-----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, AUfSG0K+AHulMbIaq5vKlzVwJnD/xZ1s2KPTm0LHdC1BAWsEqxjv0dhbz9Q0pM9k sv96YKuV9m6l9A7n0a7Olg== /in/edgar/work/20000810/0000718446-00-000011/0000718446-00-000011.txt : 20000921 0000718446-00-000011.hdr.sgml : 20000921 ACCESSION NUMBER: 0000718446-00-000011 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARATHON BANCORP CENTRAL INDEX KEY: 0000718446 STANDARD INDUSTRIAL CLASSIFICATION: [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: 690208 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 0001.txt 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 JUNE 30, 2000 ----------------------- 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 August 1, 2000, there were 3,838,019 shares of no par Common Stock issued and outstanding. Consolidated Statements of Financial Condition
JUNE 30, December 31, ---------------- ---------------- ASSETS 2000 1999 ---------------- ---------------- Cash and Due From Banks. . . . . . . . . . . . . . . . . . . . . $ 5,090,000 $ 7,891,000 Federal Funds Sold . . . . . . . . . . . . . . . . . . . . . . . 7,600,000 1,000,000 ---------------- ---------------- TOTAL CASH AND CASH EQUIVALENTS. . . . . . . . . . . . . 12,690,000 8,891,000 Interest -Bearing Deposits With Financial Institutions . . . . . - 100,000 Investment Securities: Securities Available for Sale . . . . . . . . . . . . . . . . 6,566,000 8,590,000 Securities Held to Maturity (Approx. market value: 2000 - $16,875,000; 1999 - $12,009,000): . . . . . . . . 17,242,000 12,878,000 ---------------- ---------------- TOTAL INVESTMENT SECURITIES. . . . . . . . . . . . . . . 23,808,000 21,468,000 Federal Home Loan and Federal Reserve Bank stock, at cost. . . . 333,000 482,000 Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,705,000 50,102,000 Less Allowance for Credit Losses. . . . . . . . . . . . . . . ( 921,000) ( 853,000) ---------------- ---------------- NET LOANS . . . . . . . . . . . . . . . . . . . . . . . . 50,784,000 49,249,000 Premises and Equipment . . . . . . . . . . . . . . . . . . . . . 294,000 325,000 Cash Surrender Value of Life Insurance . . . . . . . . . . . . . 3,576,000 1,559,000 Accrued Interest and Other Assets. . . . . . . . . . . . . . . . 1,075,000 1,045,000 ---------------- ---------------- TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . $ 92,560,000 $ 83,119,000 ================ ================ LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-Bearing . . . . . . . . . . . . . . . . . . . . . $ 29,170,000 $ 27,529,000 Interest-Bearing. . . . . . . . . . . . . . . . . . . . . . . 53,145,000 44,026,000 ---------------- ---------------- TOTAL DEPOSITS. . . . . . . . . . . . . . . . . . . . . . 82,315,000 71,555,000 Accrued Interest and Other Liabilities . . . . . . . . . . . . . 751,000 553,000 Federal Home Loan Bank Advance . . . . . . . . . . . . . . . . . - 1,875,000 ---------------- ---------------- TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . 83,066,000 73,983,000 Shareholders' Equity Preferred Shares - No Par Value, 1,000,000 Shares Authorized, No Shares Issued and Outstanding . . . . . . . . . . . . . - - Common Shares - No Par Value, 9,000,000 Shares Authorized, 3,837,019 and 3,830,019 Shares Issued and Outstanding at June 30, 2000 and December 31, 1999, respectively. . . . . 13,672,000 13,654,000 Accumulated Deficit . . . . . . . . . . . . . . . . . . . . . ( 3,956,000) ( 4,319,000) Accumulated Other Comprehensive Income - Net Unrealized Gains (Losses) on Available-for-Sale Securities. . . . . . ( 222,000) ( 199,000) ---------------- ---------------- TOTAL SHAREHOLDERS' EQUITY. . . . . . . . . . . . . . . . 9,494,000 9,136,000 ---------------- ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. . . . . . . . $ 92,560,000 $ 83,119,000 ================ ================
Marathon Bancorp and Subsidiary Consolidated Statements of Operations
