SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 10-Q/A
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) THE SECURITIES EXCHANGE ACT
OF 1934 For the quarterly period ended September 30, 2001
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934. For the transition period ..... to .....
Commission file number: 0-15624
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SECOND BANCORP INCORPORATED
(exact name of registrant as specified in its charter)
Ohio 34-1547453
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
108 Main Ave. S. W. Warren, Ohio 44482-1311
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(Address of principal executive offices) (Zip Code)
330.841.0123
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Registrant's telephone number, including area code
Not applicable
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Former name, former address and former fiscal year, if changed since last
report.
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 periods 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
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common Stock, without par value - 9,994,998 shares outstanding as of October 31,
2001.
Explanatory Note: We are amending our Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2001 to correct a inaccurate figure for
loans and the reserve for loan losses as of that date. Both were under-reported
by $37,000
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SECOND BANCORP INCORPORATED AND SUBSIDIARIES
INDEX Page
Number
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PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated balance sheets -
September 30, 2001 and 2000 and December 31, 2000.............. 3
Consolidated statements of income -
Three and nine months ended September 30, 2001 and 2000........ 4
Consolidated statements of comprehensive income -
Three and nine months ended September 30, 2001 and 2000........ 5
Consolidated statements of shareholders' equity -
Nine months ended September 30, 2001 and 2000.................. 6
Consolidated statements of cash flows -
Nine months ended September 30, 2001 and 2000.................. 7
Notes to consolidated financial statements - September 30, 2001......... 8-9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ........ 10-14
Item 3. Quantitative and Qualitative Disclosures about Market Risk...... 14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings..................................... 15
Item 2. Changes in Securities................................. 15
Item 3. Defaults upon Senior Securities....................... 15
Item 4. Submission of Matters to a Vote of Security
Holders............................................... 15
Item 5. Other Information .................................... 15
Item 6. Exhibits and Reports on Form 8-K ................... 16
SIGNATURES .................................... 17
Exhibit 4.1. Indenture for Subordinated Debentures due 2031 of
Second Bancorp Incorporated dated September 28, 2001,
by and between Second Bancorp Incorporated and
Wilmington Trust Company, as indenture trustee
Exhibit 4.2. Amended and Restated Trust Agreement of Second
Bancorp Capital Trust I, dated September 28, 2001, by
and among Second Bancorp Incorporated, as depositor,
Wilmington Trust Company, as property trustee,
Wilmington Trust Company, as Delaware trustee, and the
administrative trustees named therein.
Exhibit 4.3. Preferred Securities Guarantee Agreement, dated
September 28, 2001, by and between Second Bancorp
Incorporated and Wilmington Trust Company
Exhibit 11. Statement Re: Computation of Earnings Per Share
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Second Bancorp Incorporated and Subsidiaries
Consolidated Balance Sheets
September 30 December 31 September 30
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(Dollars in thousands) 2001 2000 2000
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ASSETS
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Cash and due from banks $ 32,441 $ 35,272 $ 34,079
Federal funds sold and temporary investments 51,233 0 8,000
Trading account 0 328 447
Securities:
Available-for-sale (at market value) 407,004 382,098 400,176
Loans 1,060,778 1,070,089 1,059,530
Less reserve for loan losses 15,429 15,217 15,040
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Net loans 1,045,349 1,054,872 1,044,490
Premises and equipment 16,650 18,039 17,798
Accrued interest receivable 10,272 11,181 10,630
Goodwill and intangible assets 8,328 6,038 6,193
Other assets 37,742 38,462 39,804
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Total assets $ 1,609,019 $ 1,546,290 $ 1,561,617
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Deposits:
Demand - non-interest bearing $ 111,539 $ 110,045 $ 107,391
Demand - interest bearing 94,831 87,268 83,991
Savings 234,601 246,056 262,024
Time deposits 616,320 592,766 630,971
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Total deposits 1,057,291 1,036,135 1,084,377
Federal funds purchased and securities sold under
agreements to repurchase 110,071 129,895 116,707
Note payable 0 1,000 0
Other borrowed funds 5,745 2,163 3,622
Federal Home Loan Bank advances 267,301 251,733 238,872
Accrued expenses and other liabilities 11,185 8,167 6,020
Corporation-obligated mandatorily redeemable capital
securities of subsidiary trust 26,660 0 0
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Total liabilities 1,478,253 1,429,093 1,449,598
Shareholders' equity:
Common stock, no par value; 30,000,000 shares
authorized; 10,828,310, 10,787,310 and 10,776,870
shares issued, respectively 37,424 36,935 36,952
Treasury stock; 801,512, 730,200 and
639,920 shares, respectively (15,072) (13,947) (12,590)
Other comprehensive income 6,850 281 (3,849)
Retained earnings 101,564 93,928 91,506
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Total shareholders' equity 130,766 117,197 112,019
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Total liabilities and shareholders' equity $ 1,609,019 $ 1,546,290 $ 1,561,617
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See notes to consolidated financial statements
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SIGNATURES
Pursuant to the requirements 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.
SECOND BANCORP INCORPORATED
Date: November 26, 2001 /s/ David L. Kellerman
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David L. Kellerman, Treasurer
Signing on behalf of the registrant and as principal accounting officer and
principal financial officer.
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