UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarter ended September 30, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-10602
MID-AMERICA BANCORP
(Exact name of registrant as specified in its charter)
KENTUCKY 61-1012933
(State or other jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
500 West Broadway, Louisville, Kentucky 40202
(Address of principal executive offices) (Zip Code)
(502) 589-3351
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report)
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 a 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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
October 24, 1994: 8,543,347 shares of common stock, no par value
<PAGE>
MID-AMERICA BANCORP
PART I. FINANCIAL INFORMATION
The consolidated financial statements of Mid-America Bancorp and
subsidiaries (Company) submitted herewith are unaudited. However, in the
opinion of management, all adjustments (consisting only of adjustments of a
normal recurring nature) necessary for a fair presentation of the results for
the interim periods have been made.
ITEM 1. FINANCIAL STATEMENTS
The following consolidated financial statements of Mid-America Bancorp
and subsidiaries are submitted herewith:
Consolidated balance sheets - September 30, 1994 and December 31, 1993
Consolidated statements of income - three and nine months ended
September 30, 1994 and 1993
Consolidated statements of changes in shareholders' equity - nine
months ended September 30, 1994 and 1993
Consolidated statements of cash flows - nine months ended September 30,
1994 and 1993
Notes to consolidated financial statements
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data) (Unaudited)
<TABLE>
<CAPTION>
September 30 December 31
----------- -------------
1994 1993
ASSETS ----------- -------------
<S> <C> <C>
Cash and due from banks $53,701 $62,937
Federal funds sold -- 9,000
Securities purchased under agreements to resell 25,000 75,000
Securities available for sale (Note 3) 133,679 109,202
Investment securities (Note 3) 181,148 225,096
Loans, net of unearned income of $29,966 (1994) and $32,984 (1993) 690,123 657,568
Allowance for loan losses (Note 4) 6,722 6,578
----------- -------------
Loans, net 683,401 650,990
Premises and equipment 18,938 17,821
Other assets 17,149 18,977
----------- -------------
TOTAL ASSETS $1,113,016 $1,169,023
=========== =============
LIABILITIES
Deposits:
Non-interest bearing $90,831 $118,591
Interest bearing 611,672 610,858
----------- -------------
Total deposits 702,503 729,449
Securities sold under agreements to repurchase 166,033 183,288
Federal funds purchased 2,925 12,500
Advances from the Federal Home Loan Bank 83,076 80,106
Accrued expenses and other liabilities 35,287 44,090
----------- -------------
TOTAL LIABILITIES 989,824 1,049,433
SHAREHOLDERS' EQUITY
Preferred stock, no par value;
authorized - 750,000 shares; issued - none -- --
Common stock, no par value, stated value $2.77 per
share; authorized - 12,000,000 (1994) and 10,000,000 (1993) shares;
issued - 8,543,347 (1994) and 8,510,125 (1993) shares 23,699 23,607
Additional paid-in capital 91,850 91,535
Retained earnings 9,220 4,448
Unrealized depreciation on securities available for sale, net of tax (Note 3) (1,577) --
----------- -------------
TOTAL SHAREHOLDERS' EQUITY 123,192 119,590
----------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,113,016 $1,169,023
=========== =============
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data) (Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
-------------------------- --------------------------
1994 1993 1994 1993
INTEREST INCOME: ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Interest and fees on loans $15,863 $14,022 $45,360 $41,034
Interest on trading account securities -- -- -- 626
Interest on securities available for sale 1,561 736 4,291 1,471
Interest on investment securities:
U.S.Treasury and agencies 1,562 1,472 4,681 4,253
States and political subdivisions 99 72 253 229
Corporate and other 352 781 1,367 2,564
Interest on federal funds sold 485 125 999 578
Interest on securities purchased under agreements to resell 403 448 1,191 1,898
----------- ----------- ----------- -----------
Total interest income 20,325 17,656 58,142 52,653
----------- ----------- ----------- -----------
INTEREST EXPENSE:
Interest on deposits 5,900 6,026 17,298 18,620
Interest on federal funds purchased and
securities sold under agreements to repurchase 1,757 643 4,168 2,114
Interest on Federal Home Loan Bank
advances and other borrowings 1,274 965 3,697 2,373
----------- ----------- ----------- -----------
