FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended JUNE 30, 1995
Commission file number 2-79261
DELTA NATIONAL BANCORP
(Exact name of registrant as specified in its charter)
California 94-2839814
(State or other jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
611 North Main Street, Manteca, California 95336-3740
(Address of principal executive offices) (Zip code)
(209) 824-4050
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ x ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of June 30, 1995:
Common Stock, no par value - 376,782 shares.
<PAGE>
DELTA NATIONAL BANCORP
INDEX
PART I. FINANCIAL INFORMATION
Page no.
Item 1. Financial Statements
Consolidated Balance Sheets -
June 30, 1995 and December 31, 1994 3
Consolidated Statements of Income -
Three months ended June 30, 1995 and 4
Six months ended June 30, 1995
Three months ended June 30, 1994 and 5
Six months ended June 30, 1994
Consolidated Statements of Cash Flows -
Six months ended June 30, 1995 and 1994 6
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 14
PART II. OTHER INFORMATION
Signatures 18
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
<TABLE>
DELTA NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
( In Thousands)
Unaudited
<CAPTION>
June 30, Dec 31,
1995 1994
-------- -------
<S> <C> <C>
Cash and due from banks ................................ $ 6,475 $ 3,349
Federal funds sold ..................................... 2,000 2,800
-------- --------
Total cash and cash equivalents ................ 8,475 6,149
Interest bearing deposits in banks ..................... 0 0
Investment Securities: note (3)
Securities available for sale .................... 16,798 21,231
Securities held to maturity ...................... 16,243 11,797
-------- --------
33,041 33,028
Loans, net: note (4)(5)(6)(8) ......................... 45,888 47,044
Property and equipment ................................. 807 902
Interest receivable, other assets and other real ....... 2,084 2,066
estate owned: note (9) -------- --------
TOTAL ASSETS ........................................... $ 90,295 $ 89,189
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing ............................... 13,351 13,215
Interest bearing ................................... 67,351 67,006
-------- --------
Total deposits ................................. 80,702 80,221
Accrued interest/other liabilities ..................... 347 221
Stockholders' equity:
Common stock, no par value
Authorized - 5,000,000 shares
Issued and outstanding - 376,782 shares .......... 3,532 3,532
Retained earnings .................................. 5,791 5,598
Net unrealized appreciation (depreciation) on
securities available-for-sale, net of tax of $54,885 (77) (383)
and $131,369 at June 30, 1995 and 1994, respectively -------- --------
Total stockholders' equity ..................... 9,246 8,747
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ............. $ 90,295 $ 89,189
======== ========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
<TABLE>
DELTA NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME
( In Thousands)
EXCEPT PER SHARE DATA
Unaudited
<CAPTION>
3 MONTHS 6 MONTHS
ENDING ENDING
June 30, June 30,
1995 1995
-------- --------
<S> <C> <C>
Interest income:
Interest and fees on loans .............. $ 1,369 $ 2,750
Interest on investment securities:
Securities available-for-sale ........... 260 551
Securities held-to-maturity ............. 219 351
Investment securities
Interest-bearing deposits in banks ...... 0 0
Federal funds sold ...................... 84 133
------- -------
Total interest income ............... 1,932 3,785
Interest expense on deposits ................ 760 1,437
------- -------
Net interest income ................. 1,172 2,348
Provision for loan loss ..................... 99 199
------- -------
Net interest income after provision
for possible loan losses ........... 1,073 2,149
Other income
Service charges on deposits ............. 117 233
Other income ............................ 46 116
------- -------
163 349
------- -------
Other expenses
Salaries, wages and employee benefits ... 418 885
Occupancy and equipment ................. 160 315
Other operating expenses ................ 256 562
------- -------
834 1,762
------- -------
Earning before income taxes ......... 402 736
Income taxes ................................ 155 280
------- -------
NET EARNINGS ........................ $ 247 $ 456
======= =======
Net earnings per share: ..................... $ .66 $ 1.21
======= =======
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
<TABLE>
DELTA NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME
( In Thousands)
EXCEPT PER SHARE DATA
Unaudited
<CAPTION>
3 MONTHS 6 MONTHS
