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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
PENNFIRST BANCORP, INC.
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(Exact name of registrant specified in its charter)
Pennsylvania 0-19345 25-1659846
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
600 Lawrence Avenue
Ellwood City, Pennsylvania 16117
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(Address of principal executive offices) (Zip Code)
(724) 758-5584
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(Registrant's telephone number, including area code)
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PennFirst Bancorp, Inc.
Form 8-K
Page 2
ITEM 5. OTHER EVENTS
The information to be reported herein is incorporated by reference from
the press release, dated April 21, 1998, filed as Exhibit 99 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99 Press release dated April 21, 1998.
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PennFirst Bancorp, Inc.
Form 8-K
Page 3
SIGNATURES
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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.
PENNFIRST BANCORP, INC.
(Registrant)
Date: April 22, 1998 By: /s/ Charlotte A. Zuschlag
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Charlotte A. Zuschlag
President and Chief Executive Officer
(Principal Executive Officer)
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EXHIBIT 99
PRESS RELEASE
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PRESS RELEASE
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RELEASE DATE: CONTACT:
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April 21, 1998
CHARLES P. EVANOSKI
SENIOR VICE PRESIDENT
CHIEF FINANCIAL OFFICER
(724) 758-5584
FOR IMMEDIATE RELEASE
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PENNFIRST BANCORP, INC. ANNOUNCES RECORD FIRST
QUARTER EARNINGS AND 10% STOCK DIVIDEND
ELLWOOD CITY, PENNSYLVANIA, APRIL 21, 1998 - PennFirst Bancorp, Inc. (Nasdaq:
PWBC), the parent company of ESB Bank, F.S.B. and Troy Hill Federal Savings
Bank, today announced record consolidated net income of $1.6 million or $0.29
per diluted share for the quarter ended March 31, 1998, which represented 35.4%
and 7.4% increases in net income and net income per share, respectively, as
compared to consolidated net income of $1.1 million or $0.27 per diluted
share for the same period in the prior year. The Company's return on average
assets and return on average equity were 0.67% and 9.02%, respectively, for the
quarter ended March 31, 1998.
In connection with announcing record earnings, the Company reported that the
Board of Directors declared a 10% common stock dividend. This stock dividend is
payable May 29, 1998, to stockholders of record at the close of business on
May 15, 1998.
Charlotte A. Zuschlag, President and Chief Executive Officer of the Company,
stated, "The Board of Directors, senior management and I are quite pleased with
the first quarter results and the Company's continued earnings growth. The 10%
stock dividend is a reflection of the Company's favorable financial results and
will reward stockholders by facilitating greater trading activity or float in
our stock." Ms. Zuschlag further stated that, "the Company expects to maintain
the current $0.09 per share regular quarterly cash dividend after the stock
dividend, thereby increasing the cash payout to our stockholders by ten
percent." The Company has paid regular quarterly cash dividends since going
public in 1990.
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Press Release
Page 2 of 3
April 21, 1998
Contributing to the overall increase in consolidated net income between the
first quarter of 1998 and 1997, were increases in net interest income and
noninterest income as well as a decrease in the provision for loan losses,
partially offset by increases in noninterest expenses and income taxes. Net
interest income and noninterest income increased $774,000 and $145,000,
respectively, while the provision for loan losses decreased by $200,000 for
the quarter ended March 31, 1998, compared to the same period in the prior
year. These favorable variances resulted from increases in interest earning
assets and fees earned and an improvement in the credit quality of the
Company's loan portfolios. The net increase in operating results was partially
offset by increases of $620,000 and $94,000 in noninterest expense and the
provision for income taxes, respectively.
As a result of security purchases and loan portfolio growth funded by deposit
growth and borrowings, the Company's consolidated total assets increased $34.8
million or 3.8% to $945.6 million at March 31, 1998, from $910.8 million at
December 31, 1997. Securities increased $34.3 million or 6.6% to $552.4 million
at March 31, 1998, from $518.0 million at December 31, 1997. Net loans
receivable increased $9.5 million or 2.8% to $346.3 million at March 31, 1998,
from $336.8 million at December 31, 1997. Total deposits increased $2.0 million
to $401.6 million at March 31, 1998, from $399.6 million at December 31, 1997,
and borrowed funds increased $31.2 million or 7.6% to $ 442.2 million at
March 31, 1998, from $411.0 million at December 31, 1997.
Total stockholders' equity was $68.0 million or 7.2% of total assets, and
stockholders' equity per share was $13.02 at March 31, 1998.
PennFirst Bancorp, Inc. is the parent holding company of ESB Bank, F.S.B. and
Troy Hill Federal Savings Bank and offers a wide variety of financial products
and services through eleven offices in the contiguous counties of Allegheny,
Lawrence, Beaver and Butler in Pennsylvania. The common stock of the Company is
traded on The Nasdaq Stock Market under the symbol "PWBC".
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Press Release
Page 3 of 3
April 21, 1998
PENNFIRST BANCORP. INC. AND SUBSIDIARIES
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Financial Highlights
(Dollars in Thousands - Except Per Share Amounts)
OPERATIONS DATA:
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<TABLE>
<CAPTION>
Three Months
Ended March 31,
1998 1997
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<S> <C> <C>
Interest income $ 15,752 $ 11,951
Interest expense 11,362 8,335
Net interest income 4,390 3,616
Provision for loan losses - 200
Net interest income after provision
for loan losses 4,390 3,416
Noninterest income 318 173
Noninterest expense 2,653 2,033
Net income before provision
for income taxes 2,055 1,556
Provision for income taxes 505 411
Net income $ 1,550 $ 1,145
Net income per share:
Basic $0.31 $0.27
Diluted $0.29 $0.27
Annualized return on average assets 0.67% 0.65%
Annualized return on average equity 9.02% 8.92%
</TABLE>
FINANCIAL CONDITION DATA:
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<TABLE>
<CAPTION>
As of:
03/31/98 12/31/97
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<S> <C> <C>
Total assets $945,550 $910,770
Cash and equivalents 9,416 18,947
Securities available for sale 464,322 426,662
Securities held to maturity 88,042 91,359
Loans receivable, net 346,283 336,757
Customer deposits 401,587 399,568
Borrowed funds (includes subordinated debt) 466,179 435,170
Stockholders' equity 68,047 68,509
Book value per share $13.02 $13.00
Average equity to average assets 7.44% 7.92%
Allowance for loan losses to loans receivable 1.32% 1.36%
Nonperforming assets to total assets 0.44% 0.45%
</TABLE>
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