<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996, 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 03502
First National of Nebraska, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C>
Nebraska 47-0523079
- ------------------------------------ --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One First National Center Omaha, NE 68102
- ------------------------------------------------ --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (402) 341-0500
</TABLE>
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 .
------- ------
As of July 30, 1996, the number of outstanding shares of the registrant's common
stock ($5.00 par value) was 346,767.
<PAGE>
PART I. ITEM 1. FINANCIAL STATEMENTS
FIRST NATIONAL OF NEBRASKA, INC.
Consolidated Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
ASSETS June 30, December 31,
1996 1995
- --------------------------------------------------------------------------------
(In Thousands)
<S> <C> <C>
Cash and due from banks $ 267,794 $ 309,405
Federal funds sold and other short-term
investments 97,567 309,231
- --------------------------------------------------------------------------------
Total cash and cash equivalents 365,361 618,636
Securities held-to-maturity (fair value of
$835,126,000 and $854,473,000 at June 30,
1996 and December 31, 1995, respectively) 840,450 846,737
Securities available-for-sale (amortized
cost of $146,253,000 at June 30, 1996) 145,574 --
Loans 4,511,802 4,451,120
Less: Allowance for loan losses 82,520 67,740
Unearned income 11,334 11,693
- --------------------------------------------------------------------------------
Net loans 4,417,948 4,371,687
Premises and equipment, net 109,458 99,550
Other assets 177,243 173,932
- --------------------------------------------------------------------------------
TOTAL ASSETS $ 6,056,034 $ 6,110,542
================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- --------------------------------------------------------------------------------
Deposits:
Non-interest bearing $ 598,182 $ 631,837
Interest bearing 4,436,916 4,458,043
- --------------------------------------------------------------------------------
Total deposits 5,035,098 5,089,880
Federal funds purchased and U.S.
Treasury notes 140,705 133,488
Commercial paper and commercial
paper based borrowings 260,362 289,827
Other liabilities 59,059 58,300
Long-term debt and other
interest-bearing obligations 15,190 8,437
Capital notes 96,928 100,779
- --------------------------------------------------------------------------------
Total liabilities 5,607,342 5,680,711
Stockholders' equity:
Common stock, par value $5 a
share; 346,767 shares authorized,
issued and outstanding 1,734 1,734
Additional paid-in capital 2,603 2,603
Retained earnings 444,813 425,494
Net unrealized gain (loss) on
available-for-sale securities (458) --
- --------------------------------------------------------------------------------
Total stockholders' equity 448,692 429,831
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND $ 6,056,034 $ 6,110,542
STOCKHOLDERS' EQUITY
================================================================================
See notes to consolidated financial statements.
</TABLE>
2
<PAGE>
<TABLE>
FIRST NATIONAL OF NEBRASKA, INC.
Consolidated Statements of Income
(Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Quarter Ended June 30, Six Months Ended June 30,
1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
(In Thousands, Except Share and Per Share Data)
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans and
lease financing $ 164,583 $ 156,675 $ 327,889 $ 305,896
Interest on securities:
Taxable interest income 13,020 11,152 25,525 22,311
Nontaxable interest income 275 450 557 827
Interest on federal funds sold and other
short-term investments 3,286 2,492 7,015 4,512
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest income 181,164 170,769 360,986 333,546
- ------------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Interest on deposits 60,448 57,544 122,902 109,268
Interest on commercial paper and commercial paper
based borrowings 3,934 4,714 8,161 9,390
Interest on federal funds purchased and U.S. Treasury
notes 1,363 932 2,451 1,842
Interest on long-term debt, other obligations and
capital notes 2,077 2,104 4,126 4,031
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest expense 67,822 65,294 137,640 124,531
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income 113,342 105,475 223,346 209,015
Provision for loan losses 38,776 24,116 76,973 43,585
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses 74,566 81,359 146,373 165,430
Other operating income:
Processing services 25,667 16,191 48,080 30,012
Deposit services 5,200 4,638 9,927 9,630
Trust and investment services 4,177 3,769 8,152 7,473
Commissions 1,558 1,510 7,525 6,492
Miscellaneous 7,641 4,676 12,565 10,644
- ------------------------------------------------------------------------------------------------------------------------------------
