ALBION BANC CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Nine Months Ended
September 30,
1997 1996
Cash flows from operating activities:
Net Income (loss) $ 256,721 $ (75,738)
Depreciation, amortization and accretion 102,520 108,408
Provision for loan losses 26,414 94,764
Provision for losses on foreclosed real estate 0 41,000
Net gain on sale of mortgage loans (6,717) (5,948)
Net gain on sale of real estate owned (34,492) (32,082)
ESOP expense 35,487 32,479
Net change in loans held for sale 112,474 459,294
Changes in operating assets and liabilities-
Increase (decrease) in other assets 22,365 (226,232)
Increase in other liabilities 78,394 125,409
Net cash provided by operating activities $ 593,166 $ 521,354
Cash flows from investing activities:
Proceeds from the sale of foreclosed real estate 254,586 153,158
Proceeds from maturities of investment securities
held to maturity 3,323,386 1,240,000
Proceeds from maturities and calls of investment
securities available for sale 628,281 758,226
Purchases of investment securities held to maturity (4,600,364) (681,702)
Purchases of investment securities
available for sale 0 (497,372)
Net (increase) decrease in loans receivable (2,866,287) (3,469,057)
(Purchase) redemption of FHLB stock 50,000 104,200
Net purchase of fixed assets (414,082) (55,241)
Net cash used in investing activities (3,724,480) (2,447,788)
Cash flows from financing activities:
Net increase in demand deposits, NOW accounts
and money market accounts 530,117 199,324
Net increase in time deposits 5,842,346 345,703
Proceeds from FHLB and other borrowings 4,000,000 5,500,000
Payment on FHLB advances and other borrowings (4,018,661) (2,517,145)
Net increase in advances from borrowers for
taxes and insurance (408,103) (559,678)
Proceeds from exercise of stock options 0 24,907
Dividends paid (115,332) (77,055)
Purchase of treasury shares 0 (221,595)
Net cash provided by financing activities 5,830,367 2,694,461
Net increase in cash and cash equivalents 2,699,053 768,027
Cash and cash equivalents at beginning of period 2,125,929 2,397,018
Cash and cash equivalents at end of period $4,824,982 $3,165,045
Cash paid during the period for:
Interest $2,151,726 $1,754,616
Income taxes 68,000 20,000
The accompanying notes are an integral part of these consolidated financial
statements.
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 therunto duly authorized.
Albion Banc Corp.
(Registrant)
Dated: November 21, 1997 \s\Jeffrey S. Rheinwald
Jeffrey S. Rheinwald
President and C.E.O.
Dated: November 21, 1997 \s\John S. Kettle
John S. Kettle
Senior VP and Treasurer
Dated: November 21, 1997 \s\Mark F. Reed
Mark F. Reed
Vice President and C.F.O.
