<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
WEST TOWN BANCORP, INC.
-----------------------
(Exact name of small business issuer as specified in its charter)
United States 36-3785272
------------- ---------------
(State or other jurisdiction I.R.S. Employer
of incorporation or Identification
organization) Number
4852 WEST 30TH STREET, CICERO, ILLINOIS 60804
- --------------------------------------- ----------
(Address of Principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (708) 652-2000
--------------
Check whether the issuer (1) 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 issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
--------- ________
Transitional Small Business Disclosure Format
Yes No X
_______ ---------
As of February 7, 2000, the issuer had 210,362 shares of Common stock
issued and outstanding.
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Part I. FINANCIAL INFORMATION PAGE
----
Item 1. Financial Statements
Consolidated Statements of Financial Condition
December 31, 1999 (unaudited) and March 31, 1999 3
Consolidated Statements of Income, Three and
Nine Months Ended December 31, 1999 and 1998 (unaudited) 4
Consolidated Statements of Stockholders' Equity
Nine Months Ended December 31, 1999 (unaudited) 5
Consolidated Statements of Cash Flows, Nine
Months Ended December 31, 1999 and 1998 (unaudited) 6
Notes to Financial Statements 7-8
Item 2. Management's Discussion and Analysis or Plan of
Operation 9-13
Part II. OTHER INFORMATION 14
Signatures 15
Index to Exhibits 16
Earnings Per Share Analysis (Exhibit 11) 17
-2-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
December 31, March 31,
------------- ----------
1999 1999
------------- ----------
(unaudited)
Assets
- ------
<S> <C> <C>
Cash and amounts due from depository institutions $ 174,515 244,104
Interest-bearing deposits 9,282,092 7,895,043
----------- ----------
Total cash and cash equivalents 9,456,607 8,139,147
Mortgage-backed securities, held to maturity
(fair value: December 31, 1999 - $627,600;
March 31, 1999 - $954,000) 619,119 937,938
Loans receivable (net of allowance for
loan losses: December 31, 1999 - $56,671;
March 31, 1999 - $52,171) 19,383,710 20,109,900
Stock in Federal Home Loan Bank of Chicago 183,300 177,400
Other investments, available for sale, at fair value 266,250 270,000
Accrued interest receivable 143,802 152,450
Office properties and equipment - net 1,250,789 556,326
Prepaid expenses and other assets 207,533 640,703
----------- ----------
Total assets 31,511,110 30,983,864
=========== ==========
Liabilities and Stockholders' Equity
- ------------------------------------
Liabilities
- -----------
Deposits 26,882,985 26,429,517
Advance payments by borrowers for taxes and insurance 62,791 41,032
Other liabilities 381,813 266,891
----------- ----------
Total liabilities 27,327,589 26,737,440
----------- ----------
Stockholders' Equity
- --------------------
Preferred stock, $.01 par value; authorized
100,000 shares; none outstanding - -
Common stock, $.01 par value; authorized
400,000 shares; 231,928 shares issued and
210,362 shares outstanding at December 31, 1999 and
222,603 shares outstanding at March 31, 1999 2,319 2,319
Additional paid-in capital 1,995,574 1,993,869
Retained earnings, substantially restricted 2,510,075 2,437,026
Accumulated other comprehensive income,
net of income taxes 42,432 44,832
Treasury stock, at cost (21,566 shares at
December 31, 1999 and 9,325 shares at March 31, 1999) (254,657) (107,206)
Common stock acquired by Employee Stock Ownership Plan (112,222) (124,416)
----------- ----------
Total stockholders' equity 4,183,521 4,246,424
----------- ----------
Total liabilities and stockholders' equity $31,511,110 30,983,864
=========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
-3-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
------------------------ ------------------------
1999 1998 1999 1998
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Interest income:
Loans $354,832 364,989 1,082,139 1,120,663
Mortgage-backed securities 11,441 18,764 34,675 65,363
Investment securities 2,750 1,537 5,500 10,330
Interest-bearing deposits 135,841 104,540 363,270 328,852
Dividends on FHLB stock 3,465 2,939 9,410 8,855
-------- ------- --------- ---------
Total interest income 508,329 492,769 1,494,994 1,534,063
-------- ------- --------- ---------
Interest expense:
Deposits 307,260 309,270 909,705 937,140
-------- ------- --------- ---------
Net interest income before
provision for loan losses 201,069 183,499 585,289 596,923
Provision for loan losses 1,500 1,500 4,500 4,500
