-----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, Iebfb4j+xxHdj+GtV8kQzykdfI217x+DGuZOjAG45k1jpiASmVhidintZ6ivwwF2 JNJV1uguswLSRnfTScj68w== 0000718446-98-000006.txt : 19980518 0000718446-98-000006.hdr.sgml : 19980518 ACCESSION NUMBER: 0000718446-98-000006 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARATHON BANCORP CENTRAL INDEX KEY: 0000718446 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953770539 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-12510 FILM NUMBER: 98621992 BUSINESS ADDRESS: STREET 1: 11150 W OLYMPIC BL CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 3109969100 MAIL ADDRESS: STREET 1: 11150 W OLYMPIC BLVD CITY: LOS ANGELES STATE: CA ZIP: 90064 10QSB 1 10QSB AND FDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10- QSB [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1998 -------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _________ Commission file number 0-12510 ---------------------------------- MARATHON BANCORP - ------------------------------------------------------ (Exact name of registrant as specified in its charter) California 95-3770539 - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.) 11150 West Olympic Boulevard, Los Angeles, CA 90064 - ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (310) 996-9100 ----------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 ____ ----- As of May 11, 1998, there were 3,817,819 shares of no par Common Stock issued and outstanding.
Consolidated Statements of Financial Condition Marathon Bancorp and Subsidiary March 31, December 31, ASSETS 1998 1997 ------------ -------------- Cash and Due From Banks . . . . . . . . . . . . . . . . . . . . . . . $ 4,170,000 $ 7,327,000 Federal Funds Sold. . . . . . . . . . . . . . . . . . . . . . . . . . 6,300,000 8,700,000 Interest-Bearing Deposits with Financial Institutions . . . . . . . . 0 0 Investment Securities Securities Available for Sale. . . . . . . . . . . . . . . . . . . 2,747,000 5,249,000 Securities Held to Maturity. . . . . . . . . . . . . . . . . . . . 9,977,000 9,147,000 ------------ -------------- TOTAL INVESTMENT SECURITIES. . . . . . . . . . . . . . . . . . 12,724,000 14,396,000 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,254,000 46,775,000 Less Allowance for Credit Losses . . . . . . . . . . . . . . . . . (739,000) (747,000) ------------ -------------- NET LOANS . . . . . . . . . . . . . . . . . . . . . . . . . . 43,515,000 46,028,000 Premises and Equipment. . . . . . . . . . . . . . . . . . . . . . . . 399,000 416,000 Other Real Estate Owned . . . . . . . . . . . . . . . . . . . . . . . 1,161,000 1,248,000 Accrued Interest and Other Assets . . . . . . . . . . . . . . . . . . 2,000,000 954,000 ------------ -------------- TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . $70,269,000 $ 79,069,000 ============ ============== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Noninterest-Bearing. . . . . . . . . . . . . . . . . . . . . . . . 23,291,000 31,932,000 Interest-Bearing . . . . . . . . . . . . . . . . . . . . . . . . . 38,031,000 38,513,000 ------------ -------------- TOTAL DEPOSITS. . . . . . . . . . . . . . . . . . . . . . . . 61,322,000 70,445,000 Accrued Interest and Other Liabilities. . . . . . . . . . . . . . . . 734,000 423,000 ------------ -------------- TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . 62,056,000 70,868,000 Shareholders' Equity Preferred Shares - No Par Value, 1,000,000 Shares Authorized, No Shares Issued and Outstanding. . . . . . . . . . . . . . . . 0 0 Common Shares - No Par Value, 9,000,000 Shares Authorized, Issued and Outstanding: 3,811,819 in 1998 and 1,589,596 in 1997 13,607,000 13,607,000 Net Unrealized Gain on Securities Available for Sale . . . . . . . 4,000 3,000 Accumulated Deficit. . . . . . . . . . . . . . . . . . . . . . . . (5,398,000) (5,409,000) ------------ -------------- TOTAL SHAREHOLDERS' EQUITY. . . . . . . . . . . . . . . . . . 8,213,000 8,201,000 ------------ -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. . . . . . . . . . $70,269,000 $ 79,069,000 ============ ==============
