UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 10-KSB
ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 1997
Commission file number 0-24606
NORTHWEST EQUITY CORP.
(Exact name of small business issuer as specified in its charter)
Wisconsin 39-1772981
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
234 Keller Avenue South
Amery, Wisconsin 54001
(Address of principal executive offices) (Zip code)
(715) 268-7105
(Registrant's telephone number, including area code)
Check whether the issuer (1) has 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 report(s) and
(2) has been subject to such filing requirements for the past 90 days.
(1) Yes __x__ No_____
(2) Yes __x__ No_____
Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. x
State issuer's revenues for its most recent fiscal year: $8,023,000
(Total interest and dividend income and total non-interest income).
As of May 31, 1997 there were issued and outstanding 838,754 shares of
Common Stock of the Registrant. The aggregate market value of the voting stock
held by non-affiliates of the Registrant, computed by reference to the average
of the bid and asked price of such shares of Common Stock as of May 31, 1997,
was $12.3 million. Solely for purposes of this calculation, all executive
officers and directors of the Registrant are considered to be affiliates; also
included as "affiliate shares" are certain shares held by various employee
benefit plans in which the trustee are directors of the Registrant or are
required to vote a portion of unallocated shares at the direction of executive
officers or directors of the Registrant. The exclusion from such amount of the
market value of the shares owned by any person shall not be deemed an admission
by the Registrant that such person is an affiliate of the Registrant.
DOCUMENTS INCORPORATED BY REFERENCE
Parts II and IV of Form 10-KSB: Portions of the Annual Report to Shareholders
for the fiscal year ended March 31, 1997 are incorporated by reference into
Parts II and IV hereof.
Part III of Form 10-KSB: Portions of the Proxy Statement for the 1997 Annual
Meeting of Shareholders are incorporated by reference into Part III hereof.
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<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,259
<INT-BEARING-DEPOSITS> 1,721
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2,752
<INVESTMENTS-CARRYING> 7,421
<INVESTMENTS-MARKET> 7,308
<LOANS> 77,655
<ALLOWANCE> 461
<TOTAL-ASSETS> 95,097
<DEPOSITS> 61,557
<SHORT-TERM> 9,287
<LIABILITIES-OTHER> 584
<LONG-TERM> 12,810
0
0
<COMMON> 1,033
<OTHER-SE> 9,826
<TOTAL-LIABILITIES-AND-EQUITY> 95,097
<INTEREST-LOAN> 6,702
<INTEREST-INVEST> 790
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 7,492
<INTEREST-DEPOSIT> 2,884
<INTEREST-EXPENSE> 4,072
<INTEREST-INCOME-NET> 3,420
<LOAN-LOSSES> 81
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,643
<INCOME-PRETAX> 1,227
<INCOME-PRE-EXTRAORDINARY> 710
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 710
<EPS-PRIMARY> .84
<EPS-DILUTED> .84
<YIELD-ACTUAL> 3.51
<LOANS-NON> 1,062
<LOANS-PAST> 9
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 433
<CHARGE-OFFS> 75
<RECOVERIES> 22
<ALLOWANCE-CLOSE> 461
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
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</TABLE>
