<PAGE>
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
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: 0-28894
ACCESS ANYTIME BANCORP, INC.
- -------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
DELAWARE 85-0444597
- --------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
801 PILE STREET, CLOVIS, NEW MEXICO 88101
---------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 762-4417
---------------------------
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
-------- --------
1,193,076 Shares of Capital Stock $.01 par value
Outstanding as of April 21, 1997
Transitional Small Business Disclosure Format (check one):
Yes No X
-------- --------
<PAGE>
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Unaudited Consolidated Statements of Financial Condition . . . . . . . . 3
Unaudited Consolidated Statements of Operations. . . . . . . . . . . . . 4
Unaudited Consolidated Statements of Changes in
Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Unaudited Consolidated Statements of Cash Flows. . . . . . . . . . . . . 6
Notes to Consolidated Financial Statements (Unaudited) . . . . . . .7 - 11
Item 2 - Managements' Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . . . . . . 12 - 15
PART II - OTHER INFORMATION
Item 5 - Other Information. . . . . . . . . . . . . . . . . . . . . . . . .16
Item 6 - Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . .16
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
2
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
The following consolidated financial statements include all adjustments which in
the opinion of management are necessary in order to make such financial
statements not misleading.
ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $6,678,427 $2,199,227
Certificates of deposit 1,580,356 380,570
Securities available-for-sale
(aggregate cost of $18,084,042 and $23,838,281) 17,941,532 23,639,686
Securities held-to-maturity
(aggregate fair value of $26,501,496 and $28,470,335) 27,010,057 29,113,430
Loans held-for-sale
(aggregate fair value of $436,747 and $576,994) 431,564 564,361
Loans receivable 47,734,110 45,596,212
Interest receivable 565,945 598,327
Real estate owned 77,896 86,114
FHLB stock 1,594,634 1,572,334
Premises and equipment 1,898,244 1,924,405
Servicing rights 342,328 345,554
Organizational cost, net of accumulated amortization of $19,353 153,834 163,373
Other assets 483,020 669,764
------------ ------------
Total assets $106,491,947 $106,853,357
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 98,560,017 $ 98,164,001
Federal Home Loan Bank advances 3,000,000
Accrued interest and other liabilities 269,590 351,135
Advance payments by borrowers for taxes and insurance 416,567 252,099
------------ ------------
Total liabilities 99,246,174 101,767,235
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 4,000,000 shares authorized; none
issued
Common stock, $.01 par value, authorized - 6,000,000
shares, issued - 1,142,549 shares at March 31, 1997, and
732,198 at December 31,1996 11,425 7,322
Capital in excess of par value 9,008,333 7,019,577
Accumulated deficit (1,631,475) (1,742,182)
Net unrealized depreciation on available-for-sale securities, net (142,510) (198,595)
------------ ------------
Total stockholders' equity 7,245,773 5,086,122
------------ ------------
Total liabilities and stockholders' equity $106,491,947 $106,853,357
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE>
ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Month Periods Ended
March 31,
-----------------------------
1997 1996
----------- -----------
<S> <C> <C>
Interest income:
Loans receivable $1,012,369 $ 784,702
U.S. government agency securities 23,810 84,017
Mortgage-backed securities 677,742 927,486
Other interest income 65,300 104,727
----------- -----------
Total interest income 1,779,221 1,900,932
----------- -----------
Interest expense:
Deposits 1,035,941 1,277,523
FHLB advances 11,329 --
----------- -----------
Total interest expense 1,047,270 1,277,523
----------- -----------
Net interest income before provision for loan losses 731,951 623,409
Provision for loan losses charged (credited) 22,784 ( 61,779)
----------- -----------
Net interest income after provision for
loan losses 709,167 685,188
----------- -----------
Noninterest income:
Loan servicing and other fees 83,890 87,549
Net realized gains on sales of available-for-sale securities 17,637 --
Net realized gains on sales of loans 37,455 36,247
Real estate operations, net 89 --
Other income 96,039 75,008
----------- -----------
Total other income 235,110 198,804
----------- -----------
Noninterest expenses:
Salaries and employee benefits 404,581 389,854
Occupancy expense 103,738 85,284
Deposit insurance premium 59,194 98,728
Advertising 10,689 3,869
Real estate operations, net -- 36,099
Professional fees 27,317 31,759
Other expense 228,051 214,944
----------- -----------
Total other expenses 833,570 860,537
----------- -----------
Net income $ 110,707 $ 23,455
----------- -----------
----------- -----------
Net income per share of common stock $ .12 $ .03
----------- -----------
----------- -----------
Average shares outstanding 895,968 695,698
----------- -----------
----------- -----------
See accompanying notes to unaudited consolidated financial statements.
