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, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the transition period from _____to _____
------------
Commission file number 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 October 14, 1997, there were 2,174,794 shares of the registrant's common
stock, par value $5 per share, outstanding.
<PAGE>
Part 1. Financial Information
INTRUST Financial Corporation
Consolidated Condensed Statements of Financial Condition
(Unaudited)
(Dollars in thousands except per share data)
September 30, December 31,
Assets 1997 1996
- --------------------------------------------------------------------------------
Cash and cash equivalents:
Cash and due from banks $ 139,125 $ 123,378
Federal funds sold and securities purchased
under agreements to resell 42,720 61,726
- --------------------------------------------------------------------------------
Total cash and cash equivalents 181,845 185,104
- --------------------------------------------------------------------------------
Investment securities:
Held-to-maturity (market value, $280,715 for
1997 and $293,098 for 1996) 279,353 291,404
Available-for-sale, at market 3,974 1,498
Equity, at cost 2,787 2,736
- --------------------------------------------------------------------------------
Total investment securities 286,114 295,638
- --------------------------------------------------------------------------------
Loans held-for-sale, net of unrealized losses of
$0 in 1997 and $29,120 in 1996 16,316 102,063
Loans, net of allowance for loan losses of
$17,901 in 1997 and $15,536 in 1996 1,217,155 1,038,576
Land, buildings and equipment, net 26,124 28,501
Other assets 70,036 71,520
- --------------------------------------------------------------------------------
Total assets $1,797,590 $1,721,402
- ------------------------------------------------------==========================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------------------------
Deposits $1,436,663 $1,428,395
Short-term borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 165,451 117,726
Other 10,929 11,149
- --------------------------------------------------------------------------------
Total short-term borrowings 176,380 128,875
- --------------------------------------------------------------------------------
Accounts payable and accrued liabilities 18,122 13,159
Notes payable 25,500 17,660
Convertible capital notes 11,219 11,219
- --------------------------------------------------------------------------------
Total liabilities 1,667,884 1,599,308
- --------------------------------------------------------------------------------
Stockholders' equity:
Common stock, $5 par value; 10,000,000 shares
authorized, 2,415,071 shares issued 12,075 12,075
Capital surplus 12,377 12,377
Retained earnings 121,807 112,374
Treasury stock, at cost (240,277 shares in
1997 and 210,161 shares in 1996) (17,047) (14,799)
Unrealized securities gains, net of tax 494 67
- --------------------------------------------------------------------------------
Total stockholders' equity 129,706 122,094
- --------------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,797,590 $1,721,402
- ------------------------------------------------------==========================
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,
------------------- -------------------
1997 1996 1997 1996
- --------------------------------------------------------------------------------
Interest income:
Loans $29,054 $27,313 $82,973 $79,970
Investment securities 4,377 5,353 13,191 16,084
Federal funds sold and securities
purchased under agreements to
resell, and other 481 538 1,477 3,412
- --------------------------------------------------------------------------------
Total interest income 33,912 33,204 97,641 99,466
- --------------------------------------------------------------------------------
Interest expense:
Deposits 12,464 11,772 36,597 35,272
Federal funds purchased and securities
sold under agreement to repurchase 1,983 1,646 5,601 4,794
Convertible capital notes 252 252 757 784
Other borrowings 522 422 1,468 1,282
- --------------------------------------------------------------------------------
Total interest expense 15,221 14,092 44,423 42,132
- --------------------------------------------------------------------------------
Net interest income 18,691 19,112 53,218 57,334
Provision for write-down of loans
held-for-sale 0 0 4,645 0
Provision for loan losses 2,300 6,121 6,320 15,901
- --------------------------------------------------------------------------------
Net interest income after
provision for loan losses 16,391 12,991 42,253 41,433
- --------------------------------------------------------------------------------
Noninterest income:
Service charges on deposit accounts 2,552 2,279 7,418 6,865
Trust department fees 2,158 1,497 5,569 4,276
Credit card fees 3,353 2,716 9,990 8,680
Securities gains 0 37 165 37
Other service charges, fees and income 2,478 1,773 7,842 5,084
- --------------------------------------------------------------------------------
Total noninterest income 10,541 8,302 30,984 24,942
