UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-20911
ALGIERS BANCORP, INC.
(Exact name of small business issuer as specified in its charter)
LOUISIANA 72 - 1317594
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
#1 WESTBANK EXPRESSWAY, NEW ORLEANS, LOUISIANA 70114
(Address of principal executive offices)
Issuer's telephone number, including area code: (504) 367-8221
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]
Shares of common stock, par value $.01 per share, outstanding as of March 31,
1997: 648,025
Transitional Small Business Disclosure Format (check one): Yes [ ] No [ X ]
<PAGE>
Algiers Bancorp, Inc.
Form 10-QSB
Quarter Ended March 31, 1997
PART I - FINANCIAL INFORMATION
Interim Financial Information required by Rule 10-01 of Regulation S-X and Item
303 of Regulation S-B is included in this Form 10-QSB as referenced below:
Item 1 - Financial Statements
Consolidated Statements Of Financial Condition (Unaudited)
At March 31, 1997 and December 31, 1996......................... Page 3
Consolidated Statements Of Income (Unaudited) For the Three
Months Ended March 31, 1997 and 1996............................ 5
Consolidated Statements Of Stockholders' Equity (Unaudited) For
The Three Months Ended March 31, 1997 and 1996.................. 7
Consolidated Statements Of Cash Flows (Unaudited) For the
Three Months Ended March 31, 1997 and 1996...................... 8
Notes to Consolidated Financial Statements...................... 10
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations............................. 13
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings...................................... 17
Item 2 - Changes in Securities................................. 17
Item 3 - Defaults Upon Senior Securities....................... 17
Item 4 - Submission of Matters to a Vote of Security-Holders... 17
Item 5 - Other Information..................................... 17
Item 6 - Exhibits and Reports on Form 8-K...................... 17
Signatures..................................................... 18
<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
ASSETS
March 31, December 31,
1997 1996
------- -------
(Unaudited)
(In Thousands)
<S> <C> <C>
Cash and Cash Equivalents ........................ $ 1,838 $ 1,722
Investments Available-for-Sale-at Fair Value ..... 2,091 2,467
Investment Securities Held-to-Maturity-Fair Value
of $200 and $825 respectively ................ 200 825
Loans Receivable - Net ........................... 9,181 9,220
Mortgage-Backed Securities-Available-for-Sale-
at Fair Value................................. 9,187 9,077
Mortgage-Backed Securities-Held-to-Maturity-Fair
Value of $22,834 and $23,229 respectively..... 23,418 23,810
Stock in Federal Home Loan Bank .................. 462 456
Accrued Interest Receivable ...................... 286 265
Real Estate Owned - Net .......................... 44 45
Office Properties and Equipment, at Cost -
Furniture, Fixtures and Equipment, Less
Accumulated Depreciation of $193 and
$187 respectively............................. 242 231
Deferred Charges.................................. 31 18
Other Assets ..................................... 2 5
Deferred Tax Asset................................ 69 23
Income Tax Receivable............................. 66 75
------- -------
Total Assets ............................ $ 47,117 $48,239
======== =======
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, December 31,
1997 1996
------- -------
(Unaudited)
(In Thousands)
LIABILITIES
<S> <C> <C>
Deposits ......................................... $36,137 $36,635
Advance from Federal Home Loan Bank .............. 1,000 1,500
Advance Payments from Borrowers for
Insurance and Taxes........................... 145 237
Accrued Interest Payable on Depositors' Accounts.. 4 1
Dividends Payable................................. 31 32
Other Liabilities ................................ 59 35
------- -------
Total Liabilities ....................... 37,376 38,440
------- -------
STOCKHOLDERS' EQUITY
Stockholders' Equity
Common stock, $.01 Par Value; Authorized
10,000,000 Shares, 648,025 Issued Shares... 6 6
Paid-in Capital in Excess of Par............. 6,113 6,108
Retained Earnings................................. 4,231 4,201
Unrealized Loss on Securities Available-for-Sale,
Net of applicable Deferred Income Tax......... (130) (24)
------- ------
10,220 10,291
Less: Unearned ESOP Shares............. (479) (492)
------- ------
Total Stockholders' Equity............. 9,741 9,799
