10-Q 1 c64338e10-q.txt QUARTERLY REPORT DATED JUNE 30, 2001 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 30, 2001 ------------------------------------------------ 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 0-25983 -------------------------------------------------------- First Manitowoc Bancorp, Inc. ----------------------------- (Exact name of registrant as specified in its charter) Wisconsin 39-1435359 ------------------------------------------------------------------------------------------------------------ (State or other jurisdiction of incorporation or organization) (IRS employer identification no.) 402 North Eighth Street, Manitowoc, Wisconsin 54220 ------------------------------------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code)

(920) 684-6611 -------------- (Registrant's telephone number, including area code) -------------------------------------------------------------------------------- (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 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 ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS: The number of shares outstanding of registrant's common stock, par value $1.00 per share, at June 30, 2001, was 3,468,634 shares. 2 FIRST MANITOWOC BANCORP, INC. TABLE OF CONTENTS

3 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS: FIRST MANITOWOC BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(See accompanying notes to Unaudited Consolidated Financial Statements.) 1 4 ITEM 1. FINANCIAL STATEMENTS CONTINUED: FIRST MANITOWOC BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(See accompanying notes to Unaudited Consolidated Financial Statements.) 2 5 ITEM 1. FINANCIAL STATEMENTS CONTINUED: FIRST MANITOWOC BANCORP, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) Six Months Ended June 30, 2000 (In Thousands, Except Share Data)

Six Months Ended June 30, 2001 (In Thousands, Except Share Data)

(See accompanying notes to Unaudited Consolidated Financial Statements.) 3 6 ITEM 1. FINANCIAL STATEMENTS CONTINUED: FIRST MANITOWOC BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

4 7 Acquisition: Cash paid for purchase of stock $ (733) $ --- Cash acquired 666 --- ------------------------------------------------------------------------------------------------------------------- Net cash paid for acquisition (67) --- Fair value of assets acquired 563 --- Acquisition intangibles 2,582 --- Liabilities assumed 1,611 --- Notes payable to former shareholders 1,467 ---

(See accompanying notes to Unaudited Consolidated Financial Statements.) 5 8 ITEM 1. FINANCIAL STATEMENTS CONTINUED: FIRST MANITOWOC BANCORP, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial reporting and with instructions for Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, these accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly First Manitowoc Bancorp, Inc.'s ("Corporation") financial position, results of its operations, changes in stockholders' equity and cash flows for the periods presented. All adjustments necessary for the fair presentation of the consolidated financial statements are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the Corporation's 2000 annual report on Form 10-K. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. NOTE 2: The consolidated financial statements include the accounts of all subsidiaries. The Corporation is a bank holding company that engages in its business through its sole subsidiary, First National Bank in Manitowoc ("Bank"), a nationally chartered commercial bank. The Bank has two wholly owned subsidiaries, FNBM Investment Corp. and Insurance Center of Manitowoc, Inc. All material intercompany transactions and balances are eliminated. Certain items in the prior period consolidated financial statements have been reclassified to conform with the June 30, 2001 presentation. In January, the Bank acquired 100% ownership in the Insurance Center of Manitowoc, Inc. ("Insurance Center"). Insurance Center includes Gary Vincent and Associates in Green Bay, Wisconsin. Insurance Center is an independent agency offering commercial, personal, life, and health insurance. It is being operated as a wholly owned subsidiary of the Bank. Insurance Center had approximately $563,000 in assets at date of acquisition. The transaction was accounted for under the purchase method of accounting and goodwill of approximately $2.6 million was recorded. The Corporation's financial statements reflect the accounts and operations of Insurance Center beginning January 1, 2001. The Corporation recorded all Insurance Center assets and liabilities at fair value at date of acquisition. 6 9 NOTE 3: Investment Securities The amortized cost and fair values of investment securities available for sale for the periods indicated are as follows: Investment Securities (In Thousands)

NOTE 4: Loan Portfolio Loans are summarized as follows: Summary of Loan Portfolio (Dollars In Thousands)

7 10 NOTE 5: Allowance for Loan Losses Activity in the allowance for loan losses for the periods indicated is as follows:

NOTE 6: Business Segments The Corporation through the branch network of its subsidiaries provides a broad range of financial services to individuals and companies in northeastern Wisconsin. These services include demand, time, and savings deposits; commercial and retail lending; ATM processing; trust services; and insurance services. While the Corporation's chief decision maker monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporate-wide basis. Accordingly, all of the Corporation's operations are considered by management to be aggregated in one reportable operating segment. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING INFORMATION Forward-looking statements have been made by First Manitowoc Bancorp, Inc. (the "Corporation") in this document and in documents incorporated by reference that are subject to risks and uncertainties. These forward-looking statements, which are included in Management's Discussion and Analysis, describe future plans or strategies and include the Corporation's expectations of future results of operations. The words "believes," "expects," "anticipates" or similar expressions identify forward-looking statements. Shareholders should note that many factors, some of which are discussed elsewhere in this document could affect the future financial results of the Corporation and could cause those results to differ materially from those expressed in forward-looking statements contained in this document. These factors include the following: - operating, legal and regulatory risks; - economic, political and competitive forces affecting the Corporation's banking, securities, asset management and credit services businesses; and - the risk that the Corporation's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Corporation does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. 8 11 EARNINGS Net Income (Dollars In Thousands, Except Share Data)

All per share financial information has been adjusted to reflect the two for one stock split effective June 30, 2000. Weighted average shares outstanding were 3,468,634 for the three months ended June 30, 2001 and 2000. Net income for the three months ended June 30, 2001 was $1,233,000 compared to $1,434,000 for the three months ended June 30, 2000, a decrease of $201,000, or 14.02%. Interest income increased $541,000 primarily as a result of an increase in loans and an increase in securities. Interest expense increased $174,000 mainly as a result of an increase in deposits and an increase in interest rates paid on deposits. Other income increased $526,000 as a result of an increase in service charges on deposits and an increase in loan servicing income. The largest addition to other income resulted from the Insurance Center of Manitowoc acquisition in the form of commission income of $424,000. Other expense increased $445,000. This is a result of increased salaries, commissions and related benefits due to the additional compensation for employees acquired as part of the Insurance Center acquisition and annual merit increases in wages for employees. Occupancy expense increased as a result of the new offices obtained in the Insurance Center acquisition. Amortization of goodwill increased as a result of the Insurance Center acquisition. Earnings per share for the three months ended June 30, 2001 was $0.35 compared to $0.41 for the three months ended June 30, 2000. Net income for the six months ended June 30, 2001 was $2,584,000 compared to $2,751,000 for the six months ended June 30, 2000, a decrease of $167,000 or 6.07%. Interest income increased $1,524,000 primarily due to an increase in loans and securities volume. Interest expense increased $1,060,000 primarily due to an increase in deposits and an increase in interest rates paid on deposits. Other income increased $1,005,000 primarily as a result of insurance commission income from the Insurance Center acquisition. Other expense increased $1,039,000, a result of increased salaries, commissions and related benefits for the Insurance Center employees, and annual merit increases. Occupancy expense increased due to the Insurance Center acquisition. Amortization of goodwill increased as a result of the Insurance Center acquisition. Earnings per share for the six months ended June 30, 2001 was $0.74 compared to $0.79 for the six months ended June 30, 2000. Lower net income for the three and six month periods ended June 30, 2001 is primarily the result of the increase in provision for loan losses of $880,000 during the second quarter of 2001. The larger provision was made due to the anticipated loss with one commercial loan customer. This is an isolated case and no trend to higher loan losses is expected. Return on average assets (ROA) on an annualized basis for the first six months of 2001 was 1.04% compared to 1.23% for the first six months in 2000. Return on average equity (ROE) on an annualized basis for the first six months of 2001 was 12.35% compared to 16.37% for the first six months of 2000. 9 12 AVERAGE BALANCES, YIELD AND RATES

