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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 2, 1995
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COMMERCIAL FEDERAL CORPORATION
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(Exact name of registrant as specified in its charter)
NEBRASKA 1-11515 47-0658852
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
2120 SOUTH 72nd STREET, OMAHA, NEBRASKA 68124
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (402) 554-9200
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
The original document is comprised of seven pages.
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COMMERCIAL FEDERAL CORPORATION
FORM 8-K/A
AMENDMENT NO. 1 TO CURRENT REPORT
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits:
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On October 2, 1995, Commercial Federal Corporation (Commercial), consummated its
merger with Railroad Financial Corporation (Railroad), parent company of
Railroad Savings Bank, fsb, headquartered in Wichita, Kansas. The unaudited pro
forma consolidated financial information set forth herein has been prepared for
purposes of complying with Regulation S-X of the Securities and Exchange
Commission in connection with the filing of the Form 8-K by Commercial relating
to the acquisition of Railroad on October 2, 1995.
(a). Financial Statements of Business Acquired:
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The consolidated financial statements of Railroad contained in Railroad's 1994
Annual Report to Stockholders and Quarterly Report on Form 10-Q for the quarter
ended June 30, 1995 are incorporated herein by reference to Appendices D and E,
respectively, of the Prospectus contained in Commercial's Form S-4 Registration
Statement (Reg. No. 33-60589).
(b). Pro Forma Financial Information:
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Filed as a part of this report is the requisite unaudited pro forma combined
statement of financial position as of September 30, 1995 and the unaudited pro
forma condensed combined statement of operations for the three months ended
September 30, 1995 and 1994 and the three years ended June 30, 1995.
2
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SIGNATURES
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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.
COMMERCIAL FEDERAL CORPORATION
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(Registrant)
Date: December 18, 1995 James A. Laphen
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James A. Laphen, President, Chief Operating
Officer and Chief Financial Officer (Duly
Authorized and Principal Financial Officer)
Date: December 18, 1995 Gary L. Matter
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Gary L. Matter, Senior Vice President,
Controller and Secretary (Principal
Accounting Officer)
3
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Item 7 (b). Pro Forma Financial Information
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The unaudited pro forma financial information has been prepared to comply with
Regulation S-X of the Securities and Exchange Commission in connection with the
filing of Commercial's Form 8-K as of October 2, 1995. Such Form 8-K was filed
to announce that on October 2, 1995 Commercial consummated its merger with
Railroad, parent company of Railroad Savings Bank, fsb, headquartered in
Wichita, Kansas. Pursuant to the terms of the merger agreement, Railroad
delivered 2,156,232 shares of common stock to Commercial in exchange for
approximately 1,377,617 shares of Commercial's common stock (exchange ratio of
.6389 based on an average closing price of $35.063). Cash has been paid in lieu
of fractional shares. Railroad operated 18 branches and 71 agency offices
throughout the state of Kansas and at acquisition date had assets of $602.5
million, deposits of $421.4 million and stockholders' equity of $27.7 million.
This acquisition has been accounted for as a pooling of interests. Under this
method of accounting, the recorded assets and liabilities of Commercial and
Railroad have been carried forward to the surviving corporation in the merger
(Commercial Federal Corporation) at their recorded amounts; and income and
expenses of Commercial Federal Corporation will include income and expenses of
Commercial and Railroad for the entire fiscal year ending June 30, 1996.
The following unaudited pro forma combined statement of financial condition for
Commercial has been prepared based on the historical consolidated statement of
financial condition for Commercial and Railroad at September 30, 1995. The "Pro
Forma Adjustments" column represents the tax-free exchange of .6389 shares of
Commercial common stock for each share of Railroad common stock surrendered in
connection with this acquisition, resulting in 1,377,617 shares of Commercial
common stock issued (2,156,232 net outstanding shares of Railroad common stock
at October 2, 1995 multiplied by the exchange ratio of .6389). No consideration
was given for fractional shares which have been paid in cash.
