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OMB
APPROVAL
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UNITED STATES OMB Number: 3235-0416
SECURITIES AND EXCHANGE COMMISSION -------------------------
WASHINGTON, D.C. 20549 Expires: April 30, 2003
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FORM 10-QSB Estimated average burden
hours per response: 32.00
(Mark One) -------------------------
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2002
---------------------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
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Commission file number 0-30680
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First Federal of Olathe Bancorp, Inc.
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(Exact name of small business issuer as specified in its charter)
Kansas 48-1226075
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
100 East Park Street, Olathe, KS 66061
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(Address of principal executive offices)
( 913 ) 782 - 0026
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(Issuer's telephone number)
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(Former name, former address and former fiscal year,
if changed since last report)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
513,726 common stock, par value $.01 per share, as of May 1, 2002
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Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]
FIRST FEDERAL OF OLATHE BANCORP, INC.
FORM 10-QSB
THREE MONTHS ENDED MARCH 31, 2002
PART I - FINANCIAL INFORMATION
Interim Financial Information required by Rule 10-01 of Regulation S-X and Item 303 of Regulation S-B is
included in this Form 10-QSB as referenced below:
PAGE
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets at
March 31, 2002 (Unaudited) and December 31, 2001...................................... 3
Consolidated Statements of Income (Unaudited) for the Three Months
Ended March 31, 2002 and 2001......................................................... 4
Consolidated Statement of Stockholders' Equity (Unaudited)
for the Three Months Ended March 31, 2002............................................. 5
Consolidated Statements of Cash Flows (Unaudited) for
the Three Months Ended March 31, 2002 and 2001........................................ 6
Notes to Consolidated Financial Statements (Unaudited)................................ 7
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.......................................... 8
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS................................................................ 12
Item 2. CHANGES IN SECURITIES............................................................ 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
FIRST FEDERAL OF OLATHE BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
2002 2001
-------------------------------------------------
(UNAUDITED)
ASSETS
Cash and cash equivalents
Cash and non-interest earning deposits $ 951,436 $ 317,541
Federal funds sold 7,000,000 8,300,000
--------------- ---------------
Total cash and cash equivalents 7,951,436 8,617,541
Held-to-maturity securities, at cost 5,500,000 5,500,000
Available-for-sale securities 1,854,222 1,847,909
Federal Home Loan Bank stock, at cost 380,000 380,000
Loans, net of deferred loan fees and allowance for loan
losses 38,134,105 38,414,852
Accrued interest and dividend receivable 374,583 331,605
Equipment, net of accumulated depreciation 6,623 8,081
Refundable income taxes 19,918 117,918
Other real estate owned 217,882 217,882
Other assets 6,682 --
--------------- ---------------
Total assets $ 54,445,451 $ 55,435,788
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 37,027,593 $ 37,670,610
Dividends payable -- 93,844
Advances from borrowers for taxes and insurance 197,298 1,190
Interest payable on deposits 332,874 54,044
Advances from the Federal Home Loan Bank 4,000,000 5,000,000
Accrued expenses 118,392 85,530
Deferred income taxes 288,975 289,802
--------------- ---------------
Total liabilities 41,965,132 43,195,020
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STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 4,000,000 shares
authorized, 556,328 shares issued, 513,726
outstanding in 2002 and 2001 5,563 5,563
Additional paid-in capital 3,350,119 3,336,145
Retained earnings 10,181,621 9,996,392
Unearned ESOP shares (280,692) (291,696)
Deferred compensation (314,899) (340,203)
Accumulated other comprehensive income
Unrealized appreciation on available-for-sale
securities, net of income taxes of $304,000
in 2002 and $301,000 in 2001 539,688 535,648
--------------- ---------------
13,481,400 13,241,849
Treasury stock, at cost, 42,602 shares (1,001,081) (1,001,081)
--------------- ---------------
Total stockholders' equity 12,480,319 12,240,768
--------------- ---------------
Total liabilities and stockholders' equity $ 54,445,451 $ 55,435,788
=============== ===============
SEE ACCOMPANYING NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 3
FIRST FEDERAL OF OLATHE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED)
2002 2001
----------------------------------------
INTEREST AND DIVIDEND INCOME
Loans $ 823,037 $ 801,113
Investment securities 115,625 202,804
