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<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
Securities and Exchange Commission File Number 0-25722
HF BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-0576146
(State or other jurisdiction (I.R.S. Employer I.D. No.)
Of incorporation or organization)
445 E. Florida Avenue, Hemet, California 92543
(Address of principal executive offices)
Registrant's telephone number, including area code: (909) 658-4411
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
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
There were 6,331,206 shares of the Registrant's common stock
outstanding as of May 12, 1998.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> MAR-31-1998
<CASH> 18,825
<INT-BEARING-DEPOSITS> 28
<FED-FUNDS-SOLD> 9,660
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 263,813
<INVESTMENTS-CARRYING> 141,836
<INVESTMENTS-MARKET> 141,613
<LOANS> 590,438
<ALLOWANCE> 6,632
<TOTAL-ASSETS> 1,065,733
<DEPOSITS> 868,548
<SHORT-TERM> 0
<LIABILITIES-OTHER> 13,425
<LONG-TERM> 100,000
0
0
<COMMON> 66
<OTHER-SE> 83,694
<TOTAL-LIABILITIES-AND-EQUITY> 1,065,733
<INTEREST-LOAN> 31,885
<INTEREST-INVEST> 23,746
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 55,631
<INTEREST-DEPOSIT> 30,789
<INTEREST-EXPENSE> 36,916
<INTEREST-INCOME-NET> 18,715
<LOAN-LOSSES> 2,700
<SECURITIES-GAINS> 62
<EXPENSE-OTHER> 14,502
<INCOME-PRETAX> 1,309
<INCOME-PRE-EXTRAORDINARY> 765
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 765
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
<YIELD-ACTUAL> 2.47
<LOANS-NON> 3,851
<LOANS-PAST> 0
<LOANS-TROUBLED> 4,009
<LOANS-PROBLEM> 5,369
<ALLOWANCE-OPEN> 4,780
<CHARGE-OFFS> 1,494
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 5,986
<ALLOWANCE-DOMESTIC> 5,986
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 4,106
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 3-MOS 12-MOS 9-MOS
<FISCAL-YEAR-END> JUN-30-1998 JUN-30-1998 JUN-30-1997 JUN-30-1997
<PERIOD-START> JUL-01-1997 JUL-01-1997 JUL-01-1996 JUL-01-1996
<PERIOD-END> DEC-31-1997 SEP-30-1997 JUN-30-1997 MAR-31-1997
<CASH> 16,751 12,156 15,027 16,733
<INT-BEARING-DEPOSITS> 28 28 29 187
<FED-FUNDS-SOLD> 2,420 13,440 3,355 15,230
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 256,738 287,256 254,490 249,588
<INVESTMENTS-CARRYING> 148,421 163,002 178,163 184,240
<INVESTMENTS-MARKET> 148,120 162,190 175,464 179,496
<LOANS> 593,975 527,006 484,669 468,237
<ALLOWANCE> 4,803 5,670 5,800 6,003
<TOTAL-ASSETS> 1,063,267 1,050,377 984,749 984,455
<DEPOSITS> 855,564 857,029 839,655 840,477
<SHORT-TERM> 0 0 0 0
<LIABILITIES-OTHER> 14,068 15,054 14,067 13,141
<LONG-TERM> 110,000 95,000 50,000 50,000
0 0 0 0
0 0 0 0
<COMMON> 66 66 66 66
<OTHER-SE> 83,569 83,228 80,961 80,771
<TOTAL-LIABILITIES-AND-EQUITY> 1,063,267 1,050,377 984,749 984,455
<INTEREST-LOAN> 20,476 9,829 32,407 23,104