Total other operating income 44,243 30,784 86,249 64,251
- ------------------------------------------------------------------------------------------------------------------------------------
Income before other operating expense 118,809 112,143 232,622 229,681
Other operating expense:
Salaries and employee benefits 33,453 28,819 68,489 59,441
Communications and supplies 13,681 12,829 32,357 28,433
Loan services purchased 15,878 10,497 30,390 21,432
Purchased processing 4,424 4,204 9,734 9,643
Net occupancy expense of premises 5,218 5,856 10,383 11,412
Equipment rentals, depreciation and maintenance 6,270 5,738 12,634 10,701
Other professional services
purchased 3,691 2,473 7,110 5,851
Federal deposit insurance 97 2,165 160 4,693
Miscellaneous 7,204 7,470 13,149 14,036
- ------------------------------------------------------------------------------------------------------------------------------------
Total other operating expense 89,916 80,051 184,406 165,642
- ------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes 28,893 32,092 48,216 64,039
Income tax expense/(benefit):
Current 14,060 15,085 25,121 27,990
Deferred (2,869) (2,768) (6,205) (4,214)
- ------------------------------------------------------------------------------------------------------------------------------------
Total income tax expense 11,191 12,317 18,916 23,776
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME $ 17,702 $ 19,775 $ 29,300 $ 40,263
====================================================================================================================================
Average number of common shares outstanding 346,767 346,767 346,767 346,767
====================================================================================================================================
Net income per common share $ 51.05 $ 57.03 $ 84.49 $ 116.11
====================================================================================================================================
Cash dividends declared per common share $ 16.88 $ 16.00 $ 28.78 $ 25.73
====================================================================================================================================
See notes to consolidated financial statements.
</TABLE>
3
<PAGE>
FIRST NATIONAL OF NEBRASKA, INC.
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Six Months Ended June 30,
1996 1995
- --------------------------------------------------------------------------------
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income $ 29,300 $ 40,263
Adjustments to reconcile net income to net
cash flows from operating activities:
Provision for loan losses 76,973 43,585
Depreciation and amortization 13,872 8,575
Provision for deferred taxes (6,205) (4,214)
Origination of loans for resale (20,898) (9,975)
Proceeds from the sale of loans 20,407 10,259
Other asset and liability activity, net 376 17,539
- -------------------------------------------------------------------------------
Net cash flows from operating activities 113,825 106,032
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of businesses $ 395 $ 28,041
Maturities of securities held-to-maturity 115,956 202,014
Purchases of securities held-to-maturity (120,064) (130,544)
Purchases of securities available-for-sale (146,474) --
Net change in loans (122,749) (325,211)
Purchases of premises and equipment (19,052) (15,732)
Other, net 9,433 12,886
- --------------------------------------------------------------------------------
Net cash flows from investing activities (282,555) (228,546)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in customer deposits $ (54,782) $ 282,847
Net change in federal funds purchased 7,217 (64,038)
Issuance of debt and capital notes 27,074 15,204
Principal repayments of debt and capital notes (24,172) (11,844)
Net change in commercial paper and
commercial paper based borrowings (29,902) (18,472)
Cash dividends paid (9,980) (8,922)
- --------------------------------------------------------------------------------
Net cash flows from financing activities (84,545) 194,775
- --------------------------------------------------------------------------------
Net change in cash and cash equivalents (253,275) 72,261
Cash and cash equivalents at beginning of period 618,636 366,605
- --------------------------------------------------------------------------------
Cash and cash equivalents at end of period $ 365,361 $ 438,866
================================================================================
Cash paid during the year for:
Interest $ 140,055 $ 118,399
Income taxes $ 23,076 $ 26,734
================================================================================
NON-CASH INVESTING AND FINANCING ACTIVITIES
Increase to liabilities from business
acquisitions $ 723 $ 15,198
================================================================================
See notes to consolidated financial statements.
