Form 10-Q/A
Amendment No. 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[ 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.
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number: 0-26663
IPSWICH BANCSHARES, INC.
------------------------
(Exact name of Registrant as specified in its charter)
Massachusetts 04-3459169
- --------------------------------------------------------------------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
23 Market Street, Ipswich, Massachusetts 01938
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(Address of principal executive offices) (Zip Code)
(978) 356-7777
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(Registrant's telephone number, including area code)
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
requirement for the past 90 days.
Yes [ X ] No [ ]
The number of shares outstanding of the Registrant's common stock as of November
5, 1999 is:
- --------------------------------------------------------------------------------
Common stock, par value $.10 per share 2,525,427
(Class) (Outstanding)
<PAGE>
Part 1. Financial Information
Item 1. Financial Statements
The Company's Consolidated Statements of Changes in Stockholders'
Equity for Nine Months Ended September 30, 1999 and 1998 is set forth
below in its entirety. The Statements of Changes in Stockholders' Equity
filed with the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 1999 inadvertently omitted a line of type.
<PAGE>
<TABLE>
<CAPTION>
IPSWICH BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity
Nine Months Ended September 30, 1999 and 1998
(Dollars in thousands, except for share data)
(unaudited)
Accumulated
Additional other Total
Shares Common paid-in Retained comprehensive stockholders'
outstanding stock capital earnings income equity
----------- ----- ------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1997 2,385,076 239 1,969 9,559 66 11,833
Comprehensive income:
Net income 0 0 0 2,017 0 2,017
Change in net unrealized gain/
(loss) on investment securities
available for sale 0 0 0 0 140 140
--------- --------- --------- --------- --------- ---------
Total comprehensive income 0 0 0 2,017 140 2,157
Cash dividends ($.12 per share) 0 0 0 (286) 0 (286)
Stock options exercised 7,210 0 18 0 0 18
Issuance of stock rights 0 0 16 0 0 16
--------- --------- --------- --------- --------- ---------
Balance at September 30, 1998 2,392,286 239 2,003 11,290 206 13,738
Comprehensive income:
Net income 0 0 0 621 0 621
Change in net unrealized gain/
(loss) on investment securities
available for sale 0 0 0 0 (21) (21)
--------- --------- --------- --------- --------- ---------
Total comprehensive income 0 0 0 621 (21) 600
Cash dividends ($.05 per share) 0 0 0 (121) 0 (121)
Stock options exercised 0 0 0 0 0 0
Issuance of stock rights 0 0 6 0 0 6
--------- --------- --------- --------- --------- ---------
Balance at December 31, 1998 2,392,286 239 2,009 11,790 185 14,223
Comprehensive income:
Net income 0 0 0 2,381 0 2,381
Change in net unrealized gain/
(loss) on investment securities
available for sale 0 0 0 0 (51) (51)
--------- --------- --------- --------- --------- ---------
Total comprehensive income 0 0 0 2,381 (51) 2,330
Cash dividends ($.15 per share) 0 0 0 (373) 0 (373)
Stock options exercised 133,141 14 227 0 0 241
Issuance of stock rights 0 0 18 0 0 18
--------- --------- --------- --------- --------- ---------
Balance September 30, 1999 2,525,427 253 2,254 13,798 134 16,439
========= ========= ========= ========= ========= =========
</TABLE>
<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.
IPSWICH BANCSHARES, INC.
By: Date: February 17, 2000
-----------------
David L. Grey
President and Chief Executive Officer
By: Date: February 17, 2000
-----------------
Francis Kenney
Treasurer
(Principal Financial Officer and Principal Accounting Officer)
<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.
IPSWICH BANCSHARES, INC.
By: /s/ David L. Grey Date: February 17, 2000
-----------------
David L. Grey
President and Chief Executive Officer
By: /s/Francis Kenney Date: February 17, 2000
-----------------
Francis Kenney
Treasurer
(Principal Financial Officer and Principal Accounting Officer)
