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Previous: HEALTH & LEISURE INC /DE/, 10QSB, EX-27, 2000-11-16 |
Next: INDEPENDENT BANK CORP, 10-Q/A, EX-3.II, 2000-11-16 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission File Number: 1-9047
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
Massachusetts 04-2870273
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
288 Union Street, Rockland, Massachusetts 02370
(Address of principal executive offices, including zip code)
(781) 878-6100
(Registrant's telephone number, including area code)
Indicate by check mark whether the 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 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes /X/ No / /
As of October 1, 2000 there were 14,251,519 shares of the registrant's
common stock outstanding, par value $.01 per share.
<PAGE>
"Note: This Form 10-Q/A for the quarterly period ended September 30, 2000 is
being filed solely to add additional information which was inadvertently omitted
from Part II of the Form 10-Q for the quarterly period ended September 30, 2000
filed with Securities Exchange Commission on November 14, 2000. The following
information has been added: the description of the change to the Company's
By-laws found in Part II, Item 2 Changes In Securities; and, the related exhibit
containing the revised By-Law now referred to in Part II, Item 6 Exhibits and
Reports on Form 8-K."
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities
Common Stock, $.01 par value: Pursuant to authority granted in section
6A of the articles of Organization and Article Tenth of the By-laws of the
Company, on September 14, 2000, the Company's Board of Directors voted to amend
and restate Section 2 of the Company's By-laws to increase the percentage of
shares of capital stock necessary to call a special meeting of the stockholders
from one-half to two thirds. Such increase would generally make it more
difficult for stockholders to call a special meeting.
A Renewal Rights Agreement was adopted by the Company's Board of
Directors on September 14, 2000. A description of the Renewal Rights Agreement
was filed on Form 8-K on October 23, 2000.
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information
The financial information detailed below is included
hereafter in this report:
Consolidated Statements of Changes in Stockholders' Equity
Nine months ended September 30, 2000 and the year
ended December 31, 1999
Consolidated Average Balance Sheet and Average Rate
Data - Nine months and three months ended
September 30, 2000 and 1999.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
NO. PAGE
--- ----
<S> <C> <C>
3(ii) By-Law E-1
27 Financial Data Schedule E-2
</TABLE>
(b) Reports on Form 8-K
A description of the transaction for the Company `s
acquisition of twelve bank branches from Fleet National Bank and
the acquisition of four additional bank branches from Sovereign
Bank, August 4, 2000, was filed on Form 8-K on August 18, 2000.
A Renewal Rights Agreement was adopted by the
Company's Board of Directors on September 14, 2000. A
description of the Renewal Rights Agreement was filed on Form
8-K on October 23, 2000.
<PAGE>
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY
(UNAUDITED - IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
OTHER
COMPREHENSIVE
COMMON TREASURY SURPLUS RETAINED INCOME
STOCK STOCK EARNINGS AVAILABLE TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1999 $ 149 ($ 6,431) $ 45,303 $ 56,063 $ 764 $ 95,848
Net Income 17,031 17,031
Dividends Declared ($.10 per share) (5,547) (5,547)
Proceeds from Exercise of Stock Options 589 (353) 236
Repurchase Common Stock (4,836) (4,836)
Change in Unrealized Gain (Loss) on
Investments Available for Sale, Net of Tax (4,603) (4,603)
------------------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 1999 $ 149 ($10,678) $ 44,950 $ 67,547 ($ 3,839) $ 98,129
------------------------------------------------------------------------------------------------------------------------------------
Balance, January 1, 2000 $ 149 ($10,678) $ 44,950 $ 67,547 ($ 3,839) 98,129
Net Income 10,357 10,357
Dividends Declared ($.10 per share) (4,272) (4,272)
