EXHIBIT 99
[Crazy Woman Creek Bancorp Letterhead]
Crazy Woman Creek Bancorp Incorporated
Buffalo, Wyoming
Contact: Deane D. Bjerke, Chief Executive Officer
Dalen C. Slater, Chief Financial Officer
(307) 684-5591
For Immediate Release
January 9, 1997
Crazy Woman Creek Bancorp Incorporated Announces First Quarter
Operating Results and Authorization of Stock Repurchase Program
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Buffalo, Wyoming (Nasdaq SmallCap - "CRZY") - Crazy Woman Creek Bancorp
Incorporated (the Corporation), the savings and loan holding company of Buffalo
Federal Savings Bank (Buffalo Federal), Buffalo, Wyoming announced operating
results for the quarter ended December 31, 1996.
Net income was $161,000 for the quarter ended December 31, 1996, compared
to $109,000 for the same period in 1995. Earnings per share for the quarter
ended December 31, 1996 was $0.16 per share.
Total assets increased by $1.07 million or 2.09% from $51.52 million at
September 30, 1996 to $52.59 million at December 31, 1996. Asset growth is
attributed to a $778,000 increase in net loans receivable, a $541,000 increase
in cash and cash equivalents, and a $330,000 increase in investments available
for sale. Meanwhile, investments held to maturity declined by $472,000 for the
period. The increase in assets was primarily funded through advances from the
Federal Home Loan Bank (FHLB) of Seattle and retained earnings. FHLB advances
increased by $1.38 million from $6.11 million at September 30, 1996 to $7.49
million at December 31, 1996. In addition to funding asset growth, FHLB advances
were utilized to offset a $302,000 decline in deposits for the period. Total
stockholders' equity increased by $144,000 as a result of continued earnings and
an improvement in the market value of investments available for sale. The
increase in stockholder's equity was somewhat offset by a $.10 per share
dividend that was declared in December, 1996. At December 31, 1996, the book
value per share was $14.79 based on total outstanding shares of 1,058,000.
Net income for the three months ended December 31, 1996 was higher than
net income for the same period in 1995 as a result of an increase in earning
assets. The increase in earning assets was primarily funded by the $9.49 million
in net proceeds received from the Corporation's initial stock offering that was
consummated on March 29, 1996. Net income for the three months ended December
31, 1995 included $24,000 in gains from the sale of a repossessed home and
certain mortgage-backed securities. Non-operating expenses increased
by $71,000 from $204,000 for the three months ended December 31, 1995 to
$277,000 for the three months ended December 31, 1996 primarily as a result of
an increase in compensation expense and costs associated with being a public
company. The increase in compensation expense is primarily due to expenses
associated with the Corporation's Employee Stock Ownership Plan (ESOP) and its
Management Stock Recognition Plan (MSRP); the MSRP was approved by the majority
of stockholders at a special meeting held October 2, 1996.
In addition, the Corporation announced it has received non-objection from
the Office of Thrift Supervision (OTS) to repurchase up to 5% or 52,900 shares
of the Corporation's common stock. Mr. Deane D. Bjerke, President and Chief
Executive Officer, said such repurchases had been previously authorized by the
Board of Directors.
The repurchases are expected to be made in open-market transactions,
subject to the availability of stock, market conditions, the trading price of
the stock and the Corporation's financial performance. Such repurchases will
become treasury shares and will be utilized for general corporate and other
purposes, including the issuance of shares in connection with the exercise of
stock options. The repurchase program is expected to be completed by March 29,
1997, at which time the Corporation may terminate or continue the program.
Buffalo Federal is a federally-chartered stock savings bank located in
Buffalo, Wyoming. The deposits are federally insured, up to the legal maximum,
by the Federal Deposit Insurance Fund. The Corporation's common stock is traded
in the over-the-counter market on the Nasdaq SmallCap Market under the symbol
"CRZY".
CRAZY WOMAN CREEK BANCORP INCORPORATED
CONSOLIDATED STATEMENTS OF CONDITION
December 31, September 30,
1996 1996
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(unaudited) (audited)
(Dollars in Thousands, except book value per share)
Assets
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Cash and cash equivalents $ 992 $ 451
Interest bearing time deposits 99 99
Investment and mortgage backed securities available-for-sale 13,695 13,365
Investment and mortgage backed securities held-to-maturity
(estimated market value of $9,809 in 1996, and $10,181 in 1995) 9,831 10,303
Stock in Federal Home Loan Bank of Seattle at cost 408 400
Loans receivable, net 26,637 25,859
Accrued interest receivable 418 496
Premises and equipment, net 484 502
Other assets 29 42
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Total Assets $ 52,593 $ 51,517
Liabilities and Stockholders' Equity
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Liabilities:
Deposits 29,069 29,371
Advances from Federal Home Loan Bank 7,485 6,113
Advances from borrowers for taxes and insurance 10 53
Federal income tax payable 45 15
Deferred income taxes 116 81
Dividends payable 106 106
Accrued expenses and other liabilities 110 270
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Total liabilities $ 36,941 $ 36,009
Stockholders' Equity
Preferred stock, par value $.10 per share, 2,000,000 shares authorized;
none issued and outstanding -- --
Common stock, par value $.10 per share, 5,000,000 shares authorized;
1,058,000 issued issued and outstanding at December 31, 1996 106 106
Additional paid-in surplus 10,029 10,027
Retained earnings, substantially restricted 6,120 6,058
Unrealized gain(loss) on securities available-for-s3le (66)
Less stock acquired by ESOP (606) (617)
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Total stockholders' equity 15,652 15,508
Total liabilities and stockholders' equity $ 52,593 $ 51,517
Other financial condition data:
Stockholder's equity (retained earnings) to total assets 29.76% 30.10%
Book value per share $ 14.79 N/A
Nonperforming assets:
Non-accrual loans $ 90 $ 32
Real estate owned --
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Total non-performing assets $ 90 $ 32
CRAZY WOMAN CREEK BANCORP INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
December 31,
1996 1995
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(unaudited)
(Dollars in Thousands, except earnings per share)
Interest Income:
Loans receivable $552 $510
Mortgage-backed securities 161 84
Investment securities 236 113
Interest bearing time deposits 1 9
Other 12 15
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Total interest income 962 731
Interest Expense:
Deposits 355 362
Advances from FHLB of Seattle 102 44
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Total interest expense 457 406
Net interest income 505 325
Provision for loan losses - -
Net interest income after provision
(loss benefit) from loan losses 505 325
Noninterest income:
Customer service charges 9 10
Other operating income 7 9
Gain on sale of investment and
mortgage-backed securities - 12
Gain on the sale of other real
estate owned - 14
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Total non-interest income 16 45
Non-interest expense:
Compensation and benefits 125 100
Occupancy and equipment 32 22
FDIC/SAIF deposit insurance premiums 16 16
Advertising 11 8
Data processing services 25 21
Other 68 37
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Total non-interest expense 277 204
Income before inome taxes 244 166
Income tax expense 83 57
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Net income $ 161 $ 109
Earnings per common share $ 0.16 N/A
Weighted average number of common
shares outstanding 997 N/A
Financial ratios:
Return on average assets 1.23% 1.15%
Return on average equity 4.12% 7.32%
Net interest margin 3.86% 3.43%