-----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, P/qkDKnzaHM+Yu9XNy9fll4gqnt5ihSjWDSOZd+LTdsJ/SZC8E2Q9lG+iRW36Yc9 RNlEgeFJD94yZkYsMJlQgg== 0000950137-97-001877.txt : 19970514 0000950137-97-001877.hdr.sgml : 19970514 ACCESSION NUMBER: 0000950137-97-001877 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALUMET BANCORP INC /DE CENTRAL INDEX KEY: 0000879694 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 363785272 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19829 FILM NUMBER: 97601825 BUSINESS ADDRESS: STREET 1: 1350 E SIBLEY BLVD CITY: DOLTON STATE: IL ZIP: 60419 BUSINESS PHONE: 7088419010 MAIL ADDRESS: STREET 1: 1350 E SIBLEY BLVD CITY: DOLTON STATE: IL ZIP: 60419 10-Q 1 FORM 10-Q DATED MARCH 31, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 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 0-19829 CALUMET BANCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE 36-3785272 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 1350 EAST SIBLEY BOULEVARD, DOLTON, ILLINOIS 60419 (Address of principal executive offices) (Zip Code) (708) 841-9010 (Registrant's telephone number, including area code) Indicate by check mark whether 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 9, 1997, the Company has 2,109,797 shares of $0.01 par value common stock outstanding. 2 PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS PAGE NO. -------- Consolidated Statements of Financial Condition as of March 31, 1997 and December 31, 1996 3 Consolidated Statements of Income for the three months ended March 31, 1997 and 1996 4 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 5 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 1997 and 1996 7 Notes to Consolidated Financial Statements 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9 PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS 13 ITEM 2 - CHANGES IN SECURITIES 13 ITEM 3 - DEFAULT UPON SENIOR SECURITIES 13 ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 13 ITEM 5 - OTHER INFORMATION 13 ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K 13 SIGNATURE PAGE 14
2 3 CALUMET BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands)
(UNAUDITED) MARCH 31, DECEMBER 31, 1997 1996 ------------------------- ASSETS: Cash $3,442 $3,021 Interest bearing deposits 2,273 6,154 ------------------------- CASH AND CASH EQUIVALENTS 5,715 9,175 Securities available-for-sale 51,479 57,362 Securities held-to-maturity 26,915 27,970 Loans receivable, net 375,199 381,200 Investment in limited partnerships 24,765 24,458 Real estate held for sale acquired through foreclosure 2,013 1,665 Office properties and equipment, net 4,356 4,320 Other assets 4,115 4,067 ------------------------ TOTAL ASSETS $494,557 $510,217 ======================== LIABILITIES: Deposits $349,550 $357,330 Federal Home Loan Bank advances and other borrowings 56,550 59,850 Advance payments by borrowers for taxes and insurance 2,227 3,124 Income taxes 726 742 Other liabilities 6,659 7,407 ------------------------ TOTAL LIABILITIES 415,712 428,453 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value, 2,000,000 shares authorized -- -- Common stock, $.01 par value, 4,200,000 shares authorized 3,614,341 (1997) and 3,614,341 (1996) shares issued 36 36 Additional paid-in capital 35,115 35,090 Unrealized gains on securities available for sale, net of income tax expense of $35 and $149 41 239 Retained earnings - substantially restricted 75,588 73,817 Unearned ESOP shares (707) (849) Stock held for management recognition plan (102) (137) Treasury stock (1,376,194 shares (1997); 1,237,313 shares (1996)) (31,126) (26,432) ------------------------ TOTAL STOCKHOLDERS' EQUITY 78,845 81,764 ------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $494,557 $510,217 ========================
See notes to consolidated financial statements. 3 4 CALUMET BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data)
(UNAUDITED) THREE MONTHS ENDED MARCH 31, --------------------- 1997 1996 --------------------- INTEREST AND DIVIDEND INCOME: Loans $8,396 $8,305 Securities and deposits 1,360 1,612 --------------------- Total interest and dividend income 9,756 9,917 INTEREST EXPENSE: Deposits 4,353 4,577 Federal Home Loan Bank advances and other borrowings 878 682 --------------------- Total interest expense 5,231 5,259 --------------------- NET INTEREST INCOME 4,525 4,658 Provision for losses on loans 200 200 --------------------- Net interest income after provision for losses 4,325 4,458 OTHER INCOME: Gain on loans sold 18 53 Gain (loss) on sales of real estate (42) 46 Gain on sales of securities 31 20 Income from limited partnerships 881 520 Insurance commissions 23 31 Other 104 164 --------------------- Total other income 1,015 834 OTHER EXPENSES: Compensation and benefits 1,774 1,691 Office occupancy and equipment 307 324 Federal insurance premiums 60 213 Advertising and promotion 58 50 Data processing 125 104 Other 424 472 --------------------- Total other expenses 2,748 2,854 --------------------- Income before income taxes 2,592 2,438 Income taxes 821 849 --------------------- NET INCOME $1,771 $1,589 ===================== EARNINGS PER SHARE $0.72 $0.57 =====================
