Document:

Exhibit 10.8

 

FIRST AMENDMENT AND JOINDER TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT

 

This First Amendment and Joinder to Revolving Credit, Term Loan and Security Agreement (the “Amendment”) is made this 30th day of December, 2011 among APPLIANCE RECYCLING CENTERS OF AMERICA, INC., a Minnesota corporation (“ARCA”), APPLIANCE RECYCLING CENTERS OF AMERICA-CALIFORNIA, INC., a California corporation (“ARCA-CA”), ARCA CANADA INC., an Ontario, Canada corporation (“ARCA Canada”, together with ARCA and ARCA-CA collectively, the “Existing Borrowers” and each individually, an “Existing Borrower”), APPLIANCESMART, INC., a Minnesota corporation (“Joining Borrower”, together with Existing Borrowers and each Person joined as a borrower to the Credit Agreement (as defined below) from time to time, the “Borrowers”, and each a “Borrower”), certain financial institutions party to the Credit Agreement from time to time as lenders (the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION, as agent and lender (“PNC”, in such capacity, “Agent”).

 

RECITALS

 

A.                                    The Borrowers, Lenders and PNC are parties to that certain Revolving Credit, Term Loan and Security Agreement dated as of January 24, 2011 (as the same may have been amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), pursuant to which PNC has made certain loans to, and extensions of credit for the account of, the Borrowers.  The Credit Agreement and all other documents executed in connection therewith to the date hereof are collectively referred to as the “Existing Financing Agreements.”  All capitalized terms used not otherwise defined herein shall have the meaning ascribed thereto in the Loan Agreement, as amended hereby

 

B.                                    ARCA has created a new subsidiary, Joining Borrower, and desires that Joining Borrower be joined as a Borrower to the Credit Agreement and be permitted to use proceeds of the Advances.

 

C.                                    The Borrowers have requested, and PNC has agreed, to (i) amend certain provisions of the Credit Agreement and (ii) join Joining Borrower as a co-Borrower under the Existing Financing Agreement, in each case subject to the terms and conditions of this Amendment.

 

NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows:

 

1.                                      Joinder.

 

(a)                            Upon the effectiveness of this Amendment, Joining Borrower joins in as, assumes the obligations and liabilities of, adopts the obligations, liabilities and role of, and becomes, a Borrower under the Loan Agreement and the Existing Financing Agreements.  All

 

 

references to Borrower or Borrowers contained in the Existing Financing Documents are hereby deemed for all purposes to also refer to and include Joining Borrower as a Borrower and Joining Borrower hereby agrees to comply with all terms and conditions of the Existing Financing Agreements as if Joining Borrower were an original signatory thereto.

 

(b)                            Without limiting the generality of the provisions of paragraph (a) above, Joining Borrower hereby becomes liable on a joint and several basis, along with all other Borrowers, for all Advances made by Lenders under the Existing Financing Agreements and all Obligations under the Existing Financing Agreements.

 

2.                                      Amendments to Credit Agreement.

 

(a)                            Loans.  As of the Effective Date, Section 7.5 of the Credit Agreement is amended and restated as follows:

 

7.5                          Loans.   Make advances, loans or extensions of credit to any Person, including any Parent, Subsidiary or Affiliate except (i) with respect to the extension of commercial trade credit in connection with the sale of Inventory in the Ordinary Course of Business, and (ii) Borrowers may make loans to the AAP Joint Venture (a) until June 30, 2012 in an amount not to exceed $800,000 outstanding at any time, (b) from July 1, 2012 through and including December 31, 2012 in an amount not to exceed $550,000 outstanding at any time, and (c) at all times thereafter, in an amount not to exceed $300,000 outstanding at any time.

 

3.                                      Amendments to Schedules   The Schedules to the Loan Agreement are hereby amended by deleting such Schedules in their entirety and substituting the respective Schedules attached hereto as Annex I in lieu thereof.

 

4.                                      Confirmation of Indebtedness.  Borrowers confirm and acknowledge that as of the close of business on December 30, 2011, Borrowers were indebted to Agent and Lenders (i) in the aggregate principal amount of $10,685,230 on account of Revolving Advances under the Credit Agreement, (ii) in the aggregate principal amount of $2,316,250 on account of the Term Loan, and (ii) $0 on account of undrawn Letters of Credit under the Credit Agreement, plus all fees, expenses and accrued but unpaid interest and in each case without any deduction, defense, setoff, claim or counterclaim, of any nature.

