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, 2000
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 12, 2001, there were 682,162 shares of the registrant's common stock issued and outstanding.
SOBIESKI BANCORP, INC.
AND SUBSIDIARY
INDEX | |
Page | |
PART I FINANCIAL INFORMATION | |
Item 1. Financial Statements | |
Condensed Consolidated Statements of Financial Condition | 1 |
Condensed Consolidated Statements of Income | 2 |
Condensed Consolidated Statements of Comprehensive Income | 3 |
Condensed Consolidated Statements of Cash Flows | 4 |
Notes to Condensed Consolidated Financial Statements | 5-7 |
Item 2. Management's Discussion and Analysis of Financial Condition |
|
PART II. OTHER INFORMATION | |
Item 1. Legal Proceedings | 12 |
Item 2. Changes in Securities | 12 |
Item 3. Defaults Upon Senior Securities | 12 |
Item 4. Submission of Matters to a Vote of Security Holders | 12 |
Item 5. Other Information | 12 |
Item 6. Exhibits and Reports on Form 8-K | 12 |
SIGNATURES | 13 |
i
PART I. Financial Information
Item 1.Financial Statements | ||
ASSETS 2000 2000 | ||
(Unaudited) | ||
Cash and due from banks | $ 2,054,480 | $ 2,049,769 |
Interest-bearing deposits in other financial institutions | 2,643,406 | 688,291 |
Federal Funds sold | 1,200,000 | - |
Total cash and cash equivalents | 5,897,886 | 2,738,060 |
Certificates of Deposit | 1,289,000 | - |
Securities available for sale | 7,071,835 | 5,621,083 |
Securities held to maturity (fair value of | 4,558,667 | 4,756,547 |
Loans, net of allowance for loan losses of $327,500 and $395,000, respectively | 90,941,187 | 93,280,665 |
Federal Home Loan Bank stock, at cost | 1,526,000 | 1,499,800 |
Accrued interest receivable | 635,510 | 589,198 |
Property and equipment, net | 1,833,238 | 1,868,802 |
Other assets | 1,382,672 | 478,942 |
Total assets | $ 115,135,995 | $ 110,833,097 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Liabilities: | ||
Deposits | $ 74,599,071 | $ 73,928,167 |
Federal funds purchased | - | 1,400,000 |
Federal Home Loan Bank advances | 26,000,000 | 21,500,000 |
Advances from borrowers for taxes and insurance | 321,366 | 337,294 |
Accrued interest payable | 849,818 | 388,354 |
Accrued expenses and other liabilities | 497,660 | 463,675 |
Total liabilities | $ 102,267,915 | $ 98,017,490 |
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; 682,162 and 705,062 |
9,660 |
9,660 |
Additional paid-in capital | 9,251,977 | 9,252,680 |
Retained earnings, substantially restricted | 7,963,602 | 7,812,384 |
Accumulated other comprehensive income (loss) | (32,417) | (100,744) |
Treasury stock; at cost, 283,838 and 260,938 shares, respectively | (3,894,165) | (3,621,842) |
Unearned Recognition and Retention Plan (RRP) shares; | (100,111) | (173,438) |
Unallocated Employee Stock Ownership Plan (ESOP) |
|
|
Total stockholders' equity | 12,868,080 | 12,815,607 |
Total liabilities and stockholders' equity | $ 115,135,995 | $ 110,833,097 |
| ||
See accompanying notes to condensed consolidated financial statements. | ||
1 | ||
Sobieski Bancorp, Inc. And Subsidiary | |||||
Condensed Consolidated Statements Of Income | |||||
for the three and six months ended December 31,2000 and 1999 | |||||
Three Months Ended December 31, | Six Months | ||||
2000 | 1999 | 2000 | 1999 | ||
(Unaudited) (Unaudited) | |||||
Loans | $ 1,828,272 | $1,808,104 | $3,666,822 | $3,548,852 | |
Securities - taxable | 192,568 | 186,240 | 378,925 | 353,647 | |
Interest-bearing deposits | 88,122 | 11,716 | 134,645 | 21,696 | |
Securities - tax exempt | 11,027 | 7,713 | 22,036 | 15,407 | |
Total interest income | 2,119,989 | 2,013,773 | 4,202,428 | 3,939,602 | |
Interest expense: | |||||
Interest on deposits | 958,714 | 837,214 | 1,891,794 | 1,598,263 | |
Interest on borrowings | 395,734 | 349,556 | 772,693 | 694,731 | |
Total interest expense | 1,354,448 | 1,186,770 | 2,664,487 | 2,292,994 | |
Net interest income | 765,541 | 827,003 | 1,537,941 | 1,646,608 | |
Provision for loan losses | 15,000 | 15,000 | 30,000 | __50,000 | |
Net interest income after provision |
|
|
|
| |
Non-interest income: | |||||