ENDING ENDING
June 30, June 30,
1994 1994
-------- --------
<S> <C> <C>
Interest income:
Interest and fees on loans ................... $ 1,195 $ 2,270
Interest on investment securities:
Securities available-for-sale
Securities held-to-maturity
Investment securities ........................ 330 677
Interest-bearing deposits in banks ........... 0 0
Federal funds sold ........................... 67 114
------ ------
Total interest income .................... 1,592 3,061
Interest expense on deposits ..................... 550 1,087
------ ------
Net interest income ...................... 1,042 1,974
Provision for loan loss .......................... 0 255
------ ------
Net interest income after provision
for possible loan losses ................ 1,042 1,719
Other income
Service charges on deposits .................. 131 282
Other income ................................. 59 106
------ ------
190 388
------ ------
Other expenses
Salaries, wages and employee benefits ........ 423 847
Occupancy and equipment ...................... 153 293
Other operating expenses ..................... 231 714
------ ------
807 1,854
------ ------
Earning before income taxes .............. 425 253
Income taxes ..................................... 80 80
------ ------
NET EARNINGS ............................. $ 345 $ 173
====== ======
Net earnings per share: .......................... $ .92 $ .46
====== ======
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
<TABLE>
DELTA NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Unaudited
<CAPTION>
6 MONTHS ENDING JUNE 30,
------------------------
1995 1994
---- ----
<S> <C> <C>
Increase (decrease) in cash and cash equivalents
Cash flows from operating activities:
Net earnings ....................................... $ 456 $ 173
Adjustments to reconcile net earnings to net
cash provided by operating activities
(Gain)/Loss on sale of assets ................ 16 (3)
(Gain)/Loss on sale of OREO .................. (26) 0
Provision for possible loan losses ........... 199 255
Provision for OREO ........................... 38 258
Provision for depreciation and ............... 249 160
amortization
Decrease (increase) in interest
receivable and other assets................... (671) 258
Increase (decrease) in interest payable
and other liabilities ....................... 88 99
------- -------
Net cash provided by operating activities.. 349 1,200
------- -------
Cash flows from investing activities:
Proceeds from maturities of securities
available-for-sale ............................... 4,970
Proceeds from maturities of securities
held-to-maturity ................................. 1,583
Proceeds from sales & maturities of securities ..... 3,994
Purchase of securities available-for-sale .......... 0
Purchase of securities held-to-maturity ............ (6,169)
Purchase of securities ............................. (4,362)
Net (increase) decrease in loans ................... 957 (2,997)
Purchase of property and equipment ................. (55) (56)
Purchase/additions to OREO ......................... (34) 0
Proceeds from sale of property and equipment ....... 10 16
Proceeds from sale of OREO ......................... 497 316
Net (Inc.)decrease Int. Bearing Deposits Other Inst 0 5
------- -------
Net cash (used in) provided by
investing activities ...................... 1,759 (3,084)
------- -------
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
<TABLE>
DELTA NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(In Thousands)
Unaudited
<CAPTION>
6 MONTHS ENDING JUNE 30,
------------------------
1995 1994
---- ----
<S> <C> <C>
Cash flows from financing activities:
Net increase (decrease) in demand deposits,
money market accounts and savings accounts ....... 3,513 (2,147)
Net (decrease) increase in time deposits ........... (3,031) 2,243
Cash dividends ..................................... (264) 0
-------- --------
Net cash provided by financing
activities ................................ 218 96
-------- --------
Net increase (decrease) in cash and
cash equivalents ..................................... 2,326 (1,788)
Cash and cash equivalents at beginning of period ..... 6,149 10,281
-------- --------
Cash and cash equivalents at end of period ........... $ 8,475 $ 8,493
======== ========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest ..................................... 1,253 896
Income Taxes ................................. 645 0
</TABLE>
Noncash investing and financing activities:
The Bank recognized an increase of $521,593 in the fair value of its
available-for-sale securities in the first six months of 1995 and a decline of
$698,841 in the fair value of its available-for-sale securities for the year
ended December 31, 1994.
