================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark one)
[ x ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the year ended December 31, 1997
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _____________ to _____________
Commission file number: 0-18121
MAF BANCORP, INC.
(Exact Name of Issuer as Specified in its Charter)
Delaware 33-3664868
(State of Incorporation) (IRS Employer Identification No.)
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
(Full title of the plan )
MAF BANCORP, INC.
55th & Holmes
Clarendon Hills, IL 60514
(Name of issuer of the securities held pursuant to the
plan and the address of its principal executive officer)
Allen H. Koranda
Chairman of the Board and
Chief Executive Officer
MAF Bancorp, Inc.
55th Street & Holmes Avenue
Clarendon Hills, Illinois 60514
(630) 325-7300
(Name, Address and Telephone Number of Agent for Service)
================================================================================
REQUIRED INFORMATION
Item 4. The Mid America Bank, fsb Employees' Profit Sharing Plan, which is
subject to ERISA, files plan financial statements and schedules prepared in
accordance with the financial reporting requirements of ERISA.
Financial Statements. Listed below are all financial statements and
schedules filed as a part of the annual report:
(a) Audited Statements of Net Assets Available for Plan Benefits as of
December 31, 1997 and 1996, and the related statements of changes in
net assets available for plan benefits for the year ended December 31,
1997, six months ended December 31, 1996 and the years ended June 30,
1996 and 1995.
(b) Audited Statements of Net Assets Available for Plan Benefits as of
December 31, 1997 and 1996 and the related statement of changes in net
assets available for plan benefits for the year ended December 31,
1997, six months ended December 31, 1996 and the years ended June 30,
1996 and 1995, respectively, are hereby incorporated by reference to
the Registration Statement on Form S-8 filed by the Mid America Bank,
fsb Employees' Profit Sharing Plan (Registration No. 33-40932) with
the Securities Exchange Commission on May 30, 1991.
Exhibits
No. 23 - Auditors' consent
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this Annual Report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: June 29, 1998 Mid America Bank, fsb
Employees' Profit Sharing Plan
By: /s/ Michael J. Janssen
--------------------------------------
Trustee
3
FINANCIAL STATEMENTS AND SCHEDULES
4
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
INDEX
-----
Page
----
Independent Auditors' Report 6
Statements of Net Assets Available for Plan Benefits at December 31, 1997
and 1996 7
Statements of Changes in Net Assets Available for Plan Benefits for the
year ended December 31, 1997, six months ended December 31, 1996 and
years ended June 30, 1996 and 1995 8
Notes to Financial Statements 9
Schedule 1 - Schedule of Assets Held for Investment Purposes at
December 31, 1997 24
Schedule 2 - Schedule of Reportable (5%) Transactions for the year ended
December 31, 1997 25
5
INDEPENDENT AUDITORS' REPORT
The Trustees
Mid America Bank, fsb
Employees' Profit Sharing Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Mid America Bank, fsb Employees' Profit Sharing Plan as of
December 31, 1997 and 1996, and the related statements of changes in net assets
available for plan benefits for the year ended December 31, 1997, six months
ended December 31, 1996 and each of the years in the two-year period ended June
30, 1996. These financial statements are the responsibility of the Plan's
trustees. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan's trustees as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Mid
America Bank, fsb Employees' Profit Sharing Plan as of December 31, 1997 and
1996 and the changes in net assets available for plan benefits for the year
ended December 31, 1997, six months ended December 31, 1996 and each of the
years in the two-year period ended June 30, 1996 in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information in Item 27a-
Schedule of Assets Held for Investment Purposes and Item 27d-Schedule of
Reportable (5%) Transactions are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for reporting and disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
June 29, 1998
/s/ KPMG Peat Marwick LLP
6
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Statements of Net Assets Available for Plan Benefits
December 31,
----------------------------------
Assets: 1997 1996
--------------- ---------------
Investments, at fair value:
Money market deposit accounts $ 495,009 559,882
Certificates of deposit 2,864,683 2,985,617
Mutual funds 3,324,573 2,457,139
Other common stock 955,381 767,606
MAF Bancorp, Inc. common stock 12,600,953 8,110,976
----------- ----------
20,240,599 14,881,220
Employer's contribution receivable 700,050 65,770
Cash and other assets 72,366 75,960
----------- ----------
Net assets available for plan benefits $ 21,013,015 15,022,950
=========== ==========
See accompanying notes to financial statements.
