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Previous: ESQUIRE COMMUNICATIONS LTD, 10QSB, 1996-08-14 |
Next: SUMMIT COMMUNICATIONS GROUP INC, 10-Q, 1996-08-14 |
<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
Commission File No. 0-28394
MOUNTAIN BANK HOLDING COMPANY
(Exact name of small business issuer as specified in its charter)
<TABLE>
<S> <C>
Washington 91-1602736
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
</TABLE>
501 Roosevelt Avenue, Enumclaw, Washington 98022
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (360) 825-0100
Former name, former address, and former fiscal year, if changed since last
report: N/A
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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.
/ X / YES / / NO
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 661,440
Transitional Small Business Disclosure Form (check one):
/ X / YES / / NO
<PAGE> 2
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I: FINANCIAL INFORMATION
Item 1 Consolidated Financial Statements:
Balance Sheets - June 30, 1996 and December 31, 1995 1
Statements of Income - Six Months Ended June 30, 1996 and 1995 2
Statements of Cash Flows - Six Months Ended June 30, 1996 and 1995 3
Notes to Financial Statements 4
PART II: OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K 5
SIGNATURES 5
</TABLE>
<PAGE> 3
PART I: FINANCIAL INFORMATION
Item 1 Financial Statements
Consolidated Balance Sheets
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
(in thousands)
<S> <C> <C>
ASSETS:
Cash and due from banks $ 3,287 $ 4,346
Federal funds sold 1,000 2,825
Securities available for sale 10,577 8,110
Loans held for sale 123 415
Loans 33,596 30,834
Less allowance for possible credit losses (350) (334)
------------------------------
LOANS, NET 33,246 30,500
------------------------------
Premises and equipment 2,273 2,385
Accrued interest receivable and other assets 459 434
------------------------------
TOTAL ASSETS $ 50,965 $49,015
==============================
LIABILITIES:
Deposits:
Noninterest bearing $ 5,857 $ 6,250
Interest bearing 34,334 31,539
Certificates of deposit of $100,000 and over 5,376 5,892
------------------------------
TOTAL DEPOSITS $ 45,567 $43,681
------------------------------
Long term debt 0 47
Accrued interest and other liabilities 342 274
------------------------------
TOTAL LIABILITIES 45,909 44,002
------------------------------
REDEEMABLE STOCK:
42,958 shares outstanding; 8% interest 464 447
SHAREHOLDERS' EQUITY:
Common stock (par value $1); authorized
5,000,000 shares; issued and
outstanding: 1996 - 661,440 shares;
1995 - 660,710 shares 661 661
Paid-in capital 3,582 3,576
Retained earnings 414 321
Net unrealized gain (loss) on securities
available for sale, net of tax (65) 8
------------------------------
TOTAL SHAREHOLDERS' EQUITY 4,592 4,566
------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 50,965 $49,015
==============================
</TABLE>
- 1 -
<PAGE> 4
PART I: FINANCIAL INFORMATION
Item 1 Financial Statements
(cont.)
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
(in thousands except per share data)
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME:
Loans $ 835 $ 731 $ 1,646 $ 1,403
Securities available for sale 148 75 275 155
Federal funds sold 17 29 64 29
------------------------------------------------------------------------
TOTAL INTEREST INCOME 1,000 835 1,985 1,587
INTEREST EXPENSE:
Deposits 406 294 815 592
Long term debt 2 26 2 26
------------------------------------------------------------------------
TOTAL INTEREST EXPENSE 408 320 817 618
------------------------------------------------------------------------
NET INTEREST INCOME 592 515 1,168 969
PROVISION FOR POSSIBLE CREDIT LOSSES 10 8 20 16
------------------------------------------------------------------------
NET INTEREST INCOME AFTER PROVISION FOR
POSSIBLE CREDIT LOSSES 582 507 1,148 953
-----------------------------------------------------------------------
NON-INTEREST INCOME:
Service charges on deposit accounts 90 66 175 130
Origination fees on loans sold 58 87 112 130
Loss on securities sales (1) 0 (1) 0
Other 28 25 54 57
------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME 175 178 340 317
------------------------------------------------------------------------
NON-INTEREST EXPENSE:
Salaries and employee benefits 330 312 643 607
Occupancy and equipment 105 115 219 223
Other 236 225 448 442
------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE 671 652 1,310 1,272
------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 86 33 178 (2)
INCOME TAXES 36 0 70 9
-----------------------------------------------------------------------
NET INCOME $ 50 $ 33 $ 108 $ (11)
=======================================================================
PER SHARE DATA:
Primary
Average adjusted common shares outstanding 661,440 562,791 661,075 556,668
Net income $ 0.06 $ 0.06 $ 0.14 $ (0.02)
Fully diluted
Average adjusted common shares outstanding 714,485 661,707 714,120 605,584
Net income $ 0.06 $ 0.05 $ 0.13 $ (0.02)
</TABLE>
- 2 -
<PAGE> 5
PART I: FINANCIAL INFORMATION
Item 1 Financial Statements
(cont.)
