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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 Quarter ended June 30, 1998 Commission File No. 0-15450
SIERRAWEST BANCORP
(Exact Name of Registrant as Specified in its Charter)
California 68-0091859
(State or Other Jurisdiction (I.R.S. Employer Identification No.)
of Incorporation or Reorganization)
10181 Truckee-Tahoe Airport Rd., P.O. Box 61000, 96160-9010
Truckee, California
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (530) 582-3000
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.
As of August 1, 1998: Common Stock - Authorized 10,000,000 shares of no par;
issued and outstanding - 5,167,793
<PAGE>
10-Q/A Filing
June 30, 1998
EXPLANATORY NOTE
This amendment amends the Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission dated August 13, 1998 by the Registrant.
Exhibit number 27 has been amended to include restatement of 1995, 1996, 1997
and 1998 Financial Data Schedules as a result of a pooling-of-interests.
INDEX
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
27.1 Restated Financial Data Schedule for 1995
27.2 Restated Financial Data Schedule for 1996
27.3 Restated Financial Data Schedule for 1997
27.4 Restated Financial Data Schedule for 1998
<PAGE>
10-Q/A Filing
June 30, 1998
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.
Date: September 2, 1998 /s/ David C. Broadley
----------------- -----------------------------------
David C. Broadley
Executive Vice President, Chief Financial Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF SIERRAWEST BANK AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<CASH> 28,035
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 22,415
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 56,141
<INVESTMENTS-CARRYING> 3,373
<INVESTMENTS-MARKET> 3,380
<LOANS> 350,361
<ALLOWANCE> 5,003
<TOTAL-ASSETS> 497,601
<DEPOSITS> 435,388
<SHORT-TERM> 0
<LIABILITIES-OTHER> 5,810
<LONG-TERM> 14,308
0
0
<COMMON> 21,523
<OTHER-SE> 20,572
<TOTAL-LIABILITIES-AND-EQUITY> 497,601
<INTEREST-LOAN> 33,952
<INTEREST-INVEST> 3,479
<INTEREST-OTHER> 710
<INTEREST-TOTAL> 38,141
<INTEREST-DEPOSIT> 12,696
<INTEREST-EXPENSE> 13,972
<INTEREST-INCOME-NET> 24,169
<LOAN-LOSSES> 1,594
<SECURITIES-GAINS> 419
<EXPENSE-OTHER> 27,574
<INCOME-PRETAX> 5,148
<INCOME-PRE-EXTRAORDINARY> 3,321
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,321
<EPS-PRIMARY> 0.94
<EPS-DILUTED> 0.81
<YIELD-ACTUAL> 6.25
<LOANS-NON> 6,525
<LOANS-PAST> 1,101
<LOANS-TROUBLED> 548
<LOANS-PROBLEM> 1,447
<ALLOWANCE-OPEN> 4,654
<CHARGE-OFFS> 1,307
<RECOVERIES> 62
<ALLOWANCE-CLOSE> 5,003
<ALLOWANCE-DOMESTIC> 5,003
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF SIERRAWEST BANK AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-mos 6-mos 9-mos 12-mos
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1996 JUN-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 25,301 29,273 33,177 37,259
<INT-BEARING-DEPOSITS> 0 0 0 0
<FED-FUNDS-SOLD> 25,400 10,600 16,350 38,315
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 54,254 60,900 67,526 85,784
<INVESTMENTS-CARRYING> 3,259 2,369 2,366 2,001
<INVESTMENTS-MARKET> 3,254 2,361 2,360 2,000
<LOANS> 370,575 398,234 418,495 436,392
<ALLOWANCE> 5,543 5,755 5,693 5,647
<TOTAL-ASSETS> 516,447 539,619 576,037 639,718
<DEPOSITS> 452,917 474,254 508,459 569,994
<SHORT-TERM> 0 0 0 0
<LIABILITIES-OTHER> 5,889 5,879 7,038 7,306
<LONG-TERM> 14,513 16,007 15,800 15,133
0 0 0 0
0 0 0 0
<COMMON> 22,054 22,480 22,771 23,426
<OTHER-SE> 21,074 20,999 21,969 23,859
<TOTAL-LIABILITIES-AND-EQUITY> 516,447 539,619 576,037 639,718
<INTEREST-LOAN> 9,405 19,325 30,045 41,210
<INTEREST-INVEST> 809 1,706 2,688 3,927
<INTEREST-OTHER> 295 524 805 1,234
<INTEREST-TOTAL> 10,509 21,555 33,538 46,371
<INTEREST-DEPOSIT> 3,725 7,619 11,905 16,692
<INTEREST-EXPENSE> 4,003 8,190 12,822 17,960
<INTEREST-INCOME-NET> 6,506 13,365 20,716 28,411
