SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2008
---------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 001-33733
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Savings Plan for Employees of The LaPorte Savings Bank
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
LaPorte Bancorp, Inc.
710 Indiana Avenue
LaPorte, Indiana 46350
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
LaPorte, Indiana
FINANCIAL STATEMENTS
December 31, 2008 and 2007
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
LaPorte, Indiana
FINANCIAL STATEMENTS
December 31, 2008 and 2007
CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM................ 1
FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS................... 2
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS......... 3
NOTES TO FINANCIAL STATEMENTS..................................... 4
SUPPLEMENTAL SCHEDULE
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR).... 13
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
401(k) Committee
Savings Plan for Employees of The LaPorte Savings Bank
LaPorte, Indiana
We have audited the accompanying statements of net assets available for benefits
of the Savings Plan for Employees of The LaPorte Savings Bank (the Plan) as of
December 31, 2008 and 2007, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2008. These financial
statements are the responsibility of the Plan's 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 as of
December 31, 2008 and 2007, and the changes in net assets available for benefits
for the year ended December 31, 2008 in conformity with U.S. generally accepted
accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental schedule is the responsibility of the Plan's management. The
supplemental schedule has been subjected to the auditing procedures applied in
the audit of the basic 2008 financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic 2008 financial
statements taken as a whole.
/s/ Crowe Howarth LLP
Crowe Horwath LLP
South Bend, Indiana
June 25, 2009
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
2008 2007
---- ----
ASSETS
Participant-directed investments, at fair value (Note 4) $ 2,235,393 $ 2,588,463
Participant loans 133,638 120,520
Receivables
Employer contributions 3,493 4,050
Participant contributions 8,715 10,527
--------------- --------------
12,208 14,577
Total assets 2,381,239 2,723,560
--------------- --------------
Net assets, reflecting all investments at fair value 2,381,239 2,723,560
--------------- --------------
Adjustment from fair value to contract value
for fully benefit-responsive investment contracts 35,232 1,700
--------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,416,471 $ 2,725,260
=============== ==============
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
2.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2008
- --------------------------------------------------------------------------------
Additions to net assets attributed to:
Dividend and interest income $ 23,705
--------------
Contributions
Employer's 106,195
Participants' 276,292
Rollover 212,561
--------------
595,048
Total additions 618,753
Deductions from net assets attributed to:
Net depreciation in fair value of investments (Note 4) 730,278
Benefits paid to participants 186,085
Administrative expenses 11,179
--------------
Total deductions 927,542
--------------
Net decrease
(308,789)
Net assets available for benefits
Beginning of year 2,725,260
--------------
End of year $ 2,416,471
==============
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
3.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN
The following description of the Savings Plan for Employees of the LaPorte
Savings Bank (the "Plan") provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
General: The Plan is a defined contribution plan covering all regular full-time
and part-time employees of the LaPorte Savings Bank (the "Company" or the
"Employer") who are age twenty-one or older. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions: Each year, participants may contribute up to 75 percent of pretax
annual compensation, as defined in the Plan and subject to certain limitations.
Participants may also contribute amounts representing distributions from other
qualified defined benefit or defined contribution plans. The Company contributes
50 percent of the first 6 percent of eligible compensation that a participant
contributes to the Plan. Additional profit sharing amounts may be contributed at
the option of the Company's board of directors. No profit sharing contribution
was authorized for the current Plan year. Contributions are subject to certain
limitations. Plan participants direct the investment of their contributions and
the employer matching contributions and profit sharing contributions into the
various investment options offered by the Plan. The Plan also includes an
automatic contribution arrangement that applies to new participants or re-hired
participants as they enter the plan. The automatic deferral amount is 3 percent
of eligible compensation. Participants who do not wish to be automatically
enrolled may elect not to defer or to defer another percentage.
