QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
-------------
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended September 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 2-78658
INTRUST Financial Corporation
(Exact name of registrant as specified in its charter)
Kansas 48-0937376
------ ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
105 North Main Street 67201
Box One -----
Wichita, Kansas (Zip Code)
---------------
(Address of principal (316) 383-1111
executive offices) --------------
(Registrant's
telephone number)
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. X Yes No
At November 4, 1996, there were 2,222,449 shares of the registrant's common
stock, par value $5 per share, outstanding.
<PAGE>
Part 1. Financial Information
INTRUST Financial Corporation
Consolidated Condensed Balance Sheets
(Unaudited)
(Dollars in thousands except per share data)
September 30, December 31,
Assets 1996 1995
- --------------------------------------------------------------------------------
Cash and cash equivalents:
Cash and due from banks $ 114,570 $ 102,963
Federal funds sold and securities purchased
under agreements to resell 14,138 112,020
- --------------------------------------------------------------------------------
Total cash and cash equivalents 128,708 214,983
- --------------------------------------------------------------------------------
Investment securities:
Held-to-maturity (market value, $321,159 for 1996
and $321,141 for 1995) 320,098 315,430
Available-for-sale, at market 1,483 1,923
Equity, at cost 2,732 2,893
- --------------------------------------------------------------------------------
Total investment securities 324,313 320,246
- --------------------------------------------------------------------------------
Loans, net of unearned discount 1,141,265 1,063,277
Less: Allowance for loan losses 27,452 25,892
- --------------------------------------------------------------------------------
Net loans 1,113,813 1,037,385
- --------------------------------------------------------------------------------
Land, buildings and equipment, net 28,257 28,684
Other assets 67,081 65,686
- --------------------------------------------------------------------------------
Total assets $1,662,172 $1,666,984
- -------------------------------------------------------=========================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------------------------
Deposits $1,357,442 $1,367,141
Short-term borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 110,893 107,775
Other 10,983 10,038
- --------------------------------------------------------------------------------
Total short-term borrowings 121,876 117,813
- --------------------------------------------------------------------------------
Accounts payable and accrued liabilities 21,145 14,703
Notes payable 17,660 20,310
Convertible capital notes 11,345 11,854
- --------------------------------------------------------------------------------
Total liabilities 1,529,468 1,531,821
- --------------------------------------------------------------------------------
Stockholders' equity:
Common stock, $5 par value; 10,000,000 shares
authorized, 2,415,071 shares issued in 1996 and
2,400,000 issued in 1995 12,075 12,000
Capital surplus 12,377 12,000
Retained earnings 121,715 114,235
Treasury stock, at cost (192,422 shares in
1996 and 61,770 shares in 1995) (13,516) (3,156)
Unrealized securities gains, net of tax 53 84
- --------------------------------------------------------------------------------
Total stockholders' equity 132,704 135,163
- --------------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,662,172 $1,666,984
- -------------------------------------------------------=========================
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Condensed Statements of Income
(Unaudited - Dollars In Thousands Except per Share Data)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
1996 1995 1996 1995
- --------------------------------------------------------------------------------
Interest income:
Loans $27,313 $26,857 $79,970 $77,956
Investment securities 5,353 4,570 16,084 13,470
Federal funds sold and securities
purchased under agreements to
resell, and other 538 1,462 3,412 3,657
- --------------------------------------------------------------------------------
Total interest income 33,204 32,889 99,466 95,083
- --------------------------------------------------------------------------------
Interest expense:
Deposits 11,772 11,619 35,272 33,549
Federal funds purchased and securities
sold under agreement to repurchase 1,646 1,421 4,794 3,496
Convertible capital notes 252 269 784 809
Other borrowings 422 522 1,282 1,676
- --------------------------------------------------------------------------------
Total interest expense 14,092 13,831 42,132 39,530
- --------------------------------------------------------------------------------
Net interest income 19,112 19,058 57,334 55,553
Provision for loan losses 6,121 7,330 15,901 13,791
- --------------------------------------------------------------------------------
