UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
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 0-24468
Guthrie Savings, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma 73-1452383
(State or other jurisdiction of IRS Employer
incorporation or organization) Identification Number
120 NORTH DIVISION, GUTHRIE, OKLAHOMA 73044
(Address and Zip Code of principal executive offices)
(405) 282-2201
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registration (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 subject 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 August 1, 1997:
$.01 par value common stock 416,839 shares
(Class) (Outstanding)
<PAGE>
GUTHRIE SAVINGS, INC.
INDEX
Page Number
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition as of March 31, 1997 and
June 30, 1997 (unaudited) 1
Statements of Income for the Three Months Ended
June 30, 1996 and 1997 (unaudited) 2
Statement of Cash Flows for the Three Months
Ended June 30, 1996 and 1997 (unaudited) 3-4
Notes to Financial Statements 5-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-12
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults in Senior Securities 13
Item 4. Submission of matters to a vote of security holders 13
Item 5. Other Information 13
Item 6(a)Exhibits 13
Item 6(bReports on Form 8-K 13
SIGNATURES 14
<PAGE>
GUTHRIE SAVINGS, INC.
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
June 30,
March 31, 1997
ASSETS 1997 (unaudited)
------------ ------------
Cash and cash equivalents
<S> <C> <C>
Interest bearing $ 311,624 $ 296,301
Non-interest bearing 211,205 367,905
Held-to-maturity investment securities 8,700,000 8,700,000
Available-for-sale investment securities 2,061,727 2,080,920
Mortgage-backed securities held to maturity 13,273,398 13,011,700
Loans receivable, net 23,461,257 24,470,724
Accrued income receivable 330,277 356,774
Real estate owned and other
repossessed property, net 0 0
Office properties and equipment, net 598,633 592,787
Prepaid expenses and other assets 99,135 107,951
------------ ------------
$ 49,047,256 $ 49,985,062
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $ 34,293,278 $ 34,458,819
FHLB line of credit and advances 6,700,000 7,800,000
Advances from borrowers for taxes and insurance 32,830 70,333
Deferred income 57,956 54,759
Accrued expenses and other liabilities 60,805 61,725
Income taxes
Deferred 79,531 79,871
Current 17,816 79,963
------------ ------------
41,242,216 42,605,470
------------ ------------
Stockholders' Equity
Preferred stock, $.01 par value; 1,000,000
shares authorized, no shares outstanding 0 0
Common stock, $.01 par value; 3,000,000 shares
authorized; 515,125 shares issued and outstanding 5,151 5,151
Additional paid-in capital 4,779,668 4,779,668
Retained income (substantially restricted) 4,392,507 4,523,024
Treasury Stock, at cost (64,766 shares at March 31,1997
and 98,286 shares at June 30, 1997) (881,996) (1,456,025)
Unamortized stock acquired by Employee Stock Ownership Plan (309,075) (309,075)
Unamortized stock acquired by Management Stock Bonus Plan (134,836) (124,723)
Net unrealized gain (loss) on available-for-sale securities (46,379) (38,428)
------------ ------------
Total Stockholders' Equity 7,805,040 7,379,592
------------ ------------
$ 49,047,256 $ 49,985,062
============ ============
</TABLE>
Page 1
<PAGE>
GUTHRIE SAVINGS, INC.
