UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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 September 30, 1999
------- Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number: 0-23345
WYMAN PARK BANCORPORATION, INC.
-----------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
Delaware 52-2068893
- ------------------------------- -------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
11 West Ridgely Road, Lutherville, Maryland 21093
-------------------------------------------------
(Address of Principal Executive Offices)
(410)-252-6450
--------------
Registrant's Telephone Number, Including Area Code
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)of the Exchange Act 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 ___
As of November 4, 1999, the issuer had 905,926 shares of Common Stock issued and
outstanding.
Transitional Small Business Disclosure Format (check one):
Yes___ No X
<PAGE>
Contents
Part I. Financial Information Page
--------------------- ----
Item I. Financial Statements
Consolidated Statements of Financial Condition at
September 30, 1999 and June 30, 1999......................... 2
Consolidated Statements of Operations for the Three Month
Periods Ended September 30, 1999 and 1998.................... 3
Consolidated Statements of Cash Flows for the Three Month
Periods Ended September 30, 1999 and 1998.................... 4
Notes to Consolidated Financial Statements................... 5-7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations........................................ 8-12
Part II. Other Information
-----------------
Item 1. Legal Proceedings............................................. 13
Item 2. Changes in Securities......................................... 13
Item 3. Defaults Upon Senior Securities............................... 13
Item 4. Submission of Matters to a Vote of Security Holders........... 13
Item 5. Other Information............................................. 13
Item 6. Exhibits and Reports on Form 8-K.............................. 13
Signatures............................................................. 14
1
<PAGE>
Wyman Park Bancorporation, Inc. and Subsidiaries
Lutherville, Maryland
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, June 30,
1999 1999
---- ----
(Unaudited)
Assets
------
<S> <C> <C>
Cash and noninterest bearing deposits $ 532,555 $ 346,756
Interest bearing deposits in other banks 3,111,832 7,068,548
Federal funds sold 1,861,124 4,685,426
------------- -------------
Total cash and cash equivalents 5,505,511 12,100,730
Loans receivable, net 58,389,229 56,839,675
Mortgage-backed securities held to maturity
at amortized cost, fair value of $208,557 (9/99)
and $217,971 (6/99) 207,548 216,663
Federal Home Loan Bank of Atlanta stock, at cost 508,500 508,500
Accrued interest receivable 292,212 292,175
Ground rents owned, at cost 122,600 122,600
Property and equipment, net 144,667 155,281
Federal and state income taxes receivable - 13,688
Deferred tax asset 189,020 189,020
Prepaid expenses and other assets 92,861 92,056
-------------- -------------
Total Assets $65,452,148 $70,530,388
-------------- -------------
Liabilities & Stockholders' Equity
---------------------------------
Liabilities:
Demand deposits $ 5,764,669 $ 5,803,776
Money market and NOW accounts 12,082,075 12,169,347
Time deposits 38,520,493 40,035,036
-------------- ------------
Total deposits 56,367,237 58,008,159
Borrowings - 2,650,000
Advance payments by borrowers for taxes,
insurance and ground rents 331,744 1,278,634
Accrued interest payable on savings deposits 20,943 20,148
Accrued interest on borrowings - 5,038
Federal and state income taxes payable 46,492 727
Accrued expenses and other liabilities 566,231 538,375
-------------- ------------
Total liabilities 57,332,647 62,501,081
Stockholders' Equity
- --------------------
Common stock, par value $.0l per share; authorized
2,000,000 shares; issued 1,011,713 shares 10,117 10,117
Additional paid-in capital 3,959,985 3,959,985
Contra equity - Employee Stock Ownership Plan (ESOP) (632,420) (632,420)
Retained earnings, substantially restricted 5,981,583 5,891,389
Treasury Stock; 105,787 shares, at cost at
September 30, 1999 (1,199,764) (1,199,764)
-------------- ------------
Total stockholders' equity 8,119,501 8,029,307
-------------- ------------
Total liabilities and stockholders' equity $65,452,148 $70,530,388
-------------- -----------
See accompanying notes to financial statements.
