SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
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: 0-18782
ES&L BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 16-1387158
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 W. Water St., Elmira, New York 14901
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code: (607) 733-5533
Former name, former address and former fiscal year, if
changed since last report.
Indicate by check X 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 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 CORPORATE ISSUERS: Indicate the number
of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date. 834,112
<PAGE>
ES&L BANCORP, INC. AND SUBSIDIARIES
September 30, 1997
Index Page
Part I - Financial Information
Item 1 - Financial Statements:
Consolidated Statements of Financial 1
Condition as of September 30, 1997
(Unaudited) and June 30, 1997
Consolidated Statements of Income 2
(Unaudited) for the three months ended
September 30, 1997 and 1996
Consolidated Statements of Cash Flows 3
(Unaudited) for the three months ended
September 30, 1997 and 1996
Notes to Consolidated Financial Statements 4
Item 2 - Management's Discussion and Analysis of 5
Financial Condition and Results of Operations
Non-Performing Loans at Sept. 30, 1997 and
June 30, 1997
Risk-Based Capital Information at Sept. 30,
1997 and June 30, 1997
Part II - Other Information
Signatures
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
9/30/1997 6/30/1997
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS
CASH AND DUE FROM BANKS $712,762 $721,891
FEDERAL FUNDS SOLD $0 $0
SHORT TERM INVESTMENTS $0 $1,041
TOTAL CASH AND CASH EQUIVALENTS $712,762 $722,932
SECURITIES HELD FOR SALE $72,246 $66,156
MORTGAGE-BACKED HELD FOR SALE $1,386,199 $1,403,848
INVESTMENT SECURITIES $3,023,203 $4,022,932
MORTGAGE-BACKED SECURITIES $160,572 $171,794
MORTGAGE LOANS HELD FOR SALE $5,669,599 $4,460,810
LOANS RECEIVABLE,NET $133,421,789 $131,710,850
FEDERAL HOME LOAN BANK STOCK $1,313,100 $1,313,100
REAL ESTATE OWNED $199,972 $131,000
INVEST. IN JOINT VENTURE-BARR. $678,994 $676,001
INVEST. IN JOINT VENTURE-MTG.BK $171,699 $183,318
PROPERTY AND EQUIPMENT, NET $3,014,314 $3,053,735
ACCR. INT. REC.-LOANS $832,735 $811,247
ACCR. INT. REC.-INVESTMENT $54,615 $89,675
OTHER ASSETS $1,018,431 $823,746
SUB TOTAL $151,017,467 $148,918,212
TOTAL ASSETS $151,730,229 $149,641,144
LIABILITIES
DEPOSITS-NON INT. BEARING $4,594,035 $4,851,413
DEPOSITS-INT. BEARING $106,917,980 $106,897,105
ADV. FROM FED. HOME LOAN BANK $23,254,289 $20,606,615
OTHER BORROWED MONEY $103,492 $0
ACCR. INT. PAYABLE-DEPOSITS $42,436 $26,777
ACCR. INT. PAYABLE-BORROWINGS $69,471 $69,695
ADV. FM BORROW. FOR TAXES\INS. $2,599,944 $2,565,036
OTHER LIABILITIES $677,105 $469,221
TOTAL LIABILITIES $138,258,753 $135,485,862
STOCKHOLDERS' EQUITY
SERIAL PREFERRED STOCK, 500,000
SHARES AUTHORIZED; NONE ISSUED $0 $0
COMMON STOCK, $.01 PAR VALUE
3,000,000 SHARES AUTHORIZED,
855,967 ISSUED $8,560 $8,560
ADD'L PAID IN CAPITAL $2,599,654 $2,599,654
RETAINED EARNINGS-SUBSTANTIALLY
RESTRICTED $11,123,526 $11,595,957
NET UNREALIZED GAIN/(LOSS) ON
INVESTMENTS HELD FOR SALE $65,829 $59,482
TREASURY STOCK ($326,091) ($108,371)
TOTAL STOCKHOLDERS EQUITY $13,471,476 $14,155,282
TOTAL LIABILITIES AND EQUITY $151,730,229 $149,641,144
SHARES OUTSTANDING 834,662 847,034
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
THREE MONTHS ENDED
SEPT. 30,
1997 1996
(Unaudited) (Unaudited)
<S> <C> <C>
INTEREST INCOME
LOANS $3,016,408 $2,800,742
INVESTMENT SECURITIES $89,988 $85,021
MORTGAGE BACKED SECURITIES $29,086 $39,115
INTEREST BEARING DEPOSIT $3,243 $2,080
TOTAL INTEREST INCOME $3,138,725 $2,926,958
INTEREST EXPENSE
DEPOSITS $1,396,492 $1,282,370
BORROWINGS $326,478 $264,053
