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Previous: BABSON VALUE FUND INC, 497, 1995-08-11 |
Next: SCANA CORP, 10-Q, 1995-08-11 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 30, 1995
HABERSHAM BANCORP
- -------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 0-13153 58-1563165
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) No.) Identification Number)
Highway 441 North, P.O. Box 1980, Cornelia, Georgia 30531
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (706) 778-1000
<PAGE> 2
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
a. Financial Statements of Businesses Acquired:
The following financial statements of Security Bancorp, Inc.,
together with the Report of the Independent Accountants thereon
dated January 19, 1995, are incorporated herein by reference to
the financial statements and report thereon contained in the
Registrant's Registration Statement on Form S-4 (Regis. No.
33-57915):
Consolidated Balance Sheets as of December 31, 1994 and 1993
Consolidated Statements of Income for the Years Ended December 31,
1994, 1993 and 1992
Consolidated Statements of Stockholders' Equity for the Years
Ended December 31, 1994, 1993 and 1992
Consolidated Statements of Cash Flows for the Years Ended
December 31, 1994, 1993 and 1992
Notes to Consolidated Financial Statements
The following unaudited financial statements of Security Bancorp,
Inc. are incorporated herein by reference to the financial
statements contained in the Quarterly Report on Form 10-QSB filed
by Security Bancorp, Inc. for the quarter ended March 31, 1995
(Commission File No. 33-25552-A):
Consolidated Balance Sheets as of March 31, 1995 and December 31,
1994
Consolidated Statements of Income for the Quarters Ended March 31,
1995 and 1994
Consolidated Statements of Cash Flows for the Quarters Ended
March 31, 1995 and 1994
Notes to Consolidated Financial Statements
b. Pro Forma Financial Information:
The following pro forma financial information is included in this
Report:
Pro Forma Condensed Combined Consolidated Balance Sheet as of
March 31, 1995
Pro Forma Condensed Combined Consolidated Income Statement for the
Three-Month Period Ended March 31, 1995
Pro Forma Condensed Combined Consolidated Income Statement for the
Year Ended December 31, 1994
Notes to Pro Forma Condensed Combined Consolidated Financial
Statements
-2-
<PAGE> 3
Habersham Bancorp
Pro forma Condensed Combined Consolidated Balance Sheet
As of March 31, 1995 (Dollars in Thousands)
<TABLE>
<CAPTION>
Historical
----------------------------- Pro Forma Pro Forma
Habersham Security Adjustments Combined
--------- -------- ----------- --------
ASSETS
<S> <C> <C> <C> <C>
Cash and due from banks $ 4,292 $ 1,203 $ (2,240)(1) $ 3,255
Federal funds sold 8,900 4,250 13,150
Investment securities available for sale 31,444 5,242 $ (262)(1)(2) 36,424
Investment securities held to maturity 20,540 199 20,739
Loans, net 98,327 29,873 128,200
Other assets 6,908 2,778 9,686
Core deposit intangible 416(2) 416
Goodwill 3,260(2) 3,260
---------------- ------------- ----------- -----------
Total Assets $ 170,411 $ 43,545 $ 1,174 $ 215,130
================ ============= =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Non-interest bearing deposits $ 18,479 $ 2,667 $ 21,146
Interest bearing deposits 129,472 34,529 164,001
Other borrowings 4,182 4,182
Other liabilities 1,568 768 2,336
---------------- ------------- -----------
Total Liabilities 153,701 37,964 191,665
---------------- ------------- -----------
SHAREHOLDERS' EQUITY
Shareholders' Equity:
Common stock and additional paid-in capital $ 4,198 5,250 1,767 (1)(2) 11,215
Retained Earnings 13,487 432 (432)(2) 13,487
Unrealized loss on investment securities (544) (101) 101 (2) (544)
Treasury stock, at cost (431) (262)(1) (693)
---------------- ------------- ------------ -----------
Total Shareholders' Equity 16,710 5,581 1,174 23,465
---------------- ------------- ------------ -----------
Total Liabilities and Shareholders' Equity $ 170,411 $ 43,545 $ 1,174 $ 215,130
================ ============= =========== ===========
</TABLE>
See notes to pro forma condensed combined consolidated financial statements.
