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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________________ to _____________________
Commission File Number 000-24255
GLB BANCORP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Ohio 31-1529973
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(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation of Organization)
7001 Center Street, Mentor, Ohio 44060
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(Address of Principal Executive Offices) (Zip Code)
(440) 974-0000
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(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
requirements for the past 90 days. YES [X] NO [ ]
As of August 9, 2001, there were 2,133,906 shares of the Registrant's Common
Stock outstanding.
Transitional Small Business Disclosure Format Yes No X
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GLB BANCORP, INC.
TABLE OF CONTENTS
Part I. Financial Information Page
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition as of June 30, 2001 3
(unaudited), December 31, 2000, and June 30, 2000 (unaudited)
Consolidated Statements of Earnings (unaudited) for the three months 4
and six months ended June 30, 2001 and June 30, 2000
Consolidated Statements of Cash Flows (unaudited) for the six months ended 5
June 30, 2001 and June 30, 2000
Notes to Consolidated Financial Statements (unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition 7
and Results of Operations
Part II. Other Information 11
Signatures 12
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GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
JUNE 30,2001 DECEMBER 31, JUNE 30,2000
Assets (UNAUDITED) 2000 (UNAUDITED)
------------- ------------- -------------
Cash and due from banks $ 7,909,741 $ 6,354,122 $ 5,970,831
Federal funds sold 19,118,082 6,818,970 11,773,987
------------- ------------- -------------
Total Cash and Cash Equivalents 27,027,823 13,173,092 17,744,818
Securities Available for Sale 3,531,778 3,790,897 3,653,065
Securities Held to Maturity 1,995,473 1,988,971 1,983,135
Loans, net of allowance for loan losses 107,797,316 105,954,789 96,310,895
Term Federal Funds 5,000,000 0 0
Stock in Federal Home Loan Bank of Cincinnati, at cost 964,100 638,300 572,600
Premises and equipment, net 3,107,470 3,103,020 3,168,108
Intangibles, net 720,412 666,246 686,793
Other assets 1,430,726 1,200,538 1,112,594
------------- ------------- -------------
Total Assets $ 151,575,098 $ 130,515,853 $ 125,232,008
============= ============= =============
Liabilities and Shareholders' Equity
Liabilities
Non-interest bearing demand deposits $ 18,136,752 $ 16,973,088 $ 17,454,470
Interest bearing demand deposits 11,360,036 10,879,750 9,487,485
Savings accounts 50,620,098 42,697,244 45,913,995
Certificate of deposit accounts 28,084,841 19,753,768 14,964,710
------------- ------------- -------------
Total Deposits 108,201,727 90,303,850 87,820,660
Advances from the Federal Home Loan Bank 15,643,900 12,543,900 10,500,000
Accrued expenses and other liabilities 642,634 877,667 766,405
------------- ------------- -------------
Total Liabilities 124,488,261 103,725,417 99,087,065
------------- ------------- -------------
Shareholders' Equity
Common Stock, no par value,
10,000,000 shares authorized; 2,133,906 shares
issued and outstanding, at a stated value of 5,334,765 5,334,765 5,334,765
Additional Paid-In Capital 19,152,715 19,152,715 19,152,715
Retained Earnings 3,261,661 2,786,798 2,231,234
Accumulated Other Comprehensive Loss (662,304) (483,842) (573,771)
------------- ------------- -------------
Total Shareholders' Equity 27,086,837 26,790,436 26,144,943
------------- ------------- -------------
Total Liabilities and Shareholders' Equity $ 151,575,098 $ 130,515,853 $ 125,232,008
============= ============= =============
See accompanying notes to financial statements
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GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
2001 2000 2001 2000
---------- ---------- ---------- ----------
Interest Income:
Loans $2,206,894 $1,968,161 $4,467,510 $3,832,371
Federal funds sold 277,734 189,375 467,914 379,846
Securities 80,423 79,883 160,880 155,404
---------- ---------- ---------- ----------
Total Interest Income 2,565,051 2,237,419 5,096,304 4,367,621
Interest Expense:
Deposits 898,629 635,447 1,700,268 1,262,845
FHLB Advances 243,672 169,755 485,643 339,510
---------- ---------- ---------- ----------
Total Interest Expense 1,142,301 805,202 2,185,911 1,602,355
---------- ---------- ---------- ----------
Net Interest Income 1,422,750 1,432,217 2,910,393 2,765,266
