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 2000.
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_______________to_________________
COMMISSON Number: 0-26577
Webster City Federal Bancorp
------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 42-1491186
------------------------------ ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
820 Des Moines Street, Webster City, Iowa 50595-0638
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 515-832-3071
------------
--------------------------------------------------------------------------------
(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 section 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. [X] Yes [_] No
Indicate the number of shares outstanding for each of the issuer's
classes of common stock, as of the latest practicable date.
1,937,981 shares of common stock were outstanding at October 31, 2000.
-----------------
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Index
Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
at September 30, 2000 and December 31, 1999 1
Consolidated Statements of Operations
for the three and nine months ended September 30, 2000
and 1999 2
Consolidated Statements of Cash Flows
for the nine months ended September 30, 2000
and 1999 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
Part II. Other Information
Other Information 9
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Notes to Consolidated Financial Statements
<TABLE>
<CAPTION>
Sepember 30, December 31,
2000 1999
----------------- ----------------
Assets (Unaudited)
------
<S> <C> <C>
Cash and cash equivalents $ 2,583,459 $ 4,986,099
Time deposits in other financial institutions - 2,585,000
Investment securities held to maturity 21,265,867 22,721,595
Loans receivable, net 67,360,567 62,192,330
Office property and equipment, net 536,507 485,085
Federal Home Loan Bank stock, at cost 613,200 613,200
Deferred taxes on income 156,000 156,000
Accrued interest receivable 635,627 761,267
Prepaid expenses and other assets 188,705 24,513
----------------- ----------------
Total assets $ 93,339,932 $ 94,525,089
================= ================
Liabilities and Stockholders' Equity
Deposits $ 65,090,071 $ 67,918,202
FHLB advance 5,200,000 3,200,000
Advance payments by borrowers for
taxes and insurance 129,944 274,377
Accrued interest payable 498,490 122,212
Current income taxes payable - 27,458
Accrued expenses and other liabilities 835,399 634,535
----------------- ----------------
Total liabilities 71,753,904 72,176,784
----------------- ----------------
Stockholders' Equity
Common stock, $.10 par value 212,222 212,222
Additional paid-in capital 9,093,682 9,093,681
Retained earnings, substantially restricted 15,067,988 14,518,728
Treasury Stock (2,787,864) (1,476,326)
----------------- ----------------
Total stockholders' equity 21,586,028 22,348,305
----------------- ----------------
Total liabilities and stockholders' equity $ 93,339,932 $ 94,525,089
================= ================
</TABLE>
See notes to consolidated financial statements.
1
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Consolidated Statements of Operations
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------------------------ ------------------------------------
2000 1999 2000 1999
---------------- --------------- ---------------- ----------------
(Unaudited)
Income
Interest Income:
<S> <C> <C> <C> <C>
Loans receivable $1,319,265 $ 1,126,751 $3,808,643 $ 3,326,603
Mortgage-backed & related securities 106,462 140,104 350,894 443,098
Investment securities 222,209 239,282 661,705 694,862
Other interest earning assets 43,928 83,708 168,532 330,768
---------------- --------------- ---------------- ----------------
Total interest income 1,691,864 1,589,845 4,989,774 4,795,331
Interest Expense:
Deposits 779,718 729,429 2,248,736 2,190,337
FHLB advance 73,307 14,689 172,392 43,589
ESOP loan - 792 - 5,086
---------------- --------------- ---------------- ----------------
Total interest expense 853,025 744,910 2,421,128 2,239,012
---------------- --------------- ---------------- ----------------
Net interest income 838,839 844,935 2,568,646 2,556,319
Provision for losses on loans - - - -
---------------- --------------- ---------------- ----------------
Net interest income after
provision for losses on loans 838,839 844,935 2,568,646 2,556,319
---------------- --------------- ---------------- ----------------
Non-interest income:
Fees and service charges 48,811 47,848 129,778 116,487
Other 69,138 1,967 123,537 14,540
---------------- --------------- ---------------- ----------------
Total non-interest income 117,949 49,815 253,315 131,027
---------------- --------------- ---------------- ----------------
Expense
Non-interest expense:
Compensation, payroll taxes,
and employees benefits 216,630 154,939 631,002 640,831
Office property and equipment 22,348 18,755 73,351 56,437
Data processing services 26,323 26,289 88,415 83,418
