<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D. C. 20549
-----------------------------------
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
----- EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
--------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
----- EXCHANGE ACT OF 1934
For the transition period from ________________ to _________________
Commission File No. 0-23571
PROGRESSIVE BANCORP, INC.
-------------------------
(Exact name of registrant as specified in its charter)
Delaware 36-4178818
------------ ------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
601-617 Court Street, Pekin, Illinois 61554
- ------------------------------------- -----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (309)-347-5101
--------------
Not applicable
- ----------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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 .
----- -----
Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date.
Class Outstanding May 14, 1998
- -------------------------------------- ------------------------
Common Stock, par value $.01 per share 143,197
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
PAGE
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 1998
(Unaudited) and September 30, 1997........................................3
Condensed Consolidated Statements of Income (Unaudited) for the
Three months ended March 31, 1998 and 1997 and the six months
ended March 31, 1998 and 1997.............................................4
Condensed Consolidated Statements of Cash Flows (Unaudited) for the
Three months ended March 31, 1998 and 1997 and the six months
ended March 31, 1998 and 1997.............................................6
Notes to Condensed Consolidated Financial Statements.......................8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations...................................................9
PART II. OTHER INFORMATION............................................................12
</TABLE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
1998 September 30,
(Unaudited) 1997
--------------- ----------------
ASSETS
<S> <C> <C>
Cash and amounts due from banks $ 2,151,096 $ 925,795
Interest-bearing deposits 2,008,451 4,042,707
Money market investments and investment securities:
Held-to-maturity, at amortized cost (estimated fair value
of $5,732,760 and $6,101,695, respectively) 5,718,221 6,095,717
Available-for-sale, at fair value 7,790,159 5,788,174
Mortgage-backed securities:
Held-to-maturity, at amortized cost (estimated fair value
of $4,310,766 and $5,219,101, respectively) 4,290,212 5,185,045
Available-for-sale, at fair value 3,221,867 2,937,508
Loans receivable, net of allowance for loan loss of
$226,784 and $223,121, respectively 58,901,371 57,937,437
Other assets 2,716,445 2,499,858
--------- ---------
Total assets $ 86,797,822 $ 85,412,241
= ========== = ==========
LIABILITIES AND STOCKHOLDERS EQUITY
Deposits $ 68,036,989 $ 69,058,706
Borrowed funds 9,500,000 8,000,000
Accrued expenses and other liabilities 1,553,087 1,033,795
--------- ---------
Total liabilities 79,090,076 78,092,501
---------- ----------
Stockholders equity:
Serial preferred stock, $.01 par value, 50,000 shares
authorized, no shares issued and outstanding - -
Common stock, $.01 par value, 250,000 shares
authorized, 168,197 and 168,172 shares issued
and outstanding at March 31, 1998 and
September 30, 1997, respectively 1,682 1,682
Paid-in surplus 1,367,855 1,367,605
Retained earnings, substantially restricted 6,289,437 5,898,816
Net unrealized gain on available-for-sale securities,
net of taxes 48,772 51,637
------ ------
Total stockholders equity 7,707,746 7,319,740
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 86,797,822 $ 85,412,241
= ========== = ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable:
First mortgage loans $ 895,927 $ 859,553 $ 1,792,130 $ 1,738,222
Other loans 283,166 251,739 566,334 502,548
Mortgage-backed securities 125,609 163,028 254,035 337,714
Interest-bearing deposits 38,852 53,300 90,793 86,361
Money market investments and investment
securities 210,978 164,885 402,722 338,311
------- ------- ------- -------
Total interest income 1,554,532 1,492,505 3,106,014 3,003,156
--------- --------- --------- ---------
INTEREST ON DEPOSITS 849,202 801,339 1,728,660 1,637,213
INTEREST ON BORROWED FUNDS 123,550 119,450 239,624 241,554
------- ------- ------- -------
Total interest expense 972,752 920,789 1,968,284 1,878,767
------- ------- --------- ---------
Net interest income 581,780 571,716 1,137,730 1,124,389
PROVISION FOR LOAN LOSSES 3,000 3,000 6,001 6,000
----- ----- ----- -----
Net interest income after provision