- --------------------------------------------------------------------------------
Noninterest expenses:
Salaries and employee benefits 9,040 8,066 26,206 23,604
Net occupancy and equipment expense 2,291 2,011 6,361 6,245
Data processing expense 850 907 2,632 2,664
Supplies 577 531 1,732 1,509
Deposit insurance assessment 59 862 91 1,050
Postage and dispatch 546 548 1,690 1,741
Advertising and promotional activities 870 1,020 2,954 3,076
Goodwill amortization 404 399 1,211 1,197
Other 4,112 3,464 12,094 10,190
- --------------------------------------------------------------------------------
Total noninterest expenses 18,749 17,808 54,971 51,276
- --------------------------------------------------------------------------------
Income before provision for
income taxes 8,183 3,485 18,266 15,099
Provision for income taxes 3,035 993 6,521 5,406
- --------------------------------------------------------------------------------
Net income $ 5,148 $ 2,492 $ 11,745 $ 9,693
- -------------------------------------------=====================================
Per share data:
Net income - assuming no dilution $2.34 $1.11 $5.34 $4.20
Net income - assuming full dilution $2.06 $1.03 $4.75 $3.80
Cash Dividends $0.35 $0.35 $1.05 $0.95
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
INTRUST Financial Corporation
Consolidated Condensed Statements of Cash Flows
(Unaudited)
(in thousands of dollars)
Nine Months Ended
September 30,
1997 1996
- --------------------------------------------------------------------------------
Cash provided (absorbed) by operating activities:
Net Income $ 11,745 $ 9,693
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses and write-downs 10,965 15,901
Provision for depreciation and amortization 5,057 5,046
Amortization of premium and accretion of discount on
investment securities (311) 126
Gain on sale of investment securities (165) (37)
Changes in assets and liabilities:
Loans held for sale (3,412) (344)
Prepaid expenses and other assets 1,026 (2,547)
Income taxes 1,546 (1,593)
Interest receivable (2,235) 161
Interest payable 5,717 6,218
Other liabilities (444) 1,089
Other 321 (192)
- --------------------------------------------------------------------------------
Net cash provided by operating activities 29,810 33,521
- --------------------------------------------------------------------------------
Cash provided (absorbed) by investing activities:
Purchase of investment securities (93,747) (101,005)
Investment securities matured or called 102,727 96,356
Proceeds from sale of investment securities 1,463 472
Net increase in loans (102,813) (94,559)
Purchases of land, buildings and equipment (3,272) (2,845)
Proceeds from sale of land, buildings and equipment 2,286 12
Proceeds from sale of other real estate
and repossessions 2,371 2,847
Other (1,138) (157)
- --------------------------------------------------------------------------------
Net cash absorbed by investing activities (92,123) (98,879)
- --------------------------------------------------------------------------------
Cash provided (absorbed) by financing activities:
Net increase (decrease) in deposits 8,268 (9,699)
Net increase in short-term borrowings 47,505 4,063
Payment on notes payable (160) (2,650)
Retirement of convertible capital notes 0 (57)
Proceeds from notes payable 8,000 0
Cash dividends (2,312) (2,213)
Purchase of treasury stock (2,247) (10,360)
- --------------------------------------------------------------------------------
Net cash provided (absorbed) by financing activities 59,054 (20,916)
- --------------------------------------------------------------------------------
Decrease in cash and cash equivalents (3,259) (86,274)
Cash and cash equivalents at beginning of period 185,104 214,983
- --------------------------------------------------------------------------------
Cash and cash equivalents at end of period $181,845 $128,709
- -------------------------------------------------------------===================
Supplemental disclosures
Interest paid $38,706 $35,914
Income tax paid $ 4,975 $ 6,999
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 1996 INTRUST
Financial Corporation Annual Report on Form 10-K. Reference is made to the
"Notes to Consolidated Financial Statements" under Item 8 of the 1996 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, 1997 and 1996 (in thousands):
1997 1996
------- -------
Balance, January 1 $15,536 $25,892
Additions:
Provision for loan losses 6,320 15,901
------- -------
21,856 41,793
Deductions:
Loans charged off 5,349 16,151
Less recoveries on loans
previously charged off 1,394 1,810
------- -------
Net loan losses 3,955 14,341
------- -------
Balance, September 30 $17,901 $27,452
======= =======
Statement of Financial Accounting Standards ("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.
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 $662,000 at September 30, 1997 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, 1997 and 1996 were
2,195,389 and 2,272,359 respectively. The weighted average number of shares
outstanding for the nine months ended September 30, 1997 and 1996 were 2,199,537
and 2,309,563 respectively.
