U.S. 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, 1996
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 0-25518
SOBIESKI BANCORP, INC.
(Exact name of small business issuer as
specified in its charter)
Delaware
35-1942803_________
(State or other jurisdiction of (IRS
Employer Identification No.)
incorporation or organization)
2930 W. Cleveland Road, South Bend,
Indiana 46628
(Address of principal executive offices)
(Zip Code)
Issuer's telephone number, including area
code:(219) 271-8300
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 registrant was required to file
such reports), and (2) has been subject to
such filing requirements for the past 90
days.
Yes[X] No [ ]
As of February 7, 1997, there were 794,346
shares of the registrant's common stock
issued and outstanding.
SOBIESKI BANCORP, INC.AND SUBSIDIARY
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of
Financial Condition 1
Condensed Consolidated Statements of
Operations 2
Condensed Consolidated Statements of Cash
Flows 3
Notes to Condensed Consolidated Financial
Statements 4-5
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations 6-8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Changes in Securities 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Submission of Matters To a Vote of
Security Holders 9
Item 5. Other Information 9
Item 6. Exhibits and Reports on Form 8-K 9
SIGNATURES 10
Sobieski Bancorp, Inc. And Subsidiary
Condensed Consolidated Statements Of Financial Condition
December 31, 1996 and June 30, 1996
<TABLE>
<CAPTION>
December 31, June 30,
ASSETS 1996 1996
(Unaudited)
Cash, including interest-bearing
deposits in other financial
institutions of $183,276 and
<C> <S> <C> <C>
$334,793, respectively $ 1,431,416 $ 1,258,520
Federal funds sold 700,000 127,000
Certificates of deposit 198,000 198,000
Investment securities, available
- -for-sale (amortized cost of
$1,802,086 and $3,167,813,
respectively) 1,798,846 3,193,784
Investment securities, held-to
- -maturity (market value of
approximately $1,506,200 and
$1,497,000, respectively) 1,500,000 1,500,000
Mortgage-backed securities, available
- -for-sale (amortized cost of
$1,927,863 and $2,383,429,
respectively) 1,914,901 2,344,925
Mortgage-backed securities, held-to
- -maturity (market value of
approximately $12,570,500 and
$13,424,600, respectively) 12,863,024 13,806,725
Loans receivable, net 55,348,328 53,114,094
Federal Home Loan Bank stock, at cost 636,000 636,000
Property and equipment, net 2,078,024 2,110,699
Other assets 492,276 557,044
Deferred income taxes 17,415 15,960
Total assets $ 78,978,230 $ 78,862,751
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 58,984,584 $ 61,226,683
Federal Home Loan Bank advances 5,700,000 3,000,000
Advances from borrowers for taxes
and insurance 251,327 264,531
Accrued income taxes - 129,305
Accrued interest and other expenses 100,710 188,042
Total liabilities 65,036,621 64,808,561
Stockholders' equity:
Preferred stock, $.01 par value:
500,000 shares authorized;
none issued - -
Common stock, $.01 par value:
3,500,000 shares authorized;
966,000 shares issued 9,660 9,660
Additional paid-in capital 9,107,121 9,099,156
Retained earnings, substantially
restricted 6,536,168 6,538,602
Net unrealized depreciation of
securities available-for-sale (9,787) (7,571)
15,643,162 15,639,847
Less: Treasury stock, at cost,
83,768 and 71,940 shares,
respectively 1,057,553 909,457
Unallocated Employee Stock
Ownership Plan shares;
64,400 shares and 67,620
shares, respectively 644,000 676,200
Total stockholders' equity 13,941,609 14,054,190
Total liabilities and
stockholders' equity $ 78,978,230 $ 78,862,751
</TABLE>
See accompanying notes to condensed consolidated financial
statements.
1
Sobieski Bancorp, Inc. And Subsidiary
Condensed Consolidated Statements Of Operations
for the three and six months ended December 31, 1996 and 1995
<TABLE>
<CAPTION>
Three Months Six Months
Ended December 31, Ended December 31,
1996 1995
1996 1995 .