------- ------
Total Liabilities and Stockholders'
Equity............................... $47,117 $48,239
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31, March 31,
1997 1996
---- ----
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
INTEREST INCOME
Loans ........................................ $190 $169
Mortgage-Backed Securities ................... 523 469
Investment Securities ........................ 71 47
Other Interest-Earning Assets ................ 27 7
---- ----
Total Interest Income ................. 811 692
---- ----
INTEREST EXPENSE
Deposits ..................................... 427 454
FHLB Advances ................................ 13 --
---- ----
Total Interest Expense ................ 440 454
---- ----
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES .................. 371 238
RECOVERY OF LOAN LOSSES .......................... -- --
---- ----
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES .................... 371 238
---- ----
NON-INTEREST INCOME
Gain - Sale of Investments ................... 1 28
Service Charges and Fees ..................... 17 --
Recapture of Allowance on GIC Bonds .......... 20 29
Miscellaneous Income ......................... 3 --
---- ----
Total Non-Interest Income ............. 41 57
---- ----
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31, March 31,
1997 1996
---- ----
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
NON-INTEREST EXPENSES
Compensation and Benefits .................. $186 116
Occupancy and Equipment .................... 44 24
Computer ................................... 11 6
Deposit Insurance Premium .................. 1 25
Real Estate Owned Expenses ................. -- 2
Other ...................................... 71 35
---- ----
Total Non-Interest Expense ............. 313 208
---- ----
INCOME BEFORE FEDERAL
INCOME TAX EXPENSE ......................... 99 87
FEDERAL INCOME TAX EXPENSE ..................... 37 30
---- ----
NET INCOME ..................................... $ 62 $ 57
==== ====
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Three Months Ended
March 31, March 31,
1997 1996
------ ------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
COMMON STOCK
Balance-Beginning of period .................. 6 --
Sale of common stock ......................... -- --
------ ------
Balance-End of period ........................ 6 --
------ ------
PAID IN CAPITAL IN EXCESS OF PAR
Balance-Beginning of period .................. 6,108 --
Shares Allocated to the ESOP Plan ............ 5
Sale of common stock ......................... -- --
------ ------
Balance-End of period ........................ 6,113 --
------ ------
RETAINED EARNINGS
Balance-Beginning of period .................. 4,201 4,077
Net Income .................................. 62 57
Dividends Declared ......................... (32)
Unrealized loss on Securities ............... (130) (17)
------ ------
Balance-End of period ........................ 4,101 4,117
------ ------
UNEARNED ESOP SHARES
Balance-Beginning of period .................. (492) --
Shares Released for Allocation ............... 13 --
------ ------
Balance-End of period ........................ (479) --
------ ------
TOTAL STOCKHOLDERS' EQUITY ..................... 9,741 4,117
====== ======
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31, March 31,
1997 1996
---- ----
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income .................................................. $ 62 $ 57
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation and Amortization ......................... 6 5
Premium Amortization Net of Discount Accretion ........ (21) (3)
ESOP Expense .......................................... 18
Stock Dividend - FHLB ................................. (6) (6)
Gain on Sale of Investment ............................ (1) --
Increase in Accrued Interest Payable .................. 3 4
Increase (Decrease) in Other Liabilities ............. 4 (23)
Decrease (Increase) in Accrued Interest Receivable .... (21) 24
Recovery of Losses on Real Estate Owned ............... -- (2)
Decrease in Other Assets .............................. 4 --
Increase in Deferred Loan Fees ........................ -- (75)
Decrease in Prepaid Income Taxes ...................... 9 --
Decrease in Deferred Income Taxes ..................... 57 40
(Increase) in Deferred Charges ........................ (13) --
------- -------
Net Cash Provided by Operating Activities ......... 101 21
