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 June 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 July 10, 1997, there were 2,201,110 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)
June 30, December 31,
Assets 1997 1996
- --------------------------------------------------------------------------------
Cash and cash equivalents:
Cash and due from banks $ 143,321 $ 123,378
Federal funds sold and securities purchased
under agreements to resell 9,480 61,726
- --------------------------------------------------------------------------------
Total cash and cash equivalents 152,801 185,104
- --------------------------------------------------------------------------------
Investment securities:
Held-to-maturity (market value, $267,715 for 1997
and $293,098 for 1996) 266,790 291,404
Available-for-sale, at market 4,288 1,498
Equity, at cost 2,780 2,736
- --------------------------------------------------------------------------------
Total investment securities 273,858 295,638
- --------------------------------------------------------------------------------
Loans held-for-sale, net of unrealized losses of
$25,013 in 1997 and $29,120 in 1996 62,988 102,063
Loans, net of allowance for loan losses of
$16,715 in 1997 and $15,536 in 1996 1,208,265 1,038,576
Land, buildings and equipment, net 28,322 28,501
Other assets 73,781 71,520
- --------------------------------------------------------------------------------
Total assets $1,800,015 $1,721,402
- --------------------------------------------------------========================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------------------------
Deposits $1,436,232 $1,428,395
Short-term borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 164,932 117,726
Other 9,594 11,149
- --------------------------------------------------------------------------------
Total short-term borrowings 174,526 128,875
- --------------------------------------------------------------------------------
Accounts payable and accrued liabilities 29,077 13,159
Notes payable 21,660 17,660
Convertible capital notes 11,219 11,219
- --------------------------------------------------------------------------------
Total liabilities 1,672,714 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 117,428 112,374
Treasury stock, at cost (213,961 shares in
1997 and 210,161 shares in 1996) (15,046) (14,799)
Unrealized securities gains, net of tax 467 67
- --------------------------------------------------------------------------------
Total stockholders' equity 127,301 122,094
- --------------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,800,015 $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 Six Months
Ended June 30, Ended June 30,
-------------- --------------
1997 1996 1997 1996
- --------------------------------------------------------------------------------
Interest income:
Loans $28,242 $26,727 $53,919 $52,657
Investment securities 4,335 5,555 8,814 10,731
Federal funds sold and securities
purchased under agreements to
resell, and other 300 985 996 2,874
- --------------------------------------------------------------------------------
Total interest income 32,877 33,267 63,729 66,262
- --------------------------------------------------------------------------------
Interest expense:
Deposits 12,185 11,733 24,133 23,500
Federal funds purchased and securities
sold under agreement to repurchase 1,868 1,489 3,618 3,148
Convertible capital notes 253 263 505 532
Other borrowings 485 431 946 860
- --------------------------------------------------------------------------------
Total interest expense 14,791 13,916 29,202 28,040
- --------------------------------------------------------------------------------
Net interest income 18,086 19,351 34,527 38,222
Provision for write-down of loans
held-for-sale 4,645 0 4,645 0
Provision for loan losses 2,420 5,765 4,020 9,780
- --------------------------------------------------------------------------------
Net interest income after
provision for loan losses 11,021 13,586 25,862 28,442
- --------------------------------------------------------------------------------
Noninterest income:
Service charges on deposit accounts 2,497 2,339 4,866 4,586
Trust department fees 1,779 1,383 3,411 2,779
Credit card fees 3,230 2,760 6,637 5,749
Securities gains 165 0 165 0
Other service charges, fees and income 2,601 1,830 5,364 3,526
- --------------------------------------------------------------------------------
Total noninterest income 10,272 8,312 20,443 16,640
- --------------------------------------------------------------------------------
Noninterest expenses:
Salaries and employee benefits 8,798 7,728 17,166 15,538
Net occupancy and equipment expense 2,038 2,148 4,070 4,234
Data processing expense 824 901 1,782 1,757
Supplies 642 528 1,155 978
Deposit insurance assessment 61 103 32 188
Postage and dispatch 575 596 1,144 1,193
Advertising and promotional activities 1,029 796 2,084 2,056
Goodwill amortization 403 399 807 798
Other 4,085 3,467 7,982 6,726
- --------------------------------------------------------------------------------
Total noninterest expenses 18,455 16,666 36,222 33,468
- --------------------------------------------------------------------------------
Income before provision for
income taxes 2,838 5,232 10,083 11,614
Provision for income taxes 797 1,888 3,486 4,413
- --------------------------------------------------------------------------------
Net income $ 2,041 $ 3,344 $ 6,597 $ 7,201
- -------------------------------------------=====================================
Per share data:
Net income - assuming no dilution $0.93 $1.44 $3.00 $3.09
Net income - assuming full dilution $0.86 $1.29 $2.69 $2.77