</TABLE>
4
<PAGE>
ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
Net
Unrealized
Depreciation
On
Common Stock Available-
--------------------------
Capital In For-Sale
Number of Excess of Accumulated Securities,
Shares Amount Par Value Deficit Net Total
---------- ----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1996 732,198 $ 7,322 $7,019,577 $(1,742,182) $ (198,595) $ 5,086,122
Net income -- -- -- 110,707 -- 110,707
Common stock issued 410,351 4,103 1,988,756 -- -- 1,992,859
Net changes in unrealized
depreciation on available-
for-sale securities, net -- -- -- -- 56,085 56,085
---------- ----------- ----------- ------------ ----------- -----------
Balance at March 31, 1997 1,142,549 $11,425 $9,008,333 $(1,631,475) $(142,510) $7,245,773
---------- ----------- ----------- ------------ ----------- -----------
---------- ----------- ----------- ------------ ----------- -----------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Month Periods Ended
March 31,
--------------------------------
1997 1996
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net Income $ 110,707 $ 23,455
Adjustments to reconcile net income to
cash provided by (used in) operations:
Depreciation 34,770 33,021
Provision for loan losses charged (credited) 22,784 (61,779)
Amortization of premiums on investment securities 138,199 45,601
Amortization of organizational costs 9,539 --
Gain on sale of available-for-sale securities (17,637) --
Proceeds from sales of available-for-sale securities 4,770,378 --
Gain on sale of loans held-for-sale (37,455) (36,247)
Proceeds from sales of loans held-for-sale 2,264,423 2,415,926
Originations of loans held-for-sale (2,094,171) (2,787,870)
Net (increase) decrease in accrued interest receivable and other assets 208,270 (1,070,454)
Decrease in accrued expense and other liabilities (81,545) (93,820)
------------ ------------
Net cash provided by (used in) operating activities 5,328,262 (1,532,167)
------------ ------------
Cash flows from investing activities:
Proceeds from maturities and principal repayments of
available-for-sale securities 894,308 5,028,245
Purchases of held-to-maturity securities -- (5,000,000)
Proceeds from maturities and principal repayments
of held-to-maturity securities 2,072,364 1,452,353
Net (increase) decrease in certificates of deposit (1,199,786) 95,214
Net (increase) decrease in loans (2,160,682) (1,089,032)
Purchases of premises and equipment (8,609) (12,544)
------------ ------------
Net cash provided by investing activities (402,405) 474,236
------------ ------------
Cash flows from financing activities:
Net increase (decrease) in deposits 396,016 (1,212,672)
Net change in other borrowed funds (3,000,000) --
Net increase (decrease) in advance payments by
borrowers for taxes and insurance 164,468 (18,735)
Net proceeds from issuance of common stock 1,992,859 --
------------ ------------
Net cash used in financing activities (446,657) (1,231,407)
------------ ------------
Increase (decrease) in cash and cash equivalents 4,479,200 (2,289,338)
Cash and cash equivalents at beginning of period 2,199,227 6,752,606
------------ ------------
Cash and cash equivalents at end of period $ 6,678,427 $ 4,463,268
------------ ------------
------------ ------------
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 1,052,125 $ 1,128,563
Income taxes -- 100
Supplemental disclosure of non-cash investing activities
Real estate acquired in settlement of loans -- --
Loans to facilitate the sale of real estate owned -- --
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
6
<PAGE>
- -------------------------------------------------------------------------------
ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
- -------------------------------------------------------------------------------
NOTE A - BASIS OF CONSOLIDATION AND PRESENTATION AND USE OF ESTIMATES
Access Anytime Bancorp, Inc. (the "Company") is a thrift holding company for its
wholly-owned subsidiary First Savings Bank, F.S.B. a.k.a. First Bank ("the
Bank") and the Bank's wholly-owned subsidiary, First Equity Development
Corporation ("FEDCO"). The consolidated financial statements include the
accounts and transactions of the Company, the Bank and FEDCO. All significant
intercompany accounts and transactions have been eliminated in consolidation.