Consolidated Statements of Income Marathon Bancorp and Subsidiary March 31, 1998 1997 ---------- --------------- INTEREST INCOME Interest and Fees on Loans . . . . . . . . . . $ 916,000 $ 876,000 Interest on Investment Securities - Taxable. . 169,000 109,000 Other Interest Income. . . . . . . . . . . . . 116,000 65,000 ---------- --------------- TOTAL INTEREST INCOME. . . . . . . . . . . . 1,201,000 1,050,000 INTEREST EXPENSE Interest on Demand Deposits. . . . . . . . . . 12,000 14,000 Interest on Money Market and Savings . . . . . 150,000 153,000 Interest on Time Deposits. . . . . . . . . . . 149,000 89,000 Other Interest Expense . . . . . . . . . . . . 1,000 - ---------- --------------- TOTAL INTEREST EXPENSE . . . . . . . . . . . 312,000 256,000 ---------- --------------- NET INTEREST INCOME. . . . . . . . . . . . . . . . 889,000 794,000 Provision for Credit Losses. . . . . . . . . . . . - 150,000 ---------- --------------- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES . . . . . . . . . . 889,000 644,000 ---------- --------------- NONINTEREST INCOME Service Charges and Fees on Deposits . . . . . 61,000 60,000 Gain on Sale of Other Real Estate Owned. . . . - - Other Noninterest Income . . . . . . . . . . . 39,000 8,000 ---------- --------------- 'TOTAL NONINTEREST INCOME. . . . . . . . . . 100,000 68,000 ---------- --------------- NONINTEREST EXPENSE Salaries and Employee Benefits . . . . . . . . 392,000 372,000 Occupancy Expenses . . . . . . . . . . . . . . 159,000 156,000 Furniture and Equipment. . . . . . . . . . . . 23,000 37,000 Professional Services. . . . . . . . . . . . . 50,000 94,000 Business Promotion . . . . . . . . . . . . . . 16,000 7,000 Stationery and Supplies. . . . . . . . . . . . 29,000 28,000 Data Processing Services . . . . . . . . . . . 115,000 115,000 Messenger and Courier Services . . . . . . . . 22,000 37,000 Insurance and Assessments. . . . . . . . . . . 81,000 96,000 Litigation . . . . . . . . . . . . . . . . . . - 25,000 Customer Checks. . . . . . . . . . . . . . . . 11,000 13,000 Provision for OREO Losses. . . . . . . . . . . - - Net Operating Cost of Other Real Estate Owned. 12,000 2,000 Other Expenses . . . . . . . . . . . . . . . . 68,000 20,000 ---------- --------------- TOTAL NONINTEREST EXPENSE. . . . . . . . . . 978,000 1,002,000 ---------- --------------- INCOME (LOSS) BEFORE INCOME TAXES . . . . . . . . 11,000 ( 290,000) Income Taxes. . . . . . . . . . . . . . . . . . - - ---------- --------------- NET INCOME (LOSS). . . . . . . . . . . . . . . . . $ 11,000 $ ( 290,000) ========== =============== Per Share Data : Net Income (Loss) - Basic . . . . . . . . . . $ - $( 0.23) Net Income (Loss) - Diluted . . . . . . . . . $ - $( 0.23)
Consolidated Statements of Cash Flows Marathon Bancorp and Subsidiary Three Months Ended March 31, ------------------------------ 1998 1997 ------------------------------ ------------------- OPERATING ACTIVITIES Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . $ 11,000 $ ( 290,000) Adjustments to Reconcile Net Gain (Loss) to Net Cash Provided by Operating Activities: Depreciation and Amortization. . . . . . . . . . . . . . 36,000 33,000 Provision for Credit Losses. . . . . . . . . . . . . . . - 150,000 Provision for OREO Losses. . . . . . . . . . . . . . . . - - Loss (Gain) on Sale of Other Real Estate Owned . . . . . 34,000 ( 3,000) Net Amortization of Premiums and Discounts on Investment Securities. . . . . . . . . . . . . . . 7,000 7,000 Net Change in Deferred Loan Origination Fees . . . . . . 4,000 7,000 Net Change in Accrued Interest, Other Assets and Other Liabilities. . . . . . . . . . . . . . . . ( 733,000) 156,000 ------------------------------ ------------------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES. . . . . ( 641,000) 60,000 INVESTING ACTIVITIES Net Decrease (Increase) in Interest-Bearing Deposits with Financial Institutions. . . . . . . . . . . . . . . . . . . - 100,000 Purchases of Available for Sale Securities. . . . . . . . . . ( 998,000) ( 997,000) Purchases of Held to Maturity Securities . . . . . . . . . . . ( 4,535,000) - Proceeds from Maturities of Available for Sale Securities. . . 3,500,000 4,000 Proceeds from Maturities of Held to Maturity Securities. . . . 3,697,000 6,000 Net Decrease in Loans. . . . . . . . . . . . . . . . . . . . . 1,527,000 1,540,000 Proceeds from Sale of Other Real Estate Owned. . . . . . . . . 