7
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Year Ended Six Months Ended Year Ended June 30,
December 31, December 31, -----------------------------------
1997 1996 1996 1995
------------- ---------------- -------------- ----------------
Additions to net assets attributed to:
Interest income $ 222,295 106,438 122,337 138,569
Dividend income 405,495 200,899 192,562 115,637
Other income 7,534 3,986 1,658 4,823
------------- ---------------- -------------- ----------------
635,324 311,323 316,557 259,029
Gain (loss) on sale of investments:
Mutual funds 33,313 2,882 7,539 4,521
Other common stock 608 106,965 18,492
MAF Bancorp, Inc. common stock 55,133 37,287 11,945 (1,065)
------------- ---------------- -------------- ----------------
89,054 147,134 37,976 3,456
Unrealized appreciation in fair value
of investments:
Mutual funds 316,335 53,351 133,736 150,154
Other common stock 190,085 66,196 65,550
MAF Bancorp, Inc. common stock 4,524,950 2,392,457 699,340 100,326
------------- ---------------- -------------- ----------------
5,031,370 2,512,004 898,626 250,480
Contributions:
Employer 700,050 65,770 360,000 450,000
Employee 953,132 421,580 603,454 571,002
------------- ---------------- -------------- ----------------
1,653,182 487,350 963,454 1,021,002
Transfer of assets from merged plan -- 2,349,219 -- --
------------- ---------------- -------------- ----------------
Total additions to net assets 7,408,930 5,807,030 2,216,613 1,533,967
Deduction from net assets attributed to
benefits paid to participants 1,418,865 879,025 377,739 473,119
------------- ---------------- --------------- ----------------
Increase in net assets available for
plan benefits 5,990,065 4,928,005 1,838,874 1,060,848
Net assets available for plan benefits:
Beginning of period 15,022,950 10,094,945 8,256,071 7,195,223
------------- ---------------- --------------- ----------------
End of period $ 21,013,015 15,022,950 10,094,945 8,256,071
============= ================ =============== ================
See accompanying notes to financial statements.
8
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements
(1) Description of Plan
The following description of the Mid America Bank, fsb Employees' Profit
Sharing Plan ("Plan") provides only general information. Participants
should refer to the Plan agreement for a more complete description of the
Plan's provisions.
General
The Plan is a defined contribution plan with a 401(k) salary deferral
option. All employees of Mid America Bank, fsb (the "Company") who have
completed one year of service are eligible to participate in the salary
deferral portion of the Plan. Employees who have completed one year of
service and are age twenty-one or older are eligible to receive employer
matching and discretionary contributions under the Plan. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA"). The Plan's year end was changed to December 31, in 1996, in
conjunction with the Company changing its year end to that date.
Merger
On May 30, 1996, N.S. Bancorp, Inc. was merged with and into MAF Bancorp,
Inc., who is the parent of the Company. Concurrently, Northwestern Savings
Bank ("Northwestern") was merged into the Company and the Company became
the plan sponsor for the Northwestern 401(k) plan. The Northwestern 401(k)
plan was merged into the Plan effective September 25, 1996. All former
Northwestern participants who were employees on September 25, 1996 became
active participants as of such date. A year of service includes any period
or periods previously credited to employees under the Northwestern 401(k)
plan. All participant's balances from the merged plan are 100% vested.
Contributions
Each year the Plan participants may contribute up to 10% of their annual
compensation as a voluntary after-tax contribution. 401(k) plan
participants are allowed to defer up to 15% of their pre-tax income as
401(k) contributions. Each year the Company will make matching
contributions equal to 35% of the first 4% of salary deferral up to a
$30,000 annual salary cap and for salary in excess of $30,000 the match is
25% of the first 2% deferred for 401(k) plan participants who have met the
service requirements.
Participant Accounts
Each participant's contribution account is credited with the participant's
contribution and an allocation of earnings. Each participant's Company
contribution account is also credited with an allocation of the Company's
contribution and forfeitures of terminated participants' nonvested
accounts, subject to federal rules governing employer contributions to
qualified plans. Allocation of the Company's contribution and forfeitures
of terminated participants' accounts are based on the ratio that each
participant's eligible compensation for the Plan year bears to the total
eligible compensation of all participants for the Plan year. The benefit to
which a participant is entitled is the benefit that can be provided from
the participant's accounts.
9
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements - Continued
December 31, 1997, 1996, June 30, 1996 and 1995
Vesting
Participants are immediately vested in their pre-tax contributions and
their voluntary after-tax contributions plus actual earnings thereon.
Vesting in the remainder of their accounts is based on years of service as
follows: Less than 3 years - 0%; 3 years - 20%; 4 years - 40%; 5 years -
60%; 6 years - 80%; 7 years or more - 100%.
Payment of Benefits
On termination of service a participant may elect to leave the funds in the
plan until age 70 1/2 or receive either a lump-sum amount equal to the
value of their vested account, or annual installments over a period not to
exceed ten years.
(2) Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared on the accrual
basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Valuation of Investments
Investments in mutual funds and common stock are stated at fair value as
determined by reference to quoted market prices. The money market deposit
and certificate of deposit accounts are stated at face value plus accrued
interest which has not been transferred from the accounts. Purchases and
sales of investments are recorded on a trade-date basis. Realized gains on
sales are computed using the specific identification method.
The change in the difference between fair value and the cost of investments
for each year is reflected in the statement of changes in net assets
available for plan benefits as unrealized appreciation or depreciation in
fair value of investments.
(3) Income Taxes
The Internal Revenue Service ("IRS") has determined, in a letter dated
March 28, 1996, that the Plan is a qualified plan under Section 401(a) of
the Internal Revenue Code and the Trust, forming a part of the Plan, is
exempt from Federal income taxes under Section 501(a) of the Internal
Revenue Code.
