FORM 10-Q / A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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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 quarterly period ended March 31, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File No. 0-11526
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FIRST COLONIAL GROUP, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
PENNSYLVANIA 23-2228154
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(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
76 S. MAIN ST., NAZARETH, PA 18064
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 610-746-7300
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.
YES X NO _____
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INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK AS OF THE LATEST PRACTICABLE DATE: 1,655,102 SHARES OF COMMON
STOCK, $5 PAR VALUE, OUTSTANDING ON MARCH 31, 1998.
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The purpose of this amendment is to correct errors on the Consolidated Statement
of Income lines, Interest on Short-Term Borrowings and Interest on Long-Term
Debt and on the Consolidated Statements of Cash Flows line, Amortization of
Deferred Fees on Loans.
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FIRST COLONIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
(Unaudited
<TABLE>
Three Months Ended
Mar. 31 Mar. 31,
1998 1997
<S> <C> <C>
INTEREST INCOME
Interest and Fees on Loans $ 4,913 $ 4,718
Interest on Investment Securities
Taxable 1,170 1,104
Tax-Exempt 259 190
Interest on Deposits with Banks and
Federal Funds Sold 43 18
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Total Interest Income 6,385 6,030
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INTEREST EXPENSE
Interest on Deposits 2,327 2,213
Interest on Short-Term Borrowings 72 69
Interest on Long-Term Debt 287 275
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Total Interest Expense 2,686 2,557
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NET INTEREST INCOME 3,699 3,473
Provision for Possible Loan Losses 112 113
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Net Interest Income After Provision
for Possible Loan Losses 3,587 3,360
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OTHER INCOME
Trust Revenue 211 187
Service Charges on Deposit Accounts 350 293
Investment Securities Gains, Net 100 140
Gain (Loss) on Sale of Mortgage Loans 40 (1)
Other Operating Income 159 142
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Total Other Income 860 761
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OTHER EXPENSES
Salaries and Employee Benefits 1,614 1,481
Net Occupancy and Equipment Expense 551 532
Other Operating Expenses 1,243 1,141
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Total Other Expenses 3,408 3,154
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Income Before Income Taxes 1,039 967
Applicable Income Taxes 271 263
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NET INCOME $ 768 $ 704
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PER SHARE DATA
Basic and Diluted Net Income $ 0.47 $ 0.44
Cash Dividends $ 0.47 $ 0.44
</TABLE>
See accompanying notes to interim consolidated financial statements.
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FIRST COLONIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
<TABLE>
Three Months Ended
March 31, 1998 March 31, 1997
OPERATING ACTIVITIES (Unaudited)
<S> <C> <C>
Net Income $ 768 $ 704
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Provision for Possible Loan Losses 112 113
Depreciation and Amortization 243 202
Amortization of Security Discounts (20) (16)
Amortization of Security Premiums 28 40
Amortization of Deferred Fees on Loans (167) (7)
Mortgage Loans Originated for Sale (19,929) (4,201)
Mortgage Loan Sales 19,281 3,487
(Gain) Loss on Sale of Mortgage Loans (40) 1
Investment Securities Gains, Net (100) (140)
Changes in Assets and Liabilities:
Increase in Accrued Interest Income (289) (431)
Decrease in Accrued Interest Payable (105) (134)
Net Increase in Other Assets (846) (471)
Net Increase in Other Liabilities 586 291
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Net Cash (Used In) Operating Activities (478) (562)
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INVESTING ACTIVITIES
Proceeds from Maturities of Securities
Available-for-Sale 6,542 1,281
Proceeds from Maturities of Securities
Held-to-Maturity 3,523 415
Proceeds from Sales of Securities
Available-for-Sale 1,430 2,556
Proceeds from Sales of Securities
Held-to-Maturity 248 ---
Purchase of Securities Available-for-Sale (18,423) (10,808)
Purchase of Securities Held-to-Maturity (6,540) (1,004)
Net Decrease in Interest Bearing Deposits
With Banks (3,816) 143
Net Increase in Loans 11,935 (4,397)
Purchase of Premises and Equipment, Net (63) (378)
Proceeds from Sale of Other Real Estate Owned 90 184
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Net Cash (Used In) Investing Activities (5,074) (12,008)
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FINANCING ACTIVITIES
Net Increase in Interest and Non-Interest
Bearing Demand Deposits and Savings Accounts 7,218 3,105
Net Increase in Certificates of Deposits 902 3,931
Proceeds from Sale of Treasury Stock 84 20
Net (Decrease) in Repurchase Agreements (4,260) (682)
Net Increase in Short-Term Borrowings --- 3,330
Proceeds from Issuance of Stock --- 45
Cash Dividends Paid (310) (276
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Net Cash Provided by Financing Activities 3,634 9,473
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(Decrease) in Cash and Cash Equivalents (1,918) (3,097)
Cash and Cash Equivalents, January 1 14,829 13,929
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Cash and Cash Equivalents, March 31, $12,911 $10,832
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</TABLE>
See accompanying notes to interim consolidated financial statements.
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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.
FIRST COLONIAL GROUP, INC.
DATE: May 26, 1998 BY: /S/ S. ERIC BEATTIE
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S. ERIC BEATTIE
PRESIDENT
(PRINCIPAL EXECUTIVE OFFICER)
DATE: May 26, 1998 BY: /S/ REID L. HEEREN
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REID L. HEEREN
VICE PRESIDENT
(PRINCIPAL FINANCIAL OFFICER)
