UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
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þ
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009
Or
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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FOR THE TRANSITION PERIOD FROM
TO
COMMISSION FILE NUMBER : 000-51525
A. Full title of the plan and the address of the plan, if different from that of the
issuer named below:
Savings Banks Employees Retirement Association 401(k) Plan as adopted by Legacy Banks
4A Gill Street
Woburn, Massachusetts 01801
B. Name of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
Legacy Bancorp, Inc.
99 North Street
Pittsfield, Massachusetts 01201
FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
SAVINGS BANKS EMPLOYEES RETIREMENT
ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
(With Independent Registered Public Accounting Firms Report Thereon)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PLAN SPONSOR
LEGACY BANKS
We have audited the accompanying statements of net assets available for benefits of the Savings
Banks Employees Retirement Association 401(k) Plan as adopted by Legacy Banks (the Plan), as of
December 31, 2009 and 2008, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 2009 and 2008, and the
changes in its net assets available for benefits for the years then ended, in conformity with U.S.
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken
as a whole. The accompanying supplemental schedules of assets (held at end of year) as of December
31, 2009 and assets (acquired and disposed within year) for the year ended December 31, 2009, are
presented for purposes of additional analysis and are not a required part of the financial
statements but are supplementary information required by the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.
These supplemental schedules are the responsibility of the Plans management. The supplemental
schedules have been subjected to the auditing procedures applied in our audit of the basic
financial statements and, in our opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
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/s/ Parent, McLaughlin & Nangle
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Certified Public Accountants, Inc.
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June 30, 2010
Boston, MA
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31,
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2009
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2008
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INVESTMENT IN SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION
COMMON/COLLECTIVE TRUST, at fair value
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$
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12,532,243
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$
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10,803,715
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PARTICIPANT LOANS
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312,726
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286,283
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NET ASSETS AVAILABLE FOR BENEFITS
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$
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12,844,969
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$
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11,089,998
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The accompanying notes are an integral part of the financial statements.
- 2 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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Year Ended December 31,
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2009
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2008
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ADDITIONS TO NET ASSETS ATTRIBUTED TO:
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Investment income (loss):
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Net investment gain (loss) from investment in Savings Banks
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Employees Retirement Association Common/Collective Trust
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$
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1,750,772
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$
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(3,629,792
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)
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Interest income participant loans
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19,986
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21,189
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1,770,758
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(3,608,603
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Contributions:
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Employers
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329,374
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375,285
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Participants
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556,653
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592,633
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Participants rollovers
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306,240
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886,027
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1,274,158
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Total (reduction) additions to net assets
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2,656,785
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(2,334,445
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DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
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Benefits paid to participants
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900,654
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2,628,419
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Corrective distributions
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7,560
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Deemed distributions of participant loans
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1,160
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49,609
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Total deductions from net assets
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901,814
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2,685,588
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NET (DECREASE) INCREASE
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1,754,971
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(5,020,033
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NET ASSETS AVAILABLE FOR BENEFITS:
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Beginning of year
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11,089,998
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16,110,031
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End of year
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$
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12,844,969
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$
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11,089,998
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The accompanying notes are an integral part of the financial statements.
- 3 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
A.
Description of the Plan
:
The following description of the Savings Banks Employees Retirement Association (SBERA)
401(k) Plan as adopted by Legacy Banks (the Bank) provides only general information.
Participants should refer to the Plan Agreement for a more complete description of the Plans
provisions.
General
:
The Plan is part of the SBERA Common/Collective Trust (the Trust). Under the trust
agreement, the Plan owns a portion of the net assets of the Trust. Within the Trust, each
Plans assets are jointly invested and the return on the assets is allocated to each Plan
based on the percentage of ownership each Plan has in the Trusts net assets. Contributions
made to and benefits paid from the Trust for the Plan result in increases or decreases in
the Plans ownership percentage in the net assets of the Trust. The Plan is a defined
contribution plan covering substantially all employees of the Bank. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Eligibility
:
To become eligible for participation, an employee must be at least age 21 and have
completed three months of service.
