UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 December 31, 2000
- ----------- 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: 0-23345
WYMAN PARK BANCORPORATION, INC.
-------------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
DELAWARE 52-2068893
- --------------------------------------- ----------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
11 WEST RIDGELY ROAD, LUTHERVILLE, MARYLAND 21093
-------------------------------------------------
(Address of Principal Executive Offices)
(410)-252-6450
--------------
Registrant's Telephone Number, Including Area Code
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)of the Exchange Act 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 ___
As of January 31, 2001, the issuer had 822,490 shares of Common Stock issued and
outstanding.
Transitional Small Business Disclosure Format (check one):
Yes___ No X
-------
CONTENTS
--------
PART I. FINANCIAL INFORMATION PAGE
--------------------- ----
Item I. Financial Statements
Consolidated Statements of Financial Condition at
December 31, 2000 and June 30, 2000.............................. 2
Consolidated Statements of Operations for the Three Month and
Six Month Periods ended December 31, 2000 and 1999............... 3
Consolidated Statements of Cash Flows for the Six Month
Periods Ended December 31, 2000 and 1999......................... 4
Notes to Consolidated Financial Statements....................... 5-6
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations........................................... 7-11
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings............................................... 12
Item 2. Changes in Securities and Use of Proceeds....................... 12
Item 3. Defaults Upon Senior Securities................................. 12
Item 4. Submission of Matters to a Vote of Security Holders............. 12
Item 5. Other Information............................................... 12
Item 6. Exhibits and Reports on Form 8-K................................ 12
SIGNATURES................................................................. 13
1
Wyman Park Bancorporation, Inc. and Subsidiaries
Lutherville, Maryland
Consolidated Statements of Financial Condition
December 31 June 30,
2000 2000
------------- ------------
(Unaudited)
Assets
------
Cash and noninterest bearing deposits $ 628,544 $ 310,442
Interest bearing deposits in other banks 137,851 474,358
Federal funds sold 802,367 1,301,106
------------ ------------
Total cash and cash equivalents 1,568,762 2,085,906
Loans receivable, net 65,151,895 65,223,905
Mortgage-backed securities held to maturity
at amortized cost, fair value of $163,811 (12/2000)
and $176,350 (6/2000) 162,281 174,086
Federal Home Loan Bank of Atlanta stock, at cost 508,500 508,500
Accrued interest receivable 316,581 333,114
Ground rents owned, at cost 122,600 122,600
Property and equipment, net 87,338 107,304
Federal and state income taxes receivable 17,304 16,985
Deferred tax asset 203,364 203,364
Prepaid expenses and other assets 48,504 63,850
------------ ------------
Total Assets $ 68,187,129 $ 68,839,614
------------ ------------
Liabilities & Stockholders' Equity
----------------------------------
Liabilities:
Demand deposits $ 5,152,131 $ 5,643,177
Money market and NOW accounts 9,141,994 9,093,949
Time deposits 43,849,618 40,609,938
------------ ------------
Total deposits 58,143,743 55,347,064
Borrowings 500,000 3,000,000
Advance payments by borrowers for taxes,
insurance and ground rents 566,758 1,315,538
Accrued interest payable on savings deposits 19,550 17,267
Accrued interest on borrowings 2,890 14,786
Federal and state income taxes payable 607 8,748
Accrued expenses and other liabilities 640,642 528,975
------------ ------------
Total liabilities 59,874,190 60,232,378
Stockholders' Equity
- --------------------
Common stock, par value $.0l per share; authorized
2,000,000 shares; issued 1,011,713 shares 10,117 10,117
Additional paid-in capital 4,053,677 4,053,677
Contra equity - Employee Stock Ownership Plan (ESOP) (539,770) (539,770)
Retained earnings, substantially restricted 6,537,854 6,327,076
Treasury Stock; 189,223 shares, at cost at
December 31, 2000 and 112,987 at cost at
June 30, 2000 (1,748,939) (1,243,864)
------------ ------------
Total stockholders' equity 8,312,939 8,607,236
------------ ------------
Total liabilities and stockholders' equity $ 68,187,129 $ 68,839,614
------------ ------------
See accompanying notes to financial statements
2
Wyman Park Bancorporation, Inc. and Subsidiaries
Lutherville, Maryland
Consolidated Statements of Operation
(Unaudited)