 

5.                                      Representations and Warranties.                Each Borrower, including without limitation Joining Borrower, hereby:

 

(a)                            represents and warrants that, subject to the amendment and restatement of the Schedules to the Loan Agreement as set forth in Section 3 above, all representations, warranties and schedules set forth in or annexed to the Loan Agreement and all of the other Existing Financing Agreements are true and correct in all material respects as of the date hereof (except to the extent any such representations and warranties specifically relate to a specific date, in which case such representations and warranties were true and correct in all material respects on and as of such other specific date);

 

2

 

(b)                            reaffirms all of the covenants contained in the Credit Agreement as amended hereby and covenants to abide thereby until the satisfaction in full of the Obligations and the termination of the commitments of the Lenders under the Credit Agreement;

 

(c)                             represents and warrants that no Default or Event of Default has occurred and is continuing under any of the Existing Financing Agreements;

 

(d)                            represents and warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary corporate or company action, as applicable, and that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does not contravene any provisions of its organizational documents or of any contract or agreement to which it is a party or by which any of its properties are bound; and

 

(e)                             represents and warrants that this Amendment is valid, binding and enforceable against the Borrowers in accordance with its terms except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (whether enforcement is sought in equity or at law).

 

6.                                      Security Interest.  As security for the payment of the Obligations, and satisfaction by Borrowers of all covenants and undertakings contained in the Loan Agreement, the Other Documents and the Existing Financing Agreements, each Existing Borrower reconfirms the prior grant of the security interest in and first priority, perfected lien in favor of Agent for its benefit and the ratable benefit of each Lender, upon and to, all of its right, title and interest in and to the Collateral, whether now owned or hereafter acquired, created or arising and wherever located, and Joining Borrower hereby assigns and grants in favor of Agent for its benefit and the ratable benefit of each Lender, a continuing first priority, perfected lien and security interest in and upon the Collateral of Joining Borrower, whether now owned or hereafter acquired or arising and wherever located.

 

7.                                      Conditions Precedent/Effectiveness Conditions.   This Amendment shall be effective upon Agent’s receipt of the following (each in form and substance satisfactory to Agent in its reasonable discretion):

 

(a)                            This Amendment fully executed by Borrowers and the Lenders;

 

(b)                            Agent shall have received Joining Borrower’s state certified Certificate of Formation or Incorporation and Operating Agreement or Bylaws, certified by an officer of Joining Borrower;

 

(c)                             Agent shall have received an incumbency certificate for Joining Borrower identifying all authorized officers with specimen signatures and authorizing resolutions of Joining Borrower authorizing the execution of this Amendment;

 

(d)                            Agent shall have received the results of Uniform Commercial Code, judgment and state and federal tax lien searches against Joining Borrower showing no Liens on any assets of Joining Borrower, other than Permitted Encumbrances;

 

3

 

(e)                             A good standing certificate for Joining Borrower dated not more than thirty (30) days prior to the date of this Amendment, issued by the Secretary of State of the State of Minnesota;

 

(f)                              Agent shall have receive the executed legal opinion of Mackall, Crounse & Moore, PLC, in form and substance satisfactory to Agent which shall cover such matters incident to the transactions contemplated by this Amendment and related agreements as Agent may reasonably require and each Borrower hereby authorizes and directs such counsel to deliver such opinion to Agent and Lenders;

 

(g)                             Agent shall have received, in form and substance satisfactory to Agent, evidence of Joining Borrower’s casualty insurance policies, together with loss payable endorsements on Agent’s standard form of loss payee endorsement naming Agent as lender loss payee, and evidence of Joining Borrower’s liability insurance policies, together with endorsements naming Agent as a co-insured;

 

(h)                            Agent shall have received such other documents as Agent or special counsel to Agent may reasonably request; and

 

(i)                                No Default or Event of Default shall have occurred and be continuing, both prior and after giving effect to the terms of this Amendment.