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months ended
June 30,
-----------------------
1996 1997
----------- -----------
(Unaudited) (Unaudited)
INTEREST INCOME
<S> <C> <C>
Interest on loans $519,997 $533,632
Interest and dividends
on investment securities 205,039 182,835
Interest on mortgage-
backed securities 155,469 216,640
-------- --------
Total interest income 880,505 933,107
-------- --------
INTEREST EXPENSE
Deposits 394,141 378,382
Borrowed money 38,422 102,986
-------- --------
Total interest expense 432,563 481,368
-------- --------
Net interest income 447,942 451,739
PROVISION FOR LOSSES
ON LOANS 485 874
-------- --------
Net interest income
after provision for loan losses 447,457 450,865
-------- --------
NON-INTEREST INCOME
Service charges and late fees 44,413 44,468
Other income 6,993 6,841
Gain (loss) from real estate operations 1,301 3,196
-------- --------
52,707 54,505
NON-INTEREST EXPENSE
Compensation and related expenses 148,262 150,717
Occupancy expense 11,367 12,743
Professional fees 28,380 24,619
Federal insurance premium 20,882 5,437
Data processing 22,933 23,537
Bank charges 15,097 13,592
Other expense 49,032 64,358
-------- --------
295,953 295,003
Income before income taxes 204,211 210,367
INCOME TAX EXPENSE 72,000 79,850
-------- --------
Net income $132,211 $130,517
======== ========
PRIMARY:
Earning per share $ .30 $ .32
======== ========
Weighted average common shares
outstanding 445,483 409,565
======== ========
FULLY DILUTED:
Earnings per share $ .30 $ .32
======== ========
Weighted average common shares
outstanding 446,184 410,458
======== ========
DIVIDENDS PER SHARE $ -- $ --
======== ========
</TABLE>
Page 2
<PAGE>
GUTHRIE SAVINGS, INC.
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Three Months Ended June 30,
--------------------------------------
1996 1997
------------- ------------
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income $ 132,211 $ 130,517
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 9,024 7,898
FHLB Stock dividend (9,900) (10,900)
Decrease (increase) in accrued interest receivable (10,937) (26,497)
Increase (decrease) in accrued and deferred
income taxes 72,000 62,145
Increase (decrease) in accrued expenses (10,104) 920
Amortization of premiums and discounts
on investments and loans 2,779 271
Amortization of deferred gain on sale of real estate owned (1,366) (3,197)
Provision for losses on loans and real estate owned 485 874
Amortization related to ESOP and MSBP 10,113 10,113
(Increase) decrease in other assets (17,093) (8,816)
------------- ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 177,212 163,328
------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Net loan (originations) and principal payments
on loans held for investment (233,066) (1,004,909)
Principal repayments on mortgage-backed securities-
held to maturity 375,509 256,869
Acquisition of mortgage-backed investment securities-
held to maturity (1,978,539) 0
Acquisition of held to maturity investment securities (500,000) 0
Maturity of held to maturity investment securities 750,000 0
Acquisition of fixed assets (2,729) (2,052)
------------- ------------
NET CASH PROVIDED (USED)
BY INVESTING ACTIVITIES (1,588,825) (750,092)
------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits (719,276) 164,667
Net increase (decrease) in escrow accounts 19,689 37,503
Proceeds from FHLB advance 3,700,000 3,300,000
Repayments of FHLB advance (1,500,000) (2,200,000)
Cash dividend paid (222,740) 0
Purchase of treasury stock (330,318) (574,029)
------------- ------------
NET CASH PROVIDED (USED)
BY FINANCING ACTIVITIES $ 947,355 $ 728,141
------------- ------------
</TABLE>
Page 3
<PAGE>
Consolidated Statements of Cash Flow (Continued)
<TABLE>
<CAPTION>
NET INCREASE (DECREASE) IN CASH
<S> <C> <C>
AND CASH EQUIVALENTS $ (464,258) $ 141,377
BEGINNING CASH AND CASH EQUIVALENTS 1,402,109 522,829
--------------- --------------
ENDING CASH AND CASH EQUIVALENTS $ 937,851 $ 664,206
=============== ==============
SUPPLEMENTAL DISCLOSURES Cash paid for:
Interest on deposits and advances $ 386,534 $ 477,949
Income taxes 0 17,703
</TABLE>
Page 4
<PAGE>
GUTHRIE SAVINGS, INC.
Notes to Consolidated Financial Statements
(Unaudited)
1. Basis of Presentation
The accompanying unaudited financial statements were prepared in
accordance with the instructions for Form 10-QSB and, accordingly, do not
include all information and disclosures necessary to present financial
condition, results of operations and cash flows of Guthrie Savings, Inc.