10
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Notes to Financial Statements - Continued
December 31, 1997, 1996, June 30, 1996 and 1995
(4) Administrative Expenses
The Company absorbs all administrative expenses of the Plan.
(5) Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants will become 100 percent vested in their accounts.
(6) Transactions With Parties in Interest
The following table summarizes the account balances and results of
transactions of the Plan with the Company.
At or for the
------------------------------------------------------------
Year Ended
Year Ended Six Months Ended June 30,
December 31, December 31, --------------------------
1997 1996 1996 1995
----------- ------------ ----------- ------------
Money market deposit account $ 208,599 303,343 30,694 152,580
Certificates of deposit 2,864,683 2,985,617 1,765,682 1,801,187
MAF Bancorp, Inc. common stock 12,600,953 8,110,976 5,375,317 4,472,399
Interest income from deposits 222,295 106,438 122,337 138,569
Dividend income from MAF Bancorp, Inc. stock 96,315 42,974 76,157 57,498
Contributions to the Plan 700,050 65,770 360,000 450,000
=========== ============ =========== ============
(7) Investments
As of December 31, 1997 and 1996, the Plan held the following investments
which comprised 5% or more of the Plan's net assets, at fair value:
December 31,
----------------------------
1997 1996
----------- -----------
Variable rate CD $ 1,978,301 2,150,266
MAF Bancorp, Inc. common stock 12,600,953 8,110,976
American Mutual Fund - Washington Fund 1,206,496 859,391
=========== ===========
(8) Fund Information
The Plan provides that each participant may make contributions to, and
investments in, either the MAF Bancorp, Inc. Stock Fund or the other
investment options at the option of each participant. Fund information at
December 31, 1997 and 1996 and for the fiscal year ended December 31, 1997,
six month period ended December 31, 1996 and fiscal years ended June 30,
1996 and 1995, respectively are summarized on the following pages:
11
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Net Assets Available for Plan Benefits by Fund
December 31, 1997
Participant Directed
-----------------------------------------------------------------------------------------------------
American Mutual Funds Kemper Mutual Funds
----------------------------------------------------------------- ----------------------------------
Washington Growth Fund Income Fund New Cash Mgmt Bond Governmental Growth Total Return
Fund of America of America Perspec. Trust Fund Fund Fund Fund
------------ ----------- ----------- -------- --------- ---- ------------ ------ ------------
Assets:
Investments, at fair value $1,206,496 828,422 293,515 844,691 158 884 46,171 57,870 46,366
Employer's contribution
Receivable - - - - - - - - -
Other assets - - - - - - - - -
---------- ------- ------- -------- --- --- ------ ------ ------
Net assets available for
Plan benefits $1,206,496 828,422 293,515 844,691 158 884 46,171 57,870 46,366
========== ======= ======= ======= === === ====== ====== ======
(Continued)
12
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Net Assets Available for Plan Benefits by Fund
December 31, 1997
Participant
Directed Other
------------------- --------------------------------------------------------------------------------
R. Baird
Money Variable MAF Money 2-1/2 Other
Market Rate Bancorp Market Year 5 Year 10 Year Common
Account CD Stock Account CD CD CD Stock Unallocated Total
-------- --------- ---------- -------- ------ ------- ------- ------- ----------- ----------
Assets:
Investments, at fair value $208,599 1,978,301 12,600,953 286,410 65,253 450,815 370,314 955,381 -- 20,240,599
Employer's contribution
receivable -- -- -- -- -- -- -- -- 700,050 700,050
Other assets -- -- -- -- -- -- -- -- 72,366 72,366
-------- --------- ---------- ------- ------ ------- ------- ------- ------- ----------
Net assets available for
plan benefits $208,599 1,978,301 12,600,953 286,410 65,253 450,815 370,314 955,381 772,416 21,013,015
======== ========= ========== ======= ====== ======= ======= ======= ======= ==========
13
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Net Assets Available for Plan Benefits by Fund
December 31, 1996
Participant Directed
----------------------------------------------------------------------------------------------------
American Mutual Funds Kemper Mutual Funds
---------------------------------------------------------------- ----------------------------------
Washington Growth Fund Income Fund New Cash Mgmt Bond Governmental Growth Total Return
Fund of America of America Perspec. Trust Fund Fund Fund Fund
---------- ----------- ----------- -------- --------- ----- ------------ ------ ------------
Assets:
Investments, at fair value $859,391 669,994 219,427 572,120 2,192 3,223 42,329 49,546 38,917
Employer's contribution
receivable -- -- -- -- -- -- -- -- --