Contributions
:
Each year, participants may contribute up to 75% of their eligible compensation, not to
exceed certain limits established under the Internal Revenue Code.
The Bank may match a portion of the participants contributions.
Participant accounts
:
Each participants account is credited with the participants contribution and an
allocation of (a) the Banks contributions and (b) Plan earnings. Allocations are based on
participants earnings or account balances, as defined. The benefit to which a participant
is entitled is the benefit that can be provided from the participants vested account.
- 4 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
A.
Description of the Plan
(continued):
Forfeited accounts
:
At December 31, 2009 and 2008, forfeited nonvested accounts totaled $3,749 and $29,972,
respectively. These accounts will be used to reduce future employer contributions. For the
years ended December 31, 2009 and 2008, employer contributions were reduced by $33,847 and
$0, respectively.
Investments
:
Participants direct the investment of their contributions and Bank matching contributions
into various investment options offered by the Plan. Participants may change their choice
of investments or transfer their account balances from one fund to another at any time
during the year. The Plan currently offers the following investment options to
participants:
Equity Account
:
This Account seeks to provide capital appreciation through a professionally managed,
diversified portfolio of domestic and international stocks.
Index 500 Account
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This Account attempts to provide investment results that parallel the performance of the
Standard & Poors 500 Composite Stock Price Index.
Small Cap Growth Account
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This Account seeks long-term growth by investing primarily in common stocks of small to
medium sized companies that the investment managers believe have a potential for capital
appreciation significantly greater than that of the market averages.
International Equity Account
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This Account seeks to provide long-term capital appreciation by investing in foreign
equity securities.
- 5 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
A.
Description of the Plan
(continued):
Investments
(continued):
Small Cap Value Account
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This Account utilizes a highly disciplined, bottom-up value approach to investing. This
process is intended to generate excess returns primarily through stock selection.
Large Cap Value Account
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This Accounts investment philosophy combines detailed fundamental research, bottom-up
stock selection and portfolio construction, and disciplined management of portfolio
volatility to achieve strong risk-adjusted returns over full market cycles.
Large Cap Growth Account
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This Account uses a highly disciplined, mathematical investment strategy designed to seek
long-term returns in excess of the target benchmark, while reducing the risk of
significant under performance.
Life Path Accounts
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These Accounts are intended for participants who would rather leave their 401(k) account
asset allocation decisions to a professional investment manager. Each Account utilizes a
predetermined mix of specific asset classes with frequent re-balancing back to the funds
target allocation.
All Asset Account
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The objective of the All Asset Account is to produce returns which are 5% above the
Consumer Price Index (CPI). The strategy is designed as a fund of funds that allocates
its assets among a group of PIMCO funds. The All Asset Account rebalances among the
funds as real return values shift in the market.
- 6 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
A.
Description of the Plan
(continued):
Investments
(continued):
The SBERA Account
:
The SBERA Account is designed to provide results that parallel the performance of the
SBERA Defined Benefit Plan Assets. Given this objective, the Account is expected to
provide investors with long-term growth of capital and income. The SBERA Account
provides investors with great diversification and significantly less risk than a more
concentrated portfolio.
Money Market Account
:
This Account seeks to provide income consistent with the preservation of principal. This
Account invests solely in U.S. Treasury or agency obligations with maturities of six
months or less.
Bond Account
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This Account seeks to provide a real rate of return after inflation with a high degree of
stability and low volatility. The Bond Account is invested in U.S. Government and other
investment grade fixed income debt.
Bank Shares
:
Participants may allocate any portion of their contributions to purchase units in a fund
which purchases shares of Legacy Bancorp, Inc., the parent company of Legacy Banks.