TOTAL INTEREST EXPENSE $1,722,970 $1,546,423
PROVISION FOR LOAN LOSSES
PROVISION FOR LOAN LOSSES $75,000 $0
TOTAL PROVISION FOR LOAN LOSSES $75,000 $0
GROSS PROFIT $1,340,754 $1,380,535
OTHER INCOME
SERVICE FEES & OTHER CHARGES $43,319 $31,464
GAIN\LOSS ON SALE OF INVESTMENTS $846 $0
INCOME FROM LOAN SERVICING $67,768 $85,370
INCOME FROM JOINT VENTURE $3,500 $12,000
OTHER OPERATING INCOME $67,123 $96,516
GAIN ON THE SALE OF MORTGAGES $102,980 $95,398
TOTAL OTHER INCOME $285,536 $320,748
OTHER EXPENSE
EMPLOYEE COMPENSATION $476,901 $480,754
OFFICE OCCUPANCY & EQUIP. $119,195 $116,082
FDIC INSURANCE PREMIUMS $27,976 $729,211
OTHER EXPENSES $183,555 $157,188
TOTAL OTHER EXPENSES $807,627 $1,483,235
INCOME FROM OPERATIONS $818,663 $218,048
PRETAX INCOME $818,663 $218,048
INCOME TAXES
INCOME TAXES $300,168 ($206,518)
TOTAL INCOME TAXES $300,168 ($206,518)
NET INCOME $518,495 $424,566
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED SEPTEMBER 30,
<CAPTION>
1997 1995
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 518,495 $ 424,566
Adjustments To
Reconcile Net Income To Net
Cash Provided From
Operating Activities:
Depreciation 42,371 44,703
Provision for Loan Losses 75,000 0
Net Amortization Of
Premiums & Discounts 37,057 (880)
Deferred Loan Origination Fees (5,771) (13,255)
(Income)/Loss From Joint Ventures (3.500) (12,000)
Changes in Certain Assets
and Liabilities:
Mortgage Loans Held For Sale (1,208,789) (3,462,963)
Foreclosed Real Estate (68,972) 0
Accrued Interest Receivable 13,572 (56,251)
Other Assets (194,685) 46,593
Accrued Interest Payable 15,435 12,499
Advances From Borrowers For
Taxes and Insurance 34,908 (11,244)
Other Borrowings 103,492 0
Other Liabilities 207,004 213,915
-------------- --------------
Net Cash (Used For) Provided
From Operating Activities $ ( 433,503) $ (2,754,317)
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Net Other Increase In
Loans Receivable (1,914,877) 794,223
Investment In Joint Ventures 8,626 ( 15,514)
Proceeds From Sale of
Foreclosed Real Estat 107,500 17,847
Purchase of FHLB Stock 0 0
Proceeds From Maturities
of Investments 999,729 2,897
Purchase of Investment Securities 0 (1,325,000)
Proceeds From Sale of
Securities Available For Sale 0 0
Change in Mark to
Market Adjustment Items (10,577) (1,856)
Principal Reductions On
Mortgage-Backed Securities 35,358 151,796
Purchases Of Property &
Equipment, Net ( 2,950) (10,809)
-------------- --------------
Net Cash Provided From
(Used For) Investing Activities $( 779,191) $ (386,416)
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest Credited To
Dep. Accts., Excl. Escrow Accts. 1,394,685 1,281,621
Net Other (Decrease)
Increase in Deposits (1,631,188) (1,054,474)
Payments On Advances
From Federal Home Loan Bank (21,452,326) (20,152,184)
Proceeds From Advances
From Federal Home Loan Bank 24,100,000 22,000,000
Proceeds From Exercise
of Stock Options 0 8,000
Purchase of Treasury Stock (217,720) 0
Dividends Paid on Common Stock (990,927) (145,376)
-------------- --------------
Net Cash (Used For)
Provided From Financing $ 1,202,524 1,937,587
Net Increase (Decrease)
In Cash Equivalents (10,170) (1,203,146)
Cash and Cash Equivalents
At Beginning Of Period 722,932 1,373,763
-------------- --------------
Cash and Cash Equivalents
At End of Period $ 712,762 $ 170,617
============== ==============
</TABLE>
<PAGE>
<PAGE>
ES&L BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation:
The consolidated financial statements include the accounts
of the Corporation and its wholly-owned subsidiary, Elmira
Savings and Loan, F.A. (the Bank), as well as the Bank's wholly
owned subsidiaries, Brilie Corporation (d/b/a ES&L Financial
Services) and ES&L Mortgage Corporation (d/b/a Cayuga Mortgage
Company). All significant inter-company accounts have been
eliminated.
