-----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, FxzTQzb6CGyjAoUINwV5NmQXp4tu0OhJmyD7taWCfzFrEiZ0+T15aXg2mXMePHKe sZ2411gvUNVO/ZIst1JucQ== 0000912057-01-007647.txt : 20010316 0000912057-01-007647.hdr.sgml : 20010316 ACCESSION NUMBER: 0000912057-01-007647 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 ITEM INFORMATION: FILED AS OF DATE: 20010315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEACOAST FINANCIAL SERVICES CORP CENTRAL INDEX KEY: 0001061692 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 041659040 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25077 FILM NUMBER: 1569484 BUSINESS ADDRESS: STREET 1: ONE COMPASS PLACE CITY: NEW BEDFORD STATE: MA ZIP: 02740 BUSINESS PHONE: 5089846000 MAIL ADDRESS: STREET 1: ONE COMPASS PLACE CITY: NEW BEDFORD STATE: MA ZIP: 02740 FORMER COMPANY: FORMER CONFORMED NAME: 1855 BANCORP DATE OF NAME CHANGE: 19980512 8-K 1 a2041803z8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------- AMENDMENT NO. 1 TO FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): December 31, 2000 ----------------- SEACOAST FINANCIAL SERVICES CORPORATION --------------------------------------- (Exact name of Registrant as Specified in Charter) Massachusetts 000-25077 04-1659040 - ------------------------ ---------------------- ------------------------------------ (State of Incorporation) Commission File Number (IRS Employer Identification Number)
One Compass Place, New Bedford, Massachusetts 02740 - --------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (508) 984-6000 ------------------------------- (Registrant's Telephone Number) Not Applicable ------------------------------------------------------------ (Former Name or Former Address if Changed Since Last Report) ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS Pursuant to the requirements of Form 8-K, Seacoast Financial Services Corporation (the "Company") hereby files this Amendment No.1 to its Current Report on Form 8-K initially filed with the Securities and Exchange Commission on January 12, 2001 to report its acquisition of Home Port Bancorp, Inc. (Home Port), a one bank holding company, on December 31, 2000. Pursuant to the Agreement and Plan of Merger dated as of July 20, 2000, each share of common stock of Home Port was exchanged for $37 in cash, resulting in a transaction value of approximately $68.2 million, exclusive of one-time transactions costs. This acquisition is being accounted for under the purchase method of accounting. (b) Pro Forma Financial Information The following unaudited pro forma condensed consolidated financial statements of the Company are presented herein reflecting the acquisition of Home Port: -- Condensed consolidated balance sheet as of September 30, 2000 -- Condensed consolidated statement of income for the nine months ended September 30, 2000 -- Condensed consolidated statement of income for the year ended December 31, 1999. The pro forma information should be read in conjunction with the notes thereto and the historical consolidated financial statements of the Company and Home Port including the related notes as set forth in Item 7.(a) of the Form 8-K filed on January 12, 2001. 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. SEACOAST FINANCIAL SERVICES CORPORATION Date: March 15, 2001 By /s/ Kevin G. Champagne --------------------------------------------- Kevin G. Champagne President and Chief Executive Officer SEACOAST FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2000 (IN THOUSANDS)
SEACOAST PRO FORMA PRO FORMA FINANCIAL HOME PORT ADJUSTMENTS CONSOLIDATED ----------- --------- -------- ----------- DR. (CR.) ASSETS: Cash and cash equivalents .......................... $ 81,130 $ 16,168 $ -- $ 97,298 Investment securities-- Available-for-sale, at fair value ............... 232,999 12,342 -- 245,341 Held-to-maturity, at amortized cost ............. 12,398 15,227 (213)(1) 27,412 Restricted-equity securities .................... 18,795 4,477 -- 23,272 Loans held-for-sale ................................ -- 11,287 -- 11,287 Loans, net ......................................... 2,009,249 274,516 (3,482)(1) 2,280,283 Banking premises and equipment, net ................ 42,263 3,423 4,719(1) 50,405 Net deferred tax asset ............................. 12,686 817 (543)(1) 12,960 Intangible assets .................................. 1,717 -- 39,535(1) 41,252 Other assets ....................................... 19,287 3,032 591(1) 22,910 ----------- --------- -------- ----------- Total assets .................................. $ 2,430,524 $ 341,289 $ 40,607 $ 2,812,420 =========== ========= ======== =========== LIABILITIES AND STOCKHOLDERS' EQUITY: Deposits ........................................... $ 1,746,962 $ 248,417 $ (119)(1) $ 1,995,498 Short-term borrowings .............................. 33,781 -- -- 33,781 Federal Home Loan Bank advances .................... 344,983 59,956 (70,701)(1)(2) 475,640 Accrued expenses and other liabilities ............. 21,446 2,703 -- 24,149 ----------- --------- -------- ----------- Total liabilities ............................. 2,147,172 311,076 (70,820) 2,529,068 ----------- --------- -------- ----------- Stockholders' equity: Common stock .................................... 268 23 23(1) 268 Additional paid-in capital ...................... 152,789 17,473 17,473(1) 152,789 Treasury stock .................................. (15,951) (4,397) (4,397)(1) (15,951) Retained earnings ............................... 162,145 17,231 17,231(1) 162,145 Accumulated other comprehensive income (loss) ... (909) (117) (117)(1) (909) Unearned compensation - ESOP and restricted stock (14,836) -- -- (14,836) Shares held in employee trust ................... (154) -- -- (154) ----------- --------- -------- ----------- Total stockholders' equity .................... 283,352 30,213 30,213 283,352 ----------- --------- -------- ----------- Total liabilities and stockholders' equity .... $ 2,430,524 $ 341,289 $(40,607) $ 2,812,420 =========== ========= ======== ===========