 

8.                                      Post Closing Conditions.    Borrowers shall deliver to Agent, by January 6, 2012, an amendment to the Collateral Pledge Agreement pursuant to which the Equity Interests of Joining Borrower are pledged to Agent as security for the Obligations, together with delivery of any certificates representing such Equity Interests and assignments or stock powers in blank;

 

9.                                      Further Assurances.   Each Borrower hereby agrees to take all such actions and to execute and/or deliver to Agent and Lenders all such documents, assignments, financing statements and other documents, as Agent and Lenders may reasonably require from time to time, to effectuate and implement the purposes of this Amendment.

 

10.                               Payment of Expenses.  Borrowers shall pay or reimburse Agent for its reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto.

 

11.                               Reaffirmation of Credit Agreement.  Except as modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as amended by this Amendment, and all other of the Other Documents are hereby reaffirmed and shall continue in full force and effect as therein written.

 

12.                               Miscellaneous.

 

(a)                            Third Party Rights.  No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.

 

4

 

(b)                            Loan Document.  This Amendment is an “Other Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Other Documents shall apply hereto.

 

(c)                             Headings.  The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(d)                            Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois.

 

(e)                             Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction

 

(f)                              Counterparts.   This Amendment may be executed in any number of counterparts and by facsimile, PDF or other electronic transmissions, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(g)                             Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and its respective successors and assigns.

 

[SIGNATURES TO APPEAR ON FOLLOWING PAGE]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

	
EXISTING   BORROWERS:
    	
APPLIANCE   RECYCLING CENTERS 
   OF AMERICA, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward R. Cameron
    
	
 
    	
Name:
    	
Edward   R. Cameron
    
	
 
    	
Title:
    	
President &   CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
APPLIANCE   RECYCLING CENTERS 
   OF AMERICA-CALIFORNIA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward R. Cameron
    
	
 
    	
Name:
    	
Edward   R. Cameron
    
	
 
    	
Title:
    	
President &   CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ARCA   CANADA, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward R. Cameron
    
	
 
    	
Name:
    	
Edward   R. Cameron
    
	
 
    	
Title:
    	
President &   CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
JOINING   BORROWER:
    	
APPLIANCESMART, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward R. Cameron
    
	
 
    	
Name:
    	
Edward   R. Cameron
    
	
 
    	
Title:
    	
President &   CEO
    

 

 

	
AGENT AND LENDER:
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Lender and as Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy Canon
    
	
 
    	
 
    	
Timothy   Canon, Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
200   S. Wacker Drive, Suite 600
    
	
 
    	
 
    	
Chicago, IL   60606
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Commitment Percentage: 100%Exhibit 10.1

 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE INDICATED BY INCLUSION OF THE SYMBOL *.  A COMPLETE UNREDACTED VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

Eagle Bancorp, Inc.

Senior Executive Annual Incentive Plan

 

Performance Year 2011

 

 

EagleBank Executive Annual Incentive Plan

Plan Document and Administrative Guidelines

 

This Annual Incentive Plan is for the Executive Management Team of EGBN.  The annual incentive plan is designed to compensate plan participants for the attainment of specified overall bank and individual goals.  The objective is to align the interests of senior executives with the interests of the Bank in obtaining superior financial results.

 

The Plan operates on a calendar year basis (January 1st to December 31st).  This same calendar year is the performance-period for determining the amount of incentive awards to be paid following year end.

 

PERFORMANCE CRITERIA

 

·              Bank Performance - For all plan participants, a significant portion of the annual incentive will be based on overall bank performance.  The Compensation Committee will approve bank wide goals for each senior staff member on an annual basis.  In addition, they will review the Bank’s annual incentive programs to ensure they do not encourage risky behavior.

 

·              Strategic Performance - All participants are encouraged to work towards our strategic plan and up to twenty-five percent (25%) of the annual incentive will be based on achievement of bank strategic goals.

 

·              Individual Performance - For all participants, individual performance as determined by annual performance evaluations will be used to determine at least Fifteen percent (15%) of the plan participant’s incentive payout.

 

PERFORMANCE STANDARDS

 

For each performance factor (Overall Bank, and Individual), an appropriate standard of performance must be established with three essential performance points:

 

·              Threshold Performance:  That level of performance for each factor below which no award will be given.  Threshold performance will be 85% of target expectations.

