<PAGE>
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] Quarterly report under Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1999
Commission file number 333-20489
Rocky Ford Financial, Inc.
------------------------------------------------------------
(Exact Name of Small business Issuer as Specified in Its
Charter)
Delaware 84-1413346
- ------------------------------- -----------------------
(State of Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
801 Swink Avenue, Rocky Ford, Colorado 81067
--------------------------------------------------
(Address of Principal Executive Offices)
719-254-7642
--------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer's: (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during
the past 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 equity, as of the latest practicable
date:
Shares of common stock outstanding as of
March 31, 1999 408,350
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Consolidated Statement of Condition
at March 31, 1999 and September 30, 1998 3
Statements of Consolidated Income for
the Six Months and Three Months Ended
March 31, 1999 and 1998 4
Statements of Consolidated Cash Flows
for the Six Months Ended March 31, 1999
and 1998 5
Notes to Financial Statements 6 - 7
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8 - 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
Security Holders 11
Item 5: Other Information 11
Item 6: Exhibits and Reports on Form 8-K 11
Signature 11
2<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, September 30,
1998 1998
---------- ------------
ASSETS
<S> <C> <C>
Cash and cash equivalents
Interest - bearing $ 4,600,000 $ 3,700,000
Non-interest bearing 311,803 267,576
Certificates of deposit 1,999,000 1,599,000
Securities available for sale
Equity securities (cost of $11,327) 662,991 574,062
Securities held to maturity
Mortgage-backed securities (estimated
market value of $1,505,200 and
$1,906,500) 1,437,281 1,806,286
U.S. agencies (estimated market value
of $257,700 and $264,700) 249,316 249,199
Loans receivable - net 13,462,430 14,092,549
Federal Home Loan Bank stock, at cost 160,800 209,900
Retirement trust assets 295,311 295,311
Accrued interest receivable 132,929 121,660
Premises and equipment 102,592 76,688
Prepaids 28,258 20,526
----------- -----------
TOTAL ASSETS $23,442,711 $23,012,757
=========== ===========
LIABILITIES AND EQUITY
Deposits $16,137,521 $15,597,944
Advances from borrowers for taxes and
insurance 43,889 33,050
Accounts payable and accrued expenses 372,904 452,376
Deferred income taxes 221,500 205,539
----------- -----------
TOTAL LIABILITIES 16,775,814 16,288,909
----------- -----------
Commitments and contingencies
Preferred stock - $.01 par value;
authorized 1,000,000 shares; no
shares issued or outstanding -- --
Common stock - $.01 par value;
authorized 3,000,000 shares;
423,200 shares issued and 408,350
shares outstanding as of March 31, 1999 4,232 4,232
Paid-in capital 3,846,980 3,844,821
Retained earnings - substantially
restricted 2,828,832 2,791,147
Net unrealized gain on securities
available for sale, net of tax of
$241,100 and $208,200 410,522 354,496
Treasury stock, at cost - 14,850 shares (152,821) --
Note receivable from ESOP Trust (270,848) (270,848)
----------- -----------
TOTAL EQUITY 6,666,897 6,723,848
----------- -----------
TOTAL LIABILITIES AND EQUITY $23,442,711 $23,012,757
=========== ===========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3
<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
1999 1998 1999 1998
-------- ------- ------- -------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable $290,963 $291,114 $598,500 $584,206
Securities available for sale 5,852 8,650 9,050 15,295
Securities held to maturity 35,906 55,782 89,176 113,456
Other interest-bearing assets 72,756 68,253 157,789 139,129
-------- -------- -------- --------
TOTAL INTEREST INCOME 405,477 423,799 854,515 852,086
INTEREST ON DEPOSITS 190,091 187,381 384,812 386,356
-------- -------- -------- --------
NET INTEREST INCOME 215,386 236,418 469,703 465,730
(PROVISION FOR) RECOVERY OF LOAN
LOSSES -- -- -- --
-------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 215,386 236,418 469,703 465,730
-------- -------- -------- --------
NON-INTEREST INCOME
Other charges 1,648 3,041 5,748 4,867
-------- -------- -------- --------
NON-INTEREST EXPENSE
GENERAL AND ADMINISTRATIVE
Compensation and benefits 84,796 84,712 157,301 156,408
Occupancy and equipment 7,893 6,847 14,676 15,162
Computer services 14,347 11,144 28,631 19,435
SAIF deposit insurance 4,206 4,382 8,306 8,849
Other 59,052 51,672 117,278 114,393
-------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 170,294 158,757 326,192 314,247
-------- -------- -------- --------
INCOME BEFORE TAXES 46,740 80,702 149,259 156,350
INCOME TAX EXPENSE (14,868) (37,733) (54,287) (64,733)
-------- -------- -------- --------
