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 June 30, 2000
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 August 10, 2000, the Registrant had outstanding 1,602,339 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 8
Item 3 Quantitative and Qualitative Disclosures About Market Risk 10
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
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 Company 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 as amended, 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
Company, are generally identifiable by use of the words "believe," "expect,"
"intend," "anticipate," "estimate," "project," or similar expressions. The
Company'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 Company and its
wholly-owned subsidiaries 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 Company'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 Company and
its business, including additional factors that could materially affect the
Company's financial results, is included in the Company's filings with the
Securities and Exchange Commission.
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
---- ----
ASSETS
<S> <C> <C>
Cash and due from banks $ 1,272 $ 1,389
Interest-bearing deposit accounts in other financial institutions 2,709 2,635
------------ ------------
Total cash and cash equivalents 3,981 4,024
Securities available-for-sale 122,884 124,359
Loans receivable, net 91,251 86,692
Federal Home Loan Bank stock 1,864 1,800
Real estate held for development 161 234
Premises and equipment, net 2,604 2,377
Accrued interest receivable 2,713 2,686
Other assets 3,369 3,855
------------ ------------
TOTAL ASSETS $ 228,827 $ 226,027
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 145,916 $ 145,675
Securities sold under repurchase agreements 17,902 13,185
Federal Home Loan Bank advances 35,000 36,000
Advances from borrowers for taxes and insurance 1,751 1,593
Accrued interest payable 407 296
Other liabilities 1,918 1,920
------------ ------------
Total liabilities 202,894 198,669
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 1,000,000 shares authorized;
none issued or outstanding -- --
Common stock, $.01 par value, 9,000,000 shares authorized;
2,701,441 shares issued 27 27
Additional paid-in capital 26,458 26,436
Retained earnings 24,462 23,990
Treasury stock at cost - 1,050,736 and 860,436 shares, at cost (16,947) (14,294)
Unearned ESOP shares (1,373) (1,456)
Unearned MRP shares (381) (550)
Accumulated other comprehensive income (loss) (6,313) (6,795)
------------ ------------
Total stockholders' equity 25,933 27,358
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 228,827 $ 226,027
============ ============
</TABLE>
See notes to consolidated financial statements.
1
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------------ ------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income
Loans receivable $ 1,746 $ 1,584 $ 3,403 $ 3,151
Securities and other 2,248 2,097 4,513 4,093
---------- ---------- ---------- ----------
Total 3,994 3,681 7,916 7,244
Interest expense
Deposits and repurchase agreements 1,902 1,687 3,720 3,400
Federal Home Loan Bank advances 504 259 963 394
---------- ---------- ---------- ----------
Total 2,406 1,946 4,683 3,794
---------- ---------- ---------- ----------
Net interest income 1,588 1,735 3,233 3,450
Provision for loan losses -- -- -- --
---------- ---------- ---------- ----------
Net interest income after provision for
loan losses 1,588 1,735 3,233 3,450
Noninterest income
Gain on sale of real estate held for development 96 264 151 336
Gain on sale of securities available-for-sale 7 19 7 19
Service fee income 52 40 103 79
Other operating income 29 13 32 43
---------- ---------- ---------- ----------
Total noninterest income 184 336 293 477
Noninterest expense
Compensation and benefits 740 774 1,510 1,551
Occupancy and equipment 152 145 272 295
Data processing 36 39 73 77
Advertising 59 48 100 96
Other operating expenses 171 172 346 370
---------- ---------- ---------- ----------
Total noninterest expense 1,158 1,178 2,301 2,389
---------- ---------- ---------- ----------
Income before income taxes 614 893 1,225 1,538
Income tax expense 199 296 404 515
---------- ---------- ---------- ----------
Net income $ 415 $ 597 $ 821 $ 1,023
========== ========== ========== ==========
Basic earnings per share $ .28 $ .30 $ .54 $ .52
Diluted earnings per share $ .28 $ .30 $ .54 $ .52
Comprehensive income (loss) $ 344 $ (1,483) $ 1,303 $ (2,033)
========== ========== ========== ==========
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
-------------------------
2000 1999
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 821 $ 1,023
Adjustments to reconcile net income to net cash from
operating activities
Net discount accretion on securities (22) (119)
