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Previous: ARONSON & PARTNERS/PA, 13F-HR, 1999-05-17 |
Next: COAST HOTELS & CASINOS INC, 10-Q, 1999-05-17 |
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
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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
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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 1,288 1,154
Sale of FHLB stock (63) --
Net change in real estate held for development (636) 875
Expenditures for premises and equipment (78) (137)
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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) --
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Net cash from financing activities 9,008 19,243
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Net change in cash and cash equivalents (7,329) 2,141
Cash and cash equivalents at beginning of period 10,709 7,812
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Cash and cash equivalents at end of period $ 3,380 $ 9,953
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Supplemental disclosures of cash flow information
Cash paid during the period for interest $ 1,896 $ 1,803
</TABLE>
<PAGE>
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