Other assets -- -- -- -- -- -- -- -- --
-------- ------- ------- ------- ----- ----- ------ ------ ------
Net assets available for
plan benefits $859,391 669,994 219,427 572,120 2,192 3,223 42,329 49,546 38,917
======== ======= ======= ======= ===== ===== ====== ====== ======
(Continued)
14
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Net Assets Available for Plan Benefits by Fund
December 31, 1996
Participant
Directed Other
------------------- --------------------------------------------------------------------------------
R. Baird
Money Variable MAF Money 2-1/2 Other
Market Rate Bancorp Market Year 5 Year 10 Year Common
Account CD Stock Account CD CD CD Stock Unallocated Total
-------- --------- ---------- -------- ------ ------- ------- ------- ----------- ----------
Assets:
Investments, at fair value $303,343 2,150,266 8,110,976 256,539 61,529 425,295 348,527 767,606 -- 14,881,220
Employer's contribution
Receivable -- -- -- -- -- -- -- -- 65,770 65,770
Other assets -- -- -- -- -- -- -- -- 75,960 75,960
-------- --------- --------- ------- ------ ------- ------- ------- ------- ----------
Total assets 303,343 2,150,266 8,110,976 256,539 61,529 425,295 348,527 767,606 141,730 15,022,950
-------- --------- --------- ------- ------ ------- ------- ------- ------- ----------
Net assets available for
plan benefits $303,343 2,150,266 8,110,976 256,539 61,529 425,295 348,527 767,606 141,730 15,022,950
======== ========= ========= ======= ====== ======= ======= ======= ======= ==========
15
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended December 31, 1997
Participant Directed
----------------------------------------------------------------------
American Mutual Funds
----------------------------------------------------------------------
Washington Growth Fund Income Fund New Cash Mgmt Bond
Fund of America of America Perspec. Trust Fund
---------- ----------- ----------- -------- --------- ------
Additions to net assets attributed to:
Interest income $ - - - - - -
Dividend income 84,357 85,471 34,089 59,614 72 145
Other income - - - - - -
---------- ------- ------- ------- ------ ------
84,357 85,471 34,089 59,614 72 145
Gain on sale of investments 14,538 13,684 332 4,740 - 19
Unrealized appreciation in fair value
of investments 194,520 76,987 16,579 27,100 - 13
Contributions:
Employer - - - - - -
Employee 154,745 107,081 33,011 168,635 53 356
---------- ------- ------- ------- ------ ------
154,745 107,081 33,011 168,635 53 356
Total additions to net assets 448,160 283,223 84,011 260,089 125 533
Deduction from assets attributed to
benefits paid to participants 63,720 117,085 5,430 43,181 10,850 56
Transfers to (from) funds (37,335) (7,710) (4,493) 55,663 8,691 (2,816)
---------- ------- ------- ------- ------ ------
Increase (decrease) in net assets
Available for plan benefits 347,105 158,428 74,088 272,571 (2,034) (2,339)
Net assets available for plan benefits:
Beginning of period 859,391 669,994 219,427 572,120 2,192 3,223
---------- ------- ------- ------- ------ ------
End of period $1,206,496 828,422 293,515 844,691 158 884
========== ======= ======= ======= ====== ======
Participant Directed
---------------------------------------------------
Kemper Mutual Funds
---------------------------------------
Governmental Growth Total Return Money Market
Fund Fund Fund Account
------------ ------ ------------ ------------
Additions to net assets attributed to:
Interest income - - - 8,915
Dividend income 3,176 7,935 7,368 52,873
Other income - - - 3,986
------ ------ ------ -------
3,176 7,935 7,368 65,774
Gain on sale of investments - - - -
Unrealized appreciation in fair value
of investments 666 389 81 -
Contributions:
Employer - - - -
Employee - - - 8,789
------ ------ ------ -------
- - - 8,789
Total additions to net assets 3,842 8,324 7,449 74,563
Deduction from assets attributed to
benefits paid to participants - - - 235,512
Transfers to (from) funds - - - 66,205
------ ------ ------ -------
Increase (decrease) in net assets
Available for plan benefits 3,842 8,324 7,449 (94,744)
Net assets available for plan benefits:
Beginning of period 42,329 49,546 38,917 303,343
------ ------ ------ -------
End of period 46,171 57,870 46,366 208,599
====== ====== ====== =======
(Continued)
16
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended December 31, 1997
Participant
Directed Other
----------- ------------------------------------------------
MAF R. Baird
Variable Rate Bancorp Money Market 2-1/2 Year 5 Year
CD Stock Account CD CD
------------- ---------- ------------ ---------- -------
Additions to net assets attributed to:
Interest income $ 162,349 - - 3,724 25,520
Dividend income - 39,881 26,953 - -
Other income - - - - -
---------- ---------- ------- ------ -------
162,349 39,881 26,953 3,724 25,520
Gain on sale of investments - 55,133 - - -
Unrealized appreciation in fair value
of investments - 4,524,950 - - -
