SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSBA
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 1997
[ ]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 33-60230
Albion Banc Corp.
(Exact name of registrant as specified in its charter)
Delaware 16-1435160
(State or other jurisdiction (IRS Employer
of incorporation or organization Identification No.)
48 North Main Street, Albion, New York 14411-0396
(Address of principal executive offices) (Zip Code)
(716) 589-5501
(Registrants telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the registrant (1) has filed all reports 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.
X Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as ot the latest practicable date.
Class Outstanding as of May 8, 1997
Common Stock, $.01 par value 263,086 shares
ALBION BANC CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Three Months Ended
March 31,
1997 1996
Cash flows from operating activities:
Net Income $ 113,337 $ 53,682
Depreciation, amortization and accretion 39,380 40,468
Provision for loan losses 8,650 9,000
Net gain on sale of real estate owned (34,476) (27,537)
ESOP expense 11,379 10,753
Changes in operating assets and liabilities-
Mortgage loans available for sale (230,853) 0
Other assets (197,125) 5,977
Accrued income taxes and other liabilities 90,609 (96,019)
Net cash used by operating activities $ (199,099) $ (3,676)
Cash flows from investing activities:
Proceeds from the sale of foreclosed real estate 151,586 47,992
Purchases of investment securities held to maturity(1,009,965) 0
Principal payments on mortgage-backed securities 301,636 306,580
Net decrease (increase) in loans receivable 82,262 (1,261,022)
Purchase of FHLB stock (50,000) 0
Net purchase of fixed assets (10,286) (30,791)
Net cash used in investing activities (534,767) (937,241)
Cash flows from financing activities:
Net increase (decrease) in demand deposits,
NOW accounts and money market accounts 90,355 (779)
Net increase (decrease) in time deposits 1,723,549 (82,778)
Repayment of borrowings (6,088) (5,594)
Net decrease in advances from borrowers for
taxes and insurance (208,615) (194,584)
Dividends paid (75,923) (77,055)
Net cash provided by (used in)financing activities 1,523,278 (360,790)
Net increase (decrease) in cash and cash equivalents 789,412 (1,301,707)
Cash and cash equivalents at beginning of period 2,125,929 2,397,018
Cash and cash equivalents at end of period $2,915,341 $1,095,311
Cash paid during the period for:
Interest $ 675,033 $ 602,405
Income taxes 0 11,000
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 therunto duly authorized.
Albion Banc Corp.
(Registrant)
Dated: October 31, 1997 \s\Jeff S Rheinwald
Jeffrey S. Rheinwald
President and C.E.O.
Dated: October 31, 1997 \s\Mark F. Reed
Mark F. Reed
Vice President and C.F.O.