-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S7SDZA9OYw1VScnlzFcLVUtx5GcY4dSHWYlJGpED/JqLmZkypeSe4fTGpr4krMNU UkWqBNPtu0k+rlOL63jmBg== 0000912057-97-027150.txt : 19970813 0000912057-97-027150.hdr.sgml : 19970813 ACCESSION NUMBER: 0000912057-97-027150 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMERALD ISLE BANCORP INC CENTRAL INDEX KEY: 0001018380 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 043300934 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21175 FILM NUMBER: 97656318 BUSINESS ADDRESS: STREET 1: 730 HANCOCK ST CITY: QUINCY STATE: MA ZIP: 02170 BUSINESS PHONE: 6174795001 MAIL ADDRESS: STREET 1: 730 HANCOCK ST CITY: QUINCY STATE: MA ZIP: 02170 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ________ to ________ Commission file number ____________ Emerald Isle Bancorp, Inc. (Exact name of registrant as specified in its charter) Massachusetts 04-3300934 (State of other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 730 Hancock Street Quincy, Massachusetts, 02170 (Address of principal executive offices) (617) 479-5001 (Issuer's telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 filing requirements for the past 90 days. Yes [X] No [ ] State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: July 31, 1997, Common Stock- Par Value $1.00 2,247,806 shares outstanding. EMERALD ISLE BANCORP, INC. INDEX Page Number ----------- Cover Page........................................................ 1 Index............................................................. 2 PART I--FINANCIAL INFORMATION Item 1. Consolidated Financial Statements: Balance Sheet--June 30, 1997and December 31, 1996......... 3 Statement of Income-Six months ended June 30, 1997 and 1996.................................... 4 Statement of Changes in Stockholders' Equity-Six months ended June 30, 1997 and 1996.............................. 5 Statement of Cash Flows-Six months ended June 30, 1997 and 1996.................................... 6 Notes to Financial Statements............................. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations....................... 8 PART II-OTHER INFORMATION Item 1. Legal Proceedings......................................... 14 Item 6. Exhibits and Reports on Form 8-K.......................... 14
EMERALD ISLE BANCORP, INC CONSOLIDATED BALANCE SHEETS
30-JUN-97 (UNAUDITED) 31-DEC-96 -------------- -------------- ASSETS: Total cash and due from banks..................................... $ 4,675,152 $ 5,521,299 Short term investments............................................ 4,235,000 11,679,798 Securities held to maturity....................................... 77,319,673 83,512,156 Securities available for sale..................................... 35,589,935 33,431,990 Loans, net........................................................ 288,590,833 263,208,189 Banking premises & equipment, net................................. 9,519,631 7,711,423 Accrued interest receivable....................................... 2,559,863 2,501,071 Other real estate owned........................................... 165,000 0 Other assets...................................................... 2,358,896 2,072,839 -------------- -------------- Total assets.................................................. $ 425,013,983 $ 409,638,765 -------------- -------------- -------------- -------------- LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Now & demand deposits........................................... $ 34,365,279 $ 31,190,026 Money market accounts........................................... 38,032,892 37,811,552 Other deposits.................................................. 52,282,401 47,771,658 Term certificates accounts...................................... 237,566,097 220,316,691 -------------- -------------- Total deposits................................................ 362,246,669 337,089,927 Federal Home Loan Bank advances................................... 30,668,000 41,668,000 Mortgagors' escrow payments....................................... 1,241,019 1,371,878 Income taxes payable.............................................. 144,764 643,901 Other liabilities................................................. 644,705 928,672 -------------- -------------- Total liabilities............................................. 394,945,157 381,702,378 Commitments and contingencies STOCKHOLDERS' EQUITY Serial preferred stock, $1.00 par value 1,000,000 shares authorized: none issued........................................ 