<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from ________ to ________
Commission file number ____________
Emerald Isle Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Massachusetts 04-3300934
(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
730 Hancock Street
Quincy, Massachusetts, 02170
(Address of principal executive offices)
(617) 479-5001
(Issuer's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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 [ ]
State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: July 31, 1997, Common Stock-
Par Value $1.00 2,247,806 shares outstanding.
<PAGE>
EMERALD ISLE BANCORP, INC.
INDEX
<TABLE>
Page Number
-----------
<S> <C>
Cover Page........................................................ 1
Index............................................................. 2
PART I--FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
Balance Sheet--June 30, 1997and December 31, 1996......... 3
Statement of Income-Six months ended
June 30, 1997 and 1996.................................... 4
Statement of Changes in Stockholders' Equity-Six months
ended June 30, 1997 and 1996.............................. 5
Statement of Cash Flows-Six months ended
June 30, 1997 and 1996.................................... 6
Notes to Financial Statements............................. 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations....................... 8
PART II-OTHER INFORMATION
Item 1. Legal Proceedings......................................... 14
Item 6. Exhibits and Reports on Form 8-K.......................... 14
</TABLE>
<PAGE>
EMERALD ISLE BANCORP, INC
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
30-JUN-97
(UNAUDITED) 31-DEC-96
-------------- --------------
<S> <C> <C> <C>
ASSETS:
Total cash and due from banks..................................... $ 4,675,152 $ 5,521,299
Short term investments............................................ 4,235,000 11,679,798
Securities held to maturity....................................... 77,319,673 83,512,156
Securities available for sale..................................... 35,589,935 33,431,990
Loans, net........................................................ 288,590,833 263,208,189
Banking premises & equipment, net................................. 9,519,631 7,711,423
Accrued interest receivable....................................... 2,559,863 2,501,071
Other real estate owned........................................... 165,000 0
Other assets...................................................... 2,358,896 2,072,839
-------------- --------------
Total assets.................................................. $ 425,013,983 $ 409,638,765
-------------- --------------
-------------- --------------
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Now & demand deposits........................................... $ 34,365,279 $ 31,190,026
Money market accounts........................................... 38,032,892 37,811,552
Other deposits.................................................. 52,282,401 47,771,658
Term certificates accounts...................................... 237,566,097 220,316,691
-------------- --------------
Total deposits................................................ 362,246,669 337,089,927
Federal Home Loan Bank advances................................... 30,668,000 41,668,000
Mortgagors' escrow payments....................................... 1,241,019 1,371,878
Income taxes payable.............................................. 144,764 643,901
Other liabilities................................................. 644,705 928,672
-------------- --------------
Total liabilities............................................. 394,945,157 381,702,378
Commitments and contingencies
STOCKHOLDERS' EQUITY
Serial preferred stock, $1.00 par value 1,000,000 shares
authorized: none issued........................................ 0 0
Common stock, $1.00 par value, 5,000,000 shares authorized
2,245,660 and 2,210,888 shares issued and outstanding.......... 2,245,660 2,210,888
Additional paid-in-capital...................................... 12,054,510 11,586,709
Undivided profits............................................... 15,866,473 14,329,844
Net unrealized (loss)/gain on securities available for sale..... (97,817) (191,054)
-------------- --------------
Total stockholders' equity.................................... 30,068,826 27,936,387
-------------- --------------
Total Liabilities & Stockholders' Equity.................... $ 425,013,983 $ 409,638,765
-------------- --------------
-------------- --------------
</TABLE>
3
<PAGE>
EMERALD ISLE BANCORP, INC
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1997 JUNE 30, 1996
------------- ------------- ------------- -------------
<CAPTION>
UNAUDITED
<S> <C> <C> <C> <C>
INTEREST & DIVIDEND INCOME
