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 JUNE 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to ______________
COMMISSION FILE NUMBER 0-28106
FIRSTBANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
South Carolina 57-1033905
-------------- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1121 Boundary Street P.O. Box 2147, Beaufort, S.C. 29901-2147
-------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 803-521-5600
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 [ ]
The number of outstanding shares of the issuer's $.01 par value common stock as
of July 31, 1997 is 690,323.
1
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INDEX FORM 10-QSB
Part I
Page
Item 1. Financial Statements and Related Notes---------- 3-6
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations ---------------------------7-12
Part II
Item 1. Legal Proceedings ------------------------------ 13
Item 2. Changes in Securities -------------------------- 13
Item 3. Defaults upon Senior Securities ---------------- 13
Item 4. Submission of Matters to a Vote
of Security Holders --------------------------- 13
Item 5. Other Information ------------------------------ 13
Item 6. Exhibits and Reports on Form 8-K --------------- 13
Signatures ------------------------------------- 14
2
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PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS AND RELATED NOTES
BALANCE SHEETS (UNAUDITED)
(DOLLARS IN THOUSANDS)
JUNE 30, DECEMBER 31,
1997 1996
ASSETS -------- --------
Cash and amounts due from banks $ 3,655 $ 4,721
Interest bearing overnight deposits 683 3,150
Other short-term investments 195 199
Securities available for sale 2,261 2,485
Loans available for sale 484 663
Loans 83,433 78,780
Less allowance for loan losses (685) (630)
-------- --------
Net loans 82,748 78,150
------- -------
Premises and equipment 1,308 1,147
Accrued interest receivable 485 502
Real estate owned-acquired through foreclosure 115 228
Deferred organizational costs 129 135
Other assets 391 353
------- -------
Total assets $92,454 $91,733
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $79,128 $78,300
Federal Home Loan Bank Advances 4,800 5,600
Amounts due depository institutions 298 200
Accrued interest payable 179 119
Advances from borrowers for taxes and insurance 137 76
Other liabilities 425 393
------- -------
Total liabilities $84,967 $84,688
------- -------
Stockholders' Equity
Preferred stock - $.01 par value; shares authorized-
1,000,000, issued and outstanding - none
Common stock - $.01 par value; shares authorized-
3,000,000, issued and outstanding-690,323-6/30/97;
627,587 - 12/31/96. $ 7 6
Additional paid-in capital 5,440 5,441
Unrealized gain (loss) on securities available-for-
Sale, net of applicable deferred income taxes (6) (10)
Retained earnings 2,046 1,608
------ -------
Total stockholders' equity $ 7,487 $ 7,045
------- -------
Total liabilities and stockholders' equity $92,454 $91,733
======= =======
3
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STATEMENTS OF INCOME FOR THE PERIODS ENDED
JUNE 30, 1997 AND 1996 (UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE THREE SIX SIX
MONTHS MONTHS MONTHS MONTHS
ENDED ENDED ENDED ENDED
6/30/97 6/30/96 6/30/97 6/30/96
Interest income ------ ------ ------ ------
Interest on mortgage loans $1,511 $1,239 $2,988 $2,430
Interest on other loans 281 380 516 744
Interest on investments 64 75 129 151
------ ------ ----- ------
Total interest income 1,856 1,694 3,633 3,325
------ ------ ----- ------
Interest expense
Interest on deposits 800 769 1,578 1,551
Interest on FHLB advances 76 26 127 42
------ ------ ----- ------
Total interest expense 876 795 1,704 1,593
------ ------ ------ ------
Net interest income 980 899 1,929 1,732
------ ------ ------ ------
Provision for loan losses 30 51 60 102
------ ------ ------ ------
Net interest income after
provision for loan losses 950 848 1,869 1,630
--- ------ ------ ------
Non interest income
Service charges on deposit
accounts 140 113 260 213
Other non interest income 91 80 171 159
------ ------ ------ ------
Total non interest income 231 193 431 372
Non interest expense
Compensation and benefits 398 379 805 744
Occupancy 127 107 247 215
Data processing 60 38 158 77
Other non interest expense 199 222 380 412
------- ------ ------ ------
Total non interest expense 784 746 1,590 1,448
Net income (loss) before taxes 397 295 710 554
------- ------ ------ ------
Income tax expense 153 115 272 213
------- ------ ------ ------