Total interest expense 8,931 7,634 25,163 23,107
----------- ----------- ----------- -----------
Net interest income before provision for loan losses 11,394 10,022 32,979 29,546
Provision for loan losses (Note 4) 150 100 352 300
----------- ----------- ----------- -----------
Net interest income after provision for loan losses 11,244 9,922 32,627 29,246
----------- ----------- ----------- -----------
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Cont'd)
(In thousands except per share data) (Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
-------------------------- --------------------------
1994 1993 1994 1993
NON-INTEREST INCOME: ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Income from trust department 353 390 1,031 1,085
Service charges on deposit accounts 1,186 1,216 3,365 3,579
Trading account losses -- -- -- (207)
Securities losses -- -- -- (1)
Money order fees 707 620 2,102 1,779
Other 583 658 1,729 1,930
----------- ----------- ----------- -----------
Total non-interest income 2,829 2,884 8,227 8,165
----------- ----------- ----------- -----------
OTHER OPERATING EXPENSES:
Salaries and employee benefits 5,349 4,549 15,770 13,413
Occupancy expense 688 613 1,983 1,819
Furniture and equipment expenses 1,078 999 3,226 3,051
Other (Note 5) 2,509 2,385 7,523 6,927
----------- ----------- ----------- -----------
Total other operating expenses 9,624 8,546 28,502 25,210
----------- ----------- ----------- -----------
Income before income taxes 4,449 4,260 12,352 12,201
Income tax expense 1,371 1,393 3,739 3,830
----------- ----------- ----------- -----------
NET INCOME $3,078 $2,867 $8,613 $8,371
=========== =========== =========== ===========
Per common share (Note 2):
NET INCOME $0.36 $0.33 $1.00 $0.97
=========== =========== =========== ===========
Weighted Average Number of Shares Outstanding 8,638 8,606 8,647 8,597
=========== =========== =========== ===========
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
<TABLE>
<CAPTION> Nine months ended
September 30
--------------------------
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES: ----------- -----------
<S> <C> <C>
Net income $8,613 $8,371
Adjustments to reconcile net income to net cash provided by
(used by) operating activities:
Depreciation, amortization and accretion, net 4,115 3,321
Provision for loan losses 352 300
Loss on sales of securities -- 1
(Gain) loss on sales of premises and equipment 4 (12)
Loss on trading account securities -- 207
Deferred taxes 785 106
Increase in trading account securities -- (91,585)
Increase in interest receivable (828) (1,164)
Decrease in other assets 3,028 1,047
Increase in interest payable 88 102
Increase in taxes payable 179 247
Decrease in other liabilities (8,928) (5,398)
----------- -----------
Net cash provided by (used in) operating activities 7,408 (84,457)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of securities available for sale (24,436) --
Proceeds from maturities of securities available for sale 10,423 52,957
Proceeds from maturities of investment securities 59,706 78,860
Proceeds from sales of investment securities -- 2,500
Purchases of investment securities (30,899) (117,780)
Net increase in customer loans (33,161) (59,821)
Proceeds from sales of premises and equipment 52 13
Payments for purchases of premises and equipment (3,011) (1,502)
----------- -----------
Net cash used in investing activities (21,326) (44,773)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits (26,946) 8,248
Net decrease in securities sold under agreements to repurchase (17,255) (17,111)
Net decrease in federal funds purchased (9,575) (3,700)
Advances from the Federal Home Loan Bank 11,646 48,013
Repayment of advances from the Federal Home Loan Bank (8,676) (4,773)
Net change in other borrowings (51) 1,387
Dividends paid (3,841) (3,695)
Stock options exercised 380 358
----------- -----------
Net cash (used in) proivided by financing activities (54,318) 28,727
----------- -----------
Net decrease in cash and cash equivalents (68,236) (100,503)
Cash and cash equivalents at January 1 146,937 266,194
----------- -----------
Cash and cash equivalents at September 30 $78,701 $165,691
=========== ===========
</TABLE>
Non-cash transactions during the nine months ended September 30, 1994
included a transfer of investment securities to securities available
for sale of $13,848. Non-cash transactions during the nine months
ended September 30, 1993 included a transfer of trading account
securities to securities available for sale of $91,378.
See notes to consolidated financial statements.
