<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8
AMENDMENT TO REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 8, 1995
AMCORE FINANCIAL, INC.
----------------------
(Exact name of registrant as specified in its charter)
Commission file number 0-13393
NEVADA 36-3183870
------ ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
501 Seventh Street, Rockford, Illinois 61104
(815) 968-2241
<PAGE> 2
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, and exhibits of its Report on Form 8-K dated and filed with the
Commission on June 8, 1995, as set forth in the pages attached hereto:
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
The following financial statements have been attached as an
amendment to the Form 8-K filed with the Commission on
June 8, 1995:
(a) Interim Unaudited Financial Statements of Business
Acquired NBM Bancorp, Inc. ("NBM").
(b) 1. Historical Unaudited Pro Forma Statements of Income
for the year ended December 31, 1994.
2. Interim Unaudited Pro Forma Financial
Information relating to the merger with NBM.
<PAGE> 3
SIGNATURE
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 hereunto duly authorized.
AMCORE FINANCIAL, INC.
/s/ John R. Hecht
----------------------------------
John R. Hecht
Senior Vice President & Chief Financial Officer
Date: August 4, 1995
<PAGE> 4
<TABLE>
<CAPTION>
NBM BANCORP, INC.
ITEM 7 (A)
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 1995 AND DECEMBER 31, 1994
(UNAUDITED)
MARCH 31, DECEMBER 31,
(in thousands, except share data) 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS Cash and cash equivalents.............................................. $4,321 $5,346
Federal funds sold and other short-term investments.................... 4,100 600
Securities available for sale.......................................... 9,209 11,075
Securities held to maturity............................................ 63,812 63,265
-------- --------
Total securities.................................................. 73,021 74,340
Loans, net of unearned income.......................................... 82,087 81,699
Allowance for loan losses.............................................. (1,063) (682)
-------- --------
Net loans......................................................... $81,024 $81,017
-------- --------
Premises and equipment, net............................................ 2,998 1,985
Intangible assets, net................................................. 336 342
Other assets........................................................... 3,004 3,724
-------- --------
TOTAL ASSETS...................................................... $168,804 $167,354
======== ========
LIABILITIES LIABILITIES
AND Deposits:
STOCKHOLDERS' Interest bearing..................................................... $133,099 $127,939
EQUITY Non-interest bearing................................................. 12,737 14,588
-------- --------
Total deposits.................................................... $145,836 $142,527
Short-term borrowings.................................................. 1,282 1,767
Long-term borrowings................................................... - 1,650
Other liabilities...................................................... 1,416 1,300
-------- --------
TOTAL LIABILITIES................................................. $148,534 $147,244
-------- --------
MINORITY INTEREST IN SUBSIDIARY........................................ $2 $2
STOCKHOLDERS' EQUITY
Common stock, $5 par value; 250,000 shares
authorized; 240,000 shares issued and outstanding.................... 1,200 1,200
Additional paid-in capital............................................. 5,000 5,000
Retained earnings...................................................... 14,220 14,224
Net unrealized loss on securities available for sale................... (152) (316)
-------- --------
TOTAL STOCKHOLDERS' EQUITY........................................ $20,268 $20,108
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY........................ $168,804 $167,354
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 5
NBM BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS
ENDED MARCH 31,
(in thousands, except per share data) 1995 1994
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST Interest and fees on loans................................................. $1,678 $1,486
INCOME Interest on securities:
Taxable.................................................................. 733 842
Tax-exempt............................................................... 367 392
------ ------
TOTAL INCOME FROM SECURITIES.......................................... $1,100 $1,234
------ ------
Interest on federal funds sold and other short-term investments............ 37 42
Interest on deposits in banks.............................................. - -
------ ------
TOTAL INTEREST INCOME................................................. $2,815 $2,762
------ ------
INTEREST Interest on deposits....................................................... $1,384 $1,214
EXPENSE Interest on short-term borrowings.......................................... 18 10
Interest on long-term borrowings........................................... 37 28
Other...................................................................... 1 4
------ ------
TOTAL INTEREST EXPENSE................................................ $1,440 $1,256
------ ------
NET INTEREST INCOME........................................................ $1,375 $1,506
Provision for loan losses............................................. 433 2