Provision for loan losses 97,500 60,000 195,000 105,000
---------- ---------- ---------- ----------
Net Interest Income After Provision 1,325,250 1,372,217 2,715,393 2,660,266
---------- ---------- ---------- ----------
Non-Interest Income:
Service charges on demand deposits 96,161 82,070 179,193 160,953
Other loan fees 75,055 75,307 146,140 133,922
Other service charges and fees 65,091 53,314 121,798 98,763
Gain on sale of loans held for sale 46,507 15,003 75,200 20,955
---------- ---------- ---------- ----------
Total Non-Interest Income 282,814 225,694 522,331 414,593
Non-Interest Expense:
Compensation and related benefits 596,517 513,614 1,188,844 1,041,769
Office occupancy and equipment, net 255,484 236,470 516,300 467,295
Professional fees 63,285 41,879 112,837 77,672
Advertising 33,032 32,232 64,803 50,369
Amortization of intangibles 32,009 26,074 64,617 48,592
Ohio franchise tax 51,324 31,500 102,105 64,250
Data processing 68,538 63,154 135,577 122,968
Office supplies and printing 53,269 47,735 80,986 79,042
FDIC deposit insurance 4,142 4,109 8,330 8,166
Credit card processing 26,473 27,613 51,684 51,521
Year 2000 expenses 0 0 0 7,223
Other operating expenses 101,139 80,052 186,423 157,900
---------- ---------- ---------- ----------
Total Non-Interest Expenses 1,285,212 1,104,432 2,512,506 2,176,767
---------- ---------- ---------- ----------
Income Before Income Tax Expense 322,852 493,479 725,218 898,092
Federal and State Income Tax Expense 110,401 172,836 250,355 315,079
---------- ---------- ---------- ----------
Net Income $ 212,451 $ 320,643 474,863 $ 583,013
========== ========== ========== ==========
Earnings per share basic and diluted $ 0.10 $ 0.15 $ 0.22 $ 0.27
========== ========== ========== ==========
See accompanying notes to financial statements
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GLB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED JUNE 30,
---------------------------------
2001 2000
------------ ------------
Cash flows from operating activities:
Net income $ 474,863 $ 583,013
Adjustments required to reconcile net income to net cash
provided by operating activities:
Amortization of intangibles 64,617 48,592
Depreciation 149,704 149,753
Premium amortization and discount accretion, net (7,202) (11,010)
Net deferred loan origination fees and costs 32,028 (9,716)
Origination of loans held for sale (8,723,306) (2,622,464)
Proceeds from sale of loans held for sale 8,729,355 2,612,172
Gain on sale of loans held for sale (75,200) (20,955)
Provision for loan losses 195,000 105,000
Origination of mortgage servicing rights (118,783) (35,820)
Increase in other assets (149,531) (113,328)
Decrease in accrued expenses and other liabilities (235,033) (33,803)
------------ ------------
Net cash provided by operating activities: 336,512 651,434
------------ ------------
Cash flows from investing activities:
Purchases of securities available for sale 0 (23,700)
Purchases of securities held to maturity (1,999,300) (471,892)
Maturities and payments of securities held to maturity 2,000,000 500,000
Purchase of FHLB stock (325,800) (19,900)
Origination of loans, net of principal collected (2,000,404) (8,962,430)
Increase in Term Federal Funds (5,000,000) 0
Purchases of premises and equipment (154,154) (84,143)
------------ ------------
Net cash used in investing activities: (7,479,658) (9,062,065)
------------ ------------
Cash flows from financing activities:
Net increase in deposits 17,897,877 5,675,997
Cash proceeds from FHLB advances 8,143,900 0
Cash repayments from FHLB advances (5,043,900) 0
------------ ------------
Net cash provided by financing activities: 20,997,877 5,675,997
------------ ------------
Net increase (decrease) in cash and cash equivalents 13,854,731 (2,734,634)
Cash and cash equivalents at beginning of period 13,173,092 20,479,452
------------ ------------
Cash and cash equivalents at end of period $ 27,027,823 $ 17,744,818
============ ============
Supplemental disclosure of cash flow information:
Interest paid on deposits and borrowings $ 2,085,258 $ 1,610,040
Federal Income taxes paid $ 200,835 $ 280,000
See accompanying notes to financial statements
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GLB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
GLB Bancorp, Inc. is a one-bank holding company that owns all of the outstanding
common stock of Great Lakes Bank (the Bank). The Corporation, a consolidation of
the holding company and the bank, was incorporated under Ohio law in March 1997
with the reorganization of the Bank completed in September 1997.
