SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------------------
FORM 10-Q/A
AMENDMENT NO. 1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
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 1-14364
Acadiana Bancshares, Inc.
- - --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Louisiana 72-1317124
- - ------------------------------- -------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
101 West Vermilion Street
Lafayette, Louisiana 70501
- - ------------------------------- -------------------
Address of Principal (Zip Code)
Executive Offices)
(337) 232-4631
----------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
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:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of April 30, 2000, 1,414,821
shares of the Registrant's common stock were issued and outstanding. Of that
total, 211,085 shares were held by the Registrant's Employee Stock Ownership
Plan, of which 134,601 were not committed to be released.
<PAGE>
ACADIANA BANCSHARES, INC.
TABLE OF CONTENTS
PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets
(As of March 31, 2000 and December 31, 1999) 3
Consolidated Statements of Income
(For the three months ended March 31, 2000 and 1999) 4
Consolidated Statements of Stockholders' Equity
(For the three months ended March 31, 2000 and 1999) 5
Consolidated Statements of Cash Flows
(For the three months ended March 31, 2000 and 1999) 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Item 3 Quantitative and Qualitative Disclosures About
Market Risk 20
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 22
Item 2. Changes in Securities 22
Item 3. Defaults Upon Senior Securities 22
Item 4. Submission of Matters to a Vote of Security Holders 22
Item 5. Other Information 22
Item 6. Exhibits and Reports on Form 8-K 22
Signatures 24
2
<PAGE>
ACADIANA BANCSHARES, INC., AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
UNAUDITED
MARCH 31, 2000 AND DECEMBER 31, 1999
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
<TABLE>
<CAPTION>
2000 1999
-------------- --------------
Cash and Cash Equivalents:
<S> <C> <C>
Cash and Amounts Due from Banks $ 3,549 $ 3,668
Interest Bearing Demand Deposits 7,757 8,254
-------------- --------------
Total Cash and Cash Equivalents 11,306 11,922
Trading Securities 323 285
Securities Available for Sale, at Fair Value 25,474 26,060
Securities Held to Maturity (Fair Value of $11,914 and
$11,958, respectively) 11,880 11,921
Federal Home Loan Bank Stock, at Cost 3,746 3,689
Loans Receivable, Net of Allowance for Loan Losses of
$2,767 and $2,747, respectively 251,785 244,996
Investment in Limited Liability Company 810 811
Premises and Equipment, Net 2,723 2,657
Accrued Interest Receivable 1,551 1,543
Other Assets 1,914 1,812
-------------- --------------
TOTAL ASSETS $ 311,512 $ 305,696
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest Bearing $ 13,175 $ 10,382
Interest Bearing 201,812 202,830
-------------- --------------
Total Deposits 214,987 213,212
Short-Term Borrowings 10,000 6,000
Accrued Interest Payable 356 345
Long-Term Debt 57,850 57,850
Accrued and Other Liabilities 885 539
-------------- --------------
TOTAL LIABILITIES 284,078 277,946
-------------- --------------
Commitments and Contingencies
STOCKHOLDERS' EQUITY:
Preferred Stock of $.01 Par Value; 5,000,000 shares
authorized, -0- shares issued or outstanding - -
Common Stock of $.01 Par Value; 20,000,000 shares
authorized, 2,731,250 shares issued 27 27
Additional Paid-in Capital 32,351 32,322
Retained Earnings 22,751 22,404
Unearned Common Stock Held by ESOP Trust (1,637) (1,703)
Unearned Common Stock Held by RRP Trust (974) (1,048)
Accumulated Other Comprehensive Income (324) (364)
Treasury Stock, at Cost; 1,296,727 and 1,236,727
Shares, respectively (24,760) (23,888)
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY 27,434 27,750
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 311,512 $ 305,696
============== ==============
</TABLE>
The accompanying Notes to Consolidated Financial Statements are an integral part
of these Financial Statements.
3
<PAGE>
ACADIANA BANCSHARES, INC., AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENTS
UNAUDITED
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE DATA)
2000 1999
-------- --------
INTEREST AND DIVIDEND INCOME:
Loans, including fees $ 4,901 $ 4,419
Debt Securities 657 446
Dividends 56 203
Trading Account Securities 5 3
Interest Bearing Deposits 93 95
------- -------
Total Interest and Dividend Income 5,712 5,166
------- -------
INTEREST EXPENSE:
Deposits 2,533 2,257
Borrowings 892 600
------- -------
Total Interest Expense 3,425 2,857
------- -------
Net Interest Income 2,287 2,309
Provision for Loan Losses -- --
------- -------
Net Interest Income After Provision for
Loan Losses 2,287 2,309
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NON-INTEREST INCOME:
Customer Service Fees 221 218
Loan Servicing Fees 12 15
Gain (Loss) on Sale of Loans, Net -- 62
Trading Account (Losses) Gains, Net (24) (21)
Loss from Investment in Limited Liability
Company (1) (45)
Other 26 26
------- -------
Total Non-Interest Income 234 255
------- -------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 974 907
Occupancy 89 78
Depreciation 82 88
Data Processing 71 52
Foreclosed Assets, net (80) 12
Deposit Insurance Premium 11 31
Advertising 72 32
Bank Shares and Franchise Tax Expense 90 106
Other 376 412
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Total Non-Interest Expense 1,685 1,718
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Income Before Income Taxes 836 846
Income Tax Expense 295 300
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Net Income $ 541 $ 546
======= =======
Earnings Per Share - basic $ 0.43 $ 0.36
======= =======
Earnings Per Share - diluted $ 0.42 $ 0.35
======= =======
The accompanying Notes to Consolidated Financial Statements are an integral part
of these Financial Statements.