1,035,000 248,000 Purchases of Furniture, Fixtures and Equipment . . . . . . . . ( 19,000) ( 17,000) ------------------------------ ------------------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES . . . . 4,207,000 884,000 FINANCING ACTIVITIES Net Change in Demand Deposits, Money Market and Savings. . . . ( 10,631,000) 12,572,000 Net Change in Time Deposits. . . . . . . . . . . . . . . . . . 1,508,000 689,000 Proceeds from Issuance of Common shares. . . . . . . . . . . . - 767,000 ------------------------------ ------------------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES . . . . ( 9,123,000) 14,028,000 ------------------------------ ------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS. . . . . . . . . ( 5,557,000) 14,972,000 Cash and Cash Equivalents at Beginning of Year . . . . . . . . 16,027,000 7,289,000 ------------------------------ ------------------- CASH AND CASH EQUIVALENTS AT END OF YEAR. . . . . . . . . . . . . $ 10,470,000 $ 22,261,000 ============================== =================== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Interest Paid. . . . . . . . . . . . . . . . . . . . . . . . . $ 278,000 $ 294,000 Income Taxes Paid (Refunded) . . . . . . . . . . . . . . . . . $ - $ - Loans Made to Facilitate the Sale of Other Real Estate Owned . $ 600,000 $ -
Consolidated Statements of Equity Marathon Bancorp and Subsidiary Net Unrealized Appreciation (Depreciation) on Available Common shares Accumulated For Sale -------------- Shares Amount Deficit Securities Total -------------- ------------ ------------ ----------- ---------- BALANCE - JANUARY 1, 1998 . 3,811,819 $ 13,607,000 $(5,409,000) $ 3,000 $8,201,000 Net Income. . . . . . . . . - - 11,000 - 11,000 Issuance of Common Shares . - - - - - Net Changes in Unrealized Appreciation on Available for Sale Securities . . . - - - 1,000 1,000 -------------- ------------ ------------ ----------- ---------- BALANCE - MARCH 31, 1998. . 3,811,819 $ 13,607,000 $(5,398,000) $ 4,000 $8,213,000 ============== ============ ============ =========== ==========
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) BASIS OF PRESENTATION AND MANAGEMENT REPRESENTATIONS The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-QSB and, therefore, do not include all footnotes normally required for complete financial disclosure. While the Company believes that the disclosures presented are sufficient to make the information not misleading, reference may be made to the consolidated financial statements and notes thereto included in the Company's 1997 Annual Report on Form 10-KSB. The accompanying consolidated statements of financial condition and the related consolidated statements of operations and cash flows reflect, in the opinion of management, all material adjustments necessary for fair presentation of the Company's financial position as of March 31, 1998 and December 31, 1997, results of operations and changes in cash flows for the three-month period ended March 31, 1998 and 1997. The results of operations for the three-month period ended March 31, 1998 are not necessarily indicative of what the results of operations will be for the full year ending December 31, 1998. (2) INCOME OR LOSS PER SHARE Income or loss per share is computed using the weighted average number of common shares outstanding during the period. Loss per share calculations exclude common share equivalents (stock options) since their effect would be to increase the income per share and reduce the loss per share. Accordingly, the weighted average number of shares used to compute the net income or loss per share were 3,811,819 and 1,275,273 respectively for the three-month period ended March 31, 1998. MANAGEMENT'S DISCUSSION AND ANALYSIS The following discussion is intended to provide additional information about Marathon Bancorp (the Company), its financial condition and results of operations, which is not otherwise apparent from the consolidated financial statements. Since Marathon National Bank (the Bank) represents a substantial portion of the Company's activities and investments, the following relates primarily to the financial condition and operations of the Bank. It should be