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Previous: SELECT LIFE VARIABLE ACCOUNT, 497, 1997-07-23 |
Next: TCW DW BALANCED FUND, 485BPOS, 1997-07-23 |
<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 June 30, 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: 706,296 (June 30, 1997)
------------------------
Transitional Small Business Disclosure Format: Yes X No________
-----
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following Consolidated Financial Statements are presented for the
Registrant, Mountain Bank Holding Company, and its wholly owned subsidiary, Mt.
Rainier National Bank.
PAGE:
1. Consolidated Balance Sheet for June 30, 1997 and December 31, 1996
2. Consolidated Statements of Income for the three months and the six months
ended June 30, 1997 and 1996
3. Consolidated Statements of Cash Flows for the six months ended June 30, 1997
and 1996.
4. Notes to consolidated financial statements.
<PAGE>
MOUNTAIN BANK HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
(in thousands)
<S> <C> <C>
Assets
Cash and due from banks $ 3,022 $ 3,651
Federal funds sold 3,550 7,550
Securities available for sale 19,422 13,455
Loans held for sale 152 -
Loans 38,841 37,543
Less allowance for possible credit losses (476) (391)
-----------------------------------------
Loans, net 38,365 37,152
-----------------------------------------
Premises and equipment 2,101 2,206
Accrued interest receviable and other assets 762 547
-----------------------------------------
Total assets $ 67,374 $ 64,561
=========================================
Liabilities
Deposits:
Non-interest bearing $ 8,598 $ 8,565
Interest bearing 44,781 43,442
Certificates of deposit of $100,000 and over 6,238 6,797
-----------------------------------------
Total deposits 59,617 58,804
-----------------------------------------
Other borrowed money 1,800
Long-term debt 46 46
Accrued interest and other liabilities 414 433
-----------------------------------------
Total liabilities 61,877 59,283
-----------------------------------------
Shareholders' Equity
Common stock (par value $1); authorized 5,000,000
shares; issued and outstanding: 1997 - 706,296 shares;
1996 - 704,398 shares 706 704
Paid-in capital 3,986 3,969
Retained earnings 835 630
Net unrealized gain (loss) on securities
available for sale, net of tax (30) (25)
-----------------------------------------
Total shareholders' equity 5,497 5,278
-----------------------------------------
Total liabilities and shareholders' equity $ 67,374 $ 64,561
=========================================
</TABLE>
See notes to consolidated financial statements
Page 1
<PAGE>
MOUNTAIN BANK HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------------------------------------------
1997 1996 1997 1996
(in thousands, except per share data) (in thousands, except per share data)
<S> <C> <C> <C> <C>
Interest Income
Loans $ 1,002 $ 835 $ 1,944 $ 1,646
Securities available for sale 309 148 555 275
Federal funds sold 21 17 87 64
-------------------------------------------------------------------------------
Total interest income 1,332 1,000 2,586 1,985
Interest Expense
Deposits 527 406 1,044 815
Long term debt 2 2 2 2
-------------------------------------------------------------------------------
Total 529 408 1,046 817
-------------------------------------------------------------------------------
Net interest income 803 592 1,540 1,168
Provision for possible credit losses (24) (10) (100) (20)
-------------------------------------------------------------------------------
Net interest income after provision for possible 779 582 1,440 1,148
-------------------------------------------------------------------------------
credit losses
Non-interest income
Service charges on deposit accounts 93 90 178 175
Origination fees and gains on loans sold 54 58 97 112
Loss on securities sales (5) (1) (12) (1)
Other 37 28 65 54
-------------------------------------------------------------------------------
Total non-interest income 179 175 328 340
-------------------------------------------------------------------------------
Non-interest income
Salaries and employee benefits 359 330 709 643
Occupancy and equipment 113 105 221 219
Other 253 236 501 448
-------------------------------------------------------------------------------
Total non-interest expenses 725 671 1,431 1,310
-------------------------------------------------------------------------------
Income before income taxes 233 86 337 178
Income taxes (87) (36) (132) (70)
