UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1999.
[ ] 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 0-29655
Alamogordo Financial Corporation
--------------------------------
(Exact name of small business issuer as specified in its charter)
United States of America 74-2819148
- -------------------------------- ------------------------------------
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
500 10th Street, Alamogordo, New Mexico 88310
(Address of principal executive offices)
(505) 437-9334
Issuer's telephone number
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 10 shares of common stock par
value $.10 per share.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [x]
<PAGE>
ALAMOGORDO FINANCIAL CORPORATION
INDEX
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets as of
December 31, 1999 and June 30, 1999..................... 1
Consolidated Statements of Income for the
three months and six months ended
December 31, 1999 and 1998.............................. 2
Consolidated Statements of Changes in Equity
for the six months ended
December 31, 1999....................................... 3
Consolidated Statements of Cash Flows for the
six months ended
December 31, 1999 and 1998.............................. 4
Notes to Consolidated Financial Statements................ 5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations....................................... 7
PART II. OTHER INFORMATION......................................... 10
ii
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Alamogordo Financial Corporation
Consolidated Balance Sheets as of
December 31, 1999 and June 30, 1999
(Unaudited)
At At
December 31, June 30,
1999 1999
--------- ---------
(Dollars in thousands)
ASSETS
Cash and cash equivalents ........................ $ 7,088 $ 8,472
Securities:
Available for sale ......................... 15,723 17,030
Held to maturity ........................... 5,215 3,473
Loans, net ....................................... 117,451 115,949
Real estate owned, net ........................... 52 --
Premises and equipment, net ...................... 8,585 8,745
Stock in Federal Home Loan Bank, at cost ......... 1,370 1,332
Accrued interest ................................. 881 955
Other assets ..................................... 320 202
--------- ---------
Total assets ................................. $ 156,685 $ 156,158
========= =========
LIABILITIES AND EQUITY
Deposits ......................................... $ 123,351 $ 122,460
Escrows .......................................... 489 1,006
Accrued interest and other liabilities ........... 143 251
Advances from Federal Home Loan Bank ............. 10,000 10,000
--------- ---------
Total liabilities ............................. 133,983 133,717
--------- ---------
EQUITY
Common Stock, par value $.10 per share;
10,000,000 shares authorized,
100 shares issued ............................... -- --
Retained earnings, substantially restricted ...... 23,098 22,710
Accumulated other comprehensive income ........... (396) (269)
--------- ---------
Total equity ................................. 22,702 22,441
--------- ---------
Total liabilities and equity ..................... $ 156,685 $ 156,158
========= =========
1
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Alamogordo Financial Corporation
Consolidated Statements of Income
for the Three Months and Six Months Ended
December 31, 1999 and 1998
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
----------------- ----------------
1999 1998 1999 1998
---- ---- ---- ----
Interest income:
Interest and fees on loans .......... $ 2,287 $ 2,251 $ 4,577 $ 4,463
Interest on securities .............. 258 305 485 690
Interest on mortgage-backed
securities ......................... 43 61 87 118
Interest on other interest
earning assets ..................... 59 169 132 319
------- ------- ------- -------
Total interest income .............. 2,647 2,786 5,281 5,590
Interest expense:
Interest on deposits ................ 1,547 1,750 3,078 3,519
Interest on FHLB and other
borrowings ......................... 127 127 250 254
------- ------- ------- -------
Total interest expense ............. 1,674 1,877 3,328 3,773
------- ------- ------- -------
Net interest income ............... 973 909 1,953 1,817
Provision for loan losses ............. -- -- -- --
------- ------- ------- -------
Net interest income, after
provision for loan losses .......... 973 909 1,953 1,817
------- ------- ------- -------
Other income
Service charges and fees ............ 49 32 95 61
Loss on sale of real
estate owned ....................... -- -- -- (9)
Gain on sale of
premises and equipment ............. -- -- 29 --
Other ............................... 35 33 68 66
------- ------- ------- -------
Total other income ................. 84 65 192 118
------- ------- ------- -------
Other expenses
Salaries and benefits ............... 338 322 657 623
Occupancy ........................... 164 164 343 315
