<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------------------------
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------- -------------
Commission File Number 0-27650
CATSKILL FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 14-1788465
- ---------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification
organization) Number)
341 Main Street, Catskill, New York 12414-1450
- ---------------------------------------- ---------------
(Address of principal executive officer) (Zip Code)
Registrant's telephone number, including area code: (518) 943-3600
---------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ ] No [ X ]
As of March 31, 1996, there were no shares of the Registrant's common
stock issued and outstanding.
<PAGE>
CATSKILL FINANCIAL CORPORATION
INDEX
Page
Number
--------
PART I. FINANCIAL INFORMATION
Item 1. 1
Item 2. 1
PART II. OTHER INFORMATION 2
SIGNATURES 3
i
<PAGE>
PART I. FINANCIAL INFORMATION
Catskill Financial Corporation (the "Holding Company") was incorporated
under the laws of the State of Delaware for the purpose of becoming the savings
and loan holding company of Catskill Savings Bank (the "Bank") in connection
with the Bank's conversion from a federally chartered mutual savings bank to a
federally chartered stock savings bank (the "Conversion"), pursuant to its Plan
of Conversion. The Plan of Conversion was approved by the Bank's members at a
special meeting held on April 1, 1996. The consummation of the Conversion was
subject to, among other things, the sale of the minimum number of shares offered
and compliance with the conversion approval letter of the Office of Thrift
Supervision. The Holding Company commenced a Subscription Offering of its shares
of common stock on February 12, 1996, in connection with the Conversion. The
Subscription Offering period closed on March 27, 1996. The Conversion was
consummated on April 18, 1996 and 5,686,750 shares of common stock of the
Holding Company were issued at a purchase price of $10.00 per share.
At March 31, 1996, the Holding Company had no material liabilities and
had not conducted any material operations.
1
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CATSKILL FINANCIAL CORPORATION
Date: /s/ Wilbur J. Cross
--------------------------------
Wilbur J. Cross
Chairman of the Board, President
and Chief Executive Officer
(Principal Executive Officer)
Date: /s/ William J. Moore
--------------------------------
William J. Moore
Vice President and Treasurer
(Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 0
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 0
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 0
<INTEREST-LOAN> 0
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 0
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 0
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 0
<INCOME-PRETAX> 0
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