(the "Company") and its wholly-owned subsidiary, Guthrie Federal Savings
Bank (the "Bank") in conformity with generally accepted accounting
principles. However, all normal recurring adjustments have been made
which, in the opinion of management, are necessary for the fair
presentation of the financial statements.
The results of operation for the three month period ended June 30, 1997
are not necessarily indicative of the results which may be expected for
the year ending March 31, 1998.
2. Mutual - To - Stock Conversion
On February 8, 1994, the Board of Directors of the Bank adopted a Plan of
Conversion to convert from a state chartered mutual savings and loan
association to a federally chartered stock savings bank with the
concurrent formation of Guthrie Savings, Inc. to act as a holding company
of the Bank (the "Conversion").
At the date of conversion, October 11, 1994, the Company completed the
sale of 515,125 shares of common stock, $.01 par value, through concurrent
subscription and community offerings at $10.00 per share. Included in the
total shares outstanding are 41,210 shares which were purchased by the
Bank's ESOP at $10.00 per share. Net proceeds from the conversion, after
recognizing conversion expenses and underwriting costs of $382,975, were
$4,768,275. From the net proceeds, the company used $2,384,138 to purchase
all of the capital stock of the Bank and $412,100 to fund the purchase of
41,210 shares of the company stock by the ESOP.
Subsequent to the conversion, neither the Bank nor the Company may declare
or pay cash dividends on any of their shares of common stock if the effect
would be to reduce stockholders' equity below applicable regulatory
capital requirements or if such declaration and payment would otherwise
violate regulatory requirements. Additionally, the Bank may not declare or
pay a cash dividend to the Company if the effect would cause the net worth
of the Bank to be reduced below the amount required for the liquidation
account (amounting to $3,410,000 as of date of conversion).
Page 5
<PAGE>
3. Investment Securities
A summary of the Bank's investment securities as of March 31, 1997 and
June 30, 1997 is as follows:
<TABLE>
<CAPTION>
Carrying Value
-------------------------- Market Value
March 31, June 30, June 30,
1997 1997 1997
----------- ----------- -----------
Held-to-maturity:
Bonds, notes and debentures:
<S> <C> <C> <C>
Government Agency Securities $ 8,700,000 $ 8,700,000 $ 8,622,782
----------- ----------- -----------
Total held-to-maturity $ 8,700,000 $ 8,700,000 $ 8,622,782
=========== =========== ===========
Available-for-sale:
Debt securities:
Government Agency Securities $ 1,500,000 $ 1,500,000 $ 1,438,020
Net unrealized loss (70,273) (61,980) 0
----------- ----------- -----------
1,429,727 1,438,020 1,438,020
----------- ----------- -----------
Equity securities:
Stock in Federal Home Loan
Bank 632,000 642,900 642,900
----------- ----------- -----------
632,000 642,900 642,900
----------- ----------- -----------
Total available-for-sale $ 2,061,727 $ 2,080,920 $ 2,080,920
=========== =========== ===========
</TABLE>
4. Mortgage-Backed Securities
All of the Bank's mortgage-backed securities are classified as
held-to-maturity. A summary of the Bank's mortgage-backed securities as of
March 31, 1997 and June 30, 1997 is as follows:
<TABLE>
<CAPTION>
Carrying Value
----------------------------- Market Value
March 31, June 30, June 30,
1997 1997 1997
-------------- -------------- ---------------
Mortgage-Backed Securities (Held-to-Maturity):
<S> <C> <C> <C>
GNMA-ARM's $ 3,114,748 $ 2,987,595 $ 3,048,775
FNMA-ARM's 825,458 801,304 794,160
FHLMC-ARM's 1,376,203 1,338,476 1,336,802
FHLMC-fixed rate 1,380,450 1,356,155 1,350,152
GNMA-fixed rate 388,642 370,774 383,217
FNMA-fixed rate 684,623 667,097 651,040
Collateralized mortgage obligation
-Govt. Agency 5,383,306 5,375,159 5,425,964