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of Investment Securities - Held-to-Maturity ...... 625 --
Maturities of Investment Securities - Available-for-Sale .... 325 700
Purchases of Mortgage-Backed Securities - Held-to-Maturity .. (184) (2,845)
Maturities of Mortgage-Backed Securities - Held-to-Maturity . 536 444
Purchases of Mortgage-Backed Securities - Available-for-Sale (489) --
Maturities of Mortgage-Backed Securities - Available-for-Sale 302 772
Principal Collected on Loans ................................ 398 395
Loans Made to Customers ..................................... (359) (349)
Purchase of Furniture and Fixtures .......................... (17) (3)
Proceeds from Sales of Foreclosed Real Estate ............... -- 50
------- -------
Net Cash Provided by (Used In) Investing Activities 1,137 (836)
------- -------
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31, March 31,
1997 1996
------- -------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase (Decrease) in Deposits .......................... $ (498) $ 1,003
Net Increase (Decrease) in Advances from
Borrowers for Taxes and Insurance ........................ (92) (15)
Repayment of Federal Home Loan Bank Advance .................. (500) --
Dividends Paid on Common Stock ............................... (32) --
------- -------
Net Cash Provided by (Used in) Financing Activities (1,122) 988
------- -------
NET INCREASE IN CASH AND CASH EQUIVALENTS ........................ 116 173
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR .................... 1,722 1,452
------- -------
CASH AND CASH EQUIVALENTS - END OF YEAR .......................... $ 1,838 $ 1,625
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest ................................................. $ 116 $ 122
Income Taxes ............................................. $ 21 $ --
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS
Dividends Declared ........................................... $ 32 --
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
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<PAGE>
Algiers Bancorp, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 1997
Note 1 - Basis of Presentation -
The accompanying consolidated financial statements for the three months
ended March 31, 1997 include the accounts of Algiers Bancorp, Inc. (the
"Company"), its wholly owned subsidiary, Algiers Homestead Association (the
"Association") and its 51% owned subsidiary, Jefferson Community Lending, LLC
("Jefferson"). Currently, the business and management of Algiers Bancorp, Inc.
is primarily the business and management of the Association. All significant
intercompany transactions and balances have been eliminated in the
consolidation.
On February 5, 1996, the Association incorporated Algiers Bancorp,
Inc., to facilitate the conversion of the Association from mutual to stock form
(the "Conversion"). In connection with the Conversion, the Company offered its
common stock to the depositors and borrowers of the Association as of specified
dates, to an employee stock ownership plan and to members of the general public.
Upon consummation of the Conversion on July 8, 1996, all of the Association's
outstanding common stock was issued to the Company, the Company became the
holding company for the Association and the Company issued 648,025 shares of
common stock.
The Company filed a Form SB-2 with the Securities and Exchange
Commission ("SEC") on March 26, 1996, which as amended was declared effective by
the SEC on May 13, 1996. The Association filed a Form AC with the Office of
Thrift Supervision ("OTS") and the Office of Financial Institutions ("OFI") on
March 26, 1996. The Form AC and related offering and proxy materials, as
amended, were conditionally approved by the OTS and OFI by letters dated May 13,
1996 and May 14, 1996. The Company also filed an Application H-(e) 1-S with the
OTS and the OFI on March 26, 1996, which was conditionally approved by the OTS
an the OFI by letters dated May 13, 1996.
The members of the Association approved the Plan at a special meeting
held on June 27, 1996, and the subscription and community offering closed on
June 24, 1996.
The Conversion was accounted for under the pooling of interests method
of accounting. In the Conversion, the Company issued 648,025 share of common
stock, 51,860 shares of which were acquired by its Employee Stock Ownership
Plan, and the Association issued 1,000 shares of $.01 par value common stock to
the Company.