read in conjunction with the Company's 1997 Annual Report on Form 10-KSB. FINANCIAL HIGHLIGHTS OVERVIEW Marathon Bancorp recorded a profit for the third consecutive quarter of $11,000 for the period ending March 31, 1998, compared to a loss of $290,000 for the same period of 1997. Per share earnings were less than one cent for 1998 compared to a $0.23 per share loss in the first quarter of 1997. At March 31, 1998 total assets were $70,269,000, total loans of $44,254,000 and total deposits of $61,322,000. This compares to total assets of $79,069,000, total loans of $46,775,000 and total Deposits of $70,445,000 at December 31, 1997. RESULTS OF OPERATIONS Net Interest Income Net interest income (the difference between interest income and interest expense) increased by $95,000, or 12% over the amount reported for the first quarter of 1997. This is the most significant component of the Company's earnings and this increase was critical in being able to report a profit in comparison to the prior year's first quarter loss. Interest income rose $151,000, or 14.4% over last year with all interest income categories showing improvement. Interest and fees on loans increased by $40,000, or 4.6% on a slightly smaller loan portfolio. Interest earned increased as a result of a reduction in non-performing loans since the same period a year ago. At March 31, 1997 nonaccrual loans totaled $2,074,000 compared to $695,000 at March 31, 1998. Interest on investment securities increased $60,000, or 55.1% over the prior year. This is due to an increase in the average investment portfolio outstandings of 54.6%. Other interest income, which includes interest on federal funds sold and interest on deposits with other financial institutions also increased from $65,000 in the first quarter of 1997 to $116,000 for the first quarter of 1998. This was attributable to an increase in federal funds sold. Interest expense increased by $56,000, or 21.9% over the same period last year. This was due to an increase in interest paid on time deposits caused by an increase in the average outstandings of $5,353,000. Average time deposits over $100,000 increased $3,103,000 and average time deposits under $100,000 increased $2,250,000. Noninterest Income Increasing the noninterest income has been one of the Company's primary objectives. The first quarter of 1998 showed an increase of $32,000, or 47% over the first quarter of 1997. Increasing noninterest revenue was accomplished by increasing selected service charges on deposit accounts, non-deposit products and noninterest related loan fees. Noninterest Expense Noninterest expense decreased from $1,002,000 for the first quarter of 1997 to $978,000 for the first quarter of 1998 a 2.5% decrease. The main contributors to lower expenses were professional services, courier services, insurance and litigation expenses. The Company's improved financial condition led to decreases in legal expenditures, FDIC insurance and directors and officers insurance expense. The Company's change of auditors decreased the fees for audit and tax services and the litigation that the Company was involved in was settled in 1997 and there has been no need to fund litigation expense in 1998. The Company is very cognizant of its expenses and will continue to decrease costs wherever possible. The Company's improving financial condition should help to further lower costs for legal, insurance and OREO costs. Provision for Credit Losses: Based upon management's assessment of the overall quality of the loan portfolio, and of external economic conditions the Bank felt that the current level in the reserve for credit losses was adequate an therefore made no provision to the credit loss reserve. During the first quarter, the Bank recorded charge-offs of $26,000 while collecting recoveries on loans charged off of $18,000. The Bank's internally classified loans decreased from $2,983,000 at December 31, 1997 to $1,969,000 at March 31, 1998. Nonaccrual loans decreased from $965,000 at December 31, 1997 to $695,000 at March 31, 1998 and the level of OREO decreased from $1,248,000 at year-end to $1,161,000 at March 31st. Based upon these factors and management's assessment of the overall quality of the loan