For the Six Months For the Three Months
Ended December 31, Ended December 31,
2000 1999 2000 1999
---- ---- ---- ----
Interest and fees on loans receivable $2,455,594 $2,167,573 $1,237,315 $1,103,859
Interest on mortgage-backed securities 6,496 6,524 3,191 3,104
Interest on other investments 105,812 155,642 53,938 52,398
---------- ---------- ---------- ----------
Total interest income $2,567,902 $2,329,739 $1,294,444 $1,159,361
---------- ---------- ---------- ----------
Interest on savings deposits $1,422,399 $1,277,148 $ 736,648 $ 623,340
Interest on borrowed money 88,410 3,084 28,998 --
Interest on escrow deposits 998 1,143 322 308
---------- ---------- ---------- ----------
Total interest expense $1,511,807 $1,281,375 $ 765,968 $ 623,648
Net interest income before provision
for loan losses 1,056,095 1,048,364 528,476 535,713
Provision for loan losses -- -- -- --
---------- ---------- ---------- ----------
Net interest income $1,056,095 $1,048,364 $ 528,476 $ 535,713
---------- ---------- ---------- ----------
Other Income
- ------------
Loan fees and service charges $ 47,128 $ 45,189 $ 25,021 $ 26,465
Other 6,438 6,450 4,336 2,174
---------- ---------- ---------- ----------
Total other income $ 53,566 $ 51,639 $ 29,357 $ 28,639
---------- ---------- ---------- ----------
Noninterest Expenses
- --------------------
Salaries and employee benefits $ 443,101 $ 435,038 $ 210,427 $ 205,440
Occupancy costs 54,694 45,925 28,211 21,615
Professional services 33,808 49,367 18,481 27,297
Federal deposit insurance premiums 5,699 17,125 2,852 8,691
Furniture and fixtures depreciation and
maintenance 22,969 26,353 11,250 13,218
Data processing 40,916 43,228 20,245 22,927
Advertising 37,506 30,449 15,455 20,666
Franchise and other taxes 22,020 21,233 10,554 9,962
Other 105,570 96,771 58,288 50,238
---------- ---------- ---------- ----------
Total noninterest expenses $ 766,283 $ 765,489 $ 375,763 $ 380,054
Income before tax provision 343,378 334,514 182,070 184,298
Provision for income taxes 132,600 131,021 70,600 71,000
---------- ---------- ---------- ----------
Net Income $ 210,778 $ 203,493 $ 111,470 $ 113,298
---------- ---------- ---------- ----------
Basic net income per share $0.29 $0.26 $0.15 $0.15
Diluted net income per share $0.27 $0.25 $0.15 $0.14
See accompanying notes to financial statements.
3
Wyman Park Bancorporation, Inc.
and Subsidiaries
Lutherville, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended December 31,
----------------------------
2000 1999
---- ----
Cash Flows from operating activities
- ------------------------------------
Net income $ 210,778 $ 203,493
Adjustments to reconcile net income to net
Cash provided by operating activities:
Depreciation and amortization 20,723 25,684
Amortization of loan fees (26,748) (29,700)
Decease in accrued interest receivable 16,533 7,885
Decrease in prepaid expenses and other assets 15,346 33,950
Increase in accrued expenses and other liabilities 111,667 61,339
Increase in deferred tax asset -- (29,020)
Increase (decrease) in federal and state income taxes receivable (319) 13,688
Increase in federal and state income taxes payable (8,141) (727)
Increase (decrease) in accrued interest payable on
savings deposits 2,283 (438)
Decrease in accrued interest payable on borrowings (11,896) (5,038)
------------ ------------
Net cash provided by operating activities 330,226 281,116
Cash flows from investing activities
- ------------------------------------
Net (increase) decrease in loans receivable 345,277 (3,614,875)
Purchase of loan participations (246,519) (500,000)
Mortgage-backed securities principal repayments 11,805 23,993
Purchases of property and equipment (757) (4,271)
------------ ------------
Net cash provided by (used in) investing activities 109,806 (4,095,153)
Cash flows from financing activities
- ------------------------------------
Net increase (decrease) in savings deposits 2,796,679 (2,472,244)
Decrease in borrowings (2,500,000) (2,650,000)
Decrease in advance payments by borrowers
for taxes, insurance and ground rents (748,780) (611,827)
Repurchase of common stock (505,075) --
------------ ------------
Net cash used in financing activities (957,176) (5,734,071)
Net (decrease) in cash and cash equivalents $ (517,144) $ (9,548,108)
Cash and cash equivalents at beginning of period 2,085,906 12,100,730
------------ ------------
Cash and cash equivalents at end of period $ 1,568,762 $ 2,552,622
------------ ------------
Supplemental information
- ------------------------
Interest paid on savings deposits and borrowed funds $ 1,511,806 $ 1,281,375
Income taxes paid $ 141,060 $ 152,576
See accompanying notes to financial statements.