NET INCOME $ 31,872 $ 42,969 $ 94,972 $ 91,617
======== ======== ======== ========
BASIC EARNINGS PER COMMON SHARE $ 0.08 $ 0.11 $ 0.24 $ 0.23
======== ======== ======== ========
DILUTED EARNINGS PER COMMON SHARE $ 0.08 $ 0.11 $ 0.24 $ 0.23
======== ======== ======== ========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING BASIC 385,971 396,116 390,921 396,116
DILUTED 385,971 396,116 390,921 396,116
DIVIDENDS PER SHARE $ 0.15 $ 0.15 $ 0.15 $ 0.15
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
March 31,
1999 1998
---------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 94,972 $ 91,617
----------- -----------
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of:
Deferred loan origination fees (9,718) (4,331)
Discounts on investments (117) (117)
Stock dividend received from FHLB (5,800) (12,700)
ESOP market value expense 2,159 11,876
Depreciation 9,014 7,428
Change in assets and liabilities
Accrued interest receivable (11,269) 10,484
Prepaids (7,732) 21,444
Accounts payable and accrued expenses (79,472) (45,024)
Current income taxes -- 31,500
Deferred income taxes (16,942) 2,471
----------- -----------
TOTAL ADJUSTMENTS (119,877) 23,031
----------- -----------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES (24,905) 114,648
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in certificates of deposit (400,000) 397,035
Loan originations and principal payments
on loans 639,837 (20,883)
Purchase of treasury stock (152,821) --
Principal payments on mortgage-backed
securities 369,005 318,372
Capital purchases (34,918) --
FHLB stock redeemed 54,900 --
Payment received on ESOP note -- 33,856
----------- -----------
NET CASH PROVIDED (USED) BY INVESTING
ACTIVITIES 476,003 728,380
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (57,287) (58,402)
Net change in deposits 539,577 (360,254)
Net change in mortgage escrow funds 10,839 18,082
----------- -----------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES 493,129 (400,574)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 944,227 442,454
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,967,576 3,205,382
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 4,911,803 $ 3,647,836
=========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
Cash paid for:
Taxes $ 174,731 $ 10,528
Interest 390,097 390,585
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 1999
Note 1. Nature of Business
Rocky Ford Financial, Inc. (the "Company") was incorporated
under the laws of the State of Delaware for the purpose of
becoming the holding company of Rocky Ford Federal Savings and
Loan Association (the "Association") in connection with the
Association's conversion from a federally chartered mutual
savings and loan association to a Federally chartered stock
savings and loan association, pursuant to it's Plan of
Conversion. The Company was organized in January 1997 to
acquire all of the common stock of Rocky Ford Federal Savings
and Loan Association upon its conversion to stock form. The
subscription and community offering of the Company's shares was
completed on May 21, 1997.
Note 2. Basis of Presentation
The accompanying unaudited consolidated financial
statements,(except for the statement of financial condition at
September 30, 1998, which is audited) have been prepared in
accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form
10-QSB 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 adjustments necessary for a fair
presentation of the financial position and results of operations
for the periods presented have been included. The financial
statements of the Company are presented on a consolidated basis
with those of Rocky Ford Federal Saving and Loan Association.
The results of operations for the six months ended March 31,
1999 are not necessarily indicative of the results of operations
that may be expected for the year ended September 30, 1999. The
preparation of financial statements in conformity with generally
accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1998 Rocky Ford
Financial, Inc. financial statements
Note 3. Regulatory Capital Requirements
At March 31, 1999, the Association met each of the three current
minimum regulatory capital requirements. The following table
summarizes the Association's regulatory capital position at
March 31, 1999:
<TABLE>
<CAPTION>
Tangible Capital:
<S> <C> <C>
Actual $4,785,000 22.18%
Required 324,000 1.50
Excess $4,461,000 20.68%
Core Capital:
Actual $4,785,000 22.18%
Required 647,000 3.00
Excess $4,138,000 19.18%
Risk-Based Capital:
Actual $5,139,000 56.83%
Required 723,000 8.00
Excess $4,416,000 48.83%
</TABLE>
6<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 1999
Note 3. Regulatory Capital Requirements (Continued)
Tangible and core capital levels are shown as a percentage of
total adjusted assets; risk-based capital levels are shown as a
percentage of risk-weighted assets.
