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Previous: AARP GROWTH TRUST, DEFS14A, 1999-09-03 |
Next: CENTENARY INTERNATIONAL CORP, 10-Q/A, 1999-09-03 |
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 June 30, 1999 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 July
31, 1999 was 7,036,494.
The total number of pages in this report is 5.
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
TABLE OF CONTENTS
Page No.
Part I. FINANCIAL INFORMATION 3
Item 1. Financial Statements:
Consolidated Statement of Cash flows--
Six months ended June 30, 1999 and 1998 (corrected) 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 June 30, 1999 and dated August 14,
1999.
Part I---FINANCIAL INFORMATION
In the original filing of NECB's quarterly report on Form 10-Q, (made on
August 16, 1999), a line in the consolidated statement of cash flows was
omitted. The line item captioned "Repuchases of common stock for Treasury"
reporting the outflow of $2,681 (thousand) for the period ended June 30, 1999
was not shown in the financing activities section of this statement. All
subtotals and totals shown on this report were correct as presented.
Consequently, NECB hereby amends PART I, Item 1 in the quarterly report on
form 10-Q by submitting corrected consolidated Statement of Cash Flows as
included herein.
Page -3-
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
(Thousands of dollars) Six Months Ended
June 30,
1999 1998
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $4,345 $4,625
Adjustment for noncash charges (credits):
Provision for depreciation and amortization 714 698
Losses from sale or disposal and provisions to reduce the carrying value
of other real estate owned, net 58 (253)
Securities losses (gains), net (499) (1,417)
Accretion of discounts and amortization of premiums on bonds, net (22) 54
Amortization of goodwill and other intangibles 235 195
Provision for possible loan losses 333 805
Loss on sale of portfolio loans, net 715
(Increase) decrease in assets, net 3,313 (2,200)
Decrease (increase) in loans held-for-sale 991 (4,755)
(Decrease) increase in liabilities, net (1,325) 273
--------- ---------
Net cash provided by (used for) operating activities 8,143 (1,260)
--------- ---------
FINANCING ACTIVITIES:
Net decrease in noninterest-bearing accounts (14,020) (6,140)
Net decrease in interest-bearing accounts (6,274) (14,855)
Net increase in short-term borrowings 21,940 7,734
Net increase in long-term borrowings 7,973 7,289
Proceeds from issuance of common stock (139) 413
Repurchases of common stock for treasury (2,681)
Cash dividends paid (1,537) (1,037)
--------- ---------
Net cash used for financing activities 5,262 (6,596)
--------- ---------
INVESTING ACTIVITIES:
Loans originated, net of principal collections (3,684) (1,614)
Decrease in interest-bearing time deposits 99 87
Proceeds from sale of portfolio loans 10,157
Purchases of securities available-for-sale (67,375) (53,122)
Proceeds from sales of securities available-for-sale 2,042 18,884
Proceeds from maturities of securities available-for-sale 45,797 28,289
Proceeds from maturities of securities held-to-maturity 1,553 2,039
Proceeds from sales of other real estate owned 586 2,774
Purchases of premises and equipment, net (1,755) (803)
Sales of premises and equipment 6 49
Capitalization of expenditures on other real estate owned (342)
--------- ---------
Net cash provided by (used for) investing activities (22,731) 6,398
--------- ---------
Decrease in cash and cash equivalents (9,326) (1,458)
Cash and cash equivalents, beginning of period 52,844 61,030
--------- ---------
Cash and cash equivalents, end of period $ 43,518 $ 59,572
======== ========
The accompanying notes are an integral part of these consolidated financial statements.
</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: September 2, 1999 By:
-------------------------------
Anson C. Hall
Vice President and Treasurer
Page -5-
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