-----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, NPlEGS7s4T4T9mU00x7AKUR23dZGLGH5w9hS7qtstfW2Mx2MMg2cjbmAA4FhrSKy rWC/x7NwBrPKD/CxfmEUcQ== 0001018712-97-000002.txt : 19970222 0001018712-97-000002.hdr.sgml : 19970222 ACCESSION NUMBER: 0001018712-97-000002 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCE FINANCIAL BANCORP CENTRAL INDEX KEY: 0001023398 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 550753533 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-21885 FILM NUMBER: 97528703 BUSINESS ADDRESS: STREET 1: 1015 COMMERCE STREET CITY: WELLSBURG STATE: WV ZIP: 26070 BUSINESS PHONE: 3047373531 MAIL ADDRESS: STREET 1: 1015 COMMERCE STREET CITY: WELLSBURG STATE: WV ZIP: 26070 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20552 FORM 10-Q.S.B. [X] QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1996 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from to ------------ ------------ Commission File Number 0-21885 -------------------------------- Advance Financial Bancorp -------------------------------------- (Exact name of registrant as specified in its charter) West Virginia 55-0753533 - ------------- ---------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 1015 Commerce Street, Wellsburg, WV 26070 ------------------------------------------ (Address of principal executive offices) (304) 737 - 3631 ------------------------------------------ (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 past 12 months (or 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 No X --- --- State the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: Class: Common Stock, par value $.10 per share Outstanding at January 16, 1997: 1,084,450 shares ADVANCE FINANCIAL BANCORP INDEX Page Number ------ PART I - FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheet (Unaudited) as of December 31, 1996 and June 30, 1996 3 Consolidated Statement of Income (Unaudited) for the Six Months ended December 31, 1996 and 1995 4 Consolidated Statement of Income (Unaudited) for the Three Months ended December 31, 1996 and 1995 5 Consolidated Statement of Cash Flows (Unaudited) for the Six Months ended December 31, 1996 and 1995 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Recent Developments 8-10 PART II - OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Changes in Securities 13 Item 3. Default Upon Senior Securities 13 Item 4. Submissions of Matters to a Vote of Security Holders 13 Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 ADVANCE FINANCIAL BANCORP CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, June 30, 1996 1996 ------------- ------------- ASSETS Cash and Cash Equivalents: Cash and amounts due from banks $ 1,090,320 $ 948,671 Interest-bearing deposits with other institutions 8,360,107 3,067,912 ------------- ------------- Total cash and cash equivalents 9,450,427 4,016,583 Investment Securities: Securities held to maturity (fair value of $3,033,477 and $4,761,709) 3,049,541 4,799,596 Securities available for sale 62,270 68,549 ------------- ------------- Total investment securities 3,111,811 4,868,145 Mortgage-backed securities held to maturity (fair value of $444,038 and $561,203) 414,982 536,808 Loans held for sale 246,000 1,375,143 Loans receivable, (net of allowance for loan losses of $335,875 and $324,983) 83,429,319 77,565,831 Office properties and equipment, net 2,119,912 2,099,470 Federal Home Loan Bank Stock, at cost 559,500 559,500 Accrued interest receivable 539,126 521,187 Other assets 338,093 309,726 ------------- ------------- TOTAL ASSETS $ 100,209,170 $ 91,852,393 ============= ============= LIABILITIES Deposits $ 76,116,335 $ 80,770,646 Advances from Federal Home Loan Bank 7,764,631 4,376,452 Advances from borrowers for taxes and insurance 171,582 182,977 Accrued interest payable and other liabilities 416,195 322,439 ------------- ------------- TOTAL LIABILITIES 84,468,743 85,652,514 ------------- ------------- STOCKHOLDERS' EQUITY Preferred stock, $.10 par value; 500,000 shares authorized, none issued - - Common Stock, $.10 par value; 2,000,000 shares authorized 1,084,450 shares issued and outstanding 108,445 - Additional paid - in capital 10,207,689 - Retained Earnings - substantially restricted 6,264,198 6,209,329 Net unrealized loss on securities (9,045) (9,450) Unearned Employee Stock Ownership Plan shares (ESOP) (830,860) - ------------- ------------- TOTAL STOCKHOLDERS' EQUITY 15,740,427 6,199,879 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 100,209,170 $ 91,852,393 ============= ============= See accompanying notes to the unaudited consolidated financial statements.
