<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
FORM 10-QSB/A
(Amendment No. 1)
[X] 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
COMMISSION FILE NUMBER 0-19040
SOUTH FLORIDA BANK HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 65-0221393
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2017 MCGREGOR BOULEVARD, FORT MYERS, FLORIDA 33901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (941) 334-2020
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
--- ---
As of October 31, 1997, there were outstanding 1,210,975 shares of the
Registrant's Common Stock.
1
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settlement during 1996 with Lee County for business damages resulting from the
Mid-Point bridge construction in front of the Colonial branch.
NON-INTEREST EXPENSE
Personnel expenses increased $93,000 or 10.11% to $1,010,000 during the
nine months ended September 30, 1997, from $917,000 during the nine months ended
September 30, 1996, and increased $53,000 or 17.36% to $359,000 during the three
months ended September 30, 1997, from $306,000 during the three months ended
September 30, 1996. These increases primarily resulted from compensation
increases for existing employees and the increase in the number of employees to
staff the new branch office. The monthly average of full-time equivalent
employees during the nine and three months ended September 30, 1997 was 36.20
and 36.75 as compared to 32.60 and 32.63 employees during the nine and three
months ended September 30, 1996, respectively. As of September 30, 1997 and
December 31, 1996, the Bank employed 35 and 33 full-time and five and five
part-time employees, respectively.
Occupancy expense decreased to $397,000 during the nine months ended
September 30, 1997, from $398,000 during the nine months ended September 30,
1996, or a decrease of $1,000 or .25%. This decrease primarily resulted from
lower depreciation expense as assets became fully depreciated, partially offset
with depreciation expense on newly acquired assets. Occupancy expense increased
to $154,000 during the three months ended September 30, 1997, from $125,000
during the three months ended September 30, 1996, or an increase of $29,000 or
23.40%. This increase primarily resulted from increased depreciation expense on
newly acquired assets, including those of the new branch office.
Loan collection expenses, excluding legal expenses but including real
estate taxes, insurance, gain (loss) on the sale of other real estate owned, and
appraisal costs on real estate in foreclosure, increased to $73,000 and $24,000
during the nine and three months ended September 30, 1997, respectively, from
$45,000 and $2,000 during the nine and three months ended September 30, 1996, or
respective increases of $28,000 or 61.91% and $22,000 or 1294.27%. These
increases resulted primarily from an increase in write-downs of other real
estate owned.
Advertising expense increased to $73,000 and $26,000 during the nine
and three months ended September 30, 1997, respectively, from $42,000 and
$12,000 during the nine and three months ended September 30, 1996, or respective
increases of $31,000 or 74.09% and $14,000 or 115.45%. These increases primarily
resulted from the cost of the advertising campaign conducted during 1997.
Legal expenses decreased to $52,000 and $14,000 during the nine and
three months ended September 30, 1997, respectively, from $84,000 and $17,000
during the nine and three months ended September 30, 1996, or respective
decreases of $32,000 or 38.07% and $3,000 or 15.13%. These decreases reflected
the reduction in collection actions handled by the Bank's attorneys.
INCOME TAXES
During the nine and three months ended September 30, 1997, the Company
had a benefit for income taxes of $90,000 and $30,000, respectively, as compared
to $45,000 and $15,000 during the nine and three months ended September 30,
1996, respectively, by recording deferred income tax assets resulting from the
corresponding reduction in the valuation allowance associated with the Company's
tax loss carry forward.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Exhibits: 27 - Financial Data Schedule (for SEC use only).
During the three months ended September 30, 1997, the Company filed no reports
on Form 8-K.
18
<PAGE> 3
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.
SOUTH FLORIDA BANK HOLDING CORPORATION
Date: November 14, 1997 By: /s/ William P. Valenti
----------------- ----------------------------------
William P. Valenti, President and
Chief Executive Officer
(Principal financial officer)
Date: November 14, 1997 By: /s/ Sharon Landel
----------------- ----------------------------------
Sharon Landel, Controller
(Principal accounting officer)
19
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF SOUTH FLORIDA BANK HOLDING CORPORATION FOR THE 9 MONTHS
ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 4,499,420
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 6,417,905
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12,478,125
<INVESTMENTS-CARRYING> 11,153,109
<INVESTMENTS-MARKET> 11,150,000
<LOANS> 46,922,961
<ALLOWANCE> 894,463
<TOTAL-ASSETS> 83,652,001
<DEPOSITS> 73,860,667
<SHORT-TERM> 1,741,669
<LIABILITIES-OTHER> 590,261
<LONG-TERM> 0
0
0
<COMMON> 10,378,488
<OTHER-SE> (2,919,089)
<TOTAL-LIABILITIES-AND-EQUITY> 83,652,001
<INTEREST-LOAN> 3,213,952
<INTEREST-INVEST> 809,882
<INTEREST-OTHER> 279,037
<INTEREST-TOTAL> 4,302,871
<INTEREST-DEPOSIT> 1,707,913
<INTEREST-EXPENSE> 1,737,466
<INTEREST-INCOME-NET> 2,565,405
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,504,698
<INCOME-PRETAX> 938,180
<INCOME-PRE-EXTRAORDINARY> 1,028,180
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,028,180
<EPS-PRIMARY> .84
<EPS-DILUTED> .84
<YIELD-ACTUAL> 8.02
<LOANS-NON> 356,448
<LOANS-PAST> 0
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<ALLOWANCE-OPEN> 904,562
<CHARGE-OFFS> 55,870
<RECOVERIES> 45,771
<ALLOWANCE-CLOSE> 894,463
<ALLOWANCE-DOMESTIC> 894,463
<ALLOWANCE-FOREIGN> 0
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</TABLE>
