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, 2000
___ 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.
(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) (Zip Code)
Issuer's telephone number: (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 ___
Number of shares of Common Stock outstanding on April 30, 2000: 506,348
Transitional Small Business Disclosure Format (check one): Yes ___ No _X_
<PAGE>
ALGIERS BANCORP, INC.
QUARTERLY REPORT ON FORM 10-QSB FOR
THE QUARTER ENDED MARCH 31, 2000
PAGE
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, 2000 and December 31, 1999 ........................... 1
Consolidated Statements Of Operations (Unaudited) For the Three
Months Ended March 31, 2000 and 1999 ........................... 3
Consolidated Statements Of Cash Flows (Unaudited) For the
Three Months Ended March 31, 2000 and 1999 ..................... 5
Notes to Consolidated Financial Statements ..................... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations .............................. 8
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ......................... 12
i
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------- ------------
(Unaudited)
(In Thousands)
<S> <C> <C>
Cash and Cash Equivalents $ 388 $ 1,374
Interest-Bearing Deposits in Other Banks 814 1,465
Investments Available-for-Sale - at Fair Value (Note 2) 5,505 5,510
Loans Receivable - Net 10,007 9,788
Mortgage Loans Held for Resale 126 130
Mortgage-Backed Securities - Available- for-Sale -
at Fair Value (Note 2) 26,172 26,054
Stock in Federal Home Loan Bank 549 541
Accrued Interest Receivable 284 324
Real Estate Owned - Net 251 251
Office Properties and Equipment, at Cost - Furniture,
Fixtures and Equipment, Less Accumulated
Depreciation of $482 and $428, respectively 740 795
Prepaid Expenses 45 46
Deferred Taxes 327 374
Income Tax Receivable 193 105
Other Assets 11 7
----------- ------------
Total Assets $ 45,412 $ 46,764
=========== ============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
1
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------- ------------
LIABILITIES (Unaudited)
(In Thousands)
<S> <C> <C>
Deposits :
Interest Bearing $ 37,377 $ 37,844
Non-Interest Bearing 298 524
FHLB Advances 500 1,000
Advance Payments from Borrowers for
Insurance and Taxes 102 84
Accrued Interest Payable on Depositors' Accounts 22 16
Dividends Payable 25 25
Other Liabilities 151 104
----------- ------------
38,475 39,597
Minority Interest in Subsidiary 16 48
----------- ------------
Total Liabilities 38,491 39,645
----------- ------------
STOCKHOLDERS' EQUITY
Preferred Stock - Par Value $.01; 5,000,000 Shares
Authorized; 0 Shares Issued and Outstanding - -
Common Stock - Par Value $.01
10,000,000 Shares Authorized, 648,025 Issued Shares 6 6
Treasury Stock - 141,677 Shares, at Cost (1,823) (1,823)
Paid-in Capital in Excess of Par 6,132 6,132
Retained Earnings 3,751 3,882
Accumulated Other Comprehensive Income (Loss) (787) (720)
----------- ------------
7,279 7,477
----------- ------------
Less: Unearned ESOP Shares (322) (322)
Unearned MRP Shares (36) (36)
----------- ------------
(358) (358)
----------- ------------
Total Stockholders' Equity 6,921 7,119
----------- ------------
Total Liabilities and Stockholders' Equity $ 45,412 $ 46,764
=========== ============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
2
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
2000 1999
------------------------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
INTEREST INCOME
Loans $ 200 $ 230
Mortgage-Backed Securities 394 411
Investment Securities 84 162
Other Interest-Earning Assets 18 54
---------- ----------
Total Interest Income 696 857
---------- ----------
INTEREST EXPENSE
Deposits 466 465
FHLB Advances 10 -
---------- ----------
Total Interest Expense 476 465
---------- ----------
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES 220 392
PROVISION FOR LOAN LOSSES - -
---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 220 392
---------- ----------
NON-INTEREST INCOME
Service Charges and Fees 66 17
Recovery of GIC Bonds Previously
Written Off 4 -
Miscellaneous Income 6 5
---------- ----------
Total Non-Interest Income 76 22
---------- ----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
2000 1999
----------- -----------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
NON-INTEREST EXPENSES
Compensation and Benefits $ 208 $ 148