The consolidated financial statements for the three months
ending September 30, 1997 and 1996 are unaudited and do not
include information or footnotes necessary for a complete
presentation of financial condition and results of operations and
changes in cash flows in conformity with generally accepted
accounting principles, but reflect, in the opinion of management,
all adjustments, consisting of normal recurring accruals,
necessary to present fairly these consolidated financial
statements. The results for the three months ending September
30, 1997 are not necessarily indicative of the results to be
expected for the entire fiscal year ending June 30, 1998.
2. Net Income Per Common Share:
Net income per common share is based on the weighted average
total shares outstanding during the respective periods. Weighted
average total shares outstanding for the periods included herein
are as follows:
Sept. 30, 1997 Sept. 30, 1996
Three Months Ended 845,039 846,154
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL CONDITION AND RESULTS OF OPERATION
GENERAL:
ES&L Bancorp, Inc., (the "Corporation") is a Delaware
Corporation whose primary asset is the stock of Elmira Savings &
Loan, F.A. (the "Bank"). The Bank, a federally chartered savings
association, founded in 1888, operates through one office located
in Elmira, New York.
The Corporation, through the Bank, is primarily engaged in the
business of accepting deposits from the general public and
originating loans secured by residential real estate. The Bank
also engages in commercial real estate lending in its primary
market area and, to a lesser extent, consumer lending and invests
in government, federal agency obligations, and high grade
corporate debt securities.
The Bank's operations include two wholly-owned subsidiaries,
Brilie Corporation (d/b/a ES&L Financial Services) and ES&L
Mortgage Corporation (d/b/a Cayuga Mortgage Company). Brilie
Corporation is a provider of appraisal services and
nontraditional investment and insurance products to the Bank's
customers and the general public. The investment products, which
include life insurance and annuity contracts, health insurance
and mutual funds, are offered under an agency relationship with
major insurance companies and third party mutual funds providers.
ES&L Mortgage Corporation is engaged in mortgage banking
activities through the origination of mortgage loans for sale to
investors, one of whom is the Bank.
FINANCIAL CONDITION:
The Corporations total assets were $151,730,229 at September 30,
1997, an increase of $2,089,085, or 1.40%, since the July 1, 1997
beginning of the fiscal year. The majority of the increase is
related to an increase in net loans receivable, which totaled
$133,421,789 at September 30, 1997, an increase of $1,710,939, or
1.30%, since the start of the fiscal year.
The majority of the asset growth was funded by a $2,647,674, or
12.85%, increase in the Corporation's Federal Home Loan Bank
Advances. At September 30, 1997 total Advances from the Federal
Home Loan Bank were $23,254,289, compared to $20,606,615 at June
30, 1997.
Shareholders' equity decreased by $683,806, or 4.83%, to
$13,471,476 at September 30, 1997 as a result of two cash
dividends, totaling $990,927, which were paid to stockholders
during the September 1997 quarter. The dividend payout included
a $1.00 per share special cash dividend, in addition to the
Corporation's regular $0.17 per share quarterly cash dividend.