for loan losses 578,780 568,716 1,131,729 1,118,389
------- ------- --------- ---------
NONINTEREST INCOME
Net gain on sales of securities available-
for-sale 32,400 - 32,400 -
Net gain on sales of loans held-for-sale 37,466 4,782 58,912 43,324
Loan origination fees 39,279 28,102 65,317 52,987
Other 177,657 167,409 300,621 307,334
------- ------- ------- -------
Total noninterest income 286,802 200,293 457,250 403,645
------- ------- ------- -------
</TABLE>
4
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
1998 1997 1998 1997
---- ---- ---- ----
NONINTEREST EXPENSE
<S> <C> <C> <C> <C>
Compensation and benefits $ 254,859 $ 260,302 $ 518,243 $ 511,905
Other operating expenses 232,940 224,090 446,123 450,933
------- ------- ------- -------
Total noninterest expense 487,799 484,392 964,366 962,838
------- ------- ------- -------
Income before income taxes 377,783 284,617 624,613 559,196
INCOME TAXES 145,409 110,606 233,992 203,196
------- ------- ------- -------
NET INCOME $ 232,374 $ 174,011 $ 390,621 $ 356,000
= ======= = ======= = ======= = =======
INCOME PER SHARE
Basic $ 1.38 $ 1.03 $ 2.32 $ 2.12
= ==== = ==== = ==== = ====
Diluted $ 1.30 $ .98 $ 2.19 $ 2.01
= ==== = === = ==== = ====
Weighted average number of common shares outstanding:
Basic 168,181 168,166 168,176 167,855
======= ======= ======= =======
Diluted 178,776 177,522 178,766 176,931
======= ======= ======= =======
</TABLE>
5
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net cash provided by operating activities $ 440,918 $ 490,227 $ 575,535 $ 408,080
- ------- - ------- - ------- - -------
CASH FLOWS FROM INVESTING
ACTIVITIES
Principal received on mortgage-backed
securities 403,305 596,195 1,131,527 963,541
Proceeds from the maturity of investment
securities 1,000,000 500,000 1,500,000 1,000,000
Proceeds from sale of investment securities
available-for-sale 1,024,531 - 1,024,531 1,903
Purchase of investment securities (3,010,020) (510,328) (4,133,695) (516,031)
Net (increase) decrease in loans receivable (665,640) (625,910) (1,211,376) 1,063,181
Other (12,457) 52,805 (520,259) 24,500
------- ------ -------- ------
Net cash provided by (used in)
investing activities (1,260,281) 12,762 (2,209,272) 2,537,094
---------- ------ ---------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES
Net decrease in deposits (874,050) (485,212) (1,021,717) (824,684)
Net increase in advances from borrowers 170,547 165,081 346,249 338,836
Proceeds from FHLB advances 1,500,000 - 1,500,000 -
Common stock options exercised 250 500 250 14,843
--- --- --- ------
Net cash provided by (used in)
financing activities 796,747 (319,631) 824,782 (471,005)
------- -------- ------- --------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (22,616) 183,358 (808,955) 2,474,169
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 4,182,163 4,981,067 4,968,502 2,690,256
--------- --------- --------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 4,159,547 $ 5,164,425 $ 4,159,547 $ 5,164,425
= ========= = ========= = ========= = =========
</TABLE>
6
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
Cash paid during the periods for:
Interest on deposits and borrowed funds $ 966,310 $ 920,409 $ 1,961,542 $ 1,878,270
= ======= = ======= = ========= = =========
Income taxes, net of refunds $ 89,316 $ (31,180) $ 89,316 $ (31,180)
= ====== = ======= = ====== = =======
SUPPLEMENTAL DISCLOSURES OF
NONCASH INVESTING ACTIVITIES
Transfers from loans to real estate acquired
through foreclosure $ - $ - $ 241,441 $ 18,328
= == = == = ======= = ======
Additions to loans resulting from sales of
real estate owned $ - $ 74,400 $ - $ 74,400
= == = ====== = == = ======
</TABLE>
See accompanying notes to condensed consolidated financial statements.
7
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Basis of Presentation
On October 10, 1997, the stockholders approved the reorganization of Pekin
Savings, s.b. (Bank) into a holding company form of ownership in which the Bank
became a wholly owned subsidiary of Progressive Bancorp, Inc. (Company), a newly
formed Delaware corporation, and each outstanding share of common stock of the
Bank was exchanged for one share of common stock of Progressive Bancorp, Inc.
On November 6, 1997, the reorganization was completed. The transaction was
accounted for in a manner similar to the pooling-of-interest method of
accounting. Accordingly, the financial information relating to periods prior to
November 6, 1997 is reported under the name of Progressive Bancorp, Inc.
The stockholders also approved an amendment to the Articles of Incorporation of
the Bank to change the name of the Bank from Pekin Savings, s.b. to "Pekin
Savings Bank."