Fees and service charges | 53,127 | 47,322 | 105,967 | 94,324 | |
Other income | ___ _85 | __ 68 | __ 918 | _115 | |
Total non-interest income | 53,212 | 47,390 | 106,885 | 94,439 | |
Non-interest expenses: | |||||
Compensation and benefits | 357,654 | 315,562 | 684,834 | 603,354 | |
Occupancy and equipment | 79,213 | 95,933 | 151,967 | 183,200 | |
Federal deposit insurance premiums | 9,347 | 8,930 | 18,925 | 18,759 | |
Advertising and promotion | 12,217 | 12,055 | 25,548 | 21,013 | |
Service bureau expense | 43,324 | 34,370 | 83,051 | 68,976 | |
Other operating expenses | 122,583 | 119,809 | 226,332 | 236,427 | |
Total non-interest expenses | 624,338 | 586,659 | 1,190,657 | 1,131,729 | |
Income before income taxes | 179,415 | 272,734 | 424,169 | 559,318 | |
Provision for income taxes | 71,662 | 112,500 | 168,425 | 230,700 | |
Net income | 107,753 | 160,234 | 255,744 | 328,618 | |
Basic earnings per common share | $ 0.17 | $ 0.24 | $ 0.40 | $ 0.49 | |
Diluted earnings per common share | $ 0.17 | $ 0.24 | $ 0.40 | $ 0.49 | |
Dividends per common share | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 | |
See accompanying notes to condensed consolidated financial statements. | |||||
2 | |||||
Sobieski Bancorp, Inc. And Subsidiary | |||||
Condensed Consolidated Statements Of Comprehensive Income | |||||
for the three and six months ended December 31, 2000 and 1999 | |||||
Three Months | Six Months | ||||
| 2000 | 1999 |
| 2000 | 1999 |
(Unaudited) (Unaudited) | |||||
Net Income | $ 107,753 | $ 160,234 | $ 255,744 | $ 328,618 | |
Other comprehensive income, net of tax: | |||||
Unrealized appreciation (depreciation) on available-for-sale securities | 32,033 | (39,014) | 68,327 | (51,594) | |
__________ | _________ | __________ | _________ | ||
Total comprehensive income | $ 139,786 | $ 121,220 | $ 324,071 | $ 277,024 | |
See accompanying notes to condensed consolidated financial statements.
3
Sobieski Bancorp, Inc. And Subsidiary | ||
Condensed Consolidated Statements Of Cash Flows | ||
for the six months ended December 31, 2000 and 1999 Six Months | ||
Ended December 31, | ||
2000 1999 | ||
(Unaudited) | ||
Cash flows from operating activities: | ||
Net income | $ 255,744 | $ 328,618 |
Adjustments to reconcile net income to net cash | ||
from operating activities: | ||
Depreciation | 56,609 | 56,224 |
Provision for loan losses | 30,000 | 50,000 |
Deferred income taxes | 4,410 | (9,530) |
ESOP expense | 38,216 | 42,030 |
RRP expense | 38,949 | 35,562 |
Amortization of premiums and accretion of discounts, net | 26,654 | 79,743 |
Net change in | ||
Accrued interest receivable | (46,312) | (14,237) |
Other assets | 17,111 | (1,337) |
Accrued interest payable | 461,464 | 171,426 |
Accrued expenses and other liabilities | 62,070 | 130,834 |
Net cash from operating activities | 944,915 | 869,333 |
Cash flows from investing activities: | ||
Purchase of certificates of deposit | (1,289,000) | - |
Purchase of securities | (1,760,656) | (311,009) |
Principal reductions of securities | 581,834 | 764,004 |
Net decrease (increase) in loans | 1,352,483 | (8,497,139) |
Purchase of Federal Home Loan Bank stock | (26,200) | (174,000) |
Purchase of property and equipment, net | (21,045) | (69,844) |
Net cash from investing activities | ( 1,162,584) | (8,287,988) |
Cash flows from financing activities: | ||
Net change in deposits | 670,904 | 8,069,228 |
(Decrease) Increase in advances from borrowers | ||
for taxes and insurance | (15,928) | 35,176 |
Net change in federal funds purchased | (1,400,000) | (300,000) |
Proceeds from Federal Home Loan Bank advances | 11,000,000 | 2,980,000 |
Federal Home Loan Bank payments | (6,500,000) | (2,000,000) |
Purchase of treasury stock | (272,322) | (129,344) |
Cash dividends paid . | (105,159) | (116,297) |
Net cash from financing activities | 3,377,495 | 8,538,763 |
Net change in cash and cash equivalents | 3,159,826 | 1,120,108 |
Cash and cash equivalents at beginning of period | 2,738,060 | 939,604 |
Cash and cash equivalents at end of period | $ 5,897,886 | $ 2,059,712 |
See accompanying notes to condensed consolidated financial statements.