<INTEREST-INVEST> 16,519 8,406 34,115 26,273
<INTEREST-OTHER> 0 0 0 0
<INTEREST-TOTAL> 36,995 18,235 66,522 49,377
<INTEREST-DEPOSIT> 20,753 10,383 38,083 28,021
<INTEREST-EXPENSE> 24,777 12,115 44,084 32,849
<INTEREST-INCOME-NET> 12,218 6,120 22,438 16,528
<LOAN-LOSSES> 400 100 384 309
<SECURITIES-GAINS> 62 56 1,039 1,030
<EXPENSE-OTHER> 9,391 4,822 27,137 19,157
<INCOME-PRETAX> 2,100 858 (4,278) (2,068)
<INCOME-PRE-EXTRAORDINARY> 1,229 502 (2,516) (1,280)
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 1,229 502 (2,516) (1,280)
<EPS-PRIMARY> 0.20 0.08 (0.40) (0.20)
<EPS-DILUTED> 0.19 0.08 (0.40) (0.20)
<YIELD-ACTUAL> 2.44 2.51 2.50 2.45
<LOANS-NON> 2,224 3,485 5,217 6,860
<LOANS-PAST> 0 0 0 0
<LOANS-TROUBLED> 6,417 6,838 6,589 5,524
<LOANS-PROBLEM> 7,113 8,601 11,109 9,846
<ALLOWANCE-OPEN> 4,780 4,780 3,068 3,068
<CHARGE-OFFS> 1,199 579 1,712 1,155
<RECOVERIES> 0 0 77 0
<ALLOWANCE-CLOSE> 3,981 4,301 4,780 5,185
<ALLOWANCE-DOMESTIC> 3,981 4,301 4,780 5,185
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 2,960 2,908 3,426 3,552
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 3-MOS 12-MOS
<FISCAL-YEAR-END> MAY-30-1997 JUN-30-1997 JUN-30-1996
<PERIOD-START> JUL-01-1996 JUL-01-1996 JUL-01-1995
<PERIOD-END> DEC-31-1996 SEP-30-1996 JUN-30-1996
<CASH> 22,157 17,862 6,426
<INT-BEARING-DEPOSITS> 329 518 1,672
<FED-FUNDS-SOLD> 77,910 11,393 92,535
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 219,012 279,702 273,430
<INVESTMENTS-CARRYING> 189,783 203,615 193,928
<INVESTMENTS-MARKET> 186,810 198,744 186,363
<LOANS> 453,547 438,573 228,229
<ALLOWANCE> 6,589 7,006 3,068
<TOTAL-ASSETS> 1,012,799 1,004,374 826,916
<DEPOSITS> 846,117 836,132 669,725
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 15,481 18,433 6,120
<LONG-TERM> 70,000 70,000 70,000
0 0 0
0 0 0
<COMMON> 66 66 66
<OTHER-SE> 81,135 79,743 81,005
<TOTAL-LIABILITIES-AND-EQUITY> 1,012,799 1,004,374 826,916
<INTEREST-LOAN> 14,088 5,009 17,648
<INTEREST-INVEST> 18,205 6,999 32,707
<INTEREST-OTHER> 0 0 0
<INTEREST-TOTAL> 32,293 14,399 50,355
<INTEREST-DEPOSIT> 18,127 8,138 23,781
<INTEREST-EXPENSE> 21,513 9,833 34,059
<INTEREST-INCOME-NET> 10,780 4,566 16,296
<LOAN-LOSSES> 208 179 1,054
<SECURITIES-GAINS> 1,030 365 0
<EXPENSE-OTHER> 14,265 8,775 12,931
<INCOME-PRETAX> (2,771) (3,969) 3,076
<INCOME-PRE-EXTRAORDINARY> (1,637) (2,339) 1,947
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (1,637) (2,339) 1,947
<EPS-PRIMARY> (0.26) (0.37) 0.31
<EPS-DILUTED> (0.26) (0.37) 0.31
<YIELD-ACTUAL> 2.49 2.31 2.37
<LOANS-NON> 5,519 4,947 1,301
<LOANS-PAST> 0 0 0
<LOANS-TROUBLED> 1,223 842 714
<LOANS-PROBLEM> 14,382 10,607 7,634
<ALLOWANCE-OPEN> 3,068 3,068 2,694
<CHARGE-OFFS> 529 97 680
<RECOVERIES> 0 0 0
<ALLOWANCE-CLOSE> 5,710 6,113 3,068
<ALLOWANCE-DOMESTIC> 5,710 6,113 3,068
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 4,347 4,503 1,843
</TABLE>
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