Net interest income after
provision for loan losses 12,991 11,728 41,433 41,762
- --------------------------------------------------------------------------------
Noninterest income:
Service charges on deposit accounts 2,279 2,216 6,865 6,813
Trust department fees 1,497 1,379 4,276 4,176
Credit card fees 2,716 2,206 7,907 7,137
Securities gains 37 0 37 0
Other service charges, fees and income 1,773 1,540 5,857 5,363
- --------------------------------------------------------------------------------
Total noninterest income 8,302 7,341 24,942 23,489
- --------------------------------------------------------------------------------
Noninterest expenses:
Salaries and employee benefits 8,066 7,368 23,604 22,075
Net occupancy and equipment expense 2,011 2,179 6,245 6,287
Data processing expense 907 1,375 2,664 3,596
Supplies 531 676 1,509 2,180
Deposit insurance assessment 862 (116) 1,050 1,305
Postage and dispatch 548 538 1,741 1,833
Advertising and promotional activities 1,020 606 3,076 2,231
Goodwill amortization 399 399 1,197 1,197
Other 3,464 3,333 10,190 10,309
- --------------------------------------------------------------------------------
Total noninterest expenses 17,808 16,358 51,276 51,013
- --------------------------------------------------------------------------------
Income before provision for
income taxes 3,485 2,711 15,099 14,238
Provision for income taxes 993 642 5,406 4,984
- --------------------------------------------------------------------------------
Net income $ 2,492 $ 2,069 $ 9,693 $ 9,254
- -------------------------------------------=====================================
Per share data:
Net income - assuming no dilution $1.11 $0.88 $4.20 $3.94
Net income - assuming full dilution $1.03 $0.82 $3.80 $3.57
Cash Dividends $0.35 $0.25 $0.95 $0.75
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands of dollars)
Nine Months Ended
September 30,
-----------------
1996 1995
- --------------------------------------------------------------------------------
Cash provided (absorbed) by operating activities:
Net Income $ 9,693 $ 9,254
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 15,901 13,791
Provision for depreciation and amortization 5,046 5,224
Amortization of premium and accretion of discount on
investment securities 126 684
Gain on sale of investment securities (37) 0
Changes in assets and liabilities:
Loans held for sale (344) (3,269)
Prepaid expenses and other assets (2,547) (3,670)
Income taxes (1,593) (2,583)
Interest receivable 161 (1,429)
Interest payable 6,218 6,670
Other liabilities 1,089 581
Other (192) (86)
- --------------------------------------------------------------------------------
Net cash provided by operating activities 33,521 25,167
- --------------------------------------------------------------------------------
Cash provided (absorbed) by investing activities:
Purchase of investment securities (101,005) (127,641)
Investment securities matured or called 96,356 108,852
Proceeds from sale of investment securities 472 0
Net (increase) decrease in loans (94,559) 12,569
Purchases of land, buildings and equipment (2,845) (2,355)
Proceeds from sale of equipment 12 43
Proceeds from sale of other real estate
and repossessions 2,847 2,601
Other (157) (330)
- --------------------------------------------------------------------------------
Net cash absorbed by investing activities (98,879) (6,261)
- --------------------------------------------------------------------------------
Cash provided (absorbed) by financing activities:
Net increase (decrease) in deposits (9,699) 13,471
Net increase in short-term borrowings 4,063 27,544
Payment on notes payable (2,650) (2640)
Retirement of convertible capital notes (57) (146)
Cash dividends (2,213) (1,762)
Purchase of treasury stock (10,360) (1,114)
- --------------------------------------------------------------------------------
Net cash provided (absorbed) by financing activities (20,916) 35,353
- --------------------------------------------------------------------------------
Increase (Decrease) in cash and cash equivalents (86,274) 54,259
Cash and cash equivalents at beginning of period 214,983 114,889
- --------------------------------------------------------------------------------
Cash and cash equivalents at end of period $ 128,709 $169,148
- ------------------------------------------------------------====================
Supplemental disclosures
Interest paid $35,914 $32,860
Income tax paid $6,999 $ 7,567
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Notes to Consolidated Financial Statements
(Unaudited)
1. PRINCIPLES OF CONSOLIDATION AND PRESENTATION
The accompanying consolidated financial statements include the accounts of
INTRUST Financial Corporation and subsidiaries. All significant intercompany
accounts and transactions have been eliminated. In the opinion of management,
the consolidated financial statements reflect all normal recurring adjustments
necessary for a fair presentation of the financial position and results of
operations for the periods presented.