</TABLE>
2
<PAGE>
Wyman Park Bancorporation, Inc. and Subsidiaries
Lutherville, Maryland
Consolidated Statements of Operation
(Unaudited)
For the Three Months
Ended September 30,
1999 1998
---- ----
Interest and fees on loans receivable $1,063,714 $1,190,661
Interest on mortgage-backed securities 3,420 4,669
Interest on investment securities - -
Interest on other investments 103,244 117,125
---------- ----------
Total interest income $1,170,378 $1,312,455
---------- ----------
Interest on savings deposits $ 653,808 $ 672,356
Interest on Federal Home Loan Bank
of Atlanta advances - -
Interest on borrowed money 3,084 -
Interest on escrow deposits 835 824
---------- ----------
Total interest expense $ 657,727 $ 673,180
Net interest income before provision
for loan losses 512,651 639,275
Provision for loan losses - 2,000
---------- ----------
Net interest income $ 512,651 $ 637,275
---------- ----------
Other Income
- ------------
Loan fees and service charges $ 18,724 $ 16,263
Gain on sales of loans receivable - 6,347
Other 4,276 10,875
---------- ----------
Total other income $ 23,000 $ 33,485
---------- ----------
Noninterest Expenses
- --------------------
Salaries and employee benefits $ 229,598 $ 185,880
Occupancy costs 24,310 24,352
Professional services 22,070 10,879
Federal deposit insurance premiums 8,434 8,341
Furniture and fixtures depreciation
and maintenance 13,135 12,365
Data processing 20,301 21,332
Advertising 9,783 8,848
Franchise and other taxes 11,271 11,179
Other 46,533 49,293
---------- ----------
Total noninterest expenses $ 385,435 $ 332,469
Income before tax provision 150,216 338,291
Provision for income taxes 60,021 131,020
---------- ----------
Net Income $ 90,195 $ 207,271
---------- ----------
Net income per share, basic $0.11 $0.22
Net income per share, diluted $0.11 $0.22
See accompanying notes to financial statements.
3
<PAGE>
Wyman Park Bancorporation, Inc.
and Subsidiaries
Lutherville, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30,
--------------------------------
1999 1998
---- ----
Cash Flows from operating activities
- ------------------------------------
<S> <C> <C>
Net income $ 90,195 $ 207,271
Adjustments to reconcile net income to net
Cash provided by operating activities:
Depreciation and amortization 12,759 13,872
Provision for loan losses - 2,000
Amortization of loan fees (16,638) (24,551)
Gain on sales of loans receivable - (6,347)
Loans originated for sale - (697,800)
Proceeds from loans originated for sale - 704,147
Increase in accrued interest receivable (37) (9,396)
(Increase) decrease in prepaid expenses and other assets (805) 1,272
Increase in accrued expenses and other liabilities 27,856 15,931
Decrease in federal and state income taxes receivable 13,688 130
Increase (decrease) in federal and state income taxes payable 45,765 (183,110)
Increase in accrued interest payable on
savings deposits 795 3,844
Decrease in accrued interest payable on savings deposits (5,038) -
-------------- ------------
Net cash provided by operating activities 168,540 27,263
Cash flows from investing activities
- ------------------------------------
Net increase in loans receivable (1,032,919) (243,766)
Purchase of loan participations (500,000) (70,309)
Mortgage-backed securities principal repayments 9,115 17,227
Purchases of property and equipment (2,145) (400)
-------------- ------------
Net cash used in investing activities (1,525,949) (297,248)
Cash flows from financing activities
- ------------------------------------
Net increase (decrease) in savings deposits (1,640,921) 2,880,473
Net decrease in checks outstanding in excess of bank balance - (13,931)
Decrease in advance payments by borrowers
for taxes, insurance and ground rents (946,889) (1,020,130)
Decrease in borrowings (2,650,000)
Cash used for repurchase of common stock - (298,152)
-------------- ------------
Net cash provided by (used in) financing activities (5,237,810) 1,548,260
Net increase (decrease) in cash and cash equivalents $ (6,595,219) $1,278,275
Cash and cash equivalents at beginning of period 12,100,730 6,848,123
-------------- ------------
Cash and cash equivalents at end of period $ 5,505,511 $8,126,398
-------------- ------------
Supplemental information
- ------------------------
Interest paid on savings deposits and borrowed funds $ 657,728 $ 674,351
Income taxes paid $ 569 $ 314,359
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
WYMAN PARK BANCORPORATION, INC. AND SUBSIDIARIES
LUTHERVILLE, MARYLAND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: WYMAN PARK BANCORPORATION, INC.
