<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 25049
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, 1998
------------------------
[_] 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
------------------------------
Anson Bancorp, Inc.*
-------------------
(Exact name of small business issuer as specified in its charter)
North Carolina 56-2073894
-------------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
211 South Green Street/Post Office Box 249
Wadesboro, North Carolina 28170
-------------------------------
(Address of principal executive office) (Zip code)
(704) 694-2122
--------------
(Issuers telephone number)
N/A
---
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check X whether the issuer (1) has 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
----- -----
As of June 19, 1998 there were issued and outstanding 585,124 shares of the
Registrant's common stock, no par value
Transitional Small Business Disclosure Format: Yes No X
----- -----
* Form 10-QSB has been prepared for Anson Savings Bank, Inc. (formerly Anson
Savings Bank, S.S.B.) which was acquired by Anson Bancorp, Inc. (the
reporting company) effective June 19, 1998 pursuant to a Plan of Conversion.
The reporting company had no operations or business prior to owning Anson
Savings Bank, Inc.
<PAGE>
ANSON BANCORP, INC. AND ANSON SAVINGS BANK, INC
CONTENTS
Page
PART 1. FINANCIAL STATEMENTS
Item 1. Financial Statements
Condensed statements of financial condition at June 30, 1997
and March 31, 1998 (unaudited)................................. 1
Condensed statements of income for the three months ended
March 31, 1997 and 1998 (unaudited)............................ 2
Condensed statements of income for the nine months ended
March 31, 1997 and 1998 (unaudited)............................ 3
Condensed statements of cash flows for the nine months ended
March 31, 1997 and 1998 (unaudited)............................ 4
Notes to condensed financial statements........................... 5
Item 2. Management's discussion and analysis of financial condition
and results of operations.................................... 6
PART II. OTHER INFORMATION
Item 1. Legal Proceedings........................................... 7
Item 2. Changes in Securities....................................... 7
Item 3. Defaults upon Senior Securities............................. 7
Item 4. Submission of Matters to a Vote of Security Holders......... 7
Item 5. Other Information........................................... 7
Item 6. Exhibits and Reports on Form 8-K............................ 7
SIGNATURES.............................................................. 10
This Form 10-QSB contains forward-looking statements consisting of estimates
with respect to the financial condition, results of operations and other
business of Anson Bancorp, Inc. that are subject to various factors which could
cause actual results to differ materially from those estimates. Factors which
could influence the estimates include changes in the national, regional and
local market conditions, legislative and regulatory conditions, and an adverse
interest rate environment.
<PAGE>
ANSON SAVINGS BANK, INC.
CONDENSED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
<TABLE>
<CAPTION>
June 30, March 31,
------------ ------------
1997 1998
------------ ------------
(Note 2) (Unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents, including federal
funds sold $ 4,640,610 $ 4,266,912
Securities held to maturity, at amortized cost 3,938,524 4,846,761
Securities available for sale, at fair value 317,521 430,353
Loans receivable, net 11,422,892 11,186,222
Accrued interest receivable 59,976 68,514
Property and equipment, net 222,125 209,780
Prepaid expenses and other assets 61,719 188,257
Deferred income taxes 57,000 43,000
----------- -----------
Total assets $20,720,367 $21,239,799
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $16,791,101 17,004,560
Accounts payable and accrued expenses 36,624 142,280
Deferred income taxes 136,200 155,169
----------- -----------
Total liabilities 16,963,925 17,302,009
----------- -----------
STOCKHOLDERS' EQUITY
Unrealized gain on securities available for
sale, net of tax 204,000 295,185
Retained earnings, substantially restricted 3,552,442 3,642,605
----------- -----------
Total stockholders' equity 3,756,442 3,937,790
----------- -----------
Total liabilities and stockholders' equity $20,720,367 $21,239,799
=========== ===========
</TABLE>
See Notes to Condensed Financial Statements.
-1-
<PAGE>
ANSON SAVINGS BANK, INC.