The significant accounting policies followed in the preparation of the quarterly
financial statements are the same as those disclosed in the 1995 INTRUST
Financial Corporation Annual Report on Form 10-K. Reference is made to the
"Notes to Consolidated Financial Statements" under Item 8 of the 1995 Form 10-K
for additional disclosure.
2. ALLOWANCE FOR LOAN LOSSES
The following is a summary of the allowance for loan losses for the nine months
ended September 30, 1996 and 1995 (in thousands):
1996 1995
------- -------
Balance, January 1 $25,892 $19,886
Additions:
Provision for loan losses 15,901 13,791
------- -------
41,793 33,677
Deductions:
Loans charged off 16,151 9,454
Less recoveries on loans
previously charged off 1,810 2,744
------- -------
Net loan losses 14,341 6,710
------- -------
Balance, September 30 $27,452 $26,967
======= =======
The Company adopted Statement of Financial Accounting Standards ("SFAS") No.
114, "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118
"Accounting by Creditors for Impairment of a Loan - Income Recognition and
Disclosures," as of January 1, 1995. SFAS No. 114 requires that certain impaired
loans be measured based on the present value of expected future cash flows
discounted at the loan's original effective interest rate. As a practical
expedient, impairment may be measured based on the loan's observable market
price or the fair value of the collateral if the loan is collateral dependent.
When the measure of the impaired loan is less than the recorded investment in
the loan, the impairment is recorded through a valuation allowance.
The Company had previously measured the allowance for loan losses using methods
similar to those prescribed in SFAS No. 114. As a result of adopting these
statements, no additional allowance for loan losses was required as of January
1, 1995.
Less than 1% of the Company's total loan portfolio meet the criteria defined in
SFAS Nos. 114 and 118 for classification as an impaired loan. The Company
maintained a valuation allowance of $570,307 at September 30, 1996 related to
loans considered impaired. Interest income on this classification of loans has
been recorded by the Company in a manner consistent with its income recognition
policies on other loans. Such amount of interest income is not material to the
Company's financial statements.
3. EARNINGS PER SHARE CALCULATIONS
Net income per share, assuming no dilution, is computed based upon the weighted
average number of shares outstanding plus average incremental shares of stock
outstanding from the assumed exercise of stock options. Net income per share,
assuming full dilution, is computed based upon the additional assumption that
the 9% convertible subordinated capital notes had been converted into common
stock as of the beginning of each respective period presented with related
adjustments to interest and income tax expense. The weighted average number of
shares outstanding for the three months ended September 30, 1996 and 1995 were
2,272,359 and 2,342,683 respectively. The weighted average number of shares
outstanding for the nine months ended September 30, 1996 and 1995 were 2,309,563
and 2,346,181 respectively.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Unaudited consolidated net income of INTRUST Financial Corporation (the
"Company") for the nine months ended September 30, 1996 was $9,693,000, a
$439,000 increase over the same period of the prior year. As noted in previous
filings, the Company's year-to-date earnings for the first two quarters of 1996
were essentially unchanged from the comparable period of the prior year.
However, comparative third quarter results were influenced by the loan loss
provision recognized by the Company in 1995. For the quarter ended September 30,
1996, the Company recorded a loan loss provision of $6,121,000, as compared to a
provision of $7,330,000 during the third quarter of 1995. This difference in the
loan loss provision more than offset the additional expense incurred by the
Company in 1996 arising from the recapitalization of the Savings Association
Insurance Fund.
NET INTEREST INCOME. Third quarter net interest income amounts have increased
only modestly ($54,000) over the comparable 1995 period, and declined $239,000
from the second quarter. The year-over-year change is principally volume
related, as 1996 average interest-earning assets have increased 5.9% over 1995
levels. As discussed in previous filings, the Company's acquisition of the First
National Bank of Ottawa in December, 1995 accounted for a portion of the change
in average interest-earning assets, but the Company has also experienced
moderate growth in non-credit card loan demand in 1996. The Company did
experience a slight decline (less than 2%) in average interest-earning assets
during the third quarter, as some contraction in total deposits was experienced.