4
WYMAN PARK BANCORPORATION, INC. AND SUBSIDIARIES
LUTHERVILLE, MARYLAND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: WYMAN PARK BANCORPORATION, INC.
Wyman Park Bancorporation, Inc. (the "Company") is the holding company of Wyman
Park Federal Savings & Loan Association ("Association"), which converted from
mutual to stock form ("Stock Conversion") and became the wholly owned subsidiary
of the Company on January 5, 1998. All references to the Company prior to
January 5, 1998, except where otherwise indicated are to the Association. The
Company's common stock began trading on the OTC Electronic Bulletin Board on
January 7, 1998 under the symbol "WPBC".
The Association is regulated by the Office of Thrift Supervision ("OTS"). The
primary business of the Association is to attract deposits from individual and
corporate customers and to originate residential and commercial mortgage loans
and consumer loans. The Association competes with other financial and mortgage
institutions in attracting and retaining deposits and originating loans. The
Association conducts operations through its main office located at 11 West
Ridgely Road, Lutherville, Maryland 21093 and one branch office located at 7963
Baltimore-Annapolis Boulevard, Glen Burnie, Maryland 21060.
NOTE 2: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with instructions for Form 10-QSB and therefore, do not include
all disclosures necessary for a complete presentation of the statements of
condition, statements of operations and statements of cash flows in conformity
with generally accepted accounting principles. However, all adjustments which,
in the opinion of management, are necessary for the fair presentation of the
interim financial statements have been included. Such adjustments were of a
normal recurring nature. The results of operations for the six months ended
December 31, 2000 are not necessarily indicative of the results that may be
expected for the entire year. Certain prior year amounts have been reclassified
to conform with the current year presentation.
NOTE 3: CASH AND CASH EQUIVALENTS
For cash, non-interest bearing deposits, variable rate interest-bearing deposits
in other banks and federal funds sold, the carrying amount is a reasonable
estimate of fair value.
5
NOTE 4: EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted
average number of common shares outstanding for the appropriate period. Unearned
Employee Stock Ownership Plan (ESOP) shares are not included in outstanding
shares. Diluted earnings per share is computed by dividing net income by the
weighted average shares outstanding as adjusted for the dilutive effect of stock
options and unvested stock awards based on the "treasury stock" method.
Information relating to the calculations of net income per share of common stock
is summarized for the three months and six months ended December 31, 2000 and
1999 as follows:
Three Months Ended Six Months Ended
December 31, December 31,
2000 1999 2000 1999
------------------- -------------------
Net income $111,470 $113,299 $210,778 $203,493
Weighted average shares
Outstanding basic EPS 720,126 768,692 739,031 783,316
Dilutive items
Stock options 26,025 32,417 27,096 32,614
Unvested stock awards 542 2,309 761 2,359
Adjusted weighted average shares
Outstanding used for diluted EPS 746,693 803,418 766,888 818,289
NOTE 5: REGULATORY CAPITAL REQUIREMENTS
Under OTS regulations, the Association must maintain capital at least equal to
specified percentage of its assets. The Association's assets and capital for
these purposes are subject to OTS regulatory definition, and the percentage
levels vary depending on the capital levels being measured. The following table
presents the Association's capital position based on the December 31, 2000
financial statements.