0 0 Common stock, $1.00 par value, 5,000,000 shares authorized 2,245,660 and 2,210,888 shares issued and outstanding.......... 2,245,660 2,210,888 Additional paid-in-capital...................................... 12,054,510 11,586,709 Undivided profits............................................... 15,866,473 14,329,844 Net unrealized (loss)/gain on securities available for sale..... (97,817) (191,054) -------------- -------------- Total stockholders' equity.................................... 30,068,826 27,936,387 -------------- -------------- Total Liabilities & Stockholders' Equity.................... $ 425,013,983 $ 409,638,765 -------------- -------------- -------------- --------------
3 EMERALD ISLE BANCORP, INC CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SIX MONTHS ENDED ---------------------------- ---------------------------- JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1997 JUNE 30, 1996 ------------- ------------- ------------- ------------- UNAUDITED INTEREST & DIVIDEND INCOME Interest on loans................................ $ 6,350,939 $ 4,901,007 $ 12,244,724 $ 9,746,058 Income & dividends on investment securities...... 1,742,795 1,951,116 3,578,848 3,864,371 Interest on short-term investments............... 47,573 18,942 141,926 54,773 ------------- ------------- ------------- ------------- Total interest & dividend income............... 8,141,307 6,871,065 15,965,498 13,665,202 INTEREST EXPENSE Interest on deposits............................. 4,017,588 3,384,405 7,925,097 6,763,900 Interest on borrowed funds....................... 478,423 605,973 991,447 1,176,350 ------------- ------------- ------------- ------------- Total interest & dividend expense.............. 4,496,011 3,990,378 8,916,544 7,940,250 ------------- ------------- ------------- ------------- Net interest income.............................. 3,645,296 2,880,687 7,048,954 5,724,952 Provision for possible loan losses............... 100,000 66,333 200,000 1,086,333 ------------- ------------- ------------- ------------- Net interest income after loan loss provision.. 3,545,296 2,814,354 6,848,954 4,638,619 ------------- ------------- ------------- ------------- OTHER INCOME Gains (losses) securities sales.................. -- (921) (24,375) 53,280 Gains (losses) real estate sale.................. -- -- (3,508) (12,948) Gains (losses) on loan sales net................. 6,715 159 394 10,201 Miscellaneous.................................... 165,853 157,595 348,384 334,398 ------------- ------------- ------------- ------------- Total other income............................. 172,568 156,833 320,895 384,931 ------------- ------------- ------------- ------------- OPERATING EXPENSES Salaries & employee benefits..................... 1,157,548 1,017,189 2,254,145 2,006,870 Net occupancy & Equipment........................ 406,830 329,236 787,593 648,203 Other real estate owned.......................... 2,211 21,609 2,292 48,320 Other noninterest expenses....................... 632,854 471,048 1,340,881 988,915 ------------- ------------- ------------- ------------- Total operating expenses....................... 2,199,443 1,839,082 4,384,911 3,692,308 ------------- ------------- ------------- ------------- Income (loss) before taxes....................... 1,518,421 1,132,105 2,784,938 1,331,242 Income taxes..................................... 546,043 431,522 931,731 509,185 ------------- ------------- ------------- ------------- Net income....................................... $ 972,378 $ 700,583 $ 1,853,207 $ 822,057 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Per common share Net income Primary.......................................... 0.42 0.34 0.81 0.41 Fully diluted.................................... 0.42 0.34 0.81 0.41 Average number of common shares Primary.......................................... 2,293,824 2,031,371 (1) 2,292,589 1,998,067 (1) Fully diluted.................................... 2,293,824 2,031,371 (1) 2,292,589 1,998,067 (1)
- ------------------------ (1) Prior years figures have been adjusted to reflect stock dividend. 4 EMERALD ISLE BANCORP, INC CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Six months ended June 30, 1997 (Unaudited)