------------ ------------- -------------
13,153,430 12,896,560 12,990,110
Unamortized premiums 127,799 123,790
Unearned discounts (7,831) (8,650)
------------ ------------- -------------
Total Mortgage-Backed Securities
(Held-to-Maturity) $ 13,273,398 $ 13,011,700 $ 12,990,110
============ ============= =============
</TABLE>
Page 6
<PAGE>
5. Loan Receivable, Net
A summary of the Bank's loans receivable at March 31, 1997 and June 30,
1997 is as follows:
<TABLE>
<CAPTION>
March 31, June 30,
1997 1997
------------ ------------
Mortgage loans:
<S> <C> <C>
Secured by one to four family residences $ 17,273,266 $ 18,263,600
Secured by other properties 1,958,081 1,907,058
Construction loans 1,790,945 1,595,600
Other 579,276 544,804
------------ ------------
21,601,568 22,311,062
Less:
Unearned discounts and loan fees (72,996) (72,533)
Undisbursed loan proceeds (641,971) (668,257)
Allowance for loan losses (282,444) (282,444)
------------ ------------
Total mortgage loans 20,604,157 21,287,828
------------ ------------
Consumer and other loans:
Loans on deposits 403,099 433,921
Home equity and second mortgage 1,222,531 1,194,777
Other 1,325,718 1,646,853
------------ ------------
2,951,348 3,275,551
Less:
Allowances for loan losses (94,248) (92,655)
------------ ------------
Total consumer and other loans 2,857,100 3,182,896
Net Loans Receivable $ 23,461,257 $ 24,470,724
============ ============
</TABLE>
A summary of the Bank's allowance for loan losses for the periods
indicated is as follows:
<TABLE>
<CAPTION>
Three Months Ended
June 30,
----------------------
1996 1997
--------- ---------
<S> <C> <C>
Balance, beginning $ 391,189 $ 376,692
Provision charged
to operations 485 874
Loans charged off,
net of recoveries (6,072) (2,467)
--------- ---------
$ 385,602 $ 375,099
========= =========
</TABLE>
Page 7
<PAGE>
6. Real Estate Owned or in Judgement, Including In-Substance Foreclosures and
Other Repossessed Property:
As of June 30, 1997 and March 31, 1997 the Company has no real estate
owned or other repossessed property.
7. Financial Instruments With Off Balance-Sheet Risk/Commitments
The bank is a party to financial instruments with off-balance-sheet risk
in the normal course of business to meet the financial needs of its
customers and to reduce its own exposure to fluctuations in interest
rates. These financial instruments include commitments to extend credit
and commitments to sell investments. These instruments involve, to varying
degrees, elements of credit and interest rate risk in excess of the amount
recognized in the Statement of Financial Condition. The contract or
notional amounts of those instruments reflect the extent of involvement
the Bank has in particular classes of financial instruments.
The Bank's exposure to credit loss in the event of non-performance by the
other party to the financial instrument for loan commitments is
represented by the contractual notional amount of those instruments. The
Bank uses the same credit policies in making commitments as it does for
on-balance-sheet instruments.
At June 30, 1997, the Bank had outstanding commitments to fund real estate
loans of $243,880. The $243,880 in commitments is for 4 loans, $210,000
to fund a fixed rate construction loan (rate to be set at closing) in
October of 1997, the balance of $33,880 is made up of commitments to
modify three existing mortgage loans. All three will be fixed rate loans
with two at 7.75% ($17,380) and one loan at 7.50% ($16,500).
8. Earnings Per Share
Earnings per share for the three months ended June 30, 1996 and June 30,
1997, was computed by dividing net income by the weighted average number
of common shares outstanding, which is adjusted for unallocated shares
acquired by the Employee Stock Ownership Plan, Treasury Stock repurchased,
and other common stock equivalents.
Page 8
<PAGE>
Guthrie Savings, Inc.