------ ------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES........................ $942 $1,504
------ ------
OTHER Trust revenues............................................................. $27 $37
INCOME Service charges on deposits................................................ 53 45
Other...................................................................... 43 79
------ ------
TOTAL OTHER INCOME, EXCLUDING NET SECURITY GAINS...................... $123 $161
Net security gains......................................................... - -
------ ------
TOTAL OTHER INCOME.................................................... $123 $161
OPERATING Compensation expense....................................................... $408 $377
EXPENSES Employee benefits.......................................................... 104 109
Net occupancy expense...................................................... 53 39
Equipment expense.......................................................... 90 91
Insurance expense.......................................................... 95 99
Professional fees.......................................................... 33 43
Advertising and business development....................................... 25 25
Amortization of intangible assets.......................................... 5 11
Other...................................................................... 173 155
------ ------
TOTAL OPERATING EXPENSES.............................................. $986 $949
------ ------
Income Before Income Taxes................................................. $79 $716
Income taxes............................................................... 83 147
------ ------
NET INCOME (LOSS)..................................................... ($4) $569
====== ======
EARNINGS (LOSS) PER COMMON SHARE...................................... ($0.02) $2.37
DIVIDENDS PER COMMON SHARE............................................ - -
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 6
NBM BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION> FOR THE THREE MONTHS
ENDED MARCH 31,
(in thousands) 1995 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CASH FLOWS Net income........................................................... ($4) $569
FROM Adjustments to reconcile net income to net
OPERATING cash provided by operating activities:
ACTIVITIES Depreciation and amortization of premises and equipment......... 69 60
Amortization and accretion of securities, net................... 63 114
Provision for loan losses....................................... 433 2
Amortization of intangible assets............................... 5 11
Deferred income taxes........................................... 84 4
Other, net...................................................... 673 482
------- -------
NET CASH PROVIDED BY OPERATING ACTIVITIES.................... $1,323 $1,242
------- -------
CASH FLOWS Proceeds from maturities of securities............................... $3,575 $6,477
FROM Purchase of securities available for sale............................ - (1,500)
INVESTING Purchase of securities held to maturity.............................. (2,075) (5,875)
ACTIVITIES Net increase in federal funds sold and other short-term investments.. (3,500) (250)
Net (increase) decrease in loans..................................... (440) 297
Premises and equipment expenditures.................................. (1,082) (617)
------- -------
NET CASH REQUIRED FOR INVESTING ACTIVITIES................... ($3,522) ($1,468)
------- -------
CASH FLOWS Net increase (decrease) in demand deposits and savings accounts...... ($2,613) $1,207
FROM Net increase (decrease) in time deposits............................. 5,922 (1,007)
FINANCING Net increase (decrease) in short-term borrowings..................... (485) (139)
ACTIVITIES Payment of long-term borrowings...................................... (1,650) -
------- -------
NET CASH PROVIDED BY FINANCING ACTIVITIES.................... $1,174 $61
------- -------
Net change in cash and cash equivalents.............................. ($1,025) ($165)
------- -------
Cash and cash equivalents:
Beginning of year.................................................. $5,346 $3,905
------- -------
End of period...................................................... $4,321 $3,740
======= =======
SUPPLEMENTAL Cash payments for:
DISCLOSURES OF Interest paid to depositors........................................ $1,163 $1,207
CASH FLOW Interest paid on borrowings........................................ 72 58
INFORMATION Income taxes paid.................................................. - -
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 7
NBM BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
The accompanying compiled consolidated financial statements as of March 31,
1995 have been prepared in accordance with generally accepted accounting
principles for interim financial reporting and with the instructions for Form
10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements
do not include all the information and footnotes required by generally accepted
accounting principles. These financial statements include, however, all
adjustments (consisting of normal recurring accruals), which in the opinion of
management are considered necessary for the fair presentation of the results of
operations for the periods shown. Operating results for the three month
periods ended March 31, 1995 and 1994 are not necessarily indicative of the
results that may be expected for the fiscal years.