Three Months Ended Six Months Ended June 30, June 30, -------------------------------- -------------------------------- 2000 1999 2000 1999 --------------- --------------- --------------- --------------- INTEREST INCOME Interest and Fees on Loans . . . . . . . . . . . . . $ 1,218,000 $ 891,000 $ 2,361,000 $ 1,762,000 Interest on Investment Securities - Taxable. . . . . 345,000 255,000 629,000 506,000 Other Interest Income. . . . . . . . . . . . . . . . 105,000 75,000 193,000 141,000 --------------- --------------- --------------- --------------- TOTAL INTEREST INCOME . . . . . . . . . . . . . . 1,668,000 1,221,000 3,183,000 2,409,000 INTEREST EXPENSE Interest on Demand Deposits. . . . . . . . . . . . . 8,000 9,000 16,000 17,000 Interest on Money Market and Savings . . . . . . . . 272,000 206,000 514,000 388,000 Interest on Time Deposits. . . . . . . . . . . . . . 256,000 127,000 495,000 275,000 Other Interest Expense . . . . . . . . . . . . . . . - - 1,000 - TOTAL INTEREST EXPENSE. . . . . . . . . . . . . . 536,000 342,000 1,026,000 680,000 --------------- --------------- --------------- --------------- NET INTEREST INCOME. . . . . . . . . . . . . . . . . . . 1,132,000 879,000 2,157,000 1,729,000 Provision for Credit Losses. . . . . . . . . . . . . . . 30,000 - 60,000 - --------------- --------------- --------------- --------------- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES. . . . . . . . . . 1,102,000 879,000 2,097,000 1,729,000 --------------- --------------- --------------- --------------- NONINTEREST INCOME Service Charges and Fees on Deposits . . . . . . . . 72,000 68,000 134,000 144,000 Dividends on Cash Surrender Value of Life Insurance. 51,000 18,000 94,000 39,000 Other Noninterest Income . . . . . . . . . . . . . . 23,000 18,000 47,000 39,000 TOTAL NONINTEREST INCOME. . . . . . . . . . . . . 146,000 104,000 275,000 222,000 --------------- --------------- --------------- --------------- NONINTEREST EXPENSE Salaries and Employee Benefits . . . . . . . . . . . 498,000 438,000 999,000 858,000 Occupancy Expenses . . . . . . . . . . . . . . . . . 140,000 134,000 277,000 266,000 Furniture and Equipment. . . . . . . . . . . . . . . 23,000 29,000 50,000 58,000 Professional Services. . . . . . . . . . . . . . . . 36,000 28,000 59,000 54,000 Business Promotion and Donations . . . . . . . . . . 21,000 16,000 37,000 37,000 Stationery and Supplies. . . . . . . . . . . . . . . 12,000 14,000 25,000 28,000 Data Processing Services . . . . . . . . . . . . . . 146,000 114,000 277,000 229,000 Messenger and Courier Services . . . . . . . . . . . 21,000 17,000 41,000 36,000 Insurance and Assessments. . . . . . . . . . . . . . 37,000 30,000 74,000 63,000 Legal Fees and Costs . . . . . . . . . . . . . . . . 38,000 16,000 50,000 61,000 Net Operating Cost of Other Real Estate Owned. . . . - 1,000 - 1,000 Other Expenses . . . . . . . . . . . . . . . . . . . 59,000 59,000 123,000 116,000 TOTAL NONINTEREST EXPENSE . . . . . . . . . . . . 1,031,000 896,000 2,012,000 1,807,000 --------------- --------------- --------------- --------------- GAIN (LOSS) BEFORE INCOME TAXES. . . . . . . . . . . . . 217,000 87,000 360,000 144,000 Income Taxes (Benefit) . . . . . . . . . . . . . . . . . ( 1,000) ( 3,000) $( 3,000) ( 8,000) --------------- --------------- --------------- --------------- NET INCOME (LOSS) . . . . . . . . . . . . . . . . $ 218,000 $ 90,000 $ 363,000 $ 152,000 =============== =============== =============== =============== Per Share Data: Net Income (Loss) - Basic . . . . . . . . . . . . $ 0.06 $ 0.02 $ 0.09 $ 0.04 Net Income (Loss) - Diluted . . . . . . . . . . . $ 0.06 $ 0.02 $ 0.09 $ 0.04 Book Value $ 2.47 $ 2.27 Return on Average Assets . . . . . . . . . . . . . . . . 0.98% 0.48% 0.83% 0.41% Return on Average Equity . . . . . . . . . . . . . . . . 9.39% 4.15% 7.85% 3.53%
Marathon Bancorp and Subsidiary Consolidated Statements of Cash Flows
