SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACTIVITIES OF 1934
For the quarterly period ended March 31, 1999
PARK BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State of incorporation)
36-4082530
(IRS Employer Identification No.)
5400 SOUTH PULASKI ROAD, CHICAGO, ILLINOIS
(Address of Principal Executive Offices)
60632
(ZIP Code)
(773) 582-8616
(Registrant's telephone number, including area code)
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 ___x___ No _______
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
As of March 31, 1999, the Registrant had outstanding 2,123,118 shares of common
stock.
<PAGE>
PARK BANCORP, INC.
Form 10-Q Quarterly Report
Index
Page
----
PART I - Financial Information
Item 1 Financial Statements 1
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
Item 3 Quantitative and Qualitative Disclosures About Market Risks 9
PART II - Other Information
Item 1 Legal Proceedings 11
Item 2 Changes in Securities 11
Item 3 Defaults Upon Senior Securities 11
Item 4 Submission of Matters to a Vote of Securities Holders 11
Item 5 Other Information 11
Item 6 Exhibits and Reports on Form 8-K 11
SIGNATURES 12
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1999 1998
---- ----
ASSETS
<S> <C> <C>
Cash and due from banks $ 1,117 $ 1,273
Interest-bearing deposit accounts in other financial institutions 2,263 9,436
------------ ------------
Total cash and cash equivalents 3,380 10,709
Securities available-for-sale 122,297 108,506
Loans receivable, net 77,317 75,776
Federal Home Loan Bank stock 950 887
Real estate held for development 3,581 2,873
Premises and equipment, net 2,519 2,539
Accrued interest receivable 1,699 2,149
Other assets 485 349
------------ ------------
TOTAL ASSETS $ 212,228 $ 203,788
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 148,593 $ 148,350
Securities sold under repurchase agreements 6,554 6,418
Advances from borrowers for taxes and insurance 1,330 1,472
Federal Home Loan Bank advances 19,000 10,000
Accrued interest payable 190 238
Other liabilities 144 287
------------ ------------
Total liabilities 175,811 166,765
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 1,000,000 shares authorized
and unissued -- --
Common stock, $.01 par value, 9,000,000 shares authorized;
2,701,441 shares issued 27 27
Additional paid-in capital 26,142 26,353
Retained earnings 22,637 22,211
Treasury stock at cost - 514,625 shares (8,733) (8,733)
Unearned ESOP shares (1,585) (1,628)
Unearned MRP shares (821) (933)
Accumulated other comprehensive income (1,250) (274)
------------ ------------
Total stockholders' equity 36,417 37,023
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 212,228 $ 203,788
============ ============
</TABLE>
1.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS
ENDED MARCH 31,
---------------
1999 1998
---- ----
<S> <C> <C>
Interest income
Loans receivable $ 1,567 $ 1,495
Securities 1,996 1,948
---------- ----------
Total 3,563 3,443
Interest expense
Deposits 1,713 1,669
Federal Home Loan Bank advances 135 112
---------- ----------
Total 1,848 1,781
---------- ----------
Net interest income 1,715 1,662
Provision for loan losses -- --
---------- ----------
Net interest income after provision for loan losses 1,715 1,662
Noninterest income
Gain on sale of real estate held for development 72 224
Gain on sale of securities available-for-sale -- 3
Service fee income 39 40
Other operating income 30 14
---------- ----------
Total noninterest income 141 281
Noninterest expense
Compensation and benefits 777 683
Occupancy and equipment expense 150 134
Federal deposit insurance premiums 34 32
Data processing services 38 33
Advertising 48 50
Stationery, printing and supplies 31 23
Other operating expense 133 124
---------- ----------
Total noninterest expense 1,211 1,079
---------- ----------