The accompanying consolidated unaudited financial statements were
prepared in accordance with instructions for Form 10-QSB and,
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<PAGE>
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
adjustments (consisting only of normal recurring accruals) which, in the opinion
of management, are necessary for a fair presentation of the consolidated
financial statements have been included. The results of operations for the three
months ended March 31, 1997 are not necessarily indicative of the results to be
expected for the year ending December 31, 1997.
Note 2 - Employee Stock Ownership Plan-
The Company sponsors a leveraged employee stock ownership plan (ESOP)
that covers all employees who have at least one year of service with the
Company. The ESOP shares initially were pledged as collateral for its debt. The
debt is being repaid based on a ten-year amortization and the shares are being
released for allocation to active employees annually over the ten-year period.
The shares pledged as collateral are deducted from stockholders' equity as
unearned ESOP shares in the accompanying balance sheets.
As shares are released from collateral, the Company reports
compensation expense equal to the current market price of the shares. Dividends
on allocated ESOP shares are recorded as a reduction of retained earnings;
dividends on unallocated ESOP shares are recorded as a reduction of unearned
ESOP shares. ESOP compensation expense was $18,000 for the three months ended
March 31, 1997 based on the annual release of shares.
Note 2 - Earnings Per Share -
Earnings per share for periods prior to June 30, 1996 is not considered
meaningful as the Conversion was not completed until after June 30, 1996, and
the 100 shares held by the Association as of June 30, 1996 were canceled upon
consummation of the Conversion.
Note 3 - Special SAIF Assessment
On September 30, 1996, as part of the omnibus appropriations package
signed by President Clinton, the government mandated a special assessment to
recapitalize the Savings Association Insurance Fund ("SAIF"), which is
administered by the Federal Deposit Insurance Corporation ("FDIC"). The
one-time, special SAIF assessment amounted to $.657 for every $100 of
SAIF-insured deposits as of March 31, 1995. The FDIC notified the Association
that the Association's special assessment was $241,000, which after taxes
reduced the Company's net income by $159,000 in the quarter ended September 30,
1996. The Association's deposit premiums, which were previously $.23 for every
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<PAGE>
$100 of assessable deposits, were reduced to $.064 for every $100 of assessable
deposits beginning January 1, 1997. Based on the Association's deposits at March
31, 1997, the premium reduction should result in a pre-tax cost savings of
approximately $62,000 per year for the Association, or approximately $.69 per
share after taxes.
- 12 -
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
The following discussion compares the consolidated financial condition
of Algiers Bancorp, Inc. and Subsidiaries at March 31, 1997 to December 31, 1996
and the results of operations for the three months ended March 31, 1997 with the
same period in 1996. Currently, the business and management of Algiers Bancorp,
Inc. is primarily the business and management of the Association. This
discussion should be read in conjunction with the interim consolidated financial
statements and footnotes included herein.
Changes in Financial Condition
Total assets decreased $1.1 million or 2.4% from $48.2 million at
December 31, 1996 to $47.1 million at March 31, 1997. The decrease in assets is
primarily due to decreases in investments and mortgage-backed securities offset
by an increase in cash and cash equivalents.
Interest-earning deposits in other institutions was $3.3 million at
December 31, 1996 and at March 31, 1997. These assets provide a higher yield
than mortgage-backed securities and have shorter maturities.
The mortgage-backed securities portfolio decreased $282,000 or .9% from
$32.9 million at December 31, 1996 to $32.6 million at March 31, 1997, as the
amount of mortgage-backed securities maturing exceeded the amount purchased.
Due to a slowing in the demand for mortgage loans in the Association's
market area, the loan portfolio remained constant over the past three months at
$9.2 million.
Total deposits decreased $498,000 or 1.4% to $36.1 million at March 31,
1997 from $36.6 million at December 31, 1996.
Total stockholders' equity decreased by $58,000 during the past three
months. Net income of $62,000, a $5,000 increase in additional paid-in capital
and a $13,000 reduction in unearned ESOP shares increased equity during the
period. Equity was reduced $106,000 due to an increase in the reserve for
unrealized loss on securities available-for-sale and by a $32,000 dividend
declared on common stock. Stockholder's equity at March 31, 1997 totaled $9.7
million compared to $9.8 million at December 31, 1996.