2000 1999 ---------------- ---------------- OPERATING ACTIVITIES Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 363,000 $ 152,000 Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: Depreciation and Amortization . . . . . . . . . . . . . . . . . . . 61,000 66,000 Provision for Credit Losses . . . . . . . . . . . . . . . . . . . . 60,000 - Net Amortization of Premiums and Discounts on Investment Securities 2,000 23,000 Net Change in Deferred Loan Origination Fees. . . . . . . . . . . . 33,000 43,000 Net Increase in Cash Surrender Value of Life Insurance. . . . . . . ( 82,000) ( 33,000) Net Change in Accrued Interest, Other Assets and Other Liabilities. 168,000 41,000 ---------------- ---------------- NET CASH PROVIDED BY OPERATING ACTIVITIES. . . . . . . . . . . . 605,000 279,000 INVESTING ACTIVITIES Net Change in Interest-Bearing Deposits with Financial Institutions . . . . . . . . . . . . . . . . . . . . . . . . 100,000 - Purchases of Available-for-Sale Securities . . . . . . . . . . . . . . . ( 4,982,000) ( 3,537,000) Purchases of Held-to-Maturity Securities. . . . . . . . . . . . . . . . . ( 4,502,000) ( 2,313,000) Proceeds from Maturities of Available-for-Sale Securities . . . . . . . . 7,000,000 2,000,000 Proceeds from Maturities of Held-to-Maturity Securities . . . . . . . . . 119,000 5,324,000 Redemption (Purchase) of Federal Home Loan & Federal Reserve Bank Stock . 149,000 ( 13,000) Net Change in Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1,628,000) ( 4,166,000) Purchase of Life Insurance. . . . . . . . . . . . . . . . . . . . . . . . ( 1,935,000) - Purchases of Premises and Equipment . . . . . . . . . . . . . . . . . . . ( 30,000) ( 80,000) ---------------- ---------------- NET CASH USED BY INVESTING ACTIVITIES . . . . . . . . . . . . . . . ( 5,709,000) ( 2,772,000) FINANCING ACTIVITIES Net Change in Demand Deposits, Money Market and Savings . . . . . . . . . 7,013,000 3,677,000 Net Change in Time Deposits . . . . . . . . . . . . . . . . . . . . . . . 3,747,000 ( 2,717,000) Federal Home Loan Bank Advance. . . . . . . . . . . . . . . . . . . . . . ( 1,875,000) - Proceeds from Exercise of Stock Options . . . . . . . . . . . . . . . . . 18,000 16,000 ---------------- ---------------- NET CASH PROVIDED BY FINANCING ACTIVITIES. . . . . . . . . . . . . . 8,903,000 976,000 ---------------- ---------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . 3,799,000 ( 1,517,000) Cash and Cash Equivalents at Beginning of Year . . . . . . . . . . . . . . . 8,891,000 9,249,000 ---------------- ---------------- CASH AND CASH EQUIVALENTS AT END OF YEAR . . . . . . . . . . . . . . . . . . $ 12,690,000 $ 7,732,000 ================ ================ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Interest Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,201,000 $ 412,000 Income Taxes Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,600 $ 2,400
Consolidated Statement of Equity Marathon Bancorp and Subsidiary Accumulated Other Common Shares Comprehensive Accumulated Comprehensive Number Amount Income Deficit Income Total ------------- ----------- --------------- ------------- --------------- -------------- BALANCE, DECEMBER 31, 1999 3,830,019 $13,654,000 $(4,319,000) $( 199,000) $9,136,000 Exercise of Stock Options 7,000 18,000 18,000 COMPREHENSIVE INCOME: Net Income $363,000 363,000 363,000 Net Change in Unrealized Gain (Loss) on Available- for-Sale Securities ( 23,000) ( 23,000) ( 23,000) --------------- TOTAL COMPREHENSIVE INCOME $340,000 =============== ------------- ----------- ------------- --------------- -------------- BALANCE, MARCH 31, 2000 3,837,019 $13,672,000 $(3,956,000) $( 222,000) $9,494,000 ============= =========== ============= =============== ==============
