<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark one)
[ x ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE FISCAL YEAR ENDED JUNE 30, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _______________ to _______________
Commission file number: 0-18121
MAF BANCORP, INC.
(Exact Name of Issuer as Specified in its Charter)
DELAWARE 33-3664868
(State of Incorporation) (IRS Employer Identification No.)
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
(Full title of the plan)
MAF BANCORP, INC.
55TH & HOLMES
CLARENDON HILLS, IL 60514
(Name of issuer of the securities held pursuant to the
plan and the address of its principal executive officer)
Allen H. Koranda
Chairman of the Board and
Chief Executive Officer
MAF Bancorp, Inc.
55th Street & Holmes Avenue
Clarendon Hills, Illinois 60514
(630) 325-7300
(Name, Address and Telephone Number of Agent for Service)
================================================================================
<PAGE>
REQUIRED INFORMATION
ITEM 4. The Mid America Federal Savings Bank Employees' Profit
Sharing Plan, which is subject to ERISA, files plan financial statements and
schedules prepared in accordance with the financial reporting requirements of
ERISA.
FINANCIAL STATEMENTS. Listed below are all financial statements and
schedules filed as a part of the annual report:
(a) Audited Statements of Net Assets Available for Plan Benefits as of
June 30, 1996 and the related Statements of Changes in Net Assets
Available for Plan Benefits for the three years ended June 30, 1996.
(b) Audited Statements of Net Assets Available for Plan Benefits as of
June 30, 1996 and the related Statements of Changes in Net Assets
Available for Plan Benefits for the three years then ended are hereby
incorporated by reference to the Registration Statement on Form S-8
filed by the Mid America Federal Savings Bank Employees' Profit
Sharing Plan (Registration No. 33-40932) with the Securities Exchange
Commission on May 30, 1991.
EXHIBITS
NO. 23 - AUDITORS' CONSENT
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this Annual Report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: December 23, 1996 Mid America Federal Savings Bank
Employees' Profit Sharing Plan
By: /s/ Michael J. Janssen
---------------------------
Trustee
3
<PAGE>
FINANCIAL STATEMENTS
4
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
INDEX
-----
Page
----
Independent Auditors' Report 2
Statements of Net Assets Available for Plan
Benefits at June 30, 1996 and 1995 3
Statements of Changes in Net Assets Available
for Plan Benefits for the years ended
June 30, 1996, 1995 and 1994 4
Notes to Financial Statements 5
Schedule 1 - Schedule of Assets Held for
Investment Purposes at June 30, 1996 12
Schedule 2 - Schedule of Reportable (5%)
Transactions for the year ended June 30, 1996 13
5
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Trustees
Mid America Federal Savings Bank
Employees' Profit Sharing Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Mid America Federal Savings Bank Employees' Profit Sharing Plan
as of June 30, 1996 and 1995, and the related statements of changes in net
assets available for plan benefits for each of the years in the three-year
period ended June 30, 1996. These financial statements are the responsibility
of the Plan's trustees. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan's trustees as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Mid
America Federal Savings Bank Employees' Profit Sharing Plan as of June 30, 1996
and 1995 and the changes in net assets available for plan benefits for each of
the years in the three-year period ended June 30, 1996 in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information presented
in the Schedules is presented for purposes of additional analysis and is not a
part of the basic financial statements but is supplemental information required
by the Department of Labor's Rules and Regulations for reporting and disclosure
under the Employee Retirement Income Securities Act of 1974. The fund
information in the statement of allocation of net assets available for plan
benefits and the statement of allocation of changes in net assets available for
plan benefits is presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
October 16, 1996
6
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Statements of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
JUNE 30,
-----------------------
Assets: 1996 1995
------------ ---------
<S> <C> <C>
Investments, at fair value:
Money market deposit account $ 34,354 152,580
Certificates of deposit 1,765,682 1,801,187
Mutual funds 1,678,678 1,295,686
Other common stock 839,001 -
MAF Bancorp, Inc. common stock 5,375,317 4,472,399
----------- ---------
9,693,032 7,721,852
Employer's contribution receivable 360,000 489,353
Cash and other assets 44,913 47,187
----------- ---------
10,097,945 8,258,392
----------- ---------
Liabilities - accounts payable 3,000 2,321
----------- ---------
Net assets available for plan benefits $10,094,945 8,256,071
=========== =========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