Interest on loans................................ $ 6,350,939 $ 4,901,007 $ 12,244,724 $ 9,746,058
Income & dividends on investment securities...... 1,742,795 1,951,116 3,578,848 3,864,371
Interest on short-term investments............... 47,573 18,942 141,926 54,773
------------- ------------- ------------- -------------
Total interest & dividend income............... 8,141,307 6,871,065 15,965,498 13,665,202
INTEREST EXPENSE
Interest on deposits............................. 4,017,588 3,384,405 7,925,097 6,763,900
Interest on borrowed funds....................... 478,423 605,973 991,447 1,176,350
------------- ------------- ------------- -------------
Total interest & dividend expense.............. 4,496,011 3,990,378 8,916,544 7,940,250
------------- ------------- ------------- -------------
Net interest income.............................. 3,645,296 2,880,687 7,048,954 5,724,952
Provision for possible loan losses............... 100,000 66,333 200,000 1,086,333
------------- ------------- ------------- -------------
Net interest income after loan loss provision.. 3,545,296 2,814,354 6,848,954 4,638,619
------------- ------------- ------------- -------------
OTHER INCOME
Gains (losses) securities sales.................. -- (921) (24,375) 53,280
Gains (losses) real estate sale.................. -- -- (3,508) (12,948)
Gains (losses) on loan sales net................. 6,715 159 394 10,201
Miscellaneous.................................... 165,853 157,595 348,384 334,398
------------- ------------- ------------- -------------
Total other income............................. 172,568 156,833 320,895 384,931
------------- ------------- ------------- -------------
OPERATING EXPENSES
Salaries & employee benefits..................... 1,157,548 1,017,189 2,254,145 2,006,870
Net occupancy & Equipment........................ 406,830 329,236 787,593 648,203
Other real estate owned.......................... 2,211 21,609 2,292 48,320
Other noninterest expenses....................... 632,854 471,048 1,340,881 988,915
------------- ------------- ------------- -------------
Total operating expenses....................... 2,199,443 1,839,082 4,384,911 3,692,308
------------- ------------- ------------- -------------
Income (loss) before taxes....................... 1,518,421 1,132,105 2,784,938 1,331,242
Income taxes..................................... 546,043 431,522 931,731 509,185
------------- ------------- ------------- -------------
Net income....................................... $ 972,378 $ 700,583 $ 1,853,207 $ 822,057
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Per common share
Net income
Primary.......................................... 0.42 0.34 0.81 0.41
Fully diluted.................................... 0.42 0.34 0.81 0.41
Average number of common shares
Primary.......................................... 2,293,824 2,031,371 (1) 2,292,589 1,998,067 (1)
Fully diluted.................................... 2,293,824 2,031,371 (1) 2,292,589 1,998,067 (1)
</TABLE>
- ------------------------
(1) Prior years figures have been adjusted to reflect stock dividend.
4
<PAGE>
EMERALD ISLE BANCORP, INC
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
NET UNREALIZED
LOSS ON
ADDITIONAL SECURITIES
COMMON PAID-IN UNDIVIDED AVAILABLE
STOCK CAPITAL PROFITS FOR SALE TOTAL
------------ ------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1996........ $ 2,210,888 $ 11,586,709 $ 14,329,844 $ (191,054) 27,936,387
Net income.......................... 1,853,207 1,853,207
Issuance of additional stock........ 34,772 467,801 502,573
Increase in net unrealized loss on
securities available for sale..... 93,237 93,237
Cash dividend paid.................. (316,578) (316,578)
------------ ------------- ------------- ---------------- -------------
Balance at June 30, 1997............ $ 2,245,660 $ 12,054,510 $ 15,866,473 $ (97,817) $ 30,068,826
------------ ------------- ------------- ---------------- -------------
------------ ------------- ------------- ---------------- -------------
</TABLE>
EMERALD ISLE BANCORP, INC
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
NET UNREALIZED
LOSS ON
ADDITIONAL SECURITIES
COMMON PAID-IN UNDIVIDED AVAILABLE
STOCK CAPITAL PROFITS FOR SALE TOTAL
------------ ------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1995........ $ 1,915,539 $ 8,441,862 $ 12,406,361 $ 60,854 22,824,616
Net income.......................... 822,057 822,057
Issuance of additional stock........ 162,074 1,677,603 1,839,677
Increase in net unrealized loss on
securities available for sale..... (487,256) (487,256)
Cash dividend paid.................. (217,301) (217,301)
------------ ------------- ------------- ---------------- -------------
Balance at June 30, 1996............ $ 2,077,613 $ 10,119,465 $ 13,011,117 $ (426,402) $ 24,781,793
------------ ------------- ------------- ---------------- -------------