Income before income taxes 645 864
Income tax expense 219 295
---------- ----------
Net income $ 426 $ 569
========== ==========
Basic earnings per share $ .22 $ .26
Diluted earnings per share $ .22 $ .26
</TABLE>
2.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
---------------------
1999 1998
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 426 $ 569
Adjustments to reconcile net income to net cash from
operating activities:
Net discount accretion on securities (62) (12)
Gain on sale of real estate held for development (72) (224)
Gain on sale of securities available-for-sale -- (3)
Depreciation 98 121
ESOP compensation expense 61 84
MRP compensation expense 112 73
Net change in:
Accrued interest receivable 450 (237)
Accrued interest payable (48) (23)
Other assets (136) (157)
Other liabilities 360 778
----------- -----------
Net cash from operating activities 1,189 969
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in loans (1,541) (3,573)
Purchase of securities available-for-sale (40,426) (7,621)
Purchase of securities held-to-maturity -- (28,248)
Proceeds from sales of securities available-for-sale -- 289
Proceeds from maturities and calls of securities available-for-sale 23,930 13,190
Proceeds from maturities and calls of securities held-to-maturity -- 6,000
Principal repayments on mortgage-backed securities 1,228 1,154
Sale of FHLB stock (63) --
Net change in real estate held for development (636) 875
Expenditures for premises and equipment (78) (137)
----------- -----------
Net cash from investing activities (17,526) (18,071)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits 243 6,509
Net change in repurchase agreements 136 2,796
Net change in advances from borrowers for taxes and insurance (142) (62)
Net change in FHLB advances 9,000 10,000
Dividends paid (229) --
----------- -----------
Net cash from financing activities 9,008 19,243
----------- -----------
Net change in cash and cash equivalents (7,329) 2,141
Cash and cash equivalents at beginning of period 10,709 7,812
----------- -----------
Cash and cash equivalents at end of period $ 3,380 $ 9,953
=========== ===========
Supplemental disclosures of cash flow information
Cash paid during the period for interest $ 1,896 $ 1,803
</TABLE>
3.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(IN THOUSANDS)
<TABLE>
<CAPTION>
Accumulated
Additional Unearned Unearned Other Stock-
Common Paid-in Retained ESOP MRP Treasury Comprehensive holders'
Stock Capital Earnings Shares Shares Stock Income Equity
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1998 $ 27 $ 26,222 $ 20,060 $ (1,807) $ (1,226) $ (4,693) $ 18 $ 38,601
Net income -- -- 569 -- -- -- -- 569
Depreciation in fair value of securities
classified as available-for-sale, net of
income taxes -- -- -- -- -- -- (30) (30)
--------
Comprehensive income -- -- -- -- -- -- -- 539
ESOP shares earned -- 40 -- 44 -- -- -- 84
MRP shares earned -- -- -- -- 73 -- -- 73
-------- -------- -------- -------- -------- -------- -------- --------
Balance at March 31, 1998 $ 27 $ 26,262 $ 20,629 $ (1,763) $ (1,153) $ (4,693) $ (12) $ 39,297
======== ======== ======== ======== ======== ======== ======== ========
Balance at January 1, 1999 $ 27 $ 26,353 $ 22,211 $ (1,628) $ (933) $ (8,733) $ (274) $ 37,023
Net income -- -- 426 -- -- -- -- 426
Depreciation in fair value of securities
classified as available-for-sale, net of
income taxes -- -- -- -- -- (976) (976)
--------
Comprehensive income -- -- -- -- -- -- (550)
Dividends paid -- (229) -- -- -- -- -- (229)
ESOP shares earned -- 18 43 -- -- -- 61
MRP shares earned -- -- -- -- 112 -- -- 112
-------- -------- -------- -------- -------- -------- -------- --------
Balance at March 31, 1999 $ 27 $ 26,142 $ 22,637 $ (1,585) $ (821) $ (8,733) $ (1,250) $ 36,417
======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
4.