Pro forma disclosures of earnings per share, as if the fair value based method
of accounting as defined in SFAS No. 123 had been applied, have not been
presented since such disclosures would not result in material differences from
the intrinsic value method followed by the Company.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Unaudited consolidated net income of INTRUST Financial Corporation for the nine
months ended September 30, 1997 was $11,745,000 an increase of $2,052,000 or
21.2% over that recognized during the same period of the preceding year. As
noted in earlier filings, the Company's financial results for the first six
months of 1997 were impacted by activities associated with the pending sale of
the majority of the company's national credit card portfolio. This sale was
concluded mid-way through the third quarter, and the Company believes its third
quarter results are more indicative of what now constitutes its core business.
The Company continues to experience growth in its commercial loan portfolio, and
is beginning to experience an increased revenue stream arising from prior
investments in fee-generating businesses.
NET INTEREST INCOME. As noted in previous filings, terms of the sale of the
national credit card portfolio have significantly impacted interest income. In
accordance with the terms of that sale, interest on proportionately
higher-yielding credit card loans was not recognized during 1997. Instead, the
Company recognized interest income at a LIBOR-based rate. This has had a
negative impact on the yield on interest-earning assets, but has resulted in a
substantial reduction in the provision for loan losses. As noted above, growth
in the Company's commercial loan portfolio continues to be strong. Loans,
including loans held-for-sale, at September 30, 1997 totaled $1,233,471, an
increase of approximately $93 million over December 31, 1996 levels. This
increase is understated to some degree given the sale of the national credit
card loans in August, 1997.
Yields on average interest-earning assets have declined 14 basis points from
third quarter 1996 levels, but have continued to improve throughout 1997. Yields
on average interest-earning assets in the third quarter have increased
approximately 50 basis points over first quarter levels. The Company continues
to see a change in the composition of its balance sheet, as loan demand in its
primary markets has remained strong. Funds previously invested in relatively
lower-yielding investment securities and federal funds are now invested in
loans. In addition, the consummation of the sale of the national credit card
portfolio resulted in increased yields as funds were deployed out of a
LIBOR-based investment into higher-yielding commercial loans. Loans comprised
80% of average interest-earning assets during the third quarter of 1997. The
comparable 1996 percentage was 74.2%.
After increasing five basis points in the second quarter, funding costs
increased another seven basis points in the third quarter, with the average cost
of interest-bearing liabilities equaling 4.65%. The Company operates in a
competitive market for funds, and does not expect this environment to change. It
continues to evaluate alternative funding sources.
Loans, including loans held-for-sale, as a percentage of deposits, were 85.9% at
September 30, 1997 compared to 79.9% at December 31, 1996.
PROVISION FOR LOAN LOSSES. The provision for loan losses for the three month
period ended September 30, 1997 was $2,300,000 compared to a provision of
$2,420,000 in the second quarter of 1997 and $6,121,000 in the comparable third
quarter period of the preceding year. As noted in previous filings, terms of the
sale of the national credit card portfolio have significantly impacted the
Company's provision for loan losses. All activity on the national portfolio
(including charge-offs) after December 31, 1996 flows to the purchaser. As a
result, and as shown in the accompanying table, the Company has experienced a
significant decline in 1997 charge-off levels when compared to the same period
of 1996. Total loans charged-off through the third quarter of 1997 were $10.8
million less than the 1996 charge-offs for the comparable period, with all of
this decline attributable to a lesser level of credit card charge-offs. The
commercial, financial and agricultural sectors of the loan portfolio continue to
perform well, with a low level of charge-offs. The increase in charge-off
activity in the installment lending area is relatively modest and is a function
of increased outstandings in this segment of the loan portfolio. During 1997 the
Company's provision for loan losses has exceeded its net charge-offs by
$2,365,000. This is principally due to the growth in the total loan portfolio,
and the Company anticipates that this will continue in the fourth quarter. The
Company believes that its loan loss provision for the remainder of 1997 will be
less than that recorded in 1996.