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months Ended March 31
1997 1998
-------- --------
INTEREST AND DIVIDEND INCOME
Interest and fees on loans $245,190 $237,139
Interest on investments and deposits in other banks 111,155 123,059
-------- --------
Total interest and dividend income 356,345 360,198
INTEREST EXPENSE ON DEPOSITS 198,942 204,493
-------- --------
Net interest income 157,403 155,705
PROVISION FOR LOAN LOSSES 1,500 1,000
-------- --------
Net interest income after provision for loan losses 155,903 154,705
NONINTEREST INCOME 115 101
NONINTEREST EXPENSE
Compensation and employee benefits 65,364 65,818
Federal insurance premiums 2,361 2,583
Data processing 8,353 10,377
Examinations and audit 6,180 8,730
Occupancy including depreciation 7,151 6,304
Other 24,602 25,810
-------- --------
Total noninterest expense 114,011 119,622
-------- --------
Income before income taxes 42,007 35,184
INCOME TAXES 8,000 7,000
-------- --------
Net income $ 34,007 $ 28,184
======== ========
Basic earnings per share (Note 3) $ N/A $ N/A
======== ========
Diluted earnings per share (Note 3) $ N/A $ N/A
======== ========
See Notes to Condensed Financial Statements.
-2-
<PAGE>
ANSON SAVINGS BANK, INC.
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
For the Nine Months Ended March 31
<TABLE>
<CAPTION>
1997 1998
---------- ----------
<S> <C> <C>
INTEREST AND DIVIDEND INCOME
Interest and fees on loans $ 738,981 $ 712,522
Interest on investments and deposits in other banks 360,637 365,806
---------- ----------
Total interest and dividend income 1,099,618 1,078,328
INTEREST EXPENSE ON DEPOSITS 618,252 616,359
---------- ----------
Net interest income 481,366 461,969
PROVISION FOR LOAN LOSSES 2,000 1,000
---------- ----------
Net interest income after provision for loan losses 479,366 460,969
---------- ----------
NONINTEREST INCOME 1,404 4,370
NONINTEREST EXPENSE
Compensation and employee benefits 197,392 200,003
Federal insurance premiums 127,395 7,811
Data processing 23,996 26,223
Examinations and audit 18,540 25,370
Occupancy including depreciation 21,297 16,784
Other 74,125 74,985
---------- ----------
Total noninterest expense 462,745 351,176
---------- ----------
Income before income taxes 18,025 114,163
INCOME TAXES 4,000 24,000
---------- ----------
Net income $ 14,025 $ 90,163
========== ==========
Basic earnings per share (Note 3) $ N/A $ N/A
========== ==========
Diluted earnings per share (Note 3) $ N/A $ N/A
========== ==========
</TABLE>
See Notes to Condensed Financial Statements.
-3-
<PAGE>
ANSON SAVINGS BANK, INC.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended March 31
<TABLE>
<CAPTION>
1997 1998
---------- -----------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 14,025 $ 90,163
Adjustments to reconcile net income to net
cash provided by (used for) operating
activities
Provision for loan losses 5,000 1,000
Provision for depreciation 16,352 12,345
Deferred income taxes 28,000 (11,322)
(Increase) decrease in operating assets
and liabilities
Interest receivable (9,816) (8,538)
Prepaid expenses and other assets 27,365 (104,894)
Accounts payable and accrued expenses (57,751) 105,656
---------- ----------
Net cash provided by operating
activities 23,175 84,410
INVESTING ACTIVITIES
Net decrease (increase) in loans receivable (116,988) 236,670
Net decrease (increase) in investments
held to maturity 1,046,890 (908,237)
---------- ----------
Net cash provided by (used for)
investing activities 929,902 (671,567)
FINANCING ACTIVITIES
Net (decrease) increase in savings deposits (939,057) 213,459
---------- ----------
Net increase (decrease) in cash and
cash equivalents 14,020 (373,698)
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD 3,603,361 4,640,610
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $3,617,381 $4,266,912
========== ==========
SUPPLEMENTAL DISCLOSURE
Total increase in unrealized gain on securities
available for sale, net of tax $ 118,594 $ 91,185
========== ==========
Cash paid during the period for interest $ 618,252 $ 616,359
========== ==========
Cash paid during the period for income taxes $ 4,000 $ 24,000
========== ==========
</TABLE>
See Notes to Condensed Financial Statements.