The Company's unaudited consolidated financial statements were prepared in
accordance with the instructions for Form 10-QSB and, therefore, do not include
information or footnotes necessary for a complete presentation of financial
position, results of operations, and cash flows in conformity with generally
accepted accounting principles. In the opinion of management of the Company,
however, the consolidated financial statements reflect all adjustments
(consisting of only normal recurring accruals) which are necessary to present
fairly the consolidated financial position and the consolidated results of
operations of the Company. The consolidated results of operations for the six
month periods ended March 31, 1998 and 1997 are not necessarily indicative of
the results which may be expected for an entire year.
Note 2 - Accounting Changes
In March 1997, the Financial Accounting Standards Board (FASB) issued SFAS No.
128, Earnings Per Share, which is effective for financial statements issued for
periods ending after December 15, 1997. SFAS No. 128 simplifies the calculation
of earnings per share (EPS) by replacing primary EPS with basic EPS. It also
requires dual presentation of basic EPS and diluted EPS for entities with
complex capital structures. Basic EPS includes no dilution and is computed by
dividing income available to common shareholders by the weighted-average common
shares outstanding for the period. Diluted EPS reflects the potential dilution
of securities that could share in earnings, such as stock options, warrants, or
other common stock equivalents. The adoption of SFAS No. 128 had no impact on
its earnings per share calculations, other than changing terminology for
earnings per share assuming dilution. All prior period EPS data was restated to
conform with the new presentation.
Note 3 - Earnings Per Common Share
Basic earnings per share is computed based upon the weighted average number of
common shares outstanding during the period. Earnings per common share -
assuming dilution is computed based upon the weighted average number of shares
outstanding during the period plus the shares that would be outstanding assuming
the exercise of the dilutive stock options. The number of shares that would be
issued from the exercise of stock options has been reduced by the number of
shares that could have been purchased from the proceeds at the average market
price of the Company's stock.
8
<PAGE>
Note 4 - Year 2000 Compliance
A significant issue has emerged in the banking industry and for the economy
overall regarding how existing application software programs and operating
systems can accommodate the date value for the year 2000. The financial impact
to the Company to ensure year 2000 compliance is not anticipated by management
to be material to the financial position, results of operations, or cash flow of
the Company.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Financial Condition
Total assets increased by $1.4 million or 1.6 percent from September 30, 1997 to
March 31, 1998. Interest-bearing deposits decreased $2.0 million or 50.3
percent from September 30, 1997 to March 31, 1998. All money market investments
and investment securities increased $1.6 million or 13.7 percent from September
30, 1997 to March 31, 1998. Loans receivable, net increased $964,000 or 1.7
percent for this period. Deposits decreased $1.0 million or 1.5 percent from
September 30, 1997 to March 31, 1998. Borrowed funds increased $1.5 million or
18.8 percent from September 30, 1997 to March 31, 1998. The changes in the
Company's financial condition, particularly the decrease in interest-bearing
deposits, reflect in part the anticipated repurchase of 25,000 shares of Company
common stock, which repurchase occurred subsequent to March 31, 1998.
Capital
Total equity increased $388,000 or 5.3 percent to $7.7 million during the six
months ended March 31, 1998. The FDIC requires that the Company meet minimum
amounts and ratios of total and Tier I Capital (as defined in the regulations)
to risk-weighted assets (as defined), and Tier I Capital (as defined) to average
assets (as defined). As of March 31, 1998, the Company had total capital of
$7.8 million or 18.7 percent of risk-weighted assets, Tier I Capital of $7.6
million or 18.1 percent of risk-weighted assets, and Tier I Capital of $7.6
million or 8.8 percent of average assets. As of March 31, 1998, the Company was
in full compliance with all three minimum capital requirements.
Subsequent to March 31, 1998, the Company repurchased 25,000 shares of Company
common stock at a price of $52.00 per share. The repurchased shares are being
held by the Company as treasury stock. The aggregate purchase price for the
shares, $1.3 million, reduced the Company's total capital such that, on a pro
forma basis assuming the repurchase on March 31, 1998, the Company's ratios of
total and Tier 1 Capital to risk-weighted assets and Tier 1 Capital to average
assets were 15.7%, 15.1% and 7.3%, respectively. All such ratios were in excess
of regulatory capital requirements.
Liquidity
FDIC regulations require that savings banks maintain an average daily balance of
liquid assets (cash, certain time deposits, bankers' acceptances, and specified
United States Government, state, or federal agency obligations) equal to a
monthly average of not less than 5 percent of its net withdrawable deposits plus
short-term borrowing. At March 31, 1998, the Company's average liquidity
position was $14.3 million or 19.6 percent compared to $12.9 million or 18.1
percent at September 30, 1997. The Company adjusts its liquidity levels in
order to meet funding needs for deposit outflows, payment of real estate taxes
escrowed on mortgage loans, repayment of borrowing, when applicable, and loan
commitments. The Company also adjusts liquidity as appropriate to meet its
asset, liability, and management objectives.