Proceeds from Exercise of Stock Options 1,131 (867) 264
Tax Benefit on Stock Option Exercise 32 32
Repurchase Common Stock
Change in Unrealized Gain on Investments 2,717 2,717
Available for Sale, Net of Tax
------------------------------------------------------------------------------------------------------------------------------------
Balance, September 30, 2000 $ 149 ($ 9,547) $ 44,115 $ 73,632 ($ 1,122) $107,227
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited - in thousands)
<TABLE>
<CAPTION>
AVERAGE INTEREST
OUTSTANDING EARNED/ AVERAGE
BALANCE PAID YIELD
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 2000 2000
----------- ---------- -------------
<S> <C> <C> <C>
Interest-Earning Assets
Taxable Investment Securities $ 437,835 $ 23,433 7.14%
Non-taxable Investment Securities 41,002 2,317 7.53%
Loans, net of Unearned Discount 1,057,737 66,862 8.43%
Federal Funds Sold and Assets Purchased Under Resale Agreements 10,037 456 6.06%
Trading Assets 475 4 1.12%
---------- ---------- -------
Total Interest-Earning Assets $1,547,086 $ 93,072 8.02%
---------- ---------- -------
---------- -------
Cash and Due From Banks 52,892
Other Assets 68,470
----------
Total Assets $1,668,448
----------
----------
Interest-Bearing Liabilities
Savings and Interest Checking Accounts $ 303,300 $ 3,967 1.74%
Money Market & Super Interest Checking Accounts 130,675 2,303 2.35%
Other Time Deposits 485,488 19,858 5.45%
Federal Funds Purchased and Assets
Sold Under Repurchase Agreements 101,533 4,000 5.25%
Federal Home Loan Bank Borrowings 219,156 9,912 6.03%
Treasury Tax and Loan Notes 4,328 165 5.08%
---------- ---------- ----------
Total Interest-Bearing Liabilities $1,244,480 $ 40,205 4.31%
========== ========== ==========
Demand Deposits 257,527
Company-Obligated Mandatorily Redeemable Securities of Subsidiary
Holding Solely Parent Company Debentures 51,321
Other Liabilities 12,586
----------
Total Liabilities 1,565,914
----------
Stockholders' Equity 102,534
----------
Total Liabilities and Stockholders' Equity $1,668,448
----------
----------
Net Interest Income $ 52,867
----------
----------
Interest Rate Spread 3.70%
==========
Net Interest Margin 4.56%
==========
</TABLE>
Interest income and yield are stated on a fully tax-equivalent basis. The
total amount of adjustment is $830 in 2000
<PAGE>
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited - in thousands)
<TABLE>
<CAPTION>
AVERAGE INTEREST
OUTSTANDING EARNED/ AVERAGE
BALANCE PAID YIELD
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 1999 1999
---------- -------------- -----------
<S> <C> <C> <C>
Taxable Investment Securities $ 424,195 $ 21,073 6.62%
Non-taxable Investment Securities 40,451 2,279 7.51%
Loans, net of Unearned Discount 981,076 60,331 8.20%
Federal Funds Sold 15,124 529 4.66%
---------- ---------- -----
Total Interest-Earning Assets $1,460,846 $ 84,212 7.69%
---------- ---------- -----
---------- -----
Cash and Due From Banks 45,618
Other Assets 52,763
----------
Total Assets $1,559,227
----------
----------
Interest-Bearing Liabilities
Savings and Interest Checking Accounts $ 276,533 $ 3,635 1.75%
Money Market & Super Interest Checking Accounts 109,923 1,988 2.41%
Other Time Deposits 450,241 17,393 5.15%
Federal Funds Purchased and Assets
Sold Under Repurchase Agreements 83,191 2,977 4.77%
Federal Home Loan Bank Borrowings 283,823 11,503 5.40%
Treasury Tax and Loan Notes 3,094 129 5.56%
---------- ---------- -----
Total Interest-Bearing Liabilities $1,206,805 $ 37,625 4.16%
---------- ---------- -----
---------- ---------- -----
Demand Deposits 216,478
Company-Obligated Mandatorily Redeemable Securities of Subsidiary Holding
Solely Parent Company Debentures 28,750
Other Liabilities 11,611
----------
Total Liabilities 1,463,644
----------
Stockholders' Equity 95,583
----------
Total Liabilities and Stockholders' Equity $1,559,227
----------
----------
Net Interest Income $ 46,587
----------
----------
Interest Rate Spread 3.54%
-----
-----
Net Interest Margin 4.25%
-----
-----
</TABLE>
Interest income and yield are stated on a fully tax-equivalent basis. The
total amount of adjustment is $821 in 1999.