(Unaudited) (Unaudited)
Interest Income:
<S> <C> <C> <C> <C>
Loans $1,086,728 $ 980,489 $ 2,145,228 $1,967,427
Mortgage-backed securities 238,315 244,584 493,939 480,987
Interest-bearing deposits 12,986 89,629 29,393 178,495
Investments and other 74,871 45,631 155,477 108,280
Total interest income 1,412,900 1,360,333 2,824,037 2,735,189
Interest expense:
Interest on deposits 709,929 771,922 1,430,305 1,535,709
Interest on borrowings 80,701 - 141,088 -
Total interest expense 790,630 771,922 1,571,393 1,535,709
Net interest income 622,270 588,411 1,252,644 1,199,480
Non-interest income:
Fees and service charges 41,876 22,865 82,051 55,250
Gain on sales of securities 67,652 - 67,652 -
Other income 11,040 18,660 16,295 28,058
Total non-interest income 120,568 41,525 165,998 83,308
Non-interest expenses:
Compensation and benefits 267,575 262,000 489,804 470,403
Occupancy and equipment 60,925 68,543 125,507 126,190
Federal deposit insurance
premiums 34,680 36,199 484,007 72,393
Advertising and promotion 2,527 9,175 7,632 15,872
Service bureau expense 23,886 27,387 51,075 54,981
Other operating expenses 140,238 138,771 264,651 264,827
Total non-interest
expenses 529,831 542,075 1,422,676 1,004,666
Income (loss) before
income taxes 213,007 87,861 (4,034) 278,122
Provision (credit) for
income taxes 82,000 35,600 (1,600) 108,900
Net income (loss) $ 131,007 $ 52,261 $ (2,434) $ 169,222
Earnings per common share$ 0.16 $ 0.06 $ (0.01) $ 0.19
</TABLE>
See accompanying notes to condensed consolidated financial statements.
2
<PAGE>
<TABLE>
Sobieski Bancorp, Inc. And Subsidiary
Condensed Consolidated Statements Of Cash Flows
for the six months ended December 31, 1996 and 1995
Six Months
Ended December 31,
1996 1995
(Unaudited)
Cash flows provided by (used in)
operating activities:
<S> <C> <C> <C> <C> <C>
Net income (loss) $ (2,434) $ 169,222
Adjustments to reconcile
net income loss to net cash
provided by (used in)
operating activities:
Depreciation of property
and equipment 55,814 52,555
Gain)/loss on disposal
of equipment (250) 775
Gain on sale of investment
securities (70,269) -
Loss on sale of mortgage-
backed securities 2,617 -
Loss on sale of real
estate owned, net - 3,301
Contribution to Employee
Stock Ownership Plan 46,690 41,861
Amortization of premiums and
accretion of discounts, net 43,860 41,429
Amortization of deferred loan
fees (22,461) (33,228)
Loan fees collected, net of costs - 750
Decrease in other assets 64,768 40,231
Decrease in accrued income taxes (129,305) -
Decrease in accrued interest and
other expenses (52,875) (6,486)
Net cash provided by
(used in) operating activities (63,845) 310,410
Cash flows provided by (used in)
investing activities:
Purchase of investment securities (12,415) (26,234)
Purchase of mortgage-backed securities - (1,974,313)
Proceeds from maturities of investment
securities 300,000 -
Principal reductions of mortgage-
backed securities 1,064,920 1,025,992
Proceeds from sale of investment
securities 1,142,142 -
Proceeds from sale of mortgage-
backed securities 294,137 -
Net (increase) decrease in loans
made to customers and principal
collections on loans (2,211,773) 1,049,643
Proceeds from sale of real estate
owned - 700
Proceeds from sale of equipment 250 -
Purchase of property and equipment (23,139) (21,761)
Net cash provided by investing
activities 554,122 54,027
Cash flows provided by (used in)
financing activities:
Federal Home Loan Bank advances 3,100,000 -
Repayment of Federal Home Loan
Bank advances (400,000) -
Purchase of treasury stock (189,078) (617,363)
Net decrease in deposits (2,242,099) (1,793,511)
Decrease in advances from
borrowers for taxes
and insurance (13,204) (54,675)
Net cash provided by (used
in) financing activities 255,619 (2,465,549)
Increase (decreases) in
cash and cash equivalents 745,896 (2,101,112)
