SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D. C. 20549
FORM 10-Q/A
Amendment #1
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1998 Commission File Number 0-14550
NEW ENGLAND COMMUNITY BANCORP, INC.
-----------------------------------
DELAWARE 06-1116165
OLD WINDSOR MALL
P.O. BOX 130
WINDSOR, CONNECTICUT 06095
Telephone: (860) 610-3600
Indicate by check mark whether 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 twelve months, and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO[ ]
The number of shares of common stock of the registrant outstanding as of April
30, 1998 was 5,171,626.
The total number of pages in this report is 5.
Page -1-
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
TABLE OF CONTENTS
Part I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements:
Consolidated Statements of Cash Flows--
three months ended March 31, 1998
and 1997 (unaudited) 4
SIGNATURES 5
Page -2-
<PAGE>
Form 10-Q, Quarterly Report
New England Community Bancorp, Inc.
Commission File No. 0-14550
New England Community Bancorp, Inc. ("NECB") hereby amends its Quarterly
Report on Form 10-Q, for the quarter ended March 31, 1998, and dated May 15,
1998.
Part I--FINANCIAL INFORMATION
Item 1. Financial Statements
In the original filing of the NECB's quarterly report on Form 10-Q, (made
on May 15, 1998) a line in the consolidated statements of cash flows was
inadvertently deleted. The line item represented "sales of premises and
equipment" and should have been included in the "investing activities" section
of the statement. The error did not effect either the group totals or the grand
totals for the statement.
Consequently, NECB hereby amends Part I, Item 1 in the Quarterly Report on
Form 10-Q by submitting corrected consolidated statements of cash flows as
included herein.
Page - 3 -
<PAGE>
<TABLE>
<CAPTION>
NEW ENGLAND COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Thousands of dollars)
Three Months Ended March 31, 1998 1997
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operating activities:
Net income $ 1,889 $ 1,502
Adjustment for noncash charges (credits):
Provision for depreciation and amortization 275 308
Losses from sale or disposal and provisions to reduce the carrying value
of other real estate owned, net 209 47
Securities losses (gains), net (1,229) 2
Accretion of discounts and amortization of premiums on bonds, net (10) 3
Accretion, net of amortization, of purchase accounting adjustments (3) (53)
Amortization of goodwill 98 79
Provision for possible loan losses 322 273
Loss on sale of portfolio loans, net 440
(Increase) decrease in accrued interest income and other assets, net 1,014 (72)
Decrease (increase) in loans held-for-sale (5,034) (777)
(Decrease) increase in accrued interest payable and other liabilities, net 163 (1,126)
------- -------
Net cash provided by (used for) operating activities (1,866) 186
------- -------
Financing activities:
Net decrease in noninterest-bearing accounts (16,296) (6,274)
Net (decrease) increase in interest-bearing accounts 3,265 (9,667)
Net increase in short-term borrowings 430 3,797
Net increase in long-term borrowings 7,968 6,000
Proceeds from issuance of common stock 103 2
Cash dividends paid (465) (371)
------- -------
Net cash used for financing activities (4,995) (6,513)
------- -------
Investing activities:
Loans originated, net of principal collections (4,924) 1,815
Proceeds from sale of portfolio loans 10,156 3
Purchases of securities available-for-sale (3,287) (10,886)
Proceeds from sales of securities available-for-sale 8,823 4,559
Proceeds from maturities of securities available-for-sale 9,829 5,449
Purchases of securities held-to-maturity (25)
Proceeds from maturities of securities held-to-maturity 1,410 151
Proceeds from sales of other real estate owned 1,072 1,162
Purchases of premises and equipment, net (160) (348)
Sales of premises and equipment 43
Capitalization of expenditures on other real estate owned (49) (20)
------- -------
Net cash provided by (used for) investing activities 22,913 1,860
------- -------
Increase (decrease) in cash and cash equivalents 16,052 (4,467)
Cash and cash equivalents, beginning of period 39,851 39,854
------- -------
Cash and cash equivalents, end of period $55,903 $35,387
======= =======
</TABLE>
Page -4-
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
Signatures
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.
NEW ENGLAND COMMUNITY BANCORP, INC.
Date: June 12, 1998 By: /s/ ANSON C. HALL
--------------------------------
Anson C. Hall
Vice President and Treasurer
Page - 5 -