See notes to consolidated financial statements. 4 5 CALUMET BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands)
(UNAUDITED) THREE MONTHS ENDED MARCH 31, --------------------- 1997 1996 --------------------- OPERATING ACTIVITIES: Net income $1,771 $1,589 Adjustments to reconcile net income to net cash provided by operating activities: Provision for losses on loans 200 200 Provision for depreciation 85 79 Amortization of deferred loan and commitment fees (139) (306) Amortization and accretion of premiums and discounts 50 57 Amortization and allocation of stock based benefits 176 176 Gain on sales of securities available-for-sale (31) (19) Equity in income from limited partnerships (881) (520) Net loss (gain) on sale of real estate 42 (46) Originations of loans held for sale (2,907) (2,496) Gain on loans sold (18) (53) Proceeds from loans sold 2,925 2,549 Decrease in interest receivable 48 112 (Decrease) increase in interest payable 103 (16) Change in operating assets and liabilities: Increase in other assets (96) (822) Increase (decrease) in income taxes (16) 1,591 Increase (decrease) in other liabilities (850) 268 --------------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 462 2,343 INVESTING ACTIVITIES: Securities available-for-sale: Purchases (10,558) (2,684) Proceeds from sale 14,530 2,092 Repayments and maturities 1,634 679 Securities held-to-maturity: Repayments and maturities 1,002 2,192 Principal and fees collected on loans 21,117 23,843 Loans originated (14,886) (16,820) Loans purchased (593) (2,460) Investments in limited partnerships (545) (1,311) Return of investment in limited partnerships 1,119 456 Proceeds from sales of real estate 50 143 Purchases of office property and equipment (121) (21) --------------------- NET CASH PROVIDED BY INVESTING ACTIVITIES 12,749 6,109
See notes to consolidated financial statements. 5 6 CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (Dollars in thousands)
(UNAUDITED) THREE MONTHS ENDED MARCH 31, ------------------------ 1997 1996 ------------------------ FINANCING ACTIVITIES: Net increase (decrease) in demand and passbook accounts ($937) $2,156 Net increase (decrease) in certificates of deposit (6,843) 1,356 Proceeds of Federal Home Loan Bank advances and other borrowings 8,500 4,000 Repayment of Federal Home Loan Bank advances and other borrowings (11,800) (16,000) Net decrease in advance payments by borrowers for taxes and insurance (897) (1,042) Purchase of treasury stock (4,694) (141) ------------------------ NET CASH USED IN FINANCING ACTIVITIES (16,671) (9,671) ------------------------ DECREASE IN CASH AND CASH EQUIVALENTS (3,460) (1,219) Cash and cash equivalents at beginning of period 9,175 8,657 ------------------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $5,715 $7,438 ======================== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for interest on deposits $4,244 $4,547 Cash paid during the period for interest on notes payable 884 728 ------------------------ $5,128 $5,275 ======================== Cash paid (refunded) during the period for income taxes $552 ($304) ======================== Noncash transactions: Loans to facilitate sales of real estate owned $ -- $135 Loans transferred to real estate owned 440 51
See notes to consolidated financial statements. 6 7 CALUMET BANCORP, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Dollars in thousands)
(UNAUDITED) THREE MONTHS ENDED MARCH 31, ---------------------- 1997 1996 ---------------------- COMMON STOCK: Beginning and end of period $36 $36 ---------------------- ADDITIONAL PAID-IN CAPITAL: Beginning of period 35,090 34,665 Tax benefit of MRP deduction 25 17 ---------------------- End of period 35,115 34,682 ---------------------- UNREALIZED GAINS ON SECURITIES AVAILABLE FOR SALE: Beginning of period, net of income tax expense of $149 and $217 239 423 Change in unrealized gains, net of income tax benefit of $114 and $230 (198) (400) ---------------------- End of period 41 23 ---------------------- RETAINED EARNINGS: Beginning of period 73,817 68,418 Net income 1,771 1,589 ---------------------- End of period 75,588 70,007 ---------------------- LESS UNEARNED ESOP SHARES: Beginning of period (849) (1,414) Shares to be released 142 141 End of period (707) (1,273) ---------------------- LESS STOCK HELD FOR MRP: Beginning of period (137) (273) Amortization 35 34 ---------------------- End of period (102) (239) ---------------------- LESS TREASURY STOCK: Beginning of period (26,432) (17,745) Purchases (4,694) (141) ---------------------- End of period (31,126) (17,886) ---------------------- TOTAL STOCKHOLDERS' EQUITY $78,845 $85,350 ======================