4
<PAGE>
ACADIANA BANCSHARES, INC., AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
UNAUDITED
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, PER SHARE DATA)
<TABLE>
<CAPTION>
Unearned Unearned
Common Common Accumulated Total
Additional Stock Held Stock Other Stock-
Common Paid-In Retained By ESOP Held By Comprehensive Treasury holder's
Stock Capital Earnings Trust RRP Trust Income Stock Equity
--------- ---------- --------- ---------- --------- ------------ --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE, JANUARY 1, 1999 $ 27 $ 32,192 $ 20,932 $ (1,965) $ (1,335) $ 258 $ (17,935) $ 32,174
Comprehensive Income:
Net Income 546 546
Change in Unrealized
Gain (Loss) on
Securities Available
for Sale, Net of
Deferred Taxes (126) (126)
---------
Total Comprehensive Income 420
Common Stock Released by ESOP
Trust 33 65 98
Common Stock Earned by
Participants of
Recognition and Retention
Plan Trust 13 60 73
Common Stock Issued (8) 39 31
Purchase of Treasury Stock
(81,300 shares) (1,452) (1,452)
Cash Dividends Declared
($.13 per share) (207) (207)
--------- ---------- --------- ---------- --------- ------------ --------- ---------
BALANCE, MARCH 31, 1999 $ 27 $ 32,230 $ 21,271 $ (1,900) $ (1,275) $ 132 $(19,348) $ 31,137
========= ========== ========= ========== ========= ============ ========= =========
BALANCE, JANUARY 1, 2000 $ 27 $ 32,322 $ 22,404 $ (1,703) $ (1,048) $ (364) $ (23,888) $ 27,750
Comprehensive Income:
Net Income 541 541
Change in Unrealized Gain
(Loss) on Securities
Available for Sale,
Net of Deferred Taxes 40 40
---------
Total Comprehensive Income 581
Common Stock Released by ESOP
Trust 21 66 87
Common Stock Earned by
Participants of Recognition
and Retention Plan Trust 8 74 82
Purchase of Treasury Stock
(60,000 shares) (872) (872)
Cash Dividends Declared ($.15 per share) (194) (194)
--------- ---------- --------- ---------- --------- ------------ --------- ---------
BALANCE, MARCH 31, 2000 $ 27 $ 32,351 $ 22,751 $ (1,637) $ (974) $ (324) $(24,760) $ 27,434
========= ========== ========= ========== ========= ============ ========= =========
</TABLE>
The accompanying Notes to Consolidated Financial Statements are an integral part
of these Financial Statements.
5
<PAGE>
ACADIANA BANCSHARES, INC., AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------------------------------
2000 1999
--------- ---------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 541 $ 546
-------- --------
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 87 94
Provision for Deferred Income Taxes -- (32)
Compensation Expense Recognized on RRP 71 73
ESOP Contribution 87 98
Other gains and losses, net (91) (1)
Loss from Investment in Limited Liability Company 1 45
Net Change in Securities Classified as Trading (38) 21
Accretion of Discounts, Net of Premium Amortization on Securities (1) (7)
Amortization of Deferred Revenues and Unearned Income on Loans 29 26
FHLB Stock Dividend Received (57) (39)
Other Changes in Assets and Liabilities:
(Increase) Decrease in Accrued Interest Receivable (8) (79)
(Increase) Decrease in Other Assets (83) (63)
(Decrease) Increase in Other Liabilities 347 550
-------- --------
Total Adjustments 344 686
-------- --------
Net Cash Provided by Operating Activities 885 1,232
-------- --------
Cash Flows from Investing Activities:
Activity in Available for Sale Securities:
Proceeds from Calls, Maturities and Prepayments 648 19,578
Purchases -- (19,977)
Activity in Held to Maturity Securities:
Proceeds from Calls, Maturities and Prepayments 40 109
Net Advances on Loans (6,828) 3,774
Purchase of Premises and Equipment (181) (11)
Proceeds from Sale of Foreclosed Assets 91 1
Capital Costs Incurred on Foreclosed Assets (1) (2)
-------- --------
Net Cash Provided by (Used in) Investing Activities (6,231) 3,472
-------- --------
Cash Flows from Financing Activities:
Net Change in Deposits 1,775 4,718
Net Change in Short-term Borrowings 4,000 (5,000)
Proceeds from Long-term Debt -- 7,500
Proceeds from Issuance of Common Stock 31
Dividends Paid to Shareholders (173) (181)
Purchase of Treasury Stock (872) (1,631)
-------- --------
Net Cash Used in Financing Activities 4,730 5,437
-------- --------
Net Increase (Decrease) in Cash
and Cash Equivalents (616) 10,141
Cash and Cash Equivalents, Beginning of Period 11,922 7,578
-------- --------
Cash and Cash Equivalents, End of Period $ 11,306 $ 17,719
======== ========
Supplemental Schedule of Noncash Activities:
Acquisition of Foreclosed Assets in Settlement of Loans $ 10 $ 23
Supplemental Disclosures:
Cash Paid For:
Interest on Deposits and Borrowings $ 3,436 $ 2,751
Income Taxes $ -- $ 10
</TABLE>
The accompanying Notes to Consolidated Financial Statements are an integral part
of these Financial Statements.
6
<PAGE>
ACADIANA BANCSHARES, INC., AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF FINANCIAL STATEMENT PRESENTATION
The accompanying consolidated financial statements are unaudited and
were prepared in accordance with instructions to Form 10-Q, and therefore, do
not include information or footnotes necessary for a complete presentation of
financial position, results of operations and cash flows in conformity with
generally accepted accounting principles. However, all normal, recurring
adjustments, which, in the opinion of management, are necessary for a fair
presentation of financial statements, have been included. These interim
unaudited financial statements should be read in conjunction with the audited
financial statements and the notes thereto for Acadiana Bancshares, Inc. (the
"Company") previously filed with the Securities and Exchange Commission in the
Company's Annual Report and Form 10-K for the year ended December 31, 1999.
BUSINESS
The Company's principal business is conducted through its wholly owned
subsidiary, LBA Savings Bank, (the "Bank") which conducts business from its main
office and three branch offices, all located in Lafayette, Louisiana, one branch
office in New Iberia, Louisiana, and one loan production office in Eunice,
Louisiana. Through its continuing operation of the Bank, the Company's principal
business has been, and continues to be, attracting deposits from its customers
and investing such funds in residential real estate loans and other loans. The
Company, as a bank holding company, is subject to regulation and supervision by
the Board of Governors of the Federal Reserve System ("Federal Reserve Board" or
"FRB"). The Bank is subject to examination and comprehensive regulation by the
Office of Financial Institutions of the State of Louisiana ("OFI"), which is the
Bank's chartering authority and primary regulator. The Bank is also subject to
regulation by the Federal Deposit Insurance Corporation ("FDIC"), as the
administrator of the SAIF, and to certain reserve requirements established by
the FRB. The Bank is a member of the Federal Home Loan Bank ("FHLB") of Dallas,
which is one of twelve regional banks comprising the FHLB System. The Bank is a
Savings Association Insurance Fund ("SAIF") -insured, Louisiana chartered, stock
savings bank.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the
Company and the Bank. All significant intercompany balances and transactions
have been eliminated in consolidation.
