UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from _______ to_________
Commission file number ____________
EMERALD ISLE BANCORP, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-3300934
(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
730 HANCOCK STREET
QUINCY, MASSACHUSETTS, 02170
(Address of principal executive offices)
(617) 479-5001
(Issuer's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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 [ ] No [X]
State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: SEPTEMBER 30, 1996, COMMON
STOCK- PAR VALUE $1.00 1,765,568 SHARES OUTSTANDING.
EMERALD ISLE BANCORP, INC.
INDEX
PAGE NUMBER
Cover Page 1
Index 2
PART I - FINANCIAL INFORMATION
Item 1 Consolidated Financial Statements:
Balance Sheet - September 30, 1996, December 31, 1995 3
Statement of Income-Three and Nine months ended 4
September 30, 1996 and 1995
Statement of Changes in Stockholders' Equity-Nine months 5
ended September 30, 1996 and 1995
Statement of Cash Flows-Nine months ended 6
September 30, 1996 and 1995
Notes to Financial Statements 7
Item 2 Management's Discussion and Analysis of Financial Condition 8
and Results of Operations
PART II-OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 6. Exhibits and Reports on Form 8-K 14
- --------------------------------------------------------------------------------
EMERALD ISLE BANCORP, INC
CONSOLIDATED BALANCE SHEET
-----------------------------------
30-SEP-96 31-DEC-95
(UNAUDITED) (AUDITED)
-----------------------------------
ASSETS:
Total cash and due from banks $4,187,457 $3,213,259
Short term investments 5,627,673 4,860,000
Securities held to maturity 88,313,215 77,565,687
Securities available for sale 34,677,554 42,874,583
Loans, net 247,855,994 208,326,723
Banking premises & equipment, net 7,117,429 5,574,956
Accrued interest receivable 2,475,641 2,128,536
Other real estate owned 70,000 430,000
Other assets 2,057,377 1,891,469
---------------- ----------------
Total assets $392,382,340 $346,865,213
---------------- ----------------
---------------- ----------------
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Now & demand deposits $26,515,368 $22,011,361
Money market accounts 35,428,234 33,819,928
Other deposits 46,671,019 46,038,261
Term certificates accounts 213,247,769 180,917,699
---------------- ----------------
Total deposits 321,862,390 282,787,249
Federal Home Loan Bank advances 41,668,000 38,968,000
Mortgagors' escrow payments 1,457,287 1,094,397
Income taxes payable 53,097 364,444
Other liabilities 541,986 826,507
---------------- ----------------
Total liabilities 365,582,760 324,040,597
Commitments and contingencies
STOCKHOLDERS' EQUITY
Serial preferred stock, $1.00 par value 1,000,000
shares authorized: none issued 0 0
Common stock, $1.00 par value, 5,000,000 shares
authorized 1,765,568 and 1,532,431 shares
issued and outstanding 1,765,568 1,532,431
Additional paid-in-capital 11,982,715 8,824,970
Undivided profits 13,621,897 12,406,361
Net unrealized (loss)/gain on securities
available for sale (570,600) 60,854
---------------- ----------------
Total stockholders' equity 26,799,580 22,824,616
---------------- ----------------
Total Liabilities & Stockholders' Equity $392,382,340 $346,865,213
---------------- ----------------
---------------- ----------------
- --------------------------------------------------------------------------------
EMERALD ISLE BANCORP, INC
CONSOLIDATED STATEMENT OF INCOME