-------- ------- --------- ---------
Net interest income after
provision for loan losses 199,569 181,999 580,789 592,423
-------- ------- --------- ---------
Non-interest income:
Loan fees and service charges 1,170 2,513 7,785 6,531
Rental income 1,976 2,430 6,836 7,290
Deposit related fees and other income 4,841 5,278 14,516 15,950
-------- ------- --------- ---------
Total non-interest income 7,987 10,221 29,137 29,771
-------- ------- --------- ---------
Non-interest expense:
Staffing costs 99,251 77,017 248,322 227,634
Advertising 4,866 4,038 10,393 9,255
Occupancy and equipment expense 35,725 22,710 105,453 65,866
Data processing 9,021 12,320 26,639 35,996
Federal deposit insurance premiums 3,953 3,677 11,505 11,426
Legal, audit and examination fees 15,766 11,369 47,476 41,787
Other 28,515 10,976 56,779 32,224
-------- ------- --------- ---------
Total non-interest expense 197,097 142,107 506,567 424,188
-------- ------- --------- ---------
Income before income taxes 10,459 50,113 103,359 198,006
Provision for income taxes (benefit) (895) 16,058 30,310 69,900
-------- ------- --------- ---------
Net income $ 11,354 34,055 73,049 128,106
======== ======= ========= =========
Earnings per share - basic $ .06 .16 .36 .61
---- ---- ---- ----
Earnings per share - diluted $ .06 .16 .35 .60
---- ---- ---- ----
Dividends declared per common share $ - - - -
---- ---- ---- ----
</TABLE>
See accompanying notes to consolidated financial statements.
-4-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statements of Changes in Stockholders' Equity
Nine Months Ended December 31, 1999
--------------
(Unaudited)
<TABLE>
<CAPTION>
Accumulated Common
Additional Other Stock
Common Paid-In Retained Comprehensive Treasury Awarded
Stock Capital Earnings Income Stock by ESOP Total
---------- ---------- ------------- -------- --------------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Balance at March 31, 1999 $ 2,319 1,993,869 2,437,026 44,832 (107,206) (124,416) 4,246,424
Comprehensive income:
Net income 73,049 73,049
Other comprehensive income,
net of tax:
Unrealized holding loss
during the period (2,400) (2,400)
------------- -------- ---------
Total comprehensive income 73,049 (2,400) 70,649
------------- -------- ---------
Purchase of treasury stock
(12,241 shares) (147,451) (147,451)
Contribution to fund ESOP loan 1,705 12,194 13,899
--------- --------- ------------- -------- --------- --------- ---------
Balance at December 31, 1999 $ 2,319 1,995,574 2,510,075 42,432 (254,657) (112,222) 4,183,521
========= ========= ============= ======== ========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
-5-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
----------------
Consolidated Statement of Cash Flows
<TABLE>
<CAPTION>
Nine Months Ended
December 31,
----------------------------
1999 1998
---- ----
(unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 73,049 128,106
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation 28,403 19,852
Amortization of cost of stock benefit plans 13,899 13,241
Provision for loan losses 4,500 4,500
Decrease in deferred income (65) (2,285)
Change in current and deferred income tax (26,444) 20,655
(Increase) decrease in accrued interest receivable 8,648 (42,354)
Increase (decrease) in accrued interest payable 38,869 (10,493)
Change in prepaid and accrued items, net 537,017 111,738
----------- ----------
Net cash provided by operating activities 677,876 242,960
----------- ----------
Cash flows from investing activities:
Proceeds from maturities of investment securities - 500,000
Proceeds from repayments of mortgage-backed securities 318,819 550,115
Purchase of investment securities, available for sale - (100,000)
Purchase of Federal Home Loan Bank stock (5,900) -
Disbursements for loans originated or purchased (3,107,990) (7,993,809)
Loan repayments 3,401,764 6,865,519
Participation loans sold 427,981 573,284
Property and equipment expenditures (722,866) (289,985)
----------- ----------
Net cash provided by investing activities 311,808 105,124
----------- ----------
Cash flows from financing activities:
Deposit account receipts 8,559,192 6,664,188
Deposit account withdrawals (8,977,565) (7,152,083)
Interest credited to deposit accounts 871,841 718,563
Increase in advance payments by borrowers
for taxes and insurance 21,759 43,630
Purchase of treasury stock (147,451) (24,000)
----------- ----------
Net cash provided by financing activities 327,776 250,298
----------- ----------
Increase in cash and cash equivalents 1,317,460 598,382