The Company was formed in 1996 and, through an agreement and plan of
reorganization by and between the Company and the Bank, became the holding
company for the Bank under a stock-for-stock exchange. As a result of this
reorganization, the prior year's financial statements are presented to reflect
the result of the reorganization. There was no effect on those year's net
income or net income per share of common stock.
The unaudited interim financial statements should be read in conjunction with
the audited consolidated financial statements of the Company for the year ended
December 31, 1996.
Certain reclassifications have been made to the 1996 consolidated financial
statements in order for them to conform with the 1997 presentation.
7
<PAGE>
- -------------------------------------------------------------------------------
NOTE B - SECURITIES - BANK
A summary of investment securities available-for-sale is as follows:
<TABLE>
<CAPTION>
Amortized Gross unrealized Fair
Cost Gains Losses Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
AVAILABLE-FOR-SALE SECURITIES:
March 31, 1997:
Mortgage-backed securities:
GNMA adjustable-rate $ 18,084,042 $ 19,116 $ 161,626 $ 17,941,532
------------ ------------ ------------ ------------
$ 18,084,042 $ 19,116 $ 161,626 $ 17,941,532
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
December 31, 1996:
Mortgage-backed securities:
GNMA adjustable-rate $ 23,838,281 $ 18.365 $ 216,960 $ 23,639,686
------------ ------------ ------------ ------------
$ 23,838,281 $ 18,365 $ 216,960 $ 23,639,686
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Amortized Gross unrealized Fair
Cost Gains Losses Value
------------ ------------ ------------ ------------
HELD-TO-MATURITY SECURITIES:
March 31, 1997:
Mortgage-backed securities:
FNMA participation certificates $ 5,159,512 $ -- $ 175,718 $ 4,983,794
FHLMC participation certificates 20,019,578 696 284,660 19,735,614
FHLMC adjustable rates 1,830,967 -- 48,879 1,782,088
------------ ------------ ------------ ------------
$ 27,010,057 $ 696 $ 509,257 $ 26,501,496
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
December 31, 1996:
Mortgage-backed securities:
FNMA participation certificates $ 5,355,122 $ -- $ 162,192 $ 5,192,930
FHLMC participation certificates 21,896,565 4,818 453,206 21,448,177
FHLMC adjustable rates 1,861,743 -- 32,515 1,829,228
------------ ------------ ------------ ------------
$ 29,113,430 $ 4,818 $ 647,913 $ 28,470,335
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
8
<PAGE>
- -------------------------------------------------------------------------------
NOTE C - LOANS HELD-FOR-SALE - BANK
Loans held-for-sale are identified at the time the loan is originated, and
recorded at the lower of amortized cost or fair value with only net unrealized
losses included in the consolidated statements of operations.
Gross unrealized
----------------------
Amortized cost Gains Losses Fair Value
-------------- -------- ------- -----------
March 31, 1997 $431,564 $ 5,939 $756 $436,747
December 31, 1996 564,361 12,633 -- 576,994
NOTE D - LOANS RECEIVABLE - BANK
The components of loans in the consolidated statements of financial condition
were as follows:
March 31, 1997 December 31, 1996
-------------- -----------------
First mortgage loans:
Conventional $32,515,311 $31,513,687
FHA insured and VA guaranteed 4,089,269 4,326,093
Consumer and installment loans 10,295,364 9,047,776
Consumer timeshare loans 125,627 179,494
Construction loans 1,440,000 1,975,000
Other 458,460 387,600
------------- -------------
48,924,031 47,429,650
Less:
Loans in process 394,889 1,077,121
Unearned discounts, deferred loans fees,
and other 340,201 327,076
Allowance for loan losses 454,831 429,241
------------- -------------
$47,734,110 $45,596,212
------------- -------------
------------- -------------
9
<PAGE>
- -------------------------------------------------------------------------------
NOTE D - LOANS RECEIVABLE (CONTINUED)
An analysis of the changes in allowance for loan losses follows:
Three Months Ended Year Ended
March 31, 1997 December 31, 1996
------------- -----------------
Balance at beginning of year $429,241 $427,889
Loans charged-off (5,792) (17,882)
Recoveries 8,598 5,595
------------- -------------
Net loans charged-off 2,806 (12,287)
Provision for loan losses charged to operations 22,784 13,639
------------- -------------
Balance at end of period $454,831 $429,241
------------- -------------
------------- -------------
An analysis of the changes of loans to directors and executive officers is as
follows:
Three Months Ended Year Ended
March 31, 1997 December 31, 1996
------------- -------------
Balance at beginning of year $315,605 $262,180
Loans originated 18,352 110,623
Loan principal payments and other reductions (4,524) (57,198)
------------- -------------
Balance at end of period $329,433 $315,605
------------- -------------
------------- -------------
10
<PAGE>
- -------------------------------------------------------------------------------
NOTE E - NON-PERFORMING ASSETS - BANK
The composition of the Bank's portfolio of non-performing assets is shown in the
following table.
