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Previous: ELECTRONIC SYSTEMS TECHNOLOGY INC, SC 13D/A, 2000-03-13 |
Next: U S GLOBAL INVESTORS INC, 13F-HR/A, 2000-03-13 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT TO
FORM 8-K
CURRENT REPORT
Filed
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Merchants and Manufacturers Bancorporation, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
WISCONSIN 21292 39-1413328
- --------------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
14100 West National Avenue, P. O. Box 511160, New Berlin, WI 53151-1160
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414) 827-6713
---------------
Page 1 of 5
<PAGE> 2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO FORM 8-K
The undersigned registrant hereby amends the following items of the
Current Report on Form 8-K dated January 12, 2000, (the "8-K") as set forth
below and in the pages attached hereto:
Item 7. Financial Statements and Exhibits.
Subsections (a) and (b) of Item 7 of the 8-K are amended and restated
in their entirety to read as follows. The following financial statements, pro
forma financial information and exhibits are filed as part of this report:
(a) Financial Statements of the Business Acquired.
Attached hereto as Exhibit 99(b) are the following financial
statements of Pyramid:
Exhibit 99(b)1 Consolidated Balance Sheets as of
December 31, 1998 and 1997.
Exhibit 99(b)2 Consolidated Statements of
Income for the years ended December
31, 1998 and 1997.
Exhibit 99(b)3 Consolidated Statements of
Cash Flows for the years ended
December 31, 1998 and 1997.
Exhibit 99(b)4 Unaudited Consolidated
Balance Sheet as of September 30,
1999.
Exhibit 99(b)5 Unaudited Consolidated
Statement of Income for the nine (9)
months ended September 30, 1999.
Exhibit 99(b)6 Unaudited Consolidated
Statement of Cash Flows for the nine
(9) months ended September 30, 1999.
Page 2 of 5
<PAGE> 3
(b) Pro Forma Financial Information.
Attached hereto as Exhibit 99(c) is the following
pro forma financial information for Applicant with
respect to the Merger described in Item 2 of the
8-K:
Exhibit 99(c)1 Pro Forma Condensed Balance Sheets as
of December 31, 1998 and 1997.
Exhibit 99(c)2 Pro Forma Condensed Statement of
Income for the years ended December
31, 1998 and 1997.
Exhibit 99(c)3 Pro Forma Condensed Balance
Sheet as of September 30, 1999.
Exhibit 99(c)4 Pro Forma Condensed Statement
of Income for the nine (9) months
ended September 30, 1999.
(c) Exhibit Index.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
*2 Agreement and Plan of Merger between
Merchants and Manufacturers
Bancorporation, Inc., Merchants
Merger Corp. and Pyramid Bancorp.,
Inc. dated March 9, 1999, amended as
of June 10, 1999.
*99(a) Press Release issued by the
Corporation on January 3, 2000,
relating to consummation of the
Merger.
99(b)1 Consolidated Balance Sheets as of
December 31, 1998 and 1997.
99(b)2 Consolidated Statements of Income
for the years ended December 31,
1998 and 1997.
99(b)3 Consolidated Statements of Cash
Flows for the years ended December
31, 1998 and 1997.
99(b)4 Unaudited Consolidated Balance Sheet
as of September 30, 1999.
99(b)5 Unaudited Consolidated Statement of
Income for the nine (9) months ended
September 30, 1999.
</TABLE>
*Previously filed with 8-K
Page 3 of 5
<PAGE> 4
<TABLE>
<S> <C>
99(b)6 Unaudited Consolidated Statement of
Cash Flows for the nine (9) months
ended September 30, 1999.
99(c)1 Pro Forma Condensed Balance Sheets
as of December 31, 1998 and 1997.
99(c)2 Pro Forma Condensed Statement of
Income for the years ended December
31, 1998 and 1997.
99(c)3 Pro Forma Condensed Balance Sheet as
of September 30, 1999.
99(c)4 Pro Forma Condensed Statement of
Income for the nine (9) months ended
September 30, 1999.
</TABLE>
Page 4 of 5
<PAGE> 5
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 hereunto duly authorized.
Merchants and Manufacturers Bancorporation, Inc.