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
(In thousands except per share data) (Unaudited)
<TABLE>
<CAPTION>
Unrealized
depreciation
Additional on securities Total
Common Stock Paid-in Retained available for Shareholders'
Shares Amount Capital Earnings sale, net of tax Equity
------------ ---------- ---------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1993 8,195 $22,734 $86,561 $3,334 $112,629
Net income January through September 1993 8,371 8,371
Cash dividends declared ($.45 per share) (3,695) (3,695)
Stock options exercised, including
related tax benefits 30 82 276 358
------------ ---------- ---------- ---------- -------------- -------------
Balance, September 30, 1993 8,225 22,816 86,837 8,010 117,663
Net income October through December 1993 3,202 3,202
Cash dividends declared ($.20 per share) (1,661) (1,661)
Stock dividends declared 247 685 4,418 (5,103) --
Stock options exercised, including
related tax benefits 38 106 280 386
------------ ---------- ---------- ---------- -------------- -------------
Balance, December 31, 1993 8,510 23,607 91,535 4,448 119,590
Net income January through September 1994 8,613 8,613
Unrealized depreciation on securities
available for sale, net of tax (note 3) ($1,577) (1,577)
Cash dividends declared ($0.45 per share) (3,841) (3,841)
Stock options exercised, including
related tax benefits 33 92 315 407
------------ ---------- ---------- ---------- -------------- -------------
Balance, September 30, 1994 8,543 $23,699 $91,850 $9,220 ($1,577) $123,192
============ ========== ========== ========== ============== =============
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)
1. The accounting and reporting policies of Mid-America Bancorp and
its subsidiaries (the Company) conform with generally accepted
accounting principles and general practices within the banking
industry. The accompanying consolidated financial statements should
be read in conjunction with the Summary of Significant Accounting
Policies footnote which appears in the Company's 1993 Annual Report
and Form 10-K filed with the Securities and Exchange Commission.
2. On November 15, 1993, the Board of Directors declared a 3% stock
dividend payable to shareholders of record on December 15, 1993.
All per share information in the consolidated financial statements
reflects the adjusted number of shares.
3. On January 1, 1994, the Company adopted FASB Statement
No. 115, "Accounting for Certain Investments in Debt and Equity
Securities." The principal effect of adoption of FASB Statement
No. 115 is that debt securities classified as available for
sale are now reported at fair value, with unrealized gains or
losses reported as a separate component of shareholders' equity,
on a net of tax basis.
The amortized cost and market value of securities available for
sale are summarized as follows:
<TABLE>
<CAPTION>
September 30, 1994 December 31, 1993
------------------------ ------------------------
Amortized Market Amortized Market
Cost Value Cost Value
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
U.S. Treasury and agencies $111,710 $109,283 $109,202 $109,477
Other 24,396 24,396 -- --
----------- ----------- ----------- -----------
$136,106 $133,679 $109,202 $109,477
=========== =========== =========== ===========
</TABLE>
The book value and market value of investment securities are
summarized as follows:
<TABLE>
<CAPTION>
September 30, 1994 December 31, 1993
------------------------ ------------------------
Book Market Book Market
Value Value Value Value
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
U.S. Treasury and agencies $151,997 $148,608 $174,395 $174,208
Obligations of states and political subdivisions 7,127 7,018 2,956 3,083
Corporate and Other 22,024 21,794 47,745 48,212
----------- ----------- ----------- -----------
$181,148 $177,420 $225,096 $225,503
=========== =========== =========== ===========
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)
4. Allowance for Loan Losses - Changes in the allowance for loan losses
are as follows:
<TABLE>
<CAPTION>
September 30 December 31,
1994 1993
----------- -----------
<S> <C> <C>
Balance, January 1 $6,578 $6,020
Provision for Loan Losses 352 390
Recoveries 179 744
Loans charged off (387) (576)
----------- -----------
Balance, end of period $6,722 $6,578
=========== ===========
</TABLE>
5. Other operating expense consists of the following:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
------------------------ -------------------------
1994 1993 1994 1993
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Operating supplies $338 $312 $1,204 $913
Data processing fees 79 47 218 204
Legal and professional fees 309 259 777 853
Taxes - Bank shares, property and other 379 367 1,052 1,039
Deposit insurance 420 406 1,222 1,173
Other 984 994 3,050 2,745
----------- ----------- ----------- -----------
$2,509 $2,385 $7,523 $6,927
=========== =========== =========== ===========
/TABLE
<PAGE>
ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
This item discusses the results of operations for Mid-America
Bancorp and its subsidiaries for both the three and nine months ended
September 30, 1994 and compares those periods with the same periods of
the previous year. In addition, the discussion describes the
significant changes in the financial condition of the Company that have
occurred during the first nine months of 1994 compared to December 31,
1993. This discussion should be read in conjunction with the
consolidated financial statements and accompanying notes presented in
Part 1, Item 1 of this report.