Cash and cash equivalents,
beginning of period 1,385,520 6,028,611
Cash and cash equivalents,
end of period $ 2,131,416 $ 3,927,499
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
Sobieski Bancorp, Inc. And Subsidiary
Notes To Condensed Consolidated Financial
Statements
A. GENERAL.
The accompanying condensed
consolidated financial statements
include the accounts of Sobieski
Bancorp, Inc. (the "Company") and its
wholly owned subsidiary, Sobieski
Federal Savings and Loan Association
of South Bend (the "Association").
The condensed consolidated financial
statements included herein have been
prepared by the registrant pursuant
to the rules and regulations of the
Securities and Exchange Commission.
Certain information and footnote
disclosures normally included in
financial statements prepared in
accordance with generally accepted
accounting principles have been
condensed or omitted pursuant to such
rules and regulations, although the
registrant believes that the
disclosures are adequate to make the
information presented not misleading.
In the opinion of management, the
accompanying unaudited condensed
consolidated financial statements
contain all adjustments, consisting
only of normal recurring accruals,
necessary for a fair presentation of
the Company's consolidated financial
position, results of operations and
cash flows for the interim periods
presented. The consolidated results
of operations for the interim periods
presented are not necessarily
indicative of the results that may be
expected for the full year. The
accompanying unaudited condensed
consolidated financial statements
should be read in conjunction with
the Company's consolidated financial
statements included in the Company's
Annual Report on Form 10-KSB for the
year ended June 30, 1996.
The Company cautions that any forward
looking statements contained in this
report, in a report incorporated by
reference to this report or made by
management of the Company involve
risks and uncertainties and are
subject to change based on various
factors. Actual results could differ
materially from those expressed or
implied.
B. CONVERSION AND ISSUANCE OF COMMON
STOCK.
On October 4, 1994, the Board of
Directors of the Association adopted
a plan of conversion to convert the
Association from a federally
chartered mutual savings and loan
association to a federally chartered
stock savings and loan association
(the "Conversion"). The Association
obtained the required regulatory
approval for the Conversion in
February 1995 and on March 22, 1995
the plan of conversion was approved
by a majority of the votes eligible
to be cast by the members of the
Association.
Sobieski Bancorp, Inc. (the
"Company") was organized as a
Delaware corporation in December 1994
for the purpose of acquiring all of
the issued and outstanding capital
stock of the Association issued in
the Conversion.
At the time of Conversion, the
Association established a liquidation
account in an amount equal to the
Association's retained earnings as of
September 30, 1994. The liquidation
account will be maintained for the
benefit of depositors, as of the
eligibility record date and
supplemental eligibility record date,
who continue to maintain their
deposits with the Association after
the Conversion. In the event of a
complete liquidation (and only in
such event), each eligible depositor
will be entitled to receive a
liquidation distribution from the
liquidation account, in the
proportionate amount of the then
current adjusted balance for deposits
then held, before any liquidation
distribution may be made with respect
to the stockholders.
Current regulations allow the Company
to pay dividends on its stock if its
regulatory capital would not thereby
be reduced below the amount then
required for the aforementioned
liquidation account. Also, capital
distribution regulations limit the
Company's ability to make capital
distributions which include
dividends, stock redemptions,
repurchases and other transactions
charged to the capital account based
on its capital level and supervisory
condition. Federal regulations also
preclude any repurchase of the stock
of the Company for three years after
conversion except for purchases of
qualifying shares of a director and
repurchases pursuant to an offer made
on a pro rata basis to all
stockholders and with prior approval
of the Office of Thrift Supervision
or pursuant to an open-market stock
repurchase program with certain
regulatory criteria.
4
<PAGE>
Sobieski Bancorp, Inc. And Subsidiary
Notes To Condensed Consolidated Financial
Statements, Concluded.
C. ACCOUNTING POLICIES.
Securities
Securities that may be sold as part
of the Association's asset/liability
or liquidity management or in
response to or in anticipation of
changes in interest rates and
resulting prepayment risk, or for
other similar factors, are classified
as available-for-sale and carried at
fair market value. Unrealized
holding gains and losses on
securities classified as available-
for-sale are reported net of related
deferred income taxes as a separate
component of stockholders' equity.