Federal insurance premiums 3,458 10,085 10,568 30,485
Other real estate expenses, net - - 770 1,008
Advertising 6,370 7,541 19,043 20,271
Other 112,889 143,243 358,834 348,819
---------------- --------------- ---------------- ----------------
Total non-interest expense 388,018 360,852 1,181,983 1,181,269
---------------- --------------- ---------------- ----------------
Earnings before taxes on income 568,770 533,898 1,639,978 1,506,077
Taxes on income 210,403 210,848 612,651 576,851
---------------- --------------- ---------------- ----------------
Net earnings $ 358,367 $ 323,050 $1,027,327 $ 929,226
================ =============== ---------------- ----------------
Earnings per share - basic $ 0.19 $ 0.16 $ 0.53 $ 0.44
================ =============== ================ ================
Earnings per share - dilluted $ 0.19 $ 0.15 $ 0.53 $ 0.44
================ =============== ================ ================
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
For the Nine Months
Ended September 30,
-----------------------------------------------
2000 1999
---------------- ------------------
(Unaudited)
Cash flows from operating activities
<S> <C> <C>
Net earnings $ 1,027,327 $ 929,226
---------------- ------------------
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 39,253 16,776
Amortization of premiums and discounts, net 11,736 7,588
Stock appreciation of allocated ESOP shares - 9,061
Decrease (increase) in accrued interest receivable 125,640 (772)
(Increase) decrease in prepaid expenses and other assets (164,192) 55,891
Decrease in accrued interest payable 376,278 333,601
Increase in accrued expenses and other liabilities 200,864 74,146
Decrease in accrued current taxes on income (27,458) (51,554)
Net change in ESOP stock plan - 159,064
---------------- ------------------
Total adjustments 562,121 603,801
---------------- ------------------
Net cash provided by operating activities 1,589,448 1,533,027
---------------- ------------------
Cash flows from investing activities
Proceeds from the maturity of interest bearing deposits 2,585,000 3,111,000
Purchase of interest bearing deposits (34,226) (3,431,000)
Proceeds from the maturity of investment securities 30,662 3,900,000
Purchase of investment securities - (9,905,818)
Purchase of mortgage-backed securities - (1,070,487)
Principal collected on mortgage-backed and related securities 1,445,333 2,611,503
Proceeds on sale of real estate - 22,460
Net change in loans receivable (5,166,014) (3,143,630)
Purchase of office property and equipment (90,675) (9,255)
---------------- ------------------
Net cash used in investing activities (1,229,920) (7,915,227)
---------------- ------------------
Cash flows from financing activities
Net change in savings deposits (2,828,131) (2,522,589)
Net increase in advance payments by borrowers
for taxes and insurance (144,433) (135,487)
Proceeds from stock options - 72,586
Payments on ESOP borrowings - (159,064)
Treasury stock purchase (1,311,538) (964,181)
Net change in borrowings 2,000,000
Dividends paid (478,067) (570,630)
---------------- ------------------
Net cash used in financing activities (2,762,169) (4,279,365)
---------------- ------------------
Net decrease in cash and cash equivalents (2,402,641) (10,661,565)
Cash and cash equivalents at beginning of period 4,986,099 13,186,836
---------------- ------------------
Cash and cash equivalents at end of period $ 2,583,458 $ 2,525,271
================ ==================
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest $ 1,872,458 $ 1,856,736
Taxes on income 600,829 834,691
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
1. REORGANIZATION
--------------
Webster City Federal Bancorp (the "Registrant" or "Bancorp") is the successor to
Webster City Federal Savings Bank, a federal stock savings bank (the "Bank")
which reorganized into the holding company structure, effective July 1, 1999
(the "Holding Company Reorganization"). In the Holding Company Reorganization,
each outstanding share of the Bank's common stock was converted into one share
of the Registrant's common stock, and each stockholder of the Bank received the
same ownership interest in the Registrant immediately following the Holding
Company Reorganization as he or she had in the Bank immediately prior to that
transaction.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICES
-----------------------------------------
The consolidated financial statements for the three and nine-month periods ended
September 30, 2000 and 1999 are unaudited. In the opinion of management of
Webster City Federal Bancorp these financial statements reflect all adjustments,
consisting only of normal recurring accruals necessary to present fairly these
consolidated financial statements. The results of operations for the interim
periods are not necessarily indicative of results that may be expected for an
entire year. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted.