NOTE 2 - EARNINGS PER SHARE
Earnings per share is based on dividing net income by the weighted average
number of shares of common stock outstanding during the periods.
NOTE 3 - SUBSEQUENT SALE OF NBM BANCORP, INC.
On May 24, 1995, NBM Bancorp, Inc. merged into AMCORE Financial, Inc. ("AFI").
AFI issued 6.829 common shares in exchange for each of the outstanding shares
of NBM common stock. The transaction will be accounted for using the pooling
of interests method.
<PAGE> 8
<TABLE>
<CAPTION>
AMCORE FINANCIAL, INC. AND SUBSIDIARIES ITEM 7 (B) 1
NBM BANCORP, INC.
PRO FORMA CONSOLIDATED COMBINING STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
(UNAUDITED)
PRO FORMA
CONSOLIDATED
PRO FORMA COMBINED
(in thousands, except per share data) AMCORE NBM ADJUSTMENTS AMCORE (1)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST Interest and fees on loans and leases................................. $84,361 $6,358 $90,719
INCOME Interest on securities:
Taxable............................................................. 27,712 3,325 31,037
Tax-exempt.......................................................... 11,098 1,454 12,552
-------- ------- ------- --------
TOTAL INCOME FROM SECURITIES..................................... $38,810 $4,779 $43,589
-------- ------- ------- --------
Interest on federal funds sold and other short-term investments....... 1,446 132 ($76)(2) 1,502
Interest and fees on mortgage loans held for sale..................... 2,893 - 2,893
Interest on deposits in banks......................................... 176 - 176
-------- ------- ------- --------
TOTAL INTEREST INCOME............................................ $127,686 $11,269 ($76) $138,879
-------- ------- ------- --------
INTEREST Interest on deposits.................................................. $48,148 $5,073 $53,221
EXPENSE Interest on short-term borrowings..................................... 5,551 24 5,575
Interest on long-term borrowings...................................... 1,921 137 (137)(3) 1,921
Other................................................................. 340 - 340
-------- ------- ------- --------
TOTAL INTEREST EXPENSE........................................... $55,960 $5,234 ($137) $61,057
-------- ------- ------- --------
NET INTEREST INCOME................................................... $71,726 $6,035 $61 $77,822
Provision for loan and lease losses.............................. 606 22 628
-------- ------- ------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES......... $71,120 $6,013 $61 $77,194
-------- ------- ------- --------
OTHER Trust revenues........................................................ $10,736 $174 $10,910
INCOME Service charges on deposits........................................... 6,522 220 6,742
Mortgage revenues..................................................... 3,583 - 3,583
Collection fee income................................................. 1,700 - 1,700
Other................................................................. 7,001 190 7,191
-------- ------- ------- --------
TOTAL OTHER INCOME, EXCLUDING NET SECURITY GAINS................. $29,542 $584 $30,126
Net security gains.................................................... 908 - 908
-------- ------- ------- --------
TOTAL OTHER INCOME............................................... $30,450 $584 $31,034
OPERATING Compensation and employee benefits expense............................ $39,415 $1,970 $41,385
EXPENSE Net occupancy and equipment expense................................... 10,448 566 11,014
Insurance expense..................................................... 4,139 389 4,528
Professional fees..................................................... 3,033 336 3,369
Advertising and business development.................................. 2,262 106 2,368
Amortization of intangible assets..................................... 2,553 32 2,585
Other................................................................. 12,888 554 13,442
-------- ------- ------- --------
TOTAL OPERATING EXPENSES......................................... $74,738 $3,953 $78,691
-------- ------- ------- --------
INCOME BEFORE INCOME TAXES............................................ $26,832 $2,644 $61 $29,537
Income taxes.......................................................... 7,232 443 34 (4) 7,709
-------- ------- ------- --------
NET INCOME....................................................... $19,600 $2,201 $27 $21,828
======== ======= ======= ========
EARNINGS PER COMMON SHARE........................................ $1.58 $9.17 $1.56
DIVIDENDS PER COMMON SHARE....................................... 0.56 $3.00 $ .55
</TABLE>
NOTES
(1) Amounts reflect the May 24, 1995 merger with NBM Bancorp, Inc., which was
accounted for using the pooling of interests method.