Net income (loss) $ 244 $ 180 $438 $341
======= ====== ====== ======
Net income (loss) per primary
share $ .34 $ 0.25 $ 0.61 $0.47
======= ====== ====== =====
Net income (loss) per fully
diluted share $ .34 $ 0.25 $ 0.61 $0.47
======= ====== ====== =====
4
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STATEMENT OF CASH FLOWS FOR THE PERIODS ENDED
JUNE 30, 1997 AND 1996 (UNAUDITED) SIX MONTHS SIX MONTHS
(DOLLARS IN THOUSANDS) ENDED ENDED
6/30/97 6/30/96
CASH FLOWS FROM OPERATING ACTIVITIES ------ ------
Net income $ 438 $ 341
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 101 89
Provision for loan losses 60 102
Decrease (increase) in interest receivable (9) (21)
Decrease (increase) in prepaid expenses & other assets (106) (56)
Originations of loans sold to investors 4,144 3,429
Proceeds from sales of loans to investors (4,144) (3,429)
Increase (decrease) in accrued interest payable 60 1
Increase (decrease) in accounts payable and
accrued expenses payable (70) (17)
Increase (decrease) in other liabilities (1) (738)
------- --------
Net cash provided by operating activities 475 (299)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities (94) 0
Maturities of investment securities 200 0
Principal repayments of mortgage-backed securities 121 206
Purchase of Federal Home Loan Bank/Federal Reserve
Bank stock and dividends received 0 (104)
Loans originated or acquired, net (4,242) (6,565)
Capital expenditures (277) (68)
Proceeds from sales of real estate owned 112 443
------ ----
Net cash used for investing activities (4,180) (6,088)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in non interest bearing demand accounts 100 (642)
Increases (decrease) in Now, money market and
Savings accounts 1,143 2,889
(Increase) decrease in certificates of deposit, net (430) 1,509
Proceeds from Federal Home Loan Bank Advances 6,750 9,800
Repayment of Federal Home Loan Bank Advances (7,550) (6,000)
(Decrease) increase in amounts due to depositories 98 301
Increase in advances from borrowers for taxes
and insurance 60 73
--- ----
Net cash provided by financing activities 171 7,930
--- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,534) 1,543
CASH EQUIVALENTS, BEGINNING OF PERIOD 7,871 5,546
------ ------
CASH EQUIVALENTS, END OF PERIOD $4,337 $ 7.089
======= =======
5
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NOTES TO FINANCIAL STATEMENTS
1. On October 31, 1996, FirstBank, N.A. ("BANK"), (formerly the Savings Bank of
Beaufort County, FSB) reorganized as a wholly-owned subsidiary of
FirstBancorporation, Inc. ("COMPANY"). As a result of the reorganization, each
issued and outstanding share of common stock, $5.00 par value per share, of the
Bank was converted into one share of common stock, $.01 par value per share, of
the Company. On April 15, 1997, FirstBank began operations of First Securities
Corporation for the purpose of selling mutual funds and other alternative
investment products to customers in its market area. First Securities
Corporation is a wholly owned subsidiary of the FirstBank. First Securities
offers mutual fund and other alternative investments to customers within the
Bank's market area. FirstBancorporation's principal business is its investment
in the Bank and, therefore, the assets and liabilities of the company on a
consolidated basis are substantially those of the Bank and its subsidiary.
2. The unaudited interim financial statements reflect all adjustments which are,
in the opinion of management, necessary to a fair presentation of the results
for the reported interim periods. Such adjustments are of a normal recurring
nature. The interim financial statements, including related notes, should be
read in conjunction with the financial statements for the year ended december
31, 1996 appearing in the 1996 Annual Report of FirstBancorporation, Inc. The
results of operations for the period ended June 30, 1997 are not necessarily
indicative of the results of operations for the full year.
3. Earnings Per Share - Primary earnings per share are based on the weighted
average number of shares outstanding, giving retroactive effect to stock
dividends and the assumed exercise of grants under stock option plans which are
exercisable within five years. The number of shares outstanding for prior
periods has been restated to give effect to prior stock dividends which should
have reduced the exercise price of the stock options. Fully diluted earnings per
share assume the exercise of all grants under the incentive stock option plan.