Data processing fees ................ 64 82 128 211
Federal insurance premiums
and other insurance expense ........ 29 30 58 61
Advertising ......................... 28 19 54 33
Other ............................... 173 134 322 293
------- ------- ------- -------
Total other expenses ............... 796 751 1,562 1,536
------- ------- ------- -------
Income before income taxes ......... 261 223 583 399
------- ------- ------- -------
Provision for income taxes ............ 102 66 195 104
------- ------- ------- -------
Net income ......................... $ 159 $ 157 $ 388 $ 295
======= ======= ======= =======
2
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Alamogordo Financial Corporation
Consolidated Statement of Changes in Stockholders' Equity
Six Months Ended December 31, 1999
(Unaudited)
Accumulated
Other
Comprehensive Total
Stock Equity Income Equity
----- ------ ------ ------
BALANCES AT JUNE 30, 1999 ......... $ -- $ 22,710 $ (269) $ 22,441
Comprehensive income
Net income ..................... -- 388 -- 388
Other comprehensive income,
net of tax:
Change in unrealized loss
on securities available
for sale, net of deferred
income tax benefit of $(85) . -- -- (127) (127)
--------
Total comprehensive income ..... -- -- -- 261
-------- -------- -------- --------
Balances at December 31, 1999 ..... $ -- $ 23,098 $ (396) $ 22,702
======== ======== ======== ========
3
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Alamogordo Financial Corporation
Consolidated Statements of Cash Flows
Six Months Ended December 31, 1999 and 1998
(Unaudited)
Six Months
Ended December 31,
------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income .......................................... $ 388 $ 295
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation ..................................... 181 166
Net amortization of premiums and accretion
of discounts on securities ...................... (28) (48)
Gain on sale of loans ............................ -- (5)
(Gain) loss on sales of other real
estate owned .................................... -- 9
Gain on sales of premises and equipment .......... (29) --
(Increase) decrease in interest receivable .......... 74 (64)
(Increase) in other assets .......................... (118) (102)
(Decrease) in interest payable and
other liabilities .................................. (108) (41)
------- -------
Net cash provided by operating activities ........ 360 210
Cash flows from investing activities:
Proceeds from maturities of securities
available-for sale ................................. 1,084 13,777
Proceeds from maturities of securities
held-to-maturity ................................... 1,297 466
Purchases of securities available-for-sale .......... -- (5,019)
Purchases of securities held-to-maturity ............ (2,915) --
Purchases of FHLB stock ............................. (38) (38)
Net (increase) in loans ............................. (1,712) (867)
Proceeds from sale of loans ......................... -- 1,148
Purchases of loans .................................. -- (4,585)
Proceeds from sales of premises and equipment ....... 74 --
Purchases of premises and equipment ................. (66) (327)
Net proceeds from sales of real estate owned ........ 158 25
------- -------
Net cash provided by (used in)
investing activities ............................ (2,118) 4,580
Cash flows from financing activities:
Net increase (decrease) in deposits ................. 891 701
Net increase (decrease) in escrows .................. (517) (623)
------- -------
Net cash provided by (used in) financing
activities ...................................... 374 78
------- -------
Net increase in cash and cash equivalents .............. (1,384) 4,868
Cash and cash equivalents, beginning of year ........... 8,472 6,992
------- -------
Cash and cash equivalents, end of year ................. $ 7,088 $11,860
------- -------
Noncash investing and financing activities:
Transfers of loans to real estate owned ............. $ 209 $ --
Supplemental disclosures of cash flow information:
Income taxes paid ................................... $ 186 $ 106
Interest ............................................ 3,378 3,777
4
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
1. Stock Offering
On October 19,1999, the Board of Directors of Alamogordo Financial
adopted a Plan of Stock issuance. Pursuant to the Plan of Stock Issuance, a
prospectus date February 11, 2000, and a prospectus supplement dated April 11,
2000 Alamogordo Financial plans to offer and sell up to 410,550 shares of its
common stock in a community offering, and issue additional shares to AF Mutual
Holding Company. Following the offering, purchasers in the offering will own
28.0% of Alamogordo Financial's common stock, and AF Mutual Holding Company will
own 72.0%. The offering price will be $10 per share. Offering costs will be
deferred and deducted from the proceeds of the shares sold. If the offering is
not completed, all costs will be charged to expense.
