<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
Commission File Number: 0-21385
-------
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Indiana 31-1463057
- ----------------------- -----------------
(State of incorporation) (I.R.S. Employer
Identification No.)
3002 Harrison Avenue, Cincinnati, Ohio 45211-5789
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(513) 661-5735
--------------
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 require-
ments for the past ninety days: Yes [ ] No [X]. The
registrant has not been subject to the reporting requirements of
the Exchange Act for the past 90 days.
As of June 30, 1996, there were no shares of the registrant's
Common Stock, par value $0.01 per share issued and outstanding.
Transitional small business disclosure format (check one):
Yes [ ] No [X]
<PAGE>
<PAGE>
CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Statements of Financial Condition as of
June 30, 1996 (unaudited) and December 31, 1995 1
Statements of Operations for the Three- and
Six-Month Periods Ended June 30, 1996 and 1995 2
Statements of Retained Income as of June 30, 1996
(unaudited) and December 31, 1995 3
Statements of Cash Flows for the Six-Month Periods
Ended June 30, 1996 and 1995 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings 10
Item 2. Changes in Securities 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of
Security-Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
SIGNATURES
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
--------------------
THE WESTWOOD HOMESTEAD SAVINGS BANK
Statements of Financial Condition
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
--------- -------------
Assets
<S> <C> <C>
Cash and cash equivalents $ 649,184 $ 869,124
Securities available for sale 982,315 993,460
Mortgage backed securities available
for sale 15,324,877 17,380,012
Loans held for sale 693,279 1,697,114
Loans receivable 78,045,144 73,245,098
Stock in Federal Home Loan Bank 921,000 889,900
Accrued interest receivable 529,126 507,714
Premises and equipment, net 610,671 590,871
Income taxes 232,568 364,978
Prepaid expenses and other assets 442,399 99,740
----------- -----------
Total assets 98,430,564 96,638,011
=========== ===========
Liabilities and retained income
Deposits 82,787,106 81,748,061
Federal Home Loan Bank advances 1,133,170 138,604
Advances from borrowers for taxes
and insurance 105,305 501,491
Accrued expenses and other
liabilities 42,123 59,833
----------- -----------
Total liabilities 84,067,704 82,447,989
=========== ===========
Contingencies (Note 3)
Retained income:
Retained income 14,733,432 14,517,003
Net unrealized loss on securities
available for sale (370,572) (326,981)
----------- -----------
Total retained income 14,362,860 14,190,022
----------- -----------
Total liabilities and retained
income $98,430,564 $96,638,011
=========== ===========
</TABLE>
See accompanying notes to financial statements.
1<PAGE>
<PAGE>
THE WESTWOOD HOMESTEAD SAVINGS BANK
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ----------------------
1996 1995 1996 1995
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $1,546,442 $1,407,391 $3,050,426 $2,808,967
Mortgage backed securities 263,685 529,291 534,054 1,094,862
Investment securities and
interest bearing deposits
with banks 42,121 44,802 82,839 86,592
---------- ---------- ---------- ----------
Total interest income 1,852,248 1,981,483 3,667,319 3,990,421
---------- ---------- ---------- ----------
Interest expense:
Deposits 1,207,538 1,258,076 2,415,042 2,503,332
Borrowings 4,304 109,551 7,119 237,374
---------- ---------- ---------- ----------
Total interest expense 1,211,842 1,367,627 2,422,162 2,740,705
---------- ---------- ---------- ----------
Net interest income 640,407 613,857 1,245,157 1,249,715
Provision for loan losses 15,082 -- 30,169 --
Net interest income after
provision for loan losses 625,325 613,857 1,214,988 1,249,715
---------- ---------- ---------- ----------
Non-interest income (loss):
Gain(loss) on sale of
securities 7,270 (592,225) 4,458 (592,225)
Gain on loan sales 1,397 -- 36,570 --
Service charges and fees 14,990 21,467 28,161 50,775
---------- ---------- ---------- ----------
Total non-interest income(loss) 23,657 (570,758) 69,188 (541,450)
