Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q/A
Amendment No. 1
[ X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarter ended March 31, 1995.
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from _________ to ___________.
Commission File Number: 0-14815
Progress Financial Corporation
(Exact name of registrant as specified in its charter)
Delaware 23-2413363
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Plymouth Meeting Executive Campus
600 West Germantown Pike
Plymouth Meeting, Pennsylvania 19462-1060
(address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (610)825-8800
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock ($1.00 par value) 3,275,000
Title of Each Class Number of Shares Outstanding
as of May 12, 1995
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
27.1 Financial Data Schedule
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.
Progress Financial Corporation
(signature)
July 12, 1995 /s/Eric J. Morgan
Date Eric J. Morgan, Vice President
of Credit Policy and
Administration
(signature)
July 12, 1995 /s/Peter J. Meier
Date Peter J. Meier, Vice President
and Corporate Controller
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 5333
<INT-BEARING-DEPOSITS> 185
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12955
<INVESTMENTS-CARRYING> 103623
<INVESTMENTS-MARKET> 99193
<LOANS> 212485
<ALLOWANCE> 1611
<TOTAL-ASSETS> 346958
<DEPOSITS> 277849
<SHORT-TERM> 27321
<LIABILITIES-OTHER> 1379
<LONG-TERM> 23500
<COMMON> 3275
0
0
<OTHER-SE> 10454
<TOTAL-LIABILITIES-AND-EQUITY> 346958
<INTEREST-LOAN> 4548
<INTEREST-INVEST> 1921
<INTEREST-OTHER> 29
<INTEREST-TOTAL> 6498
<INTEREST-DEPOSIT> 2839
<INTEREST-EXPENSE> 3654
<INTEREST-INCOME-NET> 2844
<LOAN-LOSSES> 100
<SECURITIES-GAINS> (35)
<EXPENSE-OTHER> 2768
<INCOME-PRETAX> 378
<INCOME-PRE-EXTRAORDINARY> 378
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 378
<EPS-PRIMARY> .12
<EPS-DILUTED> .12
<YIELD-ACTUAL> 3.49
<LOANS-NON> 4253
<LOANS-PAST> 57
<LOANS-TROUBLED> 77
<LOANS-PROBLEM> 3610
<ALLOWANCE-OPEN> 1502
<CHARGE-OFFS> 0
<RECOVERIES> 9
<ALLOWANCE-CLOSE> 1611
<ALLOWANCE-DOMESTIC> 1611
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1611
</TABLE>