Contributions:
Employer - - - - -
Employee 149,764 341,401 - - -
---------- ---------- ------- ------ -------
149,764 341,401 - - -
---------- ---------- ------- ------ -------
Total additions to net assets 312,113 4,961,365 26,953 3,724 25,520
Deduction from assets attributed to
benefits paid to participants 397,427 545,604 - - -
Transfers to (from) funds (86,651) 74,216 2,918 - -
---------- ---------- ------- ------ -------
Increase (decrease) in net assets
Available for plan benefits (171,965) 4,489,977 29,871 3,724 25,520
Net assets available for plan benefits:
Beginning of period 2,150,266 8,110,976 256,539 61,529 425,295
---------- ---------- ------- ------ -------
End of period $1,978,301 12,600,953 286,410 65,253 450,815
========== ========== ======= ====== =======
Other
-------------------------------
Other
10 Year Common
CD Stock Unallocated Total
------- ------- ----------- ----------
Additions to net assets attributed to:
Interest income 21,787 - - 222,295
Dividend income - - 3,561 405,495
Other income - - 3,548 7,534
------- ------- ------- ----------
21,787 - 7,109 653,324
Gain on sale of investments - 608 - 89,054
Unrealized appreciation in fair value
of investments - 190,085 - 5,031,370
Contributions:
Employer - - 700,050 700,050
Employee - - (10,703) 953,132
------- ------- ------- ----------
- - 689,347 1,653,182
------- ------- ------- ----------
Total additions to net assets 21,787 190,693 696,456 7,408,930
Deduction from assets attributed to
benefits paid to participants - - - 1,418,865
Transfers to (from) funds - (2,918) (65,770) -
------- ------- ------- ----------
Increase (decrease) in net assets
Available for plan benefits 21,787 187,775 630,686 5,990,065
Net assets available for plan benefits:
Beginning of period 348,527 767,606 141,730 15,022,950
------- ------- ------- ----------
End of period 370,314 955,381 772,416 21,013,015
======= ======= ======= ==========
17
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Six Months Ended December 31, 1996
Participant Directed
------------------------------------------------------------------
American Mutual Funds
------------------------------------------------------------------
Washington Growth Fund Income Fund New Cash Mgmt Bond
Fund of America of America Perspec. Trust Fund
---------- ----------- ----------- -------- ---------- ------
Additions to net assets attributed to:
Interest income $ - - - - - -
Dividend income 49,674 36,404 16,235 26,627 383 118
Other income - - - - - -
-------- ------- ------- ------- ------- -----
49,674 36,404 16,235 26,627 383 118
Gain (loss) on sale of investments 2,753 683 310 44 - (3)
Unrealized appreciation (depreciation)
in fair value of investments 33,868 12,385 3,384 14,714 - 63
Contributions:
Employer - - - - - -
Employee 72,703 63,547 14,430 82,391 1,153 116
-------- ------- ------- ------- ------- -----
72,703 63,547 14,430 82,391 1,153 116
-------- ------- ------- ------- ------- -----
Transfer of assets from merged plan - - - - - -
-------- ------- ------- ------- ------- -----
Total additions to net assets 158,998 113,019 34,359 123,776 1,536 294
Deduction from assets attributed
to benefits paid to participants 42,050 31,578 4,045 5,535 17,383 -
Transfers to (from) funds 115,089 188,359 134 156,271 (1,000) 134
-------- ------- ------- ------- ------- -----
Increase (decrease) in net assets
available for plan benefits 232,037 269,800 30,448 274,512 (16,847) 428
Net assets available for plan
benefits:
Beginning of period 627,354 400,194 188,979 297,608 19,039 2,795
-------- ------- ------- ------- ------- -----
End of period $859,391 669,994 219,427 572,120 2,192 3,223
======== ======= ======= ======= ======= =====
Participant Directed
---------------------------------------------------
Kemper Mutual Funds
--------------------------------------
Governmental Growth Total Return Money Market
Fund Fund Fund Account
------------ ------- -------------- ------------
Additions to net assets attributed to:
Interest income - - - 5,944
Dividend income 1,526 12,375 6,260 23,505
Other income - - - 1,659
----- ------ ----- -------
1,526 12,375 6,260 31,108
Gain (loss) on sale of investments - 10 (915) -
Unrealized appreciation (depreciation)
in fair value of investments 236 (9,454) (1,845) -
Contributions:
Employer - - - -
Employee - - - (478)
----- ------ ----- -------
- - - (478)
----- ------ ----- -------
Transfer of assets from merged plan - - - -
----- ------ ----- -------
Total additions to net assets 1,762 2,931 3,500 30,630
Deduction from assets attributed
to benefits paid to participants - 216 - 117,981
Transfers to (from) funds - - (19,894) 360,000
----- ------ ----- -------
Increase (decrease) in net assets
available for plan benefits 1,762 2,715 (16,394) 272,649
Net assets available for plan
benefits:
Beginning of period 40,567 46,831 55,311 30,694
------ ------ ------- -------
End of period 42,329 49,546 38,917 303,343
