amortization
of net deferred loan origination fees
|
(78 | ) | (159 | ) | ||||
Net
amortization of securities available for sale
|
150 | 225 | ||||||
Depreciation
and amortization expense
|
324 | 349 | ||||||
Gain
on sales of securities, net
|
(2,266 | ) | (2,032 | ) | ||||
Loss
on sale of foreclosed real estate
|
5 | - | ||||||
Deferred
income tax provision (benefit)
|
(1,152 | ) | 3 | |||||
Income
from bank-owned life insurance
|
(185 | ) | (162 | ) | ||||
Equity
loss on investment in affiliate bank
|
168 | 83 | ||||||
Net
changes in:
|
||||||||
Accrued
interest receivable
|
514 | 88 | ||||||
Other
assets
|
3,666 | 707 | ||||||
Accrued
expenses and other liabilities
|
(1,131 | ) | (429 | ) | ||||
Net
cash provided by operating activities
|
2,924 | 540 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of certifictes of deposit
|
(2,000 | ) | - | |||||
Activity
in securities available for sale:
|
||||||||
Proceeds
from maturities, calls and principal payments
|
25,750 | 19,007 | ||||||
Proceeds
from sales
|
9,804 | 19,000 | ||||||
Purchases
|
(22,203 | ) | (32,404 | ) | ||||
Redemption
of Federal Home Loan Bank stock
|
- | 206 | ||||||
Loans
originated, net of principal payments received
|
(12,257 | ) | (3,929 | ) | ||||
Purchase
of bank-owned life insurance
|
(4,000 | ) | - | |||||
Purchases
of premises and equipment
|
(137 | ) | (2,650 | ) | ||||
Proceeds
from sales of foreclosed real estate
|
290 | - | ||||||
Net
cash used in investing activities
|
(4,753 | ) | (770 | ) | ||||
Three
Months Ended March 31,
|
||||||||
(In
thousands)
|
2008
|
2007
|
||||||
Cash
flows from financing activities:
|
||||||||
Net
increase in deposits
|
31,148 | 6,053 | ||||||
Proceeds
from sale of common stock
|
97,633 | - | ||||||
Common
stock purchased by ESOP
|
(8,280 | ) | - | |||||
Stock
subscriptions
|
(62,518 | ) | - | |||||
Proceeds
from Federal Home Loan Bank advances
|
||||||||
with
maturities of three months or more
|
- | 169 | ||||||
Repayment
of Federal Home Loan Bank advances
|
||||||||
with
maturities of three months or more
|
(6,300 | ) | (450 | ) | ||||
Net
cash provided by financing activities
|
51,683 | 5,772 | ||||||
Net
change in cash and cash equivalents
|
49,854 | 5,542 | ||||||
Cash
and cash equivalents at beginning of period
|
103,093 | 23,494 | ||||||
Cash
and cash equivalents at end of period
|
$ | 152,947 | $ | 29,036 | ||||
Supplemental
cash flow information:
|
||||||||
Interest
paid on deposits
|
6,917 | 6,104 | ||||||
Interest
paid on borrowings
|
404 | 472 | ||||||
Income
taxes paid
|
20 | 25 | ||||||
Non-cash
investing and financing activities:
|
||||||||
Transfers
from loans to foreclosed real estate
|
908 | - |
1.
|
Basis
of Presentation
|
2.
|
Stock
Offering
|
3.
|
Subsequent
Event
|
4.
|
Recent
Accounting Pronouncements
|
5.
|
Fair
Value Measurement
|
Assets
at Fair Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
||||||||||
(In
thousands)
|
||||||||||||
Securities
available for sale
|
$ | 251,045 | $ | 33,384 | $ | 217,661 |
Assets
at Fair Value
|
Significant
Unobservable
Inputs
(Level
3)
|
Total
Gains
(Losses)
|
||||||||||
(In
thousands)
|
||||||||||||
Impaired
loans (1)
|
$ | 1,321 | $ | 1,321 | $ | (148 | ) |
6.