10 13 AVERAGE BALANCES, YIELD AND RATES

11 14 NET INTEREST INCOME AND NET INTEREST MARGIN Net interest income is the principal source of earnings for a banking company. It represents the differences between interest and fees earned on the loan and investment portfolios offset by the interest paid on deposits and borrowings. The six months ended June 30, 2001 has been characterized by generally falling interest rates. Because deposits and loans and other investments reprice at different rates and as a result of changes in volume, the Bank's net interest income, on a fully tax equivalent basis, increased in 2001. Net interest margin is calculated as tax equivalent net interest income divided by average earning assets and represents the Bank's net yield on its earning assets. The tax equivalent adjustment was calculated using the statutory federal income tax rate of 34%. SECOND QUARTER 2001 COMPARED TO SECOND QUARTER 2000: Net interest income (on a tax equivalent basis) for the three months ended June 30, 2001 increased by $357,000 or 8.15% compared to the three months ended June 30, 2000. Interest income increased $531,000 primarily as a result of the increase in loans and an increase in investment securities. Total average loans increased to $332,876,000 for the second quarter of 2001 from $313,215,000 for the second quarter of 2000. Average investment securities increased to $121,927,000 for the second quarter of 2001 from $100,035,000 for the second quarter of 2000. Interest yields on loans and securities declined to 8.75% and 7.25% for the second quarter of 2001 from 9.01% and 7.43% for the second quarter of 2000. Interest expense increased $174,000 primarily as a result of an increase in interest bearing deposits and repurchase agreements. Total average interest-bearing deposits increased to $332,015,000 for the second quarter of 2001 from $304,775,000 for the second quarter of 2000. Average repurchase agreements increased to $29,895,000 for the second quarter of 2001 from $20,878,000 for the second quarter of 2000. Interest rates fell on both interest bearing deposits and repurchase agreements from the second quarter of 2000 to the second quarter of 2001. The interest rate spread, which is the difference between the average yield on interest earning assets and the average rate paid on interest bearing liabilities, was 3.42% for the three months ended June 30, 2001, a decrease of 6 basis points from the interest rate spread of 3.48% for the three months ended June 30, 2000. Net interest margin for the three months ended June 30, 2001 was 4.08% compared with 4.16% for the three months ended June 30, 2000. YTD 2001 COMPARED TO YTD 2000: Net interest income (on a tax equivalent basis) for the six months ended June 30, 2001 increased by $425,000 or 4.81% compared to the six months ended June 30, 2000. Interest income increased $1,482,000 primarily as a result of increases in loans and investment securities. Total average loans increased to $331,180,000 for the first six months of 2001 from $308,034,000 for the first six months of 2000. Total average investment securities increased to $121,118,000 for the first six months of 2001 from $100,103,000 for the first six months of 2000. Interest yields fell on both loans and investment securities for the six months ended June 30, 2001. Interest expense increased $1,060,000 primarily due to an increase in deposits and an increase in deposit yields. Total average interest bearing deposits increased to $331,966,000 for the first six months of 2001 from $299,651,000 for the first six months of 2000, while interest rates paid on those deposits increased to 4.95% in the first half of 2001 from 4.78% in the first half of 2000. The interest rate spread was 3.37% for the six months ended June 30, 2001, a decrease of 28 basis points from the interest rate spread of 3.65% for the six months ended June 30, 2000. Net interest margin for the six months ended June 30, 2001 was 4.07% compared with 4.28% for the six months ended June 30, 2000. 12 15 PROVISION AND ALLOWANCE FOR LOAN LOSSES For the three months ended June 30, 2001, the Bank charged $880,000 to expense for the provision for loan loss compared to $75,000 for the three months ended June 30, 2000. Allowance for Loan Losses (In Thousands)

The increase in the ratio of allowance for loan losses to total loans is primarily a result of a higher provision for loan losses for the three months ended June 30, 2001. There are several factors that are included in the analysis of the adequacy of the allowance for loan losses. Management considers loan volume trends, levels and trends in delinquencies and non-accruals, current problem credits, national and local economic trends and conditions, concentrations of credit by industry, current and historical levels of charge-offs, the experience and ability of the lending staff, and other miscellaneous factors. Management has determined the allowance for loan losses is adequate to absorb probable loan losses in its loan portfolio as of June 30, 2001 based on its most recent evaluation of these factors. The factor of loan volume trends is based on actual lending activity. The loan volume trends factor is for estimated losses that are believed to be inherently part of the loan portfolio but that have not yet been identified as specific problem credits. The current problem credits factor includes the exposure believed to exist for specifically identified problem loans determined on a loan-by-loan basis. A table showing the allocation of allowance for loan losses is shown below. Allocation of Allowance for Loan Losses (In Thousands)