<PAGE>
Summary of Loan Loss Experience
- --------------------------------------------------------------------------------
September 30,
1997 1996
- --------------------------------------------------------------------------------
Amount of loans at period-end $1,235,056 $1,141,265
- ---------------------------------------------------------=======================
YTD Average loans outstanding $1,173,578 $1,092,469
- ---------------------------------------------------------=======================
Beginning balance of allowance for loan losses $15,536 $25,892
Loans charged-off
Commercial, Financial and Agricultural 1,139 1,127
Real Estate-Mortgage 12 16
Credit Card 2,835 13,827
Installment 1,363 1,181
- --------------------------------------------------------------------------------
Total loans charged off 5,349 16,151
- --------------------------------------------------------------------------------
Recoveries on charge-offs
Commercial, Financial and Agricultural 694 723
Real Estate-Mortgage 25 24
Credit Card 466 801
Installment 209 262
- --------------------------------------------------------------------------------
Total recoveries 1,394 1,810
- --------------------------------------------------------------------------------
Net loans charged off 3,955 14,341
Provision charged to expense 6,320 15,901
- --------------------------------------------------------------------------------
Ending balance of allowance for loan losses $17,901 $27,452
- ------------------------------------------------------------====================
Net charge-offs/average loans 0.34% 1.31%
- ------------------------------------------------------------====================
Allowance for loan losses/loans at period-end 1.45% 2.41%
- ------------------------------------------------------------====================
The accompanying table summarizes, by type, the Company's outstanding loans,
excluding loans held-for-sale. Installment loans are principally comprised of
loans secured by automobiles.
September 30, 1997 December 31, 1996
- --------------------------------------------------------------------------------
Percent Percent
Amount of Total Amount of Total
- --------------------------------------------------------------------------------
Commercial, Financial
and Agricultural $ 574,983 46.6% $ 485,891 46.1%
Real Estate-Construction 27,211 2.2 27,130 2.5
Real Estate-Mortgage 225,207 18.2 210,591 20.0
Installment, excluding credit card 304,956 24.7 286,632 27.2
Credit card 102,699 8.3 43,868 4.2
- --------------------------------------------------------------------------------
Subtotal $1,235,056 100.0% 1,054,112 100.0%
Allowance for loan losses (17,901) (15,536)
- --------------------------------------------------------------------------------
$1,217,155 $1,038,576
- ---------------------------------------=========================================
Loans considered risk elements, as presented in the following table, totaled
.51% of total loans at September 30, 1997, compared to .77% of total loans at
June 30, 1997 and 1.03% at December 31, 1996. The decline in loans considered
risk elements is attributable to the sale of the national credit card portfolio.
At September 30, 1997, the Company's allowance for loan losses was equal to 282%
of those loans considered risk elements. 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,
1997 1996
- --------------------------------------------------------------------------------
Loan Categories
Nonaccrual Loans $4,213 $ 5,208
Past Due 90 days or more 2,137 5,695
- --------------------------------------------------------------------------------
Total $6,350 $10,903
- ------------------------------------------------------==========================
LIQUIDITY AND CAPITAL RESOURCES. The Company considered its liquidity level
adequate at September 30, 1997. The average maturity of United States government
and agency securities in the investment portfolio was 1 year and 7 months, and
the average maturity of municipal securities was 4 years and 1 month.
The Company has thoroughly reviewed its investment security portfolio and has
determined that at September 30, 1997, 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 credit card receivables, its ability
to securitize other receivables, such as automobile loans, and federal funds
lines available through other financial institutions provide sufficient
liquidity to meet depositors' needs and make available lendable funds within its
service area.
The Company's capital position 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,
1997, the Company's total capital to risk-weighted assets ratio was 9.15% and
its Tier 1 capital to risk-weighted assets ratio was 7.9%.
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. Third quarter noninterest income increased
$2,239,000 or 27% over prior year levels. The Company has experienced modest
increases in noninterest income during each quarter of 1997. Service charges on
deposit accounts during the third quarter increased slightly over second quarter
levels. For the nine months ended September 30, 1997 this category of fee income
has increased 8% over prior year levels, as the Company continually evaluates
product pricing and has realized an increase in revenue from charging
non-customers for their use of the Company's ATM network.
As noted in previous filings, the Company anticipated that trust fee revenue
growth in 1997 would exceed that recognized in 1996. Third quarter 1997 trust
fees increased $661,000 or 44%, over comparable 1996 amounts, after increasing
$236,000 in the first quarter and $396,000 in the second quarter. Growth in the
Company's proprietary mutual funds and an increase in trust assets under
management, principally in the personal trust area, are responsible for the
growth in this noninterest income line item.
Credit card fees recognized during the third quarter increased 23.5% over
comparable 1996 amounts, and have increased 15.1% for the first nine months of
1997. Increased merchant processing activity has more than offset declines
arising from excess servicing fees realized by the Company from its previous
securitization and sale of credit card receivables. Through the end of
September, approximately $38 million in previously securitized balances have
rolled back onto the balance sheet. Other service charges, fees and income in
the third quarter have increased $705,000 over comparable 1996 levels. As
previously noted, this increase is principally attributable to servicing fees
and other compensation the Company has received relative to the operational
services it performed for those accounts contained in the national credit card
portfolio. It is anticipated that the Company will not experience comparable
increases in this line item in future quarters now that the national credit card
portfolio has been sold.