Note 4. Mutual to Stock Conversion
On January 14, 1997, The Board of Directors of the Association
adopted a Plan of Conversion (the Plan) under which the
Association would convert from a federally charted mutual
savings and loan association to a federally chartered stock
savings and loan association and become a wholly-owned
subsidiary of the Company formed in connection with the
Conversion. The Plan was approved by the Office of Thrift
Supervision (OTS) and included the filing of a registration
statement with Securities and Exchange Commission. The Plan was
approved by the members of the Association at a special meeting
held May 6, 1997. In accordance with the Plan, the Company
issued common stock which was sold in the Conversion. The
closing of the offering occurred on May 21, 1997 and resulted in
a stock offering of $4,232,000 (including $331,560 in shares
subscribed by the ESOP). The Company transferred fifty percent
of the net proceeds for the purchase of all of the capital stock
of the Association.
The costs of issuing the common stock were deferred and was
deducted from the proceeds of the stock sale and amounted to
$410,186.
For the purpose of granting eligible members of the Association
a priority in the event of future liquidation, the Association,
at the time of conversion, established a liquidation account
equal to its regulatory capital as of the date of the latest
balance sheet used in the final conversion offering circular.
In the event (and only in such event) of future liquidation of
the converted Association, an eligible savings account holder
who continues to maintain a savings account shall be entitled to
receive a distribution from the liquidation account, in the
proportionate amount of the then-current adjusted balance of the
savings deposits then held, before any distributions may be made
with respect to capital stock.
The Association may not declare or pay a cash dividend on its
common stock if its net worth would thereby be reduced below
either the aggregate amount then required for the liquidation
account or the minimum regulatory capital requirements imposed
by federal regulations
The ESOP stock purchases were financed by issuing a note to the
Company for the entire purchase.
Note 5. Earnings Per Share
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share. The statement
requires dual presentations of basic and diluted earnings per
share on the face of the income statement. Basic EPS excludes
dilution and is computed by dividing income available to common
stockholders by the weighted-average number of common shares
outstanding for the period. Diluted EPS reflects the potential
dilution that could occur if securities or other contracts to
issue common stock were exercised or converted into common stock
or resulted in the issuance of common stock that then shares in
the earnings of the entity.
Note 6 Dividends Paid
On January 11, 1999 and January 12, 1998, the Board of Directors
declared a cash dividend of $0.15 per share to stockholders of
record payable on February 26, 1999 and February 25, 1998.
7<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 1999 AND
SEPTEMBER 30, 1998
The Company's total assets increased by $430,000 or 1.87% from
$23.0 million at September 30, 1998 to $23.4 million at March
31, 1999. The increase is attributed to the increase in deposit
accounts of $540,000.
The Company's net loan portfolio decreased by approximately
$630,000 during the six months ended March 31, 1999. Net loans
totaled $13.5 million at March 31, 1999 and $14.1 million
September 30, 1998. The Association funded new loans in the
amount of $1.7 million and received payoffs or payments of $2.4
million during the six months ended March 31, 1999. The large
amount of payoffs is attributed to intense activity of two local
financial institutions who broker mortgages. As of March 31,
1999, the Association had outstanding loan commitments of
$428,100.
The allowance for loan losses totaled $60,000 at March 31, 1999
and September 30, 1998. As of those dates the Company did not
have any non-performing loans in its portfolio. There were no
loans charged off or recoveries of previous loan losses during
the six months ended March 31, 1999. The determination of the
allowance for loan losses is based on management's analysis,
performed on a quarterly basis, of various factors, including
the market value of the underlying collateral, growth and
composition of the loan portfolio, the relationship of the
allowance for loan losses to outstanding loans, historical loss
experience, delinquency trends and prevailing economic
conditions. Although management believes its allowance for loan
losses is adequate, there can be no assurance that additional
allowances will not be required or that losses on loans will not
be incurred. The Company has had minimal losses on loans in
prior years. At March 31, 1999, the ratio of the allowance for
loan losses to net loans was .45% as compared to .43% at
September 30, 1998.
At March 31, 1999, the Company's investment portfolio included
mortgage-backed and related securities classified as "held to
maturity" carried at amortized cost of $1.7 million and an
estimated fair value of $1.8 million, and equity securities
classified as "available for sale" with an estimated fair value
of $663,000. The balance of the Company's investment portfolio
at March 31, 1999 consists of interest bearing deposits with
various financial institutions totaling $6.6 million.