The accompanying unaudited consolidated financial statements have been prepared
in accordance with instructions to Form 10-QSB. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. However, such information reflects
all adjustments (consisting solely of normal recurring adjustments) which are,
in the opinion of management, necessary for a fair statement of results for the
interim periods.
The results of operations and cash flows reported for the period ended June 30,
2001 are not necessarily indicative of the results to be expected for the year
ending December 31, 2001. The unaudited consolidated financial statements and
notes included herein should be read in conjunction with the audited
consolidated financial statements and notes for the year ended December 31,
2000, contained in the Corporation's 2000 Annual Report and the Corporation's
Form 10-KSB filed for December 31, 2000.
Note 2. EARNINGS PER SHARE
Basic and diluted earnings per share were computed based on 2,133,906 weighted
average number of shares outstanding for the three months and six months ended
June 30, 2001 and 2000.
Note 3. COMPREHENSIVE INCOME
The Corporation's comprehensive income for the three months and six months ended
June 30, 2001 and 2000 are as follows:
FOR THE THREE MONTHS ENDED JUNE 30,
2001 2000
-------------- ----------------
Net Income $ 212,451 $ 320,643
Other comprehensive income:
Change in unrealized loss on securities
available for sale, net of tax (61,336) 15,611
--------- ---------
Comprehensive income $ 151,115 $ 336,254
FOR THE SIX MONTHS ENDED JUNE 30,
2001 2000
------------- ---------------
Net Income $ 474,863 $ 583,013
Other comprehensive income:
Change in unrealized loss on securities
available for sale, net of tax (178,462) (66,875)
--------- ---------
Comprehensive income $ 296,401 $ 516,138
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GLB BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This report may contain certain "forward-looking statements". The Corporation
desires to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 with respect to all forward-looking
statements. The words "believe", "expect", "anticipate", "estimate", "project",
and similar expressions are intended to identify forward-looking statements. The
Corporation's ability to predict the results or effect of future plans is
inherently uncertain. Factors which could affect actual results include interest
rate trends, the economic climate in the Corporation's market area and the
country, loan delinquency rates, and changes in federal and state regulations.
These factors should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.
STATEMENTS OF FINANCIAL CONDITION
The Corporation's total assets were $151,575,098 at June 30, 2001, compared to
$130,515,853 at December 31, 2000, an increase of $21.1 million or 16.1%. This
increase is largely the result of the increase in deposits of $17.9 million that
were re-invested in Federal Funds and Term Federal Funds.
Federal Funds increased 180.4% largely due to the $17.9 million or 19.8%
increase in deposits from December 31, 2000 to June 30, 2001.
Loan balances increased $1.8 million net of $8.7 million of fixed rate loans
being sold to FMAC during the first six months of 2001. The monthly Fed Fund
rate decreases by the Federal Reserve Bank Board increased mortgage loan
originations, as well as, spurning higher than normal payoff activity in all
loan categories.
FHLB stock increased $325,800 or 51.0% largely due to additional purchases of
stock to support the borrowing activity from December 31, 2000 to June 30, 2001.
Eight million in new Federal Home Loan Bank Advances were taken out to cover
three and five year borrowings scheduled to mature in May and October.
Repayments of FHLB advances totaled $5.0 million during the six months ended
June 30, 2001.