-3-
<PAGE> 4
Habersham Bancorp
Pro forma Condensed Combined Consolidated Income Statement
For the Three-Month Period Ended March 31, 1995
(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Historical
----------------------------- Pro Forma Pro Forma
Habersham Security Adjustments Combined
--------- -------- ----------- --------
<S> <C> <C> <C> <C>
Interest income
Loans $ 2,536 $ 849 $ 3,385
Investments-taxable 782 125 $ (34)(3) 873
Investments-non taxable 41 41
------------- ----------- ------- -------------
Total interest income 3,359 974 (34) 4,299
------------- ----------- ------- -------------
Interest expense
Deposits 1,352 448 1,800
Borrowings 69 69
------------- ----------- ------- -------------
Total interest expense 1,421 448 1,869
------------- ----------- ------- -------------
Net interest income 1,938 526 (34) 2,430
Provision for loan losses 7 30 37
------------- ----------- ------- -------------
Net interest income after provision 1,931 496 (34) 2,393
------------- ----------- ------- -------------
Total non-interest income 250 102 352
------------- ----------- ------- -------------
Non-interest expense
Goodwill amortization 33(4) 33
Other 1,732 416 21(4) 2,169
------------- ----------- ------- -------------
Total non-interest expense 1,732 416 54 2,202
------------- ----------- ------- -------------
Income before income taxes 449 182 (88) 543
Income taxes 72 69 (12)(5) 129
------------- ----------- -------
Net income $ 377 $ 113 $ (76) $ 414
============= =========== ======= =============
Net income per common and common
equivalent shares $ 0.22 $ 0.22 $ 0.18
============= =========== =============
Weighted average number of common and
common stock equivalent shares
1,714,940 525,000 $ 2,327,456
============= =========== =============
</TABLE>
See notes to pro forma condensed combined consolidated financial statements.
-4-
<PAGE> 5
Habersham Bancorp
Pro forma Condensed Combined Consolidated Income Statement
For the year ended December 31, 1994
<TABLE>
<CAPTION>
Historical
------------------------------- Pro Forma Pro Forma
Habersham Security Adjustments Combined
--------- -------- ----------- --------
<S> <C> <C> <C> <C>
Interest income
Loans $ 9,580,514 $ 3,180,363 $ 12,760,877
Investments-taxable 1,798,030 429,726 $ (134,416)(3) 2,093,340
Investments-non taxable 1,056,133 1,056,133
---------------- ------------- ------------ -------------
Total interest income 12,434,677 3,610,089 (134,416) 15,910,350
---------------- ------------- ------------ -------------
Interest expense
Deposits 4,697,846 1,504,430 6,202,276
Borrowings 103,086 103,086
---------------- ------------- ------------ -------------
Total interest expense 4,800,932 1,504,430 6,305,362
---------------- ------------- ------------ -------------
Net interest income 7,633,745 2,105,659 (134,416) 9,604,988
Provision for loan losses 208,096 165,000 373,096
---------------- ------------- ------------ -------------
Net interest income after provision 7,425,649 1,940,659 (134,416) 9,231,892
---------------- ------------- ------------ -------------
Non-interest income
Service charges on deposits 430,211 140,515 570,726
Other service charges and commissions 232,887 232,887
Securities gains, net 25,128 25,128
Other income 518,889 165,889 684,778
---------------- ------------- -------------
Total non-interest income 1,207,115 306,404 1,513,519
---------------- ------------- -------------
Non-interest expense
Salaries and employee benefits 3,152,261 768,348 3,920,609
Occupancy expenses 460,268 162,404 622,672
Furniture and equipment expenses 447,983 98,493 546,476
Data processing 179,421 60,533 239,954
Goodwill amortization 130,397 (4) 130,397
Other 2,379,972 411,174 83,200 (4) 2,874,346
---------------- ------------- ------------ -------------
Total non-interest expense 6,619,905 1,500,952 213,597 8,334,454
---------------- ------------- ------------ -------------
Income before income taxes 2,012,859 746,111 (348,013) 2,410,957
Income taxes 354,474 278,509 (45,700)(5) 587,283
---------------- ------------- ------------ -------------
Net income $ 1,658,385 $ 467,602 $ (302,313) $ 1,823,674
================ ============= ============ =============
Net income per common and common
equivalent shares $ 0.98 $ 0.89 $ 0.79
================ ============= =============
Weighted average number of common and
common stock equivalent shares 1,689,795 525,000 2,302,311
================ ============= =============
</TABLE>
See notes to pro forma condensed combined consolidated financial statements.