At March 31, 1999 deposits increased to $16.1 million from $15.6
million at September 30, 1998 or a net increase of 3.46%. The
increase was mainly in money market accounts and represents area
deposits. Management is continually evaluating the investment
alternatives available to the Company's customers, and adjusts
the pricing on its savings products to maintain its existing
deposits.
During the period ending December 31, 1998, the Company
purchased 14,850 shares of it's common stock in the open market,
in the amount of $152,821, and reported the purchase as treasury
stock.
COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED MARCH
31, 1999 AND 1998
Net Income. The Company's net income for the six months ended
March 31, 1999 was $94,972 compared to $91,617 for the six
months ended March 31, 1998. The increase in net earnings for
the six months ended March 31, 1999 resulted primarily from the
reduction in the effective rate of income taxes less the
increase in professional services incurred in the current period
as a result of the added reporting and legal requirements and
the increase in net interest income.
Net Interest Income. Net interest income for the six months
ended March 31, 1999 was $470,000 compared to $466,000 for the
six months ended March 31, 1998. The increase in net interest
income for the six months ended March 31, 1999 was due to an
increase in the interest earning assets of $227,000 and a
reduction in deposits of $66,000.
8<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Interest Income. Interest income increased by $2,000 from
$852,000 to $854,000 or by .23%, during the 1999 six month
period compared to the 1998 six month period. This increase
resulted in part from an overall increase of average
interest-earning assets by $227,000 from $22.3 million to $22.5
million or by 1.02% from the 1998 six month period to the 1999
six month period. The Company experienced a decrease in the
average rate received on the interest-earning assets from 7.64%
in the 1998 six month period to 7.59% in the 1999 six month
period.
Interest Expense. Interest expense decreased $1,000 to $385,000
for the six months ended March 31, 1999 from $386,000 for the
six months ended March 31, 1998. The change was caused by the
decrease in average deposits of $66,000 from $15.9 million in
1998 to $15.8 million in 1999. The effective interest rate for
both periods was 4.87%.
Provision for Loan Losses. The allowance for loan losses is
established through a provision for loan losses based on
management's evaluation of the risk inherent in its loan
portfolio and the general economy. Such evaluation considers
numerous factors including, general economic conditions, loan
portfolio composition, prior loss experience, the estimated fair
value of the underlying collateral and other factors that
warrant recognition in providing for an adequate loan loss
allowance.
The Company determined a provision for loan loss was not
required for the six months ended March 31, 1999 and 1998.
Non-Interest Expense. The increase in the non-interest expense
section of the consolidated statement of income is attributed to
enhanced software purchases and professional expenses incurred
in the current period due to additional reporting requirements.
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH
31, 1999 AND 1998
Net Income. The Company's net income for the three months ended
March 31, 1999 was $31,872 compared to $42,969, for the three
months ended March 31, 1998. The decrease is attributed to the
reduction in interest income caused by payments being made on
loans and GNMA investments that has been invested in short term
investments at a lower interest rate, and the effect of
professional services incurred in the current period as a result
of added reporting and legal requirements.
Net Interest Income. Net interest income for the three months
ended March 31, 1999 was $215,000 compared to $236,000 for the
three months ended March 31, 1998. The decrease is attributed
to the change in interest earning assets from loans and GNMA's
at higher interest rates to short term interest bearing accounts
at lower interest rates. Payoffs and collections of the higher
rate interest earning assets has exceeded the loan demand of the
area. Interest expense for the two periods is comparable. The
Association has had an increase in deposits mainly in money
market accounts in March 1999.
Non-Interest Expense. The increase in non-interest expenses
from $159,000 for the three months ended March 31, 1998 to
$170,000 for the three months ended March 31, 1999 was due to
the costs of computer software enhancements and professional
services.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of funds consists of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
form operations. While scheduled repayments of loans and
mortgage-backed securities and maturities of investment
securities are predicable sources of funds, deposit flows and
loan prepayments are greatly influenced by the general level of
interest rates, economic conditions and competition. The
Company uses its liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of
9<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES CONTINUED
and to meet operating expenses. Management believes that
proceeds from the stock sale, loan repayments and other sources
of funds will be adequate to meet the Company's liquidity needs
for the immediate future.
The Association is required to maintain minimum levels of liquid
assets as defined by OTS regulations. This requirement, which
may be varied at the direction of the OTS depending upon
economic conditions and deposit flows, is based upon a
percentage of deposits and short-term borrowings. The required
minimum ratio was 5% until November 24, 1997 when it was changed
to 4%. The Company has historically maintained a level of
liquid assets in excess of regulatory requirements. The
Company's liquidity ratios at March 31, 1999 and 1998 were 26%
and 20%, respectively.