See notes to consolidated financial statements. 7 8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results of operations for the three months ended March 31, 1997 are not necessarily indicative of the results that may be expected for the year ending December 31, 1997. Certain 1996 amounts have been reclassified to conform to 1997 presentation. For further information, refer to the consolidated financial statements and notes thereto included in the Calumet Bancorp, Inc. (the "Company") Annual Report on Form 10-K for the year ended December 31, 1996. NOTE B - EARNINGS PER SHARE Earnings per share of Common Stock outstanding for the three months ended March 31, 1997 and 1996, respectively, have been determined by dividing net income for the period by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents assume the exercise of stock options and use of proceeds to purchase Treasury Stock at the average market price for the period. The weighted average number of shares of common stock and common stock equivalents outstanding used for this calculation were 2,443,829 and 2,811,394 for the three months ended March 31, 1997 and 1996, respectively. The average number of uncommitted (unearned) shares held for the Company's Employee Stock Ownership Plan ("ESOP") and included in the weighted average shares outstanding for these same periods were 77,798 and 134,378 respectively. Shares committed to be released to the ESOP are expensed during the period based on original cost. NOTE C - COMMITMENTS AND CONTINGENCIES At March 31, 1997, the Company had approved loan commitments totalling $9.6 million to originate loans, $1.5 million to sell loans, $4.3 million in undisbursed loans-in-process, $20.0 million in unused lines of credit, and $7.6 million in credit enhancement arrangements. Commitments to fund loans and those under credit enhancement arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company's normal credit policies. 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Calumet Bancorp, Inc. (the "Company") completed its initial public offering of Common Stock on February 20, 1992. It owns all of the outstanding Common Stock of Calumet Federal Savings and Loan Association of Chicago (the "Association"), a federally chartered stock savings and loan association which operates five financial services offices in the Chicago area -- in Dolton, Lansing, Sauk Village, and two in southeastern Chicago. The Association owns two first tier subsidiaries, Calumet Savings Service Corporation and Calumet Residential Corporation, both wholly owned. Calumet Residential Corporation owns 51% of a second tier subsidiary, Calumet United Limited Liability Company. Calumet Savings Service Corporation owns two second tier subsidiaries, Calumet Mortgage Corporation of Idaho and Calumet Financial Corporation, both wholly owned. The Company's business activities currently consist of investment in equity securities, participation as a limited partner in real estate investment and loan servicing partnerships, and operation of the Association. The Association's principal business consists of attracting deposits from the public and investing these deposits, together with funds generated from operations and borrowings, primarily in residential mortgage loans. The Association's deposit accounts are insured to the maximum allowable by the FDIC. The Association's results of operations are dependent primarily on net interest income, which is the difference between the interest income earned on its loan and securities portfolios and its cost of funds, consisting of interest paid on its deposits and borrowings. The Association's operating results are also affected by the sale of insurance, annuities and real estate through its second tier subsidiaries, and to a lesser extent, loan commitment fees, customer service charges and other income. Operating expenses of the Association are primarily employee compensation and benefits, equipment and occupancy costs, federal deposit insurance premiums, advertising, data processing, and other administrative expenses. The Association's results of operations are further affected by economic and competitive conditions, particularly changes in market interest rates, government policies and actions of regulatory authorities. FINANCIAL CONDITION Total assets decreased $15.7 million, or 3.1%, to $494.6 million at March 31, 1997, from $510.2 million at December 31, 1996. Net loans receivable decreased $6.0 million, or 1.6%, to $375.2 million at March 31, 1997, from $381.2 million at December 31, 1996, with originations and purchases of $15.5 million, and repayments of $21.1 million, during the first quarter. 