Wyman Park Bancorporation, Inc. (the "Company") is the holding company of Wyman
Park Federal Savings & Loan Association ("Association"), which converted from
mutual to stock form ("Stock Conversion") on January 5, 1998. All references to
the Company prior to January 5, 1998, except where otherwise indicated are to
the Association. The Company's common stock began trading on the OTC Electronic
Bulletin Board on January 7, 1998 under the symbol "WPBC".
The Association is regulated by the Office of Thrift Supervision ("OTS"). The
primary business of the Association is to attract deposits from individual and
corporate customers and to originate residential and commercial mortgage loans
and consumer loans. The Association competes with other financial and mortgage
institutions in attracting and retaining deposits and originating loans. The
Association conducts operations through its main office located at 11 West
Ridgely Road, Lutherville, Maryland 21093 and one branch office located at 7963
Baltimore-Annapolis Boulevard, Glen Burnie, Maryland 21060.
NOTE 2: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with instructions for Form 10-QSB and therefore, do not include
all disclosures necessary for a complete presentation of the statements of
condition, statements of operations and statements of cash flows in conformity
with generally accepted accounting principles. However, all adjustments which,
in the opinion of management, are necessary for the fair presentation of the
interim financial statements have been included. Such adjustments were of a
normal recurring nature. The results of operations for the three months ended
September 30, 1999 are not necessarily indicative of the results that may be
expected for the entire year.
NOTE 3: CASH AND CASH EQUIVALENTS
For cash, non-interest bearing deposits, variable rate interest-bearing deposits
in other banks and federal funds sold, the carrying amount is a reasonable
estimate of fair value.
5
<PAGE>
NOTE 4: EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted
average number of common shares outstanding for the appropriate period. Unearned
Employee Stock Ownership Plan (ESOP) shares are not included in outstanding
shares. Diluted earnings per share is computed by dividing net income by the
weighted average shares outstanding as adjusted for the diluted effect of stock
options and unvested stock awards based on the "treasury stock" method.
Information relating to the calculations of net income per share of common stock
is summarized for the three months ended September 30, 1999 and 1998 as follows:
Three Months Ended Three Months Ended
September 30, 1999 September 30, 1998
------------------ ------------------
Net income $ 90,195 $207,271
Weighted average shares
Outstanding basic EPS 815,949 938,830
Diluted items
Stock options 33,005 -
Adjusted weighted average shares used
for diluted EPS 848,954 938,830
NOTE 5: REGULATORY CAPITAL REQUIREMENTS
The following table presents the Association's capital position based on the
September 30, 1999 financial statements.
<TABLE>
<CAPTION>
To Be Well
Capitalized Under
For Capital Prompt Corrective
Actual Adequacy Purposes Action Provisions
--------------------- ----------------- ---------------------
Amount Ratio Amount Ratio Amount Ratio
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Total Capital (to
Risk Weighted
Assets) $ 7,214,805 19.8% $2,909,085 8.0% $3,636,357 10.0%
Tier I capital (to
Risk Weighted
Assets) 6,932,205 19.1% 1,454,543 4.0% 2,181,814 6.0%
Tier 1 Capital (to
Average Assets) 6,932,205 10.6% 2,618,225 4.0% 3,272,781 5.0%
</TABLE>
6
<PAGE>
NOTE 6: RECENT ACCOUNTING PRONOUNCEMENTS
FASB statement on Accounting for Derivative Instruments and Hedging Activities -
In June, 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133, as amended by SFAS
No. 137, which standardizes the accounting for derivative instruments including
certain derivative instruments embedded in other contracts, by requiring that an
entity recognize these items as assets or liabilities in the statement of
financial position and measure them at fair value. This Statement generally
provides for matching the timing of gain or loss recognition on the hedging
instrument with the recognition of the changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk or the earnings
effect of the hedged forecasted transaction. The Statement, which is effective
for all fiscal quarters of all fiscal years beginning after June 15, 2000, is
not expected to materially affect the Company's financial position or its
results of operations.