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Three months ended Nine months ended
September 30 September 30 September 30 September 30
1996 1995 1996 1995
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
INTEREST & DIVIDEND INCOME
Interest on loans $5,358,907 $4,586,235 $15,104,965 $12,681,350
Income & dividends on investment securities 2,008,073 1,460,106 5,872,444 4,321,728
Interest on short - term investments 90,980 27,255 145,753 262,263
------------ ------------------------------ ------------
Total interest & dividend income 7,457,960 6,073,596 21,123,162 17,265,341
INTEREST EXPENSE
Interest on deposits 3,677,926 3,100,306 10,441,825 8,935,861
Interest on borrowed funds 708,146 458,020 1,884,497 891,164
------------ ------------------------------ -------------
Total interest & dividend expense 4,386,072 3,558,326 12,326,322 9,827,025
------------ ------------------------------ -------------
Net interest income 3,071,888 2,515,270 8,796,840 7,438,316
Provision for possible loan losses 50,000 48,334 1,136,333 300,000
------------ ------------------------------ -------------
Net interest income after loan loss provision 3,021,888 2,466,936 7,660,507 7,138,316
------------ ------------------------------ -------------
OTHER INCOME
Gains (losses) securities sales (20,156) 191,395 33,124 310,657
Gains (losses) real estate sale 0 0 (12,948) (130,070)
Gains (losses) on loan sales net (2,900) (178) 13,101 (55,370)
Gains (losses) on sale of fixed assets 0 0 0 4,748
Gains (losses) on sale of loan servcing 0 0 0 763,806
Miscellaneous 150,530 122,496 479,128 435,070
------------ ------------------------------ -------------
Total other income 127,474 313,713 512,405 1,328,841
------------ ------------------------------ -------------
OPERATING EXPENSES
Salaries & employee benefits 1,080,875 848,925 3,087,744 2,483,073
Net occupancy & Equipment 336,431 261,336 984,634 733,013
Other real estate owned 30,538 48,367 78,858 195,471
Other noninterest expenses 509,371 486,062 1,498,287 1,641,220
------------ ------------------------------ ------------
Total operating expenses 1,957,215 1,644,690 5,649,523 5,052,777
------------ ------------------------------ -------------
Income (loss) before taxes 1,192,147 1,135,959 2,523,389 3,414,380
Income taxes 464,937 427,181 974,122 1,255,216
------------ ------------------------------ -------------
Net income 727,210 708,778 1,549,267 2,159,164
------------ ------------------------------ -------------
------------ ------------------------------ -------------
Per common share
Net income
Primary $0.43 $0.46 $0.95 $1.40
Average number of common shares
Primary 1,690,728 1,553,198 1,629,212 1,539,312
EMERALD ISLE BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine months ended September 30, 1996
(Unaudited in thousands)
NET UNREALIZED
ADDITIONAL LOSS ON
COMMON PAID-IN UNDIVIDED MARKETABLE
STOCK CAPITAL PROFITS EQUITY SECURITIES TOTAL
------------ ------------ ------------- ----------------- -------------
Balance at December 31, 1995 $1,532,431 $8,824,970 $12,406,361 $60,854 $22,824,616
Net income 1,549,267 1,549,267
Issuance of additonal stock 233,137 3,157,744 3,390,881
Increase in net unrealized loss
on securities held for sale (631,454) (631,454)
Cash dividend paid (333,730) (333,730)
---------- ----------- ----------- ----------- -----------
Balance at September 30, 1996 $1,765,568 $11,982,714 $13,621,898 ($570,600) $26,799,580
---------- ----------- ----------- ----------- -----------
Emerald Isle Bancorp, Inc.