NET UNREALIZED LOSS ON ADDITIONAL SECURITIES COMMON PAID-IN UNDIVIDED AVAILABLE STOCK CAPITAL PROFITS FOR SALE TOTAL ------------ ------------- ------------- ---------------- ------------- Balance at December 31, 1996........ $ 2,210,888 $ 11,586,709 $ 14,329,844 $ (191,054) 27,936,387 Net income.......................... 1,853,207 1,853,207 Issuance of additional stock........ 34,772 467,801 502,573 Increase in net unrealized loss on securities available for sale..... 93,237 93,237 Cash dividend paid.................. (316,578) (316,578) ------------ ------------- ------------- ---------------- ------------- Balance at June 30, 1997............ $ 2,245,660 $ 12,054,510 $ 15,866,473 $ (97,817) $ 30,068,826 ------------ ------------- ------------- ---------------- ------------- ------------ ------------- ------------- ---------------- -------------
EMERALD ISLE BANCORP, INC CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Six months ended June 30, 1996 (Unaudited)
NET UNREALIZED LOSS ON ADDITIONAL SECURITIES COMMON PAID-IN UNDIVIDED AVAILABLE STOCK CAPITAL PROFITS FOR SALE TOTAL ------------ ------------- ------------- ---------------- ------------- Balance at December 31, 1995........ $ 1,915,539 $ 8,441,862 $ 12,406,361 $ 60,854 22,824,616 Net income.......................... 822,057 822,057 Issuance of additional stock........ 162,074 1,677,603 1,839,677 Increase in net unrealized loss on securities available for sale..... (487,256) (487,256) Cash dividend paid.................. (217,301) (217,301) ------------ ------------- ------------- ---------------- ------------- Balance at June 30, 1996............ $ 2,077,613 $ 10,119,465 $ 13,011,117 $ (426,402) $ 24,781,793 ------------ ------------- ------------- ---------------- ------------- ------------ ------------- ------------- ---------------- -------------
5 The Hibernia Savings Bank and Subsidiaries Consolidated Statements of Cash Flows
SIX MONTHS ENDED JUNE 30, ---------------------------- 1997 1996 ------------- ------------- Cash flows from operating activities Net Income............................................................... $ 1,853,207 $ 822,057 Adjustments to reconcile net income to net cash provided by operating activities Depreciation........................................................... 395,582 318,799 Amortization of bond premium........................................... (114,295) 184,730 Loan loss provision.................................................... 200,000 1,086,333 (Gain) on sale of loans, real estate owned, securities, fixed assets (net)........................................ 41,239 (50,533 Deferred loan fees..................................................... (99,158) 43,055 Loans sold............................................................. 12,825,020 3,031,448 Loans originated for sale.............................................. (12,824,626) (3,021,247) Increase (decrease) in accrued expenses, income taxes, and other liabities....................................................... (783,105) (1,092,955) (Increase) decrease in accrued interest receivable..................... (58,792) (450,217) (Increase) decrease in other assets.................................... (361,965) 841,753 ------------- ------------- Total adjustments...................................................... (780,100) 891,166 ------------- ------------- Net cash provided by operating activities................................ 1,073,107 1,713,223 ------------- ------------- Cash flows from investing activities Loans purchased.......................................................... (7,392,402) (3,737,891) Loans paid(net).......................................................... (18,259,581) (15,432,485) Proceeds of Oreo Sales................................................... 0 494,163 Short-term investments (net)............................................. 7,444,799 4,760,000 Purchases of investment securities....................................... (250,000) (21,961,856) Proceeds from sales and maturities of investment securities.............. 6,279,926 6,373,657 Purchase of Securities held for sale..................................... (19,208,598) (10,480,818) Proceeds of Securities Securities held for sale.......................... 17,458,525 14,516,888 Purchases of premises and equipment...................................... (2,203,801) (1,525,550) ------------- ------------- Net cash used by investing activities.................................... (16,131,132) (26,993,892) ------------- ------------- Cash flows from financing activities Deposits, net............................................................ 25,025,883 11,002,141 FHL Bank Advances (net)................................................ (11,000,000) 13,759,000 Other Borrowings (net)................................................. 