UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
COMMISSION FILE NO. 0-11786
VILLAGE BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Connecticut 06-1076844
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
25 Prospect Street Ridgefield, Connecticut 06877
Registrant's telephone number, including area code (203) 438-9551
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 ____
Indicate the number of shares outstanding of each of the Issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at April 30, 1998
Common Stock, $3.33 Par Value 1,920,790
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VILLAGE BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
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<TABLE>
<CAPTION>
Three Months Ended March 31,
(in thousands)
1998 1997
---- ----
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 482 $ 409
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Provision for credit losses 30 15
Provision for depreciation and amortization 107 59
Accretion of security discounts - net (95) (13)
Security gains - net (43) --
Decrease in deferred loan fees (23) (21)
(Decrease) increase in interest payable (233) 318
Decrease (increase) in accrued income and other assets 366 (1,172)
(Decrease) increase in other liabilities (595) 74
Origination of loans held for sale (3,192) (2,499)
Proceeds from sales of loans 4,628 2,549
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Net cash provided (used) by operating activities 1,432 (281)
INVESTING ACTIVITIES:
Proceeds from sales of available-for-sale securities 1,279 --
Proceeds from maturities of available-for-sale securities 3,020 2,018
Proceeds from maturities of held-to-maturity securities 6,027 3
Purchases of available-for-sale securities (988) --
Purchases of held-to-maturity securities (3,946) (9,453)
Purchase of Federal Home Loan Bank stock (119) --
Net increase in loans (341) (4,475)
Purchases of premises and equipment (174) (53)
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Net cash provided (used) by investing activities 4,758 (11,960)
FINANCING ACTIVITIES:
Net increase in deposits 6,350 11,033
Cash dividends (172) (171)
Net proceeds from issuance of common stock 55 2
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Net cash provided by financing activities 6,233 10,864
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12,423 (1,377)
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CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 11,153 15,145
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 23,576 $ 13,768
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SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest paid on deposits $ 1,110 $ 1,025
Income tax payments 65 205
Change in net unrealized gain on available-
for-sale securities, net of tax (12) (53)
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SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Village Bancorp, Inc.
(Registrant)
Date: May 11, 1998 /s/ Robert V. Macklin
-------------------------------------
Robert V. Macklin - President
and Chief Executive Officer
Date: May 11, 1998 /s/ James R. Umbarger
-------------------------------------
James R. Umbarger - Executive Vice
President and Chief Financial Officer