<PAGE>
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited - in thousands)
<TABLE>
<CAPTION>
AVERAGE INTEREST
OUTSTANDING EARNED/ AVERAGE
BALANCE PAID YIELD
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 2000 2000
----------------- --------------- -------------
<S> <C> <C> <C>
Interest-Earning Assets
Taxable Investment Securities $465,564 $8,402 7.22%
Non-taxable Investment Securities 36,877 694 7.53%
Loans, net of Unearned Discount 1,117,611 23,982 8.58%
Federal Funds Sold 8,858 137 6.19%
471 3 2.55%
---------------- ------- -----
Total Interest-Earning Assets 1,629,382 $33,218 8.15%
---------------- ------- -----
------- -----
Cash and Due From Banks 64,957
Other Assets 91,260
----------------
Total Assets $1,785,599
----------------
----------------
Interest-Bearing Liabilities
Savings and Interest Checking Accounts $332,986 $1,613 1.94%
Money Market & Super Interest Checking Accounts 165,866 890 2.15%
Other Time Deposits 547,576 7,945 5.80%
Federal Funds Purchased and Assets
Sold Under Repurchase Agreements 101,426 1,383 5.45%
Federal Home Loan Bank Borrowings 155,007 2,404 6.20%
Treasury Tax and Loan Notes 4,053 48 4.74%
---------------- ------- -----
Total Interest-Bearing Liabilities $1,306,914 $14,283 4.37%
---------------- ------- -----
---------------- ------- -----
Demand Deposits 305,775
Company-Obligated Mandatorily Redeemable Securities of Subsidiary
Holding Solely Parent Company Debentures 51,274
Other Liabilities 17,264
-----------------
Total Liabilities 1,681,227
-----------------
Stockholders' Equity 104,372
-----------------
Total Liabilities and Stockholders' Equity $1,785,599
=================
Net Interest Income $18,935
==========
Interest Rate Spread 3.78%
=====
Net Interest Margin 4.65%
=====
</TABLE>
Interest income and yield are stated on a fully tax-equivalent basis. The
total amount of adjustment is $270 in 2000.
<PAGE>
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited - in thousands)
<TABLE>
<CAPTION>
AVERAGE INTEREST
OUTSTANDING EARNED/ AVERAGE
BALANCE PAID YIELD
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 1999 1999
---------------------- --------------- ---------
<S> <C> <C> <C>
Interest-Earning Assets
Taxable Investment Securities $403,768 $6,877 6.81%
Non-taxable Investment Securities 40,207 785 7.81%
Loans, net of Unearned Discount 1,003,800 20,616 8.22%
Federal Funds Sold 6,928 85 4.91%
--------------------- -------------- ------------
Total Interest-Earning Assets 1,454,703 $28,363 7.80%
--------------------- -------------- ------------
-------------- ------------
Cash and Due From Banks 45,448
Other Assets 54,108
---------------------
Total Assets $1,554,259
---------------------
Interest-Bearing Liabilities
Savings and NOW Accounts $284,404 $1,219 1.71%
Money Market & Super NOW Accounts 105,537 647 2.45%
Other Time Deposits 455,651 5,823 5.11%
Federal Funds Purchased and Assets
Sold Under Repurchase Agreements 87,329 1,052 4.82%
Federal Home Loan Bank Borrowings 255,019 3,509 5.50%
Treasury Tax and Loan Notes 4,469 47 4.21%
--------------------- -------------- ------------
Total Interest-Bearing Liabilities $1,192,409 $12,297 4.13%
--------------------- -------------- ------------
--------------------- -------------- ------------
Demand Deposits 225,198
Company-Obligated Mandatorily Redeemable
Securities of Subsidiary Holding
Solely Parent Company Debentures 28,750
Other Liabilities 12,145
----------------------
Total Liabilities 1,458,502
----------------------
Stockholders' Equity 95,757
----------------------
Total Liabilities and Stockholders' Equity $1,554,259
----------------------
----------------------
Net Interest Income $16,066
===============
Interest Rate Spread 3.67%
=============
Net Interest Margin 4.42%
=============
</TABLE>
Interest income and yield are stated on a fully tax-equivalent basis. The
total amount of adjustment is $272 in 1999.
<PAGE>
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.
INDEPENDENT BANK CORP.
(registrant)
<TABLE>
<S> <C>
Date: November 16, 2000 /s/ Douglas H. Philipsen
Douglas H. Philipsen
President, Chairman of the Board and
Chief Executive Officer
Date: November 16, 2000
/s/ Denis K. Sheahan
Denis K. Sheahan
Chief Financial Officer
and Treasurer
</TABLE>
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