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Previous: PEERLESS SYSTEMS CORP, 10-K405, 1997-04-29 |
Next: PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT, 485BPOS, 1997-04-29 |
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-QSB
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 1997
[ ] Transition Report Under Section 13 or 15(d) of the Exchange Act
For the transition period from ________________ to ____________________
Commission File Number : 0-28394
-------
MOUNTAIN BANK HOLDING COMPANY
(Exact Name of Small Business Issuer as Specified in Its Charter)
WASHINGTON 91-1602736
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number
501 Roosevelt Avenue
Enumclaw, Washington 98022
(Address of Principal Executive Offices)
(360) 825-0100
(Issuer's Telephone Number, Including Area Code)
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.
Yes X No
-------- --------
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 704,398
Traditional Small Business Disclosure Format: Yes X No________
<PAGE>
PART I
Item 1. Financial Statements
The following Consolidated Financial Statements are presented for the
Registrant, Mountain Bank Holding Company, and it's wholly owned subsidiary, Mt.
Rainier National Bank.
1. Consolidated Balance Sheet for March 31, 1997 and December 31, 1996
2. Consolidated Statements of Income for the three months ended March 31, 1997
and 1996
3. Consolidated Statements of Cash Flows for the three months ended March 31,
1997 and 1996.
4. Notes to consolidated financial statements.
<PAGE>
MOUNTAIN BANK HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
(in thousands)
<S> <C> <C>
Assets
Cash and due from banks $ 3,854 $ 3,651
Federal funds sold 3,125 7,550
Securities available for sale 17,357 13,455
Loans held for sale 261 -
Loans 38,766 37,543
Less allowance for possible credit losses (457) -391
---------------------------------------------
Loans, net 38,309 37,152
---------------------------------------------
Premises and equipment 2,151 2,206
Accrued interest receivable and other assets 870 547
---------------------------------------------
Total assets $ 65,927 $ 64,561
=============================================
Liabilities
Deposits:
Non-interest bearing $ 8,134 $ 8,565
Interest bearing 46,110 43,442
Certificates of deposit of $100,000 and over 5,889 6,797
---------------------------------------------
Total deposits 60,133 58,804
---------------------------------------------
Long-term debt 46 46
Accrued interest and other liabilities 504 433
---------------------------------------------
Total liabilities 60,683 59,283
---------------------------------------------
Shareholders' Equity
Common stock (par value $1); authorized 5,000,000
shares; issued and outstanding: 1997 - 704,398 shares;
1996 - 704,398 shares 704 704
Paid-in capital 3,969 3,969
Retained earnings 689 630
Net unrealized gain (loss) on securities
available for sale, net of tax (118) (25)
---------------------------------------------
Total shareholders' equity 5,244 5,278
---------------------------------------------
Total liabilities and shareholders' equity $ 65,927 $ 64,561
=============================================
</TABLE>
Page 1
<PAGE>
MOUNTAIN BANK HOLDING COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------
1997 1996
(in thousands, except per share data)
<S> <C> <C>
Interest Income
Loans $ 942 $ 818
Securities available for sale 246 127
Federal funds sold 66 47
------------------------
Total interest income 1,254 992
Interest Expense
Deposits 517 416
Long term debt - -
------------------------
Total 517 416
------------------------
Net interest income 737 576
Provision for possible credit losses 76 10
------------------------
Net interest income after provision for
possible credit losses 661 566
------------------------
Non-interest income
Service charges on deposit accounts 85 85
Origination fees and gains on loans sold 43 53
Loss on securities sales (7) -
Other 28 26
------------------------
Total non-interest income 149 164
------------------------
Noninterest income
Salaries and employee benefits 350 313
Occupancy and equipment 108 114
Other 248 211
------------------------
Total noninterest expenses 706 638
------------------------
Income before income taxes 104 92
Income taxes 45 34