7
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
FORWARD-LOOKING STATEMENTS
When used in this filing and in future filings by Wyman Park Bancorporation,
Inc. (the "Company") with the Securities and Exchange Commission, in the
Company's press releases or other public or shareholder communications, or in
oral statements made with the approval of an authorized executive officer, the
words or phrases "would be," "will allow," "intends to," "will likely result,"
"are expected to," "will continue," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties, including but not limited to
changes in economic conditions in the Company's market area, changes in policies
by regulatory agencies, fluctuations in interest rates, demand for loans in the
Company's market area and competition, all or some of which could cause actual
results to differ materially from historical earnings and those presently
anticipated or projected.
The Company wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and advises
readers that various factors, including regional and national economic
conditions, substantial changes in levels of market interest rates, credit and
other risks of lending and investment activities and competitive and regulatory
factors, could affect the Company's financial performance and could cause the
Company's actual results for future periods to differ materially from those
anticipated or projected.
The Company does not undertake, and specifically disclaims any obligations, to
update any forward-looking statements to reflect occurrences or unanticipated
events or circumstances after the date of such statements.
IMPACT OF THE YEAR 2000
The Company has conducted a comprehensive review of its environment and computer
systems to identify any potential risk associated with the Year 2000, and has
developed an implementation plan to address the issues.
The Company's data processing is performed by a service provider. Other support
software, computer hardware and environmental controls, such as HVAC and alarm
systems, utilized in-house is under maintenance agreements with third party
vendors, consequently the Company is very dependent on these vendors to conduct
its business. The Company has contacted each vendor to request time tables for
Year 2000 compliance and expected costs, if any, to be passed along to the
Company. To date, the Company has been part of a national testing of its service
provider, and following the testing, the service provider has
8
<PAGE>
stated that their system is Year 2000 qualified. All software applications
considered mission critical have been tested and are year 2000 qualified. Other
support software, although not considered mission critical is being tested and
Year 2000 qualified as vendors provide upgrades and instructions for testing.
Environmental controls do not utilize date driven computer chips, and present no
year 2000 risk.
The Company has developed a detailed Business Resumption and Contingency Plan.
In the event that the Company can not function normally on the first business
day of the year 2000, the plan outlines contingency planning for both
environmental and operational failures related to the year 2000. The Company has
contracted with its service provider to reserve a seat at a disaster recovery
site, in the worse case event that the Company does not have electrical power on
the first business day of the year 2000, or for any extended period. The Company
will also have year end reports from its service provider, and can function
manually for a limited time, using year-end balances. The Company has determined
that although more labor intense, functions performed by support software can be
performed manually, if necessary. The Company previously identified certain
hardware and equipment that was not Year 2000 compliant. This hardware and
equipment has been replaced and the related capital expenditures totaled
approximately $12,000.00 and were included in the 1999 fiscal year results.
Expenses related to Year 2000 are not expected to have a significant impact on
the Company's financial position.
COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 1999 AND JUNE 30, 1999
The Company's assets decreased $5.0 million or 7.1% to $65.5 million at
September 30, 1999 from $70.5 million at June 30, 1999. Cash and cash
equivalents decreased $6.6 million or 54.5% to $5.5 million at September 30,
1999 from $12.1 million at June 30, 1999, primarily as a result of the payoff of
borrowings and a decrease in savings deposits. Net loans receivable increased
$1.6 million or 2.8% to $58.4 million at September 30, 1999 from $56.8 million
at June 30, 1999. The $1.6 million increase in net loans receivable was
primarily the result of an increase of $800,000 in residential real estate
loans, an increase of $300,000 in consumer loans, an increase of $300,000 in
commercial real estate loans and an increase of $100,000 in commercial non-real
estate loans. Savings deposits decreased $1.6 million or 2.8% to $56.4 million
at September 30, 1999 from $58.0 million at June 30, 1999. The Company's
stockholders' equity increased $90,000 or 1.1% to $8.1 million at September 30,
1999 from $8.0 million at June 30, 1999, as a result of net income of $90,000
for the quarter ended September 30, 1999.