---------- ---------- ---------- ----------
Non-interest expense:
Compensation and benefits 238,230 185,855 476,372 370,533
Occupancy costs 30,335 23,369 63,188 47,055
Franchise tax 46,800 40,198 99,300 93,448
Federal deposit insurance
premiums 46,759 53,610 93,017 107,221
Data processing 19,862 16,577 41,284 38,417
Legal, accounting and
examination fees 23,176 17,461 39,716 30,846
Consulting fees 5,586 33,893 23,268 33,893
Advertising 14,718 9,017 24,602 21,960
Unrealized loss-loans
held for sale 13,457 -- 21,085 --
Other 39,397 41,563 74,415 75,417
---------- ---------- ---------- ----------
Total non-interest expense 478,319 421,543 956,248 818,790
---------- ---------- ---------- ----------
Income (loss) before tax 170,663 (378,445) 327,929 (110,525)
Income tax expense (benefit) 58,000 (91,600) 111,500 --
---------- ---------- ---------- ----------
Net income (loss) $ 112,663 $ (286,845) $ 216,429 $ (110,525)
========== ========== ==========
==========
</TABLE>
See accompanying notes to financial statements
2<PAGE>
<PAGE>
THE WESTWOOD HOMESTEAD SAVINGS BANK
Statements of Changes in Retained Income
(Unaudited)
<TABLE>
<CAPTION>
Unrealized
Retained loss on securities
income available for sale Total
--------- ------------------ -------
<S> <C> <C> <C>
Balance at December 31, 1995 $14,517,003 $(326,981) $14,190,022
Net income 216,429 -- 216,429
Unrealized loss securities
available for sale-net -- (43,591) (43,591)
----------- --------- -----------
Balance at June 30, 1996 $14,733,432 $(370,572) $14,362,860
=========== =========
===========
</TABLE>
See accompanying notes to financial statements.
3<PAGE>
<PAGE>
THE WESTWOOD HOMESTEAD SAVINGS BANK
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended June 30,
----------------------------
1996 1995
--------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net income(loss) $ 216,429 $ (110,525)
Adjustments to reconcile net income (loss):
Net amortization of premium and discounts 6,726 16,851
Depreciation of premises and equipment 30,321 27,314
Federal Home Loan Bank stock dividend (31,100) (27,600)
Deferred income taxes 15,057 (23,201)
Accretion of net loan fees deferred 3,861 (12,593)
Provision for loan loss 30,169 --
Loss (gain)on securities sales (4,457) 592,225
Gain on loan sales (36,569) --
Net loans originated held for sale (437,079) --
Proceeds from sale of loans held for sale 1,477,483 --
Change in:
Accrued interest receivable (21,412) 49,166
Prepaid expenses and other assets (342,660) (126,981)
Accrued expenses (45,910) (112,924)
Income taxes 168,012 (58,743)
----------- ------------
Net cash provided by operating activities 1,028,871 212,989
============ ============
Cash from investing activities:
Proceeds from sale of mortgage backed
securities 1,667,340 15,222,137
Principal payments on mortgage backed
securities 330,621 1,075,472
Net (increase) decrease in loans
receivable (4,834,076) 306,678
Additions to premises and equipment (50,121) (9,899)
Sale of Federal Home Loan Bank stock -- 13,400
------------ ------------
Net cash (used in)provided by
investing activities (2,886,236) 16,607,788
------------ ------------
Cash flow from financing activities
Net increase (decrease) in deposits 1,039,046 (7,116,385)
Increase (decrease) in Federal funds purchased 1,000,000 (2,200,000)
Short term Federal Home Loan Bank advances -- (5,200,000)
Long term Federal Home Loan Bank advances
repayment (5,434) (5,004)
Net decrease in advances from borrowers for
taxes and insurance (396,187) (442,502)
------------ ------------
Net cash provided by (used in) financing
activities 1,637,425 (14,963,891)
------------ ------------
Net (decrease)increase in cash and
cash equivalents (219,940) 1,856,886
Beginning cash and cash equivalents 869,124 747,804
------------ ------------
Ending cash and cash equivalents $ 649,184 $ 2,604,690
============ ============
</TABLE>
See accompanying notes to financial statements
4<PAGE>
<PAGE>
THE WESTWOOD HOMESTEAD SAVINGS BANK
Note to Financial Statements
(Unaudited)
June 30, 1996 and December 31, 1995
(1) WESTWOOD HOMESTEAD FINANCIAL CORPORATION
----------------------------------------
Westwood Homestead Financial Corporation ("The Company")
was incorporated under the laws of the State of Indiana for