Cash Dividends $0.35 $0.35 $0.70 $0.60
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)
Six Months Ended
June 30,
-------------------
1997 1996
- --------------------------------------------------------------------------------
Cash provided (absorbed) by operating activities:
Net Income $ 6,597 $ 7,201
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 8,665 9,780
Provision for depreciation and amortization 3,378 3,492
Amortization of premium and accretion of discount on
investment securities (172) 122
Gain on sale of investment securities (165) 0
Changes in assets and liabilities:
Loans held for sale (701) (2,538)
Prepaid expenses and other assets (938) (6,138)
Income taxes (1,489) (795)
Interest receivable (1,518) (1,252)
Interest payable 4,383 4,000
Other liabilities 12,661 (248)
Other 14 (176)
- --------------------------------------------------------------------------------
Net cash provided by operating activities 34,735 13,448
- --------------------------------------------------------------------------------
Cash provided (absorbed) by investing activities:
Purchase of investment securities (37,795) (100,545)
Investment securities matured or called 58,859 65,516
Proceeds from sale of investment securities 1,463 0
Net increase in loans (140,116) (71,626)
Purchases of land, buildings and equipment (1,875) (1,424)
Proceeds from sale of equipment 7 4
Proceeds from sale of other real estate
and repossessions 1,594 1,928
Other (854) (142)
- --------------------------------------------------------------------------------
Net cash absorbed by investing activities (118,717) (106,289)
- --------------------------------------------------------------------------------
Cash provided (absorbed) by financing activities:
Net increase (decrease) in deposits 7,837 (27,908)
Net increase in short-term borrowings 45,651 19,832
Retirement of convertible capital notes 0 (60)
Proceeds from notes payable 4,000 0
Cash dividends (1,542) (1,399)
Purchase of treasury stock (247) (954)
- --------------------------------------------------------------------------------
Net cash provided (absorbed) by financing activities 55,699 (10,489)
- --------------------------------------------------------------------------------
Decrease in cash and cash equivalents (32,303) (103,330)
Cash and cash equivalents at beginning of period 185,104 214,983
- --------------------------------------------------------------------------------
Cash and cash equivalents at end of period $152,801 $111,653
- ------------------------------------------------------------====================
Supplemental disclosures
Interest paid $24,819 $24,040
Income tax paid $ 4,975 $ 5,208
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 six months
ended June 30, 1997 and 1996 (in thousands):
1997 1996
-------- -------
Balance, January 1 $15,536 $25,892
Additions:
Provision for loan losses 4,020 9,780
-------- -------
19,556 35,672
Deductions:
Loans charged off 3,670 10,878
Less recoveries on loans
previously charged off 829 1,331
-------- -------
Net loan losses 2,841 9,547
-------- -------
Balance, June 30 $16,715 $26,125
======== =======
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 $485,000 at June 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 June 30, 1997 and 1996 were
2,201,110 and 2,324,389 respectively. The weighted average number of shares
outstanding for the six months ended June 30, 1997 and 1996 were 2,201,646 and
2,328,369 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.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Unaudited consolidated net income of INTRUST Financial Corporation for the six
months ended June 30, 1997 was $6,597,000 a decline of $604,000 or 8.4% under
that recognized during the same period of the preceding year. Second quarter
results were impacted by the Company recording an additional adjustment in the
carrying value of its national credit card portfolio. During the second quarter,
it was determined that only a portion of the company's national credit card
portfolio would be sold. It is expected that national credit card accounts with
a net book value of $49.4 million at June 30, 1997 will be sold during the third
quarter. As the segment to be sold is comprised of relatively poorer-performing
accounts, it was necessary for the Company to record an additional write-down of
$4,645,000. The after-tax effect of this write-down is approximately $2.8
million and is the principal reason 1997 year-to-date net income is less than
that recorded in 1996.
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 the pending sale, interest on approximately $77
million in credit card loans was not recognized in the second quarter. Instead,
the Company recognized interest income on approximately $51.6 million at a
LIBOR-based rate. However, the growth in the loan portfolio experienced by the
Company has served to substantially mitigate the loss of interest income arising
from the proposed sale of national credit card accounts. Loans averaged
$1,268,033,000 in the second quarter of 1997, an increase of $169,284,000 over
1996 levels.
Yields on average interest-earning assets have declined 26 basis points from
second quarter 1996 levels, but have improved from the first quarter. 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. After increasing $71 million during the first
quarter, loans continued to grow in the second quarter, increasing an additional
$59 million to total $1,271,253,000 at June 30, 1997. This equates to an
annualized growth rate in 1997 of 23%. Loans comprised 77% of average
interest-earning assets during the second quarter of 1997. The comparable 1996
percentage was 71.2%.
