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Previous: FIRST CAPITAL INCOME PROPERTIES LTD SERIES X, 8-K, 1999-06-04 |
Next: FIRST TRUST OF INSURED MUNICIPAL BONDS MULTI STATE SERIES 4, 497J, 1999-06-04 |
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, 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 April
30, 1999 was 7,031,180.
The total number of pages in this report is 7.
Page -1-
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
TABLE OF CONTENTS
Page No.
Part I. FINANCIAL INFORMATION 3
Item 1. Financial Statements:
Consolidated Balance Sheets--March 31, 1999 (unaudited) and
December 31, 1998 4
Part II. OTHER INFORMATION 5
Item 6. Exhibits, Financial Statement Schedules and Reports on Form 8-K 5
SIGNATURES 6
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, 1999 and dated May 10,
1999.
Part I---FINANCIAL INFORMATION
In the original filing of NECB's quarterly report on Form 10-Q, (made on May
10, 1999), a line in the consolidated balance sheets reported incorrect amounts
for both comparative dates. The line item captioned loans held-for-sale
incorrectly contained $5,618 for March 31, 1999 and $5,835 for December 31,
1998. The correct data is $4,598 for March 31, 1999 and $7,721 for December 31,
1998. The error did not affect total assets for either priod reported.
Consequently, NECB hereby amends PART I, Item 1 in the quarterly report on
form 10-Q by submitting corrected Consolidated Balance Sheet statements as
included herein.
Page -3-
<PAGE>
NEW ENGLAND COMMUNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(Thousands of dollars; except share data)
March 31, December 31
1999 1998
(Unaudited)
==================================================================================================================================
ASSETS:
<S> <C> <C>
Cash and due from banks $ 39,256 $ 39,279
Short-term investments 7,120 12,080
Federal funds sold 1,898 1,485
----------- -----------
Cash and cash equivalents 48,274 52,844
Interest bearing deposits with banks 595 694
Securities held-to-maturity 5,210 5,675
Securities available-for-sale 186,293 191,867
Federal Home Loan Bank stock, at cost 4,881 4,881
Loans outstanding 512,905 515,980
Less: allowance for possible loan losses (10,267) (10,092)
----------- -----------
Net loans 502,638 505,888
Loans held-for-sale 4,598 7,721
Premises and equipment 13,677 13,932
Other real estate owned 1,703 1,636
Goodwill 4,748 4,847
Other assets 14,292 14,102
----------- -----------
Total Assets $ 786,909 $ 803,887
=========== ===========
LIABILITIES:
Deposits:
Noninterest bearing $ 140,406 $ 160,876
Interest bearing 494,624 503,202
----------- -----------
Total deposits 635,030 664,078
Short-term borrowings 48,293 34,848
Long-term debt 27,115 27,279
Other liabilities 4,292 4,332
----------- -----------
Total Liabilities 714,730 730,537
SHAREHOLDERS' EQUITY:
Common stock, $0.10 par value, authorized 20,000,000 shares:
March 31, 1999, 7,036,000 outstanding;
December 31, 1998, 7,031,000 outstanding 703 703
Additional paid-in capital 61,817 61,811
Retained earnings 10,705 9,452
Treasury Stock -March 31, 1999, 75,000 shares (1,498)
Net unrealized gain on securities available-for-sale 452 1,384
----------- -----------
Total Shareholders' Equity 72,179 73,350
----------- -----------
Total Liabilities & Shareholders' Equity $ 786,909 $ 803,887
=========== ===========
</TABLE>
Page -4-
<PAGE>
Part II---OTHER INFORMATION
Item 6 Exhibits, Financial Statement Schedules and reports on Form 8-K
Exhibit 27 Financial Data Schedule
In the original filing of NECB's quarterly report on Form 10-Q, (made
on May 10, 1999), information from a prior filing was inadvertantly substituted
for current period data. Consequently, NECB hereby amends Part II, Item 6,
Exhibit 27 (Financial Data Schedule) by submitting corrected Exhibit, as
included herein.
Page -5-
<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 3, 1999 By:
--------------------------------
Anson C. Hall
Vice President and Treasurer
Page -6-
<PAGE>
Exhibit 27, Financial Data Schedule
New England Community Bancorp, Inc.
ITEM NUMBER ITEM DESCRIPTION AMOUNT
- --------------------------------------------------------------------------------
New England Community Bancorp, Inc.
Multiplier 1,000
Currency U.S.
Table
S
Fiscal year-end Dec-31-1999
Period end Mar-31-1999
Period type 3-mos
9-03(1) Cash 39,256
9-03(2) Int-Bearing-Deposits 595
9-03(3) Fed-Funds-Sold 1,898
9-03(4) Trading-Assets 0
9-03(6) Investments-Available-For-Sale 186,293
9-03(6) Investments-Held-to-Maturity 5,210
9-03(6) Investments-Market 5,337
9-03(7) Loans 517,503
9-03(7)(2) Allowance 10,267
9-03(11) Total-Assets 787,929
9-03(12) Deposits 635,030
9-03(13) Short-Term 48,293
9-03(15) Liabilities-Other 4,292
9-03(16) Long -Term 27,115
9-03(19) Preferred-Mandatory 0
9-03(20) Preferred Stock - no mandatory redemption 0
9-03(21) Common stocks 703
9-03(22) Other shareholders' equity 71,476
9-03(23) Total liabilities and shareholders equity 786,909
9-04(1) Interest and fees on loans 11,067
9-04(2) Interest and dividends on investments 2,833
9-04(4) Other interest income 217
9-04(5) Total interest income 14,117
9-04(6) Interest on deposits 4,228
9-04(9) Total interest expense 5,018
9-04(10) Net interest income 9,099
9-04(11) Provision for loan losses 165
9-04(13)(h) Investment securities gains/losses 175
9-04(14) Other expenses 7,578
9-04(15) Income before income tax 3,435
9-04(17) Income before extraordinary items 2,182
9-04(18) Extraordinary items, less tax 0
9-04(19) Cumulative change in accounting principles 0
9-04(20) Net income or loss 2,182
9-04(21) Earnings per share - primary 0.31
9-04(21) Earnings per share - fully diluted 0.31
I.B.5 Net yield - interest earning assets - actual 5.20
III.C.1(a) Loans on Nonaccrual 6,315
III.C.1(b) Accruing loans past due 90 days or more 918
III.C.1(c) Troubled debt restructuring 0
IV.A.1 Allowance for loan losses - beginning of period 10,092
IV.A.2 Total chargeoffs 233
IV.A.3 Total recoveries 174
IV.A.4 Allowance for loan losses - end of period 10,267
IV.B.1 Loan loss allowance allocated to domestic loans 10,267
IV.B.2 Loan loss allowance allocated to foreign loans 0
IV.B.3 Loan loss allowance - unallocated 0
Page -7-
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