====== ====== ======= =======
(Continued)
18
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Six Months Ended December 31, 1996
Participant
Directed Other
----------- ---------------------------------------------------------------------------------------
R. Baird
Variable MAF Money 2-1/2 5 10 Other
Rate Bancorp Market Year Year Year Common Merged
CD Stock Account CD CD CD Stock Unallocated Assets Total
----------- --------- -------- ------ ------- ------- -------- ----------- ---------- ----------
Additions to
net assets
attributed to:
Interest
income $ 75,895 - - 1,796 12,311 10,492 - - - 106,438
Dividend
income - 9,200 8,323 - - - - 10,269 - 200,899
Other income - - - - - - - 2,327 - 3,986
---------- --------- ------- ------ ------- ------- -------- -------- ---------- ----------
75,895 9,200 8,323 1,796 12,311 10,492 - 12,596 - 311,323
Gain (loss) on
sale of
investments - 37,287 - - - - 106,965 - - 147,134
Unrealized
appreciation
(depreciation)
in fair value
of investments - 2,392,457 - - - - 66,196 - - 2,512,004
Contributions:
Employer - - - - - - - 65,770 - 65,770
Employee 91,004 102,057 - - - - - (5,343) - 421,580
---------- --------- ------- ------ ------- ------- -------- -------- ---------- ----------
91,004 102,057 - - - - - 60,427 - 487,350
Transfer of
assets from
merged plan - - - - - - - - 2,349,219 2,349,219
---------- --------- ------- ------ ------- ------- -------- -------- ---------- ----------
Total
additions to
net assets 166,899 2,541,001 8,323 1,796 12,311 10,492 173,161 73,023 2,349,219 5,807,030
Deduction from
assets
attributed to
benefits paid
to participants 238,869 221,129 - - - - - - 200,239 879,025
Transfers to
(from) funds 1,267,306 415,787 244,556 - - - (244,556) (333,206) (2,148,980) -
---------- --------- ------- ------ ------- ------- -------- -------- ---------- ----------
Increase
(decrease) in
net assets
available for
plan benefits 1,195,336 2,735,659 252,879 1,796 12,311 10,492 (71,395) (260,183) - 4,928,005
Net assets
available for
plan benefits:
Beginning of
period 954,930 5,375,317 3,660 59,733 412,984 338,035 839,001 401,913 - 10,094,945
---------- --------- ------- ------ ------- ------- -------- -------- ---------- ----------
End of period $2,150,266 8,110,976 256,539 61,529 425,295 348,527 767,606 141,730 - 15,022,950
========== ========= ======= ====== ======= ======= ======== ========= ========== ==========
19
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended June 30, 1996
Participant Directed
-------------------------------------------------------------------
American Mutual Funds
-------------------------------------------------------------------
Washington Growth Fund Income Fund New Cash Mgmt Bond
Fund of America of America Perspec. Trust Fund
---------- ------------ ------------ --------- --------- -----
Additions to net assets attributed to:
Interest income $ - - - - - -
Dividend income 41,070 29,314 11,492 13,845 585 51
Other income - - - - - -
---------- ------------ ------------ --------- --------- -----
41,070 29,314 11,492 13,845 585 51
Gain on sale of investments 2,183 1,885 2,449 729 - 3
Unrealized appreciation (depreciation)
in fair value of investments 84,616 10,246 15,515 16,851 - 18
Contributions:
Employer - - - - - -
Employee 78,365 64,470 23,322 80,261 5,554 25
---------- ------------ ------------ --------- --------- -----
78,365 64,470 23,322 80,261 5,554 25
---------- ------------ ------------ --------- --------- -----
Total additions to net assets 206,234 105,915 52,778 111,686 6,139 97
Deduction from assets attributed
to benefits paid to participants 16,679 45,910 37,135 11,707 3,609 160
---------- ------------ ------------ --------- --------- -----
Transfers to (from) funds 5,252 (6,221) (6,478) (4,130) 12,952 2,472
Increase (decrease) in net assets 194,807 53,784 9,165 95,849 15,482 2,409
Available for Plan benefits
Net assets available for plan
benefits:
Beginning of period 432,547 346,410 179,814 201,759 3,557 386
---------- ------------ ------------ --------- --------- -----
End of period $ 627,354 400,194 188,979 297,608 19,039 2,795
========== ============ ============ ========= ========= =====
Participant Directed
-------------------------------------------------
Kemper Mutual Funds
-----------------------------------
Governmental Growth Total Return Money Market
Fund Fund Fund Account
------------- ------ ------------ ------------
Additions to net assets attributed to:
Interest income - - - 7,300
Dividend income 2,915 4,387 4,127 43,440
Other income - - - -
------------ ------ ------------ ------------
2,915 4,387 4,127 50,740
Gain on sale of investments 2 53 235 -
Unrealized appreciation (depreciation)
in fair value of investments (1,300) 4,713 3,077 -
Contributions:
Employer - - - -
Employee - - - 12,288
------------ ------ ---------- ------------
- - - 12,288
------------ ------ ---------- ------------
Total additions to net assets 1,617 9,153 7,439 63,028