ADVANCE FINANCIAL BANCORP CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Six Months Ended December 31, 1996 1995 ------------ ------------ INTEREST AND DIVIDEND INCOME Loans $ 3,293,431 $ 3,028,437 Investment securities 129,582 89,281 Interest-bearing deposits with other institutions 107,223 55,293 Mortgage-backed securities 41,458 54,514 Dividends on Federal Home Loan Bank Stock 17,504 17,168 ------------ ------------ Total interest and dividend income 3,589,198 3,244,693 ------------ ------------ INTEREST EXPENSE Deposits 1,838,064 1,808,703 Advances from Federal Home Loan Bank 183,167 78,614 ------------ ------------ Total interest expense 2,021,231 1,887,317 ------------ ------------ NET INTEREST INCOME 1,567,967 1,357,376 Provision for loan losses 17,384 125,259 ------------ ------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,550,583 1,232,117 ------------ ------------ NONINTEREST INCOME Service charges on deposit accounts 113,542 91,730 Gain on sale of loans 15,576 - Other income 42,867 28,569 ------------ ------------ Total noninterest income 171,985 120,299 ------------ ------------ NONINTEREST EXPENSE Compensation and employee benefits 469,784 448,037 Occupancy and equipment 126,392 108,027 Deposit insurance premiums 551,602 83,663 Professional fees 46,667 47,067 Advertising 47,860 32,077 Data processing charges 78,409 70,928 Other expenses 303,104 260,662 ------------ ------------ Total noninterest expense 1,623,818 1,050,461 ------------ ------------ Income before income taxes 98,750 301,955 Income taxes 43,881 119,163 ------------ ------------ NET INCOME $ 54,869 $ 182,792 ============ ============ See accompanying notes to the unaudited consolidated financial statements.
ADVANCE FINANCIAL BANCORP CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended December 31, 1996 1995 ------------ ------------ INTEREST AND DIVIDEND INCOME Loans $ 1,669,547 $ 1,529,766 Investment securities 59,578 44,902 Interest-bearing deposits with other institutions 77,920 27,602 Mortgage-backed securities 19,723 24,343 Dividends on Federal Home Loan Bank Stock 8,538 8,630 ------------ ------------ Total interest and dividend income 1,835,306 1,635,243 ------------ ------------ INTEREST EXPENSE Deposits 932,268 915,150 Advances from Federal Home Loan Bank 109,651 42,190 ------------ ------------ Total interest expense 1,041,919 957,340 ------------ ------------ NET INTEREST INCOME 793,387 677,903 Provision for loan losses 14,384 120,706 ------------ ------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 779,003 557,197 ------------ ------------ NONINTEREST INCOME Service charges on deposit accounts 56,334 49,273 Gain on sale of loans 8,533 - Other income 24,234 12,975 ------------ ------------ Total noninterest income 89,101 62,248 ------------ ------------ NONINTEREST EXPENSE Compensation and employee benefits 240,697 252,682 Occupancy and equipment 74,165 57,018 Deposit insurance premiums 36,009 42,537 Professional fees 23,309 23,808 Advertising 18,810 15,816 Data processing charges 38,421 34,635 Other expenses 132,915 130,476 ------------ ------------ Total noninterest expense 564,326 556,972 ------------ ------------ Income before income taxes 303,778 62,473 Income taxes 99,477 29,245 ------------ ------------ NET INCOME $ 204,301 $ 33,228 ============ ============ See accompanying notes to the unaudited consolidated financial statements.