Consolidated Statements of Cash Flows
Nine Months Ended September 30
------------------------------
1996 1995
------------ ------------
Cash flows from operating activities
Net Income $1,549,267 $2,159,164
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation 491,289 378,982
Amortization of bond premium 292,207 418,708
Loan loss provision 1,136,333 300,000
(Gain) on sale of loans, real estate owned,
securities, and joint venture interest, (net) (33,276) (893,770)
Deferred loan fees 74,920 (255,736)
Loans sold 8,844,519 13,158,533
Loans originated for sale (8,837,218) (7,709,396)
Increase (decrease) in accrued expenses,
income taxes, and other liabilities (1,227,322) 193,367
(Increase) decrease in accrued interest
receivable (347,105) (155,989)
(Increase) decrease in other assets 843,243 196,945
------------ ------------
Total adjustments 1,237,590 5,631,644
------------ ------------
------------ ------------
Net cash provided by operating activities 2,786,857 7,790,808
------------ ------------
Cash flows from investing activities
Loans purchased (5,036,754) (19,648,822)
Loans paid(net) (35,845,081) (24,597,890)
Proceeds of Oreo Sales 494,163 666,000
Short-term investments ( net) (767,673) 890,000
Purchases of securities held to maturity (21,961,856)
Proceeds from maturities of securities held
to maturity 11,017,656 9,273,697
Purchase of securities available for sale (10,503,518) (29,245,821)
Proceeds of securities available for sale 17,628,984 21,924,171
Purchases of premises and equipment (2,033,762) (1,071,684)
------------ ------------
Net cash used by investing activities (47,007,841) (41,810,349)
------------ ------------
Cash flows from financing activities
Deposits, net 39,438,031 22,551,583
FHL Bank Advances (net) 2,700,000 11,300,000
Proceeds from sale of Common Stock 3,390,881 566,577
Dividends Paid (333,730) (243,390)
------------ ------------
Net cash provided by financing activities 45,195,182 34,174,770
Net increase (decrease) in cash 974,198 155,229
Cash and cash equivalents--beginning of year 3,213,259 3,780,957
------------ ------------
Cash and cash equivalents--end of year $4,187,457 $3,936,186
------------ ------------
Supplemental disclosures of cash flow information:
Interest paid $12,283,716 $9,811,906
Federal income taxes paid $385,000 $600,000
EMERALD ISLE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The interim consolidated financial statements of Emerald
Isle Bancorp, Inc. and Subsidiaries (Kildare Corporation/The
Limerick Securities Corporation/Meath Corporation) presented
herein should be read in conjunction with the consolidated
financial statements of The Hibernia Savings Bank. for the
year ended December 31, 1995.
Consolidated financial information as of September 30, 1996
and the results of operations and the changes in
stockholders' equity and cash flows for the nine months
ended September 30, 1996 and 1995 are unaudited, and in the
opinion of management reflect all adjustments (consisting
solely of normal recurring accruals) necessary for a fair
presentation of such information. Interim results are not
necessarily indicative of results to be expected for the
entire year.
2) COMMITMENTS
At September 30, 1996 the Company had outstanding
commitments to originate loans amounting to approximately
$25,434,000 which are not reflected in the consolidated
balance sheet.
3) EARNINGS PER SHARE
The earnings per share computations for the quarter ended
September 30, 1996 are based on 1,690,728 common shares
outstanding, and for the quarter ended September 30, 1995
are based on 1,553,198 common equivalent shares outstanding.
4) FORMATION OF HOLDING COMPANY
At the annual meeting of Stockholders on April 29,1996 The
Hibernia Savings Bank stockholders voted to approve a plan
of reorganization and acquisition between the Bank and
Emerald Isle Bancorp, Inc. a newly formed Massachusetts
corporation organized at the direction of the Bank, and each
of the transactions contemplated thereby, pursuant to which
the Bank will become a wholly owned subsidiary of the
Emerald Isle Bancorp, Inc. The plan of reorganization and
acquisition, dated February 15, 1996, between the Bank and
Emerald Isle Bancorp, Inc. provides that each share of the
Bank's outstanding common stock, will be automatically
converted into and exchanged for one share of common stock
of Emerald Isle Bancorp, Inc. October 1, 1996 marked the
completion of the formation of the holding company Emerald
Isle Bancorp, Inc.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management's discussion and analysis of the financial conditions
and results of operations for the three and nine month period
ended September 30, 1996.
The Company's total assets increased 17.5% on an annualized
basis to $392,382,340 at September 30, 1996 from total
assets of $346,865,213 at December 31, 1995 and increased
21.4% from total assets of $323,246,925 at September 30,
1995. Short term investments, securities held to maturity
and securities held for sale totaled $128,618,442 or 32.8%
of total assets at September 30, 1996 an increase of
$3,317,172 from $125,300,270 or 36.1% of total assets at
December 31, 1995 and an increase of $19,967,497 from
$108,650,945 or 33.6% of total assets at September 30, 1995.