- 13 -
<PAGE>
Results of Operations
Based on the above capital ratios, the Association meets the criteria
for a "well capitalized" institution at March 31, 1997. The Association's
management believes that under the current regulations, the Association will
continue to meet its minimum capital requirements in the foreseeable future.
However, events beyond the control of the Association, such as increased
interest rates or a downturn in the economy of the Association's area, could
adversely affect future earnings and consequently, the ability of the
Association to continue to exceed its future minimum capital requirements.
The profitability of the Company depends primarily on its net interest
income, which is the difference between interest and dividend income on
interest-earning assets, principally mortgage-backed securities, loans and
investment securities, and interest expense on interest-bearing deposits. Net
interest income is dependent upon the level of interest rates and the extent to
which such rates are changing. The Company's profitability also is dependent, to
a lesser extent, on the level of its noninterest income, provision for loan
losses, noninterest expense and income taxes. In each of the three months ended
March 31, 1997 and 1996, net interest income before provision for loan losses
exceeded total noninterest expense. Total noninterest expense consists of
general, administrative and other expenses, such as compensation and benefits,
occupancy and equipment expense, federal insurance premiums, and miscellaneous
other expenses.
The Company's net income increased by $5,000 or 8.8% in the three
months ended March 31, 1997 from the three months ended March 31, 1996. The
increase was due to an increase of $133,000 or 55.9% in net interest income,
mostly offset by an increase of $105,000 or 50.5% in noninterest expense. The
increase in noninterest expense was primarily due to increases related to the
formation of the Company's mortgage subsidiary, partially offset by a decrease
in the deposit insurance premium.
The increased net interest income was due to an increase in the average
interest rate spread from 2.14% in the March 31, 1996 quarter to 2.64% in the
March 31, 1997 quarter. The yield on interest-earning assets increased faster
than the average rate on deposits as the Association was able to control the
rate of increase on deposits through discretionary pricing and due to a
reduction in the average balance of deposit accounts outstanding during 1997.
The average rate on deposits decreased from 4.71% in the first quarter of 1996
to 4.69% in the first quarter of 1996, while the average yield on
interest-earning assets increased 6.9% to 7.32% over the same period. The
increased yield on assets was primarily due to higher yields on the
Association's adjustable-rate mortgage loans and adjustable-rate mortgage-backed
securities. In addition, in the first quarter of 1996,
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<PAGE>
the Association used a portion of its maturing investment securities to fund the
purchase of mortgage-backed securities, which are higher yielding than
investment securities. Mortgage-backed securities amounted to $32.6 million or
69.2% of total assets at March 31, 1997, compared to $32.9 million or 68.2% of
total assets at March 31, 1996.
Total interest income increased by $119,000 or 14.7% in the first
quarter of 1997 compared to the first quarter of 1996, due to the increase in
the average yield. Total interest expense decreased by $14,000 or 3.2% in the
first quarter of 1997 compared to the first quarter of 1996, primarily due to
the decrease in the average balance of deposit accounts average deposits
decreased by $2.1 million or 5.5% in the three months of 1997 over the
comparable 1996 period. This decrease was due primarily to the withdrawal of
funds from accounts for the purchase of stock in Algiers Bancorp, Inc. in the
conversion
The Association had no provision or credit for loan losses in the
quarters ended March 31, 1997 and 1996. Total nonperforming loans totaled
$25,000 at March 31, 1997, and the allowance for loan losses at such date was
$526,000.
The decrease in total noninterest income was income was due to a
$27,000 decrease in gain on sale of investments, a $9,000 decrease in recapture
of allowance on GIC bonds partially offset by increases in service charges and
fees and miscellaneous income.