Date: March 10, 2000 By: /s/ Michael J. Murry
------------------------------
Name: Michael J. Murry
Title: Chairman of the Board of
Directors
Page 5 of 5
<PAGE> 1
Exhibit 99(b)1
PYRAMID BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
ASSETS 1998 1997
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cash and due from banks $ 3,565,417 $ 3,920,628
Interest-bearing deposits in banks 4,967,333 6,593,734
Federal funds sold 3,000,000 0
Available for sale securities at fair value 23,065,083 19,340,514
Held to maturity securities, fair value $7,148,968 and
$6,782,324 in 1998 and 1997 respectively 6,958,430 6,668,500
Loans, less allowance for loan losses of $716,040 and $675,988
in 1998 and 1997 respectively 60,946,563 53,880,201
Mortgage loans held for sale 50,000
Cash surrender value of life insurance 1,386,729 1,312,401
Office buildings and equipment, net 1,369,030 1,372,705
Accrued interest receivable and other assets 1,650,029 1,868,696
------------------------------------
TOTAL ASSETS $ 106,908,614 $ 95,007,379
====================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Demand deposits $ 15,150,123 $ 14,562,827
Savings and NOW 46,531,194 41,261,719
Other Time 21,292,890 16,755,416
------------------------------------
TOTAL DEPOSITS 82,974,207 72,579,962
Short-term borrowings 5,322,821 9,152,062
Long-term borrowings 8,750,000 4,740,000
Accrued interest payable and other liabilities 1,420,339 1,259,419
------------------------------------
TOTAL LIABILITIES 98,467,367 87,731,443
------------------------------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $1 par value; 125,000 shares authorized;
and 64,735 and 62,600 shares issued and outstanding
in 1998 and 1997 respectively 64,735 62,600
Surplus 3,466,481 3,340,516
Retained earnings 4,831,579 3,815,026
------------------------------------
8,362,795 7,218,142
Accumulated other comprehensive income 78,452 57,794
------------------------------------
TOTAL STOCKHOLDERS' EQUITY 8,441,247 7,275,936
------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 106,908,614 $ 95,007,379
====================================
</TABLE>
<PAGE> 1
Exhibit 99(b)2
PYRAMID BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
1998 1997
---------------------------------
<S> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 5,420,365 $ 4,928,411
Interest on investment securities:
Taxable 1,270,479 1,242,267
Tax-exempt 285,839 194,889
Interest on federal funds sold 127,986 209,672
Interest on deposits with banks 367,338 357,280
---------------------------------
TOTAL INTEREST INCOME 7,472,007 6,932,519
---------------------------------
INTEREST EXPENSE:
Interest on deposits 2,713,444 2,556,589
Interest on short-term borrowings 461,519 553,828
Interest on long-term borrowings 356,147 293,123
---------------------------------
TOTAL INTEREST EXPENSE 3,531,110 3,403,540
---------------------------------
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 3,940,897 3,528,979
Provision for loan losses 64,000 35,000
---------------------------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,876,897 3,493,979
---------------------------------
NONINTEREST INCOME:
Service fees 337,393 305,507
Gains on sale of loans 102,374 34,999
Other income 181,517 178,507
---------------------------------
TOTAL NONINTEREST INCOME 621,284 519,013
---------------------------------
NONINTEREST EXPENSES:
Salary 1,262,220 1,136,531
Employee benefits 373,718 310,819
Occupancy expense 189,408 173,772
Furniture and equipment 208,749 173,627
Data processing 248,279 241,262
Other expense 497,575 490,436
---------------------------------
TOTAL NONINTEREST EXPENSES 2,779,949 2,526,447
---------------------------------
INCOME BEFORE INCOME TAX EXPENSE 1,718,232 1,486,545
Income tax expense 574,459 515,384
---------------------------------
NET INCOME $ 1,143,773 $ 971,161
=================================
BASIC EARNINGS PER SHARE $ 18.07 $ 15.55
=================================
DILUTED EARNINGS PER SHARE $ 17.31 $ 14.58
=================================
WEIGHTED AVERAGE NUMBER OF SHARES 63,288 62,454
=================================
</TABLE>
<PAGE> 1
Exhibit 99(b)3
PYRAMID BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
- -------------------------------------------------------------------------------------------------------------------
1998 1997
-------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,143,773 $ 971,161
-------------------------------------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 225,817 204,301
Provision for loan losses 64,000 35,000
Provision (benefit) for deferred taxes (54,056) (59,215)
Amortization and accretion of bond premiums and discounts, net 60,830 39,741
Gains on sales of mortgage loans held for sale (102,374) (34,999)