SEACOAST FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2000 (IN THOUSANDS) (1) To reflect the impact of the acquisition of Home Port by Seacoast Financial based on the terms of the Agreement and Plan of Merger dated July 20, 2000, assuming the transaction occurred on September 30, 2000: Amount payable: 1,841,890 shares at $37/share $ 68,150 Stock option buyout 337 Transaction costs, net of estimated tax benefit 2,418 -------- 70,905 Book value of Home Port 30,213 Transaction costs incurred to date 293 --------- (30,506) -------- Premium 40,399 -------- Purchase accounting adjustments (to state assets and liabilities at fair value): Loans 3,482 Investments 213 Banking premises (4,719) Deposits 119 Borrowings 89 Pension plan (591) Deferred taxes 543 -------- Net impact-Purchase accounting adjustments (864) -------- Intangible Asset $ 39,535 ========
(2) To fund remaining acquisition costs with advances from the Federal Home Loan Bank. SEACOAST FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
SEACOAST PRO FORMA PRO FORMA FINANCIAL HOME PORT ADJUSTMENTS CONSOLIDATED ---------- --------- --------- ----------- DR. (CR.) Interest income................................. $ 120,897 $ 18,697 $ (329)(1) $ 139,923 Interest expense................................ 61,749 8,406 2,847(1) (3) 73,002 ---------- --------- --------- ---------- Net interest income........................ 59,148 10,291 2,518 66,921 Provision for loan losses....................... 3,500 150 -- 3,650 Non-interest income............................. 7,408 1,280 -- 8,688 Non-interest expense............................ 36,048 5,654 2,329(1) (2) 44,031 ---------- --------- --------- ---------- Income before taxes........................ 27,008 5,767 4,847 27,928 Provision for income taxes...................... 9,486 2,032 (891)(4) 10,627 ---------- --------- --------- ---------- Net income................................. $ 17,522 $ 3,735 $ 3,956 $ 17,301 ========== ========= ========= ========== Earnings per share-diluted................. $ 0.74 $ 0.73 ========== ========== Weighted average shares outstanding-diluted.................... 23,839 23,839 ========== ==========
Pro forma adjustments consist of (in thousands): 1. Amortization of purchase accounting adjustments as follows: Increase interest income 329 Decrease interest expense 78 Increase non-interest expense (depreciation) (29) --------- 378 2. Amortize intangible assets using the straight-line method over a 15 year period (2,300) 3. Recognize interest expense on borrowed funds used to finance acquisition (2,925) --------- Impact on income before taxes (4,847) 4. Tax effect of Items 1. and 3. at an estimated effective tax rate of 35% 891 --------- $ (3,956) =========
SEACOAST FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1999 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
SEACOAST PRO FORMA PRO FORMA FINANCIAL HOME PORT ADJUSTMENTS CONSOLIDATED ---------- --------- -------- ------------ DR. (CR.) Interest income................................. $ 137,952 $ 21,952 $ (456)(1) $ 160,360 Interest expense................................ 63,510 9,521 3,796(1) (3) 76,827 ---------- --------- -------- ---------- Net interest income........................ 74,442 12,431 3,340 83,533 Provision for loan losses....................... 2,000 200 -- 2,200 Non-interest income............................. 9,994 1,580 -- 11,574 Non-interest expense............................ 44,516 6,073 3,105(1) (2) 53,694 ---------- --------- -------- ---------- Income before taxes........................ 37,920 7,738 6,445 39,213 Provision for income taxes...................... 13,394 2,673 (1,182)(4) 14,885 ---------- --------- -------- ---------- Net income................................. $ 24,526 $ 5,065 $ 5,263 $ 24,328 ========== ========= ======== ========== Earnings per share-diluted................. $ 0.97 $ 0.96 ========== ========== Weighted average shares outstanding-diluted.................... 25,356 25,356 ========== ==========
Pro forma adjustments consist of (in thousands): 1. Amortization of purchase accounting adjustments as follows: Increase interest income 456 Decrease interest expense 104 Increase non-interest expense (depreciation) (38) --------- 522 2. Amortize intangible assets using the straight-line method over a 15 year period (3,067) 3. Recognize interest expense on borrowed funds used to finance acquisition (3,900) --------- Impact on income before taxes (6,445) 4. Tax effect of Items 1. and 3. at an estimated effective tax rate of 35% 1,182 --------- $ (5,263) =========
-----END PRIVACY-ENHANCED MESSAGE-----