Part I - Financial Information
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
General:
Guthrie Savings, Inc. (the "Company") was organized in May 1994 as the
holding company for Guthrie Federal Savings Bank (the "Bank"). The Company
issued its common stock in a Subscription and Community Offering in connection
with the conversion of Guthrie Federal Savings Bank from a federally chartered
mutual savings and loan association to a federally chartered stock savings bank
and the issuance of all of the Bank's outstanding capital stock to the Company.
The Offering closed on October 11, 1994 with the issuance of 515,125 shares of
common stock in Guthrie Savings, Inc.
Apart from the operations of the Bank, the Company did not engage in any
significant operations during the quarter ended June 30, 1997. The Bank is
primarily engaged in the business of accepting deposits from the general public
and using these funds to originate traditional real estate loans on one-to-four
family dwellings along with consumer loans. When deposit inflows exceeds loan
demand, the Bank will also purchase mortgage-backed securities and investment
securities.
Management Strategy:
Management's strategy has been to enhance earnings and profitability and
increase capital while maintaining asset quality. The Bank's lending strategy
has historically focused on the origination of traditional one-to-four family
mortgage loans with the primary emphasis on single family residences in the
Logan County area. Its secondary focus has been on consumer loans, second
mortgage loans and deposit loans and when available funds exceed loan demand,
the purchase of mortgage-backed securities and investment securities. This
focus, along with the adherence to underwriting standards, is designed to reduce
the risk of loss on the loan portfolio. The lack of diversification in its loan
portfolio structure does increase the Bank's portfolio concentration risk by
making the value of the portfolio more susceptible to declines in real estate
values in its market area. Management has made an effort to mitigate this risk
through the acquisition of mortgage-backed securities.
Page 9
<PAGE>
Results of Operations: Comparison of the three months ended June 30, 1996 and
1997.
Net income for the three months ended June 30, 1996 compared to the three
months ended June 30, 1997 was fairly stable showing a decrease of $1,694 or
1.28%.
Net interest income before provision for losses on loans, for the three
months ended June 30, 1997 increased $3,797 or 0.85% compared to the three
months ended June 30, 1996, from $447,942 to $451,739. This increase was mainly
due to decreased costs of deposits and matching spreads on new investments with
additional borrowings. These spreads were matched with similar base rates and
maturity dates to insure that the spread on the earnings and cost were in place
for the term of the securities. Interest expense on deposits decreased $15,759
or 4.00%, due to the lowering of passbook and Demand Deposit Account rates. This
decrease in interest was offset by an increase in interest expense on borrowed
money of $64,564. Components of total interest income changed due to related
changes in the balance sheet structure. Interest income increased $52,602 due to
funding new loans and new purchases of mortgage backed securities.
Provision for loan losses increased from $485 for the three months ended
June 30, 1996 to $874 for the three months ended June 30, 1997. This increase
was based on management's evaluation of the adequacy of the allowance for loan
losses.
Non-interest income increased $1,798 or 3.41% from $52,707 for the three
months ended June 30, 1996 to $54,505 for the three months ended June 30, 1997.
This increase was primarily due to amortization of the deferred gain on sales of
real owned property, due to a loan pay off in the three months ended June 30,
1997.
Non-interest expense decreased $950 or 0.32% from $295,953 for the three
months ended June 30, 1996 to $295,003 for the three months ended June 30, 1997.
This nominal decrease in non-interest expense for the three months ended June
30, 1997 was the combination of a decrease in SAIF insurance premiums off set by
an increase in other expenses. The SAIF insurance assessment was reduced
beginning January 1, 1997 to approximately 6.4 basis points of deposits on an
annual basis from the previous level of 23 basis points.
Page 10
<PAGE>
Liquidity and Capital Resources:
The Bank is required under applicable federal regulations to maintain
specified levels of "liquid" investments in qualifying types of U. S.
Government, federal agency and other investments having maturities of five years
or less. Current Office of Thrift Supervision ("OTS") regulations require that
the bank maintain liquid assets of not less than 5% of its average daily balance
of net withdrawable deposit accounts and borrowings payable in one year or less.