9 10 The Company's lending activities have been concentrated primarily in residential real estate secured by first liens. At March 31, 1997, approximately 57.1% of the Company's mortgage loans were secured by one-to-four family residential properties, 14.1% by multifamily income producing properties, and 28.8% by commercial properties and land. At December 31, 1996, these concentrations were 57.1%, 14.3%, and 28.6%, respectively. At March 31, 1997, the Company's mortgage loan portfolio was geographically distributed primarily in Illinois (34.4%), Colorado (26.7%), Idaho (18.4%), and New Mexico (13.7%). At December 31, 1996, these distributions were 35.0%, 26.4%, 18.5%, and 13.7%, respectively. Deposits decreased $7.8 million, or 2.2%, to $349.6 million at March 31, 1997, from $357.3 million at December 31, 1996. Federal Home Loan Bank advances decreased by $3.3 million, or 5.5%, to $56.6 million at March 31, 1997, from $59.9 million at December 31, 1996. Stockholders' equity decreased $2.9 million, or 3.6%, to $78.8 million at March 31, 1997, from $81.8 million at December 31, 1996. Stockholders' equity was increased by $1.8 million net income for the three months ended March 31, 1997. The decrease came primarily from the Company's repurchase of 138,881 shares of its stock for $4.7 million, or an average cost of $33.80 per share. The Company has 2,238,147 shares of common stock (including 70,725 unearned ESOP shares) outstanding on March 31, 1997, with a book value of $35.23 per share. ASSET QUALITY Non-performing loans decreased to $4.9 million, or 1.31% of net loans receivable at March 31, 1997, from $6.3 million, or 1.66% of net loans receivable at December 31, 1996. Non-performing assets decreased to $6.9 million, or 1.40% of total assets at March 31, 1997, from $8.0 million, or 1.57% of total assets at December 31, 1996. The allowance for losses on loans increased to $5.9 million, or 119.76% of non-performing loans at March 31, 1997, from $5.6 million, or 88.89% of non-performing loans at December 31, 1996. The allowance for losses on loans increased to 1.57% of net loans receivable at March 31, 1997, from 1.48% of net loans receivable at December 31, 1996. RESULTS OF OPERATIONS The Company reported net income of $1.8 million for the first quarter of 1997, compared to $1.6 million net income for the first quarter of 1996. Earnings per share of common stock for the first quarter of 1997 were $0.72, compared to $0.57 for the first quarter of 1996. Return on average assets for the first quarter of 1997 was 1.41%, compared to 1.27% for the same quarter last year. Return on average stockholders' equity for the first quarter of 1997 was 8.88%, compared to 7.48% for the same quarter last year. Operating expenses as a percent of average assets decreased to 2.18% in 1997, from 2.28% in 1996. Net non-interest expense as a percent of average assets improved to 1.37% for the first quarter of 1997, from 1.61% for the first quarter of 1996. The Company's efficiency ratio 10 11 improved to 51.5% during the first quarter of 1997, from 54.0% during the first quarter of 1996. NET INTEREST INCOME Net interest income decreased by $133,000, to $4.5 million during the first quarter of 1997, compared to $4.7 million during the first quarter of 1996, primarily due to a $161,000 decrease in total interest and dividend income, offset by a $28,000 decrease in the cost of borrowings. The average yield on interest earning assets decreased to 8.35% during the first quarter of 1997, from 8.40% in 1996, while the average cost of funds decreased to 5.12%, from 5.24% for these same periods, resulting in an increase in the rate spread to 3.23% in 1997, from 3.16% in 1996. Approximately $104,000 of the decrease in interest and dividend income was due to a $5.1 million reduction in average volume of interest earning assets, while the other $57,000 was due to the reduced interest rate between the two periods. Approximately $122,000 of benefit from the reduced interest rate on deposits and borrowings was offset by a $94,000 increase in cost for $7.3 million of additional interest bearing liabilities. PROVISION FOR LOAN LOSSES The allowance for losses on loans is established through a provision for losses on loans based on management's evaluation of the risk inherent in its loan portfolio and general economic conditions. Management's evaluation includes a review of all loans on which full collectibility may not be reasonably assured, the estimated fair value of the underlying collateral, economic conditions, historical loan loss experience and the Company's internal credit review process. The provision for losses on loans has been maintained at $200,000 per quarter for 1997, the same as for 1996. Net recoveries of $42,000 and $30,000 were credited to the allowance during the first quarter of 1997 and 1996, respectively. OTHER INCOME Other income increased $181,000, to $1.0 million during the first quarter of 1997, from $834,000 in the first quarter of 1996, primarily due to a $361,000 increase in income from limited partnerships, offset by an $88,000 change from gains to losses on the sale of real estate acquired through foreclosure and a $63,000 increase in losses attributable to the operation of real estate acquired through foreclosure, which is included in miscellaneous other income. The increased income from limited partnerships came primarily from the Company's $298,000 share of gain on the sale of an apartment complex held by a Colorado based partnership, and liquidation of that partnership. OPERATING