| First Lincoln Bancshares, Inc. | |||
| Proposed Ticker: | FLF | 13th and Nth Streets | |
| Exchange: | American Stock Exchange | Lincoln, NE 68508 | |
| Industry: | Financial (SIC Code 6036) | (402) 475-0521 | |
| Type of Shares: | Common Shares | Filing Date: | 12/12/97 | |
| U.S. Shares Filed: | 8,021,250 | Filing Price: | $20.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $160,425,000 | |
| Primary Shares: | 8,021,250 | Expenses: | $1,600,000 | |
| Secondary Shares: | 0 | Shares Out After: |
| Manager | Tier | Phone |
| Sandler O'Neill & Partners. L.P. | Lead Manager | (212) 466-7737 |
| Issuer's Law Firm: | Muldoon, Murphy & Faucette |
| Bank's Law Firm: | Foley & Lardner |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 9/30/97 | 9/30/96 | 9/30/97 | ||
| Revenue: | $81.93 | $21.00 | $20.45 | Assets: | $1,034.00 |
| Net Income: | $4.34 | $1.64 | -$1.71 | Curr Assets: | |
| EPS: | Liabilities: | $953.44 | |||
| Prior EPS: | $2.08 | $1.95 | Curr Liabilities: | $923,669.00 | |
| Cash Flow/Oper: | $6.67 | -$8.55 | -$16.93 | Equity: | $80.56 |
| Cash Flow/Fin: | -$0.88 | $35.94 | -$20.58 | Cash: | $45.82 |
| Cash Flow/Inv: | -$54.98 | $35.94 | |||
| Business Description |
| The company is a bank holding company for First Federal Lincoln Bank, a federally chartered savings bank. The Bank has historically operated as a community-oriented savings institution providing one- to four-family residential mortgage loans and a variety of retail deposit products to consumers. |
| Competition |
| The Bank faces significant competition in its market area both in attracting deposits and in originating loans. The Bank's primary market are, Nebraska, southwest Iowa and northern Kansas, is a highly competitive market. The population of the market area is relatively small and population growth is moderate. The Bank faces direct competition from a significant number of financial service providers operating in its market area, many with a state-wide or regional presence, and, in some cases, a national presence. This competition arises from commercial banks, savings banks, mortgage brokers, mortgage banking companies, credit unions, and other providers of financial services, many of which are significantly larger than the Bank and, therefore, have greater financial and marketing resources than those of the Bank. As a result of its highly competitive market, the Bank generally has paid and continues to pay a relatively high rate of interest on its deposit accounts. Payment of a high rate of interest on deposit accounts may adversely affect net interest income, which is the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Competition for loans, particularly for more interest sensitive loans, within the Bank's market area, has caused the Bank to rely more heavily on purchased loans both inside and outside of its market area. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase all of the outstanding common shares of the savings bank and for general corporate purposes. |