<PAGE>
PARK BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1999
Note 1 - Basis of Presentation
The accompanying unaudited consolidated financial statements include the
accounts of Park Bancorp, Inc. (Corporation) and its wholly-owned subsidiaries,
Park Federal Savings Bank (Bank) and PBI Development Corporation, and the Bank's
subsidiaries, GPS Corporation and GPS Development Corporation, as of March 31,
1999 and December 31, 1998 and for the three-month periods ended March 31, 1999
and 1998. Material intercompany accounts and transactions have been eliminated
in consolidation.
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all necessary adjustments,
consisting only of normal recurring accruals necessary for a fair presentation,
have been included. The results of operations for the three-month period ended
March 31, 1999 are not necessarily indicative of the results that may be
expected for the entire calendar year. These unaudited consolidated financial
statements should be read in conjunction with the consolidated financial
statements for the year ended December 31, 1998 and the notes thereto.
Note 2 - Summary of Significant Accounting Policies
Securities: Securities are classified as held to maturity and carried at
amortized cost when management has the positive intent and ability to hold them
to maturity. Securities are classified as available for sale when they might be
sold before maturity. Securities available for sale are carried at fair value,
with unrealized holding gains and losses reported separately in shareholders'
equity, net of tax. Realized gains are based on specific identification of
amortized cost Interest income includes amortization of purchase premium or
discount.
Loans: Loans are reported at the principal balance outstanding, net of unearned
interest, deferred loan fees and costs, and an allowance for loan losses.
Interest income is reported on the interest method and includes amortization of
net deferred loan fees and costs over the loan term.
Allowance for Loan Losses: The allowance for loan losses is a valuation
allowance for probable credit losses, increased by the provision for loan losses
and decreased by charge-offs less recoveries. Management estimates the allowance
balance required based on past loan loss experience, known and inherent risks in
the portfolio, information about specific borrower situations and estimated
collateral values, economic conditions, and other factors. Allocations of the
allowance may be made for specific loans, but the entire allowance is available
for any loan that, in management's judgment, should be charged-off.
Earnings Per Share: Basic earnings per share is based on net income divided by
weighted average number of shares outstanding during the period. Diluted
earnings per share shows the dilutive effect of additional common shares
issuable under stock options and unearned Management Recognition Plan (MRP)
shares.
Comprehensive Income: Comprehensive income consists of net income and the
unrealized gains and losses on securities available-for-sale, net of taxes.
5.
<PAGE>
Note 3 - Segment Information
The reportable segments are determined by the products and services offered,
primarily distinguished between banking and real estate development operations.
Loans, investments, and deposits provide the revenues in the banking operation,
and sales of single family residence lots provide the revenues in real estate
development operations. All operations are domestic.
The accounting policies used are the same as those described in the summary of
significant accounting policies. Transactions among segments are made at fair
value. Information reported internally for performance assessment follows for
the three month period ended for the years presented.
<TABLE>
<CAPTION>
Real Estate
Banking Development Total
------- ----------- -----
<S> <C> <C> <C>
1999
- ----
Net interest income $ 1,715 $ -- $ 1,715
Gain on sale of real estate held for development -- 72 72
Other revenue 69 -- 69
Other expenses 1,211 -- 1,211
Income tax expense 219 -- 219
Segment profit 354 72 426
Segment assets 208,645 3,583 212,228
1998
- ----
Net interest income $ 1,662 $ -- $ 1,662
Gain on sale of real estate held for development -- 224 224
Other revenue 57 -- 57
Other expenses 1,079 -- 1,079
Income tax expense 295 -- 295
Segment profit 345 224 569
Segment assets 202,169 1,619 203,788
</TABLE>
Note 4 - Earnings Per Share
The following table presents a reconciliation of the components used to compute
basic and diluted earnings per share for the three month period ended March 31,
1999 and 1998.