Occupancy and Equipment 112 83
Computer 15 9
Deposit Insurance Premium 2 14
Professional Services 40 55
Bank Service Charges 7 2
Real Estate Owned Expenses 5 1
(Recovery of) Provision for Losses on
Real Estate Owned - -
Other 52 59
---------- ---------
Total Non-Interest Expense 441 371
---------- ---------
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST (145) 43
FEDERAL INCOME TAX EXPENSE (BENEFIT) (7) 15
---------- ---------
INCOME BEFORE MINORITY INTEREST (138) 28
MINORITY INTEREST IN SUBSIDIARY 32 11
---------- ---------
NET INCOME (106) 39
OTHER COMPREHENSIVE INCOME-
NET OF INCOME TAX
Unrealized Gains (Losses) on Securities (67) 3
========== =========
COMPREHENSIVE INCOME (173) 42
========== =========
EARNINGS PER SHARE
Basic (0.22) 0.08
========== =========
Fully Diluted (0.22) 0.08
========== =========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
2000 1999
----------- -----------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ (106) $ 39
Adjustments to Reconcile Net Income (Loss) to Net
Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization 55 27
Premium Amortization Net of Discount Accretion 9 17
Stock Dividend - FHLB (8) -
ESOP and MRP Expense 7 20
Increase in Accrued Interest Payable 6 38
Increase (Decrease) in Other Liabilities 40 (38)
(Increase) Decrease in Accrued Interest Receivable 40 (129)
Originations of Loans Held for Sale - (312)
Proceeds from Sales of Loans Held for Sale 4 -
(Increase) Decrease in Other Assets (4) 28
Increase (Decrease) in Deferred Loan Fees 4 (1)
(Increase) Decrease in Prepaid Expenses 1 1
Decrease in Minority Interest (32) -
Increase in Prepaid Income Taxes (88) (73)
(Increase) Decrease in Deferred Income Taxes 81 -
----------- -----------
Net Cash Provided by (Used in) Operating Activities 9 (383)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Investment Securities - Available-for-Sale - -
Maturities of Investment Securities - Available-for-Sale 8 500
Purchases of Mortgage-Backed Securities - Available-for-Sale (1,309) (2,055)
Maturities of Mortgage-Backed Securities - Available-for-Sale 1,078 2,110
Proceeds from Sale of Mortgage Backed Securities - Available-for-Sale - -
Principal Collected on Loans 115 614
Loans Made to Customers (338) (447)
Purchase of Furniture and Fixtures - (283)
Proceeds from Sales of Foreclosed Real Estate - -
(Increase) in Investment in Subsidiary - 43
----------- -----------
Net Cash Provided by (Used in)Investing Activities (446) 482
----------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
ALGIERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
2000 1999
----------- -----------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase (Decrease) in Deposits $ (693) $ 380
Net Increase (Decrease) in Advances from
Borrowers for Taxes and Insurance 18 (51)
Repayment of Federal Home Loan Advance (500) -
Purchase of Treasury Stock - (148)
Dividends Paid on Common Stock (25) (20)
----------- -----------
Net Cash Provided by (Used in) Financing Activities (1,200) 161
----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,637) 260
CASH AND CASH EQUIVALENTS - BEGINING OF YEAR 2,839 4,881
----------- -----------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 1,202 $ 5,141
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest $ 470 $ 427
Income Taxes $ - 88
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS
Dividends Declared $ 25 $ 26
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
6
<PAGE>
Algiers Bancorp, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2000
Note 1 - Basis of Presentation -
Algiers Bancorp, Inc. (the "Company") was organized as a Louisiana
corporation on February 5, 1996 for the purpose of engaging in any lawful
act or activity for which a corporation may be formed under the Louisiana
Business Corporation Law, as amended. Other than steps related to the
reorganization described below, the Corporation was essentially inactive
until July 8, 1996, when it acquired Algiers Homestead Association (the
"Association") in a business reorganization of entities under common
control in a manner similar to a pooling of interest. The Association is
engaged in the savings and loan industry. The acquired Association became
a wholly-owned subsidiary of the Corporation through the issuance of 1,000
shares of common stock to the Corporation in exchange for 50% of the net
proceeds received by the Corporation in the reorganization.