Total noninterest expenses in the third quarter increased 5.3% over 1996 amounts
for the comparable period. For the first nine months of 1997, noninterest
expenses have increased 7.2% over 1996 levels. Increases in salaries and
employee benefits, and increased costs associated with merchant processing
activities continue to be the principal causes of the increase in noninterest
expense.
Third quarter employment expenses increased $974,000, or 12.1%, over those of
the comparable period in 1996. Year-to-date, employment expenses have increased
11%. As noted in previous filings, the Company has made significant investments
in the establishment of proprietary mutual funds and employee benefit plan
support services. In addition, the Company has increased its staff to support
certain technology initiatives undertaken in 1997. The Company has adopted
imaging technology during 1997, developed an Internet banking product, and made
enhancements to its call center. Employment costs in the Company's
operations/technology area have increased in support of these activities. At
September 30, 1997, the company had 899 full-time equivalent employees, compared
to 882 at September 30, 1996.
Occupancy and equipment expenses recognized in the third quarter increased
$280,000 from prior year levels. This increase is attributable to the Company's
sale of the KSB&T facility in the third quarter. The sale of the building
resulted in the recognition of a loss of approximately $300,000. Reductions in
future occupancy costs are expected because of the sale of this building.
FDIC assessment charges in the third quarter were appreciably less than those
recognized during the same period of the preceding year because of the passage
on September 30, 1996 of the Deposit Institution Funding Act. This legislation
resulted in INTRUST incurring a one-time charge in the third quarter of 1996 of
approximately $750,000. There have been no similar fluctuations in the Company's
deposit assessment costs in 1997.
As noted above, the principal cause of the increase in other noninterest expense
is due to increased expenses involved in the higher level of credit card
merchant processing activity. Other areas of noninterest expense did not change
significantly from prior periods, during either the quarter or when viewed on a
year-to-date basis.
NEW ACCOUNTING STANDARDS. Statement of Financial Accounting Standards No. 128,
"Earnings per Share", establishes standards for computing and presenting
earnings per share. Statement No. 128 is effective for financial statements for
both interim and annual periods ending after December 15, 1997. The Company
anticipates that the adoption of Statement No. 128 will not have a significant
impact on reported earnings per share.
In addition to Statement No. 128, Statement of Financial Accounting Standards
Nos. 129, 130 and 131, which are effective for fiscal years beginning after
December 15, 1997, require additional disclosure information with regard to
capital structure, comprehensive income and business segments. While these
Statements may impose additional disclosure requirements on the Company, the
Company does not anticipate that they will have a significant impact on
operating results or its financial condition.
<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 13, 1997 By: /s/ C.Q. Chandler IV
---------------------
C. Q. Chandler IV
President
(Principal Executive Officer)
Date: November 13, 1997 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-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 139,125
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 42,720
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 3,974
<INVESTMENTS-CARRYING> 282,140
<INVESTMENTS-MARKET> 287,476
<LOANS> 1,251,372
<ALLOWANCE> 17,901
<TOTAL-ASSETS> 1,797,590
<DEPOSITS> 1,436,663
<SHORT-TERM> 176,380
<LIABILITIES-OTHER> 18,122
<LONG-TERM> 36,719
0
0
<COMMON> 12,075
<OTHER-SE> 117,631
<TOTAL-LIABILITIES-AND-EQUITY> 1,797,590
<INTEREST-LOAN> 82,973
<INTEREST-INVEST> 13,191
<INTEREST-OTHER> 1,477
<INTEREST-TOTAL> 97,641
<INTEREST-DEPOSIT> 36,597
<INTEREST-EXPENSE> 44,423
<INTEREST-INCOME-NET> 53,218
<LOAN-LOSSES> 10,965
<SECURITIES-GAINS> 165
<EXPENSE-OTHER> 54,971
<INCOME-PRETAX> 18,266
<INCOME-PRE-EXTRAORDINARY> 11,745
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,745
<EPS-PRIMARY> 5.34
<EPS-DILUTED> 4.75
<YIELD-ACTUAL> 0.00
<LOANS-NON> 4,213
<LOANS-PAST> 5,380
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 15,536
<CHARGE-OFFS> 5,349
<RECOVERIES> 1,394
<ALLOWANCE-CLOSE> 17,901
<ALLOWANCE-DOMESTIC> 17,901
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