Participants are subject to restrictions on trading during blackout periods and other
reporting requirements of the Securities and Exchange Commission. Investments in Legacy
Bancorp, Inc. common stock amounted to $2,103,783 and $2,234,597 at December 31, 2009 and
2008, respectively. Because the Bank is the Plan Sponsor, transactions involving Legacy
Bancorp Inc.s common stock qualify as party-in-interest transactions. All of these
transactions are exempt from the prohibited transaction rules.
- 7 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
A.
Description of the Plan
(continued):
Vesting
:
Participants are immediately vested in their voluntary contributions plus actual earnings
thereon. Vesting in the Banks contribution portion of their accounts plus earnings thereon
is based on years of continuous service. A participant is 100% vested after five years of
credited service.
Payment of benefits
:
On termination of service due to death, disability or retirement, a participant or
beneficiary may elect to receive an amount equal to the value of the participants vested
interest in his or her account in either a lump-sum amount, or in annual installments. For
termination of service due to other reasons, a participant may receive the value of the
vested interest in his or her account as a lump-sum distribution.
Hardship withdrawals
:
The Plan allows participants to make hardship withdrawals, provided certain conditions are
met.
B.
Summary of Significant Accounting Policies
:
Basis of accounting
:
The accompanying financial statements have been prepared on the accrual basis of accounting.
Estimates
:
The preparation of financial statements in conformity with generally accepted accounting
principles requires the plan administrator to make estimates and assumptions that affect the
reported amounts of assets and liabilities and changes therein, and disclosure of contingent
assets and liabilities. Actual results could differ from those estimates.
- 8 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
B.
Summary of Significant Accounting Policies
(continued):
Investment valuation and income recognition:
Investments are reported at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. See Note 1 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net
investment income (loss) includes the Plans gains and losses on investments bought and sold
as well as held during the year.
Benefit payments
:
Benefits are recorded when paid.
Subsequent events
:
The Plan has evaluated subsequent events through the date the financial statements wee issued.
- 9 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
The Plan owned approximately 1.48% and 1.59% of the fair value of the Trusts net assets at
December 31, 2009 and 2008, respectively. The unaudited financial statements of the Trust as a
whole at December 31, follow:
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2009
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2008
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Assets:
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Investments:
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Collective funds:
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Fixed income
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$
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119,162,671
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$
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111,310,759
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Equity
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216,242,336
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160,139,277
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Diversified
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57,890,787
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40,474,903
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Total collective funds
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393,295,794
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311,924,939
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Equity securities
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228,104,047
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181,401,355
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Mutual funds
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69,391,995
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57,686,488
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Hedge funds
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33,106,563
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27,038,581
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Short-term investments
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90,632,163
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78,212,698
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Certificates of deposits
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6,048,545
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6,119,294
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Loans to 401(k) plan participants
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13,179,549
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11,011,870
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Total investments
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833,758,656
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673,395,225
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Cash
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30,484,147
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24,083,832
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Other assets
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5,095,176
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1,532,337
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Total assets
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869,337,979
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699,011,394
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Liabilities:
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Accrued operating and other expenses
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973,370
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950,163
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Net assets available for benefits
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$
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868,364,609
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$
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698,061,231
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- 10 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401 (k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
C.
Investment
(continued):
Trust investment income (loss) for the years ended December 31 was comprised of:
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2009
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2008
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Investment income (loss):
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Net realized losses on investments
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$
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(25,640,251
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$
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(14,852,509
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Interest and dividends
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10,618,369
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7,959,772
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Unrealized appreciation (depreciation) of investments
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149,769,885
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(201,914,709
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Total investment income (loss)
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134,748,003
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(208,807,446
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)
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Administrative expenses
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(2,543,802
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(2,853,590
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Total Trust net investment income (loss)
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$
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132,204,201
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$
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(211,661,036
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D.