4
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. (collectively and individually referred to as 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 (SEC). 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 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, 2000.
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. See "Forward-Looking Statements" in Item 2 of this report.
5
Sobieski Bancorp, Inc. And Subsidiary
Notes To Condensed Consolidated Financial Statements, Continued
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, 2000.
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 the Company's 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 low level of loans other than one-to-four family real estate loans. The Company's allowance for loan losses and non-accrual loans at December 31, 2000 aggregated $327,500 and $218,000, respectively.
Earnings Per Common Share
Basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding. For the three and six-month periods ended December 31, 2000, the weighted average number of common shares used in the computation of basic earnings per share were 646,262 and 646,219, respectively. The weighted average number of common shares for the same periods in 1999 was 671,572 and 670,747.
6
Sobieski Bancorp, Inc. and Subsidiary
Notes to Condensed Consolidated Financial Statements, Concluded
Diluted earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding for basic earnings per share plus the dilutive effect of outstanding stock options and nonvested shares awarded under the RRP. For the three and six-month periods ended December 31, 2000, the weighted average number of common shares used in the computation of diluted earnings per share was 647,512 and 646,984, respectively. The weighted average number of common shares for the same period in 1999 was 671,572 and 671,059, respectively.
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 the American Institute of Certified Public Accountants Statement of Position 93-6, "Employers' Accounting For Employee Stock Ownership Plans", 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 released for allocation to an ESOP participant's individual account or vested, in the case of the RRP.
Non-Qualified Supplemental Benefit Plans
Effective July 1, 1998, Sobieski established supplemental retirement plans for its directors and certain of its officers. These plans generally provide for the payment of supplemental retirement benefits over a period of ten (10) years, beginning with the later of (a) the officer's or director's attainment of a specified retirement age; or (b) upon termination of the officer's employment or the director's termination as a member of the Board of Directors subject to certain vesting conditions with payments to be made at the specified retirement age. Sobieski has established a liability in the amount of the present value of vested officer and director benefits under these plans. Sobieski also maintains life insurance contracts on the officers and directors. Compensation expense associated with these supplemental retirement plans aggregated $33,900 and $24,800 for the six-month period ended December 31, 2000, and 1999, respectively.
7
Item 2. Management's Discussion And Analysis of Financial
Condition And Results of Operations
Forward-Looking Statements
When used in this Form 10-QSB and in future filings by the Company with the SEC, in the Company's press releases or other public or shareholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project", "believe" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors noted above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from those anticipated or projected.
The Company does not undertake and specifically disclaims any obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Financial Condition
The Company's total assets increased $4.3 million during the six months ended December 31, 2000, to $115.1 million from $110.8 million at June 30, 2000. This increase was mainly due to increases in interest-bearing deposits in other financial institutions of $2.0 million, federal funds sold of $1.2 million, certificates of deposits and securities of $2.5 million offset by a decrease in net loans of $2.3 million. Other assets also increased by $0.9 million. The primary reason for the increase in other assets and part of the reason for the decrease in loans is the repossession of the collateral of a single loan totaling approximately $1.0 million. Additional information related to this transaction is provided in the results of operations section.
The Company's total liabilities increased $4.3 million from $98.0 million at June 30, 2000, to $102.3 million at December 31, 2000. The increase was from deposit growth of $.7 million, $4.5 million of net additional FHLB advances and increases in accrued interest payable offset by decreased federal funds purchased of $1.4 million. Deposits increased to $74.6 million at December 31, 2000 from $73.9 million at June 30, 2000. FHLB advances increased to $26.0 million at December 31, 2000, from $21.5 million at June 30, 2000.
Stockholders' equity increased $52,000 to $12.9 million at December 31, 2000, from $12.8 million at June 30, 2000, principally the result of $256,000 of net income, $68,000 of unrealized appreciation on available for sale securities and $106,000 in reductions of unearned RRP and unallocated ESOP shares, offset by $105,000 of cash dividends declared and $272,000 of treasury stock purchases.
8
Item 2. Management's Discussion And Analysis of Financial
Condition And Results of Operations, Continued.
Results of Operations
General.The Company recorded net income for the three months ended December 31, 2000, of $108,000 which is a decrease of $52,000 over net income of $160,000 for the same period in 1999. For the six months ended December 31, 2000, net income was $256,000, which is a decrease of $73,000 over the reported net income of $329,000 for the comparable period in the prior year.