the purpose of becoming a holding company for Westwood
Homestead Savings Bank ("The Bank") as part of the
conversion of the Bank from mutual to stock form (the
"Conversion"). The Company is headquartered in Cincinnati,
Ohio and its business activities will initially be limited
to the State of Ohio. Upon consummation of the Conversion,
the Company's primary assets will be the outstanding
capital stock of the Bank, a portion of the net proceeds of
the Conversion, and a note receivable from the Company's
Employee Stock Ownership Plan. The Plan of Conversion was
approved by the Bank's members at a special meeting held
September 11, 1996. The consummation of the Conversion
will be subject to, among other things, nonobjection of the
Federal Deposit Insurance Corporation ("FDIC"). The
Company commenced on August 15, 1996, a Subscription and
Community Offering of its shares in connection with the
Conversion ("the Offering"). It is anticipated that the
offering will close in late September 1996.
The Company has not transacted any material business
activities to date other than those associated with the
preparations for the issuance of stock. Accordingly, the
financial statements included herein are for the Bank only.
(2) BASIS OF PRESENTATION.
---------------------
The accompanying unaudited financial statements were
prepared in accordance with instructions for Form 10-Q and
therefore, do not include all disclosures necessary for a
complete presentation of the statements of financial
condition, statements of operations, statements of retained
income and statements of cash flows in conformity with
generally accepted accounting principles. However, all
adjustments which are, in the opinion of management,
necessary for the fair presentation of the interim
financial statements have been included. The statements of
income for the three and six month periods ended June 30,
1996 are not necessarily indicative of the results which
may be expected for the entire year.
(3) CONTINGENCIES.
-------------
Although the Bank, from time to time, is involved in
various legal proceedings in the normal course of business,
there are no material legal proceedings to which the Bank
is a party or to which any of its property is subject.
5<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 1996 AND DECEMBER
31, 1995
Assets. Total assets increased $1.8 million, or 1.8% from
$96.6 million at December 31, 1995 to $98.4 million at June 30,
1996. The increase was primarily due to an increase of $4.8
million, or 6.6%, in loans receivable, net, partially offset by a
decrease of $2.1 million in mortgage backed securities and $1.0
million in loans held for sale. Prepaid expenses and other
assets increased $343,000 during the six months ended June 30,
1996 due to annual prepaid expenses and deferred Conversion
related expenses to be paid from Conversion proceeds.
The increase in loans receivable was primarily due to an increase
in one-to-four family adjustable rate loans. Mortgage backed
securities decreased primarily due to $1.7 million in sales and
$300,000 in normal repayments. The net decrease in loans held
for sale represents $1.5 million in loans sold offset by $400,000
of originations.
Liabilities. The Bank's deposits increased $1.0 million
from $81.7 million at December 31, 1995 to $82.7 at June 30, 1996
primarily due to increased certificate balances. Short term
Federal Home Loan Bank advances increased $1.0 million during the
six month period to fund loan growth of the Bank.
Retained Income. Retained income increased $173,000 to
$14.4 million at June 30,1996 from $14.2 million at December 31,
1995. This increase was due to net income of $216,000 offset by
an increase in net unrealized loss on securities available for
sale of $44,000, net of tax.
COMPARISON OF OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS
ENDED JUNE 30, 1996 AND 1995
Net Income. Net income increased $400,000 to $113,000 for
the quarter ended June 30, 1996 from a loss of $287,000 for the
quarter ended June 30, 1995. The increase was primarily due to
the loss on sale of securities available for sale of $592,000
during the quarter ended June 30, 1995 compared to a $7,000 gain
on sale of securities during the quarter ended June 30, 1996.