|
Employee
Benefits
|
|
The
following is a summary of operating and financial condition highlights as
of and for the periods indicated:
|
Financial
Condition Highlights
|
||||||||
At
|
At
|
|||||||
March
31,
|
December
31,
|
|||||||
(In
thousands)
|
2008
|
2007
|
||||||
Total
assets
|
$ | 1,053,841 | $ | 1,003,226 | ||||
Secuities
available for sale
|
251,045 | 267,058 | ||||||
Net
loans
|
579,400 | 568,104 | ||||||
Deposits
|
805,594 | 774,446 | ||||||
Borrowed
funds
|
30,227 | 36,527 | ||||||
Stockholders'
equity
|
203,465 | 115,684 |
Three
Months Ended
|
||||||||
March
31,
|
||||||||
(Dollars
in thousands)
|
2008
|
2007
|
||||||
Net
interest income
|
$ | 5,838 | $ | 5,303 | ||||
Provision
for loan losses
|
131 | 72 | ||||||
Non-interest
income
|
3,176 | 2,936 | ||||||
Non-interest
expenses
|
9,312 | 5,536 | ||||||
Provision
(benefit) for income taxes
|
(108 | ) | 836 | |||||
Net
income (loss)
|
(321 | ) | 1,795 | |||||
Interest
rate spread
|
1.82 | % | 2.12 | % | ||||
Net
interest margin
|
2.43 | % | 2.58 | % |
At
March 31,
|
At
December 31,
|
|||||||||||||||
2008
|
2007
|
|||||||||||||||
(In
thousands)
|
Amortized
|
Fair
|
Amortized
|
Fair
|
||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Securities
available for sale:
|
||||||||||||||||
U.S.
Government – sponsored enterprises
|
$ | 4,001 | $ | 4,033 | $ | 7,002 | $ | 6,975 | ||||||||
Corporate
bonds
|
211,876 | 213,585 | 219,626 | 220,629 | ||||||||||||
Mortgage-backed
securities
|
42 | 43 | 43 | 43 | ||||||||||||
Total
debt securities
|
215,919 | 217,661 | 226,671 | 227,647 | ||||||||||||
Marketable
equity securities
|
28,360 | 33,384 | 28,843 | 39,411 | ||||||||||||
Total
securities available for sale
|
$ | 244,279 | $ | 251,045 | $ | 255,514 | $ | 267,058 |
At
March 31, 2008
|
At
December 31, 2007
|
|||||||||||||||
(Dollars
in thousands)
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Real
estate loans:
|
||||||||||||||||
One-to
four-family
|
$ | 230,938 | 39.5 | % | $ | 224,109 | 39.1 | % | ||||||||
Multi-family
|
27,912 | 4.8 | 26,855 | 4.7 | ||||||||||||
Commercial
real estate
|
190,231 | 32.5 | 175,072 | 30.5 | ||||||||||||
Construction
|
99,203 | 17.0 | 111,796 | 19.5 | ||||||||||||
Home
equity lines
|
||||||||||||||||
of
credit
|
21,101 | 3.6 | 21,541 | 3.8 | ||||||||||||
Total
real estate loans
|
569,385 | 97.4 | 559,373 | 97.6 | ||||||||||||
Commercial
business loans
|
13,373 | 2.3 | 11,859 | 2.1 | ||||||||||||
Consumer
loans
|
1,462 | 0.3 | 1,576 | 0.3 | ||||||||||||
Total
loans
|
584,220 | 100.0 | % | 572,808 | 100.0 | % | ||||||||||
Net
deferred loan origination fees
|
(1,052 | ) | (1,067 | ) | ||||||||||||
Allowance
for loan losses
|
(3,768 | ) | (3,637 | ) | ||||||||||||
Loans,
net
|
$ | 579,400 | $ | 568,104 |
Three
Months Ended
|
||||||||
March
31,
|
||||||||
(Dollars
in thousands)
|
2008
|
2007
|
||||||
Beginning
Balance
|
$ | 3,637 | $ | 3,362 | ||||
Provision
for loan losses
|
131 | 72 | ||||||
Charge
offs:
|
||||||||
Real
estate loans
|
- | - | ||||||
Commercial
business loans
|
- | 3 | ||||||
Consumer
loans
|
- | - | ||||||
Total
charge-offs
|
- | 3 | ||||||
Recoveries:
|
||||||||
Real
estate loans
|
- | - | ||||||
Commercial
business
|
- | - | ||||||
Consumer
loans
|
- | - | ||||||
Total
recoveries
|
- | - | ||||||
Net
recoveries (charge-offs)
|
- | (3 | ) | |||||
Allowance
at end of period
|
$ | 3,768 | $ | 3,431 | ||||
Allowance
to non-accrual loans
|
127.95 | % | 73.00 | % | ||||
Allowance
to total loans outstanding
|
0.64 | % | 0.63 | % | ||||
Net
recovery (charge-offs) to average loans outstanding
|
0.00 | % | -0.03 | % |
At
March 31,
|
At
December 31,
