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Previous: SEI INSTITUTIONAL INVESTMENTS TRUST, N-1A/A, 1996-06-07 |
Next: SMITHWAY MOTOR XPRESS CORP, S-1/A, 1996-06-07 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 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 0-26242
FORT THOMAS FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Ohio 61-1278396
- ------------------------------------------------------------------- -------------------------------
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification
Number)
25 North Fort Thomas Avenue
Fort Thomas, Kentucky 41075
- ------------------------------------------------------------------- -------------------------------
(Address of principal executive office) (Zip Code)
</TABLE>
(606) 441-3302
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or 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
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of May 10, 1996, there were
issued and outstanding 1,573,775 shares of the Registrant's Common Stock, par
value $.01 per share.
<PAGE> 2
FORT THOMAS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, September 30,
1996 1995
--------- ------------
(In Thousands)
<S> <C> <C>
ASSETS
Cash $ 4,659 $ 6,032
Investment Securities:
Held to maturity - at amortized cost 3,504 5,001
Available for sale - at market value 2,470 --
Mortgage-backed securities - available
for sale 939 972
Loans Receivable, net 73,194 71,156
Office Properties and equipment - at
depreciated cost 678 718
Real Estate Owned 33 --
Federal Home Loan Bank Stock
(FHLB) - at cost 678 651
Cash Surrender Value of Life Insurance 1,042 1,012
Accrued Interest Receivable 638 575
Prepaid and Other Assets 103 98
Federal Income Tax Receivable 21 --
------- -------
TOTAL ASSETS 87,960 86,214
======= =======
LIABILITIES
Savings Accounts 62,385 $59,998
Federal Home Loan Bank Advances 3,554 3,651
Advances from Borrowers for Taxes and
Insurance 73 183
Deferred Compensation 318 263
Accrued Interest Payable 32 30
Accrued Federal Income Taxes (17) 33
Deferred Federal Income Taxes -- 1
Other Liabilities 237 253
Deferred Income 11 11
------- -------
TOTAL LIABILITIES 66,592 64,423
------- -------
STOCKHOLDERS' EQUITY
Common Stock, $.01 par value;
4,000,000 shares authorized;
1,573,775 shares issued and 1,498,884
outstanding 16 16
Additional Paid-in Capital 14,989 14,982
Unearned ESOP Shares (1,198) (1,249)
MRP Trust (846) --
Retained Earnings, Substantially
Restricted 8,399 8,042
Unrealized Gain on Investment
Securities 8 --
------- -------
TOTAL STOCKHOLDERS' EQUITY 21,368 21,790
------- -------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $87,960 $86,214
======= =======
</TABLE>
1
<PAGE> 3
FORT THOMAS FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
------------------ ------------------
1996 1995 1996 1995
--------- ------ ----- -----
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Interest Income
Interest on loans $1,595 1,348 $3,128 $2,672
Interest on held to maturity
securities 91 11 180 59
Interest on mortgage-backed
securities 14 -- 28 --
Other interest and dividends 90 54 188 65
------ ------ ------ ------
Total interest income 1,790 1,413 3,525 2,796
------ ------ ------ ------
Interest Expense
Deposits 820 624 1,657 1,208
FHLB advances 48 136 98 255
------ ------ ------ ------
Total interest expense 869 760 1,755 1,463
------ ------ ------ ------
Net interest income 921 653 1,770 1,333
Provision for loan losses 61 6 66 12
------ ------ ------ ------
Net interest income after
provision for loan losses 860 647 1,704 1,321
------ ------ ------ ------
Other Income
Fees and charges 74 46 142 98
Other 23 20 43 43
------ ------ ------ ------
Total other income 97 65 185 141
------ ------ ------ ------
Other Expenses
Salaries and employee
benefits 297 208 509 418
Franchise and other taxes 18 26 33 41
Federal insurance premium 33 31 66 63
Expenses of premises and
fixed assets 48 38 83 84
Data processing and other
related contract services 41 39 66 55
Other operating expense 203 79 331 209
------ ------ ------ ------
Total expenses 639 421 1,088 870
------ ------ ------ ------
Income before income tax 319 292 801 592
Federal income tax expense 91 88 247 186
------ ------ ------ ------
Net income $ 228 $ 204 $ 554 $ 406
====== ====== ====== ======
Earnings per share $ .16 NA $ .38 NA
====== ======
</TABLE>
2
<PAGE> 4
FORT THOMAS FINANCIAL CORPORATION AND SUBSIDIARY
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
March 31,
-------------------------
1996 1995
---- ----
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 554 406
Reconciliation of net income
with cash flows from
operations: 66 6
Allowance for losses on
mortgages 48 42
Depreciation (22) 171
Deferred income taxes 4 (69)
Amortization (27) (17)
FHLB stock dividends 85 --
Loss on REO -- (1)
Changes in
Accrued interest receivable (63) (63)
Prepaid and other assets (6) (311)
Cash surrender value of life insurance (31) (22)
Deferred compensation 55 50
Accrued interest payable 2 13
Accrued income tax (50) (104)
Other liabilities (114) (29)
------ -------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 483 73
------ -------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of held to maturity securities (1,502) --
Purchase of available for sale securities (1,000) (505)
Maturity of investment securities 1,500 (2,496)
Loan originations and repayments, net (2,208) --
Principal received on mortgage-backed
security 65 --
Proceeds from sale of REO 71 --
Purchase of office properties and
equipment (8) (2)
NET CASH USED BY INVESTING
ACTIVITIES (3,082) (3,002)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in savings
accounts 2,386 2,303
Dividends paid (98) --
Common Stock shares purchased for
MRP Trust (873) --
Advance from borrowers for taxes and
insurance (110) (166)
Repayments of FHLB advances (97) --
Proceeds from FHLB advances -- 1,908
------ -------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 1,226 4,044
------ -------
CHANGES IN CASH AND CASH EQUIVALENTS (1,373) 1,116
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD 6,032 872
------ -------
CASH AND CASH EQUIVALENTS, END OF
PERIOD $4,659 $ 1,987
====== =======
</TABLE>
3
<PAGE> 5
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.
FORT THOMAS FINANCIAL CORPORATION
Date: May 15, 1996 By: /s/Larry N. Hatfield
-------------------------------------
Larry N. Hatfield
President and Chief Executive Officer
Date: May 15, 1996 By: /s/J. Michael Lonnemann
-------------------------------------
J. Michael Lonnemann
Vice President, Secretary and
Principal Financial Officer
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