<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1999
Commission file number 0 - 12784
WESTBANK CORPORATION
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2830731
(State or other jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
225 PARK AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0149
(Address of principal executive offices) (Zip Code)
(413) 747-1400
(Registrant's telephone number, including area code)
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[ ]
Common stock, par value $2 per share: 4,283,353 shares outstanding as of October
31, 1999
<PAGE> 2
WESTBANK CORPORATION AND SUBSIDIARIES
This 10-Q/A is being filed as a result of the financial publisher omitting the
following financial statement in the Corporation's 10-Q filed on November 12,
1999, for the period ended September 30, 1999:
Westbank Corporation
Consolidated Statements of Cash Flow
Nine Months Ended September 30, 1999 and 1998
INDEX
Page
Financial Statements ----
Condensed Consolidated Statements of Cash Flows 7
2
<PAGE> 3
WESTBANK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Unaudited)
(Dollar amounts in thousands)
<TABLE>
<CAPTION>
1999 1998
---- ----
Operating activities:
<S> <C> <C>
Net income $ 3,227 $ 2,845
Adjustments to reconcile net income to
net cash provided by operating activities:
Provision for loan losses 77 40
Depreciation and amortization 729 750
Provision for other real estate owned 27
Changes in assets and liabilities:
(Increase)/Decrease in accrued interest receivable (188) (226)
Realized gain on sale of securities (92) (141)
Realized (gain)/loss on sale of other real estate owned 19 4
Increase/(Decrease) in interest payable on deposits 97 103
(Increase)/Decrease in other assets (1,467) (344)
Increase/(Decrease) in other liabilities (437) 584
-------- --------
Net cash provided by operating activities $ 1,965 $ 3,642
-------- --------
Investing activities:
Investments and mortgage-backed securities:
Held to maturity:
Purchases $ (1,050) $(20,103)
Proceeds from maturities and principal payments 19,762 26,068
Available for sale:
Purchases (21,608) (34,970)
Proceeds from sales 4,679 8,607
Proceeds from maturities 12,271 4,668
Purchases of premises and equipment (1,328) (2,380)
Net (increase)/decrease in loans (59,512) (17,136)
Proceeds from sale of other real estate owned 382 62
-------- --------
Net cash used in investing activities $(46,404) $(35,184)
-------- --------
Financing activities:
Net increase/(decrease) in other borrowed funds $ 8,570 $ 7,338
Net increase/(decrease) in deposits 38,362 37,926
Proceeds from mandatory redeemable preferred stock 17,000
Proceeds from exercise of stock options and stock purchase plan 578 1,551
Dividends paid (1,226) (1,126)
------ ------
Net cash used in financing activities $ 63,284 $ 45,689
------ ------
Increase/(Decrease) in cash and cash equivalents $ 18,845 $ 14,147
Cash and cash equivalents at beginning of period 14,240 16,526
------ ------
Cash and cash equivalents at end of period $ 33,085 $ 30,673
======== ========
Cash paid during the period:
Interest on deposits and other borrowings $ 10,406 $ 10,054
Income taxes 1,874 1,775
Transfers of loans to other real estate owned 434
Sales of other real estate owned financed by the bank 48
See accompanying notes to condensed consolidated financial statements
</TABLE>
7
<PAGE> 4
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Quarterly Report to be signed on its behalf by
the undersigned thereunto duly authorized.
WESTBANK CORPORATION
Date: November 23, 1999 /s/Donald R. Chase
------------------
Donald R. Chase
President and Chief
Executive Officer
Date: November 23, 1999 /s/John M. Lilly
----------------
John M. Lilly
Treasurer and Chief
Financial Officer
23