To Be Well
Capitalized Under
For Capital Prompt Corrective
Actual Adequacy Purposes Action Provisions
-------------------- --------------------- ---------------------
Amount Ratio Amount Ratio Amount Ratio
------ ----- ------ ----- ------ -----
Total Capital (to
Risk Weighted
Assets) $7,962,895 19.9% $3,207,857 8.0% $4,009,822 10.0%
Tier I capital (to
Risk Weighted
Assets) 7,677,895 19.1% 1,603,929 4.0% 2,405,893 6.0%
Tier 1 Capital (to
Average Assets) 7,677,895 11.3% 2,727,591 4.0% 3,409,489 5.0%
6
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
FORWARD-LOOKING STATEMENTS
When used in this filing and in future filings by the Company with the
Securities and Exchange Commission, in the Company's press releases or other
public or shareholder communications, or in oral statements made with the
approval of an authorized executive officer, the words or phrases "would be,"
"will allow," "intends to," "will likely result," "are expected to," "will
continue," "is anticipated," "estimate," "project" or similar expressions are
intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are subject to
risks and uncertainties, including but not limited to changes in economic
conditions in the Company's market area, changes in policies by regulatory
agencies, fluctuations in interest rates, demand for loans in the Company's
market area and competition, all or some of which could cause actual results to
differ materially from historical earnings and those presently anticipated or
projected.
The Company wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and advises
readers that various factors, including regional and national economic
conditions, substantial changes in levels of market interest rates, credit and
other risks of lending and investment activities and competitive and regulatory
factors, could affect the Company's financial performance and could cause the
Company's actual results for future periods to differ materially from those
anticipated or projected.
The Company does not undertake, and specifically disclaims any obligations, to
update any forward-looking statements to reflect occurrences or unanticipated
events or circumstances after the date of such statements.
7
COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2000 AND JUNE 30, 2000
The Company's assets decreased $600,000 or 0.9% to $68.2 million at December 31,
2000 from $68.8 million at June 30, 2000. Cash and cash equivalents decreased
$500,000 or 23.8% to $1.6 million at December 31, 2000 from $2.1 million at June
30, 2000, primarily as a result of a decrease in borrowings, a decrease in
advance payments to borrowers for taxes, insurance and ground rents and a
decrease in stockholders' equity, offset by an increase in savings deposits.
Advances from the Federal Home Loan Bank of Atlanta decreased $2.5 million or
83.3% to $500,000 at December 31, 2000 from $3.0 million at June 30, 2000, as a
result of repayments by the Company funded by increased savings deposits.
Advance payments by borrowers for taxes, insurance and ground rents decreased
$700,000 or 53.8% to $600,000 at December 31, 2000 from $1.3 million at June 30,
2000 as a result of the payment of escrowed real estate taxes. The Company's
stockholders' equity decreased $300,000 or 3.5% to $8.3 million at December 31,
2000 from $8.6 million at June 30, 2000. The decrease in stockholders' equity
was due primarily to its stock buyback program that generated an increase in
Treasury stock of $500,000 or 41.7% to $1.7 million at December 31, 2000 from
$1.2 million at June 30, 2000, offset by net income of $200,000 for the six
months ended December 31, 2000. Savings deposits increased $2.8 million or 5.1%
to $58.1 million at December 31, 2000 from $55.3 million at June 30, 2000 as the
Company attracted more funds in certificates of deposit.
COMPARISON OF OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS ENDED DECEMBER
31, 2000 AND DECEMBER 31, 1999
Net Income
- ----------
The Company reported net income of $111,000 for the quarter ended December 31,
2000 compared to $113,000 for the quarter ended December 31, 1999. The $2,000
decrease in net income was primarily due to a decrease in net interest income of
$8,000, offset by an increase in other income of $1,000 and a decrease in
noninterest expenses of $4,000.
The Company's net income for the six months ended December 31, 2000 was $211,000
compared to $203,000 for the six months ended December 31, 1999. The $8,000
increase in net income was primarily due to an increase in net interest income
of $8,000.
Interest Income
- ---------------
Total interest income increased by $135,000 or 11.6% to $1,294,000 for the
quarter ended December 31, 2000 from $1,159,000 for the quarter ended December
31, 1999. The increase in total interest income for the comparable three months
periods was due primarily to an increase of $3.4 million in the average balance
of interest-earning assets to $67.8 million from $64.4 million, and an increase
of 44 basis points in the average yield on interest-earning assets to 7.63% from
7.19%.