COMPARISON OF OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER
30, 1999 AND SEPTEMBER 30, 1998
Net Income
The Company reported net income of $90,000 for the quarter ended September 30,
1999 compared to $207,000 for the quarter ended September 30, 1998. The $117,000
decline in
9
<PAGE>
net income was primarily due to a decrease in net interest income of $126,000,
and an increase in noninterest expense of $53,000, partially offset by a
decrease in income tax expense of $71,000.
Interest Income
Total interest income decreased by $142,000 or 10.8% to $1.2 million for the
quarter ended September 30, 1999 from $1.3 million for the quarter ended
September 30, 1998. The decrease in total interest income for the comparable
three months periods was due to a decrease of $5.3 million in the average
balance of interest-earning assets to $65.0 million from $70.3 million, and a
decrease of 28 basis points in the average yield on interest-earning assets to
7.20% from 7.48%.
The decrease in the average balance of interest-earning assets as compared to
the three months ended September 30, 1998 is due to a decrease in average loans
receivable and also a decrease in federal funds sold, as a result of loan
payoffs and use of cash to fund the Company's return of capital distribution.
Interest Expense
Total interest expense decreased by $15,000 or 2.2% to $658,000 for the quarter
ended September 30, 1999 from $673,000 for the quarter ended September 30, 1998.
The decrease in total interest expense for the comparable three months periods
was due to a decrease of 21 basis points in the average yield on
interest-bearing liabilities to 4.61% from 4.82%, partially offset by an
increase of $1.0 million in the average balance of interest-bearing liabilities
to $56.8 million from $55.8 million.
The increase in the average balance of interest-bearing liabilities is due
primarily to an increase of $1.0 million in average savings deposits as compared
to the three months ended September 30, 1998.
Net Interest Income
The Company's net interest income decreased by $126,000 or 19.7% to $513,000 for
the quarter ended September 30, 1999 from $639,000 for the quarter ended
September 30, 1998. The decrease in net interest income was primarily due to a
decrease in the ratio of average interest-earning assets to average
interest-bearing liabilities to 114.5% from 125.9%. The Company's net yield on
interest-earning assets decreased 47 basis points to 3.17% from 3.64%.
Provision For Loan Losses
Management monitors its allowance for loan losses and makes additions to the
allowance, through the provision for loan losses, as economic conditions and
other factors dictate.
10
<PAGE>
Management maintains its allowance for loan losses at a level which it considers
to be adequate to provide for loan losses based on volume, type of collateral
and prior loan loss experience. During the three months ended September 30,
1999, the Company recorded no provision for loan losses compared to $2,000 for
the three months ended September 30,1998. The Company's nonperforming loans as a
percentage of loans receivable was 0.20% and 0.00% at September 30, 1999, and
June 30, 1999, respectively, all consisting of single-family residential
mortgage loans.
Noninterest Income
Total noninterest income decreased by $10,000 or 30.3% to $23,000 for the
quarter ended September 30, 1999 from $33,000 for the quarter ended September
30, 1998. The decrease in noninterest income was due to a decrease of $6,000 in
gain on sales of loans receivable to $0 for the quarter ended September 30, 1999
from $6,000 for the quarter ended September 30, 1998, and a decrease of
approximately $7,000 in miscellaneous operating income to $4,000 for the quarter
ended September 30, 1999 from $11,000 for the quarter ended September 30, 1998.
Noninterest Expenses
Total noninterest expenses increased by $53,000 or 16.0% to $385,000 for the
quarter ended September 30, 1999 from $332,000 for the quarter ended September
30,1998. The increase in noninterest expenses was primarily due to an increase
in compensation and benefits expense of $44,000 or 23.7% to $230,000 for the
quarter ended September 30,1999 from $186,000 for the quarter ended September
30, 1998. The decrease in compensation and benefits expense was primarily due to
expenses related to the Company's Recognition and Retention Plan (RRP) in the
amount of $19,000 and increases due to increased staff in the amount of $17,000
during the quarter ended September 30, 1999, as compared to the quarter ended
September 30, 1998.