Cash and cash equivalents 31,881 41,599
Equity securities -- 2,630
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Total interest and dividend income 970,543 1,048,146
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INTEREST EXPENSE
Deposits 447,396 407,354
Federal Home Loan Bank advances 59,485 100,396
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Total interest expense 506,881 507,750
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NET INTEREST AND DIVIDEND INCOME 463,662 540,396
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NON-INTEREST INCOME
Service charges and other fees 4,733 4,332
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NON-INTEREST EXPENSE
Salaries and related payroll expenses 72,667 30,459
Federal insurance premiums 6,683 5,600
Directors' fees 14,220 14,220
Occupancy of premises 15,764 16,447
Professional fees 19,301 42,892
Other general and administrative expenses 59,631 7,123
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Total non-interest expense 188,266 116,741
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INCOME BEFORE INCOME TAXES 280,129 427,987
INCOME TAX PROVISION 94,900 160,000
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NET INCOME $ 185,229 $ 267,987
============ ============
EARNINGS PER SHARE - BASIC $ .38 $ .52
============ ============
EARNINGS PER SHARE - DILUTED $ .38 $ .52
============ ============
SEE ACCOMPANYING NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 4
FIRST FEDERAL OF OLATHE BANCORP, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2002
(UNAUDITED)
ACCUMULATED
COMPRE- ADDITIONAL UNEARNED DEFERRED OTHER
HENSIVE COMMON PAID-IN RETAINED ESOP COMPEN- COMPREHENSIVE
INCOME STOCK CAPITAL EARNINGS SHARES SATION INCOME
------------------------------------------------------------------------------------------------
BALANCE, DECEMBER 31, 2001 $ 5,563 $ 3,336,145 $ 9,996,392 $ (291,696) $ (340,203) $ 535,648
Net income $ 185,229 -- -- 185,229 -- -- --
Other comprehensive income
Change in unrealized
appreciation on
available-for-sale
securities, net of
income taxes of $2,300 4,040 -- -- -- -- -- 4,040
Compensation cost on
awards issued under
recognition plan -- -- -- -- -- 25,304 --
ESOP shares released -- -- 13,974 -- 11,004 -- --
---------- ---------- ---------- ---------- ---------- ---------- ------------
$ 189,269
==========
BALANCE, MARCH 31, 2002 $ 5,563 $ 3,350,119 $10,181,621 $ (280,692) $ (314,899) $ 539,688
========== ========== ========== ========== ========== ============
TREASURY TOTAL
STOCK EQUITY
------------------------
BALANCE, DECEMBER 31, 2001 $(1,001,081) $12,240,768
Net income -- 185,229
Other comprehensive income
Change in unrealized
appreciation on
available-for-sale
securities, net of
income taxes of $2,300 -- 4,040
Compensation cost on
awards issued under
recognition plan -- 25,304
ESOP shares released -- 24,978
----------- ----------
BALANCE, MARCH 31, 2002 $ (1,001,081) $12,480,319
=========== ==========
SEE ACCOMPANYING NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 5
FIRST FEDERAL OF OLATHE BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED)
2002 2001
-------------------- ---------------------
OPERATING ACTIVITIES
Net income $ 185,229 $ 267,987
Items not requiring (providing) cash
Depreciation 1,458 1,458
Accretion of discounts on securities -- (5,939)
Deferred income taxes (3,100) --
Compensation expense recognized on allocated ESOP shares 24,978 --
Compensation expense on 2001 Recognition and Retention Plan 25,304 --
Changes in
Accrued interest and dividends (42,978) 21,848
Other assets (6,682) (7,899)
Interest payable on deposits 278,830 286,022
Accrued expenses 32,862 (7,235)
Income taxes 98,000 131,251
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Net cash provided by operating activities 593,901 687,493
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INVESTING ACTIVITIES
Net collections (originations) of loans 280,747 (537,184)
Purchase of FHLB stock -- (50,000)
Proceeds from maturities of held-to-maturity securities -- 2,100,000
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Net cash provided by investing activities 280,747 1,512,816
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FINANCING ACTIVITIES
Net increase (decrease) in deposits (643,017) 4,108,635
FHLB repayments (1,000,000) (600,000)
Dividends paid (93,844) (102,364)
Net increase in advances from borrowers for taxes and insurance 196,108 211,145
--------------- ---------------
Net cash provided by (used in) financing activities (1,540,753) 3,617,416
--------------- ---------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (666,105) 5,817,725
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 8,617,541 132,860
--------------- ---------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 7,951,436 $ 5,950,585
=============== ===============
ADDITIONAL CASH PAYMENT INFORMATION
Interest paid $ 228,051 $ 221,728
=============== ===============
SEE ACCOMPANYING NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 6
FIRST FEDERAL OF OLATHE BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments, consisting of only normal
recurring accruals, necessary to present fairly the Company's consolidated
financial position, results of its operations, changes in stockholders'
equity and cash flows for the periods presented.