Primary and fully diluted earnings per share are based on 722,415 shares and
723,966 shares outstanding respectively for the three and six months ended June
30, 1997.
4. Loan Commitments - At June 30, 1997, the Bank had total unused loan
commitments outstanding of $11,977,000 which were comprised of construction and
commercial unfunded lines of $4,588,000, unfunded consumer lines of credit of
$7,217,000 and letters of credit issued totaling $172,0000. In the normal course
of business, the Bank issues loan commitments to customers at market rates of
interest. The Bank's general practice is to obtain investor commitments for
fixed rate loans at the time of commitment. At June 30, 1997, all fixed rate
residential loan commitments were covered by commitments from investors for
sale.
5. Statement of Cash Flows - For the purposes of reporting cash flows, cash and
cash equivalents include cash, interest-bearing overnight deposits and other
short-term investments with original maturities of 90 days or less.
6
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
During the first six months of 1997, total assets increased by $721,000
from December 31, 1996. During this period, the Bank's deposits increased by
$828,000 and its Federal Home Loan Bank advances decreased by $800,000. Current
assets in the form of cash and short term investments and increases in deposits
funded net loan growth of $4,598,000. Real estate owned at June 30, 1997
consisted primarily of one single family home.
The Company had a net income for the three month period ended June 30,
1997 of $244,000, or $.34 per share, as compared to a net income of $180,000, or
$.25 per share, for the first quarter of 1996. The Company had improved net
interest margin of $81,000, lower allowance for loan losses of $21,000 and
higher non interest income of $38,000 during the current year quarter. This was
partially offset by higher non interest expense of $38,000 and higher tax
provision of $38,000 during the June 30, 1997 quarter. For the six month period
ending June 30, 1997 total income was $438,000 or $.61 per share versus $341,000
or $.47 per share for the six month period ending June 30, 1996. Net interest
income improved by $197,000, provision for loan losses declined by $42,000 and
non interest income increased by $59,000 during the six month period ending June
30, 1997. This was partially offset by higher non interest expense of $142,000
and higher tax provision of $59,000. See discussion below for earnings detail.
At June 30, 1997 the Bank's allowance for loan losses totaled $685,000 or
.82% of total loans as compared to $630,000 or .80% of total loans at December
31, 1996. The Bank reviews its substandard and non accrual loans at least
quarterly to estimate losses and makes an assessment of losses based on
historical experience and its assessment of future economic conditions for the
balance of the portfolio by loan category. The Bank's loan portfolio is
concentrated in lower risk (relative to non-residential mortgage loans) 1-4
residential first mortgage loans. Such loans comprise 71% of total loans
outstanding at June 30, 1997. Consumer loans, including open ended home equity
consumer loans, totaled 10% of total loans while other real estate loans totaled
11.7% and commercial loans totaled 7.8% of loans at June 30, 1997.
ASSET/LIABILITY MANAGEMENT AND LIQUIDITY
Asset/Liability management is the process by which the Bank monitors and
controls the pricing, mix and maturity of its assets and liabilities. An
essential purpose of asset/liability management is to ensure adequate liquidity
and to maintain an appropriate balance between interest sensitive assets and
liabilities. Liquidity management involves managing this mix so that the Bank
can meet its demands for cash in a timely manner. The Bank uses a number of
tools to manage its liquidity including maintaining adequate current asset
levels (particularly cash, cash equivalents and overnight investments), pricing
deposits appropriately and ensuring the availability of sources for borrowed
funds (primarily from the FHLB). Current assets, including cash and due from
accounts and overnight investments decreased approximately $3,534,000 during the
year to date. This, along with deposit growth of $828,000 funded loan growth
during the first six months. The Bank also reduced FHLB advances by $800,000
during the period. At June 30, 1997, the Bank had total credit lines of $11
million at the FHLB-Atlanta to assist in meeting liquidity needs. The interest
rates paid on these borrowings are from time to time higher than the rates
generally paid to deposit customers. Management sees this capacity as a tool in
its overall asset/liability strategy of managing pricing and liquidity.