Loans, net increased $39,529,271 or 19.0 % to $247,855,994
or 63.2% of total assets at September 30, 1996 from
$208,326,723 or 60.1% of total assets at December 31, 1995
and increased $46,295,451 from $201,560,543 or 62.4% of
total assets at September 30, 1995. The Company, during the
third quarter of 1996, originated and purchased loans
totaling $43,808,361 and sold loans totaling $5,815,971 as
compared to loans originated and purchased of $26,876,871
and sold loans totaling $4,905,861 during the third quarter
of 1995. Foreclosed real estate at September 30, 1996
totaled $70,000 or 0.02% of total assets compared to
$430,000 or 0.12% of total assets at December 31, 1995 and
$608,673 or 0.19% of total assets at September 30, 1995. The
Company's non-performing loans totaled $842,897, or 0.21% of
total assets at September 30, 1996 as compared to $930,766
or 0.27% of total assets at December 31, 1995 and $1,015,891
or 0.31% of total assets at September 30, 1995. The
Company's loan loss provision for the third quarter ended
September 30, 1996 was $50,000 as compared to $48,334 for
the third quarter of 1995. The allowance for loan losses
totaled $2,598,913 at September 30, 1996 as compared to
$2,541,997 at December 31, 1995 and $2,503,982 at September
30, 1995.
Deposits at September 30, 1996 totaled $321,862,390 as
compared to $282,787,249 at December 31, 1995 an increase of
$39,075,141, or 18.4% on an annualized basis, and also
increased $43,257,513 or 15.5% from deposits of $278,604,877
at September 30, 1995. Outstanding borrowings totaled
$41,668,000 at September 30, 1996 an increased of $2,700,000
from $38,968,000 at December 31, 1995 and increased
$21,368,000 from $20,300,000 at September 30, 1995.
Stockholders' Equity increased to $26,799,580 at
September 30, 1996 from $22,824,616 at December 31, 1995 and
$22,282,268 at September 30, 1995. The increase for the
third quarter is due to earnings of $727,210, the issuance
of 103,478 additional shares of stock, of which 100,000
shares were issued through a private placement raising, net
of expenses, $1,501,500 of new capital, and a decrease as a
result of the payment of a $.07 dividend on common shares
outstanding totaling $116,394.
Material Changes in Results of Operations
Net income for the third quarter ended September 30, 1996
was $727,210 or $.43 per share as compared to net income in
the third quarter ended September 30, 1995 of $708,778 or
$.46 per share.
Interest and dividend income increased in the third quarter
of 1996 to $7,457,960 from $6,073,596 for the third quarter
of 1995 or 22.8%. The Company's total yield on average
earning assets for the third quarter of 1996 was 7.94% as
compared to 8.0% for the third quarter of 1995. Total
earning assets increased $67,649,447 or 21.7% to
$379,350,026 at September 30, 1996 from $311,700,579 at
September 30, 1995. The increase in earning assets accounts
for the increase of $1,384,364 in interest income.
Interest expense increased by $827,746 or 23.2% to
$4,386,072 for the third quarter ended September 30, 1996
from $3,558,326 for the third quarter ended September 30,
1995. The average cost of funds for the third quarter was
4.67% at September 30, 1996 as compared to 4.68% for the
same quarter in 1995. The increase of $26,062,000 in average
total deposits, along with an increase in outstanding
borrowings of $21,368,000 to $41,668,000 at September 30,
1996 from $20,300,000 at September 30, 1995 explains the
increase in interest expense.
Non-interest expenses totaled $1,957,214 for the third
quarter ended September 30, 1996 as compared to $1,644,689
for the same period in 1995, an increase of $312,525 or
19.0%. The principal increases are wage and benefit costs,
occupancy costs, and marketing costs. The Bank has increased
personnel in all customer related areas. The Company's
lending perspective has grown and along with this the
Company has increased staff to be able to meet its
customers borrowing needs and to maintain our portfolio. The
increase of branch personnel relates to three new locations,
one in
Hingham which opened in July of 1995, one in Stoughton which
opened in December of 1995 and a second location in Hingham
which opened in May of 1996. Occupancy expenses increased
due to the addition of the three new full service branches
mentioned above. Marketing and advertising costs also
increased as a result of the ongoing expansion of our
franchise. Non-interest expense was positively effected by
the reduction of our OREO expenses.