EXPENSES Operating expenses decreased $106,000, to $2.7 million during the first quarter of 1997, from $2.9 million during the first quarter of 1996, primarily due to a $153,000 11 12 decrease in Federal deposit insurance premiums resulting from a reduction in the assessment rate to 6.48 cents annually per $100 of deposits in 1997, from 23 cents annually per $100 of deposits in 1996. Compensation expense increased $83,000, or 4.91%, to $1.8 million during the first quarter of 1997, from $1.7 million during the first quarter of 1996. The compensation increase was due to normal salary and bonus increases approved during the first quarter. Data processing expense increased $21,000, primarily due to additional transaction account services offered to customers, but transaction account fee income, included in other income, increased by $26,000 during the same period. Miscellaneous other expense decreased $48,000, to $424,000 during the first quarter of 1997, from $472,000 in 1996, primarily due to a $52,000 decrease in legal fees. INCOME TAXES The Company's effective income tax rate for the first quarter of 1997 was 31.7% compared to 34.8% for the first quarter of 1996. The decrease in effective tax rate was due to increased low income housing tax credits and dividends received deductions. LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of funds include deposits and Federal Home Loan Bank advances, principal and interest payments on loans and securities, maturing investment securities, and sales of securities from the available-for-sale portfolio. While maturities and scheduled amortization of loans and mortgage-backed securities are a predictable source of funds, deposit flows and mortgage prepayments are greatly influenced by interest rates, general economic conditions, and competition. The primary investing activity of the Company is the origination and purchase of mortgage loans and the purchase of securities. During the first quarter of 1997 and 1996, the Company originated and purchased mortgage loans in the amounts of $15.5 million and $19.3 million, respectively. Loan repayments for these same two periods were $21.1 million and $23.8 million, respectively. The net reduction in loans receivable was the result of seasonal reduction of loan originations during the winter months, and increasing competition from mortgage brokers. During the first quarter of 1997 the Company's deposits decreased by $7.8 million, primarily due to increased competition from mutual funds and other investment vehicles. This decrease was funded from net loan repayments and the proceeds of sales and maturities of securities. The Company also reduced borrowings by $3.3 million during the first quarter of 1997. During the first quarter of 1996, the Company increased its deposit base by $3.5 million, through a combination of more aggressive rates and new products. These funds, together with funds from operations, loan repayments, and securities, were used to repay maturing Federal Home Loan Bank advances a net $12.0 million in 1996. 12 13 Federal regulations require a savings institution to maintain an average daily balance of liquid assets equal to at least 5% of the average daily balance of its net withdrawable deposits and short term borrowings. In addition, short term liquid assets must constitute 1% of net withdrawable deposits and short term borrowings. Management has consistently maintained levels in excess of the regulatory requirement. The Association's average liquidity ratios for the first three months of 1997 and 1996 were 8.1% and 7.8%, respectively. The Association's average short term liquidity ratios for these same periods were 2.2% and 2.0%, respectively. The Association is also required to maintain specific amounts of capital pursuant to federal regulations. As of March 31, 1997, the Association was in compliance with all regulatory capital requirements, with tangible and core capital of 10.6%, and risk-based capital of 17.5%, well above the requirements of 1.5%, 3.0%, and 8.0%, respectively. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Holding Company and the Association are not engaged in any legal proceedings of a material nature at the present time. ITEM 2. CHANGES IN SECURITIES Not applicable. ITEM 3. DEFAULT UPON SENIOR SECURITIES Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K None. 13 14 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. CALUMET BANCORP, INC. DATE: MAY 9, 1997 /S/THADDEUS WALCZAK --------------------- THADDEUS WALCZAK, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER DATE: MAY 9, 1997 /S/JOHN GARLANGER ----------------- JOHN GARLANGER, CHIEF FINANCIAL OFFICER 14 EX-27 2 FINANCIAL DATA SCHEDULE
9 3-MOS DEC-31-1997 MAR-31-1997 3,442 2,273 0 0 51,479 26,915 26,062 383,471 5,872 494,557 349,550 27,375 9,612 29,175 0 0 36 78,809 494,557 8,396 1,360 0 9,756 4,353 5,231 4,525 200 31 2,748 2,592 2,592 0 0 1,771 .72 .72 3.87 4,903 0 0 0 5,220 2 44 5,462 5,462 0 0
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