Related Party Transactions
:
Northeast Retirement Services (NRS), a related party through a common Board of Directors,
provides consulting, recordkeeping and other services in connection with the administration of
the 401(k) plan for the Savings Banks Employees Retirement Association (SBERA). The costs
associated with these services are funded by an assessment on each SBERA employer member on a
quarterly basis for their proportionate share. In 2009 and 2008, the rate for the 401(k) plan
was $679.50 per employer member per quarter, plus $21.50 per active participant per quarter,
plus an additional 1.25% basis assessment on assets.
E.
Tax Status
:
The Savings Banks Employees Retirement Association (SBERA) 401(k) Plan is a Prototype Plan which
was approved by the Internal Revenue Service on February 14, 2002. The Plan has been amended
since receiving this determination letter. However, the Plans administrator and the Plans tax
counsel believe that the Plan is designed and is currently being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes
has been included in the plans financial statements.
- 11 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401 (k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
F.
Plan Termination
:
Although it has not expressed any intent to do so, the Bank has the right under the Plan to
discontinue its contribution at any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will become 100% vested in their
accounts. Any unallocated assets of the Plan shall be allocated to participant accounts and
distributed in such a manner as the Bank may determine.
G.
Assets Allocated to Former Employees
:
The statements of net assets available for benefits at December 31, 2009 and 2008 include
$3,950,277 and $4,086,873, respectively, allocated to participants who were no longer employees
of the Bank.
H.
Risks and Uncertainties
:
The Plan invests in various investment securities. Investment securities are exposed to various
risks such as interest rate, market, and credit risks. Due to the level of risk associated with
certain investment securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could materially affect
participants account balances the amounts reported in the statement of net assets available for
benefits.
I.
Fair Value Measurements
:
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820,
Fair
Value Measurements and Disclosures
, provides the framework for measuring fair value. That
framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements). The three levels of the fair value
hierarchy under FASB ASC 820 are described as follows:
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the plan has the ability to access.
- 12 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401 (k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
I.
|
|
Fair Value Measurements
(continued):
|
|
Level 2
|
|
Inputs to the valuation methodology include: a) quoted prices for similar assets or
liabilities in active markets; b) quoted prices for identical or similar assets or
liabilities in inactive markets; c) inputs other than quoted prices that are observable for
the asset or liability; and d) inputs that are derived principally from or corroborated by
observable market data by correlation or other means. If the asset or liability has a
specified (contractual) term, the Level 2 input must be observable for substantially the
full term of the asset or liability.
|
|
|
Level 3
|
|
Inputs to the valuation methodology are unobservable and significant to the fair
value measurement.
|
|
|
The asset or liabilitys fair value measurement level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the use of
unobservable inputs.
|
|
|
|
Following is a description of the valuation methodologies used for assets measured at fair
value. There have been no changes in the methodologies used at December 31, 2009 and 2008:
|
|
|
|
Savings Banks Employees Retirement Association Common/Collective Trust
: The Plans interest in
the common trust fund (the Savings Banks Employees Retirement Association Common/Collective
Trust) is based upon the fair value of the common trusts underlying investments as based on
information reported by the investment advisor using the unaudited financial statements of the
common trust at year end. The Trust reports bonds and other obligations, short-term investments
and equity securities at fair values based on published quotations. Collective funds and hedge
funds (Funds) are valued in accordance with valuations provided by such Funds, which generally
value marketable securities at the last reported sales price on the valuation date and other
investments at fair value, as determined by each Funds manager. Certificates of deposit are
valued at amortized cost, which approximates fair value.
|
|
|
|
Participant Loans
: Valued at amortized cost, which approximates fair value.
|
|
|
|
The preceding methods described may produce a fair value calculation that may not be indicative
of net realizable value or reflective of future values. Furthermore, although the Plan believes
its valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the reporting date.
|
- 13 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401 (k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
I.