(2) Reduction of interest income due to a special dividend from NBM susidiary
banks used to pay-off long-term NBM debt. The amount was calculated as
if the dividend was paid at the beginning of the year using a 4.0%
federal funds rate.
(3) Reduction of interest expense as if the NBM debt was paid-off at the
beginning of the year.
(4) Reflects tax expense for Notes 2 & 3 and an increase of NBM's marginal
federal tax rate from 34% to 35%.
<PAGE> 9
AMCORE FINANCIAL, INC. AND SUBSIDIARIES ITEM 7(B)2
NBM BANCORP, INC.
PRO FORMA CONSOLIDATED COMBINING BALANCE SHEETS
AS OF MARCH 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
PRO FORMA
CONSOLIDATED
PRO FORMA COMBINED
(In thousands, except share data) AMCORE NBM ADJUSTMENTS AMCORE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS Cash and cash equivalents................................... $83,051 $4,321 ($2)(1) $87,370
Interest earning deposits in banks.......................... 517 - 517
Federal funds sold and other short-term investments......... 5,889 4,100 9,989
Mortgage loans held for sale................................ 9,941 - 9,941
Securities available for sale............................... 289,386 9,209 298,595
Securities held to maturity................................. 402,048 63,812 465,860
---------- -------- ------ ----------
Total securities....................................... 691,434 73,021 764,455
Loans and leases, net of unearned income.................... 1,107,329 82,087 1,189,416
Allowance for loan and lease losses......................... (12,712) (1,063) (13,775)
---------- -------- ------ ----------
Net loans and leases................................... $1,094,617 $81,024 $1,175,641
---------- -------- ------ ----------
Premises and equipment, net................................. 48,032 2,998 51,030
Intangible assets, net...................................... 17,328 336 17,664
Other real estate owned..................................... 1,084 - 1,084
Other assets................................................ 37,266 3,004 40,270
---------- -------- ------ ----------
TOTAL ASSETS........................................... $1,989,159 $168,804 ($2) $2,157,961
========== ======== ====== ==========
LIABILTITES Deposits:
Interest bearing.......................................... $1,364,639 $133,099 $1,497,738
Non-interest bearing...................................... 229,416 12,737 242,153
---------- -------- ------ ----------
Total deposits......................................... $1,594,055 $145,836 $1,739,891
Short-term borrowings....................................... 174,560 1,282 175,842
Long-term borrowings........................................ 24,433 - 24,433
Other liabilities........................................... 24,092 1,416 (6)(2) 25,502
---------- -------- ------ ----------
TOTAL LIABILITIES...................................... $1,817,140 $148,534 ($6) $1,965,668
---------- -------- ------ ----------
Minority Interest in Subsidiary............................. $ - $2 ($2)(1) -
STOCKHOLDERS' Preferred stock ($1 par value).............................. $ - $ - $ -
EQUITY Common stock ($.33 par value)............................... 4,430 1,200 (654)(1) 4,976
Additional paid-in capital.................................. 50,885 5,000 654 (1) 56,539
Retained earnings........................................... 127,777 14,220 6 (2) 142,003
Net unrealized loss on securities available for sale........ (3,048) (152) (3,200)
Treasury stock and other.................................... (8,025) - (8,025)
---------- -------- ------ ----------
TOTAL STOCKHOLDERS' EQUITY............................. $172,019 $20,268 $6 $192,293
---------- -------- ------ ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY............. $1,989,159 $168,804 ($2) $2,157,961
========== ======== ====== ==========
</TABLE>
Notes
(1) Amounts reflect the May 24, 1995 merger with NBM Bancorp, Inc, accounted
for using the pooling of interests method. AMCORE issued 1,638,960
common shares in exchange for all the outstanding shares of NBM common
stock. The transaction was based on an exchange ratio of 6.829 shares
for each NBM share. The minority interest was also eliminated in
conjunction with the transaction.