Securities that the Association has
the ability and positive intent to
hold to maturity are classified as
held-to-maturity and carried at
amortized cost. Trading securities
are carried at fair market value with
unrealized holding gains and losses
included in earnings. Gains and
losses on all securities transactions
are recognized when sold as
determined by the identified
certificate method. The Association
had no trading securities at December
31, 1996.
For the three and six-months periods
ended December 31, 1996, the
Association had realized gains on the
sales of investment and mortgage-
backed securities available-for-sale
in the amount of $67,652.
Allowance For Loan Losses
The allowance for loan losses is
established through a provision for
loan losses based on management's
evaluation of the risks inherent in
its loan portfolio and changes in the
nature and volume of its loan
activity, including those loans which
are being specifically monitored by
management. Such evaluation, which
includes a review of loans for which
full collectibility may not be
reasonably assured, considers among
other matters, loan classification,
the estimated fair value of the
underlying collateral, economic
conditions, historical loan loss
experience, the amount of loans
outstanding and other factors that
warrant recognition in providing for
an adequate allowance for loan
losses. A significant factor
considered in the Company's allowance
is its historically low level of
loans other than one-to-four family
real estate loans. The Company's
nonaccrual loans at December 31, 1996
aggregated $189,795.
Earnings Per Common Share
Earnings (loss) per common share is
calculated by dividing net income
(loss) for the period by the weighted
average number of common shares
outstanding. The Company accounts
for the shares of common stock
acquired by its Employee Stock
Ownership Plan ("ESOP") and the
restricted shares awarded under its
Recognition and Retention Plan
("RRP") in accordance with Statement
of Position 93-6 which prescribes
that shares held by the ESOP and the
restricted shares awarded under the
RRP are not considered in the
weighted average number of shares
outstanding until such shares are
committed for allocation to an ESOP
participant's individual account or
vested, in the case of the RRP. As
of December 31, 1996, 12,880 shares
were released or committed to be
released to ESOP participants and
3,172 shares are vested under the
RRP. Accordingly, the weighted
average number of common shares
outstanding for the three and six-
month periods ended December 31, 1996
were 829,057 and 821,944,
respectively. The weighted average
number of common shares outstanding
for the same periods in 1995 were
884,018 and 887,980, respectively.
5
<PAGE>
Item 2. Management's Discussion And
Analysis of Financial Condition And
Results of Operations
Financial Condition
The Company's total assets increased
$115,500 during the six months ended
December 31, 1996. This increase was
mainly due to increases in federal funds
sold of $573,000 and loans receivable of
$2.2 million. These increases were offset
in part by decreases in investment
securities of $1,395,000 and in mortgage-
backed securities of $1,374,000. The
increase in loans receivable was a result
of purchasing $777,000 of participation
interests in commercial loans and
increased demand for adjustable rate
mortgages.
The Company's total liabilities increased
$226,000 from $64.8 million at June 30,
1996 to $65.0 million at December 31,
1996. The increase was primarily
attributable to an increase in Federal
Home Loan Bank ("FHLB") advances of $2.7
million. These advances are being used to
fund purchases of participation interests
in commercial loans. Deposits decreased
$2.2 million from $61.2 million at June
30, 1996 to $59 million at December 31,
1996. The decrease was a result of
customers seeking higher yielding
investment alternatives.
Stockholders' equity decreased by $113,000
to $13.9 million at December 31, 1996
compared to $14.0 million at June 30, 1996
principally as a result of common stock
repurchases.
Results of Operations
General. The Company recorded net income
for the three months ended December 31,
1996 of $131,000 which is an increase of
$79,000 over net income of $52,000 for the
same period in 1995. For the six months
ended December 31, 1996, the reported net
loss of $2,400 as compared to net income
of $169,200 for the comparable period in
the prior year was a result of the one-
time assessment to recapitalize SAIF in
the amount of $250,100, net of tax.