-------------------------------------------------------------------------------
Net income $ 146 $ 50 $ 205 $ 108
===============================================================================
Per share data:
Primary:
Average adjusted Common shares outstanding 705,031 661,440 704,714 661,075
Net income $ 0.21 $ 0.06 $ 0.29 $ 0.14
Fully diluted:
Average adjusted Common shares outstanding 752,110 714,485 751,793 714,120
Net income $ 0.19 $ 0.06 $ 0.27 $ 0.13
</TABLE>
See notes to consolidated financial statements
Page 2
<PAGE>
MOUNTAIN BANK HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
--------------------------------------
1997 1996
(in thousands)
<S> <C> <C>
Net income $ 205 $ 108
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for possible credit losses 100 20
Depreciation 135 143
Losses on sales of securities available for sale 12 1
Amortization, net of accretion (1) 17
Deferred Federal income tax - -
Gain on loans sold (97) (38)
Originations of loans held for sale (3,974) (5,376)
Proceeds from sales of loans 3,919 5,706
Other (244) 83
--------------------------------------
Net cash provided by (used in) operating activities 55 664
--------------------------------------
Cash Flows from Investing Activities
Net decrease in Federal funds sold 4,000 1,825
Purchase of securities available for sale (11,475) (5,048)
Proceeds from maturities and sales of securities available for sale 5,502 2,452
Increase in loans, net of principal collections (1,313) (2,766)
Additions to premises and equipment (30) (31)
--------------------------------------
Net cash used in investing activities (3,316) (3,568)
--------------------------------------
Cash Flows from Financing
Net increase in deposits 813 1,886
Increase in other borrowed money 1,800
Repayment of long term debt (47)
Common stock sold 19 6
--------------------------------------
Net cash provided by financing activities 2,632 1,845
--------------------------------------
Net decrease in cash $ (629) $ (1,059)
Cash and Due from Banks
Beginning of period 3,651 4,346
--------------------------------------
End of period $ 3,022 $ 3,287
======================================
Supplemental Disclosures of Cash Flow Information
Interest Paid $ 1,059 $ 402
Income Taxes Paid $ 205 $ 45
Supplemental Schedule of Non-Cash Investing and Financing Activities
Increase (decrease) in unrealized loss on securities available for sale,
net of deferred tax -5 -31
</TABLE>
See notes to consolidated financial statements
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 for interim financial information and
with instructions to form 10-KSB and Rule 10-01 of Regulation S-X. Accordingly
they do not include all the information and footnotes required by generally
accepted accounting principles for complete financial statements. Significant
intercompany transactions and amounts have been eliminated.
In the opinion of management, all adjustments necessary for a fair presentation
are included. 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 six months ended June
30, 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 - OTHER INFORMATION
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: July 16, 1997 /s/ Roy T. Brooks
-----------------------------
Roy T. Brooks, President and Chief
Executive Officer
Dated: July 16, 1997 /s/ Sheila Brumley
------------------
Sheila Brumley, Chief Financial
Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,022
<INT-BEARING-DEPOSITS> 3,550
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 19,422
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 38,841
<ALLOWANCE> 476
<TOTAL-ASSETS> 67,374
<DEPOSITS> 59,617
<SHORT-TERM> 1,800
<LIABILITIES-OTHER> 414
<LONG-TERM> 46
0
0
<COMMON> 706
<OTHER-SE> 4,791
<TOTAL-LIABILITIES-AND-EQUITY> 67,374
<INTEREST-LOAN> 1,944
<INTEREST-INVEST> 555
<INTEREST-OTHER> 87
<INTEREST-TOTAL> 2,586
<INTEREST-DEPOSIT> 1,044
<INTEREST-EXPENSE> 1,046
<INTEREST-INCOME-NET> 1,540
<LOAN-LOSSES> 100
<SECURITIES-GAINS> (12)
<EXPENSE-OTHER> 1,431
<INCOME-PRETAX> 337
<INCOME-PRE-EXTRAORDINARY> 337
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 205
<EPS-PRIMARY> 0.29
<EPS-DILUTED> 0.27
<YIELD-ACTUAL> 5.26
<LOANS-NON> 106
<LOANS-PAST> 70
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5
<ALLOWANCE-OPEN> 391
<CHARGE-OFFS> 15
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 476
<ALLOWANCE-DOMESTIC> 476
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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