Certain information and note disclosures normally included in the Company's
annual financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted.
These consolidated financial statements should be read in conjunction with
the consolidated financial statements and notes thereto included in the
Company's December 31, 2001 Form 10-KSB filed with the Securities and
Exchange Commission. The consolidated balance sheet as of December 31, 2001
has been derived from the audited consolidated balance sheet of the Company
as of that date.
The results of operations and other data for the three months ended March
31, 2002 are not necessarily indicative of results to be expected for the
full year.
NOTE 2: EARNINGS PER SHARE
Basic earnings per share is computed based on the weighted average number
of shares outstanding during each year. Diluted earnings per share is
computed using the weighted average common shares and all potential
dilutive common shares outstanding during the period.
The computation of per share earnings for the three months ended March 31,
2002 and 2001 is as follows:
2002 2001
----------------------------------------
(UNAUDITED) (UNAUDITED)
Net income $ 185,229 $ 267,987
=============== ===============
Average common shares outstanding 485,656 512,833
Average common share stock options outstanding 4,852 --
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Average diluted common shares 490,508 512,833
=============== ===============
Basic earnings per share .38 .52
=============== ===============
Diluted earnings per share .38 .52
=============== ===============
7
FIRST FEDERAL OF OLATHE BANCORP, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
The following discussion compares the consolidated financial condition of
First Federal of Olathe Bancorp, Inc. (the "Company") at March 31, 2002 to
December 31, 2001 and the results of operations for the three months ended
March 31, 2002 with the corresponding period in 2001. Currently, the
business and management of First Federal of Olathe Bancorp, Inc. is
primarily the business and management of First Federal Savings and Loan
Association of Olathe (the "Association"). This discussion should be read
in conjunction with the interim consolidated financial statements and
footnotes included herein.
This quarterly report on Form 10-QSB includes statements that may
constitute forward looking statements, usually containing the words
"believe," "estimate," "expect," "intent" or similar expressions. These
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking
statements. Factors that could cause future results to vary from current
expectations include, but are not limited to, the following: changes in
economic conditions (both generally and more specifically in the markets in
which the Company operates); changes in interest rates, accounting
principles, policies or guidelines and in government legislation and
regulation (which change from time to time and over which the Company has
no control); and other risks detailed in this quarterly report on Form
10-QSB and the Company's other Securities and Exchange Commission filings.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date hereof.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise
after the date hereof.
FINANCIAL CONDITION
Total assets decreased by $1.0 million, or 1.79%, to $54.4 million at March
31, 2002 from $55.4 million at December 31, 2001. This decrease consisted
of a decrease of $1.3 million in federal funds sold, and a decrease of $.3
million in mortgage loans partially offset by an increase of $.6 million in
cash primarily. These changes were fueled by the net payoffs received on
loans to increase cash balances and the $1.0 million repayment on FHLB
advances during the period.
Mortgage loans decreased $.3 million, or .7%, to $38.1 million at March 31,
2002 from $38.4 million at December 31, 2001. The decrease reflects loan
payoffs by customers refinancing with other financial institutions.
Deposits decreased $.6 million, or 1.7%, to $37.1 million at March 31, 2002
from $37.7 million at December 31, 2001. The average yield on savings
accounts during that period was approximately 1.5%, while 182-day
certificates of deposit yielded approximately 3.3%. Brokered deposits
remained constant at $7.3 million for March 31, 2002 and December 31, 2001.
Advances from the Federal Home Loan Bank decreased $1.0 million, or 20.0%,
to $4.0 million at March 31, 2002 from $5.0 million at December 31, 2001.