8
Total interest income increased by $238,000 or 10.2% to $2,568,000 for the six
months ended December 31, 2000 from $2,330,000 for the six months ended December
31, 1999. The increase in total interest income for the comparable six months
periods was due primarily to an increase of $3.7 million in the average balance
of interest-earning assets to $68.0 million from $64.3 million, and an increase
of 31 basis points in the average yield on interest-earning assets to 7.56% from
7.25%.
The increase in the average balance of interest-earning assets was due primarily
to an increase in average loans receivable as a result of increased loan volume.
Interest Expense
- ----------------
Total interest expense increased by $142,000 or 22.8% to $766,000 for the
quarter ended December 31, 2000 from $624,000 for the quarter ended December 31,
1999. The increase in total interest expense for the comparable three months
periods was due primarily to an increase of $3.8 million in the average balance
of interest-bearing liabilities to $59.3 million from $55.5 million and an
increase of 68 basis points in the average yield on interest-bearing liabilities
to 5.17% from 4.49%.
The increase in the average balance of interest-bearing liabilities was due to
an increase in the average balance of savings deposits of $2.1 million for the
three months comparable periods and an increase of $1.7 million in average
borrowings for the three months comparable periods.
Total interest expense increased by $231,000 or 18.0% to $1,512,000 for the six
months ended December 31, 2000 from $1,281,000 for the six months ended December
31, 1999. The increase in total interest expense for the comparable six months
periods was due primarily to an increase of $2.9 million in the average balance
of interest-bearing liabilities to $59.1 million from $56.2 million and an
increase of 56 basis points in the average yield on interest-bearing liabilities
to 5.11% from 4.55%.
The increase in the average balance of interest-bearing liabilities was due to
an increase in the average balance of savings deposits of $300,000 for the six
months comparable periods and an increase of $2.6 million in average borrowings
for the six months comparable periods.
Net Interest Income
- -------------------
The Company's net interest income decreased by $8,000 or 1.5% to $528,000 for
the quarter ended December 31, 2000 from $536,000 for the quarter ended December
31, 1999. The decrease in net interest income was primarily due to a decrease in
the ratio of average interest-earning assets to average interest-bearing
liabilities to 114.4% from 116.0%, as the Company increased its average savings
deposits and borrowings. The Company's net interest margin decreased 21 basis
points to 3.11% from 3.32%.
9
The Company's net interest income increased by $8,000 or 0.8% to $1,056,000 for
the six months ended December 31, 2000 from $1,048,000 for the six months ended
December 31, 1999. The increase in net interest income was primarily due to an
increase in the ratio of average interest-earning assets to average
interest-bearing liabilities to 115.0% from 114.4%. The Company's net yield on
interest-earning assets decreased by 16 basis points to 3.11% from 3.27%.
Provision For Loan Losses
- -------------------------
Management monitors its allowance for loan losses and makes additions to the
allowance, through the provision for loan losses, as economic conditions and
other factors dictate. Among the other factors considered by management are loan
volume, type of collateral and prior loan loss experience. During the three
months and six months ended December 31, 2000 and December 31, 1999, the Company
recorded no provision for loan losses. The Company's nonperforming loans as a
percentage of loans receivable was 0.06% and 0.42% at December 31, 2000, and
June 30, 2000, respectively, all consisting of single-family residential
mortgage loans.
Noninterest Income
- ------------------
Total noninterest income increased insignificantly for the quarter and six
months ended December 31, 2000 over the comparable three and six months periods
ended December 31, 1999.
Noninterest Expenses
- --------------------
Total noninterest expenses decreased by $4,000 or 1.1% to $376,000 for the
quarter ended December 31, 2000 from $380,000 for the quarter ended December 31,
1999. The decrease in noninterest expenses was primarily due to a decrease in
federal deposit insurance premiums of $6,000 or 66.7%, a decrease in advertising
expense of $6,000 or 28.6% and a decrease in professional services of $9,000 or
33.3%, partially offset by an increase in other noninterest expenses of $8,000
or 16.0%. The decrease in federal deposit insurance premiums was a scheduled
reduction due to the recapitalization of the insurance fund, the decrease in
advertising expenses was due to the timing of the expenditures, the decrease in
professional services was due to a decrease in audit and legal fees and the
increase in other noninterest expenses was primarily due to increased attendance
at seminars and conventions, increased dues and subscriptions and higher ATM
service fees charged by the provider.
