-----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, FshdXZUAhO/QId8k0oXfKxEdxFsmzuKxeuUEYTX2pHqPk3okYzfhBjGib0Y5CabH 9k98tvmQtp08IZT9xWRyZg== 0000926044-02-000152.txt : 20020515 0000926044-02-000152.hdr.sgml : 20020515 ACCESSION NUMBER: 0000926044-02-000152 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARKSTON FINANCIAL CORP CENTRAL INDEX KEY: 0001068366 STANDARD INDUSTRIAL CLASSIFICATION: [6221] FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 333-63685 FILM NUMBER: 02648719 BUSINESS ADDRESS: STREET 1: 158 S MAIN STREET CITY: CLARKSTON STATE: MI ZIP: 48346 MAIL ADDRESS: STREET 1: 15 S MAIN STREET CITY: CLARKSTON STATE: MI ZIP: 48346 10QSB 1 clarkston10qsb.htm CLARKSTON FINANCIAL CORPORATION FORM 10-QSB

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB

[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2002

OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________

Commission file number: 333-63685

CLARKSTON FINANCIAL CORPORATION
(Exact name of small business issuer as specified in its charter)

MICHIGAN
(State of other jurisdiction of
incorporation or organization)

38-3412321
(I.R.S. Employer
Identification No.)

15 South Main Street, Clarkston, Michigan 48346
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (248) 625-8585

Check whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 1,026,012 shares of the Company’s Common Stock (no par value) were outstanding as of March 31, 2002.

Transitional Small Business Disclosure Format (check one): Yes No X

		Page Number(s)
Part I.	Financial Information (unaudited):
	Item 1. Consolidated Financial Statements............................................................. Notes to Consolidated Financial Statements.............................................. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..........................................	3-7 8-11 12-14
Part II.	Other Information:
	Item 1. Legal Proceedings........................................................................................ Item 2. Changes in Securities and Use of Proceeds................................................. Item 3. Defaults Upon Senior Securities................................................................. Item 4. Submission of Matters to a Vote of Security Holders................................ Item 5. Other Information....................................................................................... Item 6. Exhibits and Reports on Form 8-K.............................................................	15 15 15 15 15 15
Signatures	.....................................................................................................................	16

Part I Financial Information (unaudited)

CLARKSTON FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEET
March 31, 2001 (unaudited) and December 31, 2001
(dollars in thousands, except per share data)

                                                                        March 31,           December 31,
                                                                           2002                 2001
                                                                         --------             --------
                                                                        (unaudited)
ASSETS

Cash and Cash Equivalents
       Total cash and due from banks.............................         $  1,503          $  1,856
        Federal funds sold.......................................            2,872             3,975
                                                                          --------          --------
            Total Cash and Cash Equivalents......................            4,375             5,831

Securities Held to Maturity......................................            5,602             5,605
Securities Available for Sale, at fair value.....................           44,565            36,905

Loans, less Loan Loss Reserve
       Total loans...............................................           35,658            34,455
       Allowance for loan losses.................................             (434)            (419)
                                                                          ---------         --------
       Net Loans.................................................           35,224            34,036

Net Property and Equipment.......................................              776               794
Accrued interest receivable......................................              619               441
Deferred Tax Asset...............................................              396               140

Other Assets.....................................................              183               168
                                                                          --------          --------
            Total Assets.........................................         $ 91,742          $ 83,920
                                                                          ========          ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits
       Noninterest-bearing.......................................            9,636             9,230
       Interest-bearing..........................................           72,583            64,930
                                                                          --------          --------
            Total deposits.......................................           82,219            74,160
       Accrued Expenses and Other Liabilities....................            1,227             1,093

Shareholders' Equity
       Common stock, no par value: 10,000,000
             Shares authorized; 1,026,012 shares
             issued and outstanding as of March 31,
             2002 and December 31, 2001..........................            4,306             4,306
       Capital surplus...........................................            4,306             4,306
       Retained Earnings.........................................              213                88
       Accumulated other comprehensive income (loss).............             (531)             (33)
                                                                          ---------         --------
             Total Shareholder Equity............................            8,294             8,667
                                                                          --------          --------

              Total Liabilities and Shareholders' Equity.........         $ 91,742          $ 83,920
                                                                          ========          ========