The Company mentioned in previous filings that it anticipated interest margin
compression during the remainder of 1996. The Company's interest spread
contracted during the third quarter. Yields on average interest-earning assets
increased 15 basis points over second quarter 1996 levels, but the funding costs
of interest-bearing liabilities have increased twenty-four basis points.
Competitive factors will continue to put pressure on the Company's interest
margin.
The Company continues to experience growth in loan demand. Average total loans,
after increasing approximately $49 million in the second quarter, increased
another $31 million in the third quarter. This increased loan demand has
resulted in the Company shifting assets out of relatively lower yielding Federal
Funds into loans. Loans were 74.7% of average interest earning assets during the
third quarter, as compared to 71.2% during the second quarter and 67.9% in the
first quarter. The Company's ratio of noninterest-bearing to total deposits
increased .4% during the third quarter, to 20.1%. Loans, as a percentage of
deposits, were 84.1% at both September 30, 1996 and June 30, 1996, and were
77.8% at December 31, 1995.
PROVISION FOR LOAN LOSSES. The provision for loan losses for the three month
period ended September 30, 1996 was $6,121,000, compared to $5,765,000 in the
second quarter of 1996 and $7,330,000 in the comparable period of 1995. As noted
in previous filings, the Company's loan loss provision has been impacted by
losses arising from national credit card solicitation programs entered into in
1993 and 1994. Losses on these accounts have significantly exceeded the
Company's previous experience in credit card lending. Net credit card
charge-offs during the third quarter of 1996 totaled $4,478,000 as compared to
second quarter net charge-offs of $4,448,000 and 1995 third quarter losses of
$3,161,000. The Company believes its net credit card charge-offs will continue
to run above historical averages through the remainder of 1996, and believes
that its 1996 provision for loan losses will be comparable to that recognized in
1995.
Summary of Loan Loss Experience
- --------------------------------------------------------------------------------
September 30,
1996 1995
- --------------------------------------------------------------------------------
Amount of loans at period-end $1,141,265 $1,039,569
- ---------------------------------------------------=============================
YTD Average loans outstanding $1,092,469 $1,039,178
- ---------------------------------------------------=============================
Beginning balance of allowance for loan losses $25,892 $19,886
Loans charged-off
Commercial, Financial and Agricultural 1,127 217
Real Estate-Mortgage 16 141
Credit Card 13,827 8,456
Installment 1,181 640
- --------------------------------------------------------------------------------
Total loans charged off 16,151 9,454
- --------------------------------------------------------------------------------
Recoveries on charge-offs
Commercial, Financial and Agricultural 723 1,493
Real Estate-Mortgage 24 28
Credit Card 801 899
Installment 262 324
- --------------------------------------------------------------------------------
Total recoveries 1,810 2,744
- --------------------------------------------------------------------------------
Net loans charged off 14,341 6,710
Provision charged to expense 15,901 13,791
- --------------------------------------------------------------------------------
Ending balance of allowance for loan losses $27,452 $26,967
- ------------------------------------------------------==========================
Net charge-offs/average loans 1.31% 0.65%
- ------------------------------------------------------==========================
Allowance for loan losses/loans at period-end 2.41% 2.59%
- ------------------------------------------------------==========================
The accompanying table summarizes, by type, the Company's outstanding loans.
Installment loans are principally comprised of loans secured by automobiles.
September 30, 1996 December 30, 1995
- --------------------------------------------------------------------------------
Percent Percent
Amount of Total Amount of Total
- --------------------------------------------------------------------------------
Commercial, Financial and Agricultural $ 444,497 38.9% $ 416,428 39.2%
Real Estate-Construction 24,094 2.1 25,491 2.4
Real Estate-Mortgage 220,876 19.4 189,375 17.8
Installment, excluding credit card 291,083 25.5 259,047 24.3
Credit card 160,715 14.1 173,270 16.3
- --------------------------------------------------------------------------------
Total $1,141,265 100.0% $1,063,611 100.0%
- -----------------------------------------=======================================
Loans considered risk elements, as presented in the following table, totaled
.78% of total loans at September 30, 1996 compared to .88% at December 31, 1995.