2. Basis of Presentation
The financial statements included herein have been prepared by
Alamogordo Financial without audit. In the opinion of management, the unaudited
financial statements include all adjustments, consisting of normal recurring
accruals, necessary for a fair presentation of the financial position and
results of operations for the periods presented. Certain information and
footnote disclosures normally included in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission. Alamogordo Financial
believes that the disclosures are adequate to make the information presented not
misleading; however, the results for the quarter ended December 31, 1999 are not
necessarily indicative of results to be expected for the entire fiscal year
ending June 30, 2000.
The interim unaudited financial statements presented herein should be
read in conjunction with Alamogordo Financial's prospectus dated February 11,
2000, and the annual audited financial statements of Alamogordo Financial for
the fiscal year ended June 30, 1999, that are contained in the prospectus.
3. Allowance for Loan Losses
The allowance for loan losses is established through provisions for
losses charged to earnings. Loan losses are charged against the allowance when
management believes that the collection of principal is unlikely. Recoveries of
loans previously charged-off are credited to the allowance when realized.
The allowance for loan losses is an amount that management believes
will be adequate to absorb probable losses on existing loans that may become
uncollectible, based on evaluations of the collectibility of the loans.
Management's evaluations, which are subject to periodic review by the Bank's
regulators, take into consideration such factors as the Bank's past loan loss
experience, changes in the nature and volume of the loan portfolio, overall
portfolio quality, review of specific problem loans and collateral values, and
current economic conditions that may affect the borrowers' ability to pay.
Future adjustments to the allowance for loan losses may be necessary based on
changes in economic and real estate market conditions, further information
obtained regarding known problem loans, regulatory examinations, the
identification of additional problem loans, and other factors.
5
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Activity in the allowance for loan losses for the periods indicated is
summarized as follows:
Three Months Ended Six Months Ended
December 31, December 31,
------------------ -----------------
1999 1998 1999 1998
---- ---- ---- ----
Balance at beginning of period... 467 481 472 486
Provision for loan losses........ -- -- -- --
Charge-offs...................... (5) -- (11) (5)
Recoveries....................... 7 -- 8 --
----- ----- ----- -----
Balance at end of period......... $ 469 $ 481 $ 469 $ 481
===== ===== ===== =====
4. Comprehensive Income
Alamogordo Financial has adopted Statement of Financial Accounting
Standards ("SFAS") No. 130, "Reporting Comprehensive Income", which establishes
standards for reporting and display of comprehensive income and its components
(revenues, expenses, gains and losses). In accordance with the provisions of
SFAS No. 130, Alamogordo Financial's total comprehensive income (loss) was $261
and $322 for the six months ended December 31, 1999 and 1998, respectively, and
$69 and $105 for the three months ended December 31, 1999 and 1998,
respectively. The difference between Alamogordo Financial's net income and total
comprehensive income for these periods equals the change in the after- tax net
unrealized gain or loss on securities available for sale during the applicable
periods. Accumulated other comprehensive income (loss) in the consolidated
statements of financial condition represents the after-tax net unrealized gain
(loss) on securities available for sale as of December 31, 1999 and June 30,
1999.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AT DECEMBER 31, 1999
AND JUNE 30, 1999
Alamogordo Financial's total assets increased by $527,000, or .3%, to
$156.7 million at December 31, 1999, from $156.2 million at June 30, 1999. The
increase resulted primarily from an increase in loans receivable and securities,
partially offset by a decrease in cash and cash equivalents. Loans receivable
increased by $1.5 million, or 1.3%, to $117.4 million from $115.9 million as a
result of new loan originations surpassing principal repayments and loan
payoffs. Securities, including mortgage- backed securities, increased by
$435,000, or 2.1%, to $20.9 million from $20.5 million as a result of new
purchases surpassing maturities and repayments. Cash and cash equivalents
decreased by $1.4 million, or 16.3%, to $7.1 million from $8.5 million primarily
due to the annual payment of county property taxes for borrowers.