 

·              Target Performance:  The level of performance for each factor at budgeted goals.  The budgeted, or expected, level of performance is based upon historical data, and management’s best judgment as to expected performance during the upcoming performance period.  The Compensation Committee will approve bank wide goals on an annual basis.

 

·              Maximum Expected Performance:  The maximum performance level is 115% of target.  There will be no payouts above the maximum level.  In addition, while a TARP participant, maximum payouts may be reduced to ensure no payout exceeds 1/3 of total compensation.

 

PLAN PAYOUTS

 

The Net Operating Income, Threshold level, must be met for there to be any payment made for the Bank Performance and Strategic Performance categories.  Participants will still be eligible to receive a payout for Individual Performance.

 

After all performance results are available at year-end, the awards will be calculated for each Plan participant and approved by the CEO, and Compensation Committee.  The Compensation Committee will reserve the discretion to pay out annual incentives in cash or stock.  While EGBN is a TARP participant, stock payouts will be made solely in restricted stock which will not fully vest for a minimum of two (2) years and until EGBN is no longer a TARP participant.  In addition, while a TARP participant, maximum payouts may be reduced to ensure no payout exceeds 1/3 of total compensation or as specified in final guidance from the Treasury.

 

The actual award payouts will be calculated using a ratable approach, where award payouts are calculated as a proportion of minimum, target and maximum award opportunities.  If actual performance falls between a performance level, the payout will also fall between the pre-defined performance level on a pro-rated basis.  A Plan participant must be an employee at the time of the award payout in order to receive a payout.  The result of the performance criteria is calculated as a percent of base salary for participants during the current Plan year.  Plan payouts will be made no later than 2.5 months after the year end.

 

EGBN has the right to recover any incentive payments that were made based on material misstatements or inaccurate performance metrics.

 

PLAN ADMINISTRATION

 

Responsibilities of the Compensation Committee:  The Compensation Committee has the responsibility to approve, amend, or terminate the Plan as necessary.  The actions of the Compensation Committee shall be final and binding on all parties.  The Compensation Committee shall also review the operating rules of the Plan on an annual basis and revise these rules if necessary.  The Compensation Committee also has the sole ability to decide if an extraordinary event(1) totally outside of management’s influence, be it a windfall or a shortfall, has occurred during the current Plan year, and whether the figures should be adjusted to neutralize the effects of such events.  After approval by the Compensation Committee, management shall, as soon as practical, inform each of the Plan participants under the Plan of their potential award under the operating rules adopted for the Plan year.

 

Responsibilities of the CEO:  The CEO of the Company administers the program directly and provides liaison to the Compensation Committee, including the following specific responsibilities: recommend the Plan participants to be included in the Plan each year.  This includes determining if additional employees should be added to the Plan and if any Plan participants should be removed from participating in the Plan.  Provide recommendations for the award opportunity amounts at threshold, target and maximum for tiers II and below.  The CEO will review the objectives and evaluations, adjust guideline awards for performance and recommend final awards to the Compensation Committee.  Provide other appropriate recommendations that may become necessary during the life of the plan.  This could include such items as changes to Plan provisions.

 

Amendments and Plan Termination:  The Company has developed the Plan on the basis of existing business, market and economic conditions, current services, and staff assignments.  If substantial changes occur that affect these conditions, services, assignments, or forecasts, the Company may add to, amend, modify or discontinue any of the terms or conditions of the Plan at any time with approval from the

 

 

Compensation Committee.  The Compensation Committee may, at its sole discretion, terminate, change or amend any of the Plan as it deems appropriate.

 

MISCELLANEOUS

 

Reorganization:  If the Company shall merge into or consolidate with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person such succeeding or continuing company, firm, or person shall succeed to, assume and discharge the obligations of the Company under this Plan.  Upon the occurrence of such event, the term “Company” as used in this Plan shall be deemed to refer to the successor or survivor company.

 

Tax Withholding:  The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Plan.

 

Designated Fiduciary:  The Company shall be the named fiduciary and Plan Administrator under the Plan.  The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Plan including the employment of advisors and the delegation of ministerial duties to qualified individuals.