portfolio, its internal migration analysis and economic conditions they felt the current level of the reserve for credit losses was adequate without the need for further provisions. ASSETS AND LIABILITIES Assets decreased from year-end 1997 due to several of the Bank's large depositors increasing their balances the last two weeks of the year and then decreasing these balances back to their normal levels during January 1998. These deposit fluctuations are normal for the Bank during the first quarter of the year. The Company decreased its cash and federal funds sold positions to fund the outflow of deposits. Loans decreased by $2,521,000. The major reasons for the decrease were the payoff of a real estate loan in the amount of $2,000,000 and the transfer of two loans totaling $752,000 to OREO. Securities in the held-to-maturity portfolio were increased with callable agency securities while short-term investments in available-for-sale securities matured and were used for liquidity. Two foreclosed properties totaling $981,000 were transferred into OREO during the first quarter of the year. The Company also sold two properties totaling $1,068,000 during the first quarter and completed the sale of an additional property in April of this year. The properties were sold at a loss of $34,000, which is reflected in other expenses on the income statement. During the first quarter deposits declined by $9,123,000 from year-end totals, but were only down $1,559,000 from the totals of September 30, 1997. The decline was in noninterest bearing deposits and mostly due to year-end buildup in several large accounts that flowed out during the quarter. LIQUIDITY AND CAPITAL Asset/Liability Management The Company's Asset/Liability Committee is responsible for managing the risks associated with changing interest rates and their impact on earnings, as well as, the liquidity needs of the Company. Management monitors its liquidity position continuously in relation to trends in loans and deposits, and relates the data to short and long term expectations. In order to serve customers effectively, funds must be available to meet their credit needs as well as their withdrawals of deposited funds. Assets that are normally considered liquid are federal funds sold, available for sale investment securities, cash and due from banks, and securities purchased under agreements to resell. The ratio of liquid assets to deposits was 24% as of March 31, 1998 and the loan to deposit ratio was 72%. Interest rate risk management focuses on the maturity and repricing of interest earning assets in relationship to the interest bearing liabilities that fund them. Net interest income can be vulnerable to fluctuations arising from a change in the general level of interest rates to the extent that the average yield on earning assets responds differently to such a change than does the average cost of funds. The Company measures interest rate sensitivity by distributing the maturities and repricing periods of assets and supporting funding liabilities into interest sensitivity periods, summarizing interest rate risk in terms of the resulting interest sensitivity gaps. A positive gap indicates that more interest sensitive assets than interest sensitive liabilities will be repriced during a specified period, while a negative gap indicates the opposite condition. It is the Bank's policy to maintain an adequate balance of rate sensitive assets to rate sensitive liabilities. Due to the fact that the Bank has a large portfolio of noninterest bearing demand deposits the Company has historically been asset sensitive with a positive gap. Currently the Company is still asset sensitive which means the Company will have increased income in a rising rate environment and decreased income in a falling rate scenario. Capital The Bank is required to meet certain minimum risk-based capital guidelines and leverage ratios promulgated by the bank regulatory authorities. The risk based capital standards establish capital requirements that are more sensitive to risk differences between various assets, consider off balance sheet activities in assessing capital adequacy, and minimize the disincentives to holding liquid, low risk assets. The leverage