7
<PAGE>
(2) LOANS RECEIVABLE
Loans receivable at March 31, 2000 and December 31, 1999 are summarized as
follows (in thousands):
2000 1999
- - ---------------------------------------------------------------------
Mortgage Loans:
Single-Family Residential $182,095 $179,109
Construction 8,782 12,612
Multi-Family Residential 410 425
Commercial Real Estate 23,032 18,798
Equity Lines of Credit 3,400 3,406
------------- -------------
Total Mortgage Loans 217,719 214,350
Commerical Business Loans 18,784 18,144
Consumer Loans 22,212 21,803
------------- -------------
Total Loans 258,715 254,297
Less:
Allowance for Loan Losses (2,767) (2,747)
Net Deferred Loan Fees (222) (222)
Unadvanced Loan Funds (3,941) (6,332)
------------- -------------
Loans, net $251,785 $244,996
============= =============
(3) EARNINGS PER SHARE
Weighted average shares of common stock outstanding for basic EPS excludes
the weighted average shares unreleased by the Employee Stock Ownership Plan
("ESOP") (139,111 and 161,063 shares for the quarters ending March 31, 2000 and
March 31, 1999, respectively) and the weighted average unvested shares in the
Recognition and Retention Plan ("RRP") (66,435 and 83,331 for the quarters
ending March 31, 2000 and March 31, 1999, respectively). The effect on diluted
EPS of stock option shares outstanding and unvested RRP shares are calculated
using the treasury stock method. The following is a reconcilement of the
numerator and denominator for basic and diluted Earnings Per Share:
8
<PAGE>
For the Three Months Ended March 31, 2000 1999
- - -------------------------------------------------- ---------- ----------
Numerator:
Income Applicable to Common Shares $ 541,000 $ 546,000
========== ==========
Denominator:
Weighted Average Common Shares Outstanding 1,269,713 1,525,974
Effect of Dilutive Securiies:
Stock Options Outstanding 4,045 26,352
RRP Grants 3,140 7,203
---------- ----------
Weighted Average Common Shares Outstanding
Assuming Dilution 1,276,898 1,559,529
========== ==========
Earnings per Share $ 0.43 $ 0.36
========== ==========
Earnings per Share - Assuming Dilution $ 0.42 $ 0.35
========== ==========
(4) SUBSEQUENT EVENTS
On May 12, 2000, the Company purchased an office building to be used as its
new corporate headquarters and new main office branch banking facility for the
Bank, located at 200 West Congress Street, Lafayette, Louisiana. Management
believes that this facility will provide a platform to support the future growth
of the Bank and the Company. The facility most recently served as the regional
headquarters of Banc One. The acquisition price associated with the purchase was
$2.5 million and the Company anticipates additional renovation costs of
approximately $1.3 million prior to occupancy. The Company expects to utilize
one-third of the facility and will seek to lease the remaining commercial office
space. Currently, approximately one-third of the building space is leased. To
facilitate the purchase and renovation of the new facility, the Company borrowed
$2.8 million and secured a line of credit for an additional $2.0 million.
PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT
In addition to historical information, this Form 10-Q includes certain
"forward-looking statements," as defined in the Securities Act of 1933 and the
Securities Exchange Act of 1934, based on current management expectations. The
Company's actual results could differ materially from those management
expectations. Such forward-looking statements include statements regarding our
intentions, beliefs or current expectations as well as the assumptions on which
such statements are based. Stockholders and potential stockholders are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking statements.
Factors that could cause future results to vary from current management
expectations include, but are not limited to, general economic conditions,
legislative and regulatory changes, monetary and fiscal policies of the federal
government, changes in tax policies, rates and regulations of federal, state and
local tax authorities, changes in interest rates, deposit flows, the cost of
funds, demand for loan products, demand for financial services, competition,
changes in the quality or composition of the Company's loan and investment
portfolios, changes in accounting principles, policies or
9
<PAGE>
guidelines, the actual costs incurred in connection with the Company's planned
relocation of its headquarters and the Company's ability to lease additional
space to third parties in such new headquarters building, and other economic,
competitive, governmental and technological factors affecting the Company's
operations, markets, products, services and fees. The Company undertakes no
obligation to update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results over time.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
CHANGES IN FINANCIAL CONDITION
At March 31, 2000, the consolidated assets of the Company totaled
$311.5 million, an increase of $5.8 million, or 1.9%, from December 31, 1999.
The primary reason for the increase in consolidated assets was an increase in
loans receivable, net, of $6.8 million, or 2.8%, which was partially offset by a
decrease in investment securities available for sale of $586,000, or 2.2%, and a
decrease in cash and cash equivalents of $616,000, or 5.2%. Asset growth was
funded primarily by an increase of $4.0 million, or 66.7%, in short-term
borrowings, together with an increase in total deposits of $1.8 million, or 0.8%
and an increase in accrued and other liabilities of $346,000, all of which were
partially offset by a decrease in total stockholders' equity of $316,000, or
1.1%.
ASSETS
Cash and cash equivalents decreased $616,000, or 5.2%, to $11.3 million
at March 31, 2000, compared with $11.9 million at December 31, 1999. Net cash
provided by (used in) operating activities, investing activities, and financing
activities amounted to $885,000, ($6.2) million, and $4.7 million, respectively,
for the three months ended March 31, 2000. As of March 31, 2000, cash and cash
equivalents funded 3.6% of total assets, compared with 3.9% at December 31,
1999.
The Company owned $323,000 of trading securities as of March 31, 2000
compared with $285,000 at December 31, 1999. The Company has no intention to
significantly increase its trading securities portfolio. Trading securities are
carried at fair value.