 

No Guarantee of Employment:  This Plan is not an employment policy or contract.  It does not give the Plan participant the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Plan participant.

 

(1) An extraordinary event may include a merger, acquisition or divestiture that was not outlined in strategic plan, investment gains or losses, changes in capital cost structure, unplanned branch openings, unexpected and strong sales oriented addition to staff, and increase of 50% or more of collection expenses.

 

 

INCENTIVE RANGES, AND AWARD OBJECTIVES

 

Eagle Bancorp, Inc.

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proposed Incentive Ranges
    	
 
    	
Award Objectives
    	
 
    
	
Tier
    	
 
    	
Name
    	
 
    	
Position
    	
 
    	
Threshold
    	
 
    	
Target
    	
 
    	
Maximum
    	
 
    	
Bank
    	
 
    	
Strategic
    	
 
    	
Dept/Ind
    	
 
    
	
I
    	
 
    	
Ron   Paul
    	
 
    	
Chairman   and CEO
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
50
    	
%
    	
25
    	
%
    	
25
    	
%
    
	
II
    	
 
    	
Susan   Riel
    	
 
    	
Sr.   EVP & COO of the Bank
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
50
    	
%
    	
25
    	
%
    	
25
    	
%
    
	
III
    	
 
    	
Thomas   Murphy
    	
 
    	
Chief   Financial Officer
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
60
    	
%
    	
15
    	
%
    	
25
    	
%
    
	
III
    	
 
    	
James   Langmead
    	
 
    	
President   Community Banking
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
65
    	
%
    	
10
    	
%
    	
25
    	
%
    
	
III
    	
 
    	
Janice   Williams
    	
 
    	
Chief   Credit Officer
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
70
    	
%
    	
10
    	
%
    	
20
    	
%
    
	
VI
    	
 
    	
Michael   Flynn
    	
 
    	
COO   of Eagle Bancorp
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
35
    	
%
    	
25
    	
%
    	
40
    	
%
    
	
VI
    	
 
    	
Larry   Bensignor
    	
 
    	
SVP
    	
 
    	
*
    	
 
    	
*
    	
 
    	
*
    	
 
    	
75
    	
%
    	
10
    	
%
    	
15
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Percent of Salary
    	
 
    	
Weighting of Award
    	
 
    

 

NOTE:           Threshold, target and maximum payout thresholds have been established for each tier in order to ensure competitive payouts and budget costs associated with this program.

 

 

2011 Senior Staff Incentive Goals

 

	
 
    	
 
    	
Paul
    	
 
    	
Riel
    	
 
    	
Murphy
    	
 
    	
Flynn
    	
 
    	
Langmead
    	
 
    	
Williams
    	
 
    	
Bensignor
    	
 
    	
Target
    	
 
    
	
Net Income
    	
 
    	
50
    	
%
    	
15
    	
%
    	
15
    	
%
    	
15
    	
%
    	
20
    	
%
    	
10
    	
%
    	
15
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
NPAs
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
25
    	
%
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Strategic Alignment
    	
 
    	
25
    	
%
    	
25
    	
%
    	
10
    	
%
    	
25
    	
%
    	
15
    	
%
    	
10
    	
%
    	
10
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Loan Growth (Period End)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
10
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
10
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
DDA Growth (YTD Average)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
25
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
10
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MMA Growth (YTD Average)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
15
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
10
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Efficiency Ratio
    	
 
    	
 
    	
 
    	
20
    	
%
    	
 
    	
 
    	
 
    	
 
    	
20
    	
%
    	
10
    	
%
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Non Traditional Fee Income (aggregate)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
30
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expenses (Salaries, Benefits, Other Expenses)
    	
 
    	
 
    	
 
    	
15
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
NIM
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
20
    	
%
    	
 
    	
 
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Individual Deposits
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
20
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Charge Offs
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
25
    	
%
    	
 
    	
 
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dept/Individual Performance
    	
 
    	
25
    	
%
    	
25
    	
%
    	
25
    	
%
    	
40
    	
%
    	
25
    	
%
    	
20
    	
%
    	
15
    	
%
    	
*
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
100
    	
%
    	
100
    	
%
    	
100
    	
%
    	
100
    	
%
    	
100
    	
%
    	
100
    	
%
    	
100
    	
%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]