The Bank has total unused lines of credit outstanding to loan customers of
$9,050,000 excluding undisbursed portions of construction loans in process as
compared to $7,400,000 outstanding at December 31, 1996. See Note 4 for
additional information.
The Bank continues to monitor its interest rate risk through policies
designed to
7
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match the maturities of interest-earning assets and interest-bearing
liabilities. One measure of the Bank's interest sensitivity is using a static
gap analysis which compares repricing interest-earning assets and
interest-bearing liabilities for specific time intervals. A gap is considered
positive when the amount of interest sensitive assets exceeds the amount of
interest sensitive liabilities. A gap is considered negative when the amount of
interest sensitive liabilities exceeds the amount of interest sensitive assets.
During a period of rising rates, a negative gap would tend to adversely affect
net interest income while a positive gap would tend to result in an increase in
net interest income. During a period of falling rates, a negative gap would tend
to result in an increase in net interest income while a positive gap would tend
to adversely affect net interest income. The following table shows the Bank's
interest sensitivity position at June 30, 1997.
INTEREST SENSITIVITY POSITION
JUNE 30, 1997 Year 1 Years 2 Years 4 Year 8+ Total
(Dollars in thousands) and 3 thru 7
Interest earning assets
Loans $49,628 $20,664 $ 5,522 $ 8,100 $83,914
GNMA MBSs 1,583 0 0 0 1,583
Overnight and other
investments 1,426 0 0 130 1,556
------- ------- ------- ------- -------
Total interest earning
assets 52,637 $20,664 5,522 8,230 87,053
Interest Bearing Liabilities
Deposits 44,062 21,757 6,008 0 71,827
FHLB Borrowings 3,900 400 500 0 4,800
------- ------ ------- ------ -------
Total interest bearing
liabilities 47,962 22,157 6,508 0 76,627
Asset(liability) Gap
position $4,675 ($1,493) (986) $8,230 $10,426
======== ======== ======== ======== =======
Cumulative Gap Position $4,675 $3,182 $2,196 $10,426
======== ======== ======== ========
Cumulative Gap to Total
Earning Assets 5.37% 3.66% 2.52% 11.98%
======== ======== ======== ========
(1) Contractual terms regarding periodic repricing during the loan terms are
used to determine repricing periods. Loans are net of undisbursed portions of
loans in process. (2) NOW, money market and savings accounts are considered
interest-sensitive. (3) Repricing considerations for regular savings accounts
are based on estimated decay rates for the Bank.
As of June 30, 1997, the Bank's interest-earning assets that reprice
within one year totaled $52,637,000 while interest-bearing liabilities repricing
within one year totaled $47,962,000 This resulted in a positive gap position of
$4,675,000 or 5.37% of total interest-earning assets.
8
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YIELDS EARNED AND RATES PAID
The following table is a comparison of the three months ended June 30,
1997 and 1996.
AVERAGE BALANCES AND YIELDS EARNED VERSUS RATES PAID
QUARTER ENDED JUNE 30, 1997 COMPARED TO 1996
(Dollars in thousands)
Average Interest Earned Annualized
Balance or Paid Yield/Rate
For the quarter ended June 30,
1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ----
Assets
Interest-earning assets
Loans $82,943 $76,460 $1,792 $1,619 8.64% 8.47%
Investments 4,047 4,499 64 75 6.33% 6.67%
------- ------- ------ ------ ------ ------
Total earning assets/
Income earned 86,990 80,959 1,856 1,694 8.53% 8.37%
Non-earning assets 5,429 6,001
------- -------
Total assets $92,419 $86,960
======= =======
Liabilities
Interest bearing
deposits $71,175 $71,505 $ 800 $ 769 4.51% 4.30%
Borrowings 5,097 1,779 76 26 5.98% 5.85%
------- ------- ------ ------ ------ ------
Interest bearing deposits
and borrowings/expense 76,272 73,284 876 795 4.61% 4.34%
Non-interest-bearing
Liabilities 8,843 6,944
Stockholders' Equity 7,304 6,732
------- -------
Total Liabilities and
Stockholders' Equity $92,419 $86,960
======= =======
Net interest income $ 980 $ 899
====== ======
Interest Rate Spread (1) 3.93% 4.03%
Net yield on average
interest earning assets (1) 4.51% 4.44%
(1) Net interest income is the difference between interest income and interest
expense. Interest rate spread is the difference between the average rate on
earning assets and the average rate on interest bearing liabilities. Net yield
on average interest earning assets is net interest income divided by total
interest earning assets.