Gain on sale of securities available-for-sale (7) (19)
Gain on sale of real estate held for development (151) (336)
Depreciation 120 184
ESOP compensation expense 105 126
MRP compensation expense 169 181
FHLB stock dividends (64) --
Net change in:
Accrued interest receivable (27) (254)
Accrued interest payable 111 (16)
Other assets 236 (46)
Other liabilities 63 810
---------- ----------
Net cash from operating activities 1,354 1,534
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of securities available-for-sale -- (51,743)
Proceeds from sales, calls, and maturities of securities available-for-sale 125 26,163
Principal repayments on mortgage-backed securities 2,111 3,433
Net change in loans (4,559) (6,200)
Purchases of FHLB stock -- (413)
Net change in real estate held for development 224 (818)
Purchase of premises and equipment (347) (120)
---------- ----------
Net cash from investing activities (2,446) (29,698)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits 241 854
Net change in repurchase agreements 4,717 4,118
Net change in advances from borrowers for taxes and insurance 158 109
Net change in Federal Home Loan Bank advances (1,000) 16,000
Dividends paid (414) (229)
Purchase of treasury stock (2,653) --
---------- ----------
Net cash from financing activities 1,049 20,852
---------- ----------
Net change in cash and cash equivalents (43) (7,312)
Cash and cash equivalents at beginning of period 4,024 10,709
---------- ----------
Cash and cash equivalents at end of period $ 3,981 $ 3,397
========== ==========
Cash paid during the period for
Interest $ 4,572 $ 3,762
Income taxes 471 390
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
Accumulated
Other
Compre- Total
Additional Unearned Unearned hensive Stock-
Common Paid-in Retained ESOP MRP Treasury Income holders'
Stock Capital Earnings Shares Awards Stock (Loss) Equity
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999
----
Balance at January 1, 1999 $ 27 $ 26,353 $ 22,211 $ (1,628) $ (933) $ (8,733) $ (274) $ 37,023
Comprehensive income
Net income -- -- 1,023 -- -- -- -- 1,023
Change in fair value of securities
classified as available-for-sale,
net of reclassification and tax effects -- -- -- -- -- -- (3,056) (3,056)
--------
Total comprehensive income (loss) (2,033)
Dividends declared ($.24 per share) -- -- (484) -- -- -- -- (484)
ESOP shares earned -- 40 -- 86 -- -- -- 126
MRP shares earned -- -- -- -- 181 -- -- 181
-------- -------- -------- -------- -------- -------- -------- --------
Balance at June 30, 1999 $ 27 $ 26,393 $ 22,750 $ (1,542) $ (752) $ (8,733) $ (3,330) $ 34,813
======== ======== ======== ======== ======== ======== ======== ========
2000
----
Balance at January 1, 2000 $ 27 $ 26,436 $ 23,990 $ (1,456) $ (550) $(14,294) $ (6,795) $ 27,358
Comprehensive income
Net income -- -- 821 -- -- -- -- 821
Change in fair value of securities
classified as available-for-sale,
net of reclassification and tax effects -- -- -- -- -- -- 482 482
--------
Total comprehensive income 1,303
Purchase of 190,300 shares of treasury stock -- -- -- -- -- (2,653) -- (2,653)
Dividends declared ($.24 per share) -- -- (349) -- -- -- -- (349)
ESOP shares earned -- 22 -- 83 -- -- -- 105
MRP shares earned -- -- -- -- 169 -- -- 169
-------- -------- -------- -------- -------- -------- -------- --------
Balance at June 30, 2000 $ 27 $ 26,458 $ 24,462 $ (1,373) $ (381) $(16,947) $ (6,313) $ 25,933
======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
PARK BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
(table amounts in thousands of dollars, except share data)
Note 1 - Basis of Presentation
The accompanying unaudited consolidated financial statements include the
accounts of Park Bancorp, Inc. (the Company) and its wholly-owned subsidiaries,
Park Federal Savings Bank (the Bank) and PBI Development Company (PBI), and the
Bank's subsidiaries, GPS Company and GPS Development Company (GPS), as of June
30, 2000 and December 31, 1999 and for the six-month and three-month periods
ended June 30, 2000 and 1999. Significant intercompany accounts and transactions
have been eliminated in consolidation.
The accompanying unaudited interim consolidated financial statements have been
prepared pursuant to the rules and regulations for reporting on Form 10-Q.
Accordingly, certain disclosures required by generally accepted accounting
principles are not included herein. These interim statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's 1999 Annual Report on Form 10-K filed with the
Securities and Exchange Commission. The December 31, 1999 balance sheet
presented herein has been derived from the audited financial statements included
in the Company's 1999 Annual Report on Form 10-K filed with the Securities and
Exchange Commission, but does not include all disclosures required by generally
accepted accounting principles.
