SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q/A
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarter ended September 30, 1996 Commission file number 09426
NATIONAL CITY BANCORPORATION
(Exact name of registrant as specified in its charter)
Iowa 42-0316731
- ------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
651 Nicollet Mall
Minneapolis, Minnesota 55402-1611
- ------------------------------- -------------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code 612-904-8500
Indicate by check mark whether the registrant (1) has filed all reports
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 September 30, 1996, 7,374,512 shares of $1.25 par value common
stock of the registrant were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
(1)National City Bancorporation's Quarterly Report to Stockholders for
the quarter ended September 30, 1996, is incorporated and made a part
of Part I of Form 10-Q.
This amendment is being filed to include Exhibit 1 omitted from the original
filing dated November 8, 1996.
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.
NATIONAL CITY BANCORPORATION
Dated: December 9, 1996 By: /S/David L. Andreas
--------------------- ----------------------------------
Chairman & Chief Executive Officer
Dated: December 9, 1996 By: /S/Thomas J. Freed
--------------------- ----------------------------------
Controller
(Principal Financial Officer)
TO OUR STOCKHOLDERS:
Net earnings were $3,429,000 for the third quarter of 1996, up 13.6 percent,
compared with $3,019,000 in the third quarter of 1995. Earnings per share
increased to $0.47 compared with $0.41 in the third quarter of 1995.
Net earnings for the nine months ended September 30, 1996, were $9,210,000, up
8.7 percent, compared with $8,470,000 in 1995. Earnings per share for the nine
months of 1996 increased to $1.25 compared with $1.15 for 1995.
Third quarter net interest income was $9,853,000, which was higher by $474,000,
or 5 percent, than in the third quarter of 1995. The improvement was primarily
attributable to an increase in average loans, which were up $55.6 million, or 11
percent from the third quarter of 1995. The growth in loans occurred mainly in
commercial lending at both subsidiaries, National City Bank of Minneapolis and
Diversified Business Credit, Inc. The net interest margin was 5.25 percent for
the third quarter compared with 5.40 percent for the same period last year.
Noninterest expense for the third quarter was $76,000 less than the third
quarter of 1995. The reductions occurred mainly in personnel costs, offset
partially by increased occupancy and marketing costs. The Company relocated its
offices from 75 South Fifth Street to 651 Nicollet Mall, in Gaviidae Common,
during the first quarter of 1996 and the increased occupancy and relocation
expenses were planned. The actual expenses are at or below our budget.
Net loan charge-offs for the third quarter were $1,429,000. The Company's
reserve for loan losses at quarter-end was $8,526,000 or 1.43 percent of loans
outstanding compared to $8,602,000 and 1.56 percent at December 31, 1995.
Nonaccrual loans were up slightly to $4.3 million or .72 percent of total loans
at September 30, 1996 compared with $3.7 million or .67 percent of total loans
at December 31, 1995.
/s/ David L. Andreas
David L. Andreas
Chairman of the Board and
Chief Executive Officer
NATIONAL CITY BANCORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
Cash and due from banks $ 47,173 $ 42,006
Federal funds sold and resale agreements 14,650 25,000
Available-for-sale securities:
U.S. Treasury 23,784 21,963
U.S. Government agencies 9,642 12,017
Mortgage-backed 87,658 83,192
Other securities 4,955 4,871
Total available-for-sale securities 126,039 122,043
Held-to-maturity securities:
Mortgage-backed 33,210 35,109
Obligations of states and political subdivisions 642
Other securities 271 375
Total held-to-maturity securities 33,481 36,126
(approximate market value: 1996-$33,564; 1995-$36,487)
Loans 596,056 552,581
Less allowance for loan losses (8,526) (8,602)
Net loans 587,530 543,979
Bank premises and equipment 11,140 4,312
Accrued interest receivable 5,993 6,335
Customer acceptance liability 301 478
Other assets 20,405 20,358
Total Assets $ 846,712 $ 800,637
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing $ 118,332 $ 137,766
Interest bearing 293,183 302,219
Total deposits 411,515 439,985
Federal funds purchased and repurchase agreements 137,883 110,535
Commercial paper 109,179 79,986
Other short-term borrowed funds 20,391 6,687
Acceptances outstanding 301 478
Other liabilities 5,516 8,812
Long-term debt 47,920 48,120
Total liabilities 732,705 694,603
Stockholders' equity:
Common stock, par value $1.25
Authorized shares: 20,000,000
Issued shares: 1996 -- 7,374,520; 1995 -- 6,705,808 9,218 8,382
Additional paid-in capital 79,199 65,484
Unrealized gains (losses) net of tax effect (934) 275
Retained earnings 26,524 31,903
Subtotal 114,007 106,044
Less common stock in treasury at cost:
1996 -- 8 shares; 1995 -- 562 shares (10)
Total stockholders' equity 114,007 106,034
Total Liabilities and Stockholders' Equity $ 846,712 $ 800,637
</TABLE>