March 31, 1997 December 31, 1996
-------------- -----------------
(Dollars in Thousands)
Non-accrual loans (1) $ 84 $ 53
Past due 90 days or more and still accruing -- --
Renegotiated loans (2) 1,533 1,573
Real estate owned (3) 81 86
---------- ----------
Total non-performing assets $1,698 $1,712
---------- ----------
---------- ----------
Ratio of non-performing assets to total assets 1.59% 1.60%
---------- ----------
---------- ----------
(1) Generally refers to loans that are contractually delinquent (i.e., payments
were due and unpaid for more than 90 days).
(2) Renegotiated loans are those for which the interest rate or other terms
were renegotiated because of the inability of borrowers to service the
obligation under the original terms of the agreements and loans to
facilitate the sale of real estate.
(3) Refers to real estate acquired by the Bank through foreclosure or voluntary
deed.
NOTE F - INCOME TAXES
At December 31, 1996, the Company had remaining net operating loss ("NOL")
carryforwards of approximately $6,487,000 for federal income tax purposes which
expire in varying amounts through 2010. The Company also had a capital loss
carryforward of $88,000 for tax purposes which will expire in 1998 and 1999. In
addition, the alternative minimum tax ("AMT") NOL carryforward and AMT credit
carryforward were approximately $6,860,000 and $101,000, respectively, which
expire in varying amounts through 2010. Investment tax credit carryforwards of
approximately $44,000 expire in varying amounts through 2005. At December 31,
1996, the Bank had remaining NOL carryforwards of approximately $43,947,000 for
state income tax purposes which expire in varying amounts through 2005. These
state NOL carryforwards are substantially more than the federal NOL
carryforwards as a result of the exclusion of U.S. investment security and other
income for state income tax purposes.
NOTE G - SUBSEQUENT EVENT
On April 8, 1997, the Company completed its Public Offering. An aggregate of
460,878 shares of Common Stock (for a total of $2,419,609.50) were subscribed
for at a subscription price of $5.25 per share in the Company's Public offering,
which included 50,527 shares subscribed in April 1997.
11
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
FINANCIAL CONDITION
The Company subscribed 410,351 shares of common stock at a price of $5.25 per
share in the first quarter of 1997, which resulted in a net increase in
stockholders' equity of $2,159,651 or 42.46% from December 31, 1996 to March 31,
1997. An aggregate of 460,878 shares were subscribed in the Company's Public
Offering expired on April 8, 1997.
Total assets for the Company decreased by $361,410 or 3.4% from December 31,
1996 to March 31, 1997 which was caused by the Bank's change in asset/liability
structure and capitalization as described in more detail below. Securities
available-for-sale decreased by approximately $5.7 million or 24.10% during the
first quarter of 1997 primarily due to the sale of mortgage-backed securities of
approximately $4.8 million which resulted in a gain of $17,637. Securities
held-to-maturity also decreased in the first quarter, by approximately $2.1
million or 7.22% because of principal payments and prepayments. These proceeds
along with additional capital raised in the amount of $1,992,859 through the
issuance of 410,351 shares of stock allowed the Bank to increase cash and cash
equivalents, certificates of deposit, and loans receivable by approximately
$4.5, $1.2, and $2.1 million, respectively, and allowed the Bank to payoff FHLB
advances of $3 million in the first quarter, which reduced total liabilities by
$2,521,061 or 2.48%.
The Bank's strategy, since early 1996, has been to increase the loan portfolio
and management intends to use the excess cash and cash equivalents on hand at
March 31, 1997 primarily to fund new loans.
