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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended MARCH 31, 1998
Commission file number 0-18166
STATE FINANCIAL SERVICES CORPORATION
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(Exact name of registrant as specified in its charter)
WISCONSIN 39-1489983
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(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporation or organization)
10708 WEST JANESVILLE ROAD, HALES CORNERS, WISCONSIN
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53130 (Address and Zip Code of principal
executive offices)
Not applicable
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(Former name, former address and former fiscal year,
if changed since last report)
(414) 425-1600
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
As of May 7, 1998, there were 3,880,018 shares of Registrant's $0.10
Par Value Common Stock outstanding.
<PAGE> 2
STATE FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
Three months ended March 31,
1998 1997
---------------------- ----------------------
<S> <C> <C>
INTEREST INCOME:
Loans, including fees $ 6,187,674 $ 4,868,835
Investment securities
Taxable 1,076,985 857,954
Tax-exempt 310,247 189,306
Federal funds sold 236,240 12,175
---------------------- ----------------------
TOTAL INTEREST INCOME 7,811,146 5,928,270
INTEREST EXPENSE:
Deposits 3,466,559 2,060,027
Notes payable and other borrowings 147,353 178,973
---------------------- ----------------------
TOTAL INTEREST EXPENSE 3,613,912 2,239,000
---------------------- ----------------------
NET INTEREST INCOME 4,197,234 3,689,270
Provision for loan losses 142,500 82,500
---------------------- ----------------------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 4,054,734 3,606,770
OTHER INCOME:
Service charges on deposit accounts 297,948 250,893
Merchant service fees 295,495 270,460
Building rent 73,409 77,663
ATM fees 116,120 43,571
Gains on sale of loans 156,981 16,586
Investment security gains 202,058 -0-
Other 239,781 96,329
---------------------- ----------------------
TOTAL OTHER INCOME 1,381,792 755,502
OTHER EXPENSES:
Salaries and employee benefits 1,756,879 1,214,522
Net occupancy expense 255,474 253,016
Equipment rentals, depreciation and maintenance 371,957 259,840
Data processing 248,995 182,745
Legal and professional 125,675 90,213
Merchant service charges 219,943 223,507
ATM charges 45,395 47,107
Advertising 114,409 86,625
Goodwill amortization 140,460 37,857
Other 507,764 378,348
---------------------- ----------------------
TOTAL OTHER EXPENSES 3,786,951 2,773,780
INCOME BEFORE INCOME TAXES 1,649,575 1,588,492
Income taxes 559,076 543,989
---------------------- ----------------------
NET INCOME $ 1,090,499 $ 1,044,503
====================== ======================
Basic earnings per common share $ 0.29 $ 0.28
Diluted earnings per common share 0.28 0.27
Dividends per common share 0.12 0.10
Weighted average common shares outstanding
Basic 3,775,086 3,795,107
Diluted 3,827,313 3,846,429
See notes to unaudited consolidated financial statements.
</TABLE>
3
<PAGE> 3
SIGNATURES
Pursuant to the requirement 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.
STATE FINANCIAL SERVICES CORPORATION
(Registrant)
Date: May 14, 1998
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By /s/ Michael J. Falbo
---------------------------------------------
Michael J. Falbo
President and Chief Executive Officer
Date: May 14, 1998
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By /s/ Michael A. Reindl
---------------------------------------------
Michael A. Reindl
Senior Vice President, Controller, and Chief
Financial Officer
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