------------ ------------- ------------- ---------------- -------------
</TABLE>
5
<PAGE>
The Hibernia Savings Bank and Subsidiaries
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30,
----------------------------
<S> <C> <C>
1997 1996
------------- -------------
Cash flows from operating activities
Net Income............................................................... $ 1,853,207 $ 822,057
Adjustments to reconcile net income to net cash provided by operating
activities
Depreciation........................................................... 395,582 318,799
Amortization of bond premium........................................... (114,295) 184,730
Loan loss provision.................................................... 200,000 1,086,333
(Gain) on sale of loans, real estate owned,
securities, fixed assets (net)........................................ 41,239 (50,533
Deferred loan fees..................................................... (99,158) 43,055
Loans sold............................................................. 12,825,020 3,031,448
Loans originated for sale.............................................. (12,824,626) (3,021,247)
Increase (decrease) in accrued expenses, income taxes, and
other liabities....................................................... (783,105) (1,092,955)
(Increase) decrease in accrued interest receivable..................... (58,792) (450,217)
(Increase) decrease in other assets.................................... (361,965) 841,753
------------- -------------
Total adjustments...................................................... (780,100) 891,166
------------- -------------
Net cash provided by operating activities................................ 1,073,107 1,713,223
------------- -------------
Cash flows from investing activities
Loans purchased.......................................................... (7,392,402) (3,737,891)
Loans paid(net).......................................................... (18,259,581) (15,432,485)
Proceeds of Oreo Sales................................................... 0 494,163
Short-term investments (net)............................................. 7,444,799 4,760,000
Purchases of investment securities....................................... (250,000) (21,961,856)
Proceeds from sales and maturities of investment securities.............. 6,279,926 6,373,657
Purchase of Securities held for sale..................................... (19,208,598) (10,480,818)
Proceeds of Securities Securities held for sale.......................... 17,458,525 14,516,888
Purchases of premises and equipment...................................... (2,203,801) (1,525,550)
------------- -------------
Net cash used by investing activities.................................... (16,131,132) (26,993,892)
------------- -------------
Cash flows from financing activities
Deposits, net............................................................ 25,025,883 11,002,141
FHL Bank Advances (net)................................................ (11,000,000) 13,759,000
Other Borrowings (net)................................................. 0 0
Proceeds from sale of Common Stock....................................... 502,573 1,839,677
Dividends Paid........................................................... (316,578) (217,301)
------------- -------------
Net cash provided by financing activities................................ 14,211,878 26,383,517
Net increase (decrease) in cash.......................................... (846,147 1,102,849
Cash and cash equivalents--beginning of year............................. 5,521,299 3,213,259
------------- -------------
Cash and cash equivalents--end of year................................... $ 4,675,152 $ 4,316,108
------------- -------------
Supplemental disclosures of cash flow information:
Interest paid.......................................................... $ 8,757 $ 7,475
Federal income taxes paid.............................................. $ 1,125 $ 385
</TABLE>
6
<PAGE>
EMERALD ISLE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The interim consolidated financial statements of Emerald Isle Bancorp, Inc.
and its subsidiary The Hibernia Savings Bank and it's subsidiaries (Kildare
Corporation/The Limerick Securities Corporation/ Meath Corporation) presented
herein should be read in conjunction with the consolidated financial statements
of Emerald Isle Bancorp, Inc. for the year ended December 31, 1996.
Consolidated financial information as of June 30, 1997 and the results of
operations and the changes in stockholders' equity and cash flows for the six
months ended June 30, 1997 and 1996 are unaudited, and in the opinion of
management reflect all adjustments (consisting solely of normal recurring
accruals) necessary for a fair presentation of such information. Interim results
are not necessarily indicative of results to be expected for the entire year.