Securities available for sale decreased $586,000, or 2.2%, to $25.5
million at March 31, 2000, compared with $26.1 million at December 31, 1999. The
primary reason for such decrease was principal repayments of $648,000 of
investment securities, which was partially offset by an increase in fair value
of the remaining securities of $60,000. Securities available for sale include
U.S. Treasury notes and bonds, federal agency bonds, mortgage-backed securities
issued by the Government National Mortgage Association ("GNMA"), the Federal
National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage
Corporation ("FHLMC"), and triple A rated private issuers, and certain equity
securities. Unrealized gains and losses on securities available for sale are
excluded from earnings and reported, net of applicable income taxes, as other
comprehensive income. As of March 31, 2000, investment securities available for
sale amounted to 8.2% of total assets, compared to 8.5% of total assets at
December 31, 1999.
10
<PAGE>
Securities held to maturity decreased $41,000, or 0.3%, remaining at
approximately $11.9 million at March 31, 2000 and December 31, 1999. Securities
held to maturity include mortgage-backed securities issued by GNMA, FNMA, and
FHLMC. At March 31, 2000, securities held to maturity amounted to 3.8% of total
assets.
Federal Home Loan Bank stock represents an equity interest in the FHLB
that does not have a readily determinable fair value (for purposes of Federal
Accounting Standards Board Statement No. 115) because its ownership is
restricted and there is no market for such stock. It can be sold only to the
FHLB or to another member institution. It is carried at cost. Both cash
dividends and stock dividends are received on FHLB stock and are reported as
income. The stock dividends are redeemable at par value. At March 31, 2000,
Federal Home Loan Bank stock amounted to $3.7 million, or 1.2% of total assets.
Loans receivable, net, increased $6.8 million, or 2.8%, to $251.8
million at March 31, 2000, compared to $245.0 million at December 31, 1999.
Single-family residential loans increased $3.0 million, or 1.7%, from $179.1
million at December 31, 1999, to $182.1 million at March 31, 2000. Construction
loans decreased from $12.6 million at December 31, 1999 to $8.8 million at March
31, 2000. Commercial real estate loans increased $4.2 million, or 22.5%, from
$18.8 million at December 31, 1999, to $23.0 million at March 31, 2000. Equity
lines of credit remained relatively stable at $3.4 million at March 31, 2000 and
at December 31, 1999. Commercial business loans increased $640,000, or 3.5%,
from $18.1 million at December 31, 1999, to $18.8 million at March 31, 2000.
Consumer loans increased $409,000, or 1.9%, from $21.8 million at December 31,
1999, to $22.2 million at March 31, 2000. Total gross loans increased $4.4
million, or 1.7%, from $254.3 million at December 31, 1999, to $258.7 million at
March 31, 2000. Loans receivable, net, amounted to 80.8% of total assets at
March 31, 2000, compared to 80.1% of total assets at December 31, 1999.
LIABILITIES AND STOCKHOLDERS' EQUITY
The Company's primary funding sources include deposits, borrowings from
the FHLB and stockholders' equity. The discussion that follows focuses on the
major changes in this mix during the three months ended March 31, 2000.
The Company's deposits increased by $1.8 million, or 0.8%, to $215.0
million at March 31, 2000, compared to $213.2 million at December 31, 1999.
Interest bearing deposits decreased $1.0 million, or 0.5% while non-interest
bearing deposits increased $2.8 million, or 26.9%. Certificates of deposit,
comprising the largest portion of interest-bearing deposits, amounted to $153.3
million at March 31, 2000. Total deposits funded 69.7% of total assets at
December 31, 1999, compared to 69.0% at March 31, 2000.
The Company's borrowings include both short-term borrowings (amounts
maturing in one year or less from date of inception) and long-term debt (amounts
maturing more than one year from date of inception). Short-term borrowings
increased $4.0 million, or 66.7%, from $6.0 million at December 31, 1999, to
$10.0 million at March 31, 2000. Short-term borrowings funded 3.2% of assets at
March 31, 2000. Long-term debt remained stable at $57.9 million at March 31,
2000 and at December 31, 1999. Long-term debt funded 18.6% of assets at March
31, 2000. All borrowings are composed of advances from the FHLB. Advances from
the FHLB have been, and are expected to continue to be, an important source of
funding for both existing assets and new asset growth.
11
<PAGE>
Stockholders' equity provides a source of permanent funding, allows for
future growth, and provides the Company with a cushion to withstand unforeseen,
adverse developments. At March 31, 2000, stockholders' equity totaled $27.4
million, a decrease of $316,000, or 1.1%, compared to $27.8 million at December
31, 1999. The decrease was primarily attributable to $872,000 of repurchases of
common stock for the treasury, together with $194,000 of dividends declared on
the Company's common stock, all of which was partially offset by net income for
the quarter ended March 31, 2000, of $541,000, a $40,000 increase in the value
of securities available for sale, net of deferred taxes, common stock released
by the Company's employee stock ownership plan (the "ESOP") trust of $87,000,
and common stock earned by participants in the Company's recognition plan (the
"RRP") trust of $82,000. Stockholders' equity funded 8.8% of assets at March 31,
2000, compared to 9.1% at December 31, 1999.
Federal regulations impose minimum regulatory capital requirements on
all financial institutions with deposits insured by the Federal Deposit
Insurance Corporation (the "FDIC"), which requirements directly affect the
minimum capital levels at the Bank. The Board of Governors of the Federal
Reserve System (the "FRB") also imposes minimum regulatory capital requirements,
which directly affect the minimum capital levels at the Company. At March 31,
2000 the capital of the Bank and the capital of the Company exceeded all minimum
regulatory requirements.
RESULTS OF OPERATIONS
The Company reported earnings per share of $0.43 (basic) and $0.42
(diluted) for the three months ended March 31, 2000, compared to earnings per
share of $0.36 (basic) and $0.35 (diluted) for the three months ended March 31,
1999. The 20.0% increase in earnings per share primarily reflects the effects of
the Company's stock repurchase program, which has reduced the weighted average
number of shares outstanding. See Note 3 to the financial statements.