During 1998, the Company formed Algiers Com, Inc., a subsidiary that
owns a 51% interest in Planet Mortgage, LLC. Planet Mortgage, LLC is
engaged in the solicitation of mortgage loans through its Internet site.
The accompanying consolidated financial statements include the
accounts of the Company and its wholly-owned subsidiaries, Algiers
Homestead Association and Algiers Com, Inc. In consolidation, significant
inter-company accounts, transactions, and profits have been eliminated.
Note 2 - Available for Sale Securities -
Investments and mortgage-backed securities available-for-sale at
March 31, 2000 and December 31, 1999, respectively, are summarized as
follows (in thousands):
<TABLE>
<CAPTION>
March 31, 2000 December 31, 1999
------------------------------------------------ ---------------------------------------------
Gross Gross Gross Gross
Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair
Cost Gains Losses Value Cost Gains Losses Value
---- ----- ------ ----- ---- ----- ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments $ 5,790 $ - $ 285 $ 5,505 $ 5,826 $ - $ 316 $ 5,510
======== ========= ======== ======== ========= ========= ========= ========
GNMA Certificates $ 7,080 $ 4 $ 161 $ 7,245 $ 6,877 $ - $ 146 $ 6,731
FNMA Certificates 15,039 1 543 15,583 14,756 - 472 14,284
FHLMC Certificates 4,915 2 179 5,096 5,198 - 159 5,039
-------- --------- -------- -------- --------- --------- --------- --------
$ 27,034 $ 7 $ 883 $ 27,924 $ 26,831 $ - $ 777 $ 26,054
======== ========= ======== ======== ========= ========= ========= ========
</TABLE>
Note 3 - 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 and
have attained the age of 21. The ESOP shares are pledged as collateral for
the ESOP 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 Consolidated Statements of Financial Condition.
7
<PAGE>
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 $16,850 for the
three months ended March 31, 2000 based on the annual release of shares.
Note 4 - Management Recognition Plan -
On July 18, 1997, the Company established a Recognition and
Retention Plan as an incentive to retain personnel of experience and
ability in key positions. The Association approved a total of 25,921
shares of stock to be acquired for the Plan, of which 4,205 have been
allocated for distribution to key employees and directors. As shares are
acquired for the Plan, the purchase price of these shares is recorded as
unearned compensation, a contra equity account. As the shares are
distributed, the contra equity account is reduced.
Plan share awards are earned by recipients at a rate of 20% of the
aggregate number of shares covered by the Plan over five years. If the
employment of an employee or service as a non-employee director is
terminated prior to the fifth anniversary of the date of grant of plan
share award for any reason, the recipient shall forfeit the right to any
shares subject to the award which have not been earned. The total cost
associated with the Plan is based on the market price of the stock as of
the date on which the Plan shares were granted.
Note 5 - Regulatory Matters.
As previously reported in the Company's Annual Report on Form 10-KSB
for the fiscal year ended December 31, 1999, on March 1, 2000 the Office of
Thrift Supervision (OTS) and the Office of Financial Institutions (OFI)
issued a preliminary supervisory agreement (the "Agreement") as a result of
their examination of the Association as of November 29, 1999. On April 17,
2000 the Company signed the Agreement which, among other things, calls for
the following actions to be taken within specified time periods:
(a) the Association shall appoint a new Chief Executive Officer, two
new directors and a compliance officer;
(b) the Association must formulate a revised three-year business
plan;
(c) the Association must adopt written policy and procedures for non-
real estate commercial and consumer lending; and
(d) the Association must obtain written approval from the regional
director for any contractual arrangements with employees or third parties
outside of the normal course of business and for any capital distributions.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
GENERAL
The following discussion compares the consolidated financial
condition of Algiers Bancorp, Inc. and Subsidiaries at March 31,
2000 to December 31, 1999 and the results of operations for the
three months ended March 31, 2000 with the same period in 1999.
Currently, the business and management of Algiers Bancorp, Inc. is
primarily the business and management of the Association. This discussion
8
<PAGE>
should be read in conjunction with the interim consolidated financial
statements and footnotes included herein.
