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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
June 9, 1998
WARREN BANCORP, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS
(State or Other Jurisdiction of Incorporation)
0-17222 04-3024165
(Commission File No.) (IRS Employer
Identification No.)
10 Main Street, Peabody, Massachusetts 01960
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
978-531-7400
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ITEM 5. STOCK SPLIT
On April 16, 1998, the Corporation announced a 2-for-1 stock split in the
form of a stock dividend. Stockholders of record on April 27, 1998 received one
additional share for each share they owned as of that date. The additional
shares were issued on May 12, 1998. To give pro-forma effect to the stock split,
relevant per-share information on the "Selected Financial Data" Schedule
included in the Corporation's amended and restated Annual Report on Form 10-K/A
filed on May 29, 1998 has been restated to give pro-forma effect to the stock
split, and is filed herewith as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99.1 Selected Financial Data, as restated to reflect
2-for-1 stock split
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SIGNATURE
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 hereunto duly authorized.
WARREN BANCORP, INC.
By: /s/ Paul M. Peduto
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Name: Paul M. Peduto
Title: Treasurer
Date: June 9, 1998
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EXHIBIT INDEX
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Exhibit 99.1 Selected Financial Data, as restated to reflect
2-for-1 stock split
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EXHIBIT 99.1 SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
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DECEMBER 31,
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1997 1996 1995 1994 1993
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(IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
CONSOLIDATED BALANCE SHEET DATA:
Total assets $370,993 $358,954 $355,854 $348,239 $391,208
Investment securities 83,701 75,618 69,427 50,822 68,163
Mortgage-backed securities 30,579 42,730 49,414 51,472 63,055
Net loans 236,697 218,313 212,159 217,724 212,421
Real estate acquired by foreclosure or
substantively repossessed 2,010 2,230 3,092 8,354 14,970
Deposits 325,293 316,366 314,850 315,063 322,234
Borrowed funds 2,926 4,927 7,368 6,602 41,863
Stockholders' equity 40,028 34,445 31,238 23,795 24,418
<CAPTION>
YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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(DOLLARS IN THOUSANDS, EXCEPT PER-SHARE DATA)
<S> <C> <C> <C> <C> <C>
CONSOLIDATED STATEMENT OF OPERATIONS DATA:
Interest and dividend income $ 28,539 $ 27,781 $ 27,750 $ 25,640 $ 27,239
Interest expense 11,404 11,469 11,608 9,961 12,722
-------- -------- -------- -------- --------
Net interest income 17,135 16,312 16,142 15,679 14,517
Provision for (recovery of) loan losses (316) 116 (154) (287) 1,023
Non-interest income (loss) 3,339 2,149 2,049 (2,553) 5,261
Non-interest expenses 9,857 9,768 11,003 10,376 12,970
-------- -------- -------- -------- --------
Income before income taxes 10,933 8,577 7,342 3,037 5,785
Income tax expense (benefit) 3,648 1,968 1,960 1,436 (1,468)
-------- -------- -------- -------- --------
Net income $ 7,285 $ 6,609 $ 5,382 $ 1,601 $ 7,253
======== ======== ======== ======== ========
Basic earnings per share (1) $ 0.96 $ 0.90 $ 0.75 $ 0.23 $ 1.04
======== ======== ======== ======== ========
Diluted earnings per share (1) $ 0.91 $ 0.84 $ 0.70 $ 0.21 $ 0.97
======== ======== ======== ======== ========
Cash dividends paid (1) $ 0.435 $ 0.265 $ 0.150 $ - $ -
======== ======== ======== ======== ========
OTHER DATA:
Return on average assets 2.02% 1.87% 1.54% 0.44% 1.84%
Return on average stockholders' equity 19.50 20.47 19.30 6.64 36.35
Stockholders' equity to assets at year end 10.79 9.60 8.78 6.83 6.24
Dividend payout ratio 44.79 29.47 20.09 - -
Weighted average interest rate spread 4.80 4.69 4.71 4.52 4.01
Net yield on average earning assets 5.03% 4.88% 4.84% 4.55% 3.97%
Number of banking offices 6 6 6 6 6
</TABLE>
The consolidated financial data for the Corporation and its subsidiaries
presented above are expanded and explained in more detail by the financial
information contained elsewhere herein. The consolidated financial data were
derived from audited consolidated financial statements of the Corporation and
the Bank at and for the periods shown.
(1) Per share amounts have been retroactively restated to reflect the 2-for-1
stock split effected on May 12, 1998.
