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ORIGINAL
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
AMENDMENT NO. 1
TO
FORM 10-Q
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(Mark One)
X Quarterly Report pursuant to Section 13 or 15(d) of the Securities
- --- Exchange Act of 1934. For the period ended June 30, 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 2-94209
FIRST EVERGREEN CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 36-2952700
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(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
3101 W. 95th Street, Evergreen Park, Illinois 60805
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 422-6700
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Indicated by check mark whether the registrant (1) has filed all reports 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 for the
past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each issuer's class of common
stock, as of the latest practicable date.
Common Stock - $25.00 par value, 2,000,000 shares authorized, 432,842 shares
issued and 400,261 shares outstanding at July 31, 1998.
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FIRST EVERGREEN CORPORATION AND SUBSIDIARY
Consolidated Statements of Income
DOLLARS IN THOUSANDS EXCEPT SHARE DATA
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended June 30
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1998 1997
<S> <C> <C>
Interest income
Interest and fees on loans $ 14,204 $ 12,790
Interest and dividends on investment securities
Taxable securities 12,331 14,792
Securities exempt from Federal taxes 2,825 2,463
Dividends 110 20
Interest on available for sale securities 1,704 1,895
Interest on Federal funds sold 509 252
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Total interest income 31,683 32,212
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Interest expense
Interest on deposits 16,777 16,856
Interest on Federal funds purchased and Securities
Sold under Agreements to Repurchase 185 222
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Total interest expense 16,962 17,078
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Net interest income 14,721 15,134
Provision for loan losses 500 300
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Net interest income after provision
for loan losses 14,221 14,834
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Other operating income
Service charges on deposit accounts 1,044 797
Trust department income 749 772
Other income 434 350
Net security gains 337 24
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Total other operating income 2,564 1,943
Other operating expenses
Salaries and employee benefits 5,811 6,101
Net occupancy expense of bank premises 976 955
Equipment depreciation, rentals and maintenance 881 725
Insurance 113 122
Outside fees and services 424 568
Data processing 661 558
Other expenses 1,668 1,688
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Total other operating expenses 10,534 10,717
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Income before income tax expense 6,251 6,060
Income tax expense 1,372 1,438
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NET INCOME $ 4,879 $ 4,622
======== ========
Net income per share $ 12.19 $ 11.51
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Weighted average number of shares outstanding 400,261 401,384
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</TABLE>
The accompanying notes are an integral part of these statements.
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SIGNATURES
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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.
FIRST EVERGREEN CORPORATION
Dated: August 20, 1998 BY: /s/ Stephen M. Hallenbeck
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Stephen M. Hallenbeck
Secretary/Treasurer
Signing on behalf of the Registrant and
as Principal Financial Officer.
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