Deduction from assets attributed
to benefits paid to participants - 814 5,522 149,659
Transfers to (from) funds (377) - - (35,255)
------------ ------ ---------- ----------
Increase (decrease) in net assets 1,240 8,339 1,917 (121,886)
Available for Plan benefits
Net assets available for plan
benefits:
Beginning of period 39,327 38,492 53,394 152,580
------------ ------ ---------- ----------
End of period 40,567 46,831 55,311 30,694
============ ====== ========== ==========
(Continued)
20
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended June 30, 1996
Participant
Directed Other
----------- --------------------------------------------------------------------------
R. Baird
Variable MAF Money 2-1/2 Other
Rate Bancorp Market 2 Year Year 5 Year 10 Year Common Unallo-
CD Stock Account CD CD CD CD Stock cated Total
----------- --------- -------- -------- ------ ------- ------- ------- -------- ----------
Additions to net assets
attributed to:
Interest income $ 55,415 -- -- 1,587 3,388 29,460 25,187 -- -- 122,337
Dividend income -- 31,745 8,619 -- -- -- -- -- 972 192,562
Other income -- -- -- -- -- -- -- -- 1,658 1,658
-------- --------- ------ -------- ------ ------- ------- ------- -------- ----------
55,415 31,745 8,619 1,587 3,388 29,460 25,187 -- 2,630 316,557
Gain on sale of investments -- 11,945 -- -- -- -- -- 18,492 -- 37,976
Unrealized appreciation
(depreciation) in fair value
of investments -- 699,340 -- -- -- -- -- 65,550 -- 898,626
Contributions:
Employer -- -- -- -- -- -- -- -- 360,000 360,000
Employee 126,923 212,141 -- -- -- -- -- -- 105 603,454
-------- --------- ------ -------- ------ ------- ------- ------- -------- ----------
126,923 212,141 -- -- -- -- -- -- 360,105 963,454
-------- --------- ------ -------- ------ ------- ------- ------- -------- ----------
Total additions to net assets 182,338 955,171 8,619 1,587 3,388 29,460 25,187 84,042 362,735 2,216,613
Deduction from assets
attributed to benefits paid
to participants 43,395 63,149 -- -- -- -- -- -- -- 377,739
Transfers to (from) funds (14,365) 10,896 (4,959) (144,705) -- (75,000) -- 754,959 (495,041) --
-------- --------- ------ -------- ------ ------- ------- ------- -------- ----------
Increase (decrease) in net
assets 124,578 902,918 3,660 (143,118) 3,388 (45,540) 25,187 839,001 (132,306) 1,838,874
Available for Plan benefits
Net assets available for plan
benefits:
Beginning of period 830,352 4,472,399 -- 143,118 56,345 458,524 312,848 -- 534,219 8,256,071
-------- --------- ------ -------- ------ ------- ------- ------- -------- ----------
End of period $954,930 5,375,317 3,660 -- 59,733 412,984 338,035 839,001 401,913 10,094,945
======== ========= ====== ======== ====== ======= ======= ======= ======== ==========
21
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended June 30, 1995
Participant Directed
---------------------------------------------------------------------------------------
American Mutual Funds Kemper Mutual Funds
--------------------------------------------------- -------------------------
Growth Income Cash Govern- Total Money
Washington Fund of Fund of New Mgmt Bond mental Growth Return Market
Fund America America Perspec. Trust Fund Fund Fund Fund Account
---------- ------- ------- -------- ----- ---- ------- ------- ------- -------
Additions to net assets attributed to:
Interest income $ -- -- -- -- -- -- -- -- -- 6,505
Dividend income 21,761 11,866 10,291 8,932 133 156 3,031 622 1,346 30,926
Other income -- -- -- -- -- -- -- -- -- --
-------- ------- ------- ------- ----- ---- ------- ------- ------- -------
21,761 11,866 10,291 8,932 133 156 3,031 622 1,346 37,431
Gain (loss) on sale of investments 2,529 1,730 8 (26) -- 24 (276) 599 (67) --
Unrealized appreciation
in fair value of investments 51,097 60,666 13,924 10,210 -- 11 1,241 6,576 6,429 --
Contributions:
Employer -- -- -- -- -- -- -- -- -- --
Employee 100,670 72,909 30,557 52,284 676 538 -- -- -- 21,446
-------- ------- ------- ------- ----- ---- ------- ------- ------- -------
100,670 72,909 30,557 52,284 676 538 -- -- -- 21,446
-------- ------- ------- ------- ----- ---- ------- ------- ------- -------
Total additions to net assets 176,057 147,171 54,780 71,400 809 729 3,996 7,797 7,708 58,877
Deduction from assets attributed
to benefits paid to participants 43,771 23,312 4,389 4,125 118 -- -- 178 166 146,771
Transfers to (from) funds (59,237) (12,004) (25,055) 134,484 2,569 (343) (10,941) (16,107) (916) 3,866
-------- ------- ------- ------- ----- ---- ------- ------- ------- -------
Increase (decrease) in net assets 73,049 111,855 25,336 201,759 3,260 386 (6,945) (8,488) 6,626 (84,028)
Available for Plan benefits
Net assets available for plan benefits:
Beginning of period 359,498 234,555 154,478 -- 297 -- 46,272 46,980 46,768 236,608
-------- ------- ------- ------- ----- ---- ------- ------- ------- -------