Deposits increased 19.8% from December 31, 2000 to June 30, 2001, largely due to
new savings accounts with 2,984 new accounts being opened. Our branch network of
eleven offices (one more opening in July 2001) is allowing the Bank to be more
widely known with customers viewing us as a small community bank in their
neighborhoods. Some rate promotions were utilized to attract customers, as well.
Additionally, individuals may be withdrawing from the stock market during the
low yielding market and looking for safer vehicles to invest their funds.
LIQUIDITY
The maintenance of an adequate level of liquidity is necessary to ensure
sufficient funds are available to meet customer loan demand, deposit
withdrawals, and expenses. The primary sources of funds are deposits, principal
and interest payments on loans, proceeds of loan sales, federal funds, and FHLB
borrowings and other correspondent banking arrangements. The Corporation feels
it has adequate resources to fund it's required commitments as of June 30, 2001.
CAPITAL RESOURCES
Shareholders' equity was $27,086,837 at June 30, 2001 and $26,790,436 at
December 31, 2000. Net income for the six months ended June 30, 2001 of $474,863
was offset by the change in the unrealized loss on securities available for sale
of ($178,462), net of taxes, recorded as a component of accumulated other
comprehensive income.
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RESULTS OF OPERATIONS
NET INCOME: The Corporation had net income of $212,451 for the three months
ended June 30, 2001, compared to $320,643 for the three months ended June 30,
2000, a decrease of $108,192 or 33.7%. The Corporation had net income of
$474,863 for the six months ended June 30, 2001, compared to $583,013 for the
six months ended June 30, 2000, a decrease of $108,150 or 18.6%. Return on
average assets (ROA) for the six months ended June 30, 2001 was 0.66%, compared
to 0.96% for the six months ended June 30, 2000. Return on average equity (ROE)
for the six months ended June 30, 2001 was 3.55%, compared to 4.49% for the six
months ended June 30, 2000.
INTEREST INCOME: Interest income was $2,565,051 for the three months ended June
30, 2001, compared to $2,237,419 for the three months ended June 30, 2000, an
increase of $327,632 or 14.6%. Interest income was $5,096,304 for the six months
ended June 30, 2001, compared to $4,367,621 for the six months ended June 30,
2000, an increase of $728,683 or 16.7%. Interest income increased largely due to
an increase in loan interest income of 16.6% with loan volume increasing 11.9%
from June 30, 2000 to June 30, 2001 and partially due to an increase in federal
fund balances of 62.4% affecting federal fund income by 23.2%. Higher average
balances generated higher income even though the yields consistently decreased
with the Federal Fund rate decreases.
During 2001, the fed fund rate was decreased by 275 basis points. This caused
the Bank's yields and costs to squeeze and the margin to lower. Although the
effect can be seen somewhat in the six month ended yield and cost comparison for
2001 and 2000, it is more pronounced in the quarterly comparison. This is due to
the gradual fed fund rate decrease which changed 25 to 50 basis points per month
beginning in January 2001. The entire financial industry has been impacted by
the Federal Reserve Bank Boards decisions on rates.
The following is a comparison of yields and costs for the six months and three
months ended June 30, 2001 and 2000:
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
JUNE 30, JUNE 30,
2001 2000 2001 2000
---------- ------------- ------------ ----------
Yield on Interest Earning Assets 7.38% 7.86% 7.62% 7.78%
Cost on Interest Bearing Assets 4.46% 4.11% 4.48% 4.13%
---- ---- ---- ----
Net Interest Spread 2.92% 3.75% 3.14% 3.65%
==== ==== ==== ====
Net Interest Margin 4.07% 4.44% 4.32% 4.32%
==== ==== ==== ====
INTEREST EXPENSE: Interest expense was $1,142,301 for the three months ended
June 30, 2001, compared to $805,202 for the three months ended June 30, 2000, an
increase of $337,099 or 41.9%. Interest expense was $2,185,911 for the six
months ended June 30, 2001, compared to $1,602,355 for the six months ended June
30, 2000, an increase of $583,556 or 36.4%. Deposit expense increased 34.6%
comparing the six months ended June 30, 2001 to six months ended June 30, 2000
with certificates accounting for the largest portion of the expense since they
increased $13.1 million or 87.7% from June 2000 to June 2001. During the fall of
2000 and early in the spring of 2001, the Bank needed to increase its federal
fund balances. Therefore, the Bank offered a 7% rate on 13 month certificates
and additionally offered a 6% to 6.66% rate in the early spring of 2001. Also,
interest expense increased with the additional FHLB advances that were taken out
in January and February of 2001, thereby increasing borrowings by 43.0%
comparing the same time frames.