Cash and cash equivalents at beginning of period 8,139,147 7,177,578
----------- ----------
Cash and cash equivalents at end of period $ 9,456,607 7,775,960
=========== ==========
Cash paid during the period for:
Interest $ 870,836 947,633
Income taxes 56,754 45,816
=========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
-6-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
Notes to Financial Statements
Note A - Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements have been
prepared in accordance with instructions to Form 10-QSB and,
therefore, do not include information or footnotes necessary for fair
presentation of financial condition, results of operations and changes
in financial position in conformity with generally accepted accounting
principles. However, in the opinion of management, all adjustments
(which are normal and recurring in nature) necessary for a fair
presentation have been included. The preparation of financial
statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those
estimates. The results of operations for the three and nine month
periods ended December 31, 1999, are not necessarily indicative of the
results which may be expected for the entire year.
Note B - Principles of Consolidation
---------------------------
The accompanying unaudited consolidated financial statements include
the accounts of West Town Bancorp, Inc. (the "Company") and its wholly
owned subsidiary West Town Savings Bank (the "Bank") and the Bank's
wholly owned subsidiary West Town Insurance Agency, Inc. All
significant intercompany accounts and transactions have been
eliminated in consolidation.
Note C - Earnings Per Share
------------------
Earnings per share for the three and nine month periods ended December
31, 1999 and 1998 was determined by dividing net income for the period
by the weighted average number of both basic and diluted shares of
common stock and common stock equivalents outstanding (see Exhibit 11
attached). Stock options are regarded as common stock equivalents and
are therefore considered in diluted earnings per share calculations.
Common stock equivalents are computed using the treasury stock method.
ESOP shares not committed to be released to participants are not
considered outstanding for purposes of computing earnings per share
amounts.
Note D - Industry Segments
-----------------
The Company operates principally in the banking industry through its
subsidiary bank. As such, substantially all of the Company's
revenues, net income, identifiable assets and capital expenditures are
related to banking operations.
-7-
<PAGE>
Notes to Financial Statements (continued)
- -----------------------------------------
Note E - Effect of New Accounting Standards
----------------------------------
In June 1998, the FASB issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities", ("SFAS No. 133") which is effective for fiscal years
beginning after June 15, 1999. The statement requires all derivatives
to be recorded on the balance sheet at fair value. It also establishes
"special accounting" for hedges of changes in the fair value of
assets, liabilities, or firm commitments (fair value hedges), hedges
of the variable cash flows of forecasted transactions (cash flow
hedges), and hedges of foreign currency exposures of net investments
in foreign operations. To the extent the hedge is considered highly
effective, both the change in the fair value of the derivative and the
change in the fair value of the hedged item are recognized (offset) in
earnings in the same period. Changes in fair value of derivatives that
do not meet the criteria of one of these three hedge categories are
included in income.
In September 1999, the FASB issued Statement of Financial Accounting
Standards No. 137 ("SFAS No. 137"), entitled "Accounting for
Derivative Instruments in Hedging Activities--Deferral of the
Effective Date of FASB Statement No. 133". SFAS No. 137 defers the
effective date of SFAS No. 133 from years beginning after June 15,
1999 to all fiscal quarters of all fiscal years beginning after June
15, 2000. Management does not believe that adoption of SFAS No. 133
will have a material impact on the Company's consolidated financial
condition or results of operations.
The foregoing does not constitute a comprehensive summary of all
material changes or developments affecting the manner in which the
Company keeps its books and records and performs its financial
accounting responsibilities. It is intended only as a summary of some
of the recent pronouncements made by the FASB which are of particular
interest to financial institutions.
