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FORM 10-Q/A
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 0-16276
STERLING FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania
(State or other jurisdiction of incorporation or organization)
23-2449551
(I.R.S. Employer Identification No.)
525 Greenfield Road, P.O. Box 10608
Lancaster, Pennsylvania
(Address of principal executive offices)
17605-0608
(Zip Code)
(717) 295-7551
(Registrant's telephone number including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since 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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date.
Common Stock, $5.00 Par Value-2,914,739 shares outstanding as of
April 30, 1994.
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Part I - Financial Information
Sterling Financial Corporation and Subsidiaries
Consolidated Balance Sheet
March 31, December 31, March 31,
1994 1993 1993
ASSETS (Unaudited) (Unaudited)
Cash and due from banks.....$ 31,458,834$ 36,189,703$ 18,416,196
Interest-bearing deposits in
other banks................ 19,886 40,595 1,000,000
Federal funds sold.......... 8,450,000 12,350,000 19,950,000
Mortgage loans held for sale 3,250,146 3,431,375 none
Investment Securities:
Securities held to maturity
(market value-$146,325,367;
$151,443,866;$136,552,777). 145,466,832 146,465,280 130,622,545
Securities available for
sale...................... 8,885,536 none none
Loans....................... 366,817,592 360,730,048 347,858,717
Less: Unearned Income..... (1,160,965) (1,365,646) (2,201,620)
Allowance for loan
losses............. (7,226,599) (7,180,000) (6,077,281)
----------- ----------- -----------
Loans, Net.................. 358,430,028 352,184,402 339,579,816
----------- ----------- -----------
Premises and Equipment...... 7,664,308 7,424,265 7,486,071
Other real estate owned..... 121,082 250,608 380,000
Accrued interest receivable
and prepaid expenses...... 9,666,989 8,816,336 8,840,298
Other assets................ 21,134,426 20,730,706 19,174,772
----------- ----------- -----------
TOTAL ASSETS................$594,548,067$587,883,270$545,449,698
=========== =========== ===========
LIABILITIES
Deposits:
Non-interest bearing.....$ 69,227,666$ 68,197,423$ 53,830,233
Interest-bearing......... 439,615,613 437,482,475 417,098,059
----------- ----------- -----------
TOTAL DEPOSITS.............. 508,843,279 505,679,898 470,928,292
----------- ----------- -----------
Interest-bearing demand
notes issued to U.S.
Treasury................... 3,000,000 3,000,000 3,000,000
Other liabilities for
borrowed money............. 19,620,151 19,410,045 15,925,497
Mortgages payable and
capitalized lease liability 7,936 11,188 205,428
Accrued interest payable
and accrued expenses....... 6,010,625 5,413,784 5,821,934
Other liabilities........... 4,852,222 4,900,917 5,166,534
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TOTAL LIABILITIES........... 542,334,213 538,415,832 501,047,685
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STOCKHOLDERS' EQUITY
Common Stock - (Par Value: $5.00)
No. Shares authorized: 10,000,000
No. Shares issued:
2,900,768;2,882,920;2,712,909
No. Shares outstanding:
2,900,768;2,882,920;2,710,909
14,503,840 14,414,600 13,564,545
Capital Surplus............ 21,553,029 20,830,185 14,385,544
Retained Earnings.......... 15,375,591 14,222,653 16,519,924
Net unrealized gain on
securities available for
sale..................... 781,394 none none
Less: Treasury Stock
(0; 0; 2,000 ) - at cost. none none (68,000)
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TOTAL STOCKHOLDERS' EQUITY. 52,213,854 49,467,438 44,402,013
----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY.......$594,548,067$587,883,270$545,449,698
=========== =========== ===========
See accompanying notes to financial statements
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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.
Sterling Financial Corporation
Date: May 27, 1994 By:John E. Stefan
John E. Stefan
Chairman of the Board,
President and Chief
Executive Officer
Date: May 27, 1994 By:Jere L. Obetz
Jere L. Obetz
Senior Vice President/
Chief Financial Officer
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