-5-
<PAGE> 6
Habersham Bancorp
Notes to Pro Forma Condensed Combined Consolidated Financial Statements
As of March 31, 1995 and for the Three-Month Period then ended
(1) Adjustments to cash and shareholders' equity to reflect the purchase
price of Security of $2,240,270 in cash and $7,016,665 in shares of
Habersham Common Stock. Habersham presently owns 26,249 shares of
Security Common Stock at a cost of $262,490 which will be exchanged
for treasury shares. Habersham will exchange 612,516 shares of its
common stock with Security's shareholders for 79% of their common
stock and for Security's options outstanding pursuant to elections to
receive Habersham stock. Cash of $41,040 was paid for 24,000
outstanding Security options and Security option holders holding
41,250 options converted their options to Habersham options.
<TABLE>
<S> <C>
Cash paid to Security shareholders $ 1,949,230
Acquisition costs 250,000
Cash paid to Security's option holders 41,040
Habersham stock issued 7,016,665
-----------
Total Purchase Price $ 9,256,935
===========
</TABLE>
(2) Adjustments to allocate purchase price to the fair market value of
assets acquired and liabilities assumed. The following allocations
are based upon current estimates which will be subsequently adjusted
based upon final determination of the fair value of assets acquired
and liabilities assumed as of the closing date. The purchase price
has been allocated to the assets acquired and liabilities assumed as
follows:
<TABLE>
<S> <C>
Net Assets - historical $ 5,581,000
Core Deposit Intangible 416,000
Goodwill 3,259,935
-----------
Total Estimated Purchase Price $ 9,256,935
===========
</TABLE>
Amortization period for core deposit intangible and goodwill has been
assumed to be five and twenty-five years, respectively.
(3) Estimated reduction in interest income as a result of the cash used to
purchase Security stock and related acquisition costs (6% times the
estimated cash to be used in the Merger).
(4) Estimated quarterly amortization of core deposit intangible of
$416,000 over a five year life and goodwill of $3,259,935 over a
twenty-five year life.
(5) Estimated tax effect of the pro forma adjustments (34% of the effect
on interest income).
-6-
<PAGE> 7
c. Exhibits:
10.1 Agreement and Plan of Merger, dated January 16, 1995,
between Security and the Company (incorporated by
reference to Exhibit 2(a) to the Company's
Registration Statement on Form S-4 (Regis. No.
33-57915).
10.2 Form of Letter Agreement, dated as of January 16,
1995, among Habersham, Security and each holder of
options to purchase Security common stock
(incorporated by reference to Exhibit 2(b) to the
Company's Registration Statement on Form S-4 (Regis.
No. 33-57915).
23 Consent of Independent Accountants
-7-
<PAGE> 8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Habersham Bancorp has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
This 8th day of August, 1995.
HABERSHAM BANCORP
BY: /s/ David D. Stovall
---------------------------------
David D. Stovall, President
-8-
<PAGE> 1
Exhibit 23
Consent of Independent Accountants
To the Board of Directors of
Security Bancorp, Inc.:
We consent to the incorporation by reference in the current report on Form
8-K/A under the Securities Exchange Act of 1934 of Habersham Bancorp of our
reports dated January 19, 1995 and contained in the Registration Statement No.
33-57915 of Habersham Bancorp on Form S-4 under the Securities Act of 1933
insofar as such reports relate to the financial statements of Security Bancorp,
Inc.
/s/ JOSEPH DECOSIMO AND COMPANY
Atlanta, Georgia
August 8, 1995
-9-
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