(2) Reflects the impact of pro forma statement of income adjustments.
<PAGE> 10
AMCORE FINANCIAL, INC. AND SUBSIDIARIES
NBM BANCORP, INC.
PRO FORMA CONSOLIDATED COMBINING STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA
CONSOLIDATED
PRO FORMA COMBINED
(in thousands, except per share data) AMCORE NBM ADJUSTMENTS AMCORE (1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST Interest and fees on loans and leases............................. $23,705 $1,678 $25,383
INCOME Interest on securities:
Taxable......................................................... 8,366 733 9,099
Tax-exempt...................................................... 2,613 367 2,980
------- ------ ------- -------
TOTAL INCOME FROM SECURITIES................................. $10,979 $1,100 $12,079
------- ------ ------- -------
Interest on federal funds sold and other short-term investments... 284 37 ($27)(2) 294
Interest and fees on mortgage loans held for sale................. 465 - 465
Interest on deposits in banks..................................... 19 - 19
------- ------ ------- -------
TOTAL INTEREST INCOME........................................ $35,452 $2,815 ($27) $38,240
------- ------ ------- -------
INTEREST Interest on deposits.............................................. $13,703 $1,384 $15,087
EXPENSE Interest on short-term borrowings................................. 3,194 18 3,212
Interest on long-term borrowings.................................. 462 37 (37)(3) 462
Other............................................................. 126 1 127
------- ------ ------- -------
TOTAL INTEREST EXPENSE....................................... $17,485 $1,440 ($37) $18,888
------- ------ ------- -------
NET INTEREST INCOME............................................... $17,967 $1,375 $10 $19,352
Provision for loan and lease losses.......................... 296 433 729
------- ------ ------- -------
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES..... $17,671 $942 $10 $18,623
------- ------ ------- -------
OTHER Trust revenues.................................................... $2,823 $27 $2,850
INCOME Service charges on deposits....................................... 1,679 53 1,732
Mortgage revenues................................................. 546 - 546
Collection fee income............................................. 453 - 453
Other............................................................. 1,803 43 1,846
------- ------ ------- -------
TOTAL OTHER INCOME, EXCLUDING NET SECURITY GAINS............. $7,304 $123 $7,427
Net security gains................................................ 619 - 619
------- ------ ------- -------
TOTAL OTHER INCOME........................................... $7,923 $123 $8,046
OPERATING Compensation and employee benefits expense........................ $10,813 $512 $11,325
EXPENSES Net occupancy and equipment expense............................... 2,861 143 3,004
Insurance expense................................................. 1,039 95 1,134
Professional fees................................................. 534 33 567
Advertising and business development.............................. 485 25 510
Amortization of intangible assets................................. 637 5 642
Other............................................................. 3,323 173 3,496
------- ------ ------- -------
TOTAL OPERATING EXPENSES..................................... $19,692 $986 $20,678
------- ------ ------- -------
INCOME BEFORE INCOME TAXES........................................ $5,902 $79 $10 $5,991
Income taxes...................................................... 1,281 83 4 (4) 1,368
------- ------ ------- -------
NET INCOME................................................... $4,621 ($4) $6 $4,623
======= ====== ======= =======
EARNINGS PER COMMON SHARE.................................... $0.37 ($0.02) $0.33
DIVIDENDS PER COMMON SHARE................................... $0.15 - $0.15
</TABLE>
NOTES
(1) Amounts reflect the May 24, 1995 merger with NBM Bancorp, Inc., which was
accounted for using the pooling of interests method.
(2) Reduction of interest income due to a special dividend from NBM susidiary
banks used to pay-off long-term NBM debt. The amount was calculated as
if the dividend was paid at the beginning of the year using a 5.75%
federal funds rate.
(3) Reduction of interest expense as if the NBM debt was paid-off at the
beginning of the year.
(4) Reflects tax expense for Notes 2 & 3 and an increase of NBM's marginal
federal tax rate from 34% to 35%.