-4-
<PAGE>
ANSON SAVINGS BANK, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
- -------------------------------------------------------------------------------
NOTE 1 - NATURE OF BUSINESS
Anson Savings Bank, Inc. ("Anson Savings" or the "Bank") is primarily
engaged in the business of obtaining savings deposits and originating
single-family residential loans within its primary market area of Anson
County in North Carolina.
Anson Savings Bank's results of operations depend primarily on its net
interest income, which is the difference between interest income from
interest-earning assets and interest expense on interest-bearing
liabilities. The Bank's operations are also affected by noninterest
income, such as miscellaneous income from loans, and other sources of
revenue. The Bank's principal operating expenses, aside from interest
expense, consist of compensation and associated benefits, federal deposit
insurance premiums, occupancy costs, furniture and fixture expense, data
processing charges, and other general and administrative expenses.
NOTE 2 BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements (except for the
condensed consolidated statement of financial condition at June 30, 1997,
which has been taken from the audited financial statements at that date)
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 (none of which were other than normal recurring accruals
except for the one-time special assessment to recapitalize the Savings
Association Insurance Fund (the "SAIF")) necessary for a fair presentation
of the financial position and results of operations for the periods
presented have been included. The Bank's holding company, Anson Bancorp,
Inc., was not an operating company and did not engage in any significant
business until June 1998. The results of operations for the nine months
ended March 31, 1998 are not necessarily indicative of the results of
operations that may be expected for the year ended June 30, 1998. The
accounting policies followed are as set forth in Note 1 of the Notes to
Financial Statements in the 1997 Financial Statements of the Bank.
NOTE 3 EARNINGS PER SHARE
Earnings per share are not applicable for the periods reported. Anson
Savings Bank did not complete its conversion to stock form until June 19,
1998.
NOTE 4 SUBSEQUENT EVENT AND PLAN OF CONVERSION
On June 19, 1998, pursuant to a Plan of Conversion which was approved by
its members and regulators, Anson Savings converted from a state chartered
mutual savings bank to a state chartered stock savings bank and became a
wholly owned subsidiary of Anson Bancorp, Inc. (the "Company"). The Company
was formed to acquire all of the common stock of Anson Savings upon
its conversion to stock form (the "Conversion"). In connection with the
Conversion, the Company offered shares of its common stock to the public in
an initial public offering. The Company has no operations and conducts no
business of its own other than owning Anson Savings and investing its
portion of the net proceeds received in the Conversion. The closing of the
initial public offering occurred on June 19, 1998 and resulted in the
issuance of 585,124 shares of the Company's common stock at a price of
$10.00 per share for proceeds of $5,424,815 (net of $426,425 in offering
costs). The Company transferred $2,712,408 of the net proceeds to Anson
Savings for purchase of all of the common stock of the Bank.
Concurrent with the Conversion, the Bank established a liquidation account
in the amount equal to its net worth as reflected in its latest statement
of financial condition contained in the prospectus used in connection with
the Company's initial public offering. The liquidation account will be
maintained for the benefit of eligible deposit account holders who continue
to maintain their deposit accounts in the Bank after the Conversion. Only
in the event of a complete liquidation will each deposit account holder be
entitled to receive a liquidation distribution from the liquidation account
in the amount of the then current adjusted subaccount balance for deposit
accounts then held before any liquidation distribution may be made with
respect to common stock. Dividends paid by the Bank subsequent to the
Conversion cannot be paid from this liquidation account.
The Bank may not declare or pay a cash dividend on or repurchase any of 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 and state regulations.
As a North Carolina-chartered stock savings bank, the Bank may not declare
or pay a cash dividend on its common stock if the effect of such
transaction would be to reduce the net worth of the Bank to an amount which
is less than the minimum amount required by applicable federal and state
regulations. For a period of five years after the Conversion, the Bank must
obtain written approval from the Administrator of the North Carolina
Savings Institutions Division before declaring or paying a cash dividend on
its common stock in an amount in excess of one-half of the greater of (i)
the Bank's net income for the most recent fiscal year end, or (ii) the
average of the Bank's net income after dividends for the most recent year
end and not more than two of the immedidately preceding fiscal year ends.