ADVANCE FINANCIAL BANCORP CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended December 31, 1996 1995 ------------ ------------ OPERATING ACTIVITIES Net income $ 54,869 $ 182,792 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion, net 70,473 13,709 Provision for loan losses 17,384 125,259 Proceeds from sale of loans 1,129,143 - Decrease (increase) in accrued interest receivable and other assets (82,128) 7,846 Increase in accrued interest payable and other liabilities 81,722 39,652 Decrease (increase) in federal income tax receivable 35,822 (22,274) Increase in deferred federal income taxes 12,034 164,211 ------------ ------------ Net cash provided by operating activities 1,319,319 511,195 ------------ ------------ INVESTING ACTIVITIES Proceeds from maturities of held to maturity 1,750,000 - securities Principal collected on available for sale securities 6,684 7,304 Principal collected on mortgage - backed securities 121,826 112,854 Net increase in loans (5,880,872) (2,817,100) Proceeds from the sale of other real estate - 167,457 Purchases of office properties and equipment (90,860) (844,162) ------------ ------------ Net cash used for investing activities (4,093,222) (3,373,647) ------------ ------------ FINANCING ACTIVITIES Net increase (decrease)in deposits (4,654,311) 1,683,717 Proceeds from sale of common stock 9,485,274 - Proceeds from advances from Federal Home Loan Bank 3,388,179 549,667 Net change in advances for taxes and insurance (11,395) 682 ------------ ------------ Net cash provided by financing activities 8,207,747 2,234,066 ------------ ------------ Increase (decrease) in cash and cash equivalents 5,433,844 (628,386) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,016,583 3,139,383 ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF YEAR 9,450,427 2,510,997 ============ ============ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest on deposits and borrowings $ 1,985,409 $ 1,888,405 Income taxes 87,500 174,800
ADVANCE FINANCIAL BANCORP NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - BASIS OF PRESENTATION The consolidated financial statements of Advance Financial Bancorp (the "Company"), includes its wholly-owned subsidiary, Advance Financial Savings Bank (the"Bank"), and its wholly-owned subsidiary, Advance Financial Service Corporation of West Virginia. All significant intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q.B. and, therefore, do not necessarily include all information that would be included in audited financial statements. The information furnished reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations. All such adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the fiscal year ended June 30, 1997. These statements should be read in conjunction with the consolidated statements as of and for the year ended June 30, 1996 and related notes which are included on Form S-1 (file no. 333-13021). NOTE 2 - CONVERSION TO A STOCK FORM OF OWNERSHIP AND FORMATION OF HOLDING COMPANY On September 3, 1996, the Board of Directors of the Bank approved a plan of conversion whereby the Bank was to convert from a federally chartered mutual Bank to a federally chartered stock savings bank and simultaneously reorganized into a holding company form of organization (collectively, the "Conversion"). After approval by the regulatory authorities and the Bank's members, the Conversion was completed on December 31, 1996. As a result of this transaction, the Company was formed and the Bank became a wholly-owned subsidiary of the Company. In connection with the Conversion on December 31, 1996, the Company completed the sale of 1,084,450 shares of stock at $10.00 per share. From the proceeds, $108,445 was allocated to common stock based on a par value of $.10 per share and $10,207,689, which is net of conversion costs of $528,366, was allocated to additional paid in capital. Additionally, as a condition of the Conversion, the Bank may not pay a dividend to the Company in excess of the Bank accumulated net earnings after any required transfer to surplus and only if the Bank's surplus would not be reduced by payment of such dividend. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RECENT DEVELOPMENTS COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 1996 AND JUNE 30, 1996 On September 3, 1996, the Board of Directors of the Bank approved a plan of conversion whereby the Bank was to convert from a federally chartered mutual Bank to a federally chartered stock savings bank and simultaneously reorganized into a holding company form of organization (collectively, the "Conversion"). After approval by the regulatory authorities and the Bank's members, the Conversion was completed on December 31, 1996 and as a result, the holding company was formed (the "Company") and the Bank became a wholly-owned subsidiary of the Company. In connection with the Conversion on December 31, 1996, the Company completed the sale of 1,084,450 shares (the "Offering") at $10 per share and receive net proceeds of approximately $9,449,000. The Company transferred approximately $5,158,000 of the net proceeds to Bank for the purchase of all of the capital stock of the Bank. In addition, $868,000 was loaned to ESOP for the purchase of shares in the Offering. Total assets increased by approximately $8,357,000 to $100,209,000 at December 31, 1996 from $91,852,000 at June 30, 1996. The increase in assets was directly attributable to the Offering. Total cash and cash equivalents increased by $5,433,000 to $9,450,427 at December 31, 1996 from $4,016,000 at June 30, 1996. This increase represented the inflow of cash associated with subscription of orders received for the purchase of Common Stock in