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PROVISION FOR LOAN LOSSES: The provision for loan losses is based upon
management's assessment of relevant factors, including types and amounts of
non-performing loans, historical and anticipated loss experience on such types
of loans, current, and projected economic conditions. Management has
re-evaluated its loan loss reserve continuing to refine and develop a systematic
method to calculate necessary monthly provision amounts. Due to this the
provision expense has increased this year over last year. The provision for loan
losses was $97,500 for the three months ended June 30, 2001 compared to $60,000
for the three months ended June 30, 2000. The provision for loan losses was
$195,000 for the six months ended June 30, 2001 compared to $105,000 for the six
months ended June 30, 2000. Net charge offs for the three months ended June 30,
2001 were $3,008 compared to $4,173 for the three months ended June 30, 2000.
Net charge offs for the six months ended June 30, 2001 were $3,597 compared to
$34,303 for the six months ended June 30, 2000. Non-performing assets as a
percent of total assets was 0.06% at June 30, 2001 compared to 0.05% at June 30,
2000.
NON-INTEREST INCOME: Non-interest income was $282,814 for the three months ended
June 30, 2001 and $225,694 for the three months ended June 30, 2000, an increase
of $57,120 or 25.3%. Non-interest income was $522,331 for the six months ended
June 30, 2001 and $414,593 for the six months ended June 30, 2000, an increase
of $107,738 or 26.0%. The largest increase in non-interest income was due to
gain on sale of loans, increasing $54,245 for the six months ended June 30, 2000
compared to the six months ended June 30, 2001. Other service charges and fees
increased 23.3% largely due to collection of overdraft charges from the
expanding customer base.
NON-INTEREST EXPENSE: Non-interest expense was $1,285,212 for the three months
ended June 30, 2001 and $1,104,432 for the three months ended June 30, 2000, an
increase of $180,780 or 16.4%. Non-interest expense was $2,512,506 for the six
months ended June 30, 2001 and $2,176,767 for the six months ended June 30,
2000, an increase of $335,739 or 15.4%.The largest increases in non-interest
expenses were professional fees increasing 45.3%; Ohio Franchise tax increasing
58.9%; and amortization of intangibles increasing 33.0%.
Professional fees increased with the Bank hiring an outside accounting firm to
perform the internal audit function. Ohio Franchise tax increased due to growth
in the Company's net worth and the affect of an outstanding inter-company loan
at December 31, 2000 that caused the Company to forego the Ohio Qualified
Holding Company Election (QHC) . The Company does not anticipate an
inter-company loan at the end of 2001, thereby allowing it to qualify for the
"QHC" and reduce its tax obligation. Also, amortization of intangibles increased
due to the increase in amortization of mortgage servicing rights from payoffs of
sold loans.
The effective tax rate for the six months ended June 30, 2001 was 34.5% compared
to 35.1% for the six months ended June 30,2000.
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ACCOUNTING DEVELOPMENTS
The Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and
Hedging Activities" with an effective date for all fiscal quarters of fiscal
years beginning after June 15, 1999, which was amended by (SFAS) No. 138 which
changed the effective date to fiscal years beginning after June 15, 2000. This
Statement establishes accounting and reporting standards for derivative
instruments and for hedging activities. It requires that an entity recognize
derivatives as either assets or liabilities at fair value with gains or losses
determined depending on the intended use of the derivative and its resulting
designation. This Statement was not to be applied retroactively to prior period
financial statements. The Corporation adopted SFAS No. 133 as amended by SFAS
No. 138 on January 1, 2001 and the effect was immaterial, as the Corporation
does not currently engage in derivative activities.