|
|||||||
(In
thousands)
|
2008
|
2007
|
||||||
Loans
accounted for on a non-accrual basis:
|
||||||||
Real
estate loans:
|
||||||||
One-to
four-family
|
$ | 987 | $ | 2,059 | ||||
Multi-family
|
- | - | ||||||
Commercial
real estate
|
1,623 | 1,561 | ||||||
Home
equity lines of credit
|
- | 98 | ||||||
Construction
|
335 | 1,218 | ||||||
Total
real estate loans
|
2,945 | 4,936 | ||||||
Commercial
business loans
|
- | 45 | ||||||
Consumer
loans
|
- | 1 | ||||||
Total
non-accrual loans
|
2,945 | 4,982 | ||||||
Foreclosed
assets
|
1,173 | 560 | ||||||
Total
nonperforming assets
|
$ | 4,118 | $ | 5,542 | ||||
Non-accrual
loans to total loans
|
0.50 | % | 0.87 | % | ||||
Non-accrual
loans to total assets
|
0.28 | % | 0.50 | % | ||||
Non-performing
assets to total assets
|
0.39 | % | 0.55 | % |
At
March 31, 2008
|
At
December 31, 2007
|
|||||||||||||||
(Dollars
in thousands)
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||
NOW
and demand deposits
|
$ | 90,628 | 11.25 | % | $ | 85,045 | 10.98 | % | ||||||||
Money
market deposits
|
139,283 | 17.29 | 138,688 | 17.91 | ||||||||||||
Regular
and other deposits
|
120,614 | 14.97 | 118,837 | 15.34 | ||||||||||||
Certificates
of deposit
|
455,069 | 56.49 | 431,876 | 55.77 | ||||||||||||
Total
|
$ | 805,594 | 100.00 | % | $ | 774,446 | 100.00 | % |
For
The Three Months Ended March 31,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
(Dollars
in thousands)
|
Average
Balance |
Interest
Earned/Paid |
Yield/
Cost (4) |
Average
Balance |
Interest
Earned/Paid |
Yield/
Cost (4) |
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
(1)
|
$ | 567,832 | $ | 9,183 | 6.50 | % | $ | 537,640 | $ | 8,672 | 6.54 | % | ||||||||||||
Securities
|
259,907 | 2,877 | 4.45 | 281,120 | 3,036 | 4.38 | ||||||||||||||||||
Other
interest-earning assets
|
138,471 | 1,063 | 3.09 | 14,342 | 187 | 5.28 | ||||||||||||||||||
Total
interest-earning assets
|
966,210 | 13,123 | 5.46 | 833,102 | 11,895 | 5.79 | ||||||||||||||||||
Noninterest-earning
assets
|
74,585 | 66,576 | ||||||||||||||||||||||
Total
assets
|
$ | 1,040,795 | $ | 899,678 | ||||||||||||||||||||
Liabilities
and equity:
|
||||||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
NOW deposits
|
$ | 37,511 | $ | 68 | 0.72 | % | $ | 37,671 | $ | 28 | 0.30 | % | ||||||||||||
Money
market deposits
|
140,123 | 1,153 | 3.30 | 98,450 | 817 | 3.37 | ||||||||||||||||||
Regular
and other deposits
|
145,970 | 395 | 1.09 | 130,960 | 378 | 1.17 | ||||||||||||||||||
Certificates
of deposit
|
445,869 | 5,295 | 4.78 | 420,780 | 4,893 | 4.72 | ||||||||||||||||||
Total
interest-bearing deposits
|
769,473 | 6,911 | 3.61 | 687,861 | 6,116 | 3.61 | ||||||||||||||||||
FHLB
advances
|
35,913 | 374 | 4.19 | 40,378 | 476 | 4.78 | ||||||||||||||||||
Total
interest-bearing liabilities
|
805,386 | 7,285 | 3.64 | 728,239 | 6,592 | 3.67 | ||||||||||||||||||
Noninterest-bearing
demand deposits
|
51,801 | 52,309 | ||||||||||||||||||||||
Other
noninterest-bearing liabilities
|
24,033 | 8,237 | ||||||||||||||||||||||
Total
liabilities
|
881,220 | 788,785 | ||||||||||||||||||||||
Total
equity
|
159,575 | 110,893 | ||||||||||||||||||||||
Total
liabilities and equity
|
$ | 1,040,795 | $ | 899,678 | ||||||||||||||||||||
Net
interest income
|
$ | 5,838 | $ | 5,303 | ||||||||||||||||||||
Interest
rate spread (2)
|
1.82 | % | 2.12 | % | ||||||||||||||||||||
Net
interest margin (3)
|
2.43 | % | 2.58 | % | ||||||||||||||||||||
Average
interest-earning assets to average
interest-bearing liabilities
|
119.97 | % | 114.40 | % | ||||||||||||||||||||
(1)
Loans on non accrual status are included in average
balances.
