1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 1999 Commission file number 0 - 12784 WESTBANK CORPORATION (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-2830731 (State or other jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 225 PARK AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0149 (Address of principal executive offices) (Zip Code) (413) 747-1400 (Registrant's telephone number, including area code) 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[ ] Common stock, par value $2 per share: 4,283,353 shares outstanding as of October 31, 1999 2 WESTBANK CORPORATION AND SUBSIDIARIES This 10-Q/A is being filed as a result of the financial publisher omitting the following financial statement in the Corporation's 10-Q filed on November 12, 1999, for the period ended September 30, 1999: Westbank Corporation Consolidated Statements of Cash Flow Nine Months Ended September 30, 1999 and 1998 INDEX Page Financial Statements ---- Condensed Consolidated Statements of Cash Flows 7 2 3 WESTBANK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 (Unaudited) (Dollar amounts in thousands) 1999 1998 ---- ---- Operating activities: Net income $ 3,227 $ 2,845 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 77 40 Depreciation and amortization 729 750 Provision for other real estate owned 27 Changes in assets and liabilities: (Increase)/Decrease in accrued interest receivable (188) (226) Realized gain on sale of securities (92) (141) Realized (gain)/loss on sale of other real estate owned 19 4 Increase/(Decrease) in interest payable on deposits 97 103 (Increase)/Decrease in other assets (1,467) (344) Increase/(Decrease) in other liabilities (437) 584 -------- -------- Net cash provided by operating activities $ 1,965 $ 3,642 -------- -------- Investing activities: Investments and mortgage-backed securities: Held to maturity: Purchases $ (1,050) $(20,103) Proceeds from maturities and principal payments 19,762 26,068 Available for sale: Purchases (21,608) (34,970) Proceeds from sales 4,679 8,607 Proceeds from maturities 12,271 4,668 Purchases of premises and equipment (1,328) (2,380) Net (increase)/decrease in loans (59,512) (17,136) Proceeds from sale of other real estate owned 382 62 -------- -------- Net cash used in investing activities $(46,404) $(35,184) -------- -------- Financing activities: Net increase/(decrease) in other borrowed funds $ 8,570 $ 7,338 Net increase/(decrease) in deposits 38,362 37,926 Proceeds from mandatory redeemable preferred stock 17,000 Proceeds from exercise of stock options and stock purchase plan 578 1,551 Dividends paid (1,226) (1,126) ------ ------ Net cash used in financing activities $ 63,284 $ 45,689 ------ ------ Increase/(Decrease) in cash and cash equivalents $ 18,845 $ 14,147 Cash and cash equivalents at beginning of period 14,240 16,526 ------ ------ Cash and cash equivalents at end of period $ 33,085 $ 30,673 ======== ======== Cash paid during the period: Interest on deposits and other borrowings $ 10,406 $ 10,054 Income taxes 1,874 1,775 Transfers of loans to other real estate owned 434 Sales of other real estate owned financed by the bank 48 See accompanying notes to condensed consolidated financial statements 7 4 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized. WESTBANK CORPORATION Date: November 23, 1999 /s/Donald R. Chase ------------------ Donald R. Chase President and Chief Executive Officer Date: November 23, 1999 /s/John M. Lilly ---------------- John M. Lilly Treasurer and Chief Financial Officer 23