Guthrie's liquidity ratio was 21.23% at June 30, 1997. Management manages its
liquidity ratio to meet its funding needs for deposit outflows, loan principal
disbursements, operating expenses, and disbursements of payments collected from
borrowers for taxes and insurance. The Bank also manages its liquidity ratio to
meet its asset/liability management objectives.
The Bank's primary sources of funds are deposits, amortization and
prepayment of loans and mortgage-backed securities, maturities of investment
securities and funds provided by operations. In addition the Bank may borrow
funds from time to time from the Federal Home Loan Bank of Topeka. At June 30,
1997 the Bank had $1,800,000 borrowed on its line of credit from the Federal
Home Loan Bank. The available line of credit currently is set at $2,500,000 with
an adjustable interest rate. The Bank draws against the line to meet current
liquidity needs. Besides the line of credit the Bank has a fixed rate advance of
$2,000,000 and $4,000,000 in adjustable rate advances at the Federal Home Loan
Bank of Topeka outstanding at June 30, 1997.
These term borrowings from the Federal Home Loan Bank of Topeka are part
of a strategy to increase current income and match the balance sheet position.
Funds from the borrowings have been used to purchase Collateralized Mortgage
Obligations with similar base rates and reprice dates to insure that the spread
on the earnings and cost are in place for the estimated term of the securities.
Scheduled loan repayments and maturing investment securities are a
relatively predictable source of funds. However, savings deposit flows and
prepayments of loans and mortgage-backed securities are influenced significantly
by changes in market interest rates, economic conditions and competition.
Management strives to manage the pricing of its deposits to maintain the
required projected cash needs. In some instances though, advances and lines of
credit provide lower incremental costs of funds than pricing deposits to attract
the new funds. Management decided at the one year maturity of a promotional
account started in April 1995 not to extend this promotion. This decision
prompted some loss in certificate of deposit accounts, though not a significant
number. A review of pricing of accounts lead to the decision to lower Now
account rates and Savings statement rates which lead to an increase in net
interest income with little potential loss of deposit accounts.
The Bank invests its excess funds in overnight deposits with the Federal
Home Loan Bank of Topeka, which generally provides liquidity to meet lending
requirements and savings withdrawal funding requirements. When warranted, cash
in excess of immediate funding needs is invested into longer-term investments
and mortgage-backed securities which typically earn a higher yield than
overnight deposits, some of which may also qualify as liquid investments under
current OTS regulations. At June 30, 1997 cash and cash equivalents were
$664,206 up from $522,829 at March
Page 11
<PAGE>
31, 1997.
The Bank is required to maintain specified amounts of capital pursuant to
the Financial Institutions Reform, Recovery and Enforcement Act of 1989
("FIRREA") and regulations promulgated by OTS thereunder. The capital standards
generally require the maintenance of regulatory capital sufficient to meet a
tangible capital requirement, a core capital requirement, and a risk-based
capital requirement. These standards require financial institutions to have
minimum regulatory capital equal to 1.5% of tangible assets; minimum core
capital equal to 3.0% of adjusted tangible assets; and risk-based capital equal
to 8.0% of risk-based assets. At June 30, 1997 the Bank's capital requirements
and actual capital under the OTS regulations are as follows:
<TABLE>
<CAPTION>
Amount Percent
(thousands) of Assets
----------- ---------
Tangible capital:
<S> <C> <C>
Actual $6,743 13.48%
Required 750 1.50%
------ -----
Excess $5,993 11.98%
====== =====
Core capital:
Actual $6,743 13.48%
Required 1,501 3.00%
------ -----
Excess $5,242 10.48%
====== =====
Risk-based capital:
Actual $7,004 33.61%
Required 1,667 8.00%
------ -----
Excess $5,337 25.61%
====== =====
</TABLE>
Page 12
<PAGE>
GUTHRIE SAVINGS, INC.
