UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30,
1994
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 0-15600
CBC BANCORP, INC.
(Exact name of registrant as specified in its
charter)
CONNECTICUT 06-1179862
(State or other jurisdiction (I.R.S.
Employer
incorporation or organization)
Identification No.)
128 Amity Road, Woodbridge, CT 06525
(Address or principal executive offices)
(Zip Code)
(203) 389-2800
(Registrant's telephone number, including area
code)
NONE
(Former name, former address and former fiscal year
if changed from last report)
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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to filed by Sections 12, 13, or 15
(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:
As of September 30, 1994, there were 2,012,514 shares of CBC
Bancorp, Inc. Common Stock, par value $.01 per share,
outstanding.
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
27Financial Data Schedule for the Company's Form 10-Q for
the nine months ended
September 30, 1994
EXHIBIT 27 FINANCIAL DATA SCHEDULE
Article 9 of Regulation S-X
($ In thousands) For nine months
ended September 30,
1994
Cash due from 3,063
Banks
Federal Funds Sold-Purchased 5,525
Securities for Resale
Investment Securities Held for Sale 7,126
Loans 70,951
Allowance for 3,572
Losses
Total Assets 98,693
Deposits 92,395
Other Liabilities 1,245
Long-Term Debt 3,598
Mandatory Convertible 1,090
Capital Notes
Common Stocks 20
Preferred Stock-No Mandatory 6,260
Redemption
Other (7,048)
Stockholders'
Equity
Total Liabilities and 98,693
Stockholders Equity
Interest and Fees 5,290
on Loans
Interest and Dividends 361
on Investments
Other Interest 115
Income
Total Interest Income 5,766
Interest on 2,446
Deposits
Total Interest 2,622
Expense
Net Interest 3,144
Income
Provision for Loan 1,641
Losses
Investment (822)
Securities-
Gains/(Losses)
Other Expenses 4,944
Income (Loss) (2,731)
Before Income Tax
Income (Loss) Before N/A
Extraordinary Items
Extraordinary N/A
Items, Less Tax
Cumulative Change in N/A
Accounting Principles
Net Income (Loss) (2,731)
Earnings Per Share-Primary (1.36)
Earnings Per Share-Fully Diluted N/A
Net Yield-Interest Earning Assets- 4.38%
Actual
Loans on Non-Accrual 8,761
Accruing Loans Past Due 90 Days or 9,346
More
Allowance for Loan Loss-Beginning of 5,012
Period
Total Charge-offs 3,662
Total Recoveries 581
Allowance for Loan Loss-End of Period 3,572
Loan Loss Allowance Allocated to 3,572
Domestic Loans
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
In June 1992, two shareholders brought a civil action in the U.S.
District Civil Court for the district of Connecticut against the
Company and certain of its then officers and directors. The
amended complaint alleges violations of the anti-fraud provisions
of the federal securities laws for purported misrepresentations or
omissions in certain public filings as well as various claims
under the state law. The Company and the individual defendants
filed motions to dismiss the amended complaint. The U.S. District
Civil Court for the District of Connecticut denied the Company's
and individuals' motions. The defendants intend to contest all
such claims vigorously.
The Company and the Bank are also involved in various legal
proceedings which have arisen in the ordinary course of business.
Management after consultation with legal counsel, does not
anticipate that settlement or other disposition of the shareholder
civil actions and other pending and threatened civil actions will
have a material effect on the financial condition or results of
the operation of the Company.
Item 6. Exhibits and Report on Form 8-K
(a) Exhibit 27 Financial Data Schedule
(b) Two Form 8-K's were filed since the fourth quarter ended
December 31, 1993 as follows:
Financial
Items Reported Statements Filed Date
Filed
1. Capital Restoration Plan None March 25,
1994
2. Sale of Senior Notes None September
12, 1994
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 duly authorized.
CBC BANCORP, INC.
(Registrant)
Date: December 22, 1994
Charles Pignatelli
President and Chief Executive
Officer