The Corporation began the 1998 fiscal year with Shareholders'
equity totaling $14,155,282.
RESULTS OF OPERATION: QUARTER ENDING SEPTEMBER 30, 1997 AND
SEPTEMBER 30, 1996:
Net interest income for the quarter ending September 30, 1997 was
$1,415,754, an increase of 35,219, or 2.56%, compared to net
interest income of $1,380,535, earned during the quarter ending
September 30, 1996.
Interest income earned by the Corporation totaled $3,138,725 for
the quarter ending September 30, 1997, an increase of $211,767,
or 7.24%, compared to interest income of $2,926,958 for the
quarter ending September 30, 1996. The majority of the interest
income earned by the Corporation is generated by its loans
receivable portfolio. For the three months ending September 30,
1997 the Corporation's loan portfolio generated interest income
totaling $3,016,408, an increase of $215,666, or 7.70%, compared
to interest income totaling $2,800,742 during the comparable
quarter. The increase is primarily the result of an increase in
the average balance of the portfolio. During the September 1997
quarter the average balance of the loan portfolio was $139.9
million, while the average balance was $130.2 million during the
quarter ending September 30, 1996. The average yield earned on
the portfolio was nearly identical (8.63% and 8.61%,
respectively) for the quarters ending September 30, 1997 and
1996. Despite an increase in the average yield of the
Corporation's mortgage-backed security (MBS) portfolio, a
decrease in the average balance of the outstanding MBS pools
prompted a decrease in income from this interest earning asset.
For the quarter ending September 30, 1997 the average balance of
the Corporation's MBS pools was $1.5 million, yielding 7.81%,
compared to $2.2 million, yielding 7.08%, for the September 1996
quarter. Interest income earned on the MBS portfolio <PAGE>
totaled $29,086 during the three months ending September 30,
1997, a decrease of $10,029, or 25.64%, compared to the same
quarter a year ago. Inasmuch as loan demand has remained strong
over the last several years in its primary lending areas, the
Corporation has not pursued the purchase of mortgage-backed
security investments.
The Corporation's total interest expense was $1,722,970 for the
September 1997 quarter, an increase of $176,547, or 11.42%, when
compared to total interest expense of $1,546,423, paid during the
September 1996 quarter. Interest paid by the Corporation on
deposits totaled $1,396,492 for the quarter ending September 30,
1997, an increase of $114,122, or 8.90%, compared to $1,282,370
for the quarter ending September 30, 1996. The increased expense
is related to both an increase in the average balance and average
cost of deposits outstanding. For the three months ending
September 30, 1997 the average balance of the Corporation's
outstanding deposits totaled $115.3 million, costing 4.84%,
compared to $109.5 million, costing 4.69% for the three months
ending September 30, 1996. Similarly, an increase in the average
balance and average cost of the Corporation's borrowings,
Advances from the Federal Home Loan Bank, has prompted an
increase in interest expense related to this funding source. For
the quarter ending September 30, 1997, interest paid on Advances
from the Federal Home Loan Bank totaled $326,478, an increase of
$62,425, or 23.64%, compared to interest expense totaling
$264,053, for the quarter ending September 30, 1996. The average
balance and average cost of Advances from the Federal Home Loan
Bank were $22.2 million, costing 5.89%, and $18.8 million,
costing 5.62%, for the quarters ending September 30, 1997 and
1996, respectively.
Provisions for loan losses are charged to earnings to bring the
allowance to a level considered appropriate based on historical
experience, the volume and type of lending conducted by the
Corporation, industry standards, the status of past due principal
and interest payments, general economic conditions - particularly
as they relate to the Corporation's market area - and other
factors related to the collectibility of the Corporation's loan
portfolio. During the quarter ending September 30, 1997, the
Corporation's provision for loan losses totaled $75,000. No
provision was charged to earning during the comparable period.
No significant individual loans prompted the Corporation's
increase in the provision, rather it reflects the growth of the
Corporation's loan portfolio. At September 30, 1997 the
Corporation's allowance for loan loss totaled $1,426,003,
compared to $1,334,268 at September 30, 1996.