-------------------------------------
1996 1995 1994
----------- --------- ---------
<S> <C> <C> <C>
Additions to net assets attributed to:
Interest income $ 122,337 138,569 115,059
Dividend income 192,562 115,637 53,655
Other income 1,658 4,823 4,312
----------- --------- ---------
316,557 259,029 173,026
Gain on sale of investments:
Mutual funds 7,539 4,521 1,278
Other common stock 18,492 -- --
MAF Bancorp, Inc. common stock 11,945 (1,065) 34,266
----------- --------- ---------
37,976 3,456 35,544
Unrealized appreciation (depreciation)
in fair value of investments:
Mutual funds 133,736 150,154 (57,021)
Other common stock 65,550 -- --
MAF Bancorp, Inc. common stock 699,340 100,326 856,326
----------- --------- ---------
898,626 250,480 799,305
Contributions:
Employer 360,000 450,000 239,443
Employee 603,454 571,002 552,517
----------- --------- ---------
963,454 1,021,002 791,960
----------- --------- ---------
Total additions to net assets 2,216,613 1,533,967 1,799,835
Deduction from net assets attributed to
benefits paid to participants 377,739 473,119 459,018
----------- --------- ---------
Increase in net assets available
for plan benefits 1,838,874 1,060,848 1,340,817
Net assets available for plan benefits:
Beginning of year 8,256,071 7,195,223 5,854,406
----------- --------- ---------
End of year $10,094,945 8,256,071 7,195,223
=========== ========= =========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements
June 30, 1996, 1995 and 1994
(1) DESCRIPTION OF PLAN
The following description of the Mid America Federal Savings Bank
Employees' Profit Sharing Plan ("Plan") provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan with a 401(k) salary deferral
option. All employees of Mid America Federal Savings Bank (the "Company")
are eligible to participate in the salary deferral portion of the Plan.
Employees who have completed one year of service and are age twenty-one or
older are eligible to receive employer matching and discretionary
contributions under the Plan. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
CONTRIBUTIONS
Each year the Plan participants may contribute up to 10 percent of their
annual compensation as a voluntary after-tax contribution. 401(k) plan
participants are allowed to defer up to 15% of their pre-tax income as
401(k) contributions. Each year the Company will make matching
contributions equal to 25% of the first 2% of salary deferral for 401(k)
plan participants who have met the service requirements.
PARTICIPANT ACCOUNTS
Each participant's contribution account is credited with the participant's
contribution and an allocation of earnings. Each participant's Company
contribution account is credited with an allocation of the Company's
contribution and forfeitures of terminated participants' nonvested
accounts, subject to federal rules governing employer contributions to
qualified plans. Allocation of the Company's contribution and forfeitures
of terminated participants' accounts are based on the ratio that each
participants's eligible compensation for the Plan year bears to the total
eligible compensation of all participants for the Plan year. The benefit to
which a participant is entitled is the benefit that can be provided from
the participant's accounts.
VESTING
Participants are immediately vested in their pre-tax contributions and
their voluntary after-tax contributions plus actual earnings thereon.
Vesting in the remainder of their accounts is based on years of service. A
participant is 100 percent vested after 7 years of credited service.
PAYMENT OF BENEFITS
On termination of service a participant may elect to receive either a lump-
sum amount equal to the value of his or her vested account, or annual
installments over a period not to exceed ten years.
9
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements - Continued
June 30, 1996, 1995 and 1994
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting.
VALUATION OF INVESTMENTS
Investments in mutual funds and common stock are stated at fair value as
determined by reference to quoted market prices. The money market deposit
and certificate of deposit accounts are stated at face value plus accrued
interest which has not been transferred from the accounts. Purchases and
sales of investments are recorded on a trade-date basis. Realized gains on
sales are computed using the specific identification method.
The change in the difference between fair value and the cost of investments
for each year is reflected in the statement of changes in net assets
available for plan benefits as unrealized appreciation or depreciation in
fair value of investments.
(3) INCOME TAXES
The Internal Revenue Service ("IRS") has determined, in a letter dated
March 28, 1996, that the Plan is a qualified plan under Section 401(a) of
the Internal Revenue Code and the Trust, forming a part of the Plan, is
exempt from Federal income taxes under Section 501(a) of the Internal
Revenue Code.
(4) ADMINISTRATIVE EXPENSES
The Company absorbs all administrative expenses of the Plan.
(5) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants will become 100 percent vested in their accounts.