Liquidity and Capital Resources
Liquidity management for the Company is both an ongoing and long-term function
of the Company's asset/liability management strategy. Excess funds, when
applicable, generally are invested in overnight deposits at a correspondent bank
and at the Federal Home Loan Bank (FHLB) of Atlanta. Currently when the Company
requires funds, beyond its ability to generate deposits, additional sources of
funds are available through the FHLB of Atlanta. The Company has the ability to
pledge its FHLB of Atlanta stock or certain other assets as collateral for up to
$8 million in advances. Management and the Board of Directors believe that the
Company's liquidity is adequate. The Company's most liquid assets are cash and
cash equivalents, which include short-term investments. The levels of these
assets are dependent
11
<PAGE>
on the Company's operating, financing and investing activities during any given
period. At September 30, 1999, the Company's cash on hand, interest bearing
deposits, Federal funds sold and short-term investments totaled $5.5 million.
The Company anticipates that it will have sufficient funds available to meet its
current loan origination commitments of approximately $2.4 million. Certificates
of deposit which are scheduled to mature in less than one year at September 30,
1999 totaled $25.5 million. Historically, a high percentage of maturing deposits
have remained with the Company.
The Company's principal sources of funds are deposits, loan repayments and
prepayments, and other funds provided by operations. While scheduled loan
repayments are relatively predictable, deposit flows and early loan prepayments
are more influenced by interest rates, general economic conditions, and
competition. The Association maintains investments in liquid assets based upon
management's assessment of (1) need for funds, (2) expected deposit flows, (3)
yields available on short-term liquid assets and (4) objectives of the
asset/liability management program.
The Company's primary uses of cash in investing activities during the three
months ended September 30, 1999 were a net increase of $1.0 million in loans
receivable, other than the purchase of loan participations of $500,000.
The Company's primary uses of cash in financing activities during the three
months ended September 30, 1999 consisted of a net decrease of $2.7 million in
borrowings, a net decrease of $1.6 million in savings deposits, and a decrease
of $900,000 in advance payments by borrowers for taxes, insurance and ground
rents.
12
<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 SECURITY-HOLDERS
No matters were submitted to the stockholders during the quarter ended
September 30, 1999.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibit is filed as part of this Form 10QSB:
Exhibit 27 - Financial Data Schedule
13
<PAGE>
Signatures
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WYMAN PARK BANCORPORATION, INC.
Registrant
Date: November 10, 1999 /s/ Ernest A. Moretti
----------------------------------------
Ernest A. Moretti
President and Chief Executive Officer
(Principal Executive Officer)
Date: November 10, 1999 /s/ Ronald W. Robinson
----------------------------------------
Ronald W. Robinson
Treasurer
(Principal Financial and Accounting Officer)
14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WYMAN
PARK BANCORPORATION & SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001046354
<NAME> Wyman Park Bancorporation, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 532,555
<INT-BEARING-DEPOSITS> 3,111,832
<FED-FUNDS-SOLD> 1,861,124
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 207,548
<INVESTMENTS-MARKET> 208,557
<LOANS> 58,389,229
<ALLOWANCE> (282,600)
<TOTAL-ASSETS> 65,452,148
<DEPOSITS> 56,367,237
<SHORT-TERM> 0
<LIABILITIES-OTHER> 965,410
<LONG-TERM> 0
0
0
<COMMON> 10,117
<OTHER-SE> 8,109,384
<TOTAL-LIABILITIES-AND-EQUITY> 65,452,148
<INTEREST-LOAN> 1,063,714
<INTEREST-INVEST> 3,420
<INTEREST-OTHER> 103,244
<INTEREST-TOTAL> 1,170,378
<INTEREST-DEPOSIT> 653,808
<INTEREST-EXPENSE> 657,727
<INTEREST-INCOME-NET> 512,651
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 385,435
<INCOME-PRETAX> 150,216
<INCOME-PRE-EXTRAORDINARY> 150,216
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 90,195
<EPS-BASIC> 0.111
<EPS-DILUTED> 0.106
<YIELD-ACTUAL> 3.17
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> (282,600)
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> (282,600)
<ALLOWANCE-DOMESTIC> (282,600)
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