ratio consists of tangible Tier 1 capital divided by average total assets. The Company's capital position is strong. The adequately capitalized risk-based capital ratio required by the federal regulators is 8.0 percent and the well capitalized ratio is 10.0 percent. At March 31, 1998 the Company and the Bank had a risk based capital ratio of 17.3 percent, and a Tier 1 capital leverage ratio of 11.4 percent. On December 16, 1996, the Company entered into a memorandum of understanding with the Federal Reserve Bank (FRB) under which the Company agreed, among other things, to refrain from paying cash dividends except with the prior approval of the FRB, submit annual statements of planned sources and uses of cash, and submit annual progress reports. The Bank has met all of the terms of the formal agreement. YEAR 2000 The Company is well aware of the issues relating to the century date change and the impact on computer systems and business operations. The Company started its analysis of the problem in June 1997 when it sent letters to its vendors that supplied computer services to the Company on the status of their Year 2000 plans. All the mission critical vendors were well on their way with plans to make their products Year 2000 compliant. The Company then went on to develop its own Year 2000 plan. The Company's Year 2000 Plan (the Plan) was submitted to the Board of Directors for review in January 1998 and approved in February 1998. The Plan includes the steps necessary for the Company to become year 2000 as well as the steps to be taken to check that the major borrowers and fund providers of the Company are also working to become compliant. The Company's main computer processing is supplied by the Fiserv CBS Service Bureau, who has notified the Company that its software has been modified to be year 2000 compliant and that it is currently under testing. The software will be fully operational by the fourth quarter of 1998. The Company will begin testing its equipment and programs for full compliance in the third quarter of 1998 and would expect that all mission critical applications and equipment will be compliant by the end of the year. The costs to the Company will be both capital costs for the purchase of new equipment and the expense for the maintenance and testing of computer software. These costs have not been fully determined, but should not have a major impact on future earnings. 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 On April 1, 1998, proxy materials for 1998 Annual Meeting of Shareholders were mailed to all shareholders of record as of March 20, 1998. The meeting took place on May 11, 1998. Shareholders were asked to vote on the matters shown below. Of the total 3,811,819 shares outstanding and entitled to vote, 2,849,054 shares were represented either in person or by properly executed proxies. The results of the voting on the matters are shown below: Matter 1. Election of Directors. To elect seven (7) persons to the board of directors to serve until the 1999 annual meeting of Shareholders and until their successors are elected and have been qualified. For Withhold Authority for Robert J. Abernethy 2,803,728 45,326 Craig C. Collette 2,820,225 28,829 Frank Jobe, M.D. 2,790,925 58,129 C. Thomas Mallos 2,803,728 45,326 Robert Oltman 2,813,790 35,264 Ann Pappas 2,803,915 45,139 Nick Patsaouras 2,803,423 45,631 Matter 2. Approval of Stock Option Plan. To approve the Marathon Bancorp 1998 Stock Option Plan. For Against Abstain 2,633,072 145,262 67,971 Matter 3. Other Business. There was none. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K None. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MARATHON BANCORP Date: May 12, 1998 Craig D. Collette ------------------- Craig D. Collette President and Chief Executive Officer Howard J. Stanke ------------------ Howard J. Stanke Executive Vice President and Chief Financial Officer EX-27 2
9 1,000 U.S. DOLLARS 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 1 4,170 38,031 6,300 0 9,977 12,720 12,659 44,254 739 70,269 61,322 0 734 0 0 0 8,213 0 70,269 916 169 116 1,201 311 1 889 0 0 978 11 11 0 0 11 0.00 0.00 7.59 695 1 0 0 747 26 18 739 739 0 739
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