</TABLE>
4
<PAGE>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
June 30, 1996
NOTE A: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of First National
of Nebraska, Inc. and subsidiaries (the "Company") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete consolidated
financial statements. For purposes of comparability, certain prior period
amounts have been reclassified.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities as of the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation of the financial statements have
been included. Operating results for the six months ended June 30, 1996, are
not necessarily indicative of the results that may be expected for the year
ended December 31, 1996. The notes to the consolidated financial statements
contained in the Annual Report on Form 10-K for the year ended December 31, 1995
should be read in conjunction with these consolidated financial statements.
NOTE B: EARNINGS PER COMMON SHARE
Net income per share is calculated by dividing net income by the average number
of common shares outstanding during the period.
NOTE C: ACQUISITIONS
On August 1, 1996, a bank holding company subsidiary acquired Bolder
Bancorporation, the holding company of The Bank of Boulder, in a transaction
accounted for as a purchase. Bolder Bancorporation has consolidated assets of
approximately $126 million and operates in two locations in Boulder, Colorado.
In another acquisition during 1996, the Company assumed liabilities of $103,000
and non-cash assets of $431,000.
PART I. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
The Company consists of the parent company, which is a Nebraska-based interstate
bank holding company, and its consolidated subsidiaries. Its principal
subsidiaries include First National Bank of Omaha and its wholly-owned
subsidiaries (the "Bank"); First National Bank and Trust Company of Columbus;
First National Bank, North Platte; Platte Valley State Bank and Trust Company,
Kearney; The Fremont National Bank and Trust Company; First National Bank of
Kansas, Overland Park, Kansas; First National Bank South Dakota, Yankton, South
Dakota; and First National of Colorado, Inc., and its wholly-owned subsidiaries
First National Bank, Fort Collins, Colorado and Union Colony Bank, Greeley,
Colorado. The accompanying financial statements do not reflect the August 1,
1996 acquisition of The Bank of Boulder. The Company also has nonbanking
subsidiaries, which in the aggregate are not material.
In addition to its position as a regional bank holding company, First National
of Nebraska, Inc. was one of the originators of the bank credit card industry
and has 43 years' experience in this business. Through a banking subsidiary, the
Company conducts a significant consumer credit card service under license
arrangements with VISA USA and MasterCard International, Inc. The Company's
credit card customers are located throughout the United States, but primarily in
the Midwest. At December 31, 1995, the Company ranked among the top 25 card
issuing entities based on the amount of managed credit card loans outstanding.
The Company originates all new credit card accounts and does not purchase
existing accounts from other originators. The Company performs all credit card
servicing activities on behalf of its subsidiary banks including data
processing, payment processing, statement rendering, marketing, customer
service, credit administration and card embossing. The Company primarily funds
its credit card loans through the core deposits of its subsidiary banks.
5
<PAGE>
The Company continues to make substantial investments in data processing
technology for both its own data processing needs and to provide various data
processing services for unaffiliated parties. The services provided include
automated clearinghouse transactions, merchant credit card processing, and check
processing. The Company ranks as the seventh largest merchant credit card
processor in the United States. It also was among the 15 largest automated
clearinghouse processors in the country during 1995, and is one of the largest
check processors in its market area. The Company provides data processing
services to non-affiliated banks located in nine states. The Company has
increased fee income through the significant expansion of these services. With
the increased volumes processed, the Company is subjected to greater pricing and
technology risks. The Company continues to closely monitor the risks and
competitive conditions.
Competitors of the Company include other commercial banks, savings and loan
associations, consumer and commercial finance companies, credit unions and other
financial services companies. The Company's credit card operation competes with
other issuers of credit cards ranging from other national issuers of bank cards
to local retailers which provide their own charge account services. The Company
believes that the level of competition will increase in the future as the
industry continues to consolidate and as nonbanking companies continue to offer
products traditionally offered by banks.
RESULTS OF OPERATIONS
OVERVIEW:
Net income for the quarter ending June 30, 1996 was $17.7 million, or $51.05 per
common share, decreasing 10.5% from $19.8 million, or $57.03 per common share
for the same quarter in 1995. Net income for the six months ending June 30,
1996 was $29.3 million, or $84.49 per common share, decreasing 27.2% from $40.3
million, or $116.11 per common share for the same period in 1995. The overall
reduction in earnings was primarily attributable to increases in the provision
for loan losses which were partially offset by increases in net interest income
and other operating income.
