U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) November 30, 1997
TRIANGLE BANCORP, INC.
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North Carolina 0-21346 56-1764546
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation Number) Identification No.)
4300 Glenwood Avenue, Raleigh, North Carolina 27612
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (919) 881-0455
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Item 5. Other Information
As reported in the Triangle Bancorp, Inc. ("Triangle") Form 8-K filed on
October 17, 1997, Triangle acquired Bank of Mecklenburg, Charlotte, North
Carolina, ("Mecklenburg") on October 2, 1997 and operates Mecklenburg as a
subsidiary of Triangle. The acquisition was accounted for using the
pooling-of-interests method of accounting. On October 31, 1997, Triangle
acquired Coastal Leasing LLC, Greenville, North Carolina ("Coastal") which is
also operated as a subsidiary of Triangle and was accounted for using the
pooling-of-interests method of accounting. Attached as financial statements to
this report are a consolidated balance sheet and year-to-date income statement
reflecting combined results of Triangle, Mecklenburg and Coastal as of and for
the eleven months ended November 30, 1997.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99a) Triangle Bancorp, Inc. Consolidated Balance Sheet and
Income Statement as of and for the eleven months ended
November 30, 1997
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
Triangle Bancorp, Inc. had duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
TRIANGLE BANCORP, INC.
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(Registrant)
Date: December 19, 1997 By: /s/ Lisa F. Campbell
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Controller/SVP
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EXHIBIT INDEX
Page
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99(a) Triangle Bancorp, Inc. Consolidated Balance Sheet and Income
Statement as of and for the eleven months ended November 30,
1997 4
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TRIANGLE BANCORP, INC. & SUBSIDIARIES
BALANCE SHEET
AS OF NOVEMBER 30, 1997
(Unaudited)
(In thousands)
Assets
Cash and Due from Banks $ 37,627
Investments & Int-bearing Due Froms 413,727
Fed Funds Sold 50,623
Leases 12,921
Gross Loans 931,629
Loan Loss Reserves (13,137)
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Net Loans 918,492
Fixed Assets 32,151
Intangible Assets 27,971
Other Assets 22,330
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Total Assets $1,515,842
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Liabilities and Shareholders' Equity:
Deposits:
Non-interest Bearing $ 171,496
Now, Money Market & Savings 412,812
Time Deposits > 100,000 112,053
Other Time Deposits 500,122
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Total Deposits 1,196,485
Other Borrowings 37,871
FHLB Advances 120,000
Corporation-Obligated Manditorily
Redeemable Capital Securities 19,951
Interest Payable 9,280
Other Liabilities 13,754
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Total Liabilities 1,397,341
Shareholders' Equity
Common Stock 75,435
Undivided Profits 43,222
FAS 115 Mark to market (156)
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Total Shareholders' Equity 118,501
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Total Liabilities and Shareholders Equity $1,515,842
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TRIANGLE BANCORP, INC. & SUBSIDIARIES
INCOME STATEMENT
FOR THE ELEVEN MONTHS NOVEMBER 30, 1997
(Unaudited)
(In thousands, except earnings per share data))
Interest income
Investment & Interest
Bearing Due From Banks $ 20,919
Fed Funds Sold 1,289
Loans 72,664
Leases 1,933
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Total interest income 96,805
Interest Expense 48,166
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Net interest income 48,639
Provision for Loan Losses 3,156
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Net interest income after Provision 45,483
for Loan Losses
Noninterest Income
Service Charges on Deposit A/C's 5,673
Other Service Charges, Comm & Fees 1,518
Gain/Loss on Sale of Investments 778
Trading Gains, Net of Losses 681
Mortgage Loan Fee Income 139
Income from Investment Services 420
Gain on Sale of Branches 2,000
Gain on Sale of Loans 337
Other Income 651
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Total Noninterest Income 12,197
Noninterest Expenses
Salaries and Benefits 13,858
Occupancy Expenses 2,992
Furniture and Equipment Expense 2,451
Amortization of Intangibles 1,906
Other Operating Expenses 12,965
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Total Noninterest Expenses 34,172
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Net Income Before Taxes 23,508
Provision for Income Taxes 8,583
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Net income $ 14,925
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Primary earnings per share $ 1.11
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Fully Diluted earnings per share $ 1.11
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