13 16 Specific problem loans includes the allocation of the allowance for specific problem credits. Loan volume allocation includes the factor of loan volume trends, with management's goal for this factor to maintain an adequate loan loss reserve for outstanding loans less the specifically identified current problem credits. The allocation of the allowance among the various loan types is based on the average proportion of the loan types that make up the specific problem loans. The unallocated portion of the allowance consists of the other factors included in the analysis because those factors cannot be tied to specific loans or loan categories. The allocation and total for the allowance for loan losses is not to be interpreted as a single year's exposure for loss nor the loss for any specified time period. NONPERFORMING LOANS It is the policy of the Bank to place a loan in non-accrual status whenever there is substantial doubt about the ability of a borrower to pay principal or interest on any outstanding credit. Management considers such factors as payment history, the nature and value of collateral securing the loan and the overall economic situation of the borrower when making a non-accrual decision. Non-accrual loans are closely monitored by management. A non-accruing loan is restored to current status when the prospects of future contractual payments are no longer in doubt. Total nonperforming loans at June 30, 2001 were $4,576,000, an increase of $2,392,000 from December 31, 2000. The following table presents nonperforming and nonaccrual loan information as of the dates indicated. Nonperforming Loans (In Thousands)

OTHER INCOME Other Income (In Thousands)

SECOND QUARTER 2001 COMPARED TO SECOND QUARTER 2000: Other income for the second quarter of 2001 was $1,164,000 compared to $638,000 for the second quarter of 2000, an increase of $526,000 or 82.4%. The Insurance Center of Manitowoc acquisition accounted for $424,000 of this increase in the form of commission income. Loan servicing income increased $171,000 in the second quarter of 2001. An increase in the number of residential mortgage loans and refinancings processed and sold to the FNMA secondary market accounted for an increase of $62,000 in gains on sales of mortgage loans in the quarter ended June 30, 2001. 14 17 YTD 2001 COMPARED TO YTD 2000: Other income for the six months ended June 30, 2001 was $2,254,000 compared to $1,249,000 for the six months ended June 30, 2000, an increase of $1,005,000 or 80.5%. The increase resulted primarily from $757,000 of insurance commission income from the Insurance Center acquisition and an increase of $172,000 in loan servicing income. The increase in gains on sales of mortgage loans held for sale is a result of an increase in the number of new residential mortgage loans and refinancings processed and sold in the secondary market during the first six months of 2001. OTHER EXPENSE Other Expense (In Thousands)

SECOND QUARTER 2001 COMPARED TO SECOND QUARTER 2000: Other expense for the second quarter of 2001 was $3,205,000 compared to $2,760,000 for the second quarter of 2000, an increase of $445,000, or 16.1%. The increase is a result of increased salaries, commissions and related benefits due to the additional compensation for employees acquired in the Insurance Center acquisition and annual merit increases for employees. Occupancy expense increased due to the offices obtained in the Insurance Center acquisition. Amortization of Goodwill increased as a result of the Insurance Center acquisition. Other expenses increased primarily due to increased collection and repossession expense. YTD 2001 COMPARED TO YTD 2000: Other expense for the first six months of 2001 was $6,651,000 compared to $5,612,000 for the first six months of 2000, an increase of $1,039,000 or 18.5%. This increase is the result of increased salaries and employee benefits due to additional salaries, commissions and related benefits for employees acquired as part of the Insurance Center acquisition, and annual merit increases for employees. Occupancy expense increased due to the offices obtained in the Insurance Center acquisition. Amortization of goodwill increased due to the Insurance Center acquisition. Other expenses increased primarily due to increased collection and repossession expense, higher charge card expense, and higher data processing expenses. INCOME TAXES The effective tax rate for the three months ended June 30, 2001 was 12.12 % compared to 18.52% for the three months ended June 30, 2000. The decrease in effective tax rates in the period is a direct result of loans and securities transferred from the Bank to the Bank's FNBM Investment Corp. subsidiary which are not subject to state income tax. 15 18 BALANCE SHEET JUNE 30, 2001 COMPARED TO DECEMBER 31, 2000 The Corporation's total assets increased from $495.4 million at December 31, 2000 to $512.8 million at June 30, 2001. Loans increased $10.7 million, a result of customer demand for commercial real estate loans. Securities increased $3.4 million due to increases in mortgage backed securities offset by smaller decreases in U.S. Government Agency securities. Deposits decreased $5.8 million to $388.8 million at June 30, 2001 from $394.6 million at December 31, 2000, due to decreases in non-interest bearing deposits. Long-term borrowings increased $16.2 million from $21 million at December 31, 2000 to $37.2 million at June 30, 2001. The increase in long-term borrowings was a result of the borrowing of funds in order to fund the increase in loans and to replace non-interest bearing deposits. LIQUIDITY MANAGEMENT Liquidity describes the ability of the Bank to meet financial obligations that arise out of the ordinary course of business. Liquidity is primarily needed to meet borrowing and deposit withdrawal requirements of the customers of the Bank and to fund current and planned expenditures. The Bank maintains its asset liquidity position internally through cash and cash equivalents, short term investments, the maturity distribution of the investment portfolio, loan repayments and income from earning assets. A substantial portion of the investment portfolio contains readily marketable securities that could be converted to cash immediately. On the liability side of the balance sheet, liquidity is affected by the timing of maturing liabilities and the ability to generate new deposits or borrowings as needed. Other sources are available through borrowings from the Federal Reserve Bank, the Federal Home Loan Bank and from lines of credit approved at correspondent banks. Management knows of no trend or event which will have a material impact on the Bank's ability to maintain liquidity at adequate levels. CAPITAL RESOURCES AND ADEQUACY Capital (Dollars In Thousands, Except Share Data)