the Offering. Net loans receivables increase approximately $5,863,000 to $83,429,000 at December 31, 1996 from $77,566,000 at June 30, 1996. The net increase was primarily attributable to the increase in non-residential mortgages of $1.6 million and $1.1 million in consumer loan, offset by the sale of one to four family mortgages of $1.1 million. Such increases primarily reflected the economic health of the Bank's market area and the competitive pricing of the Bank's loan product. The funding of the loan growth was mainly provided by increases in FHLB borrowings of $3,388,000 and the receipt of proceeds of $1,756,000 received from the maturities and principal repayments of investment securities. Deposits decreased approximately $4,654,000 to $76,116,335 at December 31, 1996 from $80,770,646. This decrease primarily represents funds withdrawn by depositors which were used to purchase stock in the Offering. COMPARISON OF THE RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995 Net income decreased by $128,000 or 70.0% from net income of $183,000 for the six months ended December 31, 1995 to net income of $55,000 for the same six months ended December 31, 1996. Net interest income increased $211,000 or 15.5% from $1,357,000 for the six months ended December 31, 1995 to $1,568,000 for the six months ended December 31, 1996. The increase is a combination of increased average interest earning assets and an increase in the net interest spread from 3.14% for the six months ended December 31, 1995 to 3.21% for the six months ended December 31, 1996. COMPARISON OF THE RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995 (CONTINUED) Interest income increased $345,000, or 10.6%, for the six months ended December 31, 1996 compared to the same six months ended December 31, 1995. The increase in interest income is primarily attributed to an increase in the average balance of interest-earning assets which was funded by proceeds from the Offering. The average balance in interest-earning assets increased by $9,478,000, or 11.6%, while the average yield on interest-earning assets declined from 7.94% as of December 31, 1995 to 7.87% for December 31, 1996. Interest expense increased $134,000 from $1,887,000 for the six months ended December 31, 1995 to $2,021,000 for the six months ended December 31, 1996. The increase in interest expense was attributable to an increase in interest-bearing liabilities of $8.0 million offset by a decline in the cost of funds of 14 basis points (100 basis points equals 1%). The average balance of deposits have increased by $3.6 million from December 31, 1995 to December 31, 1996. The Bank has been aggressive in marketing new deposit products with the opening of a new branch office. The Bank also believes it has benefited by the funds deposited by the customers of the local institutions who become frustrated due to higher fees and less personalized service following mergers. Average Advances from FHLB have increased by $4.4 million during this period. The Bank has utilized these borrowings to fund their recent loan growth. Based upon management's continuing evaluation of the adequacy of the allowance for loan losses which encompasses the overall risk characteristics of the various portfolio segments, past experience with losses, the impact of economic conditions on borrowers, and other relevant factors, the provision for loan losses decreased by $108,000 for the six months ended December 31, 1996 compared to the same period ended 1995. See "Risk Elements". Noninterest income increased by $51,000 primarily from an increase in service charges on deposit accounts of $22,000 and gain on the sale of loans of $15,000. The increase in service charges on deposit accounts is the result of an increased number of deposit accounts. The increase in gain on the sale of loans is the result of the Bank beginning a new program to sell fixed rate mortgage loans in 1996. Noninterest expense increased by $573,000 primarily as a result of a one time charge of $470,000 in federal insurance premiums. On September 30, 1996, the President signed into law legislation which included the recapitalization of the Savings Association Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation by a one time charge to SAIF-insured institutions of 65.7 basis points per one hundred dollars of insurable deposits. Other noninterest expense increased by $43,000 due to general overall increases in all expenses. The most significant increase related to the cost of Now accounts due to the increase volume in the number of accounts. Income tax expense amounted to $44,000 for the six months ended December 31, 1996 compared to $119,000 for the same six months ended December 31, 1995. The effective tax rates were 44.4% and 39.5% at December 31, 1996 and 1995, respectively. COMPARISON OF THE RESULTS OF THE OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995 Net income increased $171,000 from $33,000 to $204,000 for the three months ended December 31, 1996 compared to the same period ended 1995. Net interest income for 1996 rose $115,000, or $17.0%, over 1995. The increase in net interest income is primarily attributed to a greater increase in the average balance of interest-earning assets over interest-bearing liabilities. The net average balance increase in interest-earning assets of $4,689,000 was offset somewhat by a declining net interest rate spread from 3.1% for the period ending December 31, 1995 to 3.0% for the same three month period ending December 31, 1996. Provision for loan losses decreased $106,000, or 88%, from 1995 to 1996. The decline is attributed to management's continual monitoring of the quality of the loan portfolio. Noninterest