End of period $432,547 346,410 179,814 201,759 3,557 386 39,327 38,492 53,394 152,580
======== ======= ======= ======= ===== ==== ======= ======= ======= =======
(Continued)
22
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Changes in Net Assets Available for Plan Benefits by Fund
For the Year Ended June 30, 1995
Participant
Directed Other
----------- -----------------------------------------------------------------
Variable MAF
Rate Bancorp 2 Year 2-1/2 Year 5 Year 10 Year
CD Stock CD CD CD CD Unallocated Total
-------- --------- ------- -------- -------- ------- ----------- ---------
Additions to net assets attributed to:
Interest income $ 42,906 -- 6,398 5,174 47,818 29,768 -- 138,569
Dividend income -- 16,450 -- -- -- -- 10,123 115,637
Other income -- -- -- -- -- -- 4,823 4,823
-------- --------- ------- -------- -------- ------- ------- ---------
42,906 16,450 6,398 5,174 47,818 29,768 14,946 259,029
Gain (loss) on sale of investments -- (1,065) -- -- -- -- -- 3,456
Unrealized appreciation
in fair value of investments -- 100,326 -- -- -- -- -- 250,480
Contributions:
Employer -- -- -- -- -- -- 450,000 450,000
Employee 99,277 180,581 -- 3,581 17,511 -- (9,028) 571,002
-------- --------- ------- -------- -------- ------- ------- ---------
99,277 180,581 -- 3,581 17,511 -- 440,972 1,021,002
-------- --------- ------- -------- -------- ------- ------- ---------
Total additions to net assets 142,183 296,292 6,398 8,755 65,329 29,768 455,918 1,533,967
Deduction from assets attributed
to benefits paid to participants 83,035 167,053 -- 201 -- -- -- 473,119
Transfers to (from) funds 580,593 (12,543) -- (178,428) (405,938) -- -- --
-------- --------- ------- -------- -------- ------- ------- ---------
Increase (decrease) in net assets 639,741 116,696 6,398 (169,874) (340,609) 29,768 455,918 1,060,848
Available for Plan benefits
Net assets available for plan benefits:
Beginning of period 190,611 4,355,703 136,720 226,219 799,133 283,080 78,301 7,195,223
-------- --------- ------- -------- -------- ------- ------- ---------
End of period $830,352 4,472,399 143,118 56,345 458,524 312,848 534,219 8,256,071
======== ========= ======= ======== ======== ======= ======= =========
23
Schedule 1
----------
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Item 27a -- Schedule of Assets Held for Investment Purposes
December 31, 1997
Number Maturity Interest Current
Identity of Issue of Shares Date Rate Cost Value
----------------- ---------- ---------- ---------- ---------- ----------
Money market deposit accounts:
Mid America Bank, fsb* N/A N/A 3.45% $ 208,599 208,599
R. Baird Money Market Account N/A N/A 4.93 286,410 286,410
---------- ----------
$ 495,009 495,009
========== ==========
Certificates of deposits:
Mid America Bank, fsb* N/A 12/31/01 6.20 $1,978,301 1,978,301
Mid America Bank, fsb* N/A 1/24/98 5.92 65,253 65,253
Mid America Bank, fsb* N/A 12/02/00 5.87 450,815 450,815
Mid America Bank, fsb* N/A 12/02/05 6.11 370,314 370,314
---------- ----------
$2,864,683 2,864,683
========== ==========
Mutual funds:
Kemper:
U.S. Government fund 5,265 N/A N/A $ 47,862 46,171
Growth fund 4,421 N/A N/A 33,322 57,870
Total return fund 4,591 N/A N/A 18,747 46,366
American:
Washington fund 39,753 N/A N/A 800,662 1,206,496
Growth Fund of America 44,116 N/A N/A 645,728 828,422
Income Fund of America 16,517 N/A N/A 251,458 293,515
New Perspective Fund 43,608 N/A N/A 770,328 844,691
Cash Management Trust 158 N/A N/A 158 158
Bond fund 63 N/A N/A 734 884
---------- ----------
$2,568,999 3,324,573
========== ==========
Other common stock 21,550 N/A N/A $ 633,550 955,381
========== ==========
Common stock MAF Bancorp, Inc.* 530,577 N/A N/A $2,036,872 12,600,953
========== ==========
___________________________
N/A -- Not applicable
* Asterisk denotes an investment in an entity which is a "party-in-interest"
as defined by ERISA.
See accompanying independent auditors' report.
24
Schedule 2
----------
MID AMERICA BANK, fsb
EMPLOYEES' PROFIT SHARING PLAN
Item 27d -- Schedule of Reportable (5%) Transactions
For the Year Ended December 31, 1997
None
See accompanying independent auditors' report.
25
CONSENT OF INDEPENDENT AUDITORS'
--------------------------------
The Board of Directors
MAF Bancorp, Inc.:
We consent to incorporation by reference in the registration statement (No.
33-40932) on Form S-8 of MAF Bancorp, Inc. of our report dated January 29, 1998,
relating to the statements of net assets available for plan benefits of the Mid
America Bank, fsb Employees' Profit Sharing Plan as of December 31, 1997 and
December 31, 1996, and the related statements of changes in net assets available
for plan benefits for the year ended December 31, 1997, the six months ended
December 31, 1996 and for each of the years in the two-year period ended June
30, 1996, which report appears in the December 31, 1997 annual report on Form
11-K of MAF Bancorp, Inc.
/s/ KPMG Peat Marwick LLP
Chicago, Illinois
June 29, 1998
26