Interest income for the quarter ending June 30, 1997 was $173,000 greater
than that of the same quarter last year and is primarily attributable to an
increase in average interest earning assets of $6,031,000 and an increase in the
yield earned of .16% during the current quarter. Interest expense increased by
$81,000 during the current quarter as average interest bearing liabilities
increased by $2,988,000 and rate paid increased by .26%. The higher rate paid on
interest bearing liabilities in the current quarter resulted from a higher rate
paid on deposits and a higher level of borrowed funds which carry a higher rate
than deposits. Net interest income (interest income less interest expense) for
the current quarter was $81,000 greater than net interest income for the quarter
ended June 30, 1996 as a result of the combined effects of the higher yield,
higher level of interest earning assets and a higher net yield on earning
assets. For the June 30, 1997 quarter, total interest bearing liability cost
increased as a result of higher rates paid
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on deposits and borrowings. Net yield on earning assets increased during the
June 30, 1997 quarter as non interest bearing deposit sources increased over
those of the prior year's quarter. During the first six months of 1997, the
Company's net interest income increased by $197,000 over the same period of the
previous year.
NON INTEREST INCOME
Other non interest income is listed in the table below.
Non interest income
(Dollars in thousands)
3 months 3 months 6 months 6 months
6/30/97 6/30/96 6/30/97 6/30/96
------- ------- ------- -------
Deposit account charges 140 113 259 213
Loan fees 65 32 121 74
Rental income 10 13 17 22
Other income 16 35 34 63
-- -- -- --
Total 231 193 431 372
During the three month period ended June 30, 1997, total non interest income
was $231,000 as compared to $193,000 during the same 1996 period. Non interest
income in the current quarter consisted primarily of service charges on deposit
accounts of $140,000 as compared to $113,000 in the second quarter of 1996. Loan
fee income includes gains on the sale of loans to investors (servicing released
premiums and fees allowed as income when a loan is sold to an investor) which
totaled $55,000 in the second quarter of 1997 versus $22,000 in the second
quarter of 1996. Other income in the June 30, 1996 quarter included a gain of
$20,000 on the sale of real estate owned. First Securities Corporation, a wholly
owned subsidiary of FirstBank, began operation in the June 30, 1997 quarter.
During this quarter First Securities Corporation had a loss of $7,000.
For the six month period ending June 30, 1997 non interest income totaled
$431,000 versus $372,000 for the six months ending June 30, 1996. Deposit
Service fees were higher by $46,000 during the current year as a result of
higher volumes of NOW and DDA accounts. Loan fees were higher by $47,000. These
increases were offset in part by gains on the sale of real estate owned of
$38,000 in the first six months of 1996.
10
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NON INTEREST EXPENSES
Other non interest expenses for the periods ended June 30, 1997 and June 30,
1996 are compared and detailed in the table below.
(Dollars in thousands)
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
6/30/97 6/30/96 6/30/97 6/30/96
-------- -------- --------- --------
Other Expenses
Compensation and Benefits $ 398 379 805 744
Occupancy 127 107 247 215
Marketing 15 16 32 29
Data Processing 21 38 77 77
FDIC Insurance 13 42 25 84
Professional Fees 34 31 60 57
Supplies and Printing 25 19 53 32
Telephone and Postage 32 25 62 49
Loan costs deferred (18) (35) (31) (82)
Other Misc. Expenses 137 124 260 243
-------- -------- ------- -------
Total Other Expenses 784 746 1,590 1,448
======== ======== ======== ========
Other non interest expenses increased by 5% during the quarter ended June
30, 1997 as compared to the quarter ended June 30, 1996. During the current
period data processing costs declined as a result of a change in data processing
service bureaus. Telephone expense increased as the Bank added lines for the new
data processing service bureau and related systems. Other miscellaneous expense
increased as the Bank began to out source its existing deposit proof functions.
