-----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, MWQjtIoJwxHy8QbmGbGofgCHGEbE7g5tuPUR9K9JzOoiU0FzNz1vS6UVtjUOKY/f 649k02iLo/pzkMYtk3N/lw== 0000916527-98-000012.txt : 19980707 0000916527-98-000012.hdr.sgml : 19980707 ACCESSION NUMBER: 0000916527-98-000012 CONFORMED SUBMISSION TYPE: 10KSB40/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980706 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHWEST EQUITY CORP CENTRAL INDEX KEY: 0000916527 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 391772981 STATE OF INCORPORATION: WI FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10KSB40/A SEC ACT: SEC FILE NUMBER: 000-24606 FILM NUMBER: 98660461 BUSINESS ADDRESS: STREET 1: 234 KELLER AVE SOUTH CITY: AMERY STATE: WI ZIP: 54001 BUSINESS PHONE: 7152687105 MAIL ADDRESS: STREET 1: 234 S KELLER AVE STREET 2: PO BOX 46 CITY: AMERY STATE: WI ZIP: 54001 10KSB40/A 1 AMENDMENT TO AR FOR NORTHWEST EQUITY CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------- FORM 10-KSB40/A ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 1998 Commission file number 0-24606 NORTHWEST EQUITY CORP. (Exact name of small business issuer as specified in its charter) Wisconsin 39-1772981 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 234 Keller Avenue South Amery, Wisconsin 54001 (Address of principal executive offices) (Zip code) (715) 268-7105 (Registrant's telephone number, including area code) DOCUMENTS INCORPORATED BY REFERENCE Parts II and IV of Form 10-KSB: Portions of the Annual Report to Shareholders for the fiscal year ended March 31, 1998 are incorporated by reference into Parts II and IV hereof. The amendment consists of page 6 of the Annual Report incorporated as Exhibit 13.1. Page 45 of the 10KSB40 is included to refer to said exhibit. 1 PART IV ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits Required by Item 601: Page Number 2.1 Plan of Conversion of Northwest Savings Bank (as amended)(1) 3.1 Articles of Incorporation of Registrant (1) 3.2 By-Laws of Registrant(1) 3.3 Stock Articles of Incorporation of Northwest Savings Bank (1) 3.4 By-Laws of Northwest Savings Bank (1) 4.1 Specimen Stock Certificate of Registrant (1) 4.2 Specimen Stock Certificate of Northwest Savings Bank (1) 10.1 Northwest Savings Bank Money Purchase Pension Plan (1) 10.2 Northwest Savings Bank Employee Stock Ownership Plan (1) 10.3 Credit Agreement by and between Northwest Savings Bank Employee Stock Ownership Trust and Registrant (1) 10.4 Northwest Savings Bank Incentive Plan (as amended) (1) 10.5 1994 Northwest Equity Corp. Stock Option Plan (1) 10.6 Northwest Equity Corp. Incentive Plan (2) 10.7 Northwest Equity Corp. 1995 Stock Option Plan(2) 10.8 Employment Agreement - Mr. Brian L. Beadle (1) 10.9 Employment Agreement - Mr. James L. Moore (1) 11.1 Statement Regarding Computation of Per Share Earnings 48 13.1 1998 Annual Report to Shareholders 49 21.1 Subsidiaries of Registrant 50 23.1 Consent of Wipfli Ullrich Bertelson LLP 51 99.1 Proxy Statement for 1998 Annual Meeting of Shareholders 52 - ---------------------------- (1) Incorporated by reference to exhibits filed with Registrant's Form SB-2 Registrant Statement declared effective on August 5, 1994 (Registration Number 33-73264). (2) Incoporated by reference to exhibits filed with Registrant's Form S-8 Registration Statement declared effective on January 23, 1996 (Registration Number 333-878). (b) Reports on Form 8-K A report on Form 8-K dated January 2, 1998, was filed by the Registrant during the three months ended March 31, 1998. Item 4. Changes in Registrant's Certifying Account notified the SEC that Keller and Yoder, the principal accountants that reported on the consolidated financial statements of Northwest Equity Corp. and subsidiaries on April 24, 1997; was acquired by Wipfli Ullrich Bertelson LLP. 45 SIGNATURES In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NORTHWEST EQUITY CORP. Dated: June 9, 1998 By____/s/Brian L. Beadle______ Brian L. Beadle, President (Principal Executive Officer and Principal Financial and Accounting Officer) In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date __/s/Brian L. Beadle President (Principal Executive Officer June 9, 1998 Brian L. Beadle and Principal Financial Accounting Officer) and Director __/s/Gerald J. Ahlin Director June 9, 1998 Gerald J. Ahlin __/s/Verm E. Albrecht Director June 9, 1998 Vern E. Albrecht __/s/Michael D. Jensen Director June 9, 1998 Michael D. Jensen __/s/Donald M. Michels Director June 9, 1998 Donald M. Michels __/s/Norman M. Osero Director June 9, 1998 Norman M. Osero 46 EX-13 2 ANNUAL REPORT FOR NORTHWEST EQUITY CORP. SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF NORTHWEST EQUITY CORP. (CONT.) Selected Financial Ratios and Other Data: At or For the Fiscal Year Ended March 31, ---------------------------------------------------
Performance Ratios 1998 1997 1996 ----------- ----------- ---------- Return on average assets 1.15% 0.76% 1.06% Return on average equity 10.02% 6.18% 6.95% Interest rate spread during period(1) 3.50% 3.51% 3.77% Net interest margin(1) 3.85% 3.88% 4.26% Non-interest expense to average assets 2.37 2.84 2.74 Non-interest income to average assets 0.63 0.57 0.60 Average interest-earning assets to average interest-bearing liabilities 1.07x 1.08x 1.11x Asset Quality Ratios Non-performing loans to gross loans(2) 1.76% 1.37% 0.97% Non-performing assets to total assets(2) 1.57% 1.13% 0.95% Allowance for loan losses to non-performing loans(2) 34.87% 43.04% 62.48% Classified assets to total assets 1.91% 1.40% 0.90% Net charge-offs to average gross loans 0.11% 0.07% 0.04% Capital Ratios Average Equity to average assets 11.51% 12.36% 15.25% Equity to total assets at end of period 11.66% 11.42% 13.74% Other Data Number of deposit accounts 9,519 9,440 8,967 Number of real estate loans outstanding 1,652 1,670 1,532 Number of real estate loans serviced 2,318 2,206 2,031 Number of consumer loans outstanding 1,092 1,108 1,084 Mortgage loan originations (in thousands) $29,720 $29,086 $25,179 Full-service facilities 3 3 3 - ------------------------------- (1) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents net interest income as a percentage of average interest-earning assets. (2) Non-performing loans consist of non-accrual loans. Non-performing assets consists of non-performing loans and foreclosed properties.
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