Consolidated Statements of Cash Flow
<TABLE>
<CAPTION>
Six Months Ended June 30,
-------------------------
(in thousands)
1996 1995
---- ----
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss) $ 108 $ (11)
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for possible credit losses 20 16
Depreciation 143 122
Loss on sales of securities available for sale 1 0
Amortization, net of accretion 17 15
Deferred Federal income tax 0 0
Gains on loans sold (38) (71)
Originations of loans held for sale (5,376) (5,015)
Proceeds from sales of loans 5,706 5,133
Other 83 (546)
--------------------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 664 (357)
--------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in Federal funds sold 1,825 (3,325)
Purchase of securities available for sale (5,048) (505)
Proceeds from maturities and sales of securities available for sale 2,452 850
Increase in loans, net of principal collections (2,766) (2,450)
Additions to premises and equipment (31) (528)
--------------------------------
NET CASH USED IN INVESTING ACTIVITIES (3,568) (5,958)
--------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 1,886 6,493
Repayment of short term borrowings 0 (575)
Repayment of long term debt (47) (1)
Redeemable stock sold 0 430
Common stock sold 6 781
--------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,845 7,128
--------------------------------
NET INCREASE (DECREASE) IN CASH $ (1,059) $ 813
CASH AND DUE FROM BANKS:
Beginning of period 4,346 1,343
--------------------------------
End of period $ 3,287 $ 2,156
================================
</TABLE>
- 3 -
<PAGE> 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:
NOTE 1 - BASIS OF PRESENTATION
The consolidated financial statements include the accounts of Mountain
Bank Holding Company (the "Company") and its wholly owned subsidiaries, Mt.
Rainier National Bank (the "Bank"), and Mountain Real Estate Holdings, Inc. The
consolidated financial statements have been prepared in conformity with
generally accepted accounting principles and with general practice within the
banking industry. Significant intercompany transactions and amounts have been
eliminated.
The consolidated balance sheet at June 30, 1996 and the consolidated
statements of income for the months ended June 30, 1996 and 1995 and the
consolidated statements of cash flow for the months ended June 30, 1996 and 1995
are unaudited, but, in the opinion of the Company, reflect all adjustments
necessary for a fair presentation. Reference is hereby made to the notes to
consolidated financial statements contained in the Company's Annual Report on
Form 10-KSB for the year ended December 31, 1995. The results of operations for
the six months ended June 30, 1996 are not necessarily indicative of the results
which may be obtained for the full year ending December 31, 1996.
NOTE 2 - EARNINGS PER COMMON SHARE
Primary earnings per share is based on the average number of common
shares outstanding, assuming no dilution, with the elimination of interest
accrued on redeemable stock. Fully diluted earnings per common share is computed
assuming the exercise of stock options.
- 4 -
<PAGE> 7
PART II: OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits:
No. 27 Financial Data Schedule
(b) Reports on Form 8-K:
None
SIGNATURE
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.
MOUNTAIN BANK HOLDING COMPANY
(Registrant)
/s/ Kenneth S. Borg
DATED: August 13, 1996 -----------------------------------------
Kenneth S. Borg, President
- 5 -
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,287
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 10,577
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 33,596
<ALLOWANCE> (350)
<TOTAL-ASSETS> 50,965
<DEPOSITS> 45,567
<SHORT-TERM> 0
<LIABILITIES-OTHER> 342
<LONG-TERM> 0
661
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 50,965
<INTEREST-LOAN> 1,646
<INTEREST-INVEST> 275
<INTEREST-OTHER> 64
<INTEREST-TOTAL> 1,985
<INTEREST-DEPOSIT> 815
<INTEREST-EXPENSE> 817
<INTEREST-INCOME-NET> 1,168
<LOAN-LOSSES> 20
<SECURITIES-GAINS> (1)
<EXPENSE-OTHER> 54
<INCOME-PRETAX> 178
<INCOME-PRE-EXTRAORDINARY> 178
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 108
<EPS-PRIMARY> .14
<EPS-DILUTED> .13
<YIELD-ACTUAL> 5.26
<LOANS-NON> 14
<LOANS-PAST> 14
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 129
<ALLOWANCE-OPEN> 334
<CHARGE-OFFS> (4)
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 350
<ALLOWANCE-DOMESTIC> 350
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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