The accompanying notes are an integral part of this statement.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
1. Basis
Delta National Bancorp (the Company) was incorporated under the laws of
the State of California on December 21, 1981 for the purpose of serving as a
bank holding company under the Bank Holding Company Act of 1956. The Company's
wholly-owned subsidiary, Delta National Bank (the Bank), operates as a
commercial bank in the cities of Manteca, Riverbank, Denair and Modesto,
California. Headquarters are located at the Manteca Branch at 611 North Main
Street, Manteca, California.
2. Summary of Accounting Policies
The accounting and reporting policies of the Company and the Bank conform
with generally accepted accounting principles and general practice within the
banking industry. The consolidated financial statements of the Company include
the accounts of the Company and the Bank. Significant intercompany transactions
and amounts have been eliminated.
3. Investment Securities
Prior to December 31, 1993, securities were stated at cost adjusted for
amortization of premiums and accretion of discounts, which were recognized as
adjustments to interest income. Gains or losses on disposition were based on the
net proceeds and the adjusted carrying amount of the securities sold, using the
specific identification method. Securities were considered held for investment
purposes since the Bank had the ability and intention to hold such securities to
maturity.
In May 1993, the Financial Accounting Standards Board issued Statement
No. 115, "Accounting for Certain Investments in Debt and Equity Securities". A
significant provision of this statement is the change in accounting and
reporting for certain investments in debt securities and equity securities.
These securities are classified into one of three categories: held-to-maturity,
available-for-sale, or trading. Held-to-maturity securities will continue to be
measured at amortized cost and available-for-sale and trading securities are
measured at fair value. Unrealized holding gains and losses for
available-for-sale securities are excluded from earnings and reported as a net
amount in a separate component of stockholders' equity until realized. The Bank
adopted and implemented SFAS No. 115 as of December 31, 1993.
<PAGE>
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
3. Investment Securities (continued)
Carrying values and estimated fair values of investment securities for June
30, 1995 and December 31, 1994 are summarized as follows:
<TABLE>
<CAPTION>
June 30, 1995 December 31, 1994
Amortized Gross Estimated Amortized Gross Estimated
Cost Unrealized Fair Cost Unrealized Fair
Gains Value Gains Value
(Losses) (Losses)
<S> <C> <C> <C> <C> <C> <C>
Available-for-Sale Securities:
U.S. Treasury Securities ................... $ 1,999 $ (10) $ 1,989 $ 1,996 $ (49) $ 1,947
Obligations of other U.S.
government agencies ...................... 13,243 (238) 13,005 16,188 (654) 15,534
Obligations of state and
political subdivisions ................... 927 121 1,048 2,281 78 2,359
Corporate bonds and Other .................. 761 (5) 756 1,420 (29) 1,391
------- ------- ------- ------- ------- -------
TOTAL ........................................ $16,930 $ (132) $16,798 $21,885 $ (654) $21,231
======= ======= ======= ======= ======= =======
Held-to-Maturity Securities:
U.S. Treasury Securities ................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Obligations of other U.S.
government agencies ...................... 12,830 3 12,833 7,696 (39) 7,657
Obligations of state and
political subdivisions ................... 1,302 (9) 1,293 1,328 (31) 1,297
Corporate bonds and Other .................. 2,111 (23) 2,088 2,773 (72) 2,701
------- ------- ------- ------- ------- -------
TOTAL ........................................ $16,243 $ (29) $16,214 $11,797 $ (142) $11,655
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
4. The following table discloses separately (1) total loans (2) the
allowance for losses and (3) unearned income:
June, 1995 December, 1994
---------- --------------
Total Loans ............................ $ 47,114,300 $ 48,055,894
Allowance for Loan Loss ................ (801,533) (599,422)
Unearned Discount ...................... (118,382) (167,027)
Deferred Profit on OREO Sales .......... (95,597) 0
Deferred Loan Fees ..................... (210,658) (245,844)
------------ ------------
Loans, net ............................. $ 45,888,130 $ 47,043,601
============ ============
5. The following table discloses the amount of total loans in each of the
following categories for the periods indicated:
June, 1995 December, 1994
---------- --------------
Commercial Loans ....................... $ 21,718,932 $ 20,991,617
Real Estate Construction ............... 6,572,673 7,352,440
Real Estate Mortgage ................... 16,371,052 16,610,145
Installment ............................ 2,451,643 3,101,692
------------ ------------
Total Loans ............................ $ 47,114,300 $ 48,055,894
============ ============
<PAGE>
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
6. Impaired Loans:
In May, 1993, the Financial Accounting Standards Board (FASB) issued
Statement No. 114, Accounting by Creditors for Impairment of a Loan (SFAS 114)
which addresses the accounting treatment of certain impaired loans and amends
FASB statements No. 5 and No. 15. SFAS does not address the overall adequacy of
the allowance possible for loan losses. The Bank adopted and implemented SFAS
No. 114 as of January 1, 1995.