The Company reported net income of $541,000, and $546,000 for the three
months ended March 31, 2000 and 1999, respectively. The $5,000 decrease in net
income in 2000 compared to 1999 was due primarily to a decrease in net interest
income of $22,000 and a decrease in non-interest income of $21,000, both of
which were partially offset by a decrease in non-interest expense of $33,000 and
a decrease in income tax expense of $5,000. The decline of $22,000 in net
interest income is attributed to narrower interest rate margins during the first
quarter of 2000, as compared to the first quarter of 1999; the declining net
interest margin is influenced partly by the effect of changes in market interest
rates throughout much of 1999 and 2000, and partly by the increased leverage of
the Company's assets primarily through the greater use of borrowings as a source
of funds.
The Company increased its leverage by increasing liabilities
(deposits and borrowings) and, during the same periods, decreasing stockholders'
equity. The Company's average interest-bearing liabilities increased from $238.4
million for the three months ended March 31, 1999, to $265.7 million for the
three months ended March 31, 2000, while average stockholders' equity decreased
from $31.7 million at March 31, 1999 to $27.8 million at March 31, 2000.
12
<PAGE>
NET INTEREST INCOME
Net interest income is determined by the combined effects of interest
rate spread (i.e., the difference between the yields earned on interest-earning
assets and the rates paid on interest-bearing liabilities) and changes in the
average amounts of interest-earning assets and interest-bearing liabilities. The
Company's average interest rate spread was 2.55% and 2.73% during the three
months ended March 31, 2000 and 1999, respectively. Both rates (the average
yield on interest-bearing assets and average cost of interest-bearing
liabilities) and volumes (the average balances on interest-bearing assets and
average balances of interest-bearing liabilities) influence net interest margin.
The Company's interest rate margin (i.e., the difference between interest income
and interest expense multiplied by average earning assets) was 3.09%, and 3.36%,
during the three months ended March 31, 2000 and 1999, respectively. The
declining net interest margin in 2000 compared to 1999 was primarily the result
of increases in the average rates paid on the average balances of
interest-bearing deposits and borrowings increasing faster and more than
offsetting the increased yields earned on the Company's loans, investment
securities, and other earning assets. Additionally, the increase in
interest-bearing liabilities of $27.2 million more than offset the increase in
interest-earning assets of $21.8 million for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999. The Company's net
interest income decreased slightly $22,000, or 1.0%, but remained relatively
stable at $2.3 million for the quarters ended March 31, 2000, and 1999.
The Company's largest group of interest-earning assets is residential
mortgage loans, comprising 61.8% of total average interest-earning assets for
the three months ended March 31, 2000. Market rates on residential mortgage
loans are heavily influenced by competition and on the rates of interest on
longer term U.S. Treasury Bonds, such as the 10-year and 30-year bonds.
Significant changes in longer term U.S. Government Treasury Bond rates likely
translate to similar changes in offering rates for residential mortgage loans.
The Company's largest source of funds is certificates of deposit, which for the
three months ended March 31, 2000, funded 57.4% of total average
interest-bearing liabilities. Market rates on shorter term U.S. Government Notes
and Bonds and offering rates by competition, heavily influence the Company's
offering rates on certificates of deposit. Significant changes in shorter term
U.S. Government Notes and Bonds may translate into somewhat similar changes in
offering rates for certificates of deposit. If longer term U.S. Government
Treasury Bond rates fall, and during the same time period, shorter term U.S.
Government Treasury Notes and Bond rates rise, the Company's net interest margin
will likely decrease.
INTEREST AND DIVIDEND INCOME
Interest and dividend income totaled $5.7 million for the three months
ended March 31, 2000, compared to $5.2 million for the three months ended March
31, 1999, an increase of $546,000, or 10.6%. This increase was mainly due to an
increase in the Company's average interest-earning assets of $21.8 million or
7.9%, together with a 19 basis point (with 100 basis points being equal to 1%)
increase in the yield earned. Interest earned on loans increased $482,000, or
10.9%, from $4.4 million for the three months ended March 31, 1999, to $4.9
million for the three months ended March 31, 2000. This increase was due to an
increase in the Company's average balance of loans for the three months ended
March 31, 2000, of
13
<PAGE>
$24.0 million, or 10.7%, and a one basis point increase in the yield earned.
Interest and dividends earned on investment securities increased $69,000, or
10.6%, from $649,000 for the three months ended March 31, 1999 to $718,000 for
the three months ended March 31, 2000. This increase was due to a 53 basis point
increase in the Company's yield earned on investment securities for the three
months ended March 31, 2000, and by an increase in the Company's average balance
of investment securities of $894,000. Interest earned on other earning assets
decreased $5,000, or 5.1%, from $98,000 for the three months ended March 31,
1999, to $93,000 for the three months ended March 31, 2000. This decrease was
primarily due to a decrease in the Company's average balance of other earning
assets of $3.2 million, or 31.3%, from $10.1 million for the three months ended
March 31, 1999, to $7.0 million at March 31, 2000, which was partially offset by
a 147 basis point increase in the Company's average yield earned on other
earning assets.
INTEREST EXPENSE
Interest expense increased $568,000, or 19.9%, from $2.9 million for
the three months ended March 31, 1999, to $3.4 million for the three months
ended March 31, 2000. This increase was due to an increase both in the average
balance of interest-bearing liabilities and in the cost of such liabilities. The
average balance of interest-bearing liabilities increased $27.2 million, or
11.4%, from $238.4 million for the three months ended March 31, 1999, to $265.7
million for the three months ended March 31, 2000, and the cost of such
interest-bearing liabilities increased 37 basis points.
The average balance of interest-bearing deposits increased $9.9
million, or 5.2%, from $191.5 million for the three months ended March 31, 1999,
to $201.4 million for the three months ended March 31, 2000. The cost of
interest-bearing deposits increased $276,000, or 12.2%, from $2.3 million for
the three months ended March 31, 1999 to $2.5 million for the three months ended
March 31, 2000. The cost of such average deposits increased 32 basis points for
the quarter ended March 31, 2000 as compared to the quarter ended March 31,
1999. Interest expense on borrowings (advances from the FHLB) increased
$292,000, or 48.7%, from $600,000 for the three months ended March 31, 1999, to
$892,000 for the three months ended March 31, 2000. The primary reasons for the
increase were a $17.4 million, or 37.0%, increase in the average balance of
borrowings, and an increase in the cost of borrowings of 43 basis points.