Participant Accounts: Each participant's account is credited with the
participant's contributions and an allocation of (a) the Company's
contributions, (b) Plan earnings, and (c) forfeitures of employer matching
contributions, and is charged with his or her withdrawals and an allocation of
administrative expenses. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is entitled is
the benefit that can be provided from the participant's vested account. Each
participant directs the investment of his or her account to any of the
investment options available under the Plan.
Retirement, Death and Disability: A participant, or beneficiary, is entitled to
100% of his or her account balance upon retirement, death or disability.
Vesting: Participants are immediately vested in their contributions plus actual
earnings thereon. Vesting in the remainder of their accounts, plus earnings
thereon, is based on years of continuous service at the rate of 20% per year,
resulting in 100% vesting after 5 years.
- -------------------------------------------------------------------------------
4.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN (Continued)
Payment of Benefits: On termination of service, a participant may elect to
receive either a lump sum or a direct rollover equal to the value of his or her
vested interest in the account. Distributions are made in cash.
Loan Provisions: Participants may borrow from their accounts a minimum of $1,000
up to a maximum of $50,000 or 50% of their vested account balance, whichever is
less. The loans are secured by the balance in the participant's account and bear
interest at rates that are commensurate with local prevailing rates as
determined quarterly by the Plan administrator. Principal and interest are paid
through payroll deductions.
Forfeitures: Participant forfeitures of employer matching contributions are
reallocated to the remaining participants, based upon their relative eligible
wages. Forfeitures of employer matching contributions can be used to offset
future employer matching contributions or administrative expenses of the Plan or
may be redistributed to current participants as a discretionary contribution by
the Company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting: The financial statements of the Plan are prepared under the
accrual basis of accounting.
Adoption of New Accounting Standards: In September 2006, the FASB issued
Statement No. 157, Fair Value Measurements (FAS 157). This Statement defines
fair value, establishes a framework for measuring fair value, and expands
disclosures about fair value measurements. This Standard is effective for
financial statements issued for fiscal years beginning after November 15, 2007.
The impact of adoption of this standard as of January 1, 2008 was not material
to the Plan's net assets available for benefits.
- --------------------------------------------------------------------------------
5.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Effect of Newly Issued But Not Yet Effective Accounting Standards: In April
2009, the FASB issued Staff Position (FSP) No. 157-4, Determining Fair Value
When the Volume and Level of Activity for the Asset and Liability Have
Significantly Decreased and Identifying Transactions That are Not Orderly. This
FSP emphasizes that even if there has been a significant decrease in the volume
and level of activity, the objective of a fair value measurement remains the
same. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction (that is, not a forced
liquidation or distressed sale) between market participants. The FSP provides a
number of factors to consider when evaluating whether there has been a
significant decrease in the volume and level of activity for an asset or
liability in relation to normal market activity. In addition, when transactions
or quoted prices are not considered orderly, adjustments to those prices based
on the weight of available information may be needed to determine the
appropriate fair value. The FSP also requires increased disclosures. This FSP is
effective for annual reporting periods ending after June 15, 2009, and shall be
applied prospectively. Plan management does not expect the adoption to have a
material effect on the Plan's net assets available for benefits or changes
therein.
Investment Valuation and Income Recognition: The Plan's investments are reported
at fair value. 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.
FAS 157 defines fair value as the price that would be received by the Plan for
an asset or paid by the Plan to transfer a liability (an exit price) in an
orderly transaction between market participants on the measurement date in the
Plan's principal or most advantageous market for the asset or liability. FAS 157
establishes a fair value hierarchy which requires the Plan to maximize the use
of observable inputs and minimize the use of unobservable inputs when measuring
fair value. The hierarchy places the highest priority on unadjusted quoted
market prices in active markets for identical assets or liabilities (level 1
measurements) and gives the lowest priority to unobservable inputs (level 3
measurements). The three levels of inputs within the fair value hierarchy are
defined as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in
active markets that the Plan has the ability to access as of the
measurement date.
Level 2: Significant other observable inputs other than level 1 prices such
as quoted prices for similar assets or liabilities; quoted prices in
markets that are not active; or other inputs that are observable or can be
corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect the Plan's own
assumptions about the assumptions that market participants would use in
pricing an asset or liability.