NET INTEREST INCOME:
The Company's primary source of income is net interest income. Net interest
income for the quarter ended June 30, 1996 increased $7.9 million or 7.5% to
$113.3 million compared to the same quarter in 1995. For the six months ended
June 30, 1996, net interest income increased $14.3 million or 6.9% to $223.3
million compared to the same period in 1995. The increase in net interest
income is primarily due to an increase in average earning assets and a decrease
in the cost of interest-bearing liabilities.
PROVISION FOR LOAN LOSSES:
The Company evaluates the adequacy of its allowance for loan losses on a monthly
basis. This review is based upon management's review of collateral values,
delinquencies, nonaccruals, payment histories and various other analytical and
subjective measures relating to individual loan portfolios within the Company.
The provision for loan losses increased $14.7 million or 60.8% to $38.8 million
for the quarter ended June 30, 1996 compared to $24.1 million for the same
period in 1995. For the six months ended June 30, 1996, the provision for loan
losses increased $33.4 million or 76.6% to $77.0 million compared to $43.6
million for the same period in 1995. The increase relates to a buildup of the
allowance for current and future loan losses due to a rise in delinquent and
nonperforming consumer credit card loans (which is being experienced throughout
the credit card industry) and the large volume of consumer credit card loans
originated in 1994 which continue to mature. The offset to the risk of loss
traditionally associated with consumer credit card loans is the higher interest
rates charged resulting in favorable net earnings.
OTHER OPERATING INCOME:
Other operating income for the quarter ended June 30, 1996 increased $13.5
million or 43.7% to $44.2 million compared to the same quarter in 1995. For the
six months ended June 30, 1996, other operating income increased $22.0 million
or 34.2% to $86.2 million compared to the same period in 1995. The majority of
the increase was due to processing services income which increased 58.5% for the
quarter and 60.2% for the six months ended June 30, 1996 compared to the same
period in 1995 and relates to increases in volumes processed from new and
existing customers in merchant processing. Income related to trust and
investment services, commissions, and deposit services increased as a result of
the general growth of the Company. The increase in miscellaneous income was due
to income derived from a change in merchant authorization processing.
6
<PAGE>
OTHER OPERATING EXPENSE:
Other operating expense for the quarter ended June 30, 1996 increased $9.9
million or 12.3% to $89.9 million compared to the same quarter in 1995. For the
six months ended June 30, 1996, other operating expense increased $18.8 million
or 11.3% to $184.4 million compared to the same period in 1995. The increase in
other operating expense is largely attributable to loan services purchased which
increased 51.3% for the quarter and 41.8% for the six months ended June 30, 1996
compared to the same period in 1995. The increase reflects expenses incurred in
processing additional volumes and in the increased promotion of new business.
Federal deposit insurance decreased 95.5% for the quarter and 96.6% for the six
months ended June 30, 1996 compared to the same period in 1995 due to a change
in the regulatory assessment rates. Expenses in 1996 related to salaries and
employee benefits and other professional services increased as a result of the
general growth of the Company.
ASSET QUALITY
The Company's loan delinquency rates and net charge off activity reflect, among
other factors, general economic conditions, the quality of the loans, the
average seasoning of the loans and the success of the Company's collection
efforts. The Company's objective in managing its loan portfolio is to balance
and optimize the profitability of the loans within the context of acceptable
risk characteristics.
The credit card industry is experiencing increased delinquency and charge off
trends which are more representative of long-term historical levels. With
consumer credit card loans comprising 48.0% of the Company's total assets, the
Company has experienced an increase in its overall loan delinquency and net
charge off rates. As a result, the Company has increased its allowance for loan
losses by $20.1 million from June 30, 1995 to June 30, 1996.
The following table reflects the delinquency rates of the Company's loan
portfolio. An account is contractually delinquent if the minimum payment is not
received by the specified billing date. The delinquency rate as a percentage of
total loans was 3.56% at June 30, 1996 compared with 3.18% at December 31, 1995.