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 1999 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 June 30, 2000 and December 31, 1999, results of operations and changes in cash flows for the six-month period ended June 30, 2000 and 1999. The results of operations for the three-month period and six-month period ended June 30, 2000 are not necessarily indicative of what the results of operations will be for the full year ending December 31, 2000. (2) EARNINGS PER SHARE (EPS) Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Accordingly, the basic weighted average number of shares used to compute the net income per share were 3,837,019 and 3,826,964 respectively for the three-month period ended June 30, 2000 and June 30, 1999 and 3,835,183 and 3,825,301 for the six-month period ending June 30, 2000 and June 30, 1999. There was no dilution to change the basic average number of shares in any period shown. 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 1999 Annual Report on Form 10-KSB. FINANCIAL HIGHLIGHTS OVERVIEW RESULTS OF OPERATIONS Net Interest Income Net interest income continued to improve during the second quarter of 2000. Net interest income improved 25% over the same period in 1999 and 11% better than the first quarter of 2000. For the six-month the net interest income increased $368,000 or 21% over 1999. The interest income and the interest expense both showed large increased over the prior year. Interest income was effected by a number of factors. The prime interest rate that a major portion of the loan portfolio is tied to increased by 175 basis points during the last 12 months while the quarterly average loans outstanding increased 19% over the second quarter of 1999. The average investment portfolio also increased 22% when compared to the second quarter of last year. These investments were made at higher yields than the existing securities in the portfolio. Interest expense also increased due to the change in interest rates triggered by the Federal Reserve Boards increases in the fed funds target rate and discounts rate. The banks average cost of funds increased approximately 88 basis points in the twelve month period from June 30, 1999 to June 30, 2000. Also, the mix of deposits changed with higher levels of investment in our investors money market account and time certificates of deposit. This was the same for both the quarterly and six-month comparison. Noninterest Income Noninterest income showed increases for the second quarter and six-month period. During the second quarter service charges on business accounts increased. The large increase in dividends on the cash surrender value of life insurance was due to the increase in the rates paid on policies and the larger investment in the policies. Other noninterest income also increased. For the six-month period noninterest income rose 24%. Service charges on deposit accounts declined while the dividends on the cash value life insurance increased substantially. Other noninterest income from loan related charges and merchant discount increased this category. Noninterest Expense Noninterest expense increased for the quarter ended June 30, 2000 by 15% or $135,000. Increased human resources costs were higher than the second quarter of 1999 due to the opening of the loan production office in the third quarter of 1999 and increased benefits costs. Occupancy expenses were also higher due to the loan production office costs. Data processing expenses rose due to increased costs from our vendors and additional data processing costs provided for our analyzed business customers. The noninterest expenses for the six-month period increased $205,000 or 11%. For the six-month period the costs of the loan production offices also increased the human resources and occupancy expenses. Legal costs, office supply costs, and furniture and equipment expenses decreased. Data processing , courier and insurance costs increased. Provision for Credit Losses: Loans classified by the Bank as substandard or doubtful decreased from $2,318,000 at December 31, 1999 to $1,226,000 at June 30, 2000. Nonperforming loans, which consist of loans past due over 90 days and accruing plus loans on nonaccural, totaled $2,000 at June 30, 2000 compared to $3,000 at December 31, 1999. The Company continues to have no other real estate owned. During the second quarter, the Bank recorded charge-offs of only $29,000 while collecting recoveries on loans charged off of $33,000. The net change to the reserve for credit losses was $34,000. For the six-month period ending June 30, 2000 recorded charge-offs were $36,000 and recoveries totaled $44,000. After an assessment of the loan portfolio and economic conditions, the management felt that an increase in the reserve for credit losses was necessary and therefore made a provision to the credit loss reserve of $30,000 for the quarter bringing the year-to-date provision to $60,000 compared to no provision in the first half of 1999. Based on the foregoing information, its internal migration analysis and current economic conditions management determined that the current level of the reserve for credit losses to be adequate at June 30, 2000. ASSETS AND LIABILITIES Assets showed good growth in the first half of 2000 increasing $9,441,000 or 11% over December 31, 1999 and 23% better than June 30, 1999. Since year-end cash and due from banks declined $2.9 million while federal funds sold increased by $6.6 million. Additional longer term investments, with yields higher than those available in1999, were added to the held-to-maturity portfolio bringing the yield on the total investment portfolio up by 39 basis points. Loans increased $1.6 million since year-end and $4.7 million since June 30, 1999. The loan types that increased were commercial and industrial loans as well as construction loans. Our investment in tax-free life insurance was increased to improve our yields. Asset growth was funded by an increase in deposits of $10,760,000 or 15%. The year-end borrowings from the Federal Home Loan Bank were paid off in early January. Both noninterest and interest bearing deposits increased, but the largest increase was in the time certificates of deposit. One of our customers invested $5,000,000 in certificates during the first quarter that will be redeemed in late July. 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 continually monitors liquidity in relation to current and anticipated levels of loans and deposits, and relates the data to short and long term expectations. In order to serve customers effectively, funds need to 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% at June 30, 2000 and the loan to deposit ratio was 63% down slightly from the first quarter. The high level of fed funds sold at month-end were there to cover the anticipated withdrawal in July of $5,000,000 in time certificates by one of our customers to cover their liquidity needs. The Bank is not looking to replace these funds at the present time due to the current high cost of funds and the Bank's adequate liquidity. 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. The Company's asset sensitivity has been decreased during the last twelve-month period by increasing the investment portfolio and lengthening the maturities. The Company's cumulative gap as a percent of total assets at June 30, 2000 was 26% down from the 38% reported at June 30, 1999. Capital Shareholders' equity increased by $358,000 during the first six month's of 2000. The exercise of stock options during the period increased common shares by 7,000 and raised $18,000. 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 adequately capitalized risk-based capital ratio required by the federal regulators is 8.0 percent and the well-capitalized ratio is 10.0 percent. The Tier I capital to average assets (leverage ratio) required by the federal regulators for adequately capitalized is 4.0 percent and 6.0 percent is required to be well-capitalized. At June 30, 2000, the Company and the Bank had a risk based capital ratio of 15.8 percent, and a Tier 1 capital leverage ratio of 10.8 percent. 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 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: August 10, 2000 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 0002.txt
9 1000 U.S.DOLLARS 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 1 5,090 53,145 7,600 0 6,566 17,242 16,875 51,705 921 92,560 82,315 0 751 0 0 0 13,672 (3,956) 92,560 2,361 629 193 3,183 1,025 1,026 2,157 60 0 2,012 360 363 0 0 363 .09 .09 5.24 2 0 0 0 853 36 44 921 921 0 921
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