On July 20, 2001, the Financial Accounting Standards Board issued Statements No.
141,"Business Combinations" and No. 142, " Goodwill and Other Intangible
Assets." Statement 141 requires all business combinations initiated after June
30, 2001 to be accounted for using the purchase method. Poolings initiated prior
to June 30, 2001 are grandfathered. Statement 142 replaces the requirement to
amortize intangible assets with indefinite lives and goodwill with a requirement
for an impairment test. Statement 142 also requires an evaluation of intangible
assets and their useful lives and a transitional impairment test for goodwill
and certain intangible assets. After transition, the impairment tests will be
performed annually. A company must adopt Statement 142 at the beginning of the
fiscal year. GLB Bancorp will adopt Statement 141 as of July 1, 2001 and
Statement 142 as of January 1, 2002. Management does not expect that adoption of
Statement 141 will have a material effect and management is currently in the
process of analyzing the effect of adoption of Statement 142.
REGULATORY DEVELOPMENTS
On November 12, 1999, Congress enacted the Gramm-Leach-Bliley Act (GLBA). The
GLBA establishes new guidelines under which the financial services industry may
conduct business, and it also establishes specific regulated areas for banks to
follow to protect private information about consumers. Under the privacy
section, Regulation P was devised with four new requirements, which apply
equally to all financial institutions, regarding the sharing of customer
information with others. Each institution must: (1) establish and annually
disclose a privacy policy; (2) provide customers the right to opt-out of
having their information shared with nonaffiliated third parties (subject to
many significant exceptions); (3) not share customer account numbers with
non affiliated third parties; and (4) abide by regulatory standards to protect
the security and integrity of customer information. The effective date for
Regulation P was November 13, 2000. The mandatory compliance date of Regulation
P was July 1, 2001. The Bank was in full compliance with this regulation.
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GLB BANCORP, INC.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS-Not applicable
ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS-Not Applicable
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES- Not Applicable
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 24, 2001, the Company held its Annual Meeting of Shareholders.
The following items were voted upon:
Each of the eleven directors were elected to serve as directors until
the 2002 Annual Meeting of Shareholders.
James A Brown For: 1,934,090 Against:0 Abstain:26,232
Richard T. Flenner Jr. For: 1,934,390 Against:0 Abstain:25,932
James V. Fryan For: 1,934,390 Against:0 Abstain:23,932
George C. Lott For: 1,901,090 Against:0 Abstain:59,232
George X. Mechir For: 1,901,590 Against:0 Abstain:59,732
Jerome T. Osborne For: 1,935,390 Against:0 Abstain:24,932
Richard M. Osborne For: 1,900,790 Against:0 Abstain:59,532
Edward R. Pike For: 1,934,855 Against:0 Abstain:25,467
Thomas J. Smith For: 1,900,890 Against:0 Abstain:59,432
Joseph T. Svete For: 1,936,155 Against:0 Abstain:24,167
Thomas E. Wheeler For: 1,936,390 Against:0 Abstain:23,932
Ratification of the selection of KPMG LLP to serve as the Company"s
independent auditors for the fiscal year ending December 31, 2001.
For: 1,947,084 Against: 7,985 Abstain: 5,253
Amendment of the 1998 Stock Option and Incentive Plan to increase the
number of shares available for issuance under the plan to 100,000
shares of common stock,
For: 1,833,216 Against: 118,553 Abstain: 8,553
Broker non-votes were zero.
Total shares equal 2,133,906 with 1,984,922 shares voted and 148,984
shares not-voted.
ITEM 5 - OTHER INFORMATION-Not Applicable
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-k
Exhibits
No report on Form 8-K was filed during the three months ended
June 30, 2001.
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SIGNATURES
In accordance with 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.
GLB BANCORP, INC.
By: /s/ Richard T. Flenner, Jr. Date: August 10, 2001
-------------------------------------- ---------------
Richard T. Flenner, Jr., President
Chief Executive Officer and Director
By: /s/ Cheryl J. Mihitsch Date: August 10, 2001
------------------------------------------- ---------------
Cheryl J. Mihitsch
Principal Financial and Accounting Officer
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