10
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements - Continued
June 30, 1996, 1995 and 1994
(6) TRANSACTIONS WITH PARTIES IN INTEREST
The following table summarizes the account balances and results of
transactions of the Plan with the Company.
<TABLE>
<CAPTION>
AT OR FOR THE YEAR ENDED JUNE 30,
------------------------------------
1996 1995 1994
---------- --------- ---------
<S> <C> <C> <C>
Money market deposit account $ 30,694 152,580 236,608
Certificates of deposit 1,765,682 1,801,187 1,635,763
MAF Bancorp, Inc. common stock 5,375,317 4,472,399 4,355,703
Interest income from deposits 122,337 138,569 115,059
Dividend income from MAF Bancorp, Inc. stock 192,562 57,498 --
Contributions to the Plan 360,000 450,000 239,443
========== ========= =========
</TABLE>
(7) INVESTMENTS
As of June 30, 1996 and 1995, the Plan held the following investments
which comprised 5% or more of the Plan's net assets:
<TABLE>
<CAPTION>
FAIR VALUE AT JUNE 30,
------------------------
1996 1995
---------- ---------
<S> <C> <C>
Variable rate CD $ 954,930 830,352
MAF Bancorp, Inc. common stock 5,375,317 4,472,399
American Mutual Fund - Washington Fund 627,354 432,547
========== =========
</TABLE>
(8) ALLOCATION OF ASSETS AVAILABLE FOR BENEFITS
The Plan provides that each participant may make contributions to, and
investments in either the MAF Bancorp, Inc. Stock Fund or the other
investment options at the option of each participant. The Statements of
Allocation of Net Assets Available for the Plan Benefits and Statements of
Allocation of Changes in Net Assets Available for Plan Benefits for each
fund at and for the year ended June 30, 1996 are summarized on the
following pages:
11
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Allocation of Net Assets Available for Plan Benefits
June 30, 1996
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------------------------------------------------------------
AMERICAN MUTUAL FUNDS KEMPER MUTUAL FUNDS
------------------------------------------------------------------- ----------------------------------
WASHINGTON GROWTH FUND INCOME FUND NEW CASH MGMT BOND GOVERNMENTAL GROWTH TOTAL RETURN
FUND OF AMERICA OF AMERICA PERSPEC. TRUST FUND FUND FUND FUND
------------- ----------- ----------- -------- --------- ----- ------------ ------ ------------
Assets:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value $627,354 400,194 188,979 297,608 19,039 2,795 40,567 46,831 55,311
Employer's contribution
receivable - - - - - - - - -
Other assets - - - - - - - - -
------------- ----------- ----------- -------- --------- ----- ------------ ------ ------------
Total assets 627,354 400,194 188,979 297,608 19,039 2,795 40,567 46,831 55,311
------------- ----------- ----------- -------- --------- ----- ------------ ------ ------------
Liabilities:
Accounts payable - - - - - - - - -
------------- ----------- ----------- -------- --------- ----- ------------ ------ ------------
Net assets available for
plan benefits $627,354 400,194 188,979 297,608 19,039 2,795 40,567 46,831 55,311
============= =========== =========== ======== ========= ===== ============ ====== ============
</TABLE>
12
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Allocation of Net Assets Available for Plan Benefits
June 30, 1996
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED OTHER
--------------------------------- --------------------------------------------------------------------
R. BAIRD
MONEY VARIABLE MAF MONEY 2-1/2 OTHER
MARKET RATE BANCORP MARKET YEAR 5 YEAR 10 YEAR COMMON
ACCOUNT CD STOCK ACCOUNT CD CD CD STOCK UNALLOCATED TOTAL
----------- --------- --------- -------- ------ ------- ------- ------- ----------- ----------
Assets:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair $30,694 954,930 5,375,317 3,660 59,733 412,984 338,035 839,001 - 9,693,032
----------- --------- --------- -------- ------ ------- ------- ------- ------- ----------
value
Employer's contribution
receivable - - - - - - - - 360,000 360,000
Other assets - - - - - - - - 44,913 44,913
