SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
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OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission file number 34-0-25158
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BANCORP CONNECTICUT, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 061394443
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
121 Main Street, Southington, CT 06489
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 860-628-0351
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Indicate by a check 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 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 [_]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date. The number of shares of common
stock, par value $1.00 per share, outstanding on October 28, 1996 was 2,641,449.
(Excluding treasury shares)
<PAGE>
This Amended 10-Q filing is being filed with the Commission for the purpose of
including our Computation of Per Share Earnings (Exhibit 11.1) and our Article 9
Financial Data Schedule both of which were inadvertantly omitted from our
orignial 10-Q filing of November 14, 1996.
<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.
BANCORP CONNECTICUT, INC.
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(Registrant)
Date: November 12, 1996 By: /s/ Robert D. Morton
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Robert D. Morton
Its President and Chief Executive
Officer (A duly authorized officer)
Date: November 12, 1996 By: /s/ Anthony Priore, Jr.
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Anthony Priore, Jr.
Its Treasurer and Secretary
(Chief Accounting Officer)
Exhibit 11.1: Computation of Per Share Earnings
<TABLE>
<CAPTION>
Quarter ended Nine months ended
(dollar amounts in thousands except September 30, September 30,
per share) ------------------------- ----------------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income - primary and fully diluted $1,283 $1,161 $3,757 $3,404
------ ------ ------ ------
Weighted Average Common Stock
and Common Equivalent Stock
Weighted average common stock outstanding 2,691 2,701 2,704 2,696
Assumed conversion (as of the beginning of
each period or upon issuance during a
period) of stock options outstanding at
the end of each period 170 78 147 80
------ ------ ------ ------
Weighted average common stock outstanding -
primary 2,861 2,779 2,851 2,776
------ ------ ------ ------
Weighted average common stock outstanding 2,691 2,701 2,704 2,696
Assumed conversion (as of the beginning of
each period or upon issuance during a
period) of stock options outstanding at
the end of each period 174 94 162 91
------ ------ ------ ------
Weighted average common stock outstanding -
fully diluted 2,865 2,795 2,866 2,787
------ ------ ------ ------
Earnings per Weighted Average Common Share $0.477 $0.430 $1.389 $1.263
------ ------ ------ ------
Earnings per Common and Common Equivalent Share
Primary $0.448 $0.418 $1.318 $1.226
------ ------ ------ ------
Fully Diluted $0.448 $0.415 $1.311 $1.221
------ ------ ------ ------
</TABLE>
Average shares outstanding and per share data have been restated to reflect a
6-for-5 split effected in the form of a stock dividend paid on June 19, 1996
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 4,511
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 500
<TRADING-ASSETS> 250
<INVESTMENTS-HELD-FOR-SALE> 101,495
<INVESTMENTS-CARRYING> 36,509
<INVESTMENTS-MARKET> 36,108
<LOANS> 252,020
<ALLOWANCE> (4,961)
<TOTAL-ASSETS> 402,397
<DEPOSITS> 299,115
<SHORT-TERM> 38,686
<LIABILITIES-OTHER> 3,188
<LONG-TERM> 17,760
0
0
<COMMON> 2,756
<OTHER-SE> 40,892
<TOTAL-LIABILITIES-AND-EQUITY> 402,397
<INTEREST-LOAN> 15,663
<INTEREST-INVEST> 6,230
<INTEREST-OTHER> 327
<INTEREST-TOTAL> 22,220
<INTEREST-DEPOSIT> 9,075
<INTEREST-EXPENSE> 11,252
<INTEREST-INCOME-NET> 10,968
<LOAN-LOSSES> 300
<SECURITIES-GAINS> 307
<EXPENSE-OTHER> 6,404
<INCOME-PRETAX> 5,570
<INCOME-PRE-EXTRAORDINARY> 5,570
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,757
<EPS-PRIMARY> 1.32
<EPS-DILUTED> 1.31
<YIELD-ACTUAL> 7.65
<LOANS-NON> 3,813
<LOANS-PAST> 0
<LOANS-TROUBLED> 1,280
<LOANS-PROBLEM> 11,711
<ALLOWANCE-OPEN> 5,488
<CHARGE-OFFS> 964
<RECOVERIES> 137
<ALLOWANCE-CLOSE> 4,961
<ALLOWANCE-DOMESTIC> 3,486
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,475
</TABLE>