2) COMMITMENTS
At June 30, 1997 the Company had outstanding commitments to originate
loans amounting to approximately $12,371,368 which are not reflected in the
consolidated balance sheet.
3) EARNINGS PER SHARE
The earnings per share computations for the quarter ended June 30, 1997
are based on 2,296,824 common shares outstanding, and for the quarter ended
June 30, 1996 are based on 2,031,371 common equivalent shares outstanding. On
March 3, 1997, the FASB issued SFAS No. 128, "Earnings Per Share." This
Statement supersedes APB Opinion No. 15 regarding the presentation of
earnings per share ("EPS") on the face of the income statement. SFAS No. 128
replaces the presentation of Primary EPS with a Basic EPS calculation that
excludes the dilutive effect of common stock equivalents. The Statement
requires a dual presentation of Basic and Diluted EPS, which is computed
similarly to Fully Diluted EPS pursuant to APB Opinion No. 15, for all
entities with complex capital structures. This Statement is effective for
fiscal years ending after December 15, 1997 and requires restatement of all
prior-period EPS data presented. The net income per share for the three
months ended June 30, 1997 would not change under SFAS No. 128.
7
<PAGE>
4) FORMATION OF HOLDING COMPANY
At the annual meeting of Stockholders on April 29,1996 The Hibernia Savings
Bank stockholders voted to approve a plan of reorganization and acquisition
between the Bank and Emerald Isle Bancorp, Inc. a newly formed Massachusetts
corporation organized at the direction of the Bank, and each of the transactions
contemplated thereby, pursuant to which the Bank will become a wholly owned
subsidiary of the Emerald Isle Bancorp, Inc. The plan of reorganization and
acquisition, dated February 15, 1996, between the Bank and Emerald Isle Bancorp,
Inc. provides that each share of the Bank's outstanding common stock, will be
automatically converted into and exchanged for one share of common stock of
Emerald Isle Bancorp, Inc. October 1, 1996 marked the completion of the
formation of the holding company Emerald Isle Bancorp, Inc.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company's total assets increased 3.8% on an annualized basis to
$425,013,983 at June 30, 1997 from total assets of $409,638,765 at December 31,
1996 and increased 14.0 % from total assets of $372,977,832 at June 30, 1996.
Short term investments, securities held to maturity and securities held for sale
totaled $117,144,608 or 27.6 % of total assets at June 30, 1997 a decrease of
$11,479,336 from $128,623,944 or 31.4% of total assets at December 31, 1996 and
a decrease of $14,020,023 from $131,164,631 or 35.2 % of total assets
at June 30, 1996. Loans, net increased $25,382,644 or 9.6 % to $288,590,833 or
67.9 % of total assets at June 30, 1997 from $263,208,189 or 64.3% of total
assets at December 31, 1996 and increased $62,370,233 from $226,220,600 or
8
<PAGE>
60.7% of total assets at June 30, 1996. The Company, during the second
quarter of 1997, originated and purchased loans totaling $32,856,577 and sold
loans totaling $3,807,911 as compared to loans originated and purchased of
$30,422,505 and sold loans totaling $440,609 during the second quarter of
1996. Foreclosed real estate at June 30, 1997 totaled $165,000 or 0.04% of
total assets compared to $0 or 0% of total assets at December 31, 1996 and
$70,000 or 0.02% of total assets at June 30, 1996. The Company's
non-performing loans totaled $1,544,797, or 0.36% of total assets at June 30,
1997 as compared to $1,058,195 or 0.26% of total assets at December 31, 1996
and $754,995 or 0.20% of total assets at June 30, 1996. The Company's loan
loss provision for the second quarter ended June 30, 1997 was $100,000 as
compared to $ 66,333 for the second quarter of 1996. The allowance for loan
losses totaled $2,588,637 at June 30, 1997 as compared to $2,623,406 at
December 31, 1996 and $2,213,289 at June 30, 1996.