Principles of Consolidation
---------------------------
The consolidated financial statements include the accounts of the Bancorp and
its wholly owned subsidiary, Webster City Federal Savings Bank, which is engaged
in banking and Security Title & Abstract, Inc. an abstract company. All material
inter-company accounts and transactions have been eliminated.
3. EARNINGS PER SHARE COMPUTATIONS
-------------------------------
2000
----
Earnings per share - basic is computed using the weighted average number of
common shares outstanding of 1,937,981 and 1,937,981 for the three and nine
months ended September 30, 2000, respectively, and divided into the net earnings
of $358,367 and $1,027,327, for the three and nine months ended September 30,
2000, respectively, resulting in net earnings per share of $.19 and $.53 for the
three and nine months ended September 30, 2000, respectively.
Earnings per share - diluted is computed using the weighted average number of
common shares outstanding after giving effect to additional shares assumed to be
issued pursuant to the Bank's stock option plan using the average price per
share for the period. There were no additional shares for the three and nine
months ended September 30, 2000, respectively, due to the average price per
share being less than the stock option exercise price. Net earnings for the
three and nine months ended September 30, 2000 were $358,367 and $1,027,327,
respectively, resulting in net earnings per share of $.19 and $.53 for the three
and nine months ended September 30, 2000, respectively.
1999
----
Earnings per share - basic is computed using the weighted average number of
common shares outstanding of 2,082,968 and 2,097,597 for the three and nine
months ended September 30, 1999, respectively. Divided into the net earnings of
$323,050 and $929,226 for the three and nine months ended September 30, 1999,
respectively, resulting in net earnings per share of $.16 and $.44 for the three
and nine months ended September 30, 1999, respectively.
Earnings per share - diluted is computed using the weighted average number of
common shares outstanding after giving effect to additional shares assumed to be
issued pursuant to the Bancorp's stock option plan using the average price per
4
<PAGE>
share for the period. Such additional shares were 6,965 and 7,291 for the three
and nine months ended September 30, 2000, respectively. Net earnings for the
three and nine months ended September 30, 2000 were $323,050 and $929,226,
respectively, resulting in net earnings per share of $.15 and $.44 for the three
and nine months ended September 30, 2000, respectively.
4. DIVIDENDS
---------
On July 19, 2000 the Bancorp declared a cash dividend on its common stock
payable on August 24, 2000 to stockholders of record as of August 9, 2000, equal
to $.20 per share or approximately $387,596. Of this amount, the payment of
approximately $230,000 (representing the dividend payable on 1,150,000 shares
owned by WCF Financial, M.H.C., the Bancorp's mutual holding company) was waived
by the mutual holding company, resulting in an actual dividend distribution of
$157,596.
5. SFAS No. 133 & 137
------------------
"Accounting for Derivative Instruments and Hedging Activities," and SFAS 137, an
amendment to SFAS 133, will be effective for the Bancorp beginning January 1,
2001. Management believes the adoption of SFAS 133 and SFAS 137 will not have a
material impact on the Bancorp's consolidated financial statements. The Bancorp
expects to adopt SFAS 133 and 137 when required.