9
<PAGE>
RESULTS OF OPERATIONS
Interest Income
Interest income increased 4.2 percent or $62,000 for the three months ended
March 31, 1998, compared to the three months ended March 31, 1997. Interest
income increased 3.4 percent or $103,000 for the six months ended March 31,
1998, compared to the six months ended March 31, 1997. The increase in interest
income for the three months ended March 31, 1998 reflected an increase of $2.9
million, or 3.7 percent, in average interest-earning assets to $82.2 million for
the three months ended March 31, 1998, compared to $79.3 million for the three
months ended March 31, 1997. Average interest-earning assets for the six months
ended March 31, 1998 increased $2.8 million or 3.5 percent to $82.2 million for
the six months ended March 31, 1998, compared to$79.4 million for the six months
ended March 31, 1997. The increase in interest income for the three and six
month periods ended March 31, 1998 compared to the earlier year periods was also
helped by an increase in the average yields on interest-earning assets to 7.90
percent from 7.84 percent for the three month periods and to 7.85 percent from
7.84 percent for the six month periods.
Interest Expense
Interest expense increased 5.6 percent or $52,000 for the three months ended
March 31, 1998, compared to the three months ended March 31, 1997. Interest
expense also increased 4.8 percent or $90,000 for the six months ended March 31,
1998, compared to the six months ended March 31, 1997.
The increase for the three months ended March 31, 1998, compared to the three
months ended March 31, 1997, was due to an increase in average deposits of $1.1
million from $67.1 million to $68.2 million. Average borrowed funds also
increased to $8.8 million for the period ended March 31, 1998, compared to $8.0
million for the period ended March 31, 1997. The increase for the six month
period ended March 31, 1998, compared to the six month period ended March 31,
1997, was due to an increase in average deposits of $1.2 million from $67.3
million to $68.5 million. Average borrowed funds also increased to $8.4 million
from $8.0 million. Also contributing to the increase was the average cost of
deposits and borrowed funds which increased to 5.06 percent from 4.91 percent
for the three months ended March 31, 1998, compared to the three months ended
March 31, 1997. The average cost of deposits and borrowed funds for the six
months ended March 31, 1998 was 5.12 percent, compared to the 4.99 percent for
the six months ended March 31, 1997.
Net Interest Income
Net interest income increased 1.8 percent or $10,000 and 1.2 percent or $13,000
for the respective three months and six months ended March 31, 1998, as compared
to these same periods ended March 31, 1997. Increased originations of first
mortgage and other loans contributed to the increase in both periods; however,
interest rates on loans remained relatively low during the three and six month
periods ended March 31, 1998, thereby offsetting some of the increase. Putting
further pressure on net interest income, the Company continued to offer
competitive interest rates on savings deposits in order to compete with the
local credit unions, mutual fund offerings, and other investment sources.
Because of the above mentioned factors, the Company's net interest spread
declined to 2.84 percent from 2.93 percent for the three months ended March 31,
1998, compared to the three months ended March 31, 1997. The net interest rate
spread also declined for the six month period ended March 31, 1998 to 2.73
percent from 2.85 percent.
10
<PAGE>
Provision For Loan Losses
The provision for loan losses of $3,000 and $6,001 for the three months and six
months ended March 31, 1998 and 1997, respectively, remained unchanged from the
prior periods. The Company continues to experience few loan charge-offs and a
continued low loan delinquency rate; however, provisions continue to be made to
the loss reserves to cover potential loan problems.
Noninterest Income
Noninterest income increased 43.2 percent or $87,000 for the three months ended
March 31, 1998, and increased 13.3 percent or $54,000 for the six months ended
March 31, 1998, as compared to the respective three months and six months ended
March 31, 1997. The Company benefitted from the increase in market value of its
securities in the available-for-sale portfolio and sold securities for a net
gain of $32,000 for the three months and six months ended March 31, 1998,
compared to no gain for the comparable periods ended March 31, 1997. The
increase in market value of loans held-for-sale allowed the Company to sell
loans which resulted in an increase of $33,000 in net gains on loans held-for-
sale for the three months ended March 31, 1998, compared to the three months
ended March 31, 1997. Net gains on sales of loans held-for-sale increased
$16,000 for the six months ended March 31, 1998, compared to the six months
ended March 31, 1997. Loan origination fees increased 39.8 percent or $11,000
for the three months ended March 31, 1998, compared to the three months ended
March 31, 1997, and also increased $12,000 for the six months ended March 31,
1998, compared to the six months ended March 31, 1997. This was a result of
greater activity in mortgage loan originations due to the continued low mortgage
rate environment.