<TABLE>
<CAPTION>
DELINQUENT LOANS:
June 30, 1996 December 31, 1995
------------------------------------------------
(Amounts in Thousands)
Percent of Percent of
Total Loans Total Loans
----------- -----------
<S> <C> <C> <C> <C>
Total Loans Outstanding $4,511,802 $4,451,120
Loans delinquent:
30 - 89 days $ 103,923 2.30% $ 95,236 2.14%
90 days or more & still accruing 56,729 1.26% 46,396 1.04%
---------------------- ------------------------
Total delinquent loans $ 160,652 3.56% $ 141,632 3.18%
====================== ========================
Nonaccrual loans $ 7,323 .16% $ 8,718 .20%
====================== ========================
</TABLE>
The allowance for loan losses is intended to cover losses inherent in the
Company's loan portfolio. A provision for loan losses is charged against
earnings to maintain the allowance at an acceptable level. Generally, the
Company's policy is to charge off loans when they become 180 days contractually
past due. Net loan charge offs include the principal amount of losses resulting
from borrowers' unwillingness or inability to pay, in addition to bankrupt and
deceased borrowers, less current period recoveries of previously charged off
loans. Net charge offs for the Company's portfolio were $62.2 million for the
six months ended June 30, 1996 compared to $38.0 million for the same period in
1995. Net charge offs as a percentage of average loans were 1.41% for the six
months ended June 30, 1996 compared to .92% for the same period last year.
7
<PAGE>
The following table presents the activity in the Company's allowance for loan
losses.
<TABLE>
<CAPTION>
ALLOWANCE FOR LOAN LOSSES:
For the Six Months Ended June 30,
1996 1995
------------------------
(Amounts in Thousands)
<S> <C> <C>
BALANCE AT JANUARY 1 $ 67,740 $ 55,265
Addition due to acquisition -- 1,568
Provision for credit losses 76,973 43,585
Losses charged off (71,573) (46,635)
Recoveries on amounts
charged off 9,380 8,619
-------- --------
BALANCE AT JUNE 30 $ 82,520 $ 62,402
======== ========
Allowance as a percentage
of loans and leases 1.83% 1.44%
Net charge-offs as a percentage of
average loans and leases 1.41% .92%
</TABLE>
CAPITAL RESOURCES
- -----------------
The Company and its banking subsidiaries are required to maintain minimum
capital in accordance with federal guidelines. Generally, these guidelines are:
1) 3% to 5% for Tier I capital to total assets defined as stockholders' equity
less intangibles and goodwill as a percent of quarterly average assets less
intangibles and goodwill; 2) 4% for Tier I capital to risk-adjusted assets; and
3) 8% for Total capital to risk-adjusted assets. Total capital is defined as
Tier I capital plus a certain portion of allowance for loan and lease loss and
certain debt and equity instruments. The stated capital of the Company and its
banking subsidiaries is subject to qualitative judgments by the regulators about
components, risk weightings, and other factors. The Company and its banking
subsidiaries exceeded these minimum regulatory capital requirements at June 30,
1996.
Under the Federal Deposit Insurance Corporation Improvement Act of 1991, the
Company's banking subsidiaries are reviewed by bank regulators pursuant to a
supervisory framework for prompt corrective action. This framework consists of
five categories that are defined by different levels of capital. For the top-
rated well-capitalized category, an institution must meet capital ratios of 5.0%
for Tier I capital to total assets (as defined); 6.0% for Tier I capital to
risk-adjusted assets; and 10.0% for Total capital to risk-adjusted assets. At
June 30, 1996, all of the Company's banking subsidiaries exceeded these minimum
regulatory capital requirements for the top-rated well-capitalized category
established by the supervisory agencies.
In December 1995, First National Bank of Omaha issued $75 million in 15 year
subordinated capital notes. These subordinated capital notes, along with $22
million in capital notes outstanding as of June 30, 1996 issued in connection
with the Company's previous acquisitions, count towards meeting required capital
standards. In addition, the Company historically retains 85% of net income in
capital to fund the growth of future operations and to maintain minimum capital
standards.