Other income decreased by $127,474 to $186,239 for the third
quarter ended September 30, 1996 from $313,713 for the same
period in 1995. Other income for the third quarter of 1996
included service charges of $137,098, gains on the sale of
loans of $2,900, losses on the sale of securities of $20,156
and OREO income of $7,632 compared to service charges of
$111,107, losses on the sale of loans of $178, gains on the
sale of securities of $191,395 and OREO income of $11,389
for the third quarter of 1995.
Income Tax
Provision for income taxes for the quarter ended
September 30, 1996 was $464,938 as compared to $427,181 for
the same period in 1995.
Liquidity and Capital
The Company attempts to maximize interest-earning assets
while maintaining sufficient funds on hand to meet loan
commitments, cash disbursements and possible deposit
outflows. The Company obtains funds for investment and
other banking purposes principally from deposits,
borrowings, loan repayments and through sales of loans, loan
participations and securities available for sale, and
maturity of investment securities are a relatively stable
source of funds, deposit flows are greatly influenced by
general interest rates, economic conditions and competitive
factors. Borrowings may also be used to offset reductions
in other sources of funds such as deposits. The Bank may
borrow up to 30% of its total assets but not more than 20
times its capital stock holdings in the FHLB for any sound
business purpose for which the Bank has legal authority.
Borrowings authorized totaled $53,414,000 at September 30,
1996.
Capital Resources and Dividends
The Company's regulators have classified and defined capital
into the following components: (1) Tier I capital, which
includes tangivle stockholders' equity for common stock and
certain perpetual preferred stock, and (2) Tier II capital,
which includes a portion of the allowance for possible loan
losses, certain qualifying long-term debt and preferred
stock which does not qualify for Tier I capital. In
addition, they have implemented risk-based capital
guidelines that require a bank to maintain certain minimum
capital as a percent of such bank's assets and certain off-
balance sheet items adjusted for pre-defined credit risk
factors (risk-adjusted assets). As of September 30, 1996
the Bank's Tier I and Tier II capital ratios were 11.69% and
12.80%, respectively. In addition to the risk-based
guidelines discussed above, the Bank's regulators require
that the Bank maintain a minimum leverage (Tier I capital as
a percent of tangible assets) of 4%. As of September 30,
1996 the Bank had a leverage capital ratio of 6.8%.
Asset/Liability Management
The overall interest rate sensitivity of the Bank is
dependent upon the bank's ability to reprice its interest
rate sensitive assets and liabilities. The ability to
successfully manage the repricing of assets and liabilities
significantly reduces the interest rate risk in any interest
rate environment. As of September 30, 1996 the Bank is net
liability sensitive for the next twelve months going
forward, and for the following one to two year period, net
asset sensitive in the two to three and three to five year
time horizons, liability sensitive in the five to ten year
horizon and asset sensitive thereafter. The Bank's
management monitors and manages interest rate risk as an
integral part of its overall business strategy.
PART II - OTHER INFORMATION
For the quarter ended September 30, 1996, Items 1, 2, 3 and 5 of Part II
are either inapplicable or would elicit a response of "None" and therefore no
reference thereto has been made herein.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The Hibernia Savings Bank held its Annual Meeting of Stockholders on
April 29, 1996.