|
||||||||||||||||||||||||
(2)
Interest rate spread represents the difference betweent the yield on
interest-earning assets and
|
||||||||||||||||||||||||
the cost of interest-bearing liabilities.
|
||||||||||||||||||||||||
(3)
Net interest margin represents net interest income divided by average
interest-earning assets.
|
||||||||||||||||||||||||
(4)
Yields are annualized
|
Increase
(Decrease)
|
||||||||||||||||||||||||||
in
Market Interest
|
Net
Interest Income
|
Net
Portfolio Value Estimate
|
||||||||||||||||||||||||
Rates
(Rate Shock)
|
Amount
|
Change
|
Percent
|
Amount
|
Change
|
Percent
|
||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||
300 | bp | $ | 35,220 | $ | 5,039 | 16.70 | % | $ | 156,721 | $ | (57,031 | ) | (26.68 | ) % | ||||||||||||
200 | 33,564 | 3,383 | 11.21 | 175,499 | (38,253 | ) | (17.90 | ) | ||||||||||||||||||
100 | 31,897 | 1,716 | 5.69 | 195,106 | (18,646 | ) | (8.72 | ) | ||||||||||||||||||
0 | 30,181 | 213,752 | ||||||||||||||||||||||||
(100 | ) | 28,351 | (1,830 | ) | (6.06 | ) | 229,526 | 15,774 | 7.38 | |||||||||||||||||
(200 | ) | 26,183 | (3,998 | ) | (13.25 | ) | 239,764 | 26,012 | 12.17 | |||||||||||||||||
(300 | ) | 23,633 | (6,548 | ) | (21.70 | ) | 248,429 | 34,677 | 16.22 |
|
(c.)
Not applicable.
|
3.1
|
Amended
and Restated Articles of Organization of Meridian Interstate Bancorp,
Inc.*
|
3.2
|
Amended
and Restated Bylaws of Meridian Interstate Bancorp,
Inc.*
|
4
|
Form
of Common Stock Certificate of Meridian Interstate Bancorp,
Inc.*
|
10.1
|
Form
of East Boston Savings Bank Employee Stock Ownership
Plan*
|
10.2
|
Form
of East Boston Savings Bank Employee Stock Ownership Plan Trust
Agreement*
|
10.3
|
East
Boston Savings Bank Employee Stock Ownership Plan Loan Agreement, Pledge
Agreement and Promissory Note*
|
10.4
|
Form
of Amended and Restated Employment Agreement*
|
10.5
|
Form
of East Boston Savings Bank Employee Severance Compensation
Plan*
|
10.6 |
Form
of Supplemental Executive Retirement Agreements with certain
directors*
|
Form
of Amended and Restated Supplemental Executive Retirement Agreement with
certain officer
|
|
Form
of Amended and Restated Supplemental Executive Retirement Agreement with
certain officer
|
|
Form
of Amended and Restated Supplemental Executive Retirement Agreement with
certain officer
|
|
Form
of Supplemental Executive Retirement Agreement with certain
officer
|
|
21
|
Subsidiaries
of Registrant*
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
|
|
_______________________________
|
|
*
|
Incorporated
by reference to the Registration Statement on Form S-1 of Meridian
Interstate Bancorp, Inc. (File No. 333-146373), originally filed with the
Securities and Exchange Commission on September 28,
2007.
|
MERIDIAN INTERSTATE
BANCORP, INC.
|
|
(Registrant)
|
|
Dated: May
14, 2008
|
/s/
Richard J. Gavegnano
|
Richard
J. Gavegnano
|
|
Chairman
and Chief Executive Officer
|
|
(Principal
Executive Officer)
|
|
Dated: May
14, 2008
|
/s/
Leonard V. Siuda
|
Leonard
V. Siuda
|
|
Chief
Financial Officer and Treasurer
|
|
(Principal
Financial and Accounting Officer)
|