The decrease is due to $1.0 million in note advances being paid off at
maturity in January 2002.
8
FIRST FEDERAL OF OLATHE BANCORP, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Total stockholders' equity increased $.2 million, or 2.0 %, to $12.4
million at March 31, 2002 from $12.2 million at December 31, 2001. The
change is primarily comprised of net income to date.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
NET INCOME. Net income for the quarter ended March 31, 2002 was $185,229
compared to net income of $267,987 for the quarter ended March 31, 2001.
This represents an $82,758, or 30.9%, decrease. The decrease was due
principally to the recognition of compensation cost related to the
Recognition and Retention Plan (RRP) that was approved by the Company's
stockholders on April 25, 2001 and to the Employee Stock Ownership Plan
(ESOP). Total compensation cost recognized under the RRP amounted to
$25,304 and under the ESOP amounted to $24,978 for the quarter ended March
31, 2002. In addition, the interest earned on investment securities
decreased $87,179 from the quarter ended March 31, 2001 due to several
calls on securities during the last half of 2001.
Basic earnings per share (EPS) decreased 26.9% to $.38 in the three-month
period ended March 31, 2002 from $.52 in the same period of 2001. The
Company's annualized return on average assets for the quarters ended March
31, 2002 and 2001 were 1.4% and 2.0%, respectively. The annualized return
on average stockholders' equity amounted to 6.0% and 7.1% for the quarters
ended March 31, 2002 and 2001, respectively.
NET INTEREST INCOME. For the quarter ended March 31, 2002, net interest
income decreased by $76,734, or 14.2%, to $463,662 from $540,396. This
reflects a decrease of $77,603, or 7.4%, in interest income to $970,543 for
the quarter ended March 31, 2002 from $1,048,146 for the quarter ended
March 31, 2001, and a decrease of $869, or .2%, in interest expense to
$506,881 for the quarter ended March 31, 2002 from $507,750 for the quarter
ended March 31, 2001. The net interest margin decreased to 3.4% for the
first quarter of 2002, as compared to 4.0% for the first quarter of 2001.
Interest income decreased principally as a result of the decrease in
interest rates on interest-earning assets. The annualized yield on average
interest-earning assets decreased to 7.16% for the first quarter of 2002
from 7.8% for the first quarter of 2001, while average interest-earning
assets increased $.5 million to $54.3 million at March 31, 2002 from $53.8
million at March 31, 2001. The decrease in rates was partially attributable
to the Federal Reserve Bank lowering rates 11 times in 2001. In addition,
the average yield on loans deceased to 8.5% for the three months ended
March 31, 2002 as compared to 8.8% for the three months ended March 31,
2001.
The interest expense decrease is attributed partially to the payoff of $1.0
million in advances due to the Federal Home Loan Bank in January 2002. The
interest expense on Federal Home Loan Bank advances decreased $40,911, or
40.7%, to $59,485 for the first quarter of 2002 from $100,396 for the same
period in 2001, which reflected the decrease in the average outstanding
balance and the decrease on average rates from 6.3% to 5.9% on advances
from the Federal Home Loan Bank.
Interest expense on deposits increased $40,042, or 9.8%, to $447,396 for
the first quarter of 2002 from $407,354 for the same period in 2001, which
reflected the increase in the average outstanding deposit balances to $37.2
million for 2002 from $31.6 million in 2001 and the decrease in the
9
FIRST FEDERAL OF OLATHE BANCORP, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
average yield on deposits to 4.8% during the period ended March 31, 2002
from 5.2% for the same period in 2001. The decrease in the interest rates
on deposits is a result of the Federal Reserve Bank cutting rates during
2001.
PROVISION FOR LOAN LOSSES. The allowance for loan losses was $175,000 at
March 31, 2002 and at December 31, 2001. Although no additions were made to
the allowance during 2002, management continues to closely assess the loan
portfolio for inherent losses and reports all loans greater than 30 days
past due to the Board of Directors. In addition, detail review and
discussion occurs with management and the Board for those loans that
approach the 60 and 90 days past due levels.
At March 31, 2002 and December 31, 2001, the allowance for loan losses
represents .5% of net loans for each period. Non-performing loans at March
31, 2002 and December 31, 2001 represents 32.6% and 32.8%, respectively of
the allowances for loan losses. Loans in the over 90-day category amounted
to $57,100 and $57,400, or .1% and .1%, of total assets as of March 31,
2002 and December 31, 2001, respectively.