Net decrease in mortgage loans held for sale 152,374 261,567
Increase in cash surrender value of life insurance (74,328) (71,806)
Amortization of intangibles and organization expense 70,695 70,695
Decrease in accrued interest receivable and other assets 202,025 309,683
Increase in accrued interest payable and other liabilities 150,291 198,797
-------------------------------------
TOTAL ADJUSTMENTS 695,274 953,764
-------------------------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,839,047 1,924,925
-------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease (increase) in interest bearing deposit with banks 1,626,401 (1,329,936)
Net increase in federal funds sold (3,000,000)
Proceeds from sales, maturities and repayments of securities 11,532,054 8,401,505
Purchase of securities (15,576,093) (13,589,705)
Net decrease in loans (7,130,362) (2,370,779)
Purchases of office buildings and equipment (222,142) (195,328)
-------------------------------------
NET CASH USED IN INVESTING ACTIVITIES (12,770,142) (9,084,243)
-------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 10,394,245 3,126,022
Net increase (decrease) in securities sold under repurchase agreements (2,737,826) 325,950
Proceeds from Federal Home Loan Bank advances 5,750,000 1,000,000
Net decrease in other borrowings (1,091,415) (150,702)
Payment on Federal Home Loan Bank advances (1,740,000) (1,450,000)
Proceeds from exercise of stock options 128,100 12,000
Payment of dividends (127,220) (62,600)
-------------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 10,575,884 2,800,670
-------------------------------------
DECREASE IN CASH AND DUE FROM BANKS (355,211) (4,358,648)
CASH AND DUE FROM BANKS, beginning of year 3,920,628 8,279,276
-------------------------------------
CASH AND DUE FROM BANKS, end of year $ 3,565,417 $ 3,920,628
=====================================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ 3,427,881 $ 3,456,893
=====================================
Income taxes $ 726,000 $ 520,264
=====================================
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net change in unrealized gain on available for sale securities $ 20,658 $ 44,441
=====================================
</TABLE>
<PAGE> 1
Exhibit 99(b)4
PYRAMID BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
September 30,
ASSETS 1999
- ----------------------------------------------------------------------------------------------------
(In thousands)
<S> <C>
Cash and due from banks $ 3,679
Interest-bearing deposits in banks 259
Federal funds sold 2,225
Available for sale securities at fair value 25,592
Held to maturity securities 7,557
Loans receivable 65,210
Accrued interest receivable 744
Cash surrender value of life insurance 1,439
Office buildings and equipment 1,249
Accrued interest receivable and other assets 1,647
---------------------
TOTAL ASSETS $ 109,601
=====================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits $ 87,613
Borrowings 11,215
Accrued interest payable 562
Other liabilities 1,019
---------------------
TOTAL LIABILITIES 100,409
---------------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $1 par value; 125,000 shares authorized;
and 68,900 shares issued and outstanding 69
Surplus 3,712
Retained earnings 5,581
---------------------
9,362
Accumulated other comprehensive income (170)
---------------------
TOTAL STOCKHOLDERS' EQUITY 9,192
---------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 109,601
=====================
</TABLE>
<PAGE> 1
Exhibit 99(b)5
PYRAMID BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
1999
------------------
(In Thousands, Except Per Share Amounts)
<S> <C>
INTEREST INCOME:
Interest and fees on loans $ 4,222
Interest on investment securities:
Taxable 1,065
Tax-exempt 236
Interest on federal funds sold 76
Interest on deposits with banks 190
---------------------
TOTAL INTEREST INCOME 5,789
---------------------
INTEREST EXPENSE:
Interest on deposits 2,028
Interest on borrowings 584
---------------------
TOTAL INTEREST EXPENSE 2,612
---------------------
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 3,177
Provision for loan losses 54
---------------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,123
---------------------
NONINTEREST INCOME:
Service fees 290
Gains on sale of loans 38
Other income 129
---------------------
TOTAL NONINTEREST INCOME 457
---------------------
NONINTEREST EXPENSES:
Salary 972
Employee benefits 293
Occupancy expense 155
Furniture and equipment 162
Data processing 197
Other expense 395
---------------------
TOTAL NONINTEREST EXPENSES 2,174
---------------------
INCOME BEFORE INCOME TAX EXPENSE 1,406
Income tax expense 453
---------------------