- --------------------------------------------------------------------------------
6.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In many cases, a valuation technique used to measure fair value includes inputs
from multiple levels of the fair value hierarchy. The lowest level of
significant input determines the placement of the entire fair value measurement
in the hierarchy.
The following descriptions of the valuation methods and assumptions used by the
Plan to estimate the fair values of investments apply to investments held
directly by the Plan.
Mutual funds: The fair values of mutual fund investments are determined by
obtaining quoted prices on nationally recognized securities exchanges (level 1
inputs).
Company common stock: Investments in LaPorte Bancorp, Inc. (the "Corporation")
common stock are determined by obtaining a quoted price on nationally recognized
securities exchanges (level 1 inputs).
Pooled separate accounts: The fair values of participation units held in pooled
separate accounts, are based on their net asset values, as reported by the
managers of the pooled separate accounts and as supported by the unit prices of
actual purchase and sale transactions occurring as of or close to the financial
statement date (level 2 inputs).
Stable value fund: The fair values of interests in stable value funds are based
upon the net asset values of such funds reflecting all investments at fair
value, including direct and indirect interests in fully benefit-responsive
contracts, as reported by the fund managers (level 2 inputs).
Participant loans: Participant loans are reported at amortized cost, as the fair
value of the loans is not practicable to estimate due to restrictions placed on
the transferability of the loans.
- --------------------------------------------------------------------------------
7.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The methods described above may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair values.
Furthermore, while 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.
Investments measured at fair value on a recurring basis are summarized below:
Fair Value Measurements
at December 31, 2008 Using
-------------------------------------
Quoted Prices in Significant
Active Markets Other
for Identical Observable
Assets Inputs
(Level 1) (Level 2)
--------- ---------
Investments:
Mutual Funds $ 356,674 $ -
Pooled Separate Accounts - 767,925
Corporation Stock 391,379 -
Stable Value Fund - 719,415
Fully Benefit-Responsive Investment Contracts: While Plan investments are
presented at fair value in the statements of net assets available for benefits,
any material difference between the fair value of the Plan's indirect interests
in fully benefit-responsive investment contracts and their contract value is
presented as an adjustment line in the statements of net assets available for
benefits, because contract value is the relevant measurement attribute for that
portion of the Plan's net assets available for benefits. Contract value
represents contributions made to a contract, plus earnings, less participant
withdrawals and administrative expenses. Participants in fully
benefit-responsive contracts may ordinarily direct the withdrawal or transfer of
all or a portion of their investment at contract value. The Plan holds an
indirect interest in such contracts through its investment in a stable value
fund.
Payment of Benefits: Benefits are recorded when paid.
Estimates: The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires the plan
administrator to make estimates and assumptions that affect certain reported
amounts and disclosures, and actual results may differ from these estimates.
- --------------------------------------------------------------------------------
8.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Risks and Uncertainties: The Plan invests in various investment securities.
Investment securities are exposed to various risks such as interest rate,
market, liquidity and credit risks. Due to the level of risk associated with
certain investment securities and the sensitivity of certain fair value
estimates to changes in valuation assumptions, 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 and the amounts reported in the statement of net assets available for
benefits.
NOTE 3 - RIGHTS UPON PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants would become 100% vested in their employer contributions and
earnings thereon.