These increases were partially offset by a decline in FDIC insurance expense of
$25,000 due to lower assessments in the current period.
For the six months ending June 30, 1997 total non interest expense
increased 9.0%. The increase resulted from an increase in compensation and
benefits of $61,000 due to increased staffing complement and general salary
increases; increased occupancy expense of $32,000 and supplies and printing cost
of $21,000 due to expenses associated with the first quarter data processing
conversion; and increased other miscellaneous expense of $17 due to out sourcing
the Bank's deposit proof functions. These increases were partially offset by
lower FDIC insurance assessments of $59,000.
CAPITAL RESOURCES
For regulatory purposes, the Bank is required to maintain a minimum level of
capital based upon the risk related composition of its loan portfolio. This
risk-based capital requirement requires that the Bank maintain capital at a
minimum 8% level of its regulatory defined risk weighted assets. The Bank may
not declare or pay a cash dividend or repurchase any of its capital stock, if
the effect would cause the stockholders' equity of the Bank to be reduced below
its capital requirements. As of June 30, 1997, the Bank met all of its
risk-based capital requirements and met the definition of a "well capitalized
institution" under the OCC's regulation entitled Prompt and Corrective Action.
The table below outlines the capital ratios of the Bank under the capital
regulations of the Office of the Comptroller of the Currency and the dollar
amounts of capital maintained by the Bank at June 30, 1997.
11
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At 6/30/97
----------
Total Risk-Based Capital $ 8,029,000
Risk-Based Capital/Risk Weighted Assets 12.30%
Tier 1 Risk-Based Capital $ 7,344,000
Tier 1 Risk-Based Capital/Risk Weighted
Assets 11.25%
Tangible Equity Capital $ 7,338,000
Tangible Equity Capital/Total Assets 8.10%
Total equity for the Company at June 30, 1997 was $7,487,000 or 7.87% of total
assets outstanding.
12
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PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There were no material legal proceedings pending or settled during the quarter
in which the Company or the Bank was a party.
ITEM 2. CHANGES IN SECURITIES
There were no changes made in the rights of security holders or in the
securities of the Company during the quarter.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Company has not issued any instruments of indebtedness which constitute
securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the annual shareholders meeting held on April 24, 1997 shareholders approved
the election of directors of the Holding Company. Richard L. Gray, Robert A
Kerr, William C. Robinson and James A. Shuford, III were elected for a
three-year term.
ITEM 5. OTHER INFORMATION
There were no matters of the registrant which required reporting.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No exhibits are applicable.
No reports on Form 8-K were filed during the quarter under report.
13
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FirstBancorporation, Inc.
/s/JAMES A. SHUFORD, III
DATED: August 5, 1997 ------------------------
James A. Shuford, III
Chief Executive Officer
/s/JAMES L. PATE, III
DATED: August 5, 1997 ---------------------
James L. Pate, III
Chief Financial Officer
14
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<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 3655
<INT-BEARING-DEPOSITS> 71883
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2261
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 83433
<ALLOWANCE> 685
<TOTAL-ASSETS> 92454
<DEPOSITS> 79128
<SHORT-TERM> 3900
<LIABILITIES-OTHER> 1039
<LONG-TERM> 900
0
0
<COMMON> 7
<OTHER-SE> 7480
<TOTAL-LIABILITIES-AND-EQUITY> 92454
<INTEREST-LOAN> 3504
<INTEREST-INVEST> 129
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3633
<INTEREST-DEPOSIT> 1578
<INTEREST-EXPENSE> 1704
<INTEREST-INCOME-NET> 1929
<LOAN-LOSSES> 60
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1590
<INCOME-PRETAX> 710
<INCOME-PRE-EXTRAORDINARY> 710
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 438
<EPS-PRIMARY> 0.61
<EPS-DILUTED> 0.61
<YIELD-ACTUAL> 4.50
<LOANS-NON> 379
<LOANS-PAST> 50
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 630
<CHARGE-OFFS> 9
<RECOVERIES> 4
<ALLOWANCE-CLOSE> 685
<ALLOWANCE-DOMESTIC> 475
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 210
</TABLE>