AVERAGE BALANCES, NET INTEREST INCOME, AND YIELDS EARNED AND RATES PAID. The
following table sets forth, for the periods indicated, information regarding (i)
the dollar amount of interest income of the Company from interest-earning assets
and the resultant average yields; (ii) the total dollar amount of interest
expense on interest-bearing liabilities and the resultant cost; (iii) net
interest income; (iv) interest rate spread; and (v) net interest margin.
Non-accrual loans have been included in the appropriate average balance loan
category, but interest on non-accrual loans has been included for purposes of
determining interest income only to the extent that cash payments were actually
received.
14
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
------------------------------------ ------------------------------------
March 31, 2000 March 31, 1999
------------------------------------ ------------------------------------
Average Average Average Average
(Dollars in Thousands) Balance Interest Yield/cost Balance Interest Yield/cost
----------- --------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Interest-earning assets:
Loans receivable:
Residential mortgage loans $ 183,277 $3,467 7.57% $ 169,319 $ 3,216 7.60%
Commercial loans 39,721 880 8.86 33,180 704 8.49
Consumer and other loans 24,845 554 8.92 21,327 499 9.36
----------- --------- ----------- ----------
Total loans 247,843 4,901 7.91 223,826 4,419 7.90
Investment securities (1) 41,649 718 6.90 40,755 649 6.37
Other earning assets 6,951 93 5.35 10,111 98 3.88
----------- --------- ----------- ----------
Total interest-earning assets 296,443 5,712 7.71 274,692 5,166 7.52
--------- ----------
Noninterest-earning assets 9,634 7,688
----------- -----------
Total Assets $ 306,077 $ 282,380
=========== ===========
Interest-bearing liabilities:
Deposits:
Demand deposits $ 34,900 319 3.66 $ 31,473 255 3.24
Savings deposits 13,961 70 2.01 19,177 81 1.69
Certificates of deposit 152,537 2,144 5.62 140,865 1,921 5.45
----------- --------- ----------- ----------
Total interest-bearing
deposits 201,398 2,533 5.03 191,515 2,257 4.71
Borrowings 64,259 892 5.55 46,894 600 5.12
----------- --------- ----------- ----------
Total interest-bearing
liabilities 265,657 3,425 5.16 238,409 2,857 4.79
--------- ----------
Noninterest-bearing demand deposits 10,927 9,979
Other noninterest-bearing liabilities 1,704 2,333
----------- -----------
Total liabilities 278,288 250,721
----------- -----------
Stockholders' equity 27,789 31,659
----------- -----------
Total liabilities and
stockholders' equity $ 306,077 $ 282,380
=========== ===========
Net interest-earning assets $ 30,786 $ 36,283
=========== ===========
Net interest income/interest rate
spread $2,287 2.55% $ 2,309 2.73%
========= ========== ========== ===========
Net interest margin 3.09% 3.36%
========== ===========
Ratio of average interest-earning
assets to average interest-
bearing liabilities 111.59% 115.22%
- - ------------------------------------------ ========= ==========
</TABLE>
(1) Includes FHLB stock.
PROVISION FOR LOAN LOSSES
Provisions for loan losses are charged to earnings in order to bring
the total allowance for loan losses to a level considered appropriate by
management based on methodology implemented by the Company, which is designed to
assess, among other things, historical loan loss experience, the volume and type
of lending conducted by the Company, the amount of the Company's classified
assets, the status of past due principal and interest payments, loan-to-value
ratios of loans in the portfolio, general economic conditions, particularly as
they relate to the Company's market area, and any other factors related to the
collectibility of the Company's loan portfolio. Management of the Company
assesses the allowance for loan losses on at least a quarterly basis and makes
provisions for loan losses as deemed appropriate in order to maintain the
adequacy of the allowance for loan losses. The Company made no provision for
loan losses in the three months ended March 31, 2000 or 1999.
15
<PAGE>
At March 31, 2000, the Company's allowance for loan losses amounted to
$2.8 million, or 1.1% of total loans and 487.6% of non-performing loans and
troubled debt restructurings. At December 31, 1999, the Company's allowance for
loan losses amounted to $2.7 million, or 1.1% of total loans and 496.7% of
non-performing loans and troubled debt restructurings.
NON-INTEREST INCOME
For the three months ended March 31, 2000, the Company reported
non-interest income of $234,000, a decrease of $21,000 from the three months
ended March 31, 1999. The primary reasons for the decrease were a decrease in
net gains on the sale of loans of $62,000, a decrease in loan servicing fees of
$3,000,and decrease in net trading account losses of $3,000, all of which were
partially offset by a reduction in the loss from the Company's investment in a
limited liability company of $44,000, and an increase in customer service fees
of $3,000.
NON-INTEREST EXPENSE
Non-interest expense includes salaries and employee benefits,
occupancy, depreciation, data processing, net costs related to foreclosed
assets, deposit insurance premiums, advertising and marketing, bank shares and
franchise tax, and other expense items.
Non-interest expense amounted to $1.7 million for the three months
ended March 31, 2000, compared to $1.7 million for the three months ended March
31, 1999, actually being a slight decrease of $33,000, or 1.9%. Salaries and
employee benefits increased $67,000, or 7.4%, advertising expense increased
$40,000, data processing expenses increased $19,000, and occupancy expense
increased $11,000, or 14.1%. All of such increases were more than offset by
decreases of $20,000 in deposit insurance premiums, $16,000 in bank shares and
franchise tax expenses, $6,000 in depreciation expenses, and $36,000, or 8.7%,
in all other expenses, together with net reduction of $92,000 in the net costs
of foreclosed assets.
As disclosed in NOTE 4 SUBSEQUENT EVENTS of the financial statements,
the Company recently purchased an office building to be used as its new
corporate headquarters and new main office branch banking facility for the Bank.
Depending upon, among other factors, the amount of space which the Company
ultimately leases to third parties, the Company expects the costs related to the
change in headquarters and relocation of the Bank's main office will amount to
approximately $0.27 per share in the first twelve-month period (of which $0.17
is expected to be recognized in the quarter ending June 30, 2000) and
approximately $0.17 and $0.14 in years two and three, respectively.