Deposits at June 30, 1997 totaled $362,246,669 as compared to $337,089,927
at December 31, 1996 an increase of $25,156,742 , or 7.5 % on an annualized
basis, and also increased $68,381,246 or 23.3 % from deposits of $293,865,423 at
June 30, 1996. Outstanding borrowings totaled $30,668,000 at June 30, 1997 a
decrease of $11,000,000 from $41,668,000 at December 31, 1996 and decreased
$22,059,000 from $52,727,000 at June 30, 1996.
Stockholders' Equity increased to $30,068,826 at June 30, 1997 from
$27,936,387 at December 31, 1996 and $24,781,794 at June 30, 1996. The increase
for the second quarter is due to earnings of $972,378, the issuance of 10,193
shares of stock, raising $126,051 of new capital, a decrease as a result of the
payment of a $.07 dividend on common shares
9
<PAGE>
outstanding totaling $156,988 and a decrease in the unrealized loss on
securities available for sale of $436,170.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Net income for the second quarter ended June 30, 1997 was $972,378 or $.42
per share as compared to net income in the second quarter ended June 30, 1997 of
$700,583 or $.34 per share.
Interest and dividend income increased in the second quarter of 1997 to
$8,141,307 from $6,871,065 for the second quarter of 1996 or 18.49%. The
Company's total yield on average earning assets for the second quarter of 1997
was 8.16 % as compared to 7.93 % for the second quarter of 1996. Total earning
assets increased $47,614,450 or 13.24% to $407,246,438 at June 30, 1997 from
$359,631,988 at June 30, 1996. The increase in earning assets accounts for the
increase of $1,270,242 in interest income.
Interest expense increased by $505,633 or 12.67% to $4,496,011 for the
second quarter ended June 30, 1997 from $3,990,378 for the second quarter
ended June 30, 1996. The average cost of funds on average earning assets for
the second quarter of 1997 was 3.65% as compared to 3.33% for the second
quarter in 1996. The increase of $68,381,246 in total deposits, along with a
decrease in outstanding borrowings of $22,059,000 to $30,668,000 at June 30,
1997 from $52,727,000 at June 30, 1996 explains the increase in interest
expense.
Non-interest expenses totaled $2,199,443 for the second quarter ended
June 30, 1997 as compared to $1,839,082 for the same period in 1996, an
10
<PAGE>
increase of $360,361 or 19.59%. The principal increases are wage and benefit
costs, occupancy costs, and marketing costs. The Bank has increased personnel
in all customer related areas. The Company's lending perspective has grown
and along with this the Company has increased staff to be able to meet its
customers borrowing needs and to maintain our portfolio. The increase of
branch personnel relates to two new locations, a location in Hingham which
opened in May of 1996 and a second Quincy location that opened in November of
1996. Occupancy expenses increased due to the addition of the two new full
service branches mentioned above. Marketing and advertising costs also
increased as a result of the ongoing expansion of our franchise.
Other income increased by $15,735 to $172,568 for the second quarter ended
June 30, 1997 from $156,833 for the same period in 1996. Other income for the
second quarter of 1997 included service charges of $165,853 and gains on the
sale of loans of $6,715 compared to service charges of $157,595, gains on the
sale of loans of $159 and losses on the sale of securities of $921 for the
second quarter of 1996.
INCOME TAX
Provision for income taxes for the quarter ended June 30, 1997 was $546,043
as compared to $431,522 for the same period in 1996.
LIQUIDITY AND CAPITAL
The Company attempts to maximize interest-earning assets while
maintaining sufficient funds on hand to meet loan commitments, cash
disbursements and possible deposit outflows. The Company obtains funds for
investment and other banking purposes principally from deposits,
12
<PAGE>
borrowings, loan repayments and through sales of loans, loan participations
and securities available for sale, and maturity of investment securities are
a relatively stable source of funds, deposit flows are greatly influenced by
general interest rates, economic conditions and competitive factors.
Borrowings may also be used to offset reductions in other sources of funds
such as deposits. The Bank may borrow up to 30% of its total assets but not
more than 20 times its capital stock holdings in the FHLB for any sound
business purpose for which the Bank has legal authority. Borrowings
authorized totaled $127,504,000 at June 30, 1997.