(b) At the annual meeting, the following individuals were elected as
Directors of the Bank:
William E. Lucey Paul D. Osborne
CERTIFIED PUBLIC ACCOUNTANT TREASURER
O'CONNOR & DREW OSBORNE OFFICE FURNITURE
Thomas P. Moore, Jr. Douglas C. Purdy
VICE PRESIDENT ATTORNEY-AT-LAW
STATE STREET RESEARCH & MANAGEMENT CO. SERAFINI, PURDY, DINARDO &
WELLS
Mark A. Osborne
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
THE HIBERNIA SAVINGS BANK
Each other director whose term of office as a director continued after
the annual meeting is set forth below:
Martha M. Campbell Richard J. Murney
ATTORNEY-AT-LAW CERTIFIED PUBLIC ACCOUNTANT
Bernard J. Dwyer John V. Murphy
ATTORNEY-AT-LAW EXECUTIVE VICE PRESIDENT &
CHIEF OPERATING OFFICER
Peter L. Maguire, President DAVID L. BABSON & CO., INC.
MANAGEMENT INFORMATION SERVICES
Michael T. Putziger Richard P. Quincy
ATTORNEY-AT-LAW PRESIDENT
ROCHE, CARENS & DEGIACOMO QUINCY & CO.
Thomas J. Carens William T. Novelline
OF COUNSEL PRESIDENT
ROCHE, CARENS & DEGIACOMO ABBOT FINANCIAL MANAGEMENT
(c) In addition to the election of directors, the following matters were
also voted upon at the annual meeting: formation of a holding company;
election of the clerk; and selection of auditors.
(i) The individuals identified below were elected to serve as directors of
the Bank for three year terms as follows:
For Against Abstentions Broker
or Withheld Non-Votes
Thomas P. Moore, Jr. 1,304,280 60,393 - -
Mark A. Osborne 1,310,462 54,211 - -
Paul D. Osborne 1,310,462 54,211 - -
Douglas C. Purdy 1,307,762 56,911 - -
(ii) The individual identified below was elected to serve as a director of
the Bank for a one year term as follows:
For Against Abstentions Broker
or Withheld Non-Votes
William E. Lucey 1,307,440 53,425 3,808 -
(iii) As set forth in the Bank's proxy statement, the holding company
formation was accomplished under a Plan of Reorganization and
Acquisition dated as of February 15, 1996 which provides for the
acquisition of all of the outstanding shares of the Bank's common
stock, $1.00 par value by the Company in exchange for an equal number
of shares of Company common stock, $1.00 par value, in a share
exchange pursuant to Chapter 172, Section 26B of the Massachusetts
General Laws. The vote for the formation of the holding company was
as follows:
For Against Abstentions Broker
or Withheld Non-Votes
1,101,481 9,269 3,554 250,369
(iv) The stockholders of the Bank voted to reelect Douglas C. Purdy as the
Clerk of the Bank until the next election or until a successor is
elected and qualified. The vote for the Clerk was as follows:
For Against Abstentions Broker
or Withheld Non-Votes
1,309,624 51,350 3,699 -
(v) The stockholders of the Bank voted to approve the selection of Arthur
Andersen, LLP, as independent auditors for the Bank to certify the
Annual Report of Condition of the Bank for the year ending
December 31, 1996, as follows:
For Against Abstentions Broker
or Withheld Non-Votes
1,358,735 1,800 4,138 -
(d) Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit No. Exhibit Description
10.1 Employment Agreement between The Hibernia Savings Bank and
Mark A. Osborne
10.2 Special Termination Agreement between The Hibernia Savings Bank
and Mark A. Osborne
10.3 Amendment to Special Termination Agreement between The Hibernia
Savings Bank and Mark A. Osborne
(b) On October 7, 1996, the Company filed a Form 8-K and reported in
response to Item 2 the consummation of the reorganization of The Hibernia
Savings Bank into a wholly-owned subsidiary of the Company. In the Company's
Form 8-K, it incorporated by reference from its Registration Statement on
Form 8-A the financial statements contained in the Bank's Annual Report on Form
F-2 for the year ended December 31, 1995 and the Quarterly Report on Form F-4
for the three months ended March 31, 1996. The Company also included the Bank's
Quarterly Report on Form F-4 for the three months ended June 30, 1996 as an
exhibit to the Company's Form 8-K.
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.
Emerald Isle Bancorp, Inc.
Date: November 14, 1996 By: /s/ Gerard F. Linskey
---------------------
Gerard F. Linskey,
Treasurer