6. Safe Harbor Statement
---------------------
This report contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Bancorp intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Reform Act of
1995, and is including this statement for the purposes of these safe harbor
provisions. Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies and expectations of the Bancorp, are
generally identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," or similar expressions. The Bancorp's
ability to predict results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material adverse effect on the
operations and future prospects of the Bancorp and its subsidiaries include, but
are not limited to, changes in: interest rates, general economic conditions,
legislative/regulatory changes, monetary and fiscal polices of the U.S.
Government, including polices of the U.S. Treasury and the Federal Reserve
Board, the quality or composition of the loan or investment portfolios, demand
for loan products, deposit flows, competition, demand for financial services in
the Bancorp's market area and accounting principles, polices and guidelines.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.
Further information concerning the Bank and its business, including additional
factors that could materially affect the Bank's financial results, is included
in the Bank's filings with the Office of Thrift Supervision.
5
<PAGE>
Webster City Federal Bancorp and Subsidiaries
Management's Discussion and Analysis of Financial Condition and
Results of Operations
FINANCIAL CONDITION
-------------------
Total assets decreased by $1.2 million, or 1.3%, from December 31, 1999 to
September 30, 2000. Cash and cash equivalents decreased $2.4 million or 48.1%
and time deposits in other financial institutions decreased by $2.6 million or
100%. Loans receivable increased $5.2 million or 6.6% from December 31, 1999 to
September 30, 2000. At September 30, 2000, the Bank had no real estate owned.
Investment securities decreased $1.5 million or 6.6%, from December 31, 1999 to
September 30, 2000. Prepaid expenses and other assets increased by $164,200 or
669.9% December 31, 1999 to September 30, 2000, which included $153,100 in
assets acquired in the purchase of Security Title & Abstract, Inc. on September
18, 2000. During the nine-month period deposits decreased $2.8 million, or 4.1%.
Total stockholders' equity decreased by $762,300 to $21.6 million at September
30, 2000 from $22.3 at December 31, 1999 as earnings of $1,027,327 were more
than offset by three quarterly dividends totaling $478,100 and the repurchase of
common stock at an aggregate cost of $1,311,500.
CAPITAL
-------
The Bank's total stockholders' equity decreased by $762,300, to $21.6 million at
September 30, 2000 from $22.3 million at December 31, 1999. The Office of Thrift
Supervision (OTS) requires that the Bank meet certain minimum capital
requirements. As of September 30, 2000 the Bank was in compliance with all
regulatory capital requirements. The Bank's required, actual and excess capital
levels as of September 30, 2000 were as follows:
Required % of Actual % of Excess
Amount Assets Amount Assets Capital
------ ------ --------- ------ -------
(Dollars in thousands)
Tier 1 (Core) Capital $3,731 4.0% $21,285 22.82% $17,554
Risk-based Capital $3,605 8.0% $21,665 48.08% $18,063
LIQUIDITY
---------
OTS regulations require the Bank to maintain an average daily balance of
qualified liquid assets (cash, certain time deposits and specified United States
government, state or federal agency obligations) equal to a monthly average of
not less than 4% of its net withdrawable deposits plus short-term borrowings. At
September 30, 2000, the Bank's quarterly average liquidity position was $17.4
million or 25.2% compared to $13.8 million or 19.7% at December 31, 1999.
RESULTS OF OPERATIONS
---------------------
Interest Income. Interest income increased by $100,000 or 6.3% from $1.6 million
for the three months ended September 30, 1999 to $1.7 million for the three
months ended September 30, 2000. This was the result of an increase in the
average yield on interest-earning assets to 7.39% for the three months ended
September 30, 2000 from 7.04% for the three months ended September 30, 1999 and
an increase in the average balance of interest earning assets of $1.0 million or
1.1% to $91.3 million for the three months ended September 30, 2000 from $90.2
million for the three months ended September 30, 1999. Interest income totaled
$5.0 million for the nine months ended September 30, 2000 compared to $4.8
million for the nine months ended September 30, 1999. This was the result of an
increase in the average yield on interest-earning assets to 7.31% for the nine
months ended September 30, 2000 from 7.05% for the nine months ended September
30, 1999 and an increase in the average balance of interest earning assets of
$289,600 or .3% to $91.0 million for the nine months ended September 30, 2000
from $90.8 million for the nine months ended September 30, 1999.