A loan is considered impaired when, based on current information and
events, it is probable that a creditor will be unable to collect all amounts due
according to the contractual terms of the loan agreement. The accrual of
interest is discontinued on such loans and no income recognized until all
recorded amounts of interest and principal are recovered in full. Under SFAS
114, impairment is measured based on the present value of the expected future
cash flows discounted at the loans effective interest rate. Alternatively,
impairment may be measured by using the loans observable market price or the
fair value of the collateral if repayment is expected to be provided solely by
the underlying collateral.
The recorded investment in these loans and the valuation allowance for
credit losses related to loan impairment are as follows:
6 Month End
June, 1995
-----------
Principal amount of impaired loans ........................ $ 1,657,038
Accrued Interest .......................................... 3,508
Deferred loan costs ....................................... 3,479
-----------
1,664,025
Less valuation allowance .................................. 61,638
-----------
Total carrying value ...................................... $ 1,602,387
===========
<PAGE>
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
6. Impaired Loans (continued):
The activity in the allowance account is as follows:
6 Month
End
June, 1995
----------
Valuation allowance at beginning of period .................... 0
Net charges to operations for impairment ...................... $ 61,638
Direct writedowns ............................................. 0
Recoveries .................................................... 0
---------
Valuation allowance at end of period .......................... $ 61,638
=========
7. As of June 30, 1995 there were no material loans outstanding made by the
Company to the directors, executive officers, or any principal holders of
equity securities.
8. Changes in the allowance for loan losses are as follows (includes allowance
for loan losses at $740,000 and allowance for impaired loans at $62,000):
6 Month End 6 Month End
June, 1995 June, 1994
----------- -----------
Beginning balance ............ $ 599,000 $ 807,000
Charge Offs .................. (65,000) (475,000)
Recoveries ................... 69,000 56,000
Allowance .................... 199,000 255,000
----------- ----------
Ending balance ............... $ 802,000 $ 643,000
=========== ==========
<PAGE>
DELTA NATIONAL BANCORP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
9. Real Estate properties acquired through foreclosure are initially recorded at
fair value at the date of foreclosure establishing a new cost basis. After
foreclosure, valuations are periodically performed and the real estate is
carried at the lower of (1) cost or (2) fair market value minus estimated
costs to sell. Changes in the valuation allowance for OREO are as follows:
6 Month End 6 Month End
June, 1995 June, 1994
----------- -----------
Beginning balance ................. $ 257,644 $ 0
Provision charged to operations ... 37,923 261,544
Recoveries ........................ (3,900)
----------- -----------
Ending balance .................... $ 295,567 $ 257,644
=========== ===========
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item II - Financial Condition and Results of Operations
DELTA NATIONAL BANCORP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
JUNE 30, 1995
Results of Operations
The management and the directors of the Company reported net earnings for the
six month period ending June 30, 1995 at $456,000 compared to net earnings of
$173,000 for the same period in 1994. The decreased earnings in 1994 were
primarily related to additional provisions that were made to the allowance for
loan loss reserve and for one OREO property. Management is pleased with the
earnings for the second quarter of 1995.