Net Interest Income. The Company's net
income is primarily dependent upon net
interest income. Net interest income was
$622,300 and $1.25 million for the three
and six-month periods ended December 31,
1996, respectively, as compared to
$588,400 and $1.20 million for the same
periods in the prior year. The increase
of $33,900 and $53,200 for the three and
six-month periods, respectively, was
primarily a result of increased income
earned on loans and a decrease in interest
paid on deposits. The increase in
interest income earned on loans was
generated by the increased volume of
commercial loans resulting from purchases
of participation interests in such loans.
Interest expense for the three and six-
month periods ended December 31, 1996 was
$790,600 and $1.57 million, respectively,
as compared to $771,900 and $1.54 million
for the comparable periods in the prior
year. The increases in interest expense
for the three and six-month periods ended
December 31, 1996 was attributable to
interest paid on FHLB advances, offset by
a decrease in rates paid on deposits.
The weighted average yield earned on the
Company's loan portfolio for the three and
six-month period ended December 31, 1996
was 7.84% and 7.84% compared to 7.91% and
7.90% for the comparable period in 1995.
Provisions for Loan Losses. During the
three and six-month periods ended December
31, 1996, and 1995, respectively, the
Company had no provision for loan losses.
At December 31, 1996, the Company's
allowance for loan losses totaled $200,000
or .36% of net loans receivable and 105%
of total non-performing loans.
Although management believes that it uses
the best information available to
determine the allowance, unforeseen market
conditions could result in adjustments and
net income could be significantly affected
if circumstances differ substantially from
the assumptions used in making the final
determination. Future additions to the
Company's allowance for loan losses will
be the result of periodic loan, property
and collateral reviews and thus cannot be
predicted in advance. In addition
federal regulatory agencies, as an
integral part of their oversight
process, periodically review the Company's
allowance for loan losses. Such agencies
may require the Company to recognize
additions to the allowance based upon
their judgment of the information
available to them at the time of their
examination.
6
<PAGE>
Item 2. Management's Discussion And
Analysis of Financial Condition And
Results of Operations, Continued.
Non-Interest Income. Non-interest income
consists primarily of fees and service
charges on deposit accounts and securities
gains. Non-interest income increased
$79,000 to $120,500 for the three months
ended December 31, 1996 as compared to
$41,500 for the same period last year and
increased $82,700 to $166,000 for the six
months ended December 31, 1996 from
$83,300 for the same period in 1995. These
increases were due primarily to gains on
the sale of securities of $67,700 and the
collection of non-operating income of
$6,000. The increase in fees was the
result of quarterly service charges on
savings accounts and increased nsf fees.
Non-Interest Expenses. Non-interest
expenses were $530,000 and $1.43 million
for the three and six-month periods ended
December 31, 1996, respectively, compared
to $542,100 and $1.0 million for the same
periods last year. The increase of
$423,000 for the six-month period ended
December 31, 1996 was primarily
attributable to the one-time special
assessment of $414,000 to recapitalize the
SAIF fund. The decrease of $13,000 for
the three month period ended December 31,
1996 was due to decreases of $8,000 in
occupancy expense, $7,000 in advertising
and promotion, $4,000 in service bureau
expense offset by an increase of $6,000 in
compensatin and benefits.
Income Taxes. Income taxes increased
$46,400 for the three months due to higher
pre-tax income for the quarter and
decreased $110,500 for the six month
period ended December 31, 1996, primarily
as a result of tax benefits resulting from
the SAIF assessment. The Company's
effective tax rate for the three and six
month periods ended December 31, 1996 was
38.5% and 39.6%, respectively, compared to
40.5% and 39.2%, respectively, for the
comparable periods in 1995.
Liquidity and Capital Resources
The Company's principal sources of funds
are deposits and principal and interest
payments on loans and investments. While
scheduled loan repayments and maturing
investments are relatively predictable,
deposit flows and early loan prepayments
are more influenced by interest rates,
general economic conditions and
competition. Additionally, the Company
may borrow funds from the Federal Home
Loan Bank of Indianapolis ("FHLB") or
utilize other borrowings of funds based on
need, comparative costs and availability
at the time.