Interest on loans for the three months ended September 30, 2000 increased
$192,500 or 17.1% compared to the three months ended September 30, 1999. The
increase resulted primarily from an increase in total loans outstanding during
6
<PAGE>
the period, and an increase in the yields on loans receivable from 7.63% for the
nine months ended September 30, 1999 to 7.84% for the nine months ended
September 30, 2000. Interest on loans for the nine months ended September 30,
2000 increased $482,000 or 14.5% compared to the nine months ended September 30,
1999. The increase resulted primarily from an increase in total loans
outstanding during the periods, and an increase in the yields on loans
receivable from 7.67% for the nine months ended September 30, 1999 to 7.76% for
the nine months ended September 30, 2000. The increase in the yield on loans
receivable was primarily due to higher market rates and adjustable rate loans
repricing at a higher rate based on the lagging index used by the Bank.
Interest on mortgage-backed securities decreased by $33,600 or 24.0% for the
three-month period ended September 30, 2000 as compared to the same period ended
September 30, 1999. The decline resulted from a decrease of $2.3 million or
26.3% in the average balance of mortgage-backed securities to $6.5 million for
the three months ended September 30, 2000 compared to $8.8 million for three
months ended September 30, 1999 offset by an increase of 18 basis points in the
average yield on mortgage-backed securities to 6.58% for the three months ended
September 30, 2000 from 6.40% for the three months ended September 30, 1999.
Interest on mortgage-backed securities decreased $92,200 or 20.8% for the nine
months ended September 30, 2000 compared to same period ended September 30,
1999. The decline resulted from a decrease of $2.2 million or 24.1% in the
average balance of mortgage-backed securities to $6.9 million for the nine
months ended September 30, 2000 compared to $9.1 million for nine months ended
September 30, 1999 offset by an increase of 27 basis points in the average yield
on mortgage-backed securities to 6.74% for the nine months ended September 30,
2000 from 6.47% for the nine months ended September 30, 1999.
Interest on investment securities decreased by $17,100 or 7.2% for the three
months ended September 30, 2000 compared to the same period ended September 30,
1999. This was due to a decrease in the average balance of investment securities
from $15.9 million for the three months ended September 30, 1999 to $14.9
million for the three months ended September 30, 2000 and a decrease in the
average yield of 12 basis points from 6.04%, for the three months ended
September 30, 1999 to 5.92%, for the three months ended September 30, 2000.
Interest on investment securities decreased by $33,200 or 4.8% for the nine
months ended September 30, 2000 as compared to the same period ended September
30, 1999. This was due to a decrease in the average balance of investment
securities from $15.7million for the nine months ended September 30, 1999 to
$14.9 million for the nine months ended September 30, 2000 offset by an increase
in the average yield of 2 basis points from 5.89%, for the nine months ended
September 30, 1999 to 5.91%, for the nine months ended September 30, 2000.
Interest Expense. Interest expense increased by $108,100, or 14.5%, from
$745,000 for the three months ended September 30, 1999 to $853,000 for the three
months ended September 30, 2000. Interest expense increased by $182,100 or 8.1%,
from $2.2 million for the nine months ended September 30, 1999 to $2.4 for the
nine months ended September 30, 2000. The increase in interest expense was
primarily due to an increase in interest expense on the FHLB advance. The
interest expense on the advance increased by $58,600 or 398.9% from $14,700 for
the three months ended September 30, 1999 to $73,300 for the three months ended
September 30, 2000. The interest expense on the advance increased by $128,800 or
295.5% from $43,600 for the nine months ended September 30, 1999 to $172,400 for
the nine months ended September 30, 2000. The increase was due to the Bank
borrowing an additional $2,000,000 from the FHLB in October of 1999 and an
additional $1,000,000 for 30 days during the second quarter of 2000. The average
interest rate on the advances increased by 94 basis points from 4.84% for the
nine months period ended September 30, 1999 to 5.78% for the same period ended
September 30, 2000.