Total deposits increased by $891,000, or .7%, to $123.4 million at
December 31, 1999 from $122.5 million at June 30, 1999. The increase resulted
from a $1.1 million, or 1.1%, increase in term certificates to $103.6 million
from $102.5 million, offset by a $178,000, or .1%, decrease in transaction and
savings deposits to $19.8 million from $20.0 million. The increase in term
certificates resulted primarily from an increase in public funds. Total
borrowings were unchanged at $10.0 million.
Equity increased by $261,000, or 1.16%, to $22.7 million from $22.4
million primarily due to earnings over the period, partially offset by a
$127,000 decrease in accumulated other comprehensive income related to
unrealized losses on securities available for sale. As of December 31, 1999,
Alamogordo Federal had $22.7 million of tangible capital or 14.4% of tangible
assets, $22.7 million of core capital or 14.4% of total adjusted assets, and
$23.1 million of risk-based capital or 29.9% of risk- weighted assets.
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 1999 AND
1998
General. Net income increased by $2,000, or 1.3%, to $159,000 for the
three months ended December 31, 1999, from $157,000 for the three months ended
December 31, 1998. The increase resulted from an increase in net interest income
and other income, partially offset by an increase in other expense and the
provision for income taxes. Alamogordo Federal's computers and data processors
did not experience any difficulties related to their ability to correctly
identify the year 2000.
Interest Income. Interest income decreased by $139,000, or 5.0%, to
$2.6 million for the three months ended December 31, 1999 from $2.8 million for
the three months ended December 31, 1998. The decrease resulted from a decrease
in interest on securities and other interest-earning assets, partially offset by
an increase in interest and fees on loans. Interest and fees on loans receivable
increased by $36,000, or 1.6%. The increase resulted from a $6.3 million, or
5.7%, increase in the average balance of loans receivable to $117.2 million from
$110.9 million, partially offset by a 32 basis point decrease in the average
yield on the loan portfolio to 7.80% from 8.12%. The increase in average balance
of loans receivable resulted from a net increase in both mortgage and consumer
and other loans. The decrease in the average yield resulted from the prepayment
of higher yielding loans in a declining interest rate environment. The decrease
in average yield also resulted, in part, from downward adjustments in
7
<PAGE>
adjustable-rate loans. Interest on securities, including mortgage-backed
securities and other interest- earning assets, decreased by $175,000, or 32.7%,
to $360,000 from $535,000. This decrease resulted from a $4.1 million, or 16.3%,
decrease in the average balance of securities due to maturities and repayment of
principal, and a 10 basis point decrease in the average yield on securities. The
average balance of other interest-earning assets decreased by $9.4 million, the
effects of which were partially offset by an increase in the average yield of
190 basis points.
Interest Expense. Interest expense on deposits decreased by $203,000,
or 11.6%, to $1.5 million for the three months ended December 31, 1999 from $1.8
million for the three months ended December 31,1998. Interest expense on
transaction and savings accounts decreased to $101,000 from $111,000, as the
average balance of transaction and savings accounts remained relatively stable,
and the average cost decreased to 2.27% from 2.46%. Interest expense on
certificate accounts decreased by $193,000, to $1.4 million from $1.6 million,
as the average balance of certificate accounts decreased by $4.6 million and the
average cost decreased by 48 basis points. Interest expense on borrowings
remained stable at $127,000. The decrease in certificate accounts resulted
primarily from a decrease in public funds. The decrease in rates resulted from a
general decline in shorter-term market rates of interest.