Noninterest Expense
Noninterest expense increased 0.7 percent or $3,000 for the three months ended
March 31, 1998, compared to the three months ended March 31, 1997. For the
comparable six months ended March 31, 1998 and March 31, 1997, noninterest
expense increased 0.2 percent or $2,000. Most of the noninterest expense items
experienced little or no change. For the three months ended March 31, 1998, the
Company paid the quarterly SAIF-FICO debt service assessment of $11,000 to the
Federal Deposit Insurance Corporation (FDIC). No assessment payment was
required to be paid for the three months ended March 31, 1997. The assessment
for the six months ended March 31, 1998 was $22,000, compared to $10,000 for the
six months ended March 31, 1997.
Net Income
Net income increased 33.5 percent or $58,000 for the three months ended March
31, 1998 compared to the earlier year period. Net income increased 9.7 percent
or $35,000 for the six months ended March 31, 1998, compared to the six months
ended March 31, 1997. The increases in both the three month and six month
periods were due primarily to increases in noninterest income, specifically in
net gain on sales of securities available-for-sale and net gain on sales of
loans held-for-sale totaling $65,000 for the three months and $48,000 for the
six months ended March 31, 1998, respectively, compared to the same periods
ended March 31, 1997.
11
<PAGE>
PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 1. Legal Proceeding
There are no material legal proceedings to which the Company or the Bank is a
party or of which any of their property is subject. From time to time, the
Bank is a party to various legal proceedings incident to its business.
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
The following matters were submitted to a vote of security holders at an
Annual Meeting of Stockholders of the Company on January 20, 1998:
(i) The election of Arthur E. Krile, Jr. and E. Glen Rittenhouse as
members of the Board of Directors of the Company.
(ii) The ratification of the appointment of Clifton Gunderson L.L.C.
as auditors for the Company for the fiscal year ending September
30, 1998.
The election of Arthur E. Krile, Jr. as a member of the Board of Directors of
the Company was approved by a vote of 143,130 votes in favor, and 0 votes
withheld. The election of E. Glen Rittenhouse as a member of the Board of
Directors of the Company was approved by a vote of 143,130 votes in favor,
and 0 votes withheld. The ratification of the appointment of Clifton
Gunderson L.L.C. as auditors of the Company for the fiscal year ending
September 30, 1998 was approved by a vote of 143,130 in favor, 0 opposed, and
0 abstaining.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: none
(b) Reports on Form 8-K: none
12
<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.
PROGRESSIVE BANCORP, INC.
(Registrant)
DATE: May 10, 1998 BY: /s/ Arthur E. Krile, Jr.
------------ --------------------------------------
Arthur E. Krile, Jr., President and
Chief Executive Officer
DATE: May 10, 1998 BY: /s/ Eugene Van Vooren
------------ --------------------------------------
Eugene Van Vooren, Treasurer
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 2,151,096
<INT-BEARING-DEPOSITS> 2,008,451
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 11,012,026
<INVESTMENTS-CARRYING> 10,008,433
<INVESTMENTS-MARKET> 10,043,526
<LOANS> 59,128,155
<ALLOWANCE> 226,784
<TOTAL-ASSETS> 86,797,822
<DEPOSITS> 68,036,989
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,553,087
<LONG-TERM> 9,500,000
0
0
<COMMON> 1,682
<OTHER-SE> 7,706,064
<TOTAL-LIABILITIES-AND-EQUITY> 86,797,822
<INTEREST-LOAN> 2,358,464
<INTEREST-INVEST> 656,707
<INTEREST-OTHER> 90,713
<INTEREST-TOTAL> 3,106,014
<INTEREST-DEPOSIT> 1,728,660
<INTEREST-EXPENSE> 1,968,284
<INTEREST-INCOME-NET> 1,137,730
<LOAN-LOSSES> 6,001
<SECURITIES-GAINS> 32,400
<EXPENSE-OTHER> 964,366
<INCOME-PRETAX> 624,613
<INCOME-PRE-EXTRAORDINARY> 624,613
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 390,621
<EPS-PRIMARY> 2.32
<EPS-DILUTED> 2.19
<YIELD-ACTUAL> 2.77
<LOANS-NON> 0
<LOANS-PAST> 192,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 192,000
<ALLOWANCE-OPEN> 223,121
<CHARGE-OFFS> 2,338
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 226,784
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 226,784
</TABLE>