The increase in total noninterest expense was due to a $66,000 increase
in compensation expense, a $20,000 increase in occupancy and equipment expense
and a $36,000 increase in other operating expenses. The increases in these
expense accounts are associated with the start up costs of the Company's 51%
owned subsidiary, Jefferson Community Lending, LLC. These increases were
partially offset by a decrease of $24,000 in deposit insurance premiums.
The increase in income tax expense was primarily due to an increase of $12,000
or 1.4% in pre-tax income.
Liquidity and Capital Resources
The Association is required under applicable federal regulations to
maintain specified levels of "liquid" investments in qualifying types of U.S.
Government, federal agency and other investments having maturities of five years
or less. Current OTS regulations require that a savings institution maintain
liquid assets of not less than 5% of its average daily balance of net
withdrawable deposit accounts and borrowings payable in one year or less, of
which short-term liquid assets must consist of not less than 1.0%. At March 31,
1997, the Association's liquidity was 7.90% or $1.1 million in excess of the
minimum OTS requirement of 5.0%.
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<PAGE>
The Association is required to maintain regulatory capital sufficient
to meet tangible, core and risk-based capital ratios of 1.5%, 3.0%, and 8.0%,
respectively. At March 31, 1997, the Association's tangible and core capital
both amounted to $6.9 million or 15.39% of adjusted total assets of $44.8
million, and the Association's risk-based capital amounted to $7.0 million or
63.20% of adjusted risk-weighted assets of $11.1 million.
As of March 31, 1997, the Association's unaudited regulatory capital
requirements are as indicated in the following table:
<TABLE>
<CAPTION>
TANGIBLE CORE RISK-BASED
CAPITAL CAPITAL CAPITAL
------ ------ ------
(Dollars in Thousands)
<S> <C> <C> <C>
GAAP Capital ................. $6,897 $6,897 $6,897
Additional Capital Items:
General Valuation Allowances -- -- 145
------ ------ ------
Regulatory Capital ........... 6,897 6,897 7,042
Minimum Capital Requirement .. 672 1,346 891
------ ------ ------
Regulatory Capital Excess .... $6,225 $5,551 $6,151
====== ====== ======
Regulatory Capital as a
Percentage ................. 15.39% 15.39% 63.20%
Minimum Capital Required
as a Percentage ............ 1.50% 3.00% 8.00%
------ ------ ------
Regulatory Capital as a
Percentage in Excess
of Requirements .......... 13.89% 12.39% 55.20%
====== ====== ======
</TABLE>
Common Stock Repurchase Plan
On March 12, 1997 the Company received permission from the Office of
Thrift Supervision ("OTS") to repurchase up to 32,401 shares or 5.0% of the
Company's common stock. Pursuant to the plan the Company purchased 29,901 shares
of its common stock on April 1, 1997 and 2,500 shares of its common stock on May
7, 1997. These two purchases have fulfilled the number of shares approved by
OTS.
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<PAGE>
Algiers Bancorp, Inc.
Form 10-QSB
Quarter Ended March 31, 1997
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings:
There are no matters required to be reported under this item.
Item 2 - Changes in Securities:
There are no matters required to be reported under this item.
Item 3 - Defaults Upon Senior Securities:
There are no matters required to be reported under this item.
Item 4 -Submission of Matters to a Vote of Security Holders:
There are no matters required to be reported under this item.
Item 5 - Other Information:
There are no matters required to be reported under this item.
Item 6 - Exhibits and Reports on Form 8-K:
(a) The following exhibit is filed herewith:
EXHIBIT NO. DESCRIPTION
----------- -----------
27.1 Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Registrant
during the quarter ended March 31, 1997.
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<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ALGIERS BANCORP, INC.
Registrant
Date: May 7, 1997 By:/s/Hugh E. Humphrey, Jr.
------------------------
Hugh E. Humphrey, Jr., Chairman
of the Board, President and
Chief Executive Officer
Date: May 7, 1997 By:/s/Dennis J. McCluer
--------------------
Dennis J. McCluer
Vice President
- 18 -
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
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