INCOME TAXES
For the quarters ended March 31, 2000 and March 31 1999, the Company
incurred income tax expense of $295,000 and $300,000, respectively. The
Company's effective tax rate amounted to 35.2% and 35.5% during the first
quarter of 2000 and 1999, respectively. The difference between the effective
rate and the statutory tax rate is primarily related to variances in the items
that are either non-taxable or non-deductible, and because state
16
<PAGE>
income tax is included on the Company's income, exclusive of the income derived
from the Bank.
LIQUIDITY RESOURCES
The Company's primary liquidity, represented by cash and cash
equivalents, is a product of its operating, investing and financing activities.
Excess liquidity includes the Company's securities available for sale portfolio.
The Company's primary sources of funds are deposits, borrowings, proceeds from
sale of stock, and amortization, prepayments and maturities from its loan
portfolio and its securities held to maturity portfolio, and other funds
provided from operations. While scheduled payments from the amortization of
loans and securities and maturing investment securities are relatively
predictable sources of funds, deposit flows, loan prepayments, and securities
prepayments are greatly influenced by general interest rates, economic
conditions and competition. Under current agreements, the Company has the
ability to borrow up to approximately $127.9 million from the FHLB through its
subsidiary Bank, and $4.7 million from the Federal Reserve Bank. Additionally,
using other investments as collateral, the subsidiary Bank could borrow $8.8
million.
Liquidity management is both a daily and long-term function of business
management. The Company uses its primary liquidity to meet its ongoing
commitments, to pay maturing certificates of deposit and deposit withdrawals,
and to fund loan commitments. The Company's excess liquidity and borrowing
capacity provide added readiness to meet ongoing commitments and growth. At
December 31, 1999, the total approved commitments to extend credit amounted to
$25.2 million. Certificates of deposit scheduled to mature in one year or less
at the same date totaled $64.4 million. Management believes that a significant
portion of maturing deposits will remain with the Company. The Company
anticipates it will continue to have sufficient funds together with available
borrowings to meet its current commitments.
CAPITAL RESOURCES
The Company (on a consolidated basis) and the Bank are subject to
various regulatory capital requirements administered by the federal banking
agencies. Failure to meet minimum capital requirements can initiate certain
mandatory and possibly additional discretionary actions by regulators that, if
undertaken, could have a direct material effect on the Company's and Bank's
financial statements. Under capital adequacy guidelines and the regulatory
framework for prompt corrective action, the Company and the Bank must meet
specific capital guidelines that involve quantitative measures of their assets,
liabilities and certain off balance sheet items as calculated under regulatory
accounting practices. The capital amounts and classification are also subject to
qualitative judgments by the regulators about components, risk weightings, and
other factors. Prompt corrective action provisions are not applicable to bank
holding companies.
Quantitative measures established by regulation to ensure capital
adequacy require the Company and the Bank to maintain minimum amounts and ratios
(set forth in the following table) of total and Tier 1 capital (as defined in
the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as
defined) to average assets (as defined). Management believes, as of March 31,
2000, that the Company and the Bank met all capital adequacy requirements to
which they are subject.
17
<PAGE>
As of March 31, 2000, the most recent notification from the Federal
Deposit Insurance Corporation categorized the Bank as well capitalized under the
regulatory framework for prompt corrective action. To be categorized as well
capitalized, an institution must maintain minimum total risk-based, Tier 1
risk-based and Tier 1 leverage ratios as set forth in the following tables.
There are no conditions or events since the notification that management
believes have changed the Bank's category. The Company's and the Bank's actual
capital amounts and ratios as of March 31, 2000 are presented in the table
below:
<TABLE>
<CAPTION>
Minumum to be
Minimum Well Capitalized Under
Capital Prompt Corrective
(Dollars in Thousands Actual Requirement Action Provisions
---------------------------- --------------------- ---------------------------
March 31, 2000: Amount Ratio Amount Ratio Amount Ratio
- - ---------------------------------------------- ------------ -------------- ------------ ------- -------------- -----------
Total Capital to Risk Weighted Assets:
<S> <C> <C> <C> <C> <C> <C>
Acadiana Bancshares, Inc. $29,915 17.1% $14,028 8.0% N/A N/A %
LBA Savings Bank 24,987 14.4% 13,875 8.0% 17,535 10.0%
Tier 1 Capital to Risk Weighted Assets:
Acadiana Bancshares, Inc. 27,703 15.8% 12,241 4.0% N/A N/A %
LBA Savings Bank 22,799 13.1% 12,088 4.0% 18,361 6.0%
Tier 1 Capital to Average Assets:
Acadiana Bancshares, Inc. 27,703 9.1% 12,241 4.0% N/A N/A %
LBA Savings Bank 22,799 7.5% 12,088 4.0% 15,110 5.0%
</TABLE>
IMPACT OF INFLATION AND CHANGING PRICES
The accompanying consolidated financial statements were prepared in
accordance with instructions to Form 10-Q, and therefore, do not include
information or footnotes necessary for a complete presentation of financial
position, results of operations and cash flows in conformity with generally
accepted accounting principles. However, all normal, recurring adjustments,
which, in the opinion of management, are necessary for a fair presentation of
financial statements, have been included. The preparation of financial
statements in accordance with generally accepted accounting principles generally
require the measurement of financial position and operation results in terms of
historical dollars, without considering changes in relative purchasing power
over time due to inflation. Unlike most industrial companies, virtually all of
the Company's assets and liabilities are monetary in nature. Consequently,
interest rates generally have a more significant impact on the Company's
performance than does the effect of inflation. Interest rates do not necessarily
move in the same direction or in the same magnitude as the prices of goods and
services, since such prices are affected by inflation to a larger extent than
interest rates.