Total noninterest expenses increased by $1,000 or 0.1% to $766,000 for the six
months ended December 31, 2000 from $765,000 for the six months ended December
31, 1999. The increase in noninterest expenses was primarily due to an increase
in occupancy costs of $9,000 or 19.6%, an increase in advertising expenses of
$8,000 or 26.7% and an increase in other noninterest expenses of $9,000 or 9.3%,
partially offset by a decrease in professional services of $15,000 or 30.6% and
a decrease in federal deposit insurance premiums of
10
$11,000 or 64.7%. The increase in occupancy costs was due primarily to painting
the exterior of the main office building, the increase in advertising expenses
was due to a billboard advertising campaign and the increase in other
noninterest expenses was due to increased attendance at seminars and
conventions, increased dues and subscriptions, increased employee mileage
reimbursement due to the new commercial lending department and higher ATM
service fees charged by the provider. The decrease in professional services was
due to a decrease in audit and legal fees and the decrease in federal deposit
insurance premiums was a scheduled reduction due to the recapitalization of the
insurance fund.
Liquidity and Capital Resources
- -------------------------------
Liquidity management for the Company is both an ongoing and long-term function
of the Company's asset/liability management strategy. Excess funds, when
applicable, generally are invested in overnight deposits at a correspondent bank
and at the Federal Home Loan Bank (FHLB) of Atlanta. Currently when the Company
requires funds, beyond its ability to generate deposits, additional sources of
funds are available, as advances or borrowings, through the FHLB of Atlanta. The
Company has the ability to pledge its FHLB of Atlanta stock or certain other
assets as collateral for up to $14 million in advances. The Company's most
liquid assets are cash and cash equivalents, which include short-term
investments. The levels of these assets are dependent on the Company's
operating, financing and investing activities during any given period. At
December 31, 2000, the Company's cash on hand, interest bearing deposits,
Federal funds sold and short-term investments totaled $1.6 million. Management
and the Board of Directors believe that the Company's liquidity is adequate,
including its ability to secure advances from the FHLB of Atlanta, to satisfy
its loan commitments of approximately $1.5 million as of December 31, 2000.
The Company's principal sources of funds are deposits, loan repayments and
prepayments, and other funds provided by operations. Certificates of deposit
which are scheduled to mature in less than one year at December 31, 2000 totaled
$24.3 million. Historically, a high percentage of maturing deposits have
remained with the Company. While scheduled loan repayments are relatively
predictable, deposit flows and early loan prepayments are more influenced by
interest rates, general economic conditions, and competition. The Association
maintains investments in liquid assets based upon management's assessment of (1)
need for funds, (2) expected deposit flows, (3) yields available on short-term
liquid assets and (4) objectives of the asset/liability management program.
The Company's primary source of cash in investing activities during the six
months ended December 31, 2000 was a net decrease of $300,000 in loans
receivable.
The Company's primary uses of cash in financing activities during the six months
ended December 31, 2000 consisted of a net decrease of $2.5 million in
borrowings, a net decrease of $700,000 in advance payments by borrowers for
taxes, insurance and ground rents, and the repurchase of $500,000 in common
stock, offset by a net increase of $2.8 million in savings deposits.
11
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
(a) On October 18, 2000, Wyman Park Bancorporation, Inc. (the
"Company") held its Annual Meeting of Stockholders.
(b) Not Applicable
(c) Stockholders voted on the following matters:
(i) The election of the following three directors of the
Company;
Votes: For Withheld
------ --- --------
John R. Beever 540,967 49,604
Albert M. Copp 540,967 49,604
Gilbert D. Marsiglia 539,967 50,604
As a result, John R. Beever, Albert M. Copp and Gilbert D.
Marsiglia were elected directors for terms to expire in 2003.
There were no abstentions or broker non votes.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
12
Signatures
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WYMAN PARK BANCORPORATION, INC.
Registrant
Date: January 31, 2001 /s/ Ernest A. Moretti
-----------------------------------
Ernest A. Moretti
President and Chief Executive Officer
(Principal Executive Officer)
Date: January 31, 2001 /s/ Ronald W. Robinson
-----------------------------------
Ronald W. Robinson
Treasurer
(Principal Financial and Accounting Officer)
13