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
Net income as reported $ 426 $ 569
Weighted average common
shares outstanding 1,959,230 2,154,162
------------ ------------
Basic earnings per share $ .22 $ .26
============ ============
Net income available to
common shareholders $ 426 $ 569
Weighted average common
shares outstanding 1,959,230 2,154,162
Dilutive effect of MRP -- 6,784
Dilutive effect of stock options -- 31,423
------------ ------------
1,959,230 2,192,369
------------ ------------
Diluted earnings per share $ .22 $ .26
============ ============
</TABLE>
6.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion compares the financial condition of Park Bancorp, Inc.
(Corporation) and its wholly-owned subsidiaries, Park Federal Savings Bank
(Bank) and PBI Development Corporation, and the Bank's subsidiaries, at March
31, 1999 to its financial condition at December 31, 1998 and the results of
operations for the three months ended March 31, 1999 to the same period in 1998.
This discussion should be read in conjunction with the interim financial
statements and footnotes included herein.
FINANCIAL CONDITION
Total assets at March 31, 1999 were $212.2 million compared to $203.8 million at
December 31, 1998, an increase of $8.4 million. During the three months ended
March 31, 1999, cash and cash equivalents decreased by $8.3 million and
securities available-for-sale increased by $13.6 million while loans increased
$1.5 million.
Total liabilities at March 31, 1999 were $175.8 million compared to $166.8
million at December 31, 1998, an increase of $9.0 million, primarily due to
increases in FHLB advances.
Stockholders' equity at March 31, 1999 was $36.4 million compared to $37.0
million at December 31, 1998, a decrease of $600,000. This decrease was
primarily attributable net income offset by the decrease in the fair value of
securities available-for-sale.
RESULTS OF OPERATIONS
Net income decreased to $426,000, or 25.1%, for the quarter ended March 31, 1999
from $569,000 for the quarter ended March 31, 1998. Net interest income was $1.7
million for both three-month periods ended March 31, 1999 and 1998. Although the
Bank's assets grew during the period, the net interest margin decreased to 3.52%
for the 1999 period from 3.70% for the 1998 period.
Noninterest income decreased $140,000 to $141,000 for the quarter ended March
31, 1999 due to lower gains on sale of real estate held for development.
Noninterest expense increased to $1,211,000 for the three-month period ended
March 31, 1999 from $1,079,000 for the three-month period ended March 31, 1998
primarily as a result of increased compensation and benefits due to accelerated
vesting of stock awards resulting from the death of a director.
The Corporation's federal income tax expense decreased to $219,000 for the
three-month period ended March 31, 1999 from $295,000 for the three-month period
ended March 31, 1998. The change in income tax was attributable to the decrease
in income before income taxes.
LIQUIDITY
The Bank is required to maintain minimum levels of liquid assets as defined by
Bank regulators. The Bank's liquidity ratio does fluctuate, but has been in
excess of the required and targeted levels. The Bank's regulatory liquidity at
March 31, 1999 was 54.1%.
At March 31, 1999, the Bank had $2,266,000 in commitments to originate loans and
$2,115,000 in standby letters of credit.
7.