NATIONAL CITY BANCORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands except per share)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 14,660 $ 14,227 $ 42,816 $ 40,224
Interest on federal funds sold and resale agreements 90 194 414 486
Interest and dividends on securities:
Taxable 2,642 2,334 7,766 6,874
Exempt from federal income taxes 84 19 290
2,642 2,418 7,785 7,164
Total interest income 17,392 16,839 51,015 47,874
INTEREST EXPENSE
Interest on deposits 3,668 3,422 10,754 9,361
Interest on short-term borrowed funds 3,061 3,146 8,770 8,534
Interest on long-term debt 810 892 2,435 2,785
Total interest expense 7,539 7,460 21,959 20,680
Net interest income 9,853 9,379 29,056 27,194
Provision for loan losses 495 762 1,395 1,032
Net interest income after provision for loan losses 9,358 8,617 27,661 26,162
NONINTEREST INCOME
Service charges on deposit accounts 520 495 1,529 1,360
Fees for other customer services 425 485 1,405 1,312
Trust department income 1,095 1, 179 3,346 3,475
Loss on sale of securities (122)
Other 341 260 886 750
Total noninterest income 2,381 2,419 7,166 6,775
NONINTEREST EXPENSES
Salaries and employee benefits 3,527 3,757 11,159 11,208
Net occupancy expense of bank premises 704 579 2,164 1,725
Equipment rentals, depreciation and maintenance 687 636 2,054 1,748
Other 1,115 1,137 4,246 4,495
Total noninterest expense 6,033 6,109 19,623 19,176
Earnings before taxes 5,706 4,927 15,204 13,761
Applicable income taxes 2,277 1,908 5,994 5,291
NET EARNINGS $ 3,429 $ 3,019 $ 9,210 $ 8,470
Net earnings per common share $ 0.47 $ 0.41 $ 1.25 $ 1.15
Average common and common equivalent shares outstanding 7,374,512 7,374,987 7,374,531 7,375,083
</TABLE>
NATIONAL CITY BANCORPORATION
CHANGE OF ADDRESS FOR SHAREHOLDER
National City Bank of Minneapolis
Stock Transfer Department
P.O. Box E1919
Minneapolis, Minnesota 55480-1919
PLEASE CHANGE MY ADDRESS TO:
Name____________________________________________________
(Print name exactly as it appears on stock certificate)
STREET _________________________________________________
CITY ___________________________________________________
STATE_________________________ZIP CODE ________________
DATE ___________________________________________________
OLD ADDRESS
STREET _________________________________________________
CITY ___________________________________________________
STATE_________________________ZIP CODE ________________
SIGNATURE ______________________________________________
DIRECTORS OF NATIONAL CITY
BANCORPORATION
David L. Andreas
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
Wendell R. Anderson*
PARTNER
Larkin, Hoffman, Daly and
Lindgren Ltd.
L.W. Andreas
RETIRED CHAIRMAN OF
THE BOARD AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
Terry L. Andreas
CHAIRMAN OF THE BOARD
School for Field Studies
Beverly, Massachusetts
Marvin Borman*
PARTNER
Maslon, Edelman, Borman
and Brand
Kenneth H. Dahlberg
CHAIRMAN OF THE BOARD
Dahlberg, Inc.
John H. Daniels, Jr.*
PARTNER
Willeke and Daniels
Thomas E. Holloran*
PROFESSOR, GRADUATE PROGRAMS
IN MANAGEMENT
University of St. Thomas
C. Bernard Jacobs
RETIRED PRESIDENT AND
CHIEF EXECUTIVE OFFICER
National City Bancorporation
RETIRED CHAIRMAN OF THE BOARD
National City Bank
David C. Malmberg
Non-Executive Chairman
of the Board
National City Bank
Walter E. Meadley, Jr.
RETIRED VICE CHAIRMAN
OF THE BOARD
National City Bank
Roger H. Scherer*
CHAIRMAN OF THE BOARD
Scherer Bros. Lumber Company
*Members of the Audit Committee
OFFICERS OF NATIONAL CITY
BANCORPORATION
David L. Andreas
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
Thomas J. Freed
SECRETARY AND CONTROLLER
PRINCIPAL OFFICERS OF
SUBSIDIARIES
DIVERSIFIED BUSINESS
CREDIT INC.
David L. Andreas
CHAIRMAN OF THE BOARD
Robert L. Olson
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NATIONAL CITY BANK
OF MINNEAPOLIS
David C. Malmberg
NON-EXECUTIVE CHAIRMAN
OF THE BOARD
David L. Andreas
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
William J. Klein
EXECUTIVE VICE PRESIDENT
CLIENT SERVICES
Jean J. Chaput
SENIOR VICE PRESIDENT
TRUST
Thomas J. Freed
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Donald W. Kjonaas
SENIOR VICE PRESIDENT
OPERATIONS
Claudith Washington
SENIOR VICE PRESIDENT
HUMAN RESOURCES
FINANCIAL HIGHLIGHTS
(in thousands except per share)
THIRD QUARTER ENDED
SEPTEMBER 30,
------------------------- PERCENT
1996 1995 CHANGE
--------- --------- -------
EARNINGS:
Net interest income $ 9,853 $ 9,379 5%
Net earnings 3,429 3,019 14%
EARNINGS PER COMMON SHARE:
Net earnings $ 0.47 $ 0.41
NINE MONTHS ENDED
SEPTEMBER 30,
------------------------- PERCENT
1996 1995 CHANGE
--------- --------- -------
EARNINGS:
Net interest income $ 29,056 $ 27,194 7%
Net earnings 9,210 8,470 9%
EARNINGS PER COMMON SHARE:
Net earnings $ 1.25 $ 1.15
SEPTEMBER 30, DECEMBER 31,
1996 1995
-------------------------
BALANCE SHEET ITEMS:
Total assets $ 846,712 $800,637 6%
Loans 596,056 552,581 8%
Deposits 411,515 439,985 (6)%
Stockholders' equity 114,007 106,034 8%
Book value per share 15.46 14.38
(adjusted for stock dividends)
[LOGO] NATIONAL CITY BANCORPORATION
1996
THIRD QUARTER
REPORT
NINE MONTHS
ENDED
SEPTEMBER 30, 1996
NATIONAL CITY BANCORPORATION
651 Nicollet Mall
Minneapolis, Minnesota 55402-1611
Telephone 612-904-8503
BULK RATE
U.S. POSTAGE
PAID
MINNEAPOLIS, MN
PERMIT NO. 2816
