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Previous: AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVL, 497, 1997-02-06 |
Next: ROYAL SILVER MINES INC, 8-K, 1997-02-06 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K AMENDMENT #2
Pursuant to Section 13 of 15 (d) of
the Securities Exchange Act of 1934
November 1, 1996
------------------
(Earliest Event Reported)
ISB Financial Corporation
-------------------------
(Exact Name of Registrant as
Specified in its Charter)
Lousisiana 0-25756 72-1280718
- ------------------------------ --------------------- ---------------------
(State or orther jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification number)
1101 East Admiral Doyle Drive
New Iberia, Louisiana 70560
-----------------------------------------
(Address of principal executive office)
(318) - 365 - 2361
-----------------------------------------
(Registrant's telephone number, including area code)
<PAGE>
ITEM 2. ACQUISITION OF ASSETS
On October 18, 1996, ISB Financial Corporation completed its
acquisition of Jefferson Bancorp, Inc. and its subsidiary, Jefferson Federal
Savings Bank of Gretna, Louisiana. Jefferson Federal Savings Bank will
continue to operate as a subsidiary of ISB Financial Corporation under the
name of Jefferson Bank.
Jefferson Bancorp, Inc. shareholders received $23.00 in cash for each
share of common stock owned. In completing the acquisition, ISB Financial
Corporation paid $47.0 million in cash to Jefferson Bancorp, Inc. shareholders.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
b) Pro Forma Financial Information
Pro Forma Combining Statement of Income For The Year Ended
December 31, 1995.
Notes to Pro Forma Combining Statement of Income
<PAGE>
SIGNATURE
Pursuant to the reuqirements of the Securities Exchange Act of 1934, as
amended, Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ISB FINANCIAL CORPORATION
Dated: February 4, 1997 By: /s/ William M. Lahasky
------------------------- -----------------------------
William M. Lahasky
Vice President & Chief Financial Officer
<PAGE>
ISB FINANCIAL CORPORATION AND SUBSIDIARIES
Pro Forma Combining Statement of Income
For The Year Ended December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
ISB Financial Jefferson Pro Forma Pro Forma
Corporation Bancorp, Inc. Adjustments Combined
------------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
Interest Income:
Loans $32,830 $5,177 $38,007
Investment Securities Available for Sale 4,535 0 (739) a 3,796
Investment Securities Held to Maturity 52 5,679 5,731
Mortgage-Backed Securities Held to Maturity 2,842 6,069 (505) b 8,406
Interest-Bearing Deposits 1,842 459 (1,586) c 715
------------- ------------- ----------- -----------
Total Interest Income 42,101 17,384 (2,830) 56,655
------------- ------------- ----------- -----------
Interest Expense:
Deposits 20,243 8,621 28,864
Federal Home Loan Bank Advances 1,039 0 1,039
------------- ------------- ----------- -----------
Total Interest Expense 21,282 8,621 0 29,903
------------- ------------- ----------- -----------
Net Interest Income 20,819 8,763 (2,830) 26,752
Provision for Loan Losses 239 101 340
------------- ------------- ----------- -----------
Net Interest Income After Provision for
Loan Losses 20,580 8,662 (2,830) 26,412
------------- ------------- ----------- -----------
Noninterest Income:
Service Charges on Deposit Accounts 1,525 922 2,447
Late Charges and Other Fees on Loans 635 42 677
Dividends on FHLB Stock 233 92 325
Other Income 508 145 653
------------- ------------- ----------- -----------
Total Noninterest Income 2,901 1,201 0 4,102
------------- ------------- ----------- -----------
Noninterest Expense:
Salaries and Employee Benefits 6,324 3,311 9,635
SAIF Deposit Insurance Premium 998 525 1,523
Depreciation Expense 774 236 1,010
Occupancy Expense 816 235 1,051
Net Costs (Income) of Other Real Estate (30) (11) (41)
Amortization of Goodwill 0 0 1,343 d 1,343
Other 3,811 1,784 5,595
------------- ------------- ----------- -----------
Total Noninterest Expense 12,693 6,080 1,343 20,116
------------- ------------- ----------- -----------
Income (Loss) Before Income Taxes 10,788 3,783 (4,173) 10,398
Income Taxes (Benefit) 3,781 1,109 (1,075) e 3,815
------------- ------------- ----------- -----------
Net Income (Loss) $7,007 $2,674 ($3,098) $6,583
------------- ------------- ----------- -----------
------------- ------------- ----------- -----------
</TABLE>
<PAGE>
ISB FINANCIAL CORPORATION AND SUBSIDIARIES
Notes To Pro Forma Combining Statement of Income
a) Reflects the elimination of interest income on investment securities
available for sale based on an average yield of 6.07% for the year ended
December 31, 1995.
b) Reflects the elimination of interest income on mortgage backed securities
based on an average yield of 6.56% for the year ended December 31, 1995.
c) Reflects the elimination of interest income on interest bearing deposits
based on an average yield of 5.56% for the year ended December 31, 1995.
d) Reflects the amortization of core deposit intangibles and goodwill. Core
deposit intangibles are amortized over 8 years using the sum of the quarters
digits method and goodwill is amortized over 25 years using the straight line
method.
e) Reflects the income tax benefit due to reduced net interest income. An
effective tax rate of 38% was used. The amortization of core deposit
intangibles and goodwill are not deductible for tax purposes.
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