12
<PAGE>
CAPITAL ADEQUACY AND LIQUIDITY - BANK
CAPITAL ADEQUACY - Under the Financial Institutions Reform, Recovery and
Enforcement Act of 1989 (FIRREA) and the implementation of Office of Thrift
Supervision (OTS) regulations on December 7, 1989, effective date of the new
capital standards, the Bank must have: (1) core capital equal to 3% of adjusted
total assets; (2) tangible capital equal to 1.5% of adjusted total assets; and
(3) total capital equal to 8.0% of risk-weighted assets, which includes off-
balance sheet items.
The following table is a reconciliation of the BANK'S capital for regulatory
purposes at March 31, 1997 as reported to the OTS.
<TABLE>
<CAPTION>
Tangible Core Risk-based
Assets capital capital capital
------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Total assets $106,222,429
Unrealized loss on securities
available-for-sale, net 142,510
-------------
Adjusted regulatory total assets $106,364,939
-------------
-------------
Risk-based assets $ 44,550,000
-------------
-------------
Stockholders' equity $6,987,530 $6,987,530 $6,987,530
Unrealized loss on securities
available-for-sale, net 142,510 142,510 142,510
General valuation allowance -- -- 454,831
------------ ------------ ------------
Regulatory capital 7,130,040 7,130,040 7,584,871
Regulatory capital required 1,595,474 3,190,948 3,564,000
------------ ------------ ------------
Excess regulatory capital $5,534,566 $3,939,092 $4,020,871
------------ ------------ ------------
------------ ------------ ------------
Bank's capital to adjusted
regulatory assets 6.70% 6.70% 17.03%
Bank's capital to risk-based assets ---------- ---------- ------------
---------- ---------- ------------
</TABLE>
At March 31, 1997 and December 31, 1996, the Bank met the foregoing minimum
tangible, core and risk-based capital levels.
13
<PAGE>
Effective as of June 17, 1996, the Board of Directors and the OTS signed a
Supervisory Agreement which states that it is of mutual benefit for the Bank to
do the following:
1. Complete and submit a revised business and capital plan which will:
a. Increase core capital to 6% as of December 31, 1996.
b. Increase core capital to 7% as of June 30, 1997.
2. Create an asset/liability and investment committee of the Board to oversee
and review pricing activities, investment selection and interest rate risk.
3. Report quarterly on the Bank's operating results and explain variances of
actual results to budgeted projections.
This agreement may be suspended in part or in whole by the OTS Regional
Director. In November 1996, the OTS waived the 6% core capital requirement
contained in the Supervisory Agreement. However, the June 30, 1997 core capital
requirement of 7% is still applicable. The Bank will use the proceeds from the
issuance of common stock in the second quarter of 1997 (see subsequent events in
this Form 10-QSB) and earnings from the second quarter to achieve the 7% core
capital requirement.
LIQUIDITY - Liquidity enables the Bank to meet withdrawals of its deposits and
the needs of its loan customers. The Bank maintains its liquidity position
through maintenance of cash resources and a core deposit base. A further source
is the Bank's ability to borrow funds. The Bank is a member of the Federal Home
Loan Bank (FHLB) which provides a source of borrowings to the Bank for asset and
asset/liability matching. Over the past three years, the FHLB has been used as a
funding source. As of March 31, 1997, the Bank had no outstanding borrowings at
the FHLB and does not anticipate significant borrowings from the FHLB in the
foreseeable future.
INFLATION - The general rate of inflation over the past three years, as measured
by the Consumer Price Index, has not changed significantly. Therefore,
management does not consider the effects of inflation on the Bank's financial
position and results of operations to be material.
14
<PAGE>
RESULTS OF OPERATIONS
THREE-MONTH COMPARATIVE ANALYSIS FOR PERIODS ENDED FOR MARCH 31, 1997 AND 1996
Net income for the first quarter 1997 compared to the same quarter in 1996
increased by $87,252 or 372%, and net income per common share increased from
3.4 cents to 12.4 cents. The primary cause of the increase in earnings in the
quarter was a $108,542 or 17.41% increase in net interest income before
provision for loan losses. Interest expense for the quarter ended March 31,
1997 compared to the quarter ended March 31, 1996 decreased by $230,253 or
18.02% primarily as a result of the decrease in average interest bearing
liabilities for the first quarter of 1997 compared to the first quarter of 1996
of approximately $10.4 million and, to a lesser extent, a change in the Bank's
management's strategy to lower the cost of its deposit base. This decrease more
than offset the decrease in total interest income of $121,711 or 6.40% which
primarily resulted from a decrease in the average interest earning portfolio
for the first quarter of 1997 compared to the first quarter of 1996 of
approximately $10.6 million. The Bank's overall strategy has been to increase
the loan portfolio and decrease its securities portfolio, the result of which
has been to increase interest income on loans by $227,667 while decreasing
income on mortgage-backed securities by $249,744 during the first quarter of
1997 compared to the same quarter in 1996. Provision for loans losses in the
first quarter of 1997 was $22,784 compared to a credit in the first quarter of
1996 of $61,779. The increase of $84,563 resulted from the increase lending
activities of the Bank.