CAPITAL RESOURCES AND DIVIDENDS
The Company's regulators have classified and defined capital into the
following components: (1) Tier I capital, which includes tangible
stockholders' equity for common stock and certain perpetual preferred stock,
and (2) Tier II capital, which includes a portion of the allowance for
possible loan losses, certain qualifying long-term debt and preferred stock
which does not qualify for Tier I capital. In addition, they have implemented
risk-based capital guidelines that require a bank to maintain certain minimum
capital as a percent of such bank's assets and certain off-balance sheet
items adjusted for pre-defined credit risk factors (risk-adjusted assets). As
of June 30, 1997 the Bank's Tier I and Tier II capital ratios were 11.59% and
12.59%, respectively. In addition to the risk-based guidelines discussed
above, the Bank's regulators require that the Bank maintain a minimum
leverage (Tier I capital as a percent of tangible assets) of 5.00%. As of
June 30, 1997 the Bank had a leverage capital ratio of 7.07%.
12
<PAGE>
ASSET/LIABILITY MANAGEMENT
The overall interest rate sensitivity of the Bank is dependent upon the
bank's ability to reprice its interest rate sensitive assets and liabilities.
The ability to successfully manage the repricing of assets and liabilities
significantly reduces the interest rate risk in any interest rate environment.
As of June 30, 1997 the Bank is net liability sensitive for the next twelve
months going forward, and for the following one to two year period, net asset
sensitive in the two to six and six to five year time horizons, liability
sensitive in the five to ten year horizon and asset sensitive thereafter. The
Bank's management monitors and manages interest rate risk as an integral part of
its overall business strategy.
13
<PAGE>
PART II--OTHER INFORMATION
For the quarter ended June 30, 1997, Items 2, 3, 4 and 5 of Part II are
either inapplicable or would elicit a response of "None" and therefore no
reference thereto has been made herein.
ITEM 1. LEGAL PROCEEDINGS
From time to time the Company and its subsidiaries may be parties to legal
proceedings incident to their business. At June 30, 1997, there were no legal
proceedings to which the Company or any of its subsidiaries was a party or to
which any of their properties were subject, which, in the opinion of management,
were expected to result in a material loss.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
EXHIBIT NO. Exhibit Description
27 Financial Data Schedule
14
<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.
Emerald Isle Bancorp, Inc.
Date: August 7, 1997 By: /s/ Gerard F. Linskey
-------------------------
Gerard F. Linskey,
Treasurer
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-Q FILED AS OF JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0001018380
<NAME> EMERALD ISLE BANCORP, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 4,675
<INT-BEARING-DEPOSITS> 4,235
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 35,590
<INVESTMENTS-CARRYING> 77,320
<INVESTMENTS-MARKET> 75,405
<LOANS> 291,179
<ALLOWANCE> (2,589)
<TOTAL-ASSETS> 425,014
<DEPOSITS> 362,247
<SHORT-TERM> 3,000
<LIABILITIES-OTHER> 2,031
<LONG-TERM> 27,668
0
0
<COMMON> 2,246
<OTHER-SE> 27,823
<TOTAL-LIABILITIES-AND-EQUITY> 425,014
<INTEREST-LOAN> 12,245
<INTEREST-INVEST> 3,579
<INTEREST-OTHER> 141
<INTEREST-TOTAL> 15,965
<INTEREST-DEPOSIT> 7,925
<INTEREST-EXPENSE> 8,917
<INTEREST-INCOME-NET> 7,048
<LOAN-LOSSES> 200
<SECURITIES-GAINS> (24)
<EXPENSE-OTHER> 4,385
<INCOME-PRETAX> 2,785
<INCOME-PRE-EXTRAORDINARY> 2,985
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,853
<EPS-PRIMARY> $0.81
<EPS-DILUTED> $0.81
<YIELD-ACTUAL> 3.51
<LOANS-NON> 1,545
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,623
<CHARGE-OFFS> 266
<RECOVERIES> 32
<ALLOWANCE-CLOSE> 2,589
<ALLOWANCE-DOMESTIC> 2,312
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 277
</TABLE>