In connection with the Conversion, the Bank has agreed with the FDIC that,
within the first three years after completion of the Conversion, neither
the Company nor the Bank will pay any taxable dividend or make any taxable
distribution in excess of their current and retained earnings. The Company
and the Bank have agreed to notify the FDIC before make a return of capital
during the first three years following the Conversion.
-5-
<PAGE>
ANSON SAVINGS BANK, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- -------------------------------------------------------------------------------
COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 1998 AND JUNE 30, 1997
Total assets of Anson Savings amounted to $21.24 million at March 31, 1998,
compared to $20.72 million at June 31, 1997. The increase from June 30,
1997 to March 31, 1998 is primarily attributed to the increase in deposits
and investments. Accounts payable and prepaid expenses have both increased
approximately $110,000 from June 30, 1997 to March 31, 1998. These
increases are due primarily to prepaid expenses incurred related to the
Bank's conversion to a state chartered stock savings bank.
The principal category of earnings assets is loans receivable which
amounted to $11.19 million and $11.42 million at March 31, 1998 and June
30, 1997, respectively. Loan originations for the nine months ended March
31, 1998 totaled $1.77 million and were funded by loan principal repayments
of $2.0 million as the loan portfolio decreased by $230,000. Loan
originations for the year ended June 30, 1997 totaled $1.90 million and
principal repayments for 1997 totaled $2.05 million. Anson Savings
maintains underwriting and credit standards designed to maintain the
quality of the loan portfolio. Nonperforming loans at March 31, 1998 and
June 30, 1997 totaled $271,000 and $240,000, respectively and were 2.42%
and 2.10% of total loans respectively.
In addition to loans, Anson Savings invests in U.S. Treasury and Government
agency securities. Management does not engage in the practice of trading
securities, rather, Anson's investment portfolio consists primarily of
investments designated and held to maturity. Investment securities,
including interest-bearing deposits and FHLB stock, at March 31, 1998 and
June 30, 1997 totaled $9.26 million and $8.70 million, respectively. The
increase in investments and loans is primarily attributed to the increase
in deposits and current period income.
Anson has experienced some increase in savings deposits. At March 31, 1998,
Anson's deposits increased approximately $200,000 compared to June 30,
1997. Anson has priced its deposits in a fashion to be at or near the top
of the market because of its dependence on the local market for funds
availability.
Anson's equity, which consists entirely of retained earnings and unrealized
gains on securities available for sale, net of tax, amounted to $3.94
million and $3.76 million at March 31, 1998 and June 30, 1997,
respectively. Anson has classified a portion of its investments as
available for sale which requires reporting such investments at market with
unrealized gains or losses, net of tax, shown as a separate component of
equity. The equity component for net unrealized gains (losses) at March 31,
1998 and June 30, 1997 amounted to $295,000 and $204,000, respectively.
COMPARISON OF RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED MARCH 31, 1998 AND
1997
Net Income. Anson Savings Bank's net income for the nine months ended March
31, 1998 and 1997 was $90,000 and $14,000, respectively. Net income was
negatively affected for the nine months ended March 31, 1997 by a one-time
charge of $114,000, before tax, related to a one-time assessment of deposit
insurance premiums to recapitalize the SAIF. Exclusive of the one-time SAIF
assessment, net income for the nine months ended March 31, 1998 and 1997
would have been approximately $90,000 and $86,000, respectively.
Net Interest Income. Net interest income has decreased 4% to $481,000 for
the nine months ended March 31, 1998 from $462,000 for the nine months
ended March 31, 1997. This decrease in net interest income reflects the
slight downward trend in interest rate spread.
-6-
<PAGE>
ANSON SAVINGS BANK, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- -------------------------------------------------------------------------------
Provision for Loan Losses. The provision for loan losses was $1,000 and
$2,000 for the nine months ended March 31, 1998 and 1997, respectively.