0 0 Proceeds from sale of Common Stock....................................... 502,573 1,839,677 Dividends Paid........................................................... (316,578) (217,301) ------------- ------------- Net cash provided by financing activities................................ 14,211,878 26,383,517 Net increase (decrease) in cash.......................................... (846,147 1,102,849 Cash and cash equivalents--beginning of year............................. 5,521,299 3,213,259 ------------- ------------- Cash and cash equivalents--end of year................................... $ 4,675,152 $ 4,316,108 ------------- ------------- Supplemental disclosures of cash flow information: Interest paid.......................................................... $ 8,757 $ 7,475 Federal income taxes paid.............................................. $ 1,125 $ 385
6 EMERALD ISLE BANCORP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1997 1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim consolidated financial statements of Emerald Isle Bancorp, Inc. and its subsidiary The Hibernia Savings Bank and it's subsidiaries (Kildare Corporation/The Limerick Securities Corporation/ Meath Corporation) presented herein should be read in conjunction with the consolidated financial statements of Emerald Isle Bancorp, Inc. for the year ended December 31, 1996. Consolidated financial information as of June 30, 1997 and the results of operations and the changes in stockholders' equity and cash flows for the six months ended June 30, 1997 and 1996 are unaudited, and in the opinion of management reflect all adjustments (consisting solely of normal recurring accruals) necessary for a fair presentation of such information. Interim results are not necessarily indicative of results to be expected for the entire year. 2) COMMITMENTS At June 30, 1997 the Company had outstanding commitments to originate loans amounting to approximately $12,371,368 which are not reflected in the consolidated balance sheet. 3) EARNINGS PER SHARE The earnings per share computations for the quarter ended June 30, 1997 are based on 2,296,824 common shares outstanding, and for the quarter ended June 30, 1996 are based on 2,031,371 common equivalent shares outstanding. On March 3, 1997, the FASB issued SFAS No. 128, "Earnings Per Share." This Statement supersedes APB Opinion No. 15 regarding the presentation of earnings per share ("EPS") on the face of the income statement. SFAS No. 128 replaces the presentation of Primary EPS with a Basic EPS calculation that excludes the dilutive effect of common stock equivalents. The Statement requires a dual presentation of Basic and Diluted EPS, which is computed similarly to Fully Diluted EPS pursuant to APB Opinion No. 15, for all entities with complex capital structures. This Statement is effective for fiscal years ending after December 15, 1997 and requires restatement of all prior-period EPS data presented. The net income per share for the three months ended June 30, 1997 would not change under SFAS No. 128. 7 4) FORMATION OF HOLDING COMPANY At the annual meeting of Stockholders on April 29,1996 The Hibernia Savings Bank stockholders voted to approve a plan of reorganization and acquisition between the Bank and Emerald Isle Bancorp, Inc. a newly formed Massachusetts corporation organized at the direction of the Bank, and each of the transactions contemplated thereby, pursuant to which the Bank will become a wholly owned subsidiary of the Emerald Isle Bancorp, Inc. The plan of reorganization and acquisition, dated February 15, 1996, between the Bank and Emerald Isle Bancorp, Inc. provides that each share of the Bank's outstanding common stock, will be automatically converted into and exchanged for one share of common stock of Emerald Isle Bancorp, Inc. October 1, 1996 marked the completion of the formation of the holding company Emerald Isle Bancorp, Inc. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company's total assets increased 3.8% on an annualized basis to $425,013,983 at June 30, 1997 from total assets of $409,638,765 at December 31, 1996 and increased 14.0 % from total assets of $372,977,832 at June 30, 1996. Short term investments, securities held to maturity and securities held for sale totaled $117,144,608 or 27.6 % of total assets at June 30, 1997 a decrease of $11,479,336 from $128,623,944 or 31.4% of total assets at December 31, 1996 and a decrease of $14,020,023 from $131,164,631 or 35.2 % of total assets at June 30, 1996. Loans, net increased $25,382,644 or 9.6 % to $288,590,833 or 67.9 % of total assets at June 30, 1997 from $263,208,189 or 64.3% of total assets at December 31, 1996 and increased $62,370,233 from $226,220,600 or 8 60.7% of total assets at June 30, 1996. The Company, during the second quarter of 1997, originated and purchased loans totaling $32,856,577 and sold loans totaling $3,807,911 as compared to loans originated and purchased of $30,422,505 and sold loans totaling $440,609 during the second quarter of 1996. Foreclosed real estate at June 30, 1997 totaled $165,000 or 0.04% of total assets compared to $0 or 0% of total assets at December 31, 1996 and $70,000 or 0.02% of total assets at June 30, 1996. The Company's non-performing loans totaled $1,544,797, or 0.36% of total assets at June 30, 1997 as compared to $1,058,195 or 0.26% of total assets at December 31, 1996 and $754,995 or 0.20% of total assets at June 30, 1996. The Company's loan loss provision for the second quarter ended June 30, 1997 was $100,000 as compared to $ 66,333 for the second quarter of 1996. The allowance for loan losses totaled $2,588,637 at June 30, 1997 as compared to $2,623,406 at December 31, 1996 and $2,213,289 at June 30, 1996. Deposits at June 30, 1997 totaled $362,246,669 as compared to $337,089,927 at December 31, 1996 an increase of $25,156,742 , or 7.5 % on an annualized basis, and also increased $68,381,246 or 23.3 % from deposits of $293,865,423 at June 30, 1996. Outstanding borrowings totaled $30,668,000 at June 30, 1997 a decrease of $11,000,000 from $41,668,000 at December 31, 1996 and decreased $22,059,000 from $52,727,000 at June 30, 1996. Stockholders' Equity increased to $30,068,826 at June 30, 1997 from $27,936,387 at December 31, 1996 and $24,781,794 at June 30, 1996. The increase for the second quarter is due to earnings of $972,378, the issuance of 10,193 shares of stock, raising $126,051 of new capital, a decrease as a result of the payment of a $.07 dividend on common shares 9 outstanding totaling $156,988 and a decrease in the unrealized loss on securities available for sale of $436,170. MATERIAL CHANGES IN RESULTS OF OPERATIONS Net income for the second quarter ended June 30, 1997 was $972,378 or $.42 per share as compared to net income in the second quarter ended June 30, 1997 of $700,583 or $.34 per share. Interest and dividend income increased in the second quarter of 1997 to $8,141,307 from $6,871,065 for the second quarter of 1996 or 18.49%. The Company's total yield on average earning assets for the second quarter of 1997 was 8.16 % as compared to 7.93 % for the second quarter of 1996. Total earning assets increased $47,614,450 or 13.24% to $407,246,438 at June 30, 1997 from $359,631,988 at June 30, 1996. The increase in earning assets accounts for the increase of $1,270,242 in interest income. Interest expense increased by $505,633 or 12.67% to $4,496,011 for the second quarter ended June 30, 1997 from $3,990,378 for the second quarter ended June 30, 1996. The average cost of funds on average earning assets for the second quarter of 1997 was 3.65% as compared to 3.33% for the second quarter in 1996. The increase of $68,381,246 in total deposits, along with a decrease in outstanding borrowings of $22,059,000 to $30,668,000 at June 30, 1997 from $52,727,000 at June 30, 1996 explains the increase in interest expense. Non-interest expenses totaled $2,199,443 for the second quarter ended June 30, 1997 as compared to $1,839,082 for the same period in 1996, an 10 increase of $360,361 or 19.59%. The principal increases are wage and benefit costs, occupancy costs, and marketing costs. The Bank has increased personnel in all customer related areas. The Company's lending perspective has grown and along with this the Company has increased staff to be able to meet its customers borrowing needs and to maintain our portfolio. The increase of branch personnel relates to two new locations, a location in Hingham which opened in May of 1996 and a second Quincy location that opened in November of 1996. Occupancy expenses increased due to the addition of the two new full service branches mentioned above. Marketing and advertising costs also increased as a result of the ongoing expansion of our franchise. Other income increased by $15,735 to $172,568 for the second quarter ended June 30, 1997 from $156,833 for the same period in 1996. Other income for the second quarter of 1997 included service charges of $165,853 and