Net Interest Income. Net interest income increased by $64,000, or 7.0%,
to $973,000 for the three months ended December 31, 1999 from $909,000 for the
three months ended December 31, 1998. Net interest rate spread, the difference
between the yield on average total interest-earning assets and the cost of
average total interest-bearing liabilities, increased by 41 basis points to
2.36% from 1.95%.
Provision for Loan Losses. We establish provisions for loan losses,
which are charged to operations, in order to maintain the allowance for loan
losses at a level that we believe is appropriate to absorb future charge-offs of
loans deemed uncollectible. In determining the appropriate level of the
allowance for loan losses, management considers loss experience, evaluations of
real estate collateral, economic conditions, volume and type of lending and the
levels of nonperforming and other classified loans. Based on our evaluation of
these factors, and based on loan allowance recoveries of $7,000 and charge-offs
of $5,000 for the three months ended December 31, 1999, and no charge-offs or
recoveries for the three months ended December 31, 1998, we made no provision
for loan losses. The allowance for loan losses decreased to $469,000, or 259.1%
of total nonperforming loans at December 31, 1999 from $472,000, or 88.7% of
total nonperforming loans at June 30, 1999. The amount of the allowance is based
on estimates and the ultimate losses may vary from such estimates. Management
assesses the allowance for loan losses on a quarterly basis and makes provisions
for loan losses as necessary in order to maintain the adequacy of the allowance.
While management uses available information to recognize losses on loans, future
loan loss provisions may be necessary based on changes in economic conditions.
In addition, various regulatory agencies, as an integral part of their
examination process, periodically review the allowance for loan losses and may
require us to recognize additional provisions based on their judgment of
information available to them at the time of their examination. Management
believes that the allowance for loan losses at December 31, 1999 and June 30,
1999 was adequate.
Other Income. Total other income includes service charges and fees,
gain (loss) on sale of real estate owned and premises and equipment, and other.
Total other income increased by $19,000, or 29.2%, to $84,000 from $65,000.
Service charges and fees increased by $17,000 primarily due to ATM fee income
and deposit account service charges. Other income increased by $5,000 as a
result of increased tenant occupancy of the office building.
8
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Other Expense. Total other expense increased by $45,000, or 6.1%, to
$796,000 for the three months ended December 31, 1999 from $751,000 for the
three months ended December 31, 1998. A decrease in the deferral of loan
origination costs, which was offset by employee compensation expense,
contributed $16,000 to this increase as new loan originations decreased during
the latter period. Advertising expense increased $9,000 primarily due to
additional marketing programs. These increases were partially offset by a
$18,000 decrease in data processing fees due to Alamogordo Federal's conversion
of its data processing system during the earlier period.
Provision for Income Taxes. The provision for income taxes increased to
$102,000, or 39.1% of net income before income taxes, from $66,000, or 29.6% of
net income before income taxes. The increase in the provision resulted from an
increase in net income before income taxes. The increase in effective tax rate
resulted from a decrease in income from tax-exempt securities and other changes
in deferred tax items.
COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 AND
1998
General. Net income increased by $93,000, or 31.7%, to $388,000 for the
six months ended December 31, 1999, from $295,000 for the six months ended
December 31, 1998. The increase resulted from an increase in net interest income
and other income, partially offset by an increase in other expense and the
provision for income taxes.
Interest Income. Interest income decreased by $309,000, or 5.5%, to
$5.3 million for the six months ended December 31, 1999 from $5.6 million for
the six months ended December 31, 1998. The decrease resulted from a decrease in
interest on securities and other interest-earning assets, partially offset by an
increase in interest and fees on loans. Interest and fees on loans receivable
increased by $114,000, or 2.6%. The increase resulted from a $7.2 million, or
6.5%, increase in the average balance of loans receivable to $116.9 million from
$109.7 million, partially offset by a 30 basis point decrease in the average
yield on the loan portfolio to 7.83% from 8.13%. The increase in average balance
of loans receivable resulted from a net increase in both mortgage and consumer
and other loans. The decrease in the average yield resulted from the prepayment
of higher yielding loans in a declining interest rate environment. The decrease
in average yield also resulted, in part, from downward adjustments in
adjustable-rate loans. Interest on securities, including mortgage-backed
securities and other interest- earning assets, decreased by $423,000, or 37.5%,
to $704,000 from $1.1 million. This decrease resulted from an $8.7 million, or
30.2%, decrease in the average balance of securities due to maturities and
repayment of principal, and an 8 basis point decrease in the average yield on
securities. The average balance of other interest-earning assets decreased by
$6.8 million, the effects of which were partially offset by a 76 basis point
increase in the average yield.