NET INCOME $ 953
=====================
BASIC EARNINGS PER SHARE $ 13.94
=====================
DILUTED EARNINGS PER SHARE $ 13.42
=====================
WEIGHTED AVERAGE NUMBER OF SHARES 68,367
=====================
</TABLE>
<PAGE> 1
Exhibit 99(b)6
PYRAMID BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
1999
---------------------
CASH FLOWS FROM OPERATING ACTIVITIES: (In thousands)
<S> <C>
Net income $ 953
---------------------
Adjustments to reconcile net income to net Cash provided by operating
activities:
Depreciation 178
Provision for loan losses 54
Amortization and accretion of bond premiums and discounts, net 54
Gains on sales of mortgage loans held for sale (38)
Increase in cash surrender value of life insurance (52)
Amortization of intangibles and organization expense 54
Decrease in accrued interest receivable and other assets (795)
Increase in accrued interest payable and other liabilities 160
---------------------
TOTAL ADJUSTMENTS (385)
---------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 568
---------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease (increase) in interest bearing deposit with banks 4,708
Net increase in federal funds sold 775
Proceeds from sales, maturities and repayments of securities 4,785
Purchase of securities (8,213)
Net decrease in loans (4,279)
Purchases of office buildings and equipment (58)
---------------------
NET CASH USED IN INVESTING ACTIVITIES (2,282)
---------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 4,639
Net increase (decrease) in securities sold under repurchase agreements (2,692)
Net decrease in other borrowings 284
Payment on Federal Home Loan Bank advances (450)
Proceeds from exercise of stock options 250
Payment of dividends (203)
---------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,828
---------------------
DECREASE IN CASH AND DUE FROM BANKS 114
CASH AND DUE FROM BANKS, beginning of year 3,565
---------------------
CASH AND DUE FROM BANKS, end of year $ 3,679
=====================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ 2,655
=====================
Income taxes $ 316
=====================
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net change in unrealized gain on available for sale securities $ (248)
=====================
</TABLE>
<PAGE> 2
On December 31, 1999, Merchants and Manufacturers Bancorporation Inc.
(Merchants), merged with Pyramid Bancorp Inc.(Pyramid), in a pooling of
interests combination. The combined company retains the name of Merchants and
Manufacturers Bancorporation, Inc. The merger was consummated on December 31,
1999, with Merchants exchanging nine shares of its commons stock for each
outstanding share of Pyramid. Following is pro forma financial information for
the combined entities as of and for the periods ending December 31, 1997,
December 31, 1998, and September 30, 1999.
<PAGE> 1
Exhibit 99(c)1
MERCHANTS AND MANUFACTURERS BANCORPORATION, INC.
<TABLE>
<CAPTION>
UNAUDITED PRO FORMA CONDENSED BALANCE SHEETS DECEMBER 31
1998 1997
------------------------------------
(Dollars In Thousands)
<S> <C> <C>
ASSETS
Cash and due from banks $ 13,501 $ 14,614
Interest-bearing deposits at other banks 15,474 7,593
Federal funds sold 11,587 3,843
------------------------------------
Cash and cash equivalents 40,562 26,050
Securities available-for-sale at fair value:
Investment securities 22,137 18,305
Mortgage-related securities 38,656 41,403
Securities held-to-maturity:
Investment securities 5,794 4,391
Mortgage-related securities 1,165 2,278
Loans receivable 312,761 281,108
Accrued interest receivable 2,295 2,158
Premises and equipment 11,499 10,264
Other assets 6,617 5,760
------------------------------------
Total assets $441,486 $391,717
====================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $372,118 $337,986
Borrowings 27,333 14,587
Accrued interest payable 915 784
Advance payments by borrowers for taxes and insurance 213 247
Other liabilities 1,470 1,341
------------------------------------
Total liabilities 402,049 354,945
Stockholders' equity:
Common stock $1.00 par value; 3,000,000 shares authorized;
shares issued: 2,090,403--1998; 2,057,206--1997; shares
outstanding: 2,073,271--1998; 2,056,777--1997
2,090 2,058
Additional paid-in capital 13,768 13,257
Net unrealized gain (loss) on securities available-for-sale (10) 77
Retained earnings 24,223 21,389
Treasury stock, at cost (17,457 shares--1998; 429 shares--1997) (634) (9)
------------------------------------
Total stockholders' equity 39,437 36,772
------------------------------------
Total liabilities and stockholders' equity $441,486 $391,717
====================================
</TABLE>
<PAGE> 1
Exhibit 99(c)2
MERCHANTS AND MANUFACTURERS BANCORPORATION, INC.
