SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported) July 24, 1997
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COMMISSION FILE NO.: 0-23126
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RELIANCE BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 11-3187176
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(State or other Jurisdiction of Incorporation (IRS Employer or
organization) Identification No.)
585 Stewart Avenue, Garden City, New York 11530
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(Address of principal executive officer) (Zip Code)
Registrant's telephone number, including area code: (516) 222-9300
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Item 5. Other Events
On July 24, 1997, Reliance Bancorp, Inc. reported its fourth quarter
and fiscal year end 1997 results. For the quarter ended June 30, 1997, net
income increased to $4.3 million from $3.6 million for the prior year quarter,
earnings rose 20.0% to $0.48 on a fully diluted per share basis and return on
average equity increased 15.3% to 15.49%, from 13.4% for the prior year
quarter.
For the fiscal year ended June 30, 1997, net income was $10.9 million as
compared to $11.7 million for the fiscal year ended June 30, 1996. Net income
for fiscal year ended June 30, 1997 reflects a one-time charge to income of
$8.25 million for the Company's share of recapitalizing the Savings Association
Insurance Fund ("SAIF"). Excluding the impact of the SAIF charge, earnings would
have been $15.8 million, or $1.77 per fully diluted common share as compared to
$1.31 per common share for the fiscal year ended June 30, 1996 reflecting a
35.1% increase in earnings per share.
As of June 30, 1997, total assets were $2.0 billion, deposits were $1.4
billion and total stockholders' equity was $162.7 million. At June 30, 1997, the
Company had 8,776,337 common shares outstanding with tangible and book value per
share of common stock of $13.35 and $18.54, respectively.
Item 7 (c). Exhibits
Exhibit 99.1 Press Release reporting the Company's fourth quarter and fiscal
year end 1997 results.
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 hereunto duly authorized.
By: /s/ Raymond A. Nielsen
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Raymond A. Nielsen
President and
Chief Executive Officer
Dated: August 11, 1997