- --------------------------------------------------------------------------------
9.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 4 - INVESTMENTS
The following presents the fair values of investments held by the Plan:
December 31,
2008 2007
---- ----
Mutual Funds
American Century Vista Advisor Fund,
5,016 and 3,463 units, respectively $ 54,025 $ 72,819
American Funds EuroPacific Growth R3 Fund,
3,421 and 5,734 units, respectively* 94,283 287,056
Fidelity Advisor Small Cap T Fund,
3,989 and 4,137 units, respectively 66,902 99,401
American Funds Growth Fund of American R3 Fund,
7,003 and 3,986 units, respectively* 141,464 133,623
------------- -------------
356,674 592,899
Pooled Separate Accounts
Principal Bond and Mortgage, 70 and 74 units, respectively 45,042 55,021
Russell Life Growth Strategy, 8,552 and 7,829 units, respectively 91,870 132,337
Russell Life Balance Strategy, 21,170 and 16,792 units, respectively* 253,455 288,472
Russ Life Conservative Strategy, 2,466 and 1,167 units, respectively 31,787 17,889
Russell Life Equity Growth Strategy, 4,378 and 7,737 units, respectively 42,710 131,001
Russell Life Moderate Strategy, 8,635 and 7,484 units, respectively 106,363 121,249
Principal SmallCap S&P 600 Index, 1,200 and 1,041 units, respectively 18,497 23,362
Principal MidCap S&P 400 Index, 2,584 and 1,407 units, respectively 36,549 31,345
Principal LargeCap Value III, 4,436 and 14,940 units, respectively* 41,430 236,824
Principal MidCap Value II, 3,556 and 6,924 units, respectively 36,295 122,973
Principal SmallCap Value I, 1,376 and 1,469 units, respectively 19,263 30,438
Principal LargeCap S&P 500 Index, 1,314 and 1,738 units, respectively 44,664 94,176
------------- -------------
767,925 1,285,087
Corporation Stock
LaPorte Bancorp, Inc., 74,548 and 66,465 units, respectively* 391,379 448,639
Stable Value Funds
Principal Stable Value Fund, 43,982 and 15,949 units
(contract value $754,647 and $263,538), respectively* 719,415 261,838
Investments at Estimated Fair Value
Participant Loans 133,638 120,520
------------- -------------
$ 2,369,031 $ 2,708,983
============= =============
* Denotes investment that represents 5 percent or more of the Plan's net assets
in the current or prior year.
- --------------------------------------------------------------------------------
10.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 4 - INVESTMENTS (Continued)
The following table presents the net appreciation/(depreciation) (including
investments bought, sold and held during the year) in fair value for each of the
Plan's investment categories for the year ended December 31, 2008:
Mutual Funds $(254,549)
Pooled Separate Accounts (379,068)
Corporation Stock (114,475)
Stable Value Fund 17,814
---------------
$ (730,278)
===============
NOTE 5 - PARTY-IN-INTEREST TRANSACTIONS
Parties in interest are defined under Department of Labor regulations as any
fiduciary of the Plan, any party rendering service to the Plan, the employer,
and certain others. The Plan holds units of pooled separate accounts managed by
Principal Financial Group and a stable value fund issued by Union Bond and
Trust, an affiliate of Principal Financial Group. Principal was the custodian
and third party administrator of the Plan and, therefore, these investments
qualify as party-in-interest investments. The LaPorte Savings Bank is the Plan
trustee. The Plan also holds shares of LaPorte Bancorp, Inc. common stock (Note
4), and recognized no dividend income in 2008 from this related party
investment. Participant loans held by the Plan also reflect party-in-interest
transactions. Certain administrative functions are performed by officers or
employees of the Company. No such officer or employee receives compensation from
the Plan. Some administrative expenses of the Plan are paid directly by the
Company.
NOTE 6 - TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter
dated June 12, 1995 that the Plan and related trust are designed in accordance
with applicable sections of the Internal Revenue Code (IRC). Although the Plan
has been amended since receiving the determination letter, Plan management
believes that the Plan is designed and being operated in compliance with the
applicable requirements of the IRC. Therefore, they believe that the Plan was
qualified and the related trust was tax-exempt as of the financial statement
date.
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11.
