-----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, QM7J0uxuHOjpLm/bMpAPDB7C3NPcv/dwQlXxALmy5yU0bFM+PnFjRTkcS/1cbhPs i5FbyJzaftr1eElhpXQupg== 0000950150-97-000170.txt : 19970222 0000950150-97-000170.hdr.sgml : 19970222 ACCESSION NUMBER: 0000950150-97-000170 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970213 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CATHAY BANCORP INC CENTRAL INDEX KEY: 0000861842 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 954274680 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-18630 FILM NUMBER: 97531340 BUSINESS ADDRESS: STREET 1: 777 N BROADWAY CITY: LOS ANGELES STATE: CA ZIP: 90012 BUSINESS PHONE: 2136254700 MAIL ADDRESS: STREET 1: 777 NORTH BROADWAY CITY: LOS ANGELES STATE: CA ZIP: 90012 8-K/A 1 FORM 8-KA 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-KA CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: February 13, 1997 - ------------------------------------------------------------------------------- CATHAY BANCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-18630 95-4274680 - ------------------------------------------------------------------------------- (State of Organization) (Commission Number) (IRS Employer I.D. #) 777 North Broadway, Los Angeles, California 90012 94111 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (213) 625-4700 - ------------------------------------------------------------------------------- Not Applicable - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. In accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, the following pro forma financial statements are being filed as part of this Amendment to Current Report: (i) Pro Forma Condensed Combined Balance Sheet dated September 30, 1996; and (ii) Pro Forma Condensed Combined Statements of Income for the year ended December 31, 1995 and the nine months ended September 30, 1996. The pro forma financial statements being filed with this Amendment to Current Report have been revised to delete certain adjustments to decreases in interest expense. Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CATHAY BANCORP, INC. Date: February 13, 1997 By: /s/ DUNSON K. CHENG -------------------------------- Dunson K. Cheng President and Chairman - 2 - 3 Pro Forma Condensed Combined Balance Sheet
September 30, 1996 (unaudited) Dr(Cr) Bancorp First Public Pro Forma Pro Forma Historical Historical Adjustments Combined ---------- ------------ ----------- --------- (Dollar in thousands) ASSETS Cash and due from banks .............. $ 60,724 $ 13,610 $ (500) $ 73,834 Interest-bearing deposits in other banks...................... - 200 - 200 Investment Securities................. 443,555 65,528 (15,484) 494,306 707 Mortgage-backed securities............ 52,548 44,245 111 96,904 Loans receivable, net................. 570,790 144,913 1,584 717,287 Core deposits intangibles............. - - - - Other assets.......................... 72,530 9,424 (1,496) 80,458 Goodwill.............................. 9,837 9,837 ----------- ------------ ----------- ----------- Total assets........................ $ 1,200,147 $ 277,920 $ (5,241) $ 1,472,826 =========== ============ ============ =========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Deposits.............................. $ 1,087,753 $ 251,388 $ 324 $ 1,338,817 Federal funds purchased and repurchase agreements............... - - - - Accrued interest payable and other liabilities......................... 13,096 4,017 (1,482) 18,595 ----------- ------------ ----------- ----------- Total liabilities................... 1,100,849 255,405 (1,158) 1,357,412 ----------- ------------ ----------- ----------- SHAREHOLDERS' EQUITY Common Stock: 8,922,540 pro forma shares outstanding.................. 80 4,000 3,991 89 Capital in excess of par value........ 43,370 - (16,107) 59,477 Net unrealized gain (loss)............ (1,346) (616) (616) (1,346) Retained earnings..................... 57,194 19,131 19,131 57,194 ----------- ------------ ----------- ----------- Total Shareholders' Equity 99,298 22,515 6,399 115,414 ----------- ------------ ----------- ----------- Total Liabilities and Shareholders' Equity.............. $ 1,200,147 $ 277,920 $ 5,241 $ 1,472,826 =========== ============ =========== =========== Book value per common share........... $ 12.49 $ 5.63 $ - $ 13.03
- 3 - 4 Pro Forma Condensed Combined Statements of Income (Unaudited)