-8-
<PAGE>
WEST TOWN BANCORP, INC.
AND SUBSIDIARIES
Management's Discussions and Analysis
of Financial Condition and Results of Operations
Financial Condition
- -------------------
The assets of West Town Bancorp, Inc. (the "Company") increased
approximately $527,000, or 1.70%, for the nine month period ended December 31,
1999. This increase was primarily the result of an increase in cash and cash
equivalents held by West Town Savings Bank (the "Bank"), resulting from
repayments of mortgage-backed securities and loans receivable, and increased
deposits during the nine month period ended December 31, 1999.
Net loans receivable decreased $726,000, or 3.61%, for the nine months
ended December 31, 1999. During that period, the Bank originated or purchased
approximately $3.1 million in loans which were exceeded by repayments of $3.4
million and participation loans sold of $428,000.
The Bank experienced an increase in savings deposits for the nine month
period of approximately $453,000, or 1.72%. It is management's belief that part
of the deposit activity for the nine months ended December 31, 1999 can be
attributed to new deposit products.
Stockholders' equity decreased approximately $63,000, or 1.48%, for the
nine month period ended December 31, 1999. This decrease was primarily the
result of the amortization of the cost of the Company's stock benefit plans of
$14,000, and net income for the nine months of $73,000, being more than offset
by the purchase of treasury stock at a cost of $147,000. As of December 31,
1999, the book value per common share outstanding was $19.89.
Analysis of Operations
- ----------------------
A net profit of $11,000 was recognized for the three months ended December
31, 1999 as compared to a net profit of $34,000 for the same period in 1998.
This $23,000 decrease in net income was due primarily to an increase in non-
interest expense of $55,000, partially offset by an increase in net interest
income of $17,000 and a decrease in income taxes of $17,000. The Company's net
income for the nine months ended December 31, 1999 was $73,000 as compared to a
net profit of $128,000 for the nine months ended December 31, 1998. This
$55,000 decrease in net income was due primarily to a $12,000 decrease in net
interest income and an $82,000 increase in non-interest expense, partially
offset by a $39,000 decrease in income taxes.
Interest income increased by $16,000 for the three month period ended
December 31, 1999 compared to the three month period ended December 31, 1998.
This was the result of an increase in the average balance of interest-earning
assets of $1.0 million, partially offset by a decrease in the average yield on
interest-earning assets from 6.84% for the three months ended December 31, 1998
to 6.81% for the three months ended December 31, 1999. Interest income
decreased by $39,000 for the nine month period ended December 31, 1999 compared
to the nine month period ended December 31, 1998. This was the result of a
decrease in the average yield on interest-earning assets from 7.14% for the nine
months ended December 31, 1998 to 6.70% for the nine month period ended December
31, 1999, partially offset by an increase in the average balance of interest-
earning assets of $1.1 million.
-9-
<PAGE>
Analysis of Operations (continued)
- ----------------------------------
Interest expense decreased from $309,000 to $307,000 from the three months
ended December 31, 1998 compared to the same period in 1999. For the nine
months ended December 31, 1998 interest expense was $937,000 as compared to
$910,000 for the same nine months in 1999. These decreases were attributable to
decreases in the average rate paid on interest-bearing liabilities, partially
offset by increases in the average balances of interest-bearing liabilities.
The average rate on average interest-bearing liabilities decreased from 4.85%
and 4.92% for the three and nine months ended December 31, 1998 to 4.58% and
4.55% for the three and nine months ended December 31, 1999. The average
balances increased approximately $1.3 million and $1.3 million for the three and
nine months ended December 31, 1999 as compared to the average balances at
December 31, 1998, respectively.
The Bank calculates any allowance for loan losses based upon its ongoing
evaluation of pertinent factors underlying the types and quality of its loans,
including the risk inherent in its loan portfolio, and other factors such as the
current regulatory and economic environment. Based upon this evaluation, loan
loss provisions are recorded. Provisions of $1,500 and $1,500 were made for the
three month periods ended December 31, 1999 and 1998 respectively, and
provisions of $4,500 and $4,500 were made for the nine month periods ended
December 31, 1999 and 1998 respectively. Management believes that additions to
its provision for loan losses have been appropriate, given the risks inherent in
its loan portfolio, and the current regulatory and economic environment.