Federal regulations have required the
Company to maintain minimum levels of
liquid assets. The required percentage
has varied from time to time based upon
the economic conditions and savings flows
and is currently 5% of net withdrawable
savings deposits and borrowings payable on
demand or in one year or less during the
preceding calendar month. Liquid assets
for purposes of this ratio include cash,
certain time deposits, U.S. Government
obligations, government agency and other
securities and obligations generally
having remaining maturities of less than
five years. The Company has maintained
its liquidity ratio at levels in excess of
those required. At the December 31, 1996,
the Company's liquidity ratio was 9.49%.
At December 31, 1996, the Company had
$5,700,000 in outstanding advances from
the FHLB used primarily to fund purchases
of participation interest in commercial
loans and other investments.
The Company uses its liquidity resources
principally to meet ongoing commitments,
to fund maturing certificates of deposit
and deposit withdrawals and to meet
operating expenses. At December 31, 1996,
the Company had outstanding commitments to
extend credit which amounted to $2,031,000
(including $954,200 in available home
equity lines of credit). Management
believes that loan repayments and other
sources of funds will be adequate to meet
the Company's foreseeable liquidity needs.
At December 31, 1996, the Association had
tangible capital of $9.3 million or 11.8%
of adjusted total assets which was $8.1
million above the minimum capital
requirement of $1.2 million or 1.5% of
adjusted total assets.
At December 31, 1996, the Association had
core capital of $9.3 million or 11.8% of
adjusted total assets which was $6.9
million above the minimum capital
requirement of $2.4 million or 3.0% of
adjusted total assets.
7
<PAGE>
Item 2. Management's Discussion And
Analysis of Financial Condition And
Results of Operations, Concluded.
At December 31, 1996, the Association had
total risk-based capital of $9.5 million
and risk-weighted assets of $31.8 million
or total risk-based capital of 30.0% of
risk-weighted assets. This amount was
$7.0 million above the minimum regulatory
risk-based capital requirement of $2.5
million, or 8.0% of risk-weighted assets.
Financial Accounting Developments
In October 1995, Statement of Financial
Accounting Standards No. 123, "Accounting
for Stock-Based Compensation" ("SFAS
123"), was issued. This Statement
requires the fair value of stock options
and other stock-based compensation issued
to employees to either be included as
compensation expense in the income
statement, or the proforma effect on net
income and earnings per share of such
compensation expense to be disclosed in
the footnotes to the Company's financial
statements commencing with the Company's
1997 fiscal year. The Company expects to
adopt SFAS 123 on a disclosure basis only.
As such, implementation of SFAS 123 is not
expected to impact the Company's
consolidated financial statements.
Regulatory Developments
On September 30, 1996, federal legislation
was enacted that required the Savings
Association Insurance Fund ("SAIF") be
recapitalized with a one-time assessment
on virtually all SAIF-insured
institutions, such as Sobieski Federal
Savings and Loan, equal to 65.7 basis
points on each $100 of SAIF-insured
deposits maintained by those institutions
as of March 31, 1995. The amount of the
Company's special assessment was $414,000,
which was paid to the FDIC by November 27,
1996 and accrued by the Company at
September 30, 1996.
As a result of the SAIF recapitalization,
the FDIC amended its regulation concerning
the insurance premiums payable by SAIF-
insured institutions. Effective January
1, 1997, the SAIF insurance premium will
range from 0 to 27 basis points per $100
of domestic deposits. Additionally, the
FDIC has imposed a Financing Corporation
(FICO) assessment on SAIF-assessable
deposits for the first semi-annual period
of 1997 equal to 6.48 basis points.
8
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior
Securities
None
Item 4. Submission of Matters to a
Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on
Form 8-K
None
9
<PAGE>
SIGNATURES
In accordance with the requirements of the
Exchange Act, the registrant caused this
report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Sobieski Bancorp, Inc.
(Registrant)
Date: February 7, 1997
By: /s/s Thomas F. Gruber
Thomas F. Gruber
President and Chief Executive
Officer
Date: February 7, 1997
By: /s/s William E. Smith
William E. Smith
Chief Financial Officer
10
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934860
<NAME> SOBIESKI BANCORP INC
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 1,431,416
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0
0
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</TABLE>