UNAUDITED PRO FORMA CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1998 1997
---------------------------------------------
(In Thousands, Except Per Share Amounts)
<S> <C> <C>
Interest income:
Loans, including fees $25,189 $22,701
Investment securities:
Taxable 1,112 1,348
Exempt from federal income taxes 464 197
Mortgage-related securities 2,629 2,403
Other 1,055 1,171
---------------------------------------------
Total interest income 30,449 27,820
Interest expense:
Deposits 13,159 11,453
Borrowings 958 1,042
---------------------------------------------
Total interest expense 14,117 12,495
Net interest income 16,332 15,325
Provision for loan losses 314 227
---------------------------------------------
Net interest income after provision for loan losses
16,018 15,098
Noninterest income:
Service charges on deposits 982 980
Service charges on loans 451 325
Net gain on securities sales 219 78
Net gain on loan sales 226 35
Other 1,429 1,089
---------------------------------------------
3,307 2,507
Noninterest expenses:
Salaries and employee benefits 7,685 6,856
Premises and equipment 2,097 1,883
Data processing fees 915 853
Federal deposit insurance premiums 115 95
Other 2,621 2,583
---------------------------------------------
13,433 12,270
---------------------------------------------
Income before income taxes 5,892 5,335
Income taxes 2,042 1,955
---------------------------------------------
Net income $ 3,850 $ 3,380
=============================================
Basic earnings per share $ 1.86 $ 1.69
=============================================
Diluted earnings per share $ 1.80 $ 1.64
=============================================
Dividends per share $ .48 $ .38
=============================================
</TABLE>
<PAGE> 1
Exhibit 99(c)3
MERCHANTS AND MANUFACTURERS BANCORPORATION, INC.
<TABLE>
<CAPTION>
UNAUDITED PRO FORMA CONDENSED BALANCE SHEET SEPTEMBER 30
1999
---------------------------
(Dollars In Thousands)
<S> <C>
ASSETS
Cash and due from banks $ 13,554
Interest-bearing deposits at other banks 1,068
Federal funds sold 2,439
------------------
Cash and cash equivalents 17,061
Securities available-for-sale at fair value:
Investment securities 33,735
Mortgage-related securities 26,451
Securities held-to-maturity:
Investment securities 6,123
Mortgage-related securities 1,434
Loans receivable 343,444
Accrued interest receivable 2,526
Premises and equipment 9,744
Other assets 8,871
------------------
Total assets $449,389
==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $382,291
Borrowings 21,915
Accrued interest payable 863
Advance payments by borrowers for taxes and insurance 1,505
Other liabilities 2,194
------------------
Total liabilities 408,768
Stockholders' equity:
Common stock $1.00 par value; 6,000,000 shares authorized;
shares issued: 2,127,888 shares
outstanding: 2,111,538 2,128
Additional paid-in capital 13,944
Net unrealized gain (loss) on securities available-for-sale (1,046)
Retained earnings 26,205
Treasury stock, at cost (16,350 shares) (610)
------------------
Total stockholders' equity 40,621
------------------
Total liabilities and stockholders' equity $449,389
==================
</TABLE>
<PAGE> 1
Exhibit 99(c)4
MERCHANTS AND MANUFACTURERS BANCORPORATION, INC.
UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30
1999
-----------------------
(In Thousands, Except Per Share Amounts)
<S> <C>
Interest income:
Loans, including fees $20,105
Investment securities:
Taxable 662
Exempt from federal income taxes 536
Mortgage-related securities 1,637
Other 460
-------------------
Total interest income 23,400
Interest expense:
Deposits 9,362
Borrowings 950
-------------------
Total interest expense 10,312
Net interest income 13,088
Provision for loan losses 796
-------------------
Net interest income after provision for loan losses
12,292
Noninterest income:
Service charges on deposits 748
Service charges on loans 321
Net gain on securities sales 9
Net gain on building sale 566
Net gain on loan sales 17
Other 989
-------------------
2,650
Noninterest expenses:
Salaries and employee benefits 6,214
Premises and equipment 1,648
Data processing fees 694
Federal deposit insurance premiums 93
Other 2,053
-------------------
10,702
-------------------
Income before income taxes 4,240
Income taxes 1,383
-------------------
Net income $ 2,857
===================
Basic earnings per share $ 1.38
===================
Diluted earnings per share $ 1.34
===================
Dividends per share $ .46
===================
</TABLE>
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