Funding costs have changed little in 1997. The weighted average cost of funds
for the second quarter of 1997 was 4.58%, compared to 4.53% in the first
quarter. There has also not been a significant change in the Company's
year-over-year funding costs. Non-interest bearing deposits averaged 21.2% of
total deposits in the second quarter of 1997, compared to 19.8% during the first
quarter of 1997 and 19.7% in the second quarter of 1996.
Loans, including loans held-for-sale, as a percentage of deposits, were 88.5% at
June 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 June 30, 1997 was $2,420,000 compared to a provision of $1,600,000
in the first quarter of 1997 and $5,765,000 in the comparable period of the
preceding year. As noted previously, 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 prospective 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 second quarter of 1997 were $7.2 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. The Company believes that
its loan loss provision for the remainder of 1997 will be less than that
recorded in 1996.
Summary of Loan Loss Experience
- --------------------------------------------------------------------------------
June 30,
1997 1996
- --------------------------------------------------------------------------------
Amount of loans at period-end $1,224,980 $1,126,309
- ---------------------------------------------------------=======================
YTD Average loans outstanding $1,142,654 $1,073,659
- ---------------------------------------------------------=======================
Beginning balance of allowance for loan losses $15,536 $25,892
Loans charged-off
Commercial, Financial and Agricultural 927 940
Real Estate-Mortgage 4 16
Credit Card 1,825 9,106
Installment 914 816
- --------------------------------------------------------------------------------
Total loans charged off 3,670 10,878
- --------------------------------------------------------------------------------
Recoveries on charge-offs
Commercial, Financial and Agricultural 357 583
Real Estate-Mortgage 19 18
Credit Card 315 558
Installment 138 172
- --------------------------------------------------------------------------------
Total recoveries 829 1,331
- --------------------------------------------------------------------------------
Net loans charged off 2,841 9,547
Provision charged to expense 4,020 9,780
- --------------------------------------------------------------------------------
Ending balance of allowance for loan losses $16,715 $26,125
- ---------------------------------------------------------=======================
Net charge-offs/average loans 0.25% 0.89%
- ---------------------------------------------------------=======================
Allowance for loan losses/loans at period-end 1.36% 2.32%
- ---------------------------------------------------------=======================
The accompanying table summarizes, by type, the Company's outstanding loans.
Installment loans are principally comprised of loans secured by automobiles.
June 30, 1997 December 31, 1996
- --------------------------------------------------------------------------------
Percent Percent
Amount of Total Amount of Total
- --------------------------------------------------------------------------------
Commercial, Financial
and Agricultural $ 564,945 46.1% $ 485,891 46.1%
Real Estate-Construction 29,157 2.4 27,130 2.5
Real Estate-Mortgage 219,905 17.9 210,591 20.0
Installment, excluding credit card 312,063 25.5 286,632 27.2
Credit card 98,910 8.1 43,868 4.2
- --------------------------------------------------------------------------------
Subtotal $1,224,980 100.0% 1,054,112 100.0%
Allowance for loan losses (16,715) (15,536)
- --------------------------------------------------------------------------------
$1,208,265 $1,038,576
- ---------------------------------------=========================================
Loans considered risk elements, as presented in the following table, totaled
.77% of total loans at June 30, 1997 compared to 1.03% at December 31, 1996.
Approximately 50% of the loans considered risk elements at June 30, 1997 are
comprised of credit card accounts contained in the national portfolio. The
allowance for loan losses at June 30, 1997 was 1.36% of total loans, compared to
1.47% at December 31, 1996. Excluding the nonaccrual and past due credit card
loans that will be sold, the allowance for loan losses at the end of the second
quarter would have equaled approximately 350% of those loans identified as risk
elements in the following table. 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.
June 30, December 31,
1997 1996
- --------------------------------------------------------------------------------
Loan Categories
Nonaccrual Loans $4,438 $ 5,208
Past Due 90 days or more 5,008 5,695
- --------------------------------------------------------------------------------
Total $9,446 $10,903
- ---------------------------------------------------------=======================
LIQUIDITY AND CAPITAL RESOURCES. The Company considered its liquidity level
adequate at June 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 2 months.
The Company has thoroughly reviewed its investment security portfolio and has
determined that at June 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, 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 June 30, 1997,
the Company's total capital to risk-weighted assets ratio was 8.7% and its Tier
1 capital to risk-weighted assets ratio was 7.3%.
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. Second quarter noninterest income increased
$1,960,000 or 24% over prior year levels and was approximately equal to the
amount of noninterest income recognized in the first quarter of 1997. Increases
were realized in all major areas of noninterest income. Service charges on
deposit accounts increased $158,000 over prior year levels and $128,000 over
first quarter amounts, as the Company continues to experience modest increases
in its volume of deposit customers.