The provisions and the resulting loan loss allowances are amounts
management believes will be adequate to absorb possible losses on existing
loans. At March 31, 1998 and 1997, the Bank's loan loss allowances totaled
$101,000 and $97,000, respectively, representing 37% and 38%, respectively,
of nonperforming loans at such date. Loans are charged off against the
allowance when management believes collectibility is unlikely, although
management continues to actively pursue collection of loans which have been
charged off. Management decisions regarding the provisions and resulting
allowance are based both on prior loan loss experience and other factors,
such as existing loan levels and types of loans outstanding, nonperforming
loans, industry standards and general economic conditions. Anson Savings
Bank experienced no loan charge-offs during the nine months ended March 31,
1998 and 1997.
Noninterest Income. Noninterest income consists primarily of fees related
to safe deposit boxes and other miscellaneous items and amounted to $4,000
and $1,000 for the nine months ended March 31, 1998 and 1997, respectively.
Noninterest Expense. Noninterest expense consisted primarily of operating
expenses for compensation and employee benefits, occupancy, federal deposit
insurance premiums, data processing charges and other operating expenses.
Noninterest expense decreased to $351,00 from $463,000 for the nine months
ended March 31, 1998 and 1997. Exclusive of the impact of a one-time SAIF
assessment in December, 1996, noninterest expense increased from $349,000
to $351,000 for the nine months ended March 31, 1997 to the nine months
ended March 31, 1998. The Bank anticipates that its noninterest expense may
increase in the future because of costs associated with compensation, costs
associated with operating as a publicly held company, and with purchasing
the computer equipment necessary for year 2000 compliance.
Income Taxes. Income tax expense was $24,000 and $4,000 for the nine month
periods ended March 31, 1998 and 1997, respectively. The fluctuations were
primarily attributable to corresponding fluctuations in income before
income taxes as described above in "Net Income" and "Noninterest Expense".
COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1998
AND 1997
Net Income. Anson Savings Bank's net income for the three months ended
March 31, 1998 and 1997 was $28,000 and $34,000, respectively. Net income
was negatively affected by an overall downward trend in interest rates as
well as slight increases in noninterest expenses.
Net Interest Income. Net interest income has decreased by less than 1% to
$156,000 for the three months ended March 31, 1998 from $157,000 for the
three months ended March 31, 1997. This decrease in net interest income
reflects the slight downward trend in interest rate spread.
Noninterest Income. Noninterest income consists primarily of fees related
to safe deposit boxes and other miscellaneous items and amounted to $101
and $115 for the three months ended March 31, 1998 and 1997, respectively.
Noninterest Expense. Noninterest expense consisted primarily of operating
expenses for compensation and employee benefits, occupancy, federal deposit
insurance premiums, data processing charges and other operating expenses.
Noninterest expense increased to $120,000 from $114,000 for the three
months ended March 31, 1998 and 1997. The Bank anticipates that its
noninterest expense may increase in the future because of costs associated
with compensation, costs associated with operating as a publicly held
company, and with purchasing the computer equipment necessary for year 2000
compliance.
-7-
<PAGE>
ANSON SAVINGS BANK INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Income Taxes. Income tax expense was $7,000 and $8,000 for the three-month
periods ended March 31, 1998 and 1997, respectively. The fluctuations were
primarily attributable to corresponding fluctuations in income before
income taxes.
CAPITAL RESOURCES AND LIQUIDITY
The term "liquidity" generally refers to an organization's ability to
generate adequate amounts of funds to meet its needs for cash. More
specifically for financial institutions, liquidity ensures that adequate
funds are available to meet deposit withdrawals, fund loan and capital
expenditure commitments, maintain reserve requirements, pay operating
expenses and provide funds for debt service, dividends to stockholders and
other institutional commitments. Funds are primarily provided through the
sale or maturity of investments, the ability to raise equity capital, or
maintenance of shorter term interest-bearing deposits.
