<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
20549
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
Commission File Number 0-9086
For Quarter Ended February 28, 1997
-----------------
Bankers Building Land Trust
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Illinois 36-6067489
- ------------------------------- --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
AMCORE Bank N.A., 501 Seventh Street
Rockford, Illinois 61104, Trustee
-----------------------------------------
(Address of principal executive offices)
815-968-2241
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has 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.
Yes X No
--- ----
Page 1 of 8
<PAGE> 2
PART I - ITEM 1
BANKERS BUILDING LAND TRUST
BALANCE SHEETS
as of February 28, 1997 and May 31, 1996
--------------
<TABLE>
<CAPTION>
February 28, May 31,
ASSETS 1997 1996
------------ ----------
(Unaudited)
<S> <C> <C>
Cash $ 343,862 $ 149,995
Land subject to operating lease 4,250,000 4,250,000
------------ ------------
Total assets $ 4,593,862 $ 4,399,995
============ ============
LIABILITIES and EQUITY
Due to certificate holders $ 68,750 $ 48,750
Deferred rental income 72,500 68,750
Advance from lessee 198,068 11,995
Accrued legal fees - 20,000
------------ ------------
339,318 146,495
------------ ------------
Certificates of beneficial interest,
5,000 units issued and outstanding 4,250,000 4,250,000
Retained earnings 4,544 500
------------ ------------
4,254,544 4,250,500
------------ ------------
Total liabilities and equity $4,593,862 $4,399,995
============ ============
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 2 of 8
<PAGE> 3
BANKERS BUILDING LAND TRUST
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
for the three months and nine months ended
February 28, 1997 and February 29, 1996
(Unaudited)
-----------
<TABLE>
<CAPTION>
For the three For the nine
months ended, months ended,
------------- -------------
February 28, February 29, February 28, February 29,
1997 1996 1997 1996
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Operating revenues:
Rent $ 72,500 $ 68,750 $ 210,000 $ 206,250
Servicing fee - 1,987 25,737 5,961
Interest 518 - 518 -
--------- --------- ---------- ----------
Total operating revenues 73,018 70,737 236,255 212,211
Operating expenses:
Trustee fees and expenses paid 1,987 1,987 5,961 5,961
--------- --------- ---------- ----------
Net income 71,031 68,750 230,294 206,250
Retained earnings, beginning of period 2,263 500 500 500
--------- --------- ---------- ----------
73,294 69,250 230,794 206,750
Distributions to certificate holders 68,750 68,750 226,250 206,250
--------- --------- ---------- ----------
Retained earnings, end of period $ 4,544 $ 500 $ 4,544 $ 500
========= ========= ========== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 3 of 8
<PAGE> 4
BANKERS BUILDING LAND TRUST
STATEMENTS OF CASH FLOWS
for the nine months ended
February 28, 1997 and February 29,1996
(Unaudited)
-----------
<TABLE>
<CAPTION>
1997 1996
----- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 230,294 $206,250
Adjustments to reconcile net income to
net cash used by operating activities:
Changes in assets and liabilities:
Increase in advance from lessee 186,073 -
(Decrease) in accrued legal fees (20,000) -
Increase in deferred rental fees 3,750 -
(Decrease) in other liabilities - (147)
(Decrease) in due to certificate holders - (1,364)
----------- ----------
Net cash provided by operating activities 400,117 205,033
Cash flows from financing activities:
Distributions to certificate holders (226,250) (206,250)
----------- ----------
Net change in cash 193,867 (1,217)
Cash balance, beginning of period 149,995 79,335
----------- ----------
Cash balance, end of period $ 343,862 $ 78,118
=========== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 4 of 8
<PAGE> 5
BANKERS BUILDING LAND TRUST
NOTE TO FINANCIAL STATEMENTS
---------------
1. The balance sheet as of February 28, 1997, the statements of operations
for the three months and nine months ended February 28, 1997 and
February 29, 1996, and the statements of cash flows for the
nine-month period ended February 28, 1997 and February 29,1996, have
been prepared without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary
to present fairly the financial position, results of operations, and
cash flows for all periods presented have been made. The May 31, 1996
balance sheet was derived from audited financial statements, but does
not include all disclosures required by generally accepted accounting
principles.
Certain footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles
have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and
notes thereto included in the May 31, 1996 annual report. The results
of operations for the period ended February 28, 1997 are not necessarily
indicative of the operating results for the full year.
2. During the second quarter of 1997 and in connection with the bankruptcy
of the former lessee of the land, the ownership of the building located
on the land owned by the Trust was transferred to the lessee's lender in
satisfaction of the lessee's mortgage. In addition, the Trust has
entered into an agreement with the new building owner to sell as one
entity the land owned by the Trust and the building. In consideration
for entering into the agreement, the Trust received $250,000 in advances
from the owner. The owner assumed the lease of the land owned by the
Trust.
Page 5 of 8
<PAGE> 6
PART I - ITEM 2
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Due to the passive nature of the Registrant's activities, which generally
include only the collection of rent and the disbursements of these proceeds
less expenses to the certificate holders of the Registrant, there has been no
material variation in the Registrant's financial condition or results of
operations.
Page 6 of 8
<PAGE> 7
PART II - ITEM 6
Exhibits and reports on Form 8-K
(a) Exhibits - None.
(b) None.
Page 7 of 8
<PAGE> 8
SIGNATURES
Pursuant to the requirements of Date
--------------------------------
the Securities Exchange Act of Bankers Building Land Trust
--------------------------------
1934, the Registrant has duly By AMCORE Bank N.A., Trustee
--------------------------------
caused this report to be signed
on its behalf by the undersigned, By /s/ Patricia N. Fong
---------------------------------
thereunto duly authorized. Patricia N. Fong
Vice President
and Trust Officer
Page 8 of 8
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1997
<PERIOD-END> FEB-28-1997
<CASH> 343,862
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,593,862
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,593,862
<SALES> 0
<TOTAL-REVENUES> 236,255
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 230,294
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