|
|
Fair Value Measurements
(continued)
|
|
|
|
The following table sets forth by level, within the fair value hierarchy, the plans assets at
fair value measured on a recurring basis as of December 31, 2009 and 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
|
|
|
December 31, 2009
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investment in Savings Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees
Retirement Association Common/Collective Trust
|
|
$
|
|
|
|
$
|
|
|
|
$
|
12,532,243
|
|
|
$
|
12,532,243
|
|
Participant Loans
|
|
|
|
|
|
|
|
|
|
|
312,726
|
|
|
|
312,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
12,844,969
|
|
|
$
|
12,844,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2008
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investment in Savings Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees
Retirement Association Common/Collective Trust
|
|
$
|
|
|
|
$
|
|
|
|
$
|
10,803,715
|
|
|
$
|
10,803,715
|
|
Participant Loans
|
|
|
|
|
|
|
|
|
|
|
286,283
|
|
|
|
286,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
11,089,998
|
|
|
$
|
11,089,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The categorization of the Plans investment in the Common/Collective Trust as a Level 3
investment does not reflect the fact that many of the underlying investments held by the
Common/Collective Trust in which the Plan invests, if owned directly by the Plan, would be
classified as Level 1 investments.
|
- 14 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401 (k) PLAN
AS ADOPTED BY LEGACY BANKS
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(continued)
J.
|
|
Fair Value Measurements
(continued)
|
|
|
|
The following table sets forth a summary of changes in fair values of the Plans Level 3 assets
for the year ended December 31, 2009:
|
|
|
|
|
|
Balance, beginning of year
|
|
$
|
11,089,998
|
|
Net investment gain allocated from
the Common/Collective Trust
|
|
|
1,770,758
|
|
Contributions
|
|
|
886,027
|
|
Benefits Paid
|
|
|
(901,814
|
)
|
|
|
|
|
|
Balance, end of year
|
|
$
|
12,844,969
|
|
|
|
|
|
|
|
The changes in the table above are reflected in the Statements of Changes in Net Assets
Available for Benefits.
|
- 15 -
SUPPLEMENTAL SCHEDULES
- 16 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT YEAR END)
AS OF DECEMBER 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
(b)
|
|
Description of investment, including
|
|
|
|
|
|
(e)
|
|
|
|
Identity of issuer, borrower,
|
|
maturity date, rate of interest,
|
|
(d)
|
|
|
Current
|
|
(a)
|
|
lessor, or similar party
|
|
collateral, par, or maturity value
|
|
Cost
|
|
|
Value
|
|
*
|
|
The Savings
Banks Employees Retirement Association
|
|
The Savings Banks Employees
Retirement Association Common/Collective Trust
|
|
$
|
11,379,929
|
|
|
$
|
12,532,243
|
|
*
|
|
Participant Loans
|
|
Interest rates ranging from 4.25% to 9.25%
|
|
|
|
|
|
|
312,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,844,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Party in interest to the Plan
|
- 17 -
SAVINGS BANKS EMPLOYEES RETIREMENT ASSOCIATION 401(k) PLAN
AS ADOPTED BY LEGACY BANKS
SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (ACQUIRED
AND DISPOSED OF WITHIN YEAR)
FOR THE YEAR ENDED DECEMBER 31, 2009
|
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
(a)
|
|
Description of investment, including
|
|
|
(c)
|
|
|
(d)
|
Identity of Issuer, Borrower,
|
|
maturity date, rate of interest,
|
|
|
Cost of
|
|
|
Proceeds of
|
Lessor or Similar Party
|
|
collateral, par, or maturity value
|
|
|
Acquisitions
|
|
|
Dispositions
|
Participant Loans
|
|
Notes with interest rates
ranging from 4.25% to 9.25%
|
|
$
|
-0-
|
|
$
|
-0-
|
|
|
|
|
|
|
|
|
|
EXHIBIT INDEX
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm
|
19
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has
duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
Savings Bank Employees Retirement Association.
401(k) Plan As Adopted by Legacy Banks
|
|
Date: June 30, 2010
|
/s/ Paul H. Bruce
|
|
|
Paul H. Bruce
|
|
|
Senior Vice President, Treasurer
And Chief Financial Officer, Legacy Bancorp, Inc.
|
|
20
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