Total other income recorded by the Corporation during the quarter
ending September 30, 1997 was $285,536, a decrease of $35,212, or
10.98%, when compared to total other income of $320,748 recorded
during the quarter ending September 30, 1996. During the
September 1997 quarter, income from service fees and other
charges totaled $43,319, an increase of $11,855, or 37.68%, from
the comparable quarter a year ago. The majority of the increase
is related to service charges received from the early withdrawal
of certificate of deposit accounts. Income from loan servicing
decreased during the September 1997 quarter as a result of the
amortization of expenses related to Statement of Accounting
Standards No. 122 (SFAS 122) entitled "Accounting for Mortgage
Servicing Rights." The change, which decreased servicing income
by approximately $28,800 during the current quarter was not in
effect during the September 1996 quarter. Income from loan
servicing totaled $67,768 and $85,370 for the quarters ending
<PAGE>
September 30, 1997 and 1996, respectively. Other operating
income was $67,123 for the three months ending September 30,
1997, a decrease of $29,393, or 30.46%, compared to $96,515
during the three months ending September 30, 1996. During the
September 1996 period the Corporation recorded a $35,000
settlement of a deficiency judgment obtained in a foreclosure
action dating back to 1989. No comparable income was included
during the September 1997 quarter.
Total other expenses of the Corporation were $807,627 for the
September 1997 quarter, a decrease of $675,608, or 45.55%
compared to total other expenses of $1,483,235 incurred during
the September 1996 quarter. The majority of the decrease is
attributable to a reduction in expenses related to federal
deposit insurance. During the September 1996 period the
Corporation, as a result of the passage of federal legislation to
recapitalize its insurance fund, paid a one time, pre-tax,
special assessment of $657,000. The assessment was charged to
all institutions insured by the Savings Association Insurance
Fund (SAIF). Included in the legislation was also a provision
which reduced the Corporation's ongoing insurance premiums to a
level nearly equal to its competitors, who are insured by the
Bank Insurance Fund. As a result of the premium reduction,
ongoing deposit insurance premiums paid during the September 1997
quarter totaled approximately $28,000, a reduction of nearly
$44,000 when compared to the September 1996 quarter. Insurance
expense is based on deposits outstanding and the reduction in the
deposit insurance premium occurred despite an overall increase in
deposits outstanding. Total deposit insurance expense was
$27,976 for the quarter ending September 30, 1997 and $729,211
for the quarter ending September 30, 1996. Other expenses
totaled $183,555 for the quarter ending September 30, 1997, an
increase of $26,367, or 16.77%, compared to the September 1996
quarter. No single expense prompted the majority of the
increase, although the Corporation has recorded increases in
advertising and loan origination expenses during the 1997
quarter.
During the quarter ending September 30, 1997 the Corporation
recorded an income tax provision in the amount of $300,168, while
during the quarter ending September 30, 1996 the Corporation
recorded an income tax benefit of $206,518. The income tax
benefit was the result of an extensive study of all tax
liabilities during the September 1996 quarter. The expense
during the September 1997 quarter approximates the statutory tax
rate on the Corporation's pre-tax earnings for the quarter, less
any applicable tax credits.
<PAGE>
ELMIRA SAVINGS & LOAN, F.A.
NON-PERFORMING LOANS
Loans are reviewed on a monthly basis and are placed on
non-accrual status when the opinion of management, the collection
of additional interest is doubtful. Residential and commercial
mortgage loans are generally placed on non-accrual when either
principal or interest is more than 90 days past due. Interest
accrued and unpaid at the time a loan is placed on non-accrual
status is charged again interest income. Subsequent payments are
either applied to the outstanding principal balance or recorded
as interest income, depending on the assessment ultimate
collectibility of the loan. Consumer loans are generally charged
off or before the loan becomes 120 days delinquent, although
collection efforts continue.