In addition to the loans in the table, the Company recognizes that there are
higher than normal amounts of credit card loans that will eventually be charged
off. During 1995, the Company substantially increased its allowance for loan
losses, in recognition of the increasing level of credit card charge-offs. The
Company has maintained this posture through 1996. While the Company expects the
rate of increase in credit card charge-offs to moderate (as evidenced by the
nominal $30,000 increase in net charge-offs in the third quarter), it is
expected that charge-offs will continue at historically high levels through the
remainder of the year. The Company has increased its allowance for loan losses
at September 30, 1996 by approximately 6% from December 31, 1995 levels, in
recognition of increased credit card charge-off levels for the remainder of the
year. The allowance for loan losses at both September 30, 1996 and December 31,
1995 was 2.4% of total loans. The Company continues to evaluate the relative
profitability of its national credit card portfolio, and is presently assessing
alternatives that might be available to the Company with respect to this
particular segment of its business. Management will continue to actively review
the activity in its loan portfolio to ensure that the provision for loan losses
and resultant allowance for loan losses remain adequate to appropriately address
the credit risk existing in the portfolio.
September 30, December 31,
1996 1995
- --------------------------------------------------------------------------------
Loan Categories
Nonaccrual Loans $4,331 $3,988
Past Due 90 days or more 4,548 5,383
Restructured Loans 0 0
- --------------------------------------------------------------------------------
Total $8,879 $9,371
- --------------------------------------------------------========================
LIQUIDITY AND CAPITAL RESOURCES. Consolidated liquidity remained strong at
September 30, 1996. The average maturity of United States government and agency
securities in the investment portfolio was 1 year and 9 months, and the average
maturity of municipal securities was 4 years and 3 months.
The Company has thoroughly reviewed its investment security portfolio and has
determined that at September 30, 1996, it has the ability and intent to hold all
securities in the portfolio that have been classified as held-to-maturity. The
Company believes the regularly scheduled maturities of those securities
presently held in its investment portfolio, along with other funding
alternatives, such as the securitization of consumer loan receivables, provide
sufficient liquidity to meet depositors' needs and make available lendable funds
within its service area.
The Company's capital position substantially exceeds regulatory capital
requirements. The Company must maintain a minimum ratio of total capital to
risk-weighted assets of 8%, of which at least 4% must qualify as Tier 1 capital.
At September 30, 1996, the Company's total capital to risk-weighted assets ratio
was 10.15% and its Tier 1 capital to risk-weighted assets ratio was 8.34%. These
ratios have declined slightly from June 30, 1996 levels as the Company availed
itself of an opportunity to repurchase approximately 5% of its outstanding
common stock during the third quarter.
In addition to the aforementioned regulatory requirements, each of the Company's
subsidiary banks met all capital ratios required at the individual bank level.
OTHER INCOME AND OTHER EXPENSE. Noninterest income in the third quarter
increased $961,000 or 13.1% over prior year levels, but was essentially
unchanged from amounts recognized in the second quarter. Service charges on
deposit accounts recognized during the quarter ended September 30, 1996 have not
changed appreciably from the same period of 1995, as there have not been
significant year-over-year changes in the volumes of those accounts that
typically carry a service charge. Additional marketing efforts and the
introduction of new lines of business in the Trust area have resulted in
increased fee income from that revenue source. Third quarter 1996 trust fees
increased approximately $100,000 over prior year and prior quarter levels.
Credit card fees increased $214,000 from second quarter levels, as merchant fee
revenue has increased with the addition of new merchants. Offsetting this
increase were declines in fee revenue from alternative investment sales and
credit life insurance activity.
Noninterest expenses increased $1,450,000, or 8.9%, from the comparable third
quarter prior year period. Much of this increase was attributable to two factors
associated with deposit insurance assessments. First, in the third quarter of
1995, the Company received refunds of previously paid deposit insurance
assessments, resulting in net deposit insurance assessments of ($116,000).
Second, the Deposit Institution Funding Act, which was passed on September 30,
1996, resulted in the Company incurring a special one-time charge of
approximately $750,000 to recapitalize the Savings Association Insurance Fund.
Third quarter employment expenses increased $698,000, or 9.5%, over those of the
comparable period in 1995. Year-to-date compensation costs have increased
$1,529,000 over 1995 levels. Approximately 90% of this total increase relates to
staffing costs at new locations, or to staffing costs incurred as a result of
establishing new business activities. At September 30, 1996 the Company had 882
full-time equivalent employees, compared to 875 at September 30, 1995.