Net Interest Income. The Company's net income is primarily dependent upon net interest income. Net interest income was $766,000 and $1.54 million for the three and six-month periods ended December 31, 2000, respectively, as compared to $827,000 and $1.65 million for the same periods in the prior year. The decrease of $61,000 and $110,000 for the three and six-month periods, respectively, was primarily a result of increased deposits and FHLB advance interest cost primarily attributable to rising interest rates during the current year three and six-month periods.
Interest income increased $106,000 to $2.12 million for the three-month period ended December 31, 2000, from $2.01 million for the comparable 1999 period. During the six-month period ended December 31, 2000, interest income increased $263,000 from $3.94 million to $4.20 million over the comparable 1999 period. Of the $263,000 interest income increase, $128,000 is attributable to higher average earning assets with the remaining $135,000 due to higher rates.
Interest expense for the three-month period ended December 31, 2000, was $1.35 million as compared to $1.19 million for the comparable period in the prior year. During the six-month period ended December 31, 2000, interest expense increased $371,000 from $2.29 million to $2.66 million over the comparable 1999 period. Increased borrowings account for $58,000 of additional interest expense while higher rates added an additional $313,000 to the total $371,000 interest cost increase. The higher funding cost is principally due to higher rates and the lengthening of deposit and FHLB advance maturities to mitigate interest rate risk.
Provisions for Loan Losses. During the three and six-months ended December 31, 2000, the Company had provisions of $15,000 and $30,000 respectively as compared to $15,000 and $50,000 for the same periods in the prior year. At December 31, 2000, the Company's allowance for loan losses totaled $328,000 or .36% of loans and 148% of total non-performing loans.
During the quarter ended June 30, 2000, the Company became aware of certain circumstances related to a single borrower in which the Association had purchased a participation interest. The borrower discontinued principal and interest payments on the loan and filed for Chapter 11 bankruptcy protection. Under the terms of a plan, which had been accepted by the lead participant, the borrower and the bankruptcy court, the collateral of this loan has been surrendered to the lead participant. The outstanding balance of the loan at the time of the repossession was $1,013,000. Upon repossession, the Company adjusted the balance of the loan to the estimated fair market value of the collateral of approximately $985,000 by recording a charge off. Management has also transferred the balance of the loan to other repossessed assets which is included in other assets in the December 31, 2000 condensed consolidated statement of financial condition.
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.
9
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 other income. Non-interest income increased $6,000 to $53,000 for the three-months ended December 31, 2000, as compared to $47,000 for the same period last year and increased $13,000 to $107,000 for the six months ended December 31, 2000 from $94,000 for the same period in 1999. The increases were due primarily to increased fee income and service charges on customer accounts.
Non-Interest Expenses.Non-interest expenses were $624,000 and $1.19 million for the three and six-month periods ended December 31, 2000, respectively, compared to $587,000 and $1.13 for the same period last year. The increase of $59,000 for the six-month period ended December 31, 2000, compared to the same period last year was due primarily to higher compensation and benefits, advertising and promotion, and service bureau expenses offset by lower occupancy and equipment expense and lower professional expenses.
Income Taxes.Income taxes for the six months ended December 31, 2000, were $168,400 on pre-tax income of $424,000, an effective tax rate of 39.7%. For the six-months ended December 31, 1999, income taxes were $230,700 on pre-tax income of $559,000, an effective tax rate of 41.2%
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 require the Association 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 4% 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 December 31, 2000, the Company's liquidity ratio was 28.1%.
At December 31, 2000, the Company had $26.0 million in outstanding advances from the FHLB used primarily to fund purchases of participation interests in commercial loans, internally originated 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, 2000, the Company had outstanding commitments to extend credit, which amounted to $12.5 million (including $3.1 million 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, 2000, the Association had tangible capital of $9.9 million or 8.7% of adjusted total assets, which was $8.2 million above the minimum capital requirement of $1.7 million or 1.5% of adjusted total assets.
At December 31, 2000, the Association had core capital of $9.9 million or 8.7% of adjusted total assets which was $6.5 million above the minimum capital requirement of $3.4 million or 3.0% of adjusted total assets.
10
Item 2. Management's Discussion And Analysis of Financial
Condition And Results of Operations, Continued
At December 31, 2000, the Association had total risk-based capital of $10.2 million and risk-weighted assets of $63.8 million or total risk-based capital of 16.0% of risk-weighted assets. This amount was $5.1 million above the minimum regulatory risk-based capital requirement of $5.1 million, or 8.0% of risk-weighted assets.
11
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 | |||
(a) Exhibits | ||||
None | ||||
(b) | Reports on Form 8-K | |||
None | ||||
12
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 12, 2001 By:
Thomas F. Gruber
President and Chief Executive Officer
Date: February 12,2001 By:
Arthur Skale
Chief Financial Officer
13
