UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-KSB40/A
ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 1998
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)
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, 1998 are incorporated by reference into
Parts II and IV hereof. The amendment consists of page 6 of the Annual Report
incorporated as Exhibit 13.1. Page 45 of the 10KSB40 is included to refer to
said exhibit.
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PART IV
ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits Required by Item 601: Page Number
2.1 Plan of Conversion of Northwest Savings Bank (as amended)(1)
3.1 Articles of Incorporation of Registrant (1)
3.2 By-Laws of Registrant(1)
3.3 Stock Articles of Incorporation of Northwest Savings Bank (1)
3.4 By-Laws of Northwest Savings Bank (1)
4.1 Specimen Stock Certificate of Registrant (1)
4.2 Specimen Stock Certificate of Northwest Savings Bank (1)
10.1 Northwest Savings Bank Money Purchase Pension Plan (1)
10.2 Northwest Savings Bank Employee Stock Ownership Plan (1)
10.3 Credit Agreement by and between Northwest Savings Bank
Employee Stock Ownership Trust and Registrant (1)
10.4 Northwest Savings Bank Incentive Plan (as amended) (1)
10.5 1994 Northwest Equity Corp. Stock Option Plan (1)
10.6 Northwest Equity Corp. Incentive Plan (2)
10.7 Northwest Equity Corp. 1995 Stock Option Plan(2)
10.8 Employment Agreement - Mr. Brian L. Beadle (1)
10.9 Employment Agreement - Mr. James L. Moore (1)
11.1 Statement Regarding Computation of Per Share Earnings 48
13.1 1998 Annual Report to Shareholders 49
21.1 Subsidiaries of Registrant 50
23.1 Consent of Wipfli Ullrich Bertelson LLP 51
99.1 Proxy Statement for 1998 Annual Meeting of Shareholders 52
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(1) Incorporated by reference to exhibits filed with Registrant's Form SB-2
Registrant Statement declared effective on August 5, 1994 (Registration
Number 33-73264).
(2) Incoporated by reference to exhibits filed with Registrant's Form S-8
Registration Statement declared effective on January 23, 1996
(Registration Number 333-878).
(b) Reports on Form 8-K
A report on Form 8-K dated January 2, 1998, was filed by the
Registrant during the three months ended March 31, 1998. Item 4. Changes in
Registrant's Certifying Account notified the SEC that Keller and Yoder, the
principal accountants that reported on the consolidated financial statements of
Northwest Equity Corp. and subsidiaries on April 24, 1997; was acquired by
Wipfli Ullrich Bertelson LLP.
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SIGNATURES
In accordance with Section 13 or 15(d) 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.
NORTHWEST EQUITY CORP.
Dated: June 9, 1998 By____/s/Brian L. Beadle______
Brian L. Beadle, President (Principal Executive
Officer and Principal Financial and Accounting
Officer)
In accordance with the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.
Signature Title Date
__/s/Brian L. Beadle President (Principal Executive Officer June 9, 1998
Brian L. Beadle and Principal Financial Accounting
Officer) and Director
__/s/Gerald J. Ahlin Director June 9, 1998
Gerald J. Ahlin
__/s/Verm E. Albrecht Director June 9, 1998
Vern E. Albrecht
__/s/Michael D. Jensen Director June 9, 1998
Michael D. Jensen
__/s/Donald M. Michels Director June 9, 1998
Donald M. Michels
__/s/Norman M. Osero Director June 9, 1998
Norman M. Osero
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<TABLE>
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF
NORTHWEST EQUITY CORP. (CONT.)
Selected Financial Ratios and Other Data: At or For the Fiscal Year
Ended March 31,
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<CAPTION>
Performance Ratios 1998 1997 1996
----------- ----------- ----------
<S> <C> <C> <C>
Return on average assets 1.15% 0.76% 1.06%
Return on average equity 10.02% 6.18% 6.95%
Interest rate spread during period(1) 3.50% 3.51% 3.77%
Net interest margin(1) 3.85% 3.88% 4.26%
Non-interest expense to average assets 2.37 2.84 2.74
Non-interest income to average assets 0.63 0.57 0.60
Average interest-earning assets to
average interest-bearing liabilities 1.07x 1.08x 1.11x
Asset Quality Ratios
Non-performing loans to gross loans(2) 1.76% 1.37% 0.97%
Non-performing assets to total assets(2) 1.57% 1.13% 0.95%
Allowance for loan losses to non-performing
loans(2) 34.87% 43.04% 62.48%
Classified assets to total assets 1.91% 1.40% 0.90%
Net charge-offs to average gross loans 0.11% 0.07% 0.04%
Capital Ratios
Average Equity to average assets 11.51% 12.36% 15.25%
Equity to total assets at end of period 11.66% 11.42% 13.74%
Other Data
Number of deposit accounts 9,519 9,440 8,967
Number of real estate loans outstanding 1,652 1,670 1,532
Number of real estate loans serviced 2,318 2,206 2,031
Number of consumer loans outstanding 1,092 1,108 1,084
Mortgage loan originations (in thousands) $29,720 $29,086 $25,179
Full-service facilities 3 3 3
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<FN>
(1) Interest rate spread represents the difference between the weighted average
yield on interest-earning assets and the weighted average cost of
interest-bearing liabilities. Net interest margin represents net interest
income as a percentage of average interest-earning assets.
(2) Non-performing loans consist of non-accrual loans. Non-performing assets
consists of non-performing loans and foreclosed properties.
</FN>
</TABLE>
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