SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[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 N/A to
-------------------- -------------------
File Number: 1-10571
NORTHEAST FEDERAL CORP.
-----------------------
(Exact name of registrant as specified in its charter)
Delaware 06-1288154
- ------------------------------- ---------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
organization) Number)
50 State House Square
Hartford, Connecticut 06103
- ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 203/280-1000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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
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The number of shares outstanding for each of the registrant's classes of
common stock issued and outstanding as of October 21, 1994.
Common Stock, $.01 par value -- 13,553,970
<PAGE>
This amendment to Form 10Q is being filed in order to correct the
amount of Investments at Market Value only in Exhibit 27.0, Article
9 Financial Data Schedule. Items 1 through 5 and all other
exhibits in Item 6 of Form 10Q are unaffected and are not filed as
part of this amendment.<PAGE>
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------
(a) Exhibits required by Securities and Exchange Commission
Regulation S-K.
Exhibit
No.
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* 11.1 - Computation of net income (loss) per common share
** 27.0 - Financial Data Schedule
* 99.1 - Interest rate sensitivity analysis at September 30, 1994
* 99.2 - Average balance sheet for the three months ended
September 30, 1994 and 1993
* 99.3 - Average balance sheet for the nine months ended
September 30, 1994 and 1993.
* 99.4 - Rate/Volume analysis for the three months ended
September 30, 1994 and 1993
* 99.5 - Rate/Volume analysis for the nine months ended
September 30, 1994 and 1993.
(b) Reports on Form 8-K
None.
* Exhibit filed with Form 10Q on October 24, 1994.
** Amended exhibit filed herewithin.
<PAGE>
Exhibit 27.0
NORTHEAST FEDERAL CORP.
ARTICLE 9 FINANCIAL DATA SCHEDULE
(Dollars in Thousands, Except Per Share and Yield Amounts)
FISCAL-YEAR-END............................ DEC-31-1993
PERIOD END................................. SEPT-30-1994
CASH....................................... 26,881
INTEREST-BEARING DEPOSITS.................. -
FED FUNDS SOLD............................. 4,270
TRADING ACCOUNT ASSETS..................... -
INVESTMENTS HELD-FOR-SALE.................. 163,715
INVESTMENTS AT CARRYING VALUE.............. 1,961,378
INVESTMENTS AT MARKET VALUE................ 1,914,356
LOANS...................................... 966,730
ALLOWANCE FOR LOSSES....................... 11,698
TOTAL ASSETS............................... 3,349,705
DEPOSITS................................... 2,375,460
SHORT-TERM BORROWINGS...................... 731,620
OTHER LIABILITIES.......................... 67,188
LONG-TERM DEBT............................. 40,305
COMMON STOCK............................... 136
PREFERRED STOCK - MANDATORY REDEMPTION..... -
PREFERRED STOCK - NO MANDATORY REDEMPTION.. 4
OTHER STOCKHOLDERS' EQUITY................. 134,992
TOTAL LIABILITIES AND EQUITY............... 3,349,705
INTEREST INCOME - LOANS.................... 60,370
INTEREST INCOME - INVESTMENTS.............. 74,248
INTEREST INCOME - OTHER.................... 6,636
TOTAL INTEREST INCOME...................... 141,254
INTEREST EXPENSE - DEPOSITS................ 76,742
TOTAL INTEREST EXPENSE..................... 97,479
NET INTEREST INCOME........................ 43,775
PROVISION FOR LOAN LOSSES.................. 3,800
GAINS ON INVESTMENT SECURITIES............. 6,649
TOTAL OTHER EXPENSES....................... 66,789
INCOME BEFORE INCOME TAX................... 8,822
INCOME BEFORE EXTRAORDINARY ITEMS.......... 9,117
EXTRAORDINARY ITEMS........................ -
CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLES. -
NET INCOME................................. 9,117
EPS-PRIMARY................................ .46
EPS-DILUTED................................ .46
INTEREST RATE SPREAD....................... 1.76%
LOANS - NON-ACCRUAL........................ 30,481
LOANS - PAST DUE........................... -
LOANS - TROUBLED DEBT RESTRUCTURING........ -
LOANS - POTENTIAL PROBLEM.................. -
ALLOWANCE FOR LOAN LOSS - OPENING BALANCE.. 28,271
CHARGE-OFFS................................ 4,818
RECOVERIES................................. 445
ALLOWANCE FOR LOAN LOSS - CLOSING BALANCE.. 11,698
ALLOWANCE FOR LOAN LOSS - DOMESTIC......... -
ALLOWANCE FOR LOAN LOSS - FOREIGN.......... -
ALLOWANCE FOR LOAN LOSS - UNALLOCATED...... 11,698<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.
NORTHEAST FEDERAL CORP.
-----------------------------------
Registrant
December 6, 1994 /s/ LYNNE M. CARCIA
------------------------------------
Lynne M. Carcia
Senior Vice President and Controller
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
Northeast Federal Corp.
Article 9 Financial Data Schedule
(Dollars in Thousands, Except Per Share and Yield Amounts)
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> SEP-30-1994
<CASH> 26,881
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 4,270
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 163,715
<INVESTMENTS-CARRYING> 1,961,378
<INVESTMENTS-MARKET> 1,914,356
<LOANS> 966,730
<ALLOWANCE> 11,698
<TOTAL-ASSETS> 3,349,705
<DEPOSITS> 2,375,460
<SHORT-TERM> 731,620
<LIABILITIES-OTHER> 67,188
<LONG-TERM> 40,305
<COMMON> 136
0
4
<OTHER-SE> 134,992
<TOTAL-LIABILITIES-AND-EQUITY> 3,349,705
<INTEREST-LOAN> 60,370
<INTEREST-INVEST> 74,248
<INTEREST-OTHER> 6,636
<INTEREST-TOTAL> 141,254
<INTEREST-DEPOSIT> 76,742
<INTEREST-EXPENSE> 97,479
<INTEREST-INCOME-NET> 43,775
<LOAN-LOSSES> 3,800
<SECURITIES-GAINS> 6,649
<EXPENSE-OTHER> 66,789
<INCOME-PRETAX> 8,822
<INCOME-PRE-EXTRAORDINARY> 9,117
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,117
<EPS-PRIMARY> .46
<EPS-DILUTED> .46
<YIELD-ACTUAL> 1.76
<LOANS-NON> 30,481
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 28,271
<CHARGE-OFFS> 4,818
<RECOVERIES> 445
<ALLOWANCE-CLOSE> 11,698
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 11,698
</TABLE>