Part II - Other Information
Item 1. Legal Proceedings
Not applicable
Item 2. Changes in Securities
Not applicable
Item 3. Defaults upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
At the annual meeting held July 22, 1997, the following items were
submitted to a vote of stockholders:
1. William L. Cunningham and A.R. Powell Jr. were elected as directors.
The results of the vote are as follows:
Votes for Votes Withheld
--------- --------------
William L. Cunningham 354,141 0
A.R. Powell Jr. 353,591 550
H. Stephen Ochs, Keith Camerer, and James V. Seamans continue as
directors of the Company.
2. Ratification of Regier Carr & Monroe, L.L.P. as the Company's
auditors for the fiscal 1998 year.
Votes for 348,791
Votes against 0
Votes Abstaining 5,350
Item 5. Other Information
Not applicable
Item6.(a) Exhibit 11-Statement regarding computation of Earnings Per Share
Included in exhibit 11 is detail on computation of earnings per share.
Item 6.(b)Reports on Form 8 - K
Not applicable
Page 13
<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.
GUTHRIE SAVINGS, INC.
Date August 07, 1997 By /s/ William L. Cunningham
------------------- -------------------------
William L. Cunningham
President and Chief Executive Officer
(Duly Authorized Representative)
Date August 07, 1997 By /s/ Kimberly D. Walker
------------------- ----------------------
Kimberly D. Walker
Treasurer
(Principal Financial and Accounting
Officer)
EXHIBIT 11
<PAGE>
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Ended
June 30,
----------------------
1996 1997
-------- ---------
Primary:
Weighted average common
<S> <C> <C>
shares outstanding 515,125 515,125
Dilutive effect of stock options 1,870 9,314
Average unallocated ESOP shares (35,029) (30,908)
Weighted average treasury
shares purchased (36,483) (83,966)
--------- ---------
Weighted average shares outstanding 445,483 409,565
Fully diluted:
Weighted average common
shares outstanding 515,125 515,125
Dilutive effect of stock options 2,571 10,207
Average unallocated ESOP shares (35,029) (30,908)
Weighted average treasury
shares purchased (36,483) (83,966)
--------- ---------
Weighted average shares outstanding 446,184 410,458
Net earnings $ 132,211 $ 130,517
========= =========
Earning per share:
Primary $ .30 $ .32
========= =========
Fully diluted $ .30 $ .32
========= =========
</TABLE>
Beginning with the completed stock offering date of October 11, 1994, the
Company accounts for the 41,210 shares acquired by the Employee Stock Ownership
Plan ("ESOP") in accordance with Statement of Position 93-6. In accordance with
this statement, shares controlled by the ESOP are not considered in the weighted
average shares outstanding until the shares are committed for allocation.
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<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 368
<INT-BEARING-DEPOSITS> 296
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2,081
<INVESTMENTS-CARRYING> 21,712
<INVESTMENTS-MARKET> 21,613
<LOANS> 24,846
<ALLOWANCE> (375)
<TOTAL-ASSETS> 49,985
<DEPOSITS> 34,459
<SHORT-TERM> 7,104
<LIABILITIES-OTHER> 347
<LONG-TERM> 696
0
0
<COMMON> 5
<OTHER-SE> 7,375
<TOTAL-LIABILITIES-AND-EQUITY> 49,985
<INTEREST-LOAN> 534
<INTEREST-INVEST> 399
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<INTEREST-TOTAL> 933
<INTEREST-DEPOSIT> 378
<INTEREST-EXPENSE> 481
<INTEREST-INCOME-NET> 452
<LOAN-LOSSES> 1
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 295
<INCOME-PRETAX> 210
<INCOME-PRE-EXTRAORDINARY> 131
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 131
<EPS-PRIMARY> .32
<EPS-DILUTED> .32
<YIELD-ACTUAL> 3.13
<LOANS-NON> 509
<LOANS-PAST> 0
<LOANS-TROUBLED> 819
<LOANS-PROBLEM> 930
<ALLOWANCE-OPEN> 377
<CHARGE-OFFS> 3
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 375
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 375
</TABLE>