A. RESULTS OF OPERATIONS
Net income for the quarter ended September 30, 1994 was
$3,078,000 or $0.36 per share compared to $2,867,000 or $0.33 per share
for the same period last year. Year-to-date earnings were $8,613,000
or $1.00 per share compared to $8,371,000 or $0.97 per share for the
first nine months of 1993.
The results for the first nine months of 1994 compared to the
comparable period in 1993 reflected increased net interest income, as a
result of increases in earning assets, and an increase in other
operating expenses, primarily salaries and employee benefits.
Net interest income
Net interest income is the difference between interest earned
on earning assets and interest expensed on interest bearing
liabilities. The net interest spread is the difference between the
average rate of interest earned on earning assets and the average rate
on interest expensed on interest bearing liabilities. The net yield on
earning assets (interest margin) is net interest income divided by
average earning assets. The following table summarizes the above for
the three and nine months ending September 30, 1994 and 1993.
<PAGE>
In thousands except percentages
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Total interest income $20,325 $17,656 $58,142 $52,653
Tax equivalent adjustment 239 207 675 675
Tax equivalent interest income 20,564 17,863 58,817 53,328
Total interest expense 8,931 7,634 25,163 23,107
Tax equivalent net interest income $11,633 $10,229 $33,654 $30,221
Average rate on earning assets 7.70% 7.36% 7.47% 7.47%
Average rate on interest bearing liabilities 4.01% 3.74% 3.83% 3.86%
Net interest spread, annualized 3.70% 3.62% 3.64% 3.62%
Net interest margin, annualized 4.36% 4.21% 4.28% 4.24%
Average earning assets $1,059,294 $963,136 $1,052,254 $954,077
Average interest bearing liabilities $884,648 $809,145 $878,492 $801,064
</TABLE>
Net interest income and net interest spread and margin have
increased for the three and nine months ended September 30, 1994
compared to the comparable periods in 1993. The increases for the nine
month period are attributed primarily to the increase in volume of
earning assets. For the three month period of 1994 compared to 1993,
the increases are attributed not only to the increase in earning asset
volume, but also the effect of rising interest rates.
<PAGE>
Provision for Loan Losses
The allowance for loan losses is maintained at a level adequate
to absorb probable losses. Management determines the adequacy of the
allowance based upon reviews of individual credits, evaluation of the
risk characteristics of the loan portfolio, including the impact of
current economic conditions on the borrowers' ability to repay, past
collection and loss experience and such other factors, which, in
management's judgement, deserve current recognition. The allowance for
loan losses is established by charges to operating
earnings.
An analysis of the changes in the allowance for loan losses and
selected ratios follows:
Dollars In thousands
<TABLE>
<CAPTION>
Nine Months Ended
September 30
1994 1993
<S> <C> <C>
Balance at January 1 $6,578 $6,020
Provision for loan losses 352 300
Loan charge-offs, net of recoveries (208) (315)
Balance September 30 $6,722 $6,005
Average loans, net of unearned income $672,580 $607,776
Provision for loan losses to average loans * 0.07% 0.07%
Net loan charge-offs to average loans * 0.04% 0.07%
Allowance for loan losses to average loans 1.00% 0.99%
Allowance for loan losses to period-end loans 0.97% 0.94%
</TABLE>
* Amounts annualized
<PAGE>
Non-interest Income and Other Operating Expenses
The following table sets forth the major components of
non-interest income and other operating expenses for the three and nine
months ending September 30, 1994 and 1993:
<TABLE>
<CAPTION>
Three months ended Nine months ended
In thousands September 30 September 30
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Non-Interest Income:
Income from trust department $353 $390 $1,031 $1,085
Service charges on deposit accounts 1,186 1,216 3,365 3,579
Money order fees 707 620 2,102 1,779
Trading account losses --- --- --- (207)
Securities losses --- --- --- (1)
Other 583 658 1,729 1,930
Total non-interest income $2,829 $2,884 $8,227 $8,165
Other Operating Expenses:
Salaries and employee benefits $5,349 $4,549 $15,770 $13,413
Occupancy expenses 688 613 1,983 1,819
Furniture and equipment expenses 1,078 999 3,226 3,051
Operating supplies 338 312 1,204 913
Data processing 79 47 218 204
Legal and professional fees 309 259 777 853
Taxes-bank shares, property and other 379 367 1,052 1,039
Deposit insurance 420 406 1,222 1,173
Other 984 994 3,050 2,745
Total other operating expenses $9,624 $8,546 $28,502 $25,210
</TABLE>
<PAGE>
Non-interest income increased $62,000 for the nine months ended
September 30, 1994 and declined slightly for the three months ended September
30, 1994 when compared to the same periods in 1993. A favorable change for
the three and nine month periods is attributed to increased money order fees
related to continued expansion of the money order subsidiary's agent base.