LIQUIDITY AND INTEREST MARGIN MANAGEMENT
- ----------------------------------------
The maintenance of an adequate level of liquidity is necessary to ensure that
sufficient funds are available for loan growth and deposit withdrawals. These
funding demands are offset by funds generated from loan repayments, the maturity
of securities and core deposit growth. The Company believes liquidity can be
managed on both sides of the balance sheet. Liquidity is evaluated by the
Company using three distinct processes: addressing daily liquidity needs; the
use of non-core deposits and other funding sources; and expected loan demands
against liquidity.
The Company evaluates its interest margin in conjunction with liquidity.
Computer-based models are utilized to forecast how potential interest rate
scenarios and balance sheet strategies will interact with the Company's
liquidity and interest margin requirements. The Company closely monitors the
repricing of assets and liabilities to obtain an acceptable interest spread in
periods of rising or falling rates. Through the use of product selection and
product pricing, the Company manages asset and liability volumes and interest
spreads. The Company does not use financial instruments such as hedges, swaps,
futures, or other derivative products.
8
<PAGE>
The Company utilizes the commercial paper market throughout the year. As of
June 30, 1996, the Company had facilities to access the commercial paper market
up to a maximum of $340,000,000, of which $260,362,000 was outstanding and
maturing in 57 days. Commercial paper is supported by loan commitments from
various financial institutions, and is distributed on a national basis with
proceeds used to finance consumer receivables.
Additionally, in September 1995, the Company increased the diversity of its
credit card funding sources through a new securitization program. As of June
30, 1996, the Company had securitized $200 million of credit card loans through
this program.
PART II. OTHER INFORMATION
Items 1,2,3,4,5, and 6(b): Not applicable or negative response.
Item 6(a): Articles of Incorporation of the Parent Company
(previously filed as Exhibit No. 1 to Form 10-K
filed with the Securities and Exchange Commission
by the Company on March 31, 1993) is incorporated
herein by reference.
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.
FIRST NATIONAL OF NEBRASKA, INC.
By \s\ Bruce R. Lauritzen
----------------------
Bruce R. Lauritzen
President and Treasurer, Principal
Accounting and Financial Officer and
Director
Date: July 30, 1996
-------------
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 267,794
<INT-BEARING-DEPOSITS> 4,436,916
<FED-FUNDS-SOLD> 97,567
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 840,450
<INVESTMENTS-MARKET> 835,126
<LOANS> 4,511,802
<ALLOWANCE> 82,520
<TOTAL-ASSETS> 6,056,034
<DEPOSITS> 5,035,098
<SHORT-TERM> 0
<LIABILITIES-OTHER> 59,059
<LONG-TERM> 112,118<F1>
<COMMON> 1,734
0
0
<OTHER-SE> 446,958
<TOTAL-LIABILITIES-AND-EQUITY> 6,056,034
<INTEREST-LOAN> 327,889
<INTEREST-INVEST> 26,082
<INTEREST-OTHER> 7,015
<INTEREST-TOTAL> 360,986
<INTEREST-DEPOSIT> 122,902
<INTEREST-EXPENSE> 137,640
<INTEREST-INCOME-NET> 223,346
<LOAN-LOSSES> 76,973
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 184,406
<INCOME-PRETAX> 48,216
<INCOME-PRE-EXTRAORDINARY> 29,300
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 29,300
<EPS-PRIMARY> 84.49
<EPS-DILUTED> 84.49
<YIELD-ACTUAL> 0<F2>
<LOANS-NON> 7,323
<LOANS-PAST> 56,729
<LOANS-TROUBLED> 0<F2>
<LOANS-PROBLEM> 0<F2>
<ALLOWANCE-OPEN> 67,740
<CHARGE-OFFS> 71,573
<RECOVERIES> 9,380
<ALLOWANCE-CLOSE> 82,520
<ALLOWANCE-DOMESTIC> 0<F2>
<ALLOWANCE-FOREIGN> 0<F2>
<ALLOWANCE-UNALLOCATED> 0<F2>
<FN>
<F1> INCLUDES 96,928 IN CAPITAL NOTES
<F2> THIS INFORMATION IS NOT REQUIRED FOR INTERIM REPORTING PURPOSES.
</FN>
</TABLE>