<PAGE>
CAPITAL RESOURCES
The Bank is subject to capital-to-asset requirements in accordance with bank
regulations. The following table summarizes the Bank's regulatory capital
requirements versus actual capital as of March 31, 1999:
ACTUAL REQUIRED EXCESS
------ -------- ------
AMOUNT % AMOUNT % AMOUNT %
------ --- ------ --- ------ ---
Core capital 21,798 11.0 7,913 4.0 13,885 7.0
Risk-based capital 22,298 31.3 5,706 8.0 16,592 23.3
NEW ACCOUNTING STANDARDS
Effective January 1, 1999, Statement of Financial Accounting Standards (SFAS)
No. 134, ACCOUNTING FOR MORTGAGE-BACKED SECURITIES RETAINED AFTER THE
SECURITIZATION OF MORTGAGE LOANS HELD FOR SALE BY A MORTGAGE BANKING ENTERPRISE,
became effective. SFAS No. 134 allows entities with mortgage banking operations
which convert pools of mortgages into securities to classify these securities as
available-for-sale, trading, or held-to-maturity, instead of the current
requirement to classify these pools as trading. This standard is not expected to
have a material effect on the Company.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This report contains certain forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Corporation intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Reform Act of
1995, and is including this statement for purposes of these safe harbor
provisions. Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies and expectations of the Corporation, are
generally identifiable by use of the words "believe", "expect", "intend",
"anticipate", "estimate", "project", or similar expressions. The Corporation's
ability to predict results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material adverse affect on the
operations and future prospects of the Corporation and its wholly-owned
subsidiary include, but are not limited to, changes in: interest rates; general
economic conditions; legislative/regulatory provisions; monetary and fiscal
policies of the U.S. Government, including policies of the U.S. Treasury and the
Federal Reserve Board; the quality or composition of the loan or investment
portfolios; demand for loan products; deposit flows; competition; demand for
financial services in the Corporation's market area; and accounting principles,
policies, and guidelines. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not be placed on
such statements. Further information concerning the Corporation and its
business, including additional factors that could materially affect the
Corporation's financial results, is included in the Corporation's filings with
the SEC.
8.
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The principal objective of the Bank's interest rate risk management function is
to evaluate the interest rate risk included in certain balance sheet accounts;
determine the level of risk appropriate given the Bank's business focus,
operating environment, capital and liquidity requirements, and performance
objectives; and manage the risk consistent with Board approved guidelines.
Through such management, the Bank seeks to reduce the vulnerability of its
operations to changes in interest rates. The Bank monitors its interest rate
risk as such risk relates to its operating strategies. The Bank's executive
committee meets regularly and reviews the Bank's interest rate risk position and
makes recommendations for adjusting such position. In addition, the Bank's Board
of Directors reviews on a quarterly basis the Bank's asset/liability position,
including simulations of the effect on the Bank's capital of various interest
rate scenarios.
The Bank's interest rate sensitivity is monitored by management through the use
of a model which estimates the change in net portfolio value ("NPV") over a
range of interest rate scenarios. NPV is the present value of expected cash
flows from assets, liabilities, and off-balance-sheet contracts. An NPV Ratio,
in any interest rate scenario, is defined as the NPV in that scenario divided by
the market value of assets in the same scenario. The Sensitivity Measure is the
decline in the NPV Ratio, in basis points, caused by a 2% increase or decrease
in rates, whichever produces a larger decline. The higher an institution's
Sensitivity Measure is, the greater its exposure to interest rate risk is
considered to be. The Bank utilizes a market value model prepared by the OTS
(the "OTS NPV model"), which is prepared quarterly, based on the Bank's
quarterly Thrift Financial Reports filed with the OTS. The OTS NPV model
measures the Bank's interest rate risk by approximating the Bank's NPV, which is
the net present value of expected cash flows from assets, liabilities, and any
off-balance-sheet contracts, under various market interest rate scenarios which
range from a 400 basis point increase to a 400 basis point decrease in market
interest rates. The interest rate risk policy of the Bank provides that the
maximum permissible change at a 400 basis point increase or decrease in market
interest rates is a 90% change in the net portfolio value. The OTS has
incorporated an interest rate risk component into its regulatory capital rule.
Under the rule, an institution whose sensitivity measure exceeds 2% would be
required to deduct an interest rate risk component in calculating its total
capital for purpose of the risk-based capital requirement. As of December 31,
1998, the Bank's sensitivity measure, as measured by the OTS, resulting from a
200 basis point increase in interest rates was (0.48)% and would result in a
$1.5 million reduction in the NPV of the Bank. Accordingly, increases in
interest rates would be expected to have a negative impact on the Bank's
operating results. The NPV Ratio sensitivity measure is below the threshold at
which the Bank could be required to hold additional risk-based capital under OTS
regulations.