Net Interest Income. Net interest income before provision for losses on loans
decreased by $6,100 or .7% from $844,900 for the three months ended September
30, 1999 to $838,900 for the three months ended September 30, 2000. Net interest
income increased by $12,300 or .5% for the nine months ended September 30, 2000
compared to the same period ended September 30, 1999. The Bank's interest rate
spread for the nine months ended September 30, 2000 increased by 2 basis points
to 2.65% from 2.63% for the nine months ended September 30, 1999.
Provision for Losses on Loans. There were no provisions for losses on loans for
the three and nine months ended September 30, 2000. The Bank had no
non-performing loans as of September 30, 2000. The allowance for losses on loans
is based on management's periodic evaluation of the loan portfolio and reflects
an amount that, in management's opinion, is adequate to absorb probable losses
in the existing portfolio. In evaluating the portfolio, management takes into
consideration numerous factors, including current economic conditions, prior
loan loss experience, the composition of the loan portfolio, and management's
estimate of anticipated credit losses.
7
<PAGE>
Non-interest Income. Total non-interest income increased by $68,100 or 136.7%
for the three-month period ended September 30, 2000 as compared to the same
period ended September 30, 1999. Non-interest income increased this quarter by
$45,200 from a refund received from the State of Iowa for taxes related to out
of state income earned between 1991 and 1994. Non-interest income also increased
$122,300 or 93.3% for the nine months ended September 30, 2000 as compared to
the same period ended September 30, 1999. The increases were related to an
increase in fees and service charges, due to the repricing of service charges.
Non-interest Expense. Non-interest expense increased $27,200 or 7.5% for the
three-month period ended September 30, 2000 compared to the same period ended
September 30, 1999. Non-interest expense increased $1,000 or .9% for the
nine-month period ended September 30, 2000 compared to the same period ended
September 30, 1999. Compensation and benefit costs increased $61,700 or 39.8%
from $154,900 for the three months ended September 30, 1999 to $216,600 for the
three-month period ended September 30, 2000. Compensation and benefit costs
decreased by $9,800 to $631,000 for the nine months ended September 30, 2000
from $640,800 for the nine months ended September 30, 1999.
Taxes on Income. Income taxes for the three months ended September 30, 2000,
decreased to $210,400 compared to $210,800 for the same period ended September
30 1999. Income taxes for the nine months ended September 30, 2000, increased
$35,800 or 6.2% to $612,700 from $576,900 for the nine-month period ended
September 30 1999. The effective income tax rate for the first nine months of
2000 was 37.4% compared to 38.3% for the first nine months of 1999.
Net Earnings. Net earnings totaled $358,400 for the three months ended September
30, 2000 compared to $323,000 for the three months ended September 30, 1999. Net
earnings increased $98,100 or 10.6% to $1.0 million for the nine-month period
ended September 30, 2000 compared to $929,200 for the same period ended
September 30, 1999.
8
<PAGE>
Webster City Federal Bancorp and Subsidiaries
PART II. Other Information
Item 1. Legal Proceedings
-----------------
There are various claims and lawsuits in which the Registrant is periodically
involved incidental to the Registrant's business. In the opinion of management,
no material loss is expected from any of such pending claims or lawsuits.
Item 2. Changes in Securities
---------------------
None
Item 3. Defaults Upon Senior Securities
-------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders.
----------------------------------------------------
None
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
No form 8-K reports were filed during the quarter ended
September 30, 2000.
9
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Webster City Federal Bancorp and Subsidiaries
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.
WEBSTER CITY FEDERAL BANCORP
Registrant
Date: November 8, 2000 By: /s/ Phyllis A. Murphy
--------------------------------------
Phyllis A. Murphy
President and Chief Executive Officer
Date: November 8, 2000 By: /s/ Stephen L. Mourlam
--------------------------------------------
Stephen L. Mourlam
Exec. Vice President/Chief Financial Officer