----------- --------- --------- -------- ------ ------- ------- ------- ------- ----------
Total assets 30,694 954,930 5,375,317 3,660 59,733 412,984 338,035 839,001 404,913 10,097,945
----------- --------- --------- -------- ------ ------- ------- ------- ------- ----------
Liabilities:
Accounts payable - - - - - - - - 3,000 3,000
----------- --------- --------- -------- ------ ------- ------- ------- ------- ----------
Net assets
available for
plan benefits $30,694 954,930 5,375,317 3,660 59,733 412,984 338,035 839,001 401,913 10,094,945
----------- --------- --------- -------- ------ ------- ------- ------- ------- ----------
</TABLE>
13
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Allocation of Changes in Net Assets Available for Plan Benefits
June 30, 1996
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------------------------------------------------------
AMERICAN MUTUAL FUNDS KEMPER MUTUAL FUNDS
------------------------------------------------------------ ----------------------------------------
GROWTH INCOME CASH TOTAL MONEY
WASHINGTON FUND OF FUND OF NEW MGMT BOND GOVERNMENTAL GROWTH RETURN MARKET
FUND AMERICA AMERICA PERSPEC. TRUST FUND FUND FUND FUND ACCOUNT
----------- --------- -------- --------- ------- ----- ------------- ------ ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Interest income - - - - - - - - - 7,300
Dividend income $ 41,070 29,314 11,492 13,845 585 51 2,915 4,387 4,127 43,440
Other income - - - - - - - - - -
--------- ------- ------- ------- ------ ---- ------ ------ ------ --------
41,070 29,314 11,492 13,845 585 51 2,915 4,387 4,127 50,740
Gain on sale of investments 2,183 1,885 2,449 729 - 3 2 53 235 -
Unrealized appreciation
(depreciation)
in fair value of 84,616 10,246 15,515 16,851 - 18 (1,300) 4,713 3,077 -
investments
Contributions:
Employer - - - - - - - - - -
Employee 78,365 64,470 23,322 80,261 5,554 25 - - - 12,288
------- ------- ------- ------- ------ ---- ------ ------ ------ --------
78,365 64,470 23,322 80,261 5,554 25 - - - 12,288
------- ------- ------- ------- ------ ---- ------ ------ ------ --------
Total additions to 206,234 105,915 52,778 111,686 6,139 97 1,617 9,153 7,439 63,028
net assets
Deduction from assets
attributed
to benefits paid to 16,679 45,910 37,135 11,707 3,609 160 - 814 5,522 149,659
participants
Transfers to (from) funds 5,252 (6,221) (6,478) (4,130) 12,952 2,472 (377) - - (35,255)
------ ------- ------- ------- ------ ----- ------ ------ ------ --------
Increase (decrease) in 194,807 53,784 9,165 95,849 15,482 2,409 1,240 8,339 1,917 (121,886)
net assets
available for Plan
benefits
Net assets available for
plan benefits:
Beginning of year 432,547 346,410 179,814 201,759 3,557 386 39,327 38,492 53,394 152,580
-------- ------- ------- ------- ------ ----- ------ ------ ------ --------
End of year $627,354 400,194 188,979 297,608 19,039 2,795 40,567 46,831 55,311 30,694
======== ======= ======= ======= ====== ===== ====== ====== ====== ========
</TABLE>
(Continued)
14
<PAGE>
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Allocation of Changes in Net Assets Available for Plan Benefits
June 30, 1996
<TABLE>
<CAPTION>
PARTICIPANT
DIRECTED OTHER
---------- ------------------------------------------------------------------------------
R. BAIRD
VARIABLE MAF MONEY 2-1/2 OTHER
RATE BANCORP MARKET 2 YEAR YEAR 5 YEAR 10 YEAR COMMON
CD STOCK ACCOUNT CD CD CD CD STOCK UNALLOCATED TOTAL
---------- --------- -------- ------- ------ -------- ------- ------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Interest income $ 55,415 - - 1,587 3,388 29,460 25,187 - - 122,337
Dividend income - 31,745 8,619 - - - - - 972 192,562
Other income - - - - - - - - 1,658 1,658
-------- --------- ----- ----- ----- ------ ------ ------ ---------- -------
55,415 31,745 8,619 1,587 3,388 29,460 25,187 - 2,630 316,557
Gain on sale of investments - 11,945 - - - - - 18,492 - 37,976
Unrealized appreciation
(depreciation) in fair
value of investments - 699,340 - - - - - 65,550 - 898,626
Contributions:
Employer - - - - - - - - 360,000 360,000
Employee 126,923 212,141 - - - - - - 105 603,454