IMPACT OF INFLATION AND CHANGING PRICES
The financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting
principles, which require the measurement of financial position
and results of operations in terms of historical dollars without
considering changes in the relative purchasing power of money
over time because of inflation. Unlike most industrial
companies, virtually all of the assets and liabilities of the
Company are monetary in nature. As a result, interest rates
have a more significant impact on the Company's performance than
the effects of general levels of inflation. Interest rates do
not necessarily move in same direction or in the same magnitude
as the prices of goods and services.
YEAR 200O READINESS DISCLOSURE
The Company has an ongoing program of evaluating the effect of
the Year 2000 on its information processing systems and business
operations. The Company's core data processing is performed by
an outside vendor. As of October 1998, the client testing of
the core system was complete, with the errors noted and
corrected by December 1998. The vendor has also completed the
testing of additional dates recommended by the Federal Financial
Institutions Examination Council, with the error noted
corrected.
The vendor reports that as of March 1999, they have contacted
100% of the third party vendors and have scheduled testing with
42% of them, and has completed testing on 26%. They further
report that successful testing has been completed with the most
critical vendors that affect their clients, such as, the Federal
Reserve, the Internal Revenue Service, and the Deluxe ATM
network.
It is management's position that the cost of modifications of
hardware and software will not exceed $15,000. All costs
associated with modifications will be expensed as incurred. It
is not possible to be certain that all aspects of the Year 2000
issue affecting the Company, including those related to the
efforts of customers, other financial institutions, or other
third parties, such as utility providers, will be fully resolved
before the Year 2000.
The Company has adopted a contingency plan and business
resumption plan in case critical systems are found not Year 2000
ready or fail. The plan has identified alternative means of
operations, principally a manual accounting and transaction
system, due the nature of the Company's business and number of
accounts, and can be carried out in their current location. The
plan is reviewed on an ongoing basis.
10<PAGE>
<PAGE>
ROCKY FORD FINANCIAL, INC.
PART II - OTHER INFORMATION
ITEM 1: Legal Proceedings
None.
ITEM 2: Changes in Securities
None.
ITEM 3: Defaults Upon Senior Securities
Not Applicable
ITEM 4: Submission of Matters to a Vote of Security Holders.
On January 21, 1999, the Annual Meeting of the
Stockholders was held for the election of three
directors of the Company for three-year terms, There
were outstanding and entitled to vote 423,200 shares
of common stock of the Company.
There were represented at the Annual Meeting in person
or by proxy the holders of 385,404 shares of the
Company's common stock, representing 91.069% of the
total votes eligible to be cast, constituting more
than a majority of the outstanding shares entitled to
vote.
The following is a record of the votes cast:
Vote
-------------------------
For Withheld Abstain
--- -------- -------
Election of Directors:
Wayne W. Whittaker 377,081 8,323 0
Francis E. Clute 377,081 8,323 0
William E. Burrell 377,081 8,323 0
ITEM 5: Other Information
None
ITEM 6: Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
SIGNATURE
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.
Rocky Ford Financial, Inc.
Registrant
Date April 30, 1999 /s/ Keith E. Waggoner
---------------------------
Keith E. Waggoner, President
11
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<CASH> 311,803
<INT-BEARING-DEPOSITS> 6,599,000
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 662,991
<INVESTMENTS-CARRYING> 1,686,597
<INVESTMENTS-MARKET> 1,762,900
<LOANS> 13,462,430
<ALLOWANCE> 60,000
<TOTAL-ASSETS> 23,442,711
<DEPOSITS> 16,137,521
<SHORT-TERM> 0
<LIABILITIES-OTHER> 638,293
<LONG-TERM> 0
<COMMON> 4,232
0
0
<OTHER-SE> 6,662,665
<TOTAL-LIABILITIES-AND-EQUITY> 23,442,711
<INTEREST-LOAN> 598,500
<INTEREST-INVEST> 98,226
<INTEREST-OTHER> 157,789
<INTEREST-TOTAL> 854,515
<INTEREST-DEPOSIT> 384,812
<INTEREST-EXPENSE> 384,812
<INTEREST-INCOME-NET> 469,703
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 326,192
<INCOME-PRETAX> 149,259
<INCOME-PRE-EXTRAORDINARY> 149,259
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 94,972
<EPS-PRIMARY> 0.24
<EPS-DILUTED> 0.24
<YIELD-ACTUAL> 7.59
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 60,000
<ALLOWANCE-DOMESTIC> 60,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