Total stockholders' equity increased $3.1 million from $41.5 million at December 31, 2000 to $44.6 million at June 30, 2001. Net income for the six month period ending June 30, 2001 was $2.6 million. 16 19 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of June 30, 2001 and December 31, 2000, that the Bank meets all capital adequacy requirements to which it is subject. As of June 30, 2001, the Bank's and the Company's ratio of Tier 1 capital to risk-weighted assets was 9.7% and 10.1, respectively. As of June 30, 2001, the Bank's and the Company's ratio of total capital to risk-weighted assets was 11.2% and 11.5%, respectively. In addition to risk-based capital, banks and bank holding companies are required to maintain a minimum amount of Tier 1 capital to total assets, referred to as the leverage capital ratio, of at least 4%. As of June 30, 2001, the Bank's and the Company's leverage capital ratio was 6.5% and 6.8%, respectively. As of June 30, 2001 and December 31, 2000, the most recent notification from the Office of the Comptroller of Currency and the Federal Deposit Insurance Corporation categorized the Bank as well capitalized and adequately capitalized, respectively, under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios. There are no conditions or events since that notification that management believes have changed the institution's category. RECENT ACCOUNTING PRONOUNCEMENTS Future Accounting Change - In June 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 141, "Business Combinations", and SFAS No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141 supersedes Accounting Principles Board (APB) Opinion No. 16, "Business Combinations", and SFAS No. 38, "Accounting for Preacquisition Contingencies of Purchased Enterprises." SFAS No. 141 requires the use of the purchase method of accounting for business combinations initiated after June 30, 2001. SFAS No. 142 supersedes APB Opinion No. 17, "Intangible Assets." SFAS No. 142 addresses how intangible assets acquired outside of a business combination should be accounted for upon acquisition and how goodwill and other intangible assets should be accounted for after they have been initially recognized. SFAS No. 142 eliminates the amortization for goodwill and other intangible assets with indefinite lives. Other intangible assets with a finite life will be amortized over their useful life. Goodwill and other intangible assets with indefinite useful lives shall be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. SFAS No. 142 is effective for fiscal years beginning after December 15, 2001. Management, at this time, cannot determine the effect that adoption of SFAS No. 142 may have on the financial statements of the Corporation as the statement requires a comprehensive review of previous combinations accounted for under the purchase accounting method and an analysis of impairment as of the date of adoption. The impairment analysis for goodwill and other intangible assets with an indefinite useful life has not been completed. The impairment analysis will be completed within the timelines outlined in SFAS No. 142 which include an initial transitional goodwill impairment test to be completed by June 30, 2002. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There has been no material change to the market risk position from that disclosed as of December 31, 2000 in the Corporation's 2000 Form 10-K Annual Report. 17 20 FIRST MANITOWOC BANCORP, INC. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Neither the Corporation nor any of its subsidiaries is involved in any pending legal proceedings involving amounts in which management believes are material to the financial condition and results of operations of the Corporation. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: None b) Reports on Form 8-K: There were no reports on Form 8-K filed for the quarter ended June 30, 2001. 18 21 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 hereunto duly authorized. FIRST MANITOWOC BANCORP, INC. (Registrant) Date: August 9, 2001 /s/ Thomas J. Bare ------------------ Thomas J. Bare President Date: August 9, 2001 /s/ Paul H. Wojta ----------------- Paul H. Wojta Senior Vice President 19

FIRST MANITOWOC BANCORP INC 10-Q