Interim statements are subject to possible adjustment in connection with the
annual audit of the Company for the year ending December 31, 2000. In the
opinion of management of the Company, the accompanying unaudited interim
consolidated financial statements reflect all adjustments (consisting of normal
recurring adjustments) necessary for a fair presentation of the consolidated
financial position and consolidated results of operations for the periods
presented.
The results of operations for the six-month and three-month periods ended June
30, 2000 and 1999 are not necessarily indicative of the results to be expected
for the full year.
5
<PAGE>
Note 2 - 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.
Information reported internally for performance assessment follows for the
six-month and three-month periods ended June 30, 2000 and 1999.
<TABLE>
<CAPTION>
Real Estate
Banking Development Total
---------- ----------- ----------
<S> <C> <C> <C>
Six Months Ended June 30, 2000
------------------------------
Net interest income $ 3,233 $ -- $ 3,233
Gain on sale of real estate held for development -- 151 151
Other revenue 142 -- 142
Other expenses 2,301 -- 2,301
Income tax expense 353 51 404
Segment profit 721 100 821
Three Months Ended June 30, 2000
--------------------------------
Net interest income $ 1,588 $ -- $ 1,588
Gain on sale of real estate held for development -- 96 96
Other revenue 88 -- 88
Other expenses 1,158 -- 1,158
Income tax expense 167 32 199
Segment profit 351 64 415
Segment assets as of June 30, 2000 228,666 161 228,827
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Real Estate
Banking Development Total
---------- ----------- ----------
<S> <C> <C> <C>
Six Months Ended June 30, 1999
------------------------------
Net interest income $ 3,450 $ -- $ 3,450
Gain on sale of real estate held for development -- 336 336
Other revenue 141 -- 141
Other expenses 2,389 -- 2,389
Income tax expense 515 -- 515
Segment profit 687 336 1,023
Three Months Ended June 30, 1999
--------------------------------
Net interest income $ 1,735 $ -- $ 1,735
Gain on sale of real estate held for development -- 264 264
Other revenue 72 -- 72
Other expenses 1,178 -- 1,178
Income tax expense 296 -- 296
Segment profit 333 264 597
Segment assets as of June 30, 1999 219,681 4,027 223,708
</TABLE>
Note 3 - Earnings Per Share
The following table presents a reconciliation of the components used to compute
basic and diluted earnings per share for the six-month and three-month periods
ended June 30, 2000 and 1999.
<TABLE>
<CAPTION>
2000 1999
---- ----
Three Months Six Months Three Months Six Months
Ended June 30 Ended June 30 Ended June 30 Ended June 30
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net income as reported $ 415 $ 821 $ 597 $ 1,023
Weighted average common
shares outstanding 1,486,414 1,533,904 1,963,021 1,961,125
---------- ---------- ---------- ----------
Basic earnings per share $ .28 $ .54 $ .30 $ .52
========== ========== ========== ==========
</TABLE>
The effects of stock options and stock awards could potentially dilute basic
earnings per share in the future but were not included in the computation of
diluted earnings per share for the three-month and six-month periods ended June
30, 2000 or 1999 because to do so would have been anti-dilutive.
7
<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.
(Company) and its wholly-owned subsidiaries, Park Federal Savings Bank (Bank)
and PBI Development Corporation, and the Bank's subsidiaries, at June 30, 2000
to its financial condition at December 31, 1999 and the results of operations
for the six-month and three-month periods ended June 30, 2000 to the same
periods in 1999. This discussion should be read in conjunction with the interim
financial statements and footnotes included herein.
FINANCIAL CONDITION
Total assets at June 30, 2000 were $228.8 million compared to $226.0 million at
December 31, 1999, an increase of $2.8 million. The growth in total assets was
primarily funded by securities sold under repurchase agreements. During the six
months ended June 30, 2000, loans increased $4.6 million while securities
available-for-sale decreased $1.5 million.
The allowance for loan losses was $500,000 at both June 30, 2000 and December
31, 1999. There were no impaired loans at either date.
Total liabilities at June 30, 2000 were $202.9 million compared to $198.7
million at December 31, 1999, an increase of $4.2 million, primarily due to
increases in repurchase agreements of $4.7 million. The increase was used to
help fund the growth in loans receivable and repurchase 190,300 shares of the
Company's common stock for treasury.
Stockholders' equity at June 30, 2000 was $25.9 million compared to $27.4
million at December 31, 1999, a decrease of $1.5 million. The decrease was
primarily attributable to the repurchase of 190,300 shares of the Company's
common stock and the declaration of dividends of $349,000, partially offset by
net income of $821,000.