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Item 7 (b). Pro Forma Financial Information
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Unaudited Pro Forma Combined Statement of Financial Condition
<TABLE>
<CAPTION>
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(In Thousands) At September 30, 1995
Pro Forma
ASSETS Commercial Railroad Adjustments Combined
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<S> <C> <C> <C> <C>
Cash............................................ $ 33,651 $ 4,669 $ -- $ 38,320
Investment securities available for sale........ -- 1,980 -- 1,980
Mortgage-backed securities available for sale... 10,029 17,008 -- 27,037
Loans held for sale............................. 54,540 52,635 -- 107,175
Investment securities held to maturity.......... 290,364 3,165 -- 293,529
Mortgage-backed securities held to maturity..... 1,298,079 20,169 -- 1,318,248
Loans receivable, net........................... 3,988,777 480,392 -- 4,469,169
Federal Home Loan Bank stock.................... 97,110 6,140 -- 103,250
Interest receivable, net........................ 36,943 3,553 -- 40,496
Real estate..................................... 16,658 1,847 -- 18,505
Premises and equipment.......................... 62,819 4,022 -- 66,841
Prepaid expenses and other assets............... 59,148 3,454 -- 62,602
Goodwill and core value of deposits, net of
accumulated amortization....................... 31,628 3,435 -- 35,063
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Total assets.................................... $5,979,746 $602,469 $ -- $6,582,215
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities:
Deposits........................................ $3,629,072 $421,435 $ -- $4,050,507
Advances from Federal Home Loan Bank............ 1,629,354 122,809 -- 1,752,163
Securities sold under agreements to repurchase.. 195,755 -- -- 195,755
Other borrowings................................ 54,365 9,600 -- 63,965
Interest payable................................ 26,197 4,657 -- 30,854
Other liabilities............................... 123,348 16,288 -- 139,636
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Total liabilities............................... 5,658,091 574,789 -- 6,232,880
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Commitments and Contingencies.................... -- -- -- --
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Stockholders' Equity:
Common stock.................................... 129 222 (222) 143
14
Additional paid-in capital...................... 140,029 7,375 (392) 146,998
(14)
Unrealized holding gain on securities
available for sale, net........................ 73 20 -- 93
Retained earnings, substantially restricted..... 181,424 20,677 -- 202,101
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321,655 28,294 (614) 349,335
Less: Treasury stock, at cost.................. -- (614) 614 --
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Total stockholders' equity...................... 321,655 27,680 -- 349,335
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Total liabilities and stockholders' equity...... $5,979,746 $602,469 $ -- $6,582,215
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</TABLE>
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Item 7 (b). Pro Forma Financial Information
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Unaudited Pro Forma Condensed Combined Statement of Operations
The following unaudited pro forma condensed combined statement of income of
Commercial has been prepared based upon the historical results of operations of
Commercial and Railroad for each of the three years in the period ended June 30,
1995 and for the three months ended September 30, 1995 and 1994. This unaudited
pro forma statement presents the combined revenue and expenses of Commercial and
Railroad as if the companies had been merged as of the beginning of the periods
indicated. The unaudited pro forma condensed combined statement of operations
and earnings per share presented below and on the following page do not include
any expected cost savings or the benefits of related synergies as a result of
the merger.