This quarterly report includes statements that may constitute
forward-looking statements, usually containing the words "believe,"
"estimate," "project," "expect," "intend" or similar expressions. These
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking
statements. Factors that could cause future results to vary from current
expectations include, but are not limited to, the following: changes in
economic conditions (both generally and more specifically in the markets in
which the Company operates); changes in interest rates, deposit flows, loan
demand, real estate values and competition; changes in accounting
principles, policies or guidelines and in government legislation and
regulation (which change from time to time and over which the Company has
no control); and other risks detailed in this quarterly report and in the
Company's other public filings. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The Company undertakes no obligation
to publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
CHANGES IN FINANCIAL CONDITION
Total assets decreased $1,352,000 or 2.89% from $46.8 million
at December 31, 1999 to $45.4 million at March 31, 2000. The
decrease in assets is primarily due to a decrease in cash and cash
equivalents, interest-bearing deposits in other banks, deposits and FHLB
advances, offset by an increase in loans.
Interest-earning deposits in other banks and investments was $6.3
million at March 31, 2000 and $7.0 million at December 31, 1999. This
decrease was due to a decrease in balances held by FHLB.
The mortgage-backed securities portfolio increased $118,000 or .5%
from $26.1 million at December 31, 1999 to $26.2 million at March 31, 2000,
as new mortgage-backed securities purchased increased and the amount of
mortgage-backed securities maturing increased slightly. Mortgage-backed
securities amounted to $26.2 million or 57.6% of total assets at March 31,
2000, compared to $26.1 million or 55.7% of total assets at December 31,
1999.
The Association's loan portfolio increased $219,000 or 2.2% over the
past three months from $9.8 million at December 31, 1999 to $10.0 million
at March 31, 2000.
Total deposits decreased $693,000 or 1.81% to $37.7 million at March
31, 2000 from $38.4 million at December 31, 1999. The decrease was
primarily in certificate of deposit accounts.
Total stockholders' equity declined by $198,000 during the past
three months. This decrease was due to a net loss of $106,000, a decrease
in accumulated other comprehensive income of $67,000, and a $25,000
dividend declared on common stock. Stockholders' equity at March 31, 2000
totaled $6.9 million or 15.2% of total assets compared to $7.1 million or
15.2% of total assets at December 31, 1999.
RESULTS OF OPERATIONS
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 and borrowings. Net interest
income is dependent upon the level of interest rates and the
extent to which such rates are changing. The Company's profit-
ability also is dependent, to a lesser extent, on the level of its
9
<PAGE>
non-interest income, provision for loan losses, non-interest expense
and income taxes. For the three months ended March 31, 2000, net interest
income before provision for loan losses was less than total non-interest
expense. Total non-interest 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 for the three months ended March 31, 2000
decreased $145,000 or 371.8% compared to the three months ended March 31,
1999. The decrease was due to a decrease of $145,000 or 18.8% in interest
income, an increase of $11,000 or 2.4% in interest expense, and an increase
of $70,000 or 18.9% in non-interest expense, partially offset by a $54,000
or 245.5% increase in non-interest income.
Total interest income decreased by $145,000 or 18.8% during the
three months ended March 31, 2000 compared to the three months ending March
31, 1999, due to a decrease in the average yield on interest earning assets
from 7.71% in the first three months of 1999 to 6.43% in the first three
months of 2000 and a decrease of $1,116,000 or 2.5% in average interest-
earning assets. The decrease in the average balance was primarily due to
principal pay-downs on mortgage backed securities exceeding repurchases and
decreases in interest bearing deposits in other banks, partially offset by
increases in loans. Total interest expense increased by $11,000 or 2.4% in
the three months ending March 31, 2000 compared to the three months ending
March 31, 1999, primarily due to an increase in the average rate on
interest-bearing liabilities to 4.91% from 4.69% over the same period in
1999. The higher average rate was partially offset by a decrease in
average deposits of $914,000 or 2.3% in the first three months of 2000 over
the comparable 1999 period.