Net income increased $327,000 to $216,000 for the six months
ended June 30, 1996 from a loss of $111,000 for the six months
ended June 30, 1995. This increase also relates to the $592,000
loss on sale of securities available for sale during the six
months ended June 30, 1995.
Net Interest Income. Net interest income increased $26,000,
or 4.2%, to $640,000 for the quarter ended June 30, 1996 from
$614,000 for the quarter ended June 30, 1995. This increase was
primarily due to an increase of 8 basis points in the net
interest rate spread to 1.82% for the quarter ended June 30, 1996
from 1.74% for the quarter ended June 30, 1995. Net interest
income decreased $5,000 to $1,245,000 for the six months ended
June 30, 1996 from $1,250,000 for the six months ended June 30,
1995.
Interest Income. Interest income decreased $129,000, or
6.5%, to $1,852,000 for the quarter ended June 30, 1996 from
$1,981,000 for the quarter ended June 30, 1995. This decrease
was due primarily to a decrease of $5.7 million, or 5.6%, in
average interest earning assets to $96.8 million for the quarter
ended June 30, 1996 from $102.5 million for the quarter ended
June 30, 1995. Interest income on loans receivable increased
$139,000, or 9.9%, to $1,546,000 for the quarter ended June 30,
1996 from $1,407,000 for the quarter ended June 30, 1995.
Interest income on mortgage backed securities decreased $265,000,
or 50.0%, to $264,000 for the quarter ended June 30, 1996 from
$529,000 for the quarter ended June 30, 1995. This shift in
interest income relates directly to the changes in the Statements
of Financial Condition designed to reemphasize higher yielding
mortgage originations
6<PAGE>
<PAGE>
funded with local deposits. Interest income decreased $323,000,
or 8.1%, to $3,667,000 for the six month ended June 30, 1996 from
$3,990,000 for the six months ended June 30, 1995. This decrease
was due primarily to a decrease of $11.4 million, or 10.6%, in
average interest earning assets to $95.9 million for the six
months ended June 30, 1996 from $107.3 million for the six months
ended June 30, 1995. The average yield on interest earning
assets increased 21 basis points to 7.65% for the six months
ended June 30, 1996 from 7.44% for the six months ended June 30,
1995. The decrease in the average yield on loans receivable from
8.03% for the six months ended June 30, 1995 to 7.99% for the six
months ended was more than offset by the change in mix of the
Statements of Financial Condition.
Interest Expense. Interest expense decreased $156,000, or
11.4%, to $1,212,000 for the quarter ended June 30, 1996 from
$1,368,000 for the quarter ended June 30, 1995, This decrease was
due primarily to a decrease in average interest bearing
liabilities of $8.3 million, or 9.1%, to $83.1 million for the
quarter ended June 30, 1996 from $91.4 million for the quarter
ended June 30, 1995. Interest expense decreased $319,000, or
11.6%, to $2,422,000 for the six months ended June 30, 1996 from
$2,741,000 for the six months ended June 30, 1995. A decrease
in the average balance of interest bearing liabilities of $12.6
million, or 13.2% more than offset an increase in the average
cost to 5.85% for the six months ended June 30, 1996 from 5.73%
for the six months ended June 30, 1995. The decrease in deposits
was due primarily to maturing out of state certificates that did
not renew.
Provision for Loan Losses. The Bank established provisions
for loan losses of $15,000 and $30,000 during the quarter and six
months ended June 30, 1996, respectively, as compared to no
provisions for the quarter and six months ended June 30, 1995.
This increase was due primarily to the inherent risk associated
with the recently developed loan products which have been
implemented to diversify the loan portfolio.