As a state chartered stock savings bank, Anson Savings Bank must maintain
liquidity in the form of cash and cash equivalents and investment
securities, including mortgage-backed securities, equal to at least 10% of
total assets. The Bank's liquidity ratio at March 31, 1998 was
considerably in excess of such requirements. Given its excess liquidity
and its ability to borrow from the FHLB, the Bank believes that it will
have sufficient funds available to meet anticipated future loan
commitments, deposit withdrawals and other cash requirements.
YEAR 2000
The Bank recognizes that there is a business risk in computerized systems
as the calendar rolls over into the next century. The Federal Financial
Institutions Examination Council (FFIEC) issued an interagency statement on
May 5, 1997 outlining five phases for institutions to effectively manage
the Year 2000 challenge. The phases were: Awareness; Assessment;
Renovation; Validation; and, Implementation. The FFIEC encouraged
institutions to have all critical applications identified and priorities
set by September 30, 1997 and to have renovation work largely completed and
testing well underway by March 31, 1998. The Bank has an ongoing program
designed to ensure that its operational and financial systems will not be
adversely affected by year 2000 software failures, due to processing errors
arising from calculations using the year 2000 date. The Board of Directors
and management of the Bank have established year 2000 compliance as a
strategic initiative. While the Bank believes that it has available
resources to assure year 2000 compliance, it is to some extent dependent on
vendor cooperation. At the present time, the Bank expects its most
critical application software vendor to have all of its system in
compliance by December 31, 1998. The Bank expects to install the necessary
software releases in 1998 and have testing of such systems substantially
completed by December 31, 1998.
At this time, the Bank has not determined the cost of making any
modifications to correct any year 2000 problems; however, equipment and
software expenses are not expected to materially differ from past results.
The Bank routinely upgrades and purchases technologically advanced software
and hardware on a continual basis and expects to specifically evaluate and
test such purchases for year 2000 compliance.
-8-
<PAGE>
ANSON BANCORP, INC./ ANSON SAVINGS BANK, INC.
PART II-OTHER INFORMATION
- --------------------------------------------------------------------------------
Item 1. Legal Proceedings
The Company is not engaged in any legal proceedings at the present time.
From time to time, the Bank is a party to legal proceedings within the
normal course of business wherein it enforces its security interest in
loans made by it, and other matters of a like kind.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
a) Exhibit 27 Financial Data Schedule
b) Not applicable
-9-
<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.
Anson Bancorp, Inc.
Dated: July 31, 1998 By: /s/ Eugene M. Ward
------------------- ---------------------------
Eugene M. Ward
President
Dated: July 31, 1998 By: /s/ Nancy H. Allen
------------------- ---------------------------
Nancy H. Allen
Treasurer and Assistance
Secretary
-10-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> JUN-30-1998 JUN-30-1997
<PERIOD-START> JUL-01-1997 JUL-01-1996
<PERIOD-END> MAR-31-1998 MAR-31-1997
<CASH> 284 357
<INT-BEARING-DEPOSITS> 3,408 3,136
<FED-FUNDS-SOLD> 575 125
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 430 247
<INVESTMENTS-CARRYING> 0 0
<INVESTMENTS-MARKET> 4,847 4,498
<LOANS> 11,186 11,688
<ALLOWANCE> 0 0
<TOTAL-ASSETS> 21,240 20,335
<DEPOSITS> 17,005 16,684
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 297 145
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 3,938 3,506
<TOTAL-LIABILITIES-AND-EQUITY> 21,240 20,335
<INTEREST-LOAN> 713 739
<INTEREST-INVEST> 366 361
<INTEREST-OTHER> 0 0
<INTEREST-TOTAL> 1,079 1,100
<INTEREST-DEPOSIT> 616 618
<INTEREST-EXPENSE> 0 0
<INTEREST-INCOME-NET> 463 482
<LOAN-LOSSES> 1 2
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 351 463
<INCOME-PRETAX> 112 19
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 90 14
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
<YIELD-ACTUAL> 0 0
<LOANS-NON> 0 0
<LOANS-PAST> 271 256
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 101 97
<CHARGE-OFFS> 0 0
<RECOVERIES> 0 0
<ALLOWANCE-CLOSE> 0 0
<ALLOWANCE-DOMESTIC> 0 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