Although the Bank believes its allowance for loan losses is at a level which it
considers to be adequate to provide for potential losses, there can be no
assurance that such losses will not exceed the estimated amounts.
Non-interest income decreased by $2,000 for the three months ended December
31, 1999 as compared to the same period in 1998. Non-interest income decreased
by $1,000 for the nine months ended December 31, 1999 as compared to the same
period in 1998. These decreases were primarily attributable to decreases in
loan related fee income and rental income.
Non-interest expense increased from $142,000 to $197,000 from the three
months ended December 31, 1998 to the three months ended December 31, 1999.
Non-interest expense increased from $424,000 to $507,000 from the nine months
ended December 31, 1998 to the nine months ended December 31, 1999. The
increase for the nine month period was primarily the result of increases in
compensation costs of $21,000, occupancy and equipment expenses of $40,000 as a
result of expenditures for the new branch office and other expenses of $25,000,
partially offset by a decrease in data processing expense of $9,000.
The provision for income taxes decreased $17,000 and $39,000 for the three
and nine months ended December 31, 1999, respectively, as compared to the same
periods in 1998. These decreases were attributable to decreases in pre-tax
income in the 1999 periods as compared to the 1998 periods.
-10-
<PAGE>
Liquidity and Capital Resources
At December 31, 1999, the Bank continued to comply with its liquidity
requirements, with an overall liquid asset ratio of 29.75% and a short-term
liquid asset ratio of 25.07%. Management's objectives and strategies for the
Bank have consistently maintained liquidity levels in excess of regulatory
requirements. It is management's intent to continue its efforts to deploy
excess liquidity into mortgage loans and mortgage-backed securities; however,
the success of lending efforts is dependent upon the availability of favorable
loan opportunities and the competition therefor. At December 31, 1999, the Bank
had no outstanding commitments to fund loans, and no commitments to purchase
mortgage-backed securities or other investment securities.
The Bank was in compliance with regulatory capital requirements at December 31,
1999. Capital requirements, ratios, and balances are as follows:
<TABLE>
<CAPTION>
To Be Well-
Capitalized Under
For Capital Prompt Corrective
Actual Adequacy Purposes Action Provisions
-----------------------------------------------------------------------------
Amount Ratio/1/ Amount Ratio/1/ Amount Ratio/1/
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
December 31, 1999
-----------------
Risk-based $ 3,365,947 24.72% $ 1,089,492 8.00% $ 1,361,864 10.00%
Core 3,309,276 10.78 908,322 3.00 1,513,870 5.00
</TABLE>
________________
/1/ Core capital levels are shown as a percentage of total adjusted
assets; risk-based capital levels are shown as a percentage of
risk-weighted assets.
-11-
<PAGE>
Non-Performing Assets
The following table sets forth the amounts and categories of non-performing
assets in the Company's portfolio. Loans are placed on non-accrual status when
principal and interest are 90 days or more past due, unless, in the judgment of
management, the loan is well collateralized and in the process of collection.
Loans are also reviewed monthly and any loan whose collectibility is doubtful is
placed on non-accrual status. Interest accrued and unpaid at the time a loan is
placed on non-accrual status is charged against interest income. Subsequent
payments are either applied to the outstanding principal balance or recorded as
interest income, depending on the assessment of the ultimate collectibility of
the loan. The following table sets forth the Company's non-performing assets as
of the dates indicated.
<TABLE>
<CAPTION>
December 31, March 31,
1999 1999
------------ ---------
<S> <C> <C>
Non-accruing loans:
One-to-four family.................... $ - $ -
Multi-family.......................... - -
Commercial real estate................ - -
Land and construction................. - -
-------- -----
Total non-performing loans.......... - -
-------- -----
Real estate owned..................... - -
-------- -----
Total non-performing assets............ $ - $ -
======== =====
Total as a percentage of total assets.. -% -%
======== =====
</TABLE>
In addition to the non-performing assets set forth in the table above, as of
December 31, 1999, there were no loans with respect to which known information
about the possible credit problems of the borrowers or the cash flows of the
secured properties have caused management to have concerns as to the ability of
the borrowers to comply with present loan repayment terms and which may result
in the future inclusion of such items in the non-performing asset categories.