RESULTS OF OPERATIONS
Net income decreased $182,000 to $415,000 for the quarter ended June 30, 2000
compared to the same period in 1999. Net income decreased $202,000 to $821,000
for the six months ended June 30, 2000 compared to the six months ended June 30,
1999. Fluctuations on net income are discussed below.
Net interest income was $1.6 million for the quarter ended June 30, 2000
compared to $1.7 million for the same period in 1999. Net interest income
decreased to $3.2 million for the six-month period ended June 30, 2000 compared
to $3.4 million for the same period in 1999. Although the Company's assets grew
during the period, the net interest margin decreased to 2.90% and 2.98% for the
three months and six months ended June 30, 2000, respectively, from 3.36% and
3.41% for the three months and six months ended June 30, 1999, respectively. The
decreases in interest margins are primarily due to higher market interest rates
and higher average balances of Federal Home Loan Bank advances in 2000 compared
to the same periods in 1999.
The provision for loan losses was zero for the quarters and six-month periods
ended June 30, 2000 and 1999. Management believes that the allowance is adequate
based on: the low level of past due loans in the portfolio; actual loss
experience; and current economic conditions. Most of the Company's loans are
secured by first mortgages.
Noninterest income decreased $152,000 to $184,000 and decreased $184,000 to
$293,000 for the three-month and six-month periods ended June 30, 2000,
respectively, compared to the same periods in 1999. These decreases are
primarily due to lower gains on sale of real estate held for development and
less miscellaneous income. Lot sales decreased in 2000 as a result of high
demand early in the project development stages during 1999 with few remaining
lots available in 2000.
8
<PAGE>
Noninterest expense was $1.2 million for the quarters ended June 30, 2000 and
1999, and $2.3 million and $2.4 million for the six months ended June 30, 2000
and 1999, respectively. There were no significant changes in the various
categories of non-interest expense during these comparative periods.
The Company's federal income tax expense decreased $97,000 to $199,000 for the
quarter ended June 30, 2000 compared to the same period in 1999, while income
tax expense decreased $111,000 to $404,000 for the six-month period ended June
30, 2000 compared to the same period in 1999. Income tax expense was
approximately 33% of pre-tax income in each period.
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
June 30, 2000 was 60.36%.
At June 30, 2000, the Bank had $4.9 million in commitments to originate loans
and $2.5 million in standby letters of credit.
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 June 30, 2000:
<TABLE>
<CAPTION>
ACTUAL REQUIRED EXCESS
AMOUNT % AMOUNT % AMOUNT %
------ --- ------ --- ------ ---
<S> <C> <C> <C> <C> <C> <C>
Core capital $ 24,596 11.3% $ 8,740 4.0% $ 15,856 7.3%
Risk-based capital 25,096 28.2 7,109 8.0 17,987 20.2
</TABLE>
9
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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 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 purposes of the risk-based capital
requirement. As of March 31, 2000, the Bank's most recent sensitivity measure,
as measured by the OTS, resulting from a 200 basis point increase in interest
rates was (1.18)% and would result in a $3.2 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.
The following table shows the NPV and projected change in the NPV of the Bank at
March 31, 2000 assuming an instantaneous and sustained change in market interest
rates of 100, 200, and 300 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>
+ 300 bp $ 19,426 $ (4,756) (19.67)% 9.53% -182 bp
+ 200 bp 21,025 (3,157) (13.06) 10.16 -118 bp
+ 100 bp 22,657 (1,525) (6.31) 10.79 -56 bp
0 bp 24,182 -- -- -- --
- 100 bp 25,219 1,037 4.29 11.68 34 bp
- 200 bp 25,144 962 3.98 11.56 21 bp
- 300 bp 24,863 681 2.82 11.34 -1 bp
</TABLE>
Management has not yet completed the computation of NPV as of June 30, 2000 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.
The annual meeting of stockholders was held on April 18, 2000.
David A. Remijas and Robert W. Krug were elected to three-year
terms as directors. In addition, the stockholders ratified the
selection of Crowe, Chizek and Company LLP as independent
public accountants for the Company for the year ending
December 31, 2000.
Directors of the Company whose terms of office continued after
meeting are as follows:
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 June 30, 2000.
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: August 11, 2000 /s/ David A. Remijas
--------------------------------------
David A. Remijas
President and Chief Executive Officer
Date: August 11, 2000 /s/ Steven J. Pokrak
--------------------------------------
Steven J. Pokrak
Treasurer and Chief Financial Officer
12