The following table sets forth information with respect to
the Association's non-performing assets at September 30, 1997 and
June 30, 1997, respectively:
<TABLE>
<CAPTION>
09-30-97 06-30-97
<S> <C> <C>
Loans accounted for on a
non-accrual basis:
Real Estate:
Residential $ 270,268.75 $ 250,077.90
Commercial 320,048.96 61,131.53
Commercial/Line of Credit 0.00 0.00
Consumer/Home Equity 50,583.84 29,193.56
Commercial(Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 0.00 0.00
Other 0.00 0.00
Total $ 640,901.55 $ 340,402.99
Accruing loans which are
contractually past due
90 days or more:
Real Estate:
Residential $ 169,787.91 $ 62,897.62
Commercial 0.00 316,148.25
Commercial/Line of Credit 0.00 0.00
Consumer/Home Equity 0.00 0.00
Commercial(Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 8,155.30 0.00
Other 0.00 0.00
Total $ 177,943.31 $ 379,448.86
Total of non-accrual &
90 days past due loans $ 818,844.76 $ 719,448.86
Percentage of total loans 0.59% .53%
Other non-performing
assets $ 199,971.68 $ 131,000.00
</TABLE>
<PAGE>
ELMIRA SAVINGS & LOAN, F.A.
RISK BASED CAPITAL CALCULATION
<TABLE>
The table below presents the Association's capital position
relative to its various minimum statutory and regulatory
requirements at September 30, 1997 and June 30, 1997
respectively:
<CAPTION>
09-30-97 06-30-97
PERCENT PERCENT
OF OF
AMOUNT ASSETS (1) AMOUNT ASSETS (1)
<S> <C> <C> <C> <C>
Tangible Capital 12,467,833.24 8.25% 13,139,533.36 8.78%
Tangible Capital
Requirement 2,266,670.21 1.50% 2,244,520.13 1.50%
Excess 10,201,163.03 6.75% 10,895,013.23 7.28%
Core Capital 12,467,833.24 8.25% 13,139,533.36 8.78%
Core Capital
Requirement 4,533,340.42 3.00% 4,489,040.27 3.00%
Excess 7,934,492.82 5.25% 8,650,493.09 5.78%
Core and
Supplementary
Capital 13,729,387.67 13.60% 14,377,130.95 14.55%
Current
Risk-Based Capital
Requirement. 8,073,948.32 8.00% 7,907,432.38 8.00%
Excess 5,655,439.35 5.60% 6,469,698.57 6.55%
<FN>
(1) Based upon tangible assets for purposes of the tangible
capital and core capital requirements and risk-weighted assets
for purpose of the risk-based capital requirement.
</TABLE>
<TABLE>
<CAPTION>
09-30-97 06-30-97
<S> <C> <C>
Tangible Assets - 151,111,347.45 149,634,675.66
Risk Weighted Assets - 100,924,354.03 98,842,904.78
</TABLE>
<PAGE>
ES&L BANCORP, INC.
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings
Not Applicable
Item 2 - Changes in Securities
Not Applicable
Item 3 - Defaults Upon Senior Securities
Not Applicable
Item 4 - Submission of Matters to a Vote of Security-Holders.
Not Applicable
Item 5 - Other Information
On October 21, 1997, the Board of Directors of ES&L Bancorp,
Inc. declared a cash dividend of $0.17 per share. The total of
dividends to be paid will be $141,799. The dividend will be paid
on November 28, 1997 to stockholders of record on November 14,
1997.
Item 6 - Exhibits and Reports on Form 8-K
Not Applicable
<PAGE>
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.
ES&L BANCORP, INC.
s/William A. McKenzie
WILLIAM A. McKENZIE
President and Chief Executive Officer
(Duly Authorized Officer)
s/J. Michael Ervin
J. MICHAEL ERVIN
Sr. Vice President and Chief
Financial Officer
(Principal Financial Officer)
Date: November 14, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1997
<CASH> 712062
<SECURITIES> 4642220
<RECEIVABLES> 140517391
<ALLOWANCES> (1426003)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3014314
<DEPRECIATION> 0
<TOTAL-ASSETS> 151730329
<CURRENT-LIABILITIES> 138258753
<BONDS> 0
0
0
<COMMON> 8560
<OTHER-SE> 13462916
<TOTAL-LIABILITY-AND-EQUITY> 151730329
<SALES> 0
<TOTAL-REVENUES> 3424261
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 807627
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1722970
<INCOME-PRETAX> 818613
<INCOME-TAX> 300168
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