income increased $27,000, which is primarily due to $9,000 on gains on sale of loans and $7,000 on increased volume of service charges on deposit accounts. Noninterest expense overall remained relatively constant during the periods. Compensation expense reduced slightly as a result of an increase in deferred compensation costs associated with increased volumes of loan originations. Occupancy and equipment costs increased as a result of increased depreciation expense on the Follansbee branch office. Income taxes increased from $29,000 for the three months ended December 31, 1995 to $99,000 for the three months ended December 31, 1996, as a result of the increase in pre-tax income. LIQUIDITY AND CAPITAL RESOURCES The Savings Bank's primary sources of funds are deposits, amortization and prepayment of loans, maturities of investment securities, and funds provided from operations. While scheduled loan repayments are a relatively predictable source of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. In addition, the Savings Bank invests excess funds in overnight deposits which provide liquidity to meet lending requirements. The Savings Bank has other sources of liquidity if a need for additional funds arises. Additional sources of funds include a flex line of credit with the Federal Home Loan Bank ("FHLB") of Pittsburgh amounting to $4.8 million. As of December 31, 1996, the Savings Bank had outstanding advances from the FHLB of $7,765,000. As of December 31, 1996, the Savings Bank had $1,422,000 in outstanding mortgage and construction loan commitments. Management believes that it has adequate sources to meet the actual funding requirements. Management monitors both the Company's and the Savings Bank's total risk-based, Tier I risk-based and Tier I leverage capital ratios in order to assess compliance with regulatory guidelines. At December 31, 1996, both the Company and the Savings Bank exceeded the minimum risk-based and leverage capital ratios requirements. The Company's and Savings Bank's total risk-based, TierI risk-based and Tier I leverage ratios are 26.42%, 25,87%, 15.69% and 17.96%, 17.40%, 10.55%, respectively at December 31, 1996. RISK ELEMENT The table below presents information concerning nonperforming assets including nonaccrual loans, renegotiated loans, loans 90 days or more past due, other real estate loans, and repossessed assets. A loan is classified as nonaccrual when, in the opinion of management, there are serious doubts about collectibility of interest and principal. At the time the accrual of interest is discontinued, future income is recognized only when cash is received. Renegotiated loans are those loans which terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the deterioration of the borrower. December 31, June 30, 1996 1996 --------- --------- (dollars in thousands) Loans on nonaccrual basis $ 235 $ 139 Loans past due 90 days or more - 303 Renegotiated loans - - --------- --------- Total nonperforming loans 235 442 --------- --------- Other real estate 17 - Repossessed assets - - --------- --------- Total nonperforming assets $ 252 $ 442 ========= ========= Nonperforming loans as a percent of total loans 0.28% 0.55% ====== ====== Nonperforming assets as a percent of total assets 0.25% 0.48% ====== ====== Allowance for loan losses to nonperforming loans 142.98% 73.53% ====== ====== Management monitors impaired loans on a continual basis. As of December 31, 1996, impaired loans had no material effect on the company's financial position or results of operations. During the six month period ended December 31, 1996, loans increased $6,109,000 and nonperforming loans decreased $190,000 while the allowance for loan losses increased $11,000 for the same period. The percentage of allowance for loan losses to loans outstanding remained .4% during this time period. Nonperforming loans are primarily made up of one to four family residential mortgages. The collateral requirements on such loans reduce the risk of potential losses to an acceptable level in management's opinion. Management believes the level of the allowance for loan losses at December 31, 1996 is sufficient; however, there can be no assurance that the current allowance for loan losses will be adequate to absorb all future loan losses. The relationship between the allowance for loan losses and outstanding loans is a function of the credit quality and known risk attributed to the loan portfolio. The on - going loan review program and credit approval process is used to determine the adequacy of the allowance for loan losses. 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 NONE Item 5 - Other information NONE Item 6 - Exhibits and reports on Form 8-K NONE SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized. Advance Financial Bancorp Date: January 16, 1997 By: -------------------------------------- Stephen M. Gagliardi President and Chief Executive Officer By: -------------------------------------- Noreen Mechling Chief Financial Officer and Treasurer SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized. Advance Financial Bancorp Date: January 16, 1997 By:\s\ Stephen M. Gagliardi -------------------------------------- Stephen M. Gagliardi President and Chief Executive Officer By:\s\ Noreen Mechling -------------------------------------- Noreen Mechling Chief Financial Officer and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE
9 6-MOS JUN-30-1996 DEC-31-1996 1,090 8,360 0 0 62 3,465 3,478 84,011 336 100,209 76,116 7,765 5,878 0 0 0 108 15,632 100,209 3,293 171 125 3,589 1,838 2,021 1,568 17 0 1,624 99 0 0 0 55 0 0 3.4 235 0 0 0 325 7 1 336 336 0 0
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