NON-INTEREST EXPENSE. Non-interest expense increased $71,525 to $188,266
for the quarter ended March 31, 2002 from $116,741 for the quarter ended
March 31, 2001. This increase was principally due to compensation cost
recognized in first quarter 2002 in the amount of $25,304 on the 2001 RRP
that originated in the second quarter of 2001 and $24,978 on the ESOP,
which reflected an increase in market value of the Company's stock from
March 31, 2001 to March 31, 2002.
INCOME TAXES. Income taxes decreased by $65,100 to $94,900 for the quarter
ended March 31, 2002 from $160,000 for the quarter ended March 31, 2001.
The effective tax rates were 33.9% and 37.4% for the quarter ended March
31, 2002 and 2001, respectively.
LIQUIDITY AND CAPITAL RESOURCES
The Association's primary sources of funds are deposits, FHLB advances,
repayments on loans, the maturity of investment securities and interest
income. Although maturity and scheduled amortization of loans are
relatively predictable sources of funds, deposit flows and prepayments on
loans are influenced significantly by general interest rates, economic
conditions and competition.
The Association is required to maintain minimum levels of liquid assets
under the OTS regulations. It is the Association's policy to maintain its
liquidity portfolio in excess of regulatory requirements.
The Association's most liquid assets are cash and cash equivalents, which
include overnight deposits at First National Bank of Olathe and the FHLB of
Topeka. The levels of these assets are dependent on the Association's
operating, financing, lending and investment activities during any given
period. At March 31, 2002 and December 31, 2001, cash and cash equivalents
were $8.0 million and $8.6 million, respectively. The decrease in cash and
cash equivalents at March 31, 2002, compared to December 31, 2001, resulted
primarily from the payoff of a $1.0 million FHLB advance due in January
2002.
Liquidity management for the Association is both an ongoing and long-term
function of the Association's asset/liability management strategy. Excess
funds generally are invested in
10
FIRST FEDERAL OF OLATHE BANCORP, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
overnight deposits at the FHLB of Topeka and the First National Bank of
Olathe. Should the Association require funds beyond its ability to generate
them internally, additional sources of funds are available through FHLB
advances. The Association could pledge its mortgage loans, FHLB stock or
certain other assets as collateral for such advances. At March 31, 2002,
the Association had a balance of $4.0 million in FHLB advances. The
Association had unused FHLB advances of approximately $2.6 million at March
31, 2002.
The Association is required to maintain regulatory capital sufficient to
meet tangible, core and risk-based capital ratios of at least 1.5%, 4.0%
and 8.0%, respectively. At March 31, 2002, the Association exceeded each of
its capital requirements, with tangible, core and risk-based capital ratios
of 21.3%, 21.3% and 50.3%, respectively.
IMPACT OF INFLATION AND CHANGING PRICES
The consolidated financial statements and related financial data presented
herein have been prepared in accordance with accounting principles
generally accepted in the United States of America, which require the
measurement of financial position and operating results in terms of
historical dollars, without considering changes in relative purchasing
power over time due to inflation. Unlike industrial companies, virtually
all of the Association's assets and liabilities are monetary in nature. As
a result, interest rates generally have a more significant impact on the
Association's performance than does the effect of inflation. Interest rates
do not necessarily move in the same direction or in the same magnitude as
the prices of goods and services.
11
FIRST FEDERAL OF OLATHE BANCORP, INC.
FORM 10-QSB
THREE MONTHS ENDED MARCH 31, 2002
PART II - OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
Neither the Company nor the Association is a party to any material legal
proceedings at this time. From time-to-time, the Association may be involved in
various claims and legal actions arising in the ordinary course of business.
ITEM 2: CHANGES IN SECURITIES
Not applicable
ITEM 3: DEFAULTS UPON SENIOR SECURITIES
Not applicable
ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
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.
FIRST FEDERAL OF OLATHE BANCORP, INC.
Date: May 13, 2001 By /s/ Mitch Ashlock
-----------------------------------
Mitch Ashlock, President and
Chief Executive Officer
(Duly authorized officer and principal
executive and financial officer)
13