For the Nine Months Ended For the Year September 30, 1996 Ended December 31, 1995 ------------------ ----------------------- First Adjust- Pro Forma First Adjust- Pro Forma (in thousands) Bancorp Public ments Ref Combined Bancorp Public ments Ref Combined -------- -------- -------- --- --------- -------- -------- -------- --- --------- Dr(Cr) Dr(Cr) Total interest income .......... $ 61,989 $ 14,772 $ 655 (a) $ 76,106 $ 76,223 $ 18,627 $ 785 (a) $ 94,065 Total interest expense.......... 28,243 6,641 - 34,884 31,281 8,428 - 39,709 -------- -------- -------- -------- -------- -------- -------- -------- Net interest income............. 33,746 8,131 655 41,222 44,942 10,199 785 54,356 Provision for loan losses....... 2,700 142 - 2,842 7,301 301 - 7,602 -------- -------- -------- -------- -------- -------- -------- -------- Net interest income after provision for loan losses..... 31,046 7,989 655 38,380 37,641 9,898 785 46,754 Non-interest income............. 4,202 173 - 4,375 6,221 657 - 6,878 Non-interest expenses - Salaries and employee benefits 9,302 2,440 - 11,742 12,912 2,926 - 15,838 Other expenses ............... 10,240 3,918 492 (b) 14,650 14,705 2,743 664 (b) 18,112 -------- -------- -------- -------- -------- -------- -------- -------- Income before taxes............. 15,706 1,804 1,147 16,363 16,245 4,886 1,449 19,682 Income taxes.................... 5,992 748 (262)(c) 6,478 5,624 2,026 (314)(c) 7,336 -------- -------- -------- -------- -------- -------- -------- --------- Net income...................... $ 9,714 $ 1,056 $ 885 $ 9,885 $ 10,621 $ 2,860 $ 1,135 $ 12,346 ======== ======== ======== ======== ======== ======== ======== ========= PER SHARE DATA Net Income per Common Share (e) $ 1.23 $ 0.26 $ - $ 1.12 $ 1.36 $ 0.72 $ - $ 1.42
- 4 - 5 NOTES TO THE PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS Balance Sheet The Total Consideration Value is $31,600,000, with Total Cash Consideration not to exceed 49% and the balance, 51% in Bancorp stock. The cash payment of $15,484,000 to be paid with proceeds from securities due to mature in the second half of 1996. Cathay Bancorp Inc. will issue new stock to settle the remaining balance of the purchase price, $16,116,000. The number of shares to be tendered is 905,870, based on the Calculation Date Cathay Bancorp Stock Price of $17.790625 computed using the quotient of (i) the sum of each of the high and low sales prices of Bancorp Stock as reported in The Wall Street Journal as Nasdaq National Market System transactions on each of the 20 days on which Bancorp Stock was traded immediately before November 8, 1996 which is five business days before the closing date, November 18, 1996 divided by (ii) 40. The additional capital of $16,107,000 reflects the issuance of 905,870 shares of Bancorp stock which is computed based on a par value of $0.01 per share. The purchase price of $31,600,000 is allocated to the assets acquired and the liabilities assumed based on their estimated fair values at September 30, 1996 in accordance with Accounting Principles Board Opinion No. 16, "Business Combination," as amended ("APB No. 16"). The table below reflects the allocation of the purchase price and the resultant goodwill. Total Goodwill of approximately $9,837,000 is expected to be amortized over 15 years.
(Dollars in thousands) Purchase Price Asset/Liabilities Allocation Cash $ (500) Investment securities 707 Mortgage-backed securities 111 Loans receivable, net 1,584 Other real estate owned (1,681) Deferred tax assets 185 Time deposits 324 Other liabilities (1,482) Remaining unallocated purchase price (Goodwill) 9,837
Included in the Goodwill above is $500,000 in direct costs to be paid at closing and an additional $1,482,000 of restructuring costs including the termination of contracts and leases; severence package; directors retirement plan and one-time charges related to First Public. Statements of Income (a) Decrease in securities interest income is due to proceeds from the maturity of $15,000,000 in US Treasury note being used to pay for the purchase. The loss in interest income is estimated to be $655,000 and $785,000 for the nine-month and 12-month period beginning January 1, 1996 and January 1, 1995, respectively. - 5 - 6 (b) Non-interest expense includes the amortization of goodwill of $492,000 and $664,000 for the nine-month period and the 12-month period beginning January 1, 1996 and January 1, 1995, respectively, based on an estimated 15-year amortization period. (c) Additional income tax expense is computed using a 40% tax rate. The tax attributes of First Public Savings Bank will carry over to the Bank including all assets and liabilities and are recorded at amounts previously reflected, adjusted for purchase price allocations. Goodwill is not tax deductible. (d) The pro forma combined net income per common share data are based on combined historical income of First Public and Bancorp assuming the Merger is accounted for as a purchase. - 6 - 7 EXHIBIT LIST There are no exhibits being filed with this Amendment to Current Report on Form 8-KA. - 7 - -----END PRIVACY-ENHANCED MESSAGE-----