Consolidated assets increased to $90,295,000 as of June 30, 1995 which
represents a growth rate of 5.34% compared to June, 1994 when assets totaled
$85,717,000. Deposits continue to grow at $80,702,000 for the first six months
of 1995 compared to $76,924,000 for the first six months of 1994. This
represents a 4.91% increase. Capital remains very strong at $9,246,000 in 1995
and $8,559,000 in 1994.
Net interest income, the largest component of the Company's earnings, represents
the difference between interest earned on loans and other assets and interest
paid on deposits. Net interest income increased 18.90% to $2,347,000 in June,
1995 compared to $1,974,000 in June, 1994.
Management is quite satisfied with these results considering the local economy
has shown no material improvement over the past year. The increase in income is
a result of sound lending and investing practices, cost control methods and
prudent management decisions.
The most important factors affecting operating results were the increasing
interest rate environment and absence of problem loans. Management had
anticipated the rise in interest rates and elected to emphasize loans that
reprice immediately when interest rates rise. Funding sources were readily
available to accommodate demand without having to resort to high cost funds.
This enabled the Bank to remain within it's niche and not venture into untested
areas.
<PAGE>
Liquidity Management
Liquidity refers to the Company's ability to maintain a cash flow adequate to
fund operations and meet obligations on other commitments on a timely and cost
effective basis. The Bank insures the maintenance of a reasonable amount of
liquid funds in order to meet periodic increases in loan demand and deposit
maturities. Investments are made in short term sources including deposits in
correspondent banks, fed funds sold, marketable securities as well as cash on
hand. The Bank's liquidity average ratio for June, 1995 was 32.10% which
management feels is more than adequate. Liquidity is enhanced by operating
profits and increasing deposits. In recent years, core deposits have provided
the Company with a sizable source of relatively stable and low-cost funds.
Asset/Liability Management
The principal objectives of asset/liability management is maintaining an
appropriate balance between interest sensitive assets and interest sensitive
liabilities along with reducing interest rate exposure while providing
liquidity.
Interest-earning assets and interest-bearing liabilities are those which have
yields or rates which are subject to change due to maturity of the instrument or
changes in the rate environment. Gap refers to the difference between the rate
sensitive assets and rate sensitive liabilities. When the amount of rate
sensitive assets exceeds rate sensitive liabilities, a "positive" gap exists and
when the amount of rate sensitive liabilities exceed the amount of rate
sensitive assets, a "negative" gap exists. Major fluctuations in net interest
income and net earnings could occur due to imbalances between rate sensitive
assets and liabilities. Asset/Liability management attempts to protect earnings
by maintaining the proper balance between interest-earning assets and
interest-bearing liabilities in order to minimize fluctuations in the net
interest margin and net earnings in periods of volatile interest rates.
The following table summarizes the interest rate sensitivity of the Company's
assets and liabilities at June 30, 1995. Assets and liabilities are categorized
where applicable, by remaining interest rate maturities rather than contractual
maturities of obligations. For example, investment securities with variable
rates are monitored and reported in the category that represents the frequency
of the rate change.
<PAGE>
<TABLE>
Interest Rate Sensitivity Analysis
<CAPTION>
0 - 30 31 - 90 91 - 180 181 - 365 1 - 5 Over 5
Days Days Days Days Years Years Total
<S> <C> <C> <C> <C> <C> <C> <C>
Interest-bearing bank balances ................ 2,000 0 0 0 0 0 2,000
Investment Securities ......................... 0 15,001 14,874 1,631 1,191 421 33,118
Loans ......................................... 31,807 1,100 1,828 3,004 7,520 1,207 46,466
------ ------ ------ ------ ------ ------ ------
Total Rate Sensitive Assets ................... 33,807 16,101 16,702 4,635 8,711 1,628 81,584
Interest Bearing Demand Deposits .............. 13,480 0 0 0 0 0 13,480
Time Certificates of Deposits ................. 5,218 3,083 7,246 7,114 8,351 0 31,012
Savings Passbook Certificates of
Deposit and Regular Savings ................. 11,554 9,600 0 0 0 0 21,154
------ ------ ------ ------ ------ ------ ------
Total Rate Sensitive Liabilities .............. 30,252 12,683 7,246 7,114 8,351 0 65,646
Interval Gaps/RSA-RSL ......................... 3,555 3,418 9,456 (2,479) 360 1,628 15,938
</TABLE>
Capital Resources
Capital plays a fundamental and vital role in the operation of the Bank. Capital
adequacy is important to the Bank functions to insure continued financial
strength, protect against unanticipated losses, build confidence in depositors
and shareholders, and enables the Bank to acquire the physical necessities
necessary to render proper Bank services.