Total other income increased by $36,217 or 18.22% during the quarter ended March
31, 1997 compared to the quarter ended March 31, 1996. The increase in other
income was primarily due to an increase in fees collected from customers of
$14,588, a one-time gain on FEDCO of $7,640, and a gain of $17,637 on the sale
of securities available-for-sale. Total other expenses decreased during the
quarter by $27,056 or 3.14% compared to the same quarter in 1996. The decrease
in other expenses in the quarter was primarily caused by a reduction in deposit
insurance premiums of $39,534 and a reduction of real estate operations expense
of $36,188. These reductions were partially offset by an increase in salaries
and employee benefits, occupancy expense, and other expenses which were $14,727,
$18,454, and $13,107, respectively.
15
<PAGE>
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K.
The following subparagraphs set forth information concerning two Forms
8-K filed during the quarter ended March 31, 1997:
1. On February 18, 1997, the Company filed a Form 8-K to announce
that 286,054 shares of Common Stock were subscribed and that it
satisfied the minimum of $1,5000,000 for the subscription
offering.
2. On March 31, 1997, a Form 8-K was filed concerning the Board of
Directors of Access Anytime Bancorp, Inc. authorizing the Company
to extend the supplemental offering to April 8, 1997.
16
<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.
ACCESS ANYTIME BANCORP, INC.
Date: April 21, 1997 /s/ Norman R. Corzine
-------------------------------------------------
Norman R. Corzine, Chief Executive Officer,
and Chairman of the Board of Directors
(DULY AUTHORIZED REPRESENTATIVE)
Date: April 21, 1997 /s/ Ken Huey, Jr.
-------------------------------------------------
Ken Huey, Jr., President, Chief Financial Officer
and Director
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
(DULY AUTHORIZED REPRESENTATIVE)
17
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1997 AND RELATED STATEMENTS
OF OPERATIONS AND CASH FLOWS FOR THE THREE MONTH PERIOD ENDING MARCH 31, 1997 OF
ACCESS ANYTIME BANCORP, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 6,678
<INT-BEARING-DEPOSITS> 1,580
<FED-FUNDS-SOLD> 1,101
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 432
<INVESTMENTS-CARRYING> 27,010
<INVESTMENTS-MARKET> 17,942
<LOANS> 47,734
<ALLOWANCE> 455
<TOTAL-ASSETS> 106,492
<DEPOSITS> 98,560
<SHORT-TERM> 0
<LIABILITIES-OTHER> 686
<LONG-TERM> 0
0
0
<COMMON> 11
<OTHER-SE> 7,245
<TOTAL-LIABILITIES-AND-EQUITY> 106,492
<INTEREST-LOAN> 1,096
<INTEREST-INVEST> 702
<INTEREST-OTHER> 65
<INTEREST-TOTAL> 1,779
<INTEREST-DEPOSIT> 1,036
<INTEREST-EXPENSE> 1,047
<INTEREST-INCOME-NET> 732
<LOAN-LOSSES> 11
<SECURITIES-GAINS> 18
<EXPENSE-OTHER> 834
<INCOME-PRETAX> 111
<INCOME-PRE-EXTRAORDINARY> 111
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 111
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
<YIELD-ACTUAL> 8.50
<LOANS-NON> 84
<LOANS-PAST> 0
<LOANS-TROUBLED> 1,533
<LOANS-PROBLEM> 105
<ALLOWANCE-OPEN> 429
<CHARGE-OFFS> 6
<RECOVERIES> 9
<ALLOWANCE-CLOSE> 455
<ALLOWANCE-DOMESTIC> 455
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