Non-Interest Income. Total non-interest income increased
$595,000 to $24,000 for the quarter ended June 30, 1996 from a
negative $571,000 for the quarter ended June 30, 1995. The
primary cause for the increase was the absence of the loss on
sale of securities available for sale of $592,000 during the
quarter ended June 30, 1996. Service charges and fees decreased
$6,000, or 29.6%, to $15,000 for the quarter ended June 30, 1996
from $21,000 for the quarter ended June 30, 1995. This decrease
was due primarily to unusually high number of early withdrawal
penalties collected during the quarter ended June 30, 1995. Non
interest income increased $610,000 to $69,000 for the six months
ended June 30, 1996 from a negative $541,000 for the six months
ended June 30, 1995. The Bank recognized a $37,000 gain on loan
sales during the six months ended June 30, 1996.
Non-Interest Expense. Non-interest expense increased
$56,000, or 13.2%, to $478,000 for the quarter ended June 30,
1996 from $422,000 for the quarter ended June 30, 1995.
Compensation and benefits increased $52,000, or 28.0%, during the
quarter ended June 30, 1996 as compared to the quarter ended June
30, 1995 primarily due to increased staffing levels and expenses
relating to the Directors' Retirement Plan. Consulting fees
decreased $28,000 for the quarter ended June 30, 1996 as compared
to the quarter ended June 30, 1995 primarily due to the absence
of the costs incurred in 1995 to evaluate the securities
portfolio. Non-interest expense increased $137,000, or 16.7%,
to $956,000 for the six months ended June 30, 1996 from $819,000
for the six months ended June 30, 1995. The Bank recently
started originating loans for sale in the secondary market to
increase fee income. As of June 30, 1996 the Bank's loans held
for sale were carried at market value resulting in an unrealized
loss of $21,000. Management anticipates selling these loans in
an easing interest rate environment.
Income Taxes. The Bank's income tax expense increased
$150,000 to $58,000 for the quarter ended June 30, 1996 from a
negative $92,000 for the quarter ended June 30, 1995. The loss on
securities sales incurred during the quarter ended June 30, 1995
eliminated taxable income for the period. Income tax expense
increased to $111,000 for the six months ended June 30, 1996 from
zero for the six months ended June 30, 1995. The Bank did not
have taxable income for the six months ended June 30, 1995 due to
the loss on sale of securities available for sale.
7<PAGE>
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents decreased 25.3% to $649,000 for
the six months ended June 30. 1996 while advances from Federal
Home Loan Bank increased $1.0 million to fund loan growth.
Following the completion of the Conversion, the Bank will receive
at least 50% of the net proceeds from the Conversion. The Bank
plans to use these funds to payoff the short term advances and
rebuild its liquidity portfolio. This portfolio will be used to
accommodate fluctuations in daily operations.
At June 30, 1996, the Bank exceeded all regulatory minimum
capital requirements. The following table reconciles the Bank's
retained income as reported in the financial statements at June
30, 1996 to its tangible, core and risk-based capital levels and
compares such totals to the regulatory requirements.
<TABLE>
<CAPTION>
Percent of
Amount avg. assets
------ -----------
<S> <C> <C>
Tangible capital:
Actual $14,733,431 15.01%
Requirement 1,472,769 1.50%
----------- -----
Excess 13,260,662 13.51%
============ =====
Core capital:
Actual 14,733,431 15.01%
Requirement 2,945,537 3.00%
----------- -----
Excess 11,787,894 12.01%
============ =====
Risk-based capital
Actual 14,865,309 30.39%
Requirement 3,913,520 8.00%
----------- -----
Excess $10,951,789 22.39%
=========== =====
</TABLE>
8<PAGE>
<PAGE>
DISPARITY BETWEEN SAIF AND BIF INSURANCE PREMIUMS; SAIF SPECIAL
ASSESSMENT
The Bank's savings deposits are insured by the SAIF, which
is administered by the FDIC. The assessment rate currently
ranges from 0.23% of deposits for well capitalized institutions
to 0.31% of deposits for undercapitalized institutions. The FDIC
also administers the Bank Insurance Fund ("BIF"), which has the
same designated reserve ratio as the SAIF. The deposit insurance
assessment rate for most commercial banks and other depository
institutions with deposits insured by the BIF ranges from .27% of
insured deposits for undercapitalized BIF-insured institutions to
a statutory minimum of $2,000 annually for well-capitalized
institutions, which constitute over 90% of the BIF-insured
institutions. The existing substantial disparity in the deposit
insurance premiums paid by BIF and SAIF members places SAIF-
insured savings institutions such as the Bank at a significant
competitive disadvantage to BIF-insured institutions.