Management has considered the Company's non-performing and "of concern" assets
in establishing the allowance for loan losses.
-12-
<PAGE>
Impact of Inflation and Changing Prices
The consolidated financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting principles which
require the measurement of financial position and operating results in terms of
historical dollars without considering changes in the relative purchasing power
of money over time due to inflation. The primary impact of inflation on the
operations of the Company is reflected in increased operating costs. Unlike
most industrial companies, virtually all of the assets and liabilities of a
financial institution are monetary in nature. As a result, interest rates,
generally, have a more significant impact on a financial institution's
performance than does inflation. Interest rates do not necessarily move in the
same direction or to the same extent as the prices of goods and services.
Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995
Management's Discussion and Analysis of Financial Condition and Results of
Operations that are not historical facts are forward-looking statements subject
to the safe harbor created by the Private Securities Litigation Reform Act of
1995. The Company cautions readers of this Form 10-QSB that a number of
important factors could cause the Company's actual results in 1999/2000 and
beyond to differ materially from those expressed in any such forward-looking
statements. These factors include, without limitation, the general economic and
business conditions affecting the Company's customers; changes in interest
rates; the adequacy of the Bank's allowance for loan losses; competition from,
among others, commercial banks, savings and loan associations, mutual funds,
money market funds, finance companies, credit unions, mortgage companies, and
the United States Government; limited partnership activities; federal and state
legislation, regulation and supervision of the Bank and its subsidiaries; the
risk of defaults on loans; and contractual, statutory and regulatory
restrictions on the Bank's ability to pay dividends to the Company.
Recent Developments
Construction of the Bank's branch office located in North Riverside,
Illinois has been completed, and the branch office commenced operations on
January 18, 2000.
-13-
<PAGE>
PART II - OTHER INFORMATION
WEST TOWN BANCORP INC.
AND SUBSIDIARIES
Item 1. LEGAL PROCEEDINGS
-----------------
From time to time, the Company and Bank are parties to legal
proceedings in the ordinary course of business, wherein they enforce
their security interest. The Company and Bank are not engaged in any
legal proceedings of a material nature at the present time.
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
---------------------------------------------------
Not applicable
Item 5. OTHER INFORMATION
-----------------
Not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
(a) Computation of earnings per share (Exhibit 11 filed herewith)
(b) No reports on Form 8-K were filed during the quarter ended
December 31, 1999.
-14-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
WEST TOWN BANCORP, INC.
-----------------------
Registrant
DATE: February 7, 2000
BY: /s/ Dennis B. Kosobucki
----------------------------------
Dennis B. Kosobucki
Chairman of the Board,
President and Chief Executive Officer
(Duly Authorized Representative and
Principal Executive Officer)
BY: /s/ Jeffrey P. Kosobucki
----------------------------------
Jeffrey P. Kosobucki
Vice President and Chief Financial Officer
(Principal Financial Officer)
-15-
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Page
- ---------- ----
11 Statement regarding Computation of Earnings Per Share 17
-16-
<PAGE>
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- ------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Income $ 11,354 34,055 73,049 128,106
======== ======= ======= =======
Weighted average shares outstanding 210,415 222,703 217,362 223,148
Reduction for common shares not yet
released by Employee Stock Ownership Plan 11,430 13,082 11,838 13,410
-------- ------- ------- -------
Total weighted average common shares
outstanding for basic computation 198,985 209,621 205,524 209,738
======== ======= ======= =======
Basic earnings per share $ .06 .16 .36 .61
======== ======= ======= =======
Total weighted average common shares
outstanding for basic computation 198,985 209,621 205,524 209,738
Common stock equivalents due to dilutive
effect of stock options 2,643 3,842 2,745 3,840
-------- ------- ------- -------
Total weighted average common shares and
equivalents outstanding
for diluted computation 201,628 213,463 208,269 213,578
======== ======= ======= =======
Diluted earnings per share $ .06 .16 .35 .60
======== ======= ======= =======
</TABLE>
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