gains on the sale of loans of $6,715 compared to service charges of $157,595, gains on the sale of loans of $159 and losses on the sale of securities of $921 for the second quarter of 1996. INCOME TAX Provision for income taxes for the quarter ended June 30, 1997 was $546,043 as compared to $431,522 for the same period in 1996. LIQUIDITY AND CAPITAL The Company attempts to maximize interest-earning assets while maintaining sufficient funds on hand to meet loan commitments, cash disbursements and possible deposit outflows. The Company obtains funds for investment and other banking purposes principally from deposits, 12 borrowings, loan repayments and through sales of loans, loan participations and securities available for sale, and maturity of investment securities are a relatively stable source of funds, deposit flows are greatly influenced by general interest rates, economic conditions and competitive factors. Borrowings may also be used to offset reductions in other sources of funds such as deposits. The Bank may borrow up to 30% of its total assets but not more than 20 times its capital stock holdings in the FHLB for any sound business purpose for which the Bank has legal authority. Borrowings authorized totaled $127,504,000 at June 30, 1997. CAPITAL RESOURCES AND DIVIDENDS The Company's regulators have classified and defined capital into the following components: (1) Tier I capital, which includes tangible stockholders' equity for common stock and certain perpetual preferred stock, and (2) Tier II capital, which includes a portion of the allowance for possible loan losses, certain qualifying long-term debt and preferred stock which does not qualify for Tier I capital. In addition, they have implemented risk-based capital guidelines that require a bank to maintain certain minimum capital as a percent of such bank's assets and certain off-balance sheet items adjusted for pre-defined credit risk factors (risk-adjusted assets). As of June 30, 1997 the Bank's Tier I and Tier II capital ratios were 11.59% and 12.59%, respectively. In addition to the risk-based guidelines discussed above, the Bank's regulators require that the Bank maintain a minimum leverage (Tier I capital as a percent of tangible assets) of 5.00%. As of June 30, 1997 the Bank had a leverage capital ratio of 7.07%. 12 ASSET/LIABILITY MANAGEMENT The overall interest rate sensitivity of the Bank is dependent upon the bank's ability to reprice its interest rate sensitive assets and liabilities. The ability to successfully manage the repricing of assets and liabilities significantly reduces the interest rate risk in any interest rate environment. As of June 30, 1997 the Bank is net liability sensitive for the next twelve months going forward, and for the following one to two year period, net asset sensitive in the two to six and six to five year time horizons, liability sensitive in the five to ten year horizon and asset sensitive thereafter. The Bank's management monitors and manages interest rate risk as an integral part of its overall business strategy. 13 PART II--OTHER INFORMATION For the quarter ended June 30, 1997, Items 2, 3, 4 and 5 of Part II are either inapplicable or would elicit a response of "None" and therefore no reference thereto has been made herein. ITEM 1. LEGAL PROCEEDINGS From time to time the Company and its subsidiaries may be parties to legal proceedings incident to their business. At June 30, 1997, there were no legal proceedings to which the Company or any of its subsidiaries was a party or to which any of their properties were subject, which, in the opinion of management, were expected to result in a material loss. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits EXHIBIT NO. Exhibit Description 27 Financial Data Schedule 14 SIGNATURES Pursuant to 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. Emerald Isle Bancorp, Inc. Date: August 7, 1997 By: /s/ Gerard F. Linskey ------------------------- Gerard F. Linskey, Treasurer 15 EX-27 2 EXHIBIT 27
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q FILED AS OF JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 0001018380 EMERALD ISLE BANCORP, INC. 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 4,675 4,235 0 0 35,590 77,320 75,405 291,179 (2,589) 425,014 362,247 3,000 2,031 27,668 0 0 2,246 27,823 425,014 12,245 3,579 141 15,965 7,925 8,917 7,048 200 (24) 4,385 2,785 2,985 0 0 1,853 $0.81 $0.81 3.51 1,545 0 0 0 2,623 266 32 2,589 2,312 0 277
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