Certain shortcomings are inherent in the methodology used in the above interest
rate risk measurements. Modeling changes in NPV requires the making of certain
assumptions that may tend to oversimplify the manner in which actual yields and
costs respond to changes in market interest rates. First, the models assume that
the composition of the Bank's interest sensitive assets and liabilities existing
at the beginning of a period remains constant over the period being measured.
Second, the models assume that a particular change in interest rates is
reflected uniformly across the yield curve regardless of the duration to
maturity or repricing of specific assets and liabilities. Third, the model does
not take into account the impact of the Bank's business or strategic plans on
the structure of interest-earning assets and interest-bearing liabilities.
Accordingly, although the NPV measurement provides an indication of the Bank's
interest rate risk exposure at a particular point in time, such measurement is
not intended to and does not provide a precise forecast of the effect of changes
in market interest rates on the Bank's net interest income and will differ from
actual results. The results of this modeling are monitored by management and
presented to the Board of Directors, quarterly.
9.
<PAGE>
The following table shows the NPV and projected change in the NPV of the Bank at
December 31, 1998 assuming an instantaneous and sustained change in market
interest rates of 100, 200, 300, and 400 basis points.
INTEREST RATE SENSITIVITY OF NET PORTFOLIO VALUE (NPV)
<TABLE>
<CAPTION>
NPV as a % of
------------Net Portfolio Value---------- ---------PV of Assets-------
------------------- ------------
Change in Rates $ Amount $ Change % Change NPV Ratio Change
- --------------- -------- -------- -------- --------- ------
<S> <C> <C> <C> <C> <C>
+ 400 bp $ 20,691 $ (3,843) (15.7)% 11.29% -144 bp
+ 300 bp 21,905 (2,629) (10.7) 11.79% -94 bp
+ 200 bp 23,060 (1,474) (6.0) 12.25% -48 bp
+ 100 bp 23,998 (536) (2.2) 12.59% -14 bp
0 bp 24,534 -- -- 12.73% --
- 100 bp 24,589 55 0.2 12.65% -8 bp
- 200 bp 24,409 (125) (0.5) 12.46% -27 bp
- 300 bp 24,426 (108) (0.4) 12.35% -38 bp
- 400 bp 24,043 (491) (2.0) 12.05% -68 bp
</TABLE>
Management has not yet completed the computation of NPV as of March 31, 1999 but
estimates that the results would not be materially different than those
presented above.
10.
<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 SECURITIES HOLDERS.
None
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits - Not applicable.
(b) Reports on Form 8-K. No reports on Form 8-K were
filed by the registrant during the quarter ended
March 31, 1999.
11.
<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.
PARK BANCORP, INC.
Date: May 10, 1999 /s/ David A. Remijas
-------------------------------------
David A. Remijas
President and Chief Executive Officer
Date: May 10, 1999 /s/ Steven J. Pokrak
-------------------------------------
Steven J. Pokrak
Treasurer and Chief Financial Officer
12.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 1,117
<INT-BEARING-DEPOSITS> 2,263
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 122,297
<INVESTMENTS-MARKET> 122,297
<LOANS> 77,817
<ALLOWANCE> 500
<TOTAL-ASSETS> 212,228
<DEPOSITS> 148,593
<SHORT-TERM> 225,554
<LIABILITIES-OTHER> 1,664
<LONG-TERM> 0
0
0
<COMMON> 27
<OTHER-SE> 36,390
<TOTAL-LIABILITIES-AND-EQUITY> 212,228
<INTEREST-LOAN> 1,567
<INTEREST-INVEST> 1,996
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3,563
<INTEREST-DEPOSIT> 1,713
<INTEREST-EXPENSE> 135
<INTEREST-INCOME-NET> 1,715
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,211
<INCOME-PRETAX> 645
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 219
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 500
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 500
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 500
</TABLE>