The Company is subject to the capital adequacy requirements of various federal
banking agencies, such as the Office of Comptroller of the Currency and the
Federal Deposit Insurance Corporation. At June 30, 1995 the Company exceeded its
capital requirements and expects to remain in compliance with capital
requirements in the future.
Minimum June 1995 December 1994
Risk Based Capital Ratio ........... 8.00% 17.24% 15.47%
Tier I Ratio ....................... 4.00% 15.99% 14.49%
Leverage Ratio ..................... 3.00% 10.07% 9.92%
The Company's total risk-based capital ratio increased to 17.24% compared to
14.00% for June 30, 1994. A review of the Banks risk-based capital level shows
that levels again were substantially higher than regulatory requirements. The
Bank's capital requirement policy shall, at all times, meet or exceed the
requirements set forth by regulatory agencies. In the event that the minimum
regulatory capital requirement is not met through retained earnings and
restricted growth, the Bank shall consider other forms of raising capital. It is
a priority of this institution to continue to meet and exceed all regulatory
capital compliance levels.
<PAGE>
Accounting Changes
The Financial Accounting Standards Board has issued a new standard for
accounting and reporting of certain investments in debt securities and equity
securities. The Bank adopted and implemented SFAS No. 115 as of December 31,
1993.
The Financial Accounting Standards Board has issued a new standard which
addresses the accounting treatment of certain impaired loans. The Bank adopted
and implemented SFAS No. 114 as of January 1, 1995.
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings - None other than in the ordinary course of
business.
Item 2 - Change in securities - None
Item 3 - Defaults Upon Senior Securities - None
Item 4 - Submission of Matters to a Vote of Security Holders - None
Item 5 - Other Information - No Change in Executive Officers.
Item 6 - Exhibits and Reports on Form 8-K - None
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DELTA NATIONAL BANCORP
(Registrant)
DATE: July 21, 1995 /s/ Andrew Rossi
---------------------------
Andrew Rossi
sident/Chief Executive Officer
Director
(Principal Executive Officer)
DATE: July 21, 1995 /s/ Warren E. Wegge
---------------------------
Warren E. Wegge
Executive Vice President
(Principal Financial Officer)
DATE: July 21, 1995 /s/ Toinette Rossi
---------------------------
Toinette Rossi
Vice President and Manager
Director
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 6475
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 16798
<INVESTMENTS-CARRYING> 16243
<INVESTMENTS-MARKET> 16214
<LOANS> 47114
<ALLOWANCE> 802
<TOTAL-ASSETS> 90295
<DEPOSITS> 80702
<SHORT-TERM> 0
<LIABILITIES-OTHER> 347
<LONG-TERM> 0
<COMMON> 3532
0
0
<OTHER-SE> 5714
<TOTAL-LIABILITIES-AND-EQUITY> 90295
<INTEREST-LOAN> 2750
<INTEREST-INVEST> 902
<INTEREST-OTHER> 133
<INTEREST-TOTAL> 3785
<INTEREST-DEPOSIT> 1437
<INTEREST-EXPENSE> 1437
<INTEREST-INCOME-NET> 2348
<LOAN-LOSSES> 199
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1762
<INCOME-PRETAX> 736
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 456
<EPS-PRIMARY> 1.21
<EPS-DILUTED> 1.21
<YIELD-ACTUAL> 8.66
<LOANS-NON> 512
<LOANS-PAST> 1014
<LOANS-TROUBLED> 1158
<LOANS-PROBLEM> 3307
<ALLOWANCE-OPEN> 599
<CHARGE-OFFS> 65
<RECOVERIES> 69
<ALLOWANCE-CLOSE> 802
<ALLOWANCE-DOMESTIC> 802
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