<LOAN-LOSSES> 624 867 1,186 1,421
<SECURITIES-GAINS> (5) (3) 0 75
<EXPENSE-OTHER> 6,431 13,913 20,903 28,478
<INCOME-PRETAX> 1,501 2,727 4,911 7,882
<INCOME-PRE-EXTRAORDINARY> 929 1,703 3,032 4,887
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 929 1,703 3,032 4,887
<EPS-PRIMARY> 0.26 0.48 0.84 1.35
<EPS-DILUTED> 0.22 0.41 0.70 1.10
<YIELD-ACTUAL> 5.95 5.94 5.91 5.83
<LOANS-NON> 7,233 6,279 5,826 5,433
<LOANS-PAST> 1,572 3,245 2,152 2,199
<LOANS-TROUBLED> 542 526 600 1,249
<LOANS-PROBLEM> 0 0 69 2,385
<ALLOWANCE-OPEN> 5,003 5,003 5,003 5,003
<CHARGE-OFFS> 147 330 766 1,089
<RECOVERIES> 63 215 270 312
<ALLOWANCE-CLOSE> 5,543 5,755 5,693 5,647
<ALLOWANCE-DOMESTIC> 5,543 5,755 5,693 5,647
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF SIERRAWEST BANK AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-mos 6-mos 9-mos 12-mos
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997 DEC-31-1997
<CASH> 30,917 38,527 47,426 57,949
<INT-BEARING-DEPOSITS> 0 793 694 396
<FED-FUNDS-SOLD> 30,325 77,830 35,600 22,275
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 98,117 102,740 109,574 107,309
<INVESTMENTS-CARRYING> 1,001 1,000 1,000 1,000
<INVESTMENTS-MARKET> 996 1,000 1,001 1,000
<LOANS> 463,261 492,866 529,362 553,713
<ALLOWANCE> 5,944 7,434 7,854 7,891
<TOTAL-ASSETS> 664,414 759,999 767,546 786,746
<DEPOSITS> 593,289 675,312 683,453 701,001
<SHORT-TERM> 0 0 0 0
<LIABILITIES-OTHER> 7,246 14,743 11,708 10,946
<LONG-TERM> 10,514 5,673 5,453 5,416
0 0 0 0
0 0 0 0
<COMMON> 28,143 36,101 41,686 42,148
<OTHER-SE> 25,222 28,170 25,246 27,235
<TOTAL-LIABILITIES-AND-EQUITY> 664,414 759,999 767,546 786,746
<INTEREST-LOAN> 11,328 23,615 36,682 50,383
<INTEREST-INVEST> 1,350 2,821 4,416 6,178
<INTEREST-OTHER> 461 787 1,633 2,004
<INTEREST-TOTAL> 13,139 27,223 42,731 58,565
<INTEREST-DEPOSIT> 5,013 10,496 16,495 22,497
<INTEREST-EXPENSE> 5,305 10,893 17,053 724
<INTEREST-INCOME-NET> 7,834 16,330 25,678 35,344
<LOAN-LOSSES> 539 1,569 2,184 2,799
<SECURITIES-GAINS> 42 (37) (38) 50
<EXPENSE-OTHER> 7,067 15,501 23,353 31,610
<INCOME-PRETAX> 2,448 6,717 10,670 14,621
<INCOME-PRE-EXTRAORDINARY> 1,531 4,149 6,593 8,948
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 1,531 4,149 6,593 8,948
<EPS-PRIMARY> 0.39 1.00 1.49 1.96
<EPS-DILUTED> 0.32 0.83 1.29 1.73
<YIELD-ACTUAL> 5.49 5.54 5.51 5.52
<LOANS-NON> 6,692 6,761 7,095 7,143
<LOANS-PAST> 1,965 2,023 931 1,576
<LOANS-TROUBLED> 1,963 2,433 2,072 1,922
<LOANS-PROBLEM> 277 66 123 1,304
<ALLOWANCE-OPEN> 5,647 5,647 5,647 5,647
<CHARGE-OFFS> 296 810 1,095 1,714
<RECOVERIES> 54 164 254 295
<ALLOWANCE-CLOSE> 5,944 7,434 7,854 7,891
<ALLOWANCE-DOMESTIC> 5,944 7,434 7,854 7,891
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF SIERRAWEST BANK AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 52,069
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 63,800
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 104,131
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 566,078
<ALLOWANCE> 7,888
<TOTAL-ASSETS> 829,399
<DEPOSITS> 741,441
<SHORT-TERM> 0
<LIABILITIES-OTHER> 10,660
<LONG-TERM> 6,719
0
0
<COMMON> 42,491
<OTHER-SE> 28,088
<TOTAL-LIABILITIES-AND-EQUITY> 829,399
<INTEREST-LOAN> 13,969
<INTEREST-INVEST> 1,593
<INTEREST-OTHER> 452
<INTEREST-TOTAL> 16,014
<INTEREST-DEPOSIT> 6,061
<INTEREST-EXPENSE> 6,221
<INTEREST-INCOME-NET> 9,793
<LOAN-LOSSES> 525
<SECURITIES-GAINS> 3
<EXPENSE-OTHER> 8,733
<INCOME-PRETAX> 3,405
<INCOME-PRE-EXTRAORDINARY> 2,019
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,019
<EPS-PRIMARY> 0.40
<EPS-DILUTED> 0.37
<YIELD-ACTUAL> 5.62
<LOANS-NON> 6,414
<LOANS-PAST> 2,540
<LOANS-TROUBLED> 1,855
<LOANS-PROBLEM> 135
<ALLOWANCE-OPEN> 7,891
<CHARGE-OFFS> 606
<RECOVERIES> 78
<ALLOWANCE-CLOSE> 7,888
<ALLOWANCE-DOMESTIC> 7,888
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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