As noted in previous filings, the Company anticipated that trust fee revenue
growth in 1997 would exceed that recognized in 1996. Second quarter 1997 trust
fees increased $396,000 over comparable 1996 amounts, after increasing $236,000
in the first quarter. The establishment of proprietary mutual funds and the
increase in trust assets under management, principally in the personal trust
area, are responsible for the growth in this noninterest income line item.
During the second quarter of 1997, credit card fees increased approximately
$470,000 from 1996 levels, as increased merchant activity has resulted in
approximately $1,000,000 in increased revenue during the quarter. For the first
six months of 1997, this activity increase has resulted in approximately
$2,000,000 in increased merchant fee revenue. This increase has more than offset
the declines the Company has experienced in excess servicing fee income and
cardholder fees. The reduction in excess servicing fees is attributable to one
of the Company's securitization programs beginning its amortization period in
January. Through June 30, 1997 this amortization has resulted in $25 million of
credit card balances coming back on to the Company's balance sheet. Other
service charges, fees and income in the second quarter have increased $771,000
over 1996 levels with the year-to-date increase totaling $1,838,000. 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 during the second half of 1997 given the scheduled third quarter
closing of the sale of the national credit card portfolio.
Total noninterest expenses in the second quarter increased 10.7% over 1996
amounts for the comparable period. For the first six months of 1997, noninterest
expenses have increased 8.2% over 1996 levels. Similar to the first quarter of
the year, increases in the areas of salaries and employee benefits, and
increased costs associated with merchant processing activities were the
principal causes of the current quarter increase.
Second quarter employment expenses increased $1,070,000, or 13.8%, over those of
the comparable period in 1996. Year-to-date, employment expenses have increased
10.5%. A significant portion of the increase in employment costs, both for the
second quarter and the year, relates to the Company's continuing investment in
the establishment of additional fee-based business in the area of employee
benefit plan support services. In addition, increases were also realized in the
Company's retail banking area. Also impacting employment expenses was the
decision by the Company to staff certain data processing functions that had
previously been out-sourced. This resulted in increased employment costs, but
was the principal reason for the decline in the Company's second quarter data
processing costs. At June 30, 1997, the company had 904 full-time equivalent
employees, compared to 874 at June 30, 1996.
Occupancy and equipment expenses did not change significantly from levels
recognized during the corresponding period of 1996. Advertising and promotional
activities in the second quarter of 1997 increased from 1996 levels, but as
noted previously, this is a timing issue. Year-to-date expenditures in this area
in 1997 are little changed from 1996 levels. As noted in previous filings and as
also noted above, increased merchant activity in the credit card area has
resulted in approximately $1 million in additional expense in 1997, and is the
principal reason for the increase in other noninterest expenses. Net noninterest
expense in the second quarter of 1997 was $8,183,000, compared to $7,596,000 in
the first quarter of 1997 and $8,354,000 in the second quarter of 1996.
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 have little impact on
reported earnings per share.
In addition to Statement No. 128, Statement of Financial Accounting Standards
Nos. 129, 130 and 131 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: August 8, 1997 By: /s/ C.Q. Chandler IV
---------------------
C. Q. Chandler IV
President
(Principal Executive Officer)
Date: August 8, 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 143,321
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 9,480
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4,288
<INVESTMENTS-CARRYING> 269,570
<INVESTMENTS-MARKET> 274,783
<LOANS> 1,287,968
<ALLOWANCE> 16,715
<TOTAL-ASSETS> 1,800,015
<DEPOSITS> 1,436,232
<SHORT-TERM> 174,526
<LIABILITIES-OTHER> 29,077
<LONG-TERM> 32,879
0
0
<COMMON> 12,075
<OTHER-SE> 115,226
<TOTAL-LIABILITIES-AND-EQUITY> 1,800,015
<INTEREST-LOAN> 53,919
<INTEREST-INVEST> 8,814
<INTEREST-OTHER> 996
<INTEREST-TOTAL> 63,729
<INTEREST-DEPOSIT> 24,133
<INTEREST-EXPENSE> 29,202
<INTEREST-INCOME-NET> 34,527
<LOAN-LOSSES> 8,665
<SECURITIES-GAINS> 165
<EXPENSE-OTHER> 36,222
<INCOME-PRETAX> 10,083
<INCOME-PRE-EXTRAORDINARY> 6,597
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,597
<EPS-PRIMARY> 3.00
<EPS-DILUTED> 2.69
<YIELD-ACTUAL> 0.00
<LOANS-NON> 4,438
<LOANS-PAST> 5,008
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 15,536
<CHARGE-OFFS> 3,670
<RECOVERIES> 829
<ALLOWANCE-CLOSE> 16,715
<ALLOWANCE-DOMESTIC> 16,715
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
