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 June 30, 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 of the latest practicable date.
Class Outstanding as of August 1,1997
Common Stock, $.01 par value 263,086 shares
ALBION BANC CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
1997 1996
Cash flows from operating activities:
Net Income $ 163,462 $ 92,053
Depreciation, amortization and accretion 79,019 72,438
Provision for loan losses 17,414 18,000
Provision for deferred taxes 0 0
Net gain on sale of mortgage loans 6,717 0
Net gain on sale of real estate owned (34,476) (27,537)
ESOP expense 24,223 21,725
Changes in operating assets and liabilities-
Mortgage loans held for sale (402,373) 0
Other assets (117,628) (94,738)
Accrued income taxes and other liabilities 59,409 (82,863)
Net cash used in operating activities $ (204,233) $ (922)
Cash flows from investing activities:
Proceeds from the sale of foreclosed real estate 254,586 47,992
Proceeds from the sales of loans 506,570 0
Proceeds from maturities of investment securities
held to maturity 3,100,000 1,140,000
Purchases of investment securities held to maturity (2,624,738) (681,699)
Principal payments on mortgage-backed securities 523,805 630,580
Net increase in loans receivable (1,083,608) (2,898,879)
Purchase of FHLB stock (50,000) 0
Net purchase of fixed assets (144,564) (51,162)
Net cash provided by (used in) investing activities 482,051 (1,813,168)
Cash flows from financing activities:
Net increase in demand deposits, NOW accounts
and money market accounts 733,637 398,069
Net increase in time deposits 3,095,946 548,555
Repayment of borrowings (12,308) (11,308)
Net increase (decrease) in advances from borrowers
for taxes and insurance 38,936 (40,712)
Dividends paid (75,923) (77,055)
Purchase of treasury shares 0 (142,800)
Net cash provided by financing activities 3,780,288 674,749
Net increase (decrease) in cash and cash equivalents 4,058,106 (1,139,341)
Cash and cash equivalents at beginning of period 2,125,929 2,397,018
Cash and cash equivalents at end of period $6,184,035 $1,257,677
Cash paid during the period for:
Interest $1,373,492 $1,174,753
Income taxes 68,000 26,000
The accompanying notes are an integral part of these consolidated financial
statements.
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\John S. Kettle
John S. Kettle
Senior VP and Treasurer
Dated: October 31, 1997 \s\Mark F. Reed
Mark F. Reed
Vice President and C.F.O.