------------------------
Net income $ 59 $ 58
========================
Per share data:
Primary:
Average adjusted Common shares outstanding 704,398 660,710
Net income $ 0.08 $ 0.09
Fully diluted:
Average adjusted Common shares outstanding 751,477 713,755
Net income $ 0.08 $ 0.08
</TABLE>
Page 2
<PAGE>
MOUNTAIN BANK HOLDING COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH
FLOWS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1997 1996
(in thousands)
<S> <C> <C>
Net income<loss> $ 59 $ 58
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for possible credit losses 76 10
Depreciation 67 72
Losses on sales of securities available for sale (7) --
Amortization, net of accretion 1 9
Deferred Federal income tax
Gain on loans sold (43) (54)
Originations of loans held for sale (1,997) (2,481)
Proceeds from sales of loans 1,779 2,751
Other (204) (26)
----------------
Net cash provided by (used in) operating activities (269) 339
----------------
Cash Flows from Investing Activities
Net (increase) decrease in Federal funds sold 4,425 175
Purchase of securities available for sale (8,728) (3,302)
Proceeds from maturities and sales
of securities available for sale 4,690 1,100
Increase in loans, net of principal collections (1,233) (992)
Additions to premises and equipment (12) (10)
-----------------
Net cash used in investing activities (858) (3,029)
-----------------
Cash Flows from Financing
Net increase in deposits 1,330 1,848
-----------------
Net cash provided by financing activities 1,330 1,848
-----------------
Net increase (decrease) in cash $ 203 $ (842)
Cash and Due from Banks
Beginning of period 3,651 4,346
-----------------
End of period $ 3,854 $ 3,504
=================
Supplemental Disclosures of Cash Flow Information
Interest Paid $ 511 $ 402
Income Taxes Paid $ 45 $ 45
Supplemental Schedule of Non-Cash Investing and Financing
Activities Increase (decrease) in unrealized loss
on securities available for sale, net of deferred tax -93 -31
</TABLE>
Page 3
<PAGE>
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 March 31, 1997 and the consolidated statements
of income for the three months ended March 31, 1997 and 1996 and the
consolidated statements of cash flows for the three months ended March 31, 1997
and 1996 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, 1996. The results of
operations for the three months ended March 31, 1997 are not necessarily
indicative of the results which may be obtained for the full year ending
December 31, 1997.
NOTE 2 - EARNINGS PER COMMON SHARE
Primary earnings per share is based on the average number of common shares
outstanding, assuming no dilution. Fully diluted earnings per common share is
computed assuming the exercise of stock options
Page 4
<PAGE>
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27 Financial Data Schedule
(b) Reports on Form 8-K:
None
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.
MOUNTAIN BANK HOLDING COMPANY
(Registrant)
Dated: April 25, 1997 /s/ Roy T. Brooks
---------------------------------------
Roy T. Brooks, President and Chief
Executive Officer
Dated: April 25, 1997 /s/ Sheila Brumley
---------------------------------------
Sheila Brumley, Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,854
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,125
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 17,357
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 38,766
<ALLOWANCE> 457
<TOTAL-ASSETS> 65,927
<DEPOSITS> 60,133
<SHORT-TERM> 0
<LIABILITIES-OTHER> 504
<LONG-TERM> 46
0
0
<COMMON> 704
<OTHER-SE> 4,540
<TOTAL-LIABILITIES-AND-EQUITY> 65,927
<INTEREST-LOAN> 942
<INTEREST-INVEST> 246
<INTEREST-OTHER> 66
<INTEREST-TOTAL> 1,254
<INTEREST-DEPOSIT> 517
<INTEREST-EXPENSE> 517
<INTEREST-INCOME-NET> 737
<LOAN-LOSSES> 76
<SECURITIES-GAINS> (7)
<EXPENSE-OTHER> 706
<INCOME-PRETAX> 104
<INCOME-PRE-EXTRAORDINARY> 104
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 59
<EPS-PRIMARY> 0.08
<EPS-DILUTED> 0.08
<YIELD-ACTUAL> 4.67
<LOANS-NON> 117
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5
<ALLOWANCE-OPEN> 391
<CHARGE-OFFS> 10
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 457
<ALLOWANCE-DOMESTIC> 457
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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