<PAGE>
UNITED STATES SECURITY AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- - ----- SECURITIES EXCHANGE ACT OF 1934
For the quarter period ended March 31, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE -----
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------- -------
Commission file number 0-22772
---------
WESTERFED FINANCIAL CORPORATION
-------------------------------------------------------
(Exact name of registrant as specified in this charter)
DELAWARE 81-0487794
- - ---------------------------------------- -------------------
(State or other jurisdiction of (IRS Employer ID #)
incorporation or organization
110 East Broadway, Missoula, Montana 59802
- - ---------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code 406-721-5254
-------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subjected to
such filing requirements for the past 90 days.
Yes X No
------- -------
The number of shares outstanding of each of the Issuer's
Classes of Common Stock, as of the latest date is:
Class: Common Stock, Par Value $0.01 per share; Outstanding at March 31, 1996
-- 4,533,752 shares (including restricted shares)
<PAGE>
<TABLE>
<CAPTION>
NINE MONTH PERIOD ENDED
(Unaudited)
-----------------------------
MARCH 31, 1996
-----------------------------
(Dollars in Thousands)
Average Interest
Outstanding Earned/ Yield/
Balance (5) Paid Rate
-----------------------------
<S> <C> <C> <C>
INTEREST-EARNING ASSETS:
Loan receivable (1) (2) $ 340,173 $ 21,034 8.24%
Mortgage-backed securities (2) 138,738 7,155 6.88
Investments (2) 54,457 2,962 7.25
Other interest-earning assets(3) 16,261 572 4.69
Cash surrender value of life insurance 3,021 136 6.00
-----------------------------
Total Interest-Earning Assets $ 552,650 $ 31,859 7.69%
=============================
INTEREST-BEARING LIABILITIES:
Certificates of deposits $ 212,532 $ 9,356 5.87%
Passbook deposits 64,850 1,463 3.01
Demand and NOW accounts 47,163 681 1.93
Money market accounts 24,896 645 3.45
-----------------------------
Total deposits 349,441 12,145 4.63
FHLB advances and notes payable 135,894 6,384 6.26
Collateralized mortgage obligations 1,437 160 14.85
-----------------------------
Total Interest-Bearing Liabilities $ 486,772 $ 18,689 5.12%
=============================
Net interest income $ 13,170
======
Net interest rate spread 2.57%
====
Net interest-earning assets $ 65,878
======
Net interest margin (4) 3.18%
====
Average interest-earning assets to
average interest-bearing liabilities 113.53%
======
</TABLE>
(1) Calculated net of deferred loan fees, loan discounts, loans in process
and loss reserves
(2) Includes held and available-for-sale categories
(3) Includes primarily short-term liquid assets
(4) Net interest income divided by average interest earning assets
(5) Based on average monthly balances
<PAGE>
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:
WESTERFED FINANCIAL CORPORATION
Date May 16, 1996 /s/ Lyle R. Grimes
----------------------- -------------------------------
Lyle R. Grimes
President and Chief Executive
Officer
(Duly Authorized Officer)
Date May 16, 1996 /s/ James A. Salisbury
----------------------- -------------------------------
James A. Salisbury
Treasurer and Chief Financial
Officer
(Principal Finance and
Accounting Officer)