In September 1995, Congress began consideration of a
recapitalization plan for the SAIF. The purpose of the plan is
to eliminate the significant disparity between deposit insurance
rates paid by savings associations such as the Bank and most
commercial banks. This disparity has adversely affected the
Bank's competitive position vis-a-vis its commercial banking
competitors which are insured by the BIF. In April 1996, there
was an attempt to attach legislation that would have provided for
a special one-time assessment to recapitalize the SAIF and would
have spread the interest payments on obligations issued by the
Financing Corporation on all FDIC-insured institutions. Such
attempt was unsuccessful. The Bank cannot predict whether this
proposed legislation will be enacted in the future or, if
enacted, what its final form will be.
The following summarizes the major provisions of the
legislation as most recently considered by Congress. As part of
the continuing resolution, Congress proposed to authorize the
FDIC to assess a one-time fee on institutions, like the Bank,
with deposits insured by the SAIF in order to increase the SAIF's
reserves to the 1.25% of insured deposits required by the Federal
Deposit Insurance Act ("FDIA"). The amount of such assessment
would be determined by the FDIC based on the amount of reserves
in the SAIF, the amount of insured deposits and such other
factors as the FDIC deemed appropriate. The amount of such
assessment for an individual institution would have been based on
its SAIF-assessable deposits as of March 31, 1995 and was
expected to range between 0.85% and 0.90% of such deposits. The
special assessment would have been required to be accrued in the
quarter in which the legislation was passed by Congress and would
have been due on such date as the FDIC prescribed within 60 days
of enactment of the legislation. The proposed legislation
provided for the merger of the SAIF and the BIF into a single
Deposit Insurance Fund effective January 1, 1998 if no insured
depository institution was a savings association on the date.
Based on its deposits as of March 31, 1995, the Bank would have
been required to pay a special assessment of approximately
$805,000 on a pre-tax basis if it is assessed at the rate of
0.90% of SAIF-assessable deposits.
9<PAGE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
- ------------------------
Although the Bank, from time to time, is involved in various
legal proceedings in the normal course of business, there are no
material legal proceedings to which the Bank is a party or to
which any of its property is subject.
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
- -----------------------------------------
(a) Exhibits. The following exhibits are being filed with
-------- this report.
Exhibit Description
------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K. None
-------------------
10<PAGE>
<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.
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Date: September 20, 1996 By: /s/ Michael P. Brennan
-----------------------------
Michael P. Brennan
(Principal Executive Officer)
Date: September 20, 1996 By: /s/ John E. Essen
-----------------------------
John E. Essen
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 464,936
<INT-BEARING-DEPOSITS> 1,559
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 16,310,192
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 78,178,707
<ALLOWANCE> 131,878
<TOTAL-ASSETS> 98,430,564
<DEPOSITS> 82,787,106
<SHORT-TERM> 1,000,000
<LIABILITIES-OTHER> 42,123
<LONG-TERM> 133,170
0
0
<COMMON> 0
<OTHER-SE> 14,362,860
<TOTAL-LIABILITIES-AND-EQUITY> 98,430,564
<INTEREST-LOAN> 1,546,442
<INTEREST-INVEST> 263,685
<INTEREST-OTHER> 42,121
<INTEREST-TOTAL> 1,852,248
<INTEREST-DEPOSIT> 1,207,538
<INTEREST-EXPENSE> 1,211,842
<INTEREST-INCOME-NET> 640,407
<LOAN-LOSSES> 15,082
<SECURITIES-GAINS> 7,270
<EXPENSE-OTHER> 39,397
<INCOME-PRETAX> 170,663
<INCOME-PRE-EXTRAORDINARY> 170,663
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 112,663
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 7.65
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 116,796
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 131,878
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 131,878
</TABLE>
