UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended June 30, 2002 |
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Commission file number 01-12292 |
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UPBANCORP, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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36-3207297 |
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(State
or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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4753 N. Broadway, Chicago, Illinois 60640 |
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(773) 878-2000 |
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(Address of principal executive offices)(zip code) |
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(Registrant’s
telephone number |
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 for the past 90 days. Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: Eight hundred thirty five thousand fifty five (835,055) common shares were outstanding as of August 9, 2002.
URBANCORP, INC.
INDEX — 10Q 6/30/02
Index
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Description |
Page # |
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PART I - FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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2 |
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3 |
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4 |
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Consolidated Statements of Changes in Equity Capital and Notes to Consolidated Financial Statements |
5 & 6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
7-10 |
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Item 3. |
10 |
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PART II |
11 |
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12 |
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13 |
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PART 1 - Financial Information
Item 1. Financial Statements
UPBANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
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(Dollars in thousands, except share data) (Unaudited) |
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June 30, 2002 |
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December 31, 2001 |
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Assets |
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Cash and due from banks |
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$ |
16,750 |
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$ |
14,736 |
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Federal funds sold |
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6,800 |
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0 |
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Securities available-for-sale |
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60,309 |
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60,614 |
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Nonmarketable equity securities |
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1,855 |
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1,818 |
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Mortgages held-for-sale |
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0 |
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945 |
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Loans (net of allowance for loan losses of $4,363 and $4,098 in 2002 and 2001) |
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297,491 |
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299,630 |
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Premises and equipment, net |
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5,415 |
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5,146 |
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Accrued interest and other assets |
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6,474 |
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6,564 |
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Total Assets |
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$ |
395,094 |
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$ |
389,453 |
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Liabilities and Shareholders’ Equity |
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Liabilities |
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Noninterest bearing |
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$ |
76,609 |
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$ |
72,472 |
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Savings, NOW and money market deposits |
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122,945 |
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130,309 |
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Other time deposits |
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131,380 |
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121,244 |
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Total deposits |
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330,934 |
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324,025 |
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Borrowed funds - short term |
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7,907 |
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7,880 |
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Borrowed funds - long term |
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21,500 |
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24,500 |
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Accrued interest and other liabilities |
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3,063 |
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3,692 |
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Total Liabilities |
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363,404 |
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360,097 |
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Shareholders’ Equity |
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Common stock, $1 par value: 3,000,000 shares authorized: 1,000,000 issued in 2002 and 2001 |
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1,000 |
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1,000 |
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Additional paid in capital |
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4,500 |
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4,500 |
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Retained earnings |
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28,665 |
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26,588 |
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Treasury stock - 164,945 shares in 2002 and 2001 |
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(3,079 |
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(3,079 |
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Accumulated other comprehensive income (loss) |
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604 |
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347 |
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Total Shareholders’ Equity |
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31,690 |
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29,356 |
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Total Liabilities and Shareholders’ Equity |
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$ |
395,094 |
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$ |
389,453 |
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See accompanying notes to consolidated financial statements
2
UPBANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
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For the three months ended |
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For the six months ended |
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June 30, |
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June 30, |
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(Dollars in thousands, except per share data) (Unaudited) |
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2002 |
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2001 |
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2002 |
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2001 |
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Interest Income |
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Interest and fees on loans |
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$ |
6,157 |
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$ |
6,639 |
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$ |
12,273 |
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$ |
13,328 |
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Interest on mortgages held-for-sale |
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3 |
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13 |
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6 |
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28 |
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Interest on federal funds sold |
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33 |
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185 |
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33 |
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312 |
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Interest and dividends on securities |
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Taxable |
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781 |
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881 |
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1,544 |
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1,960 |
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Non-taxable |
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132 |
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95 |
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250 |
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182 |
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Total interest income |
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7,106 |
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7,813 |
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14,106 |
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15,810 |
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Interest Expense |
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Interest on savings, NOW and money market deposits |
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518 |
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953 |
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1,010 |
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2,097 |
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Interest on other time deposits |
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1,138 |
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2,415 |
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2,289 |
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4,896 |
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Interest on borrowed funds - short term |
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50 |
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7 |
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112 |
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15 |
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Interest on borrowed funds - long term |
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240 |
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322 |
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508 |
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679 |
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Total interest expense |
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1,946 |
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3,697 |
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3,919 |
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7,687 |
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