------- --------- ----- ----- ----- ------ ------ ------ ------- -------
126,923 212,141 - - - - - - 360,105 963,454
Total additions to ------- --------- ----- ----- ----- ------ ------ ------ ------- -------
net assets 182,338 955,171 8,619 1,587 3,388 29,460 25,187 84,042 362,735 2,216,613
Deduction from assets
attributed to benefits
paid to participants 43,395 63,149 - - - - - - - 377,739
Transfers to (from) funds (14,365) 10,896 (4,959) (144,705) - (75,000) - 754,959 (495,041) -
-------- --------- ------- ------- ----- ------ ------ -------- ------- ---------
Increase (decrease) in net
assets available for Plan
benefits 124,578 902,918 3,660 (143,118) 3,388 (45,540) 25,187 839,001 (132,306) 1,838,874
Net assets available for
plan benefits:
Beginning of year 830,352 4,472,399 - 143,118 56,345 458,524 312,848 - 534,219 8,256,071
-------- --------- ------- ------- ------ ------- ------- ------- ------- ---------
End of year $954,930 5,375,317 3,660 - 59,733 412,984 338,035 839,001 401,913 10,094,945
======== ========= ======= ======== ====== ======= ======= ======= ======= ==========
</TABLE>
15
<PAGE>
Schedule 1
----------
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
June 30, 1996
<TABLE>
<CAPTION>
1996
----------------------
MATURITY INTEREST FAIR
DATE RATE COST VALUE
-------- --------- ----------- ---------
Money market deposit account:
<S> <C> <C> <C> <C>
Mid America Federal Savings Bank N/A 3.50% $ 30,694 30,694
R. Baird Money Market Account N/A 4.51 3,660 3,660
---------- ---------
$ 34,354 34,354
========== =========
Certificates of deposits:
Mid America Federal Savings Bank 12/31/96 7.00 $ 954,930 954,930
Mid America Federal Savings Bank 1/24/98 5.92 59,733 59,733
Mid America Federal Savings Bank 12/02/00 5.87 412,848 412,848
Mid America Federal Savings Bank 12/02/00 6.11 338,035 338,038
---------- ---------
$1,765,682 1,765,682
========== =========
Mutual funds:
Kemper:
U.S. Government fund N/A N/A $ 43,161 40,567
Growth fund N/A N/A 13,227 46,831
Total return fund N/A N/A 25,012 55,311
American:
Washington fund N/A N/A 467,199 627,354
Growth Fund of America N/A N/A 321,238 400,194
Income Fund of America N/A N/A 167,527 188,979
New Perspective Fund N/A N/A 269,844 297,608
Cash Management Trust N/A N/A 19,039 19,039
Bond fund N/A N/A 2,738 2,795
---------- ---------
$1,328,985 1,678,678
========== =========
Other common stock N/A N/A $ 773,451 839,001
========== =========
Common stock - MAF Bancorp, Inc.*
223,972 shares N/A N/A $1,519,666 5,375,317
========== =========
- ---------------------------
</TABLE>
N/A - Not applicable
* Asterisk denotes an investment in an entity which is a "party-in-interest" as
defined by ERISA.
See accompanying independent auditors' report.
16
<PAGE>
Schedule 2
----------
MID AMERICA FEDERAL SAVINGS BANK
EMPLOYEES' PROFIT SHARING PLAN
Item 27d - Schedule of Reportable (5%) Sales Transactions
Year ended June 30, 1996
<TABLE>
<CAPTION>
MARKET VALUE
INTEREST PURCHASE MATURITY AT DATE OF
DESCRIPTION RATE PRICE VALUE COST TRANSACTION GAIN
- ----------------------------------- --------- -------- -------- ----------- ------------- ----
<S> <C> <C> <C> <C> <C> <C>
Robert Baird Money Market Account 4.51% N/A N/A $ 600,000 600,000 N/A
DIA Money Market Account 3.50% N/A N/A $(600,000) (600,000) N/A
</TABLE>
See accompanying independent auditors' report.
17
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
-------------------------------
The Board of Directors
MAF Bancorp, Inc.:
We consent to incorporation by reference in the registration statement No.
33-40932 on Form S-8 of MAF Bancorp, Inc. of our report dated October 16, 1996,
relating to the statements of net assets available for plan benefits of Mid
America Federal Savings Bank Employees' Profit Sharing Plan as of June 30, 1996
and 1995, and the related statements of changes in net assets available for plan
benefits for each of the years in the three-year period ended June 30, 1996,
which report appears in the June 30, 1996, annual report on Form 11-K of MAF
Bancorp, Inc.
/s/ KPMG Peat Marwick LLP
Chicago, Illinois
December 18, 1996