Interest Expense. Interest expense on deposits decreased by $441,000,
or 12.5%, to $3.1 million for the six months ended December 31, 1999 from $3.5
million for the six months ended December 31,1998. Interest expense on
transaction and savings accounts decreased to $197,000 from $245,000, as the
average balance of transaction and savings accounts remained relatively stable,
and the average cost decreased to 2.18% from 2.72%. Interest expense on
certificate accounts decreased by $393,000, to $2.9 million from $3.3 million,
as the average balance of certificate accounts decreased by $5.6 million and the
average cost decreased by 44 basis points. Interest expense on borrowings
decreased to $250,000 from $254,000. The decrease in certificate accounts
resulted primarily from a decrease in public funds. The decrease in rates
resulted from a general decline in shorter-term market rates of interest.
9
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Net Interest Income. Net interest income increased by $136,000, or
7.5%, to $1.9 million for the six months ended December 31, 1999 from $1.8
million for the six months ended December 31, 1998. The net interest rate
spread, the difference between the yield on average total interest-earning
assets and the cost of average total interest-bearing liabilities, increased by
45 basis points to 2.38% from 1.93%.
Provision for Loan Losses. Our policy regarding provisions for loan
losses is described in "Management's Discussion and Analysis of Financial
Condition and Results of Operations -- Comparison of Operating Results for the
Three Months Ended December 31, 1999 and 1998." Based on the factors described
in that section, and based on net loan charge-offs of $3,000 and $5,000 during
the six months ended December 31, 1999 and 1998, respectively, we made no
provision for loan losses in either period. Management believes that the
allowance for loan losses at December 31, 1999 was adequate.
Other Income. Total other income increased by $74,000, or 62.7%, to
$192,000 from $118,000. Service charges and fees increased by $33,000 primarily
due to ATM fee income and deposit account service charges. Other income
increased by $10,000 as a result of increased tenant occupancy of the office
building. Gain on sale of real estate totaled $29,000 for the six months ended
December 31, 1999, as compared to no gain for the previous period as a result of
the sale of land.
Other Expense. Total other expense increased by $26,000, or 1.7%, to
$1.6 million for the six months ended December 31, 1999 from $1.5 million for
the six months ended December 31, 1998. The net increase was the result
primarily of the opening of Alamogordo Federal's second branch office.
Provision for Income Taxes. The provision for income taxes increased to
$195,000, or 33.4% of net income before income taxes, from $104,000, or 26.1% of
net income before income taxes. The increase in the provision resulted from an
increase in net income before income taxes. The increase in effective tax rate
resulted from a decrease in income from tax-exempt securities and other changes
in deferred tax items.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are various claims and lawsuits in which Alamogordo Financial is
periodically involved incidental to its business. In the opinion of management,
no material loss is expected from any of such pending claims or lawsuits.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
(a) Changes in Securities.
Not applicable.
(b) Use of proceeds.
Not applicable
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORT ON FORM 8-K.
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned
thereunto duly authorized.
Alamogordo Financial Corporation
/s/ R. Miles Ledgerwood
Date: April 4, 2000 By: ----------------------------------------
R. Miles Ledgerwood
President and Chief Executive Officer
/s/ Norma J. Clute
Date: April 4, 2000 By: ----------------------------------------
Norma J. Clute
Vice President and Treasurer
11