The decreased net interest income of $172,000 was due to a decrease
in the average interest rate spread to 1.51% in the first three months of
2000 from 3.02% in the first three months of 1999 and a decrease of
$202,000 or 4.2% in net average interest-earning assets in the three months
ended March 31, 2000 over the comparable 1999 period. The average yield on
interest-earning assets decreased to 6.43% during the three months ended
March 31, 2000 compared to 7.71% during the three months ended March 31,
1999. The decreased yield on assets was primarily due to a decrease in the
average rate earned on investments. The average rate on deposits increased
from 4.69% during the first three months of 1999 to 4.90% during the first
three months of 2000.
During the quarter ended March 31, 2000 compared to the same period
of 1999, non-interest income increased $54,000 due to an increase of
$49,000 in service charges and fees.
The Association had no provision or credit for loan losses in the
three months ended March 31, 2000 and 1999. Total non-performing loans at
March 31, 2000 and December 31, 1999 was $177,000 and the allowance for
loan losses at March 31, 2000 and December 31, 1999 was $230,000.
The $70,000 increase in total non-interest expense in the three
months ended March 31, 2000 was due to a $60,000 increase in compensation
and benefits, a $29,000 increase in occupancy and equipment expense, offset
by a $15,000 decrease in professional services.
The $22,000 or 146.7% decrease in income tax expense was primarily
due to a decrease of $188,000 in pre-tax income for the three months ended
March 31, 2000 from the comparable 1999 period.
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
10
<PAGE>
liquid assets of not less than 4% of its average daily balance of net
withdrawable deposit accounts and borrowings payable in one year or less.
At March 31, 2000, the Association's liquidity was 3.21% or $293,000 less
than the minimum OTS requirement of 4%.
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, 2000, the Association's
tangible and core capital both amounted to $7.1 million or 15.37% of
adjusted total assets of $45.2 million, and the Association's risk-based
capital amounted to $7.3 million or 63.29% of adjusted risk-weighted assets
of $11.5 million.
As of March 31, 2000, 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 6,360 6,360 6,360
Additional Capital Items:
General Valuation Allowance - - 151
Unrealized Loss on Securities
Available for Sale 766 766 766
--------- --------- ----------
Regulatory Capital 7,126 7,126 7,277
Minimum Capital Requirement 695 1,390 920
--------- --------- ----------
Regulatory Capital Excess 6,431 5,736 6,357
Regulatory Capital as a Percentage 15.37% 15.37% 63.29%
Minimum Capital Required as
a Percentage 1.50% 3.00% 8.00%
</TABLE>
Based on the above capital ratios, the Association meets the
criteria for a "well capitalized" institution at March 31, 2000. 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.
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 then outstanding 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 the OTS.
On October 15, 1997, the Company received permission from the OTS to
repurchase up to 30,781 shares or 5.0% of the Company's then outstanding
common stock. Several purchases of the Company's common stock were made
and the 5.0% repurchase was completed on April 3, 1998.
The OTS granted the Company permission on September 3, 1998 to
repurchase approximately 14% of the Company's outstanding common stock.
The approval included 21,419 shares to fund the 1997 Management Recognition
and Retention Plan and shares for general corporate purposes.
11
<PAGE>
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K:
(a) The following exhibit is filed herewith:
EXHIBIT NO. DESCRIPTION
----------- -----------
2.1* Plan of Conversion
3.1* Articles of Incorporation of Algiers Bancorp, Inc.
3.2* Bylaws of Algiers Bancorp, Inc.
4.1* STock Certificate of Algiers Banccorp, Inc.
27.1 Financial Data Schedule
-----------
* Incorporated herein by reference to the Company's Form SB-2
(Registration No. 333-2770) filed by the Company with the SEC
on March 26, 1996, as subsequently amended.
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Registrant during the
quarter ended March 31, 2000.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
ALGIERS BANCORP, INC.
Date: May 15, 2000 By: /S/ Janice Ray
--------------------------------
Janice Ray
Chairman of the Board
Date: May 15, 2000 By: /S/ Francis M. Minor, Jr.
--------------------------------
Francis M. Minor, Jr.
Acting President and
Chief Executive Officer
(Principal financial and
accounting officer)
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
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0
0
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