YEAR 2000 CONSIDERATIONS
As of the date hereof, the Company has not experienced any significant
Year 2000 problems with respect to its computer systems or software or the
systems and software of third-party vendors. The Company also is not aware that
Year 2000 issues have adversely affected the ability of its commercial customers
to meet their debt service obligations to the Company or otherwise. The Company
will continue to monitor systems for problems in the
18
<PAGE>
future, however, and costs and/or issues related to that process are not
expected to be significant.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND INTEREST
RATE RISK
MARKET RISK
Market risk is the risk of loss in a financial instrument arising from
adverse changes in market rates or prices such as interest rates, foreign
currency exchange rates, commodity prices, and equity prices. The Company's
primary market risk exposure is interest rate risk. The ongoing monitoring and
management of this risk is an important component of the Company's
asset/liability management process, which is governed by policies established by
its Board of Directors that are reviewed and approved annually. The Company's
actions with respect to interest rate risk and its asset/liability gap
management are taken under guidance of the Finance Committee of the Board of
Directors of the Bank, which is composed of Messrs. O'Rourke, Beacham, and
Ortego, and the Asset/Liability Management Committee ("ALCO"), which is composed
of six officers of the Bank. The Finance Committee meets jointly with the ALCO,
quarterly to set interest rate risk targets and review the Company's current
composition of assets and liabilities in light of the prevailing interest rate
environment. The committee assesses its interest rate risk strategy quarterly,
which is then reviewed by the full Board of Directors. The Board of Directors
delegates responsibility for carrying out the asset/liability management
policies to the ALCO. In its capacity, the ALCO develops guidelines and
strategies affecting the Company's asset/liability management related activities
based upon estimated market risk sensitivity, policy limits, and overall market
interest rate levels and trends. The Company's 1999 Annual Report has further
information relating to market risk. The Company does not believe that its
exposure to market risks has changed materially since December 31, 1999.
INTEREST RATE RISK
Interest rate risk represents the sensitivity of earnings to changes in
market interest rates. As interest rates change, the interest income and
interest expense streams associated with the Company's financial instruments
also change, thereby affecting net interest income ("NII"), which is the primary
component of the Company's earnings.
The ability to maximize net interest income is largely dependent upon
the achievement of a positive interest-rate spread that can be sustained during
fluctuations of interest rates. Interest rate sensitivity is a measure of the
difference between amounts of interest-earning assets and interest-bearing
liabilities that either reprice or mature within a given period. The difference,
or the interest rate repricing "gap," provides an indication of the extent to
which an institution's interest rate spread will be affected by changes in
interest rates. A gap is considered positive when the amount of interest-rate
sensitive assets exceeds the amount of interest-rate sensitive liabilities, and
is considered negative when the amount of interest-rate sensitive liabilities
exceeds the amount of interest-rate sensitive assets, in a given period.
Generally, during a period of rising interest rates, a negative gap within
shorter maturities would adversely affect net interest income, while a positive
gap within shorter maturities would result in an increase in net interest
income. During a period of falling interest rates, a negative gap within shorter
maturities would result in an increase in net interest income while a positive
19
<PAGE>
gap within shorter maturities would have the opposite effect. The Company's 1999
Annual Report has further information relating to interest rate risk. The
Company does not believe that its exposure to interest rate risk has changed
materially since December 31, 1999.
20
<PAGE>
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS.
Not applicable.
Item 2. CHANGES IN SECURITIES.
Not applicable.
Item 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS.
Not applicable.
Item 5. OTHER INFORMATION.
Not applicable.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K.
a) Rider B.
3.1* Articles of Incorporation of Acadiana Bancshares, Inc.
3.2* Bylaws of Acadiana Bancshares, Inc.
4.0* Form of Stock Certificate of Acadiana Bancshares, Inc.
10.1** Stock Option Plan
10.2** 1996 Recognition and Retention Plan and Trust Agreement for
Employees and Non Employee Directors
10.3** Employment Agreement between LBA Savings Bank and Gerald G.
Reaux, Jr.
10.4* Form of Severance Agreement between Acadiana Bancshares, Inc.,
LBA Savings Bank and Lawrence Gankendorff, James J. Montelaro,
Gregory King, Mary Anne Bertrand, Wayne Bares, Emile E.
Soulier, III and Thomas F. Debaillon.
27.0 Financial Date Schedule
(*) Incorporated herein by reference from the Registration
Statement on Form S-1 (Registration No. 333-1396) filed by the
Registrant with the SEC on February 15, 1996, as subsequently
amended.
(**) Incorporated herein by reference from the definitive proxy
statement, dated December 16, 1996, filed by the Registrant
with the SEC (Commission File No. 1-4364).
21
<PAGE>
(***) Incorporated herein by reference from the Annual Report on
Form 10-K (File No. 1-14364) filed by the Registrant with the
SEC on March 31, 1997.
b) No Form 8-K reports were filed during the quarter.
22
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ACADIANA BANCSHARES, INC.
Date: May 15, 2000 By: /s/ Gerald G. Reaux, Jr. *
-----------------------------------------------
Gerald G. Reaux, Jr., President and
Chief Executive Officer
Date: May 15, 2000 By: /s/ Emile E. Soulier, III *
-----------------------------------------------
Emile E. Soulier, III, Vice-President and
Chief Financial Officer
* This Form 10-Q is amended hereby to reflect conforming signatures on the
signature page.
23
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0001011024
<NAME> Acadiana Bancshares, Inc.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 3,549
<INT-BEARING-DEPOSITS> 7,757
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 323
<INVESTMENTS-HELD-FOR-SALE> 25,474
<INVESTMENTS-CARRYING> 11,880
<INVESTMENTS-MARKET> 11,914
<LOANS> 254,552
<ALLOWANCE> 2,767
<TOTAL-ASSETS> 305,696
<DEPOSITS> 214,987
<SHORT-TERM> 10,000
<LIABILITIES-OTHER> 1,241
<LONG-TERM> 57,850
0
0
<COMMON> 27
<OTHER-SE> 27,407
<TOTAL-LIABILITIES-AND-EQUITY> 311,512
<INTEREST-LOAN> 4,901
<INTEREST-INVEST> 718
<INTEREST-OTHER> 93
<INTEREST-TOTAL> 5,712
<INTEREST-DEPOSIT> 2,533
<INTEREST-EXPENSE> 3,425
<INTEREST-INCOME-NET> 2,287
<LOAN-LOSSES> 0
<SECURITIES-GAINS> (24)
<EXPENSE-OTHER> 1,685
<INCOME-PRETAX> 836
<INCOME-PRE-EXTRAORDINARY> 836
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 541
<EPS-BASIC> 0.43
<EPS-DILUTED> 0.42
<YIELD-ACTUAL> 3.09
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 433
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,747
<CHARGE-OFFS> (37)
<RECOVERIES> 57
<ALLOWANCE-CLOSE> 2,767
<ALLOWANCE-DOMESTIC> 2,767
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