<page>
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 7 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements at December 31, 2008 and 2007 to the Form 5500:
2008 2007
---- ----
Net assets available for benefits per the financial statements $ 2,416,471 $ 2,725,260
Deficiency/(Excess) of contract value over estimated
fair value of investment in stable value fund (35,232) (1,700)
--------------- --------------
Net assets per the Form 5500 $ 2,381,239 $ 2,723,560
=============== ==============
The following is a reconciliation of the change in net assets available for
benefits for the year ended December 31, 2008 per the financial statements to
the net loss reported in the 2008 Form 5500:
Decrease in net assets available for benefits
per the financial statements $ (308,789)
Change in excess of contract value over estimated fair value
of investment in stable value fund (33,532)
--------------
Net loss per the Form 5500 $ (342,321)
==============
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12.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE SAVINGS BANK
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008
- --------------------------------------------------------------------------------
Name of plan sponsor: The LaPorte Savings Bank
Employer identification Number: 35-0461190
-----------------------------------
Three-digit plan number: 002
-----------------------------------
(B) (C) (D) (E)
Description of investment including
Identity of issuer, borrower, maturity date, rate of interest,
(A) lessor or similar party collateral, par or maturity value. Cost Current Value
- -------------- ---------------------------------- --------------------------------------- ------------ ----------------
* Principal Life Insurance Co. Pooled Separate Accounts ** $ 45,042
Prinicpal Bond and Mortgage
* Principal Life Insurance Co. Pooled Separate Accounts ** 253,455
Russell Life Balance Strategy
* Principal Life Insurance Co. Pooled Separate Accounts ** 31,787
Russell Life Conservative Strategy
* Principal Life Insurance Co. Pooled Separate Accounts ** 42,710
Russell Life Equity Growth Strategy
* Principal Life Insurance Co. Pooled Separate Accounts ** 91,870
Russell Life Growth Strategy
* Principal Life Insurance Co. Pooled Separate Accounts ** 106,363
Russell Life Moderate Strategy
* Principal Life Insurance Co. Pooled Separate Accounts ** 41,430
Principal LargeCap Value III
* Principal Life Insurance Co. Pooled Separate Accounts ** 44,664
Principal LargeCap S&P 500 Index
* Principal Life Insurance Co. Pooled Separate Accounts ** 36,295
Principal MidCap Value II
* Principal Life Insurance Co. Pooled Separate Accounts ** 19,263
Principal SmallCap Value I
* Principal Life Insurance Co. Pooled Separate Accounts ** 36,549
Principal MidCap S&P 400 Index
* Principal Life Insurance Co. Pooled Separate Accounts ** 18,497
Principal SmallCap S&P 600 Index
* Union Bond & Trust Co. Common/Collective Trust ** 719,415
Principal Stable Value Fund
American Funds Service Co. Registered Investment Company ** 141,464
American Funds Growth Fund of America
R3 Fund
American Century Investments Registered Investment Company ** 54,025
American Century Vista Advisor Fund
Fidelity Investments Registered Investment Company ** 66,902
Fidelity Advisor Small Cap T Fund
American Funds Service Co. Registered Investment Company ** 94,283
American Funds EuroPacific Growth R3 Fund
* LaPorte Bancorp, Inc. Employer Security ** 391,379
LaPorte Bancorp, Inc. Stock
* Participant Loans Interest rates ranging from 6.00% to 10.25% 133,638
---------------
$ 2,369,031
===============
* - Denotes party-in-interest investment.
**- Investment is participant directed, therefore, historical cost is not
required.
- --------------------------------------------------------------------------------
13.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAVINGS PLAN FOR EMPLOYEES OF THE LAPORTE
SAVINGS BANK
Date: June 25, 2009 By: /s/ Debra S. Varnak
Name: Debra S. Varnak
Title: Vice President Human Resources
The LaPorte Savings Bank
We consent to the incorporation by reference in Registration Statement No.
333-148709 on Form S-8 of LaPorte Bancorp, Inc. of our report dated June 25,
2009 appearing in this Annual Report on Form 11-K of the Savings Plan for
Employees of The LaPorte Savings Bank for the year ended December 31, 2008.
/s/ Crowe Horwath LLP
Crowe Horwath LLP
South Bend, Indiana
June 25, 2009