<TABLE>
<CAPTION>
Three Months Ended September 30,
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1995 1994
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Pro Forma Pro Forma
(In Thousands, Except Per Share Data) Commercial Railroad Combined Commercial Railroad Combined
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<S> <C> <C> <C> <C> <C> <C>
Interest income.......................... $ 109,798 $ 12,905 $ 122,703 $ 98,100 $ 9,149 $ 107,249
Interest expense......................... 76,320 8,283 84,603 64,925 5,363 70,288
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Net interest income...................... 33,478 4,622 38,100 33,175 3,786 36,961
Provision for loan losses................ 1,508 75 1,583 1,508 75 1,583
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Net interest income after provision for
loan losses............................. 31,970 4,547 36,517 31,667 3,711 35,378
Non-interest income...................... 10,762 627 11,389 7,977 1,618 9,595
Non-interest expense..................... 24,631 5,536 30,167 33,832 4,084 37,916
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Income (loss) before income taxes........ 18,101 (362) 17,739 5,812 1,245 7,057
Provision for income taxes............... 6,242 251 6,493 5,305 484 5,789
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Net income (loss)........................ $ 11,859 $ (613) $ 11,246 $ 507 $ 761 $ 1,268
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Per share net income (loss).............. $ .91 $ (.28) $ .78 $ .04 $ .35 $ .09
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Weighted average shares outstanding...... 13,101,792 2,197,000 14,505,455 13,013,915 2,189,000 14,412,467
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</TABLE>
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Item 7 (b). Pro Forma Financial Information
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Unaudited Pro Forma Condensed Combined Statement of Operations (Continued)
<TABLE>
<CAPTION>
Year ended June 30,
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1995 1994
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Pro Forma Pro Forma
(In Thousands, Except Per Share Data) Commercial Railroad Combined Commercial Railroad Combined
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<S> <C> <C> <C> <C> <C> <C>
Interest income................................... $ 411,929 $ 42,439 $ 454,368 $ 365,474 $ 29,178 $ 394,652
Interest expense.................................. 277,806 26,720 304,526 239,950 16,424 256,374
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Net interest income............................... 134,123 15,719 149,842 125,524 12,754 138,278
Provision for loan losses......................... 6,033 375 6,408 6,033 185 6,218
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Net interest income after provision for loan
losses......................................... 128,090 15,344 143,434 119,491 12,569 132,060
Non-interest income............................... 37,597 7,469 45,066 32,340 9,550 41,890
Non-interest expense.............................. 117,420 16,753 134,173 143,245 18,758 162,003
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Income before income taxes and cumulative
effects of change in accounting principles.... 48,267 6,060 54,327 8,586 3,361 11,947
Provision for income taxes........................ 20,732 2,414 23,146 14,231 1,354 15,585
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Income (loss) before cumulative effects of
changes in accounting principles............... 27,535 3,646 31,181 (5,645) 2,007 (3,638)
Cumulative effects of changes in accounting
principles..................................... -- -- -- 5,803 -- 5,803
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Net income........................................ $ 27,535 $ 3,646 $ 31,181 $ 158 $ 2,007 2,165
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Per share income (loss) before cumulative
effects of changes in accounting
principles.................................... $ 2.11 $ 1.68 $ 2.16 $ (.44) $ .90 $ (.25)
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Per share net income............................. $ 2.11 $ 1.68 $ 2.16 $ .01 $ .90 $ .15
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Weighted average shares outstanding.............. 13,023,994 2,175,000 14,413,602 12,920,700 2,227,500 14,343,850
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</TABLE>
<TABLE>
<CAPTION>
Year Ended June 30,
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1993
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Pro Forma
(In Thousands, Except Per Share Data) Commercial Railroad Combined
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<S> <C> <C> <C>
Interest income................................... $ 372,778 $ 29,578 $ 402,356
Interest expense.................................. 256,468 17,489 273,957
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Net interest income............................... 116,310 12,089 128,399
Provision for loan losses......................... 5,735 252 5,987
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Net interest income after provision for loan
losses......................................... 110,575 11,837 122,412
Non-interest income............................... 23,277 10,757 34,034
Non-interest expense.............................. 83,233 16,495 99,728
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Income before income taxes and cumulative
effects of change in accounting principles.... 50,619 6,099 56,718
Provision for income taxes........................ 19,841 2,321 22,162
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Income (loss) before cumulative effects of
changes in accounting principles............... 30,778 3,778 34,556
Cumulative effects of changes in accounting
principles..................................... -- -- --
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Net income........................................ $ 30,778 $ 3,778 $ 34,556
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Per share income (loss) before cumulative
effects of changes in accounting
principles.................................... $ 2.43 $ 1.72 $ 2.46
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Per share net income............................. $ 2.43 $ 1.72 $ 2.46
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Weighted average shares outstanding.............. 12,647,363 2,195,000 14,049,749
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</TABLE>