Occupancy and equipment expenses recognized through the first nine months of
1996 have not changed significantly from levels recognized during the
corresponding period of 1995. As noted in previous filings, the decline in the
Company's data processing expense is attributable to its conversion to another
data processor and certain technology investments made in 1994 and 1995.
During the third quarter, the Company entered into marketing efforts for certain
of its retail products. These efforts resulted in increased advertising and
promotional costs. Other noninterest expense in the third quarter was
essentially unchanged from the second quarter. A decline in losses sustained
arising from credit card fraud has substantially offset increases in certain
other credit card operating expense line items.
NEW ACCOUNTING STANDARDS. Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
Be Disposed Of" is effective for fiscal years beginning after December 15, 1995.
The Company adopted this Statement in 1995.
Statement of Financial Accounting Standards No. 122, "Accounting for Mortgage
Servicing Rights" amends Statement of Financial Accounting Standards No. 65,
"Accounting for Certain Mortgage Banking Activities" to eliminate the accounting
distinction between purchased mortgage servicing rights and originated mortgage
servicing rights. The provisions of Statement No. 122 are effective for fiscal
years beginning after December 15, 1995. The adoption of Statement No. 122 did
not have a material impact on the Company's financial statements.
Statement of Financial Accounting Standards No. 123, "Accounting for Stock-based
Compensation", establishes financial accounting and reporting standards for
stock-based employee compensation and is effective for transactions entered into
in fiscal years that begin after December 15, 1995. The Company has elected to
measure compensation costs for its stock option plan using the intrinsic value
based method of accounting prescribed by APB Opinion No. 25, "Accounting for
Stock Issued to Employees".
Statement of Financial Accounting Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities", provides
accounting and reporting standards for transfers and servicing of financial
assets and extinguishments of liabilities. This Statement is effective for
transfers and servicing of financial assets and extinguishments of liabilities
occurring after December 31, 1996. The Company has not yet determined the impact
on the financial statements of the adoption of this Standard.
<PAGE>
PART 2. OTHER INFORMATION
Item 6(b). Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No. Description
27 Financial Data Schedule
(b) There were no reports on Form 8-K filed during the quarter
for which this report is filed.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTRUST Financial Corporation
Date: November 12, 1996 By: /s/ C.Q. Chandler IV
---------------------
C. Q. Chandler IV
President
(Principal Executive Officer)
Date: November 12, 1996 By: /s/ Jay L. Smith
-----------------
Jay L. Smith
Chief Financial Officer
(Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Number Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 114,570
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 14,138
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,483
<INVESTMENTS-CARRYING> 322,830
<INVESTMENTS-MARKET> 325,374
<LOANS> 1,113,813
<ALLOWANCE> 27,452
<TOTAL-ASSETS> 1,662,172
<DEPOSITS> 1,357,442
<SHORT-TERM> 121,876
<LIABILITIES-OTHER> 21,145
<LONG-TERM> 29,005
0
0
<COMMON> 12,075
<OTHER-SE> 120,629
<TOTAL-LIABILITIES-AND-EQUITY> 1,662,172
<INTEREST-LOAN> 79,970
<INTEREST-INVEST> 16,084
<INTEREST-OTHER> 3,412
<INTEREST-TOTAL> 99,466
<INTEREST-DEPOSIT> 35,272
<INTEREST-EXPENSE> 42,132
<INTEREST-INCOME-NET> 57,334
<LOAN-LOSSES> 15,901
<SECURITIES-GAINS> 37
<EXPENSE-OTHER> 51,276
<INCOME-PRETAX> 15,099
<INCOME-PRE-EXTRAORDINARY> 9,693
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,693
<EPS-PRIMARY> 4.20
<EPS-DILUTED> 3.80
<YIELD-ACTUAL> 0.00
<LOANS-NON> 4,331
<LOANS-PAST> 4,548
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 25,892
<CHARGE-OFFS> 16,151
<RECOVERIES> 1,810
<ALLOWANCE-CLOSE> 27,452
<ALLOWANCE-DOMESTIC> 27,452
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