Also for the comparable three and nine month periods ended September 30, 1994
and 1993 service charges on deposit accounts declined due primarily to the
impact of a new competitively priced deposit package product which has
attracted not only new depositors, but also the conversion of existing
depositors from higher priced deposit products. The nine month comparison is
also impacted by the absence in 1994 of trading account losses that occurred
in 1993.
Other operating expenses increased $1.1 million and $3.3 million for
the three and nine month periods ended September 30, 1994, respectively,
compared to the same periods in 1993. The most significant portion of the
change is attributed to the increase in salaries and benefits. The increase
in salaries and benefits is attributed to several factors; an increase in
full-time equivalent employees of 40, the annual salary adjustment that was
effective at the beginning of 1994 and a shift in the components of the
employee base where staffing at the branch system shifted to more part-time
employees and more full- time employees at higher compensation levels were
added to support operations, credit analysis, investment activities and
business development activities. Also, operating supplies expense increased
for both the three and nine months ended September 30, 1994 compared to the
same periods in 1993. The increases in operating supplies are attributable to
several factors including supplies at the new savings bank subsidiary,
additional supplies to support the expanded level of activity at the money
order subsidiary, and personal computer program upgrades.
Income Taxes
The Company had income tax expense of $1,371,000 for the third
quarter of 1994 compared to $1,393,000 for the same period in 1993.
The year-to-date tax expense and effective tax rate were $3,739,000 and
30.3% for 1994, respectively and $3,830,000 and 31.4% for 1993,
respectively.
B. FINANCIAL CONDITION
Total Assets
Total assets decreased $56 million from December 31, 1993 to September
30, 1994, while average assets increased $66,006,000 or 6.1% to $1,139,832,000
for the third quarter of 1994 compared to the last quarter of 1993. The
increase in average assets is attributed to the continued growth in the
commercial loan portfolio and the securities portfolio. These increases in
average earning assets were supported by advances from the Federal Home Loan
Bank and increases in repurchase agreements.
<PAGE>
Nonperforming and Restructured Loans and Assets
Nonperforming and restructured loans, which include nonaccrual,
restructured and loans past due over 90 days, totaled $5,117,000 at September
30, 1994 and $3,872,000 at December 31, 1993. This represents .74% of total
loans at September 30, 1994 compared to .59% at December 31, 1993.
Nonperforming assets, which include nonperforming loans and other real
estate owned, totaled $7,723,000 at September 30, 1994 and $6,842,000 at
December 31, 1993. This represents 0.69% of total assets at September 30,
1994 compared to 0.59% at December 31, 1993.
The Company considers the level of nonperforming loans in its
evaluation of the adequacy of the allowance for loan losses.
C. LIQUIDITY
Liquidity represents the Company's ability to generate cash or
otherwise obtain funds at a reasonable price to satisfy commitments to
borrowers as well as demands of depositors. The loan and securities
portfolios are managed to provide liquidity through maturity or payments
related to such assets.
Interest rate sensitivity management is managing the difference or gap
between rate sensitive assets and rate sensitive liabilities to minimize the
impact of changing interest rates on profitability and allow for adequate
liquidity.
The Company's adjusted one year cumulative interest sensitivity gap
was 15.39% at September 30, 1994 compared to 5.82% at December 31, 1993. The
cumulative interest sensitivity gap through 90 days was 7.64% at September 30,
1994 compared to 7.75% at December 31, 1993. The asset and liability
structure and interest sensitivity position the Company favorably for a rising
interest rate environment.
The parent Company's liquidity depends primarily on the dividends paid
to it as the sole shareholder of the Mid-America Bank of Louisville.
D. CAPITAL RESOURCES
At September 30, 1994 shareholders' equity totaled $123,192,000, an
increase of $3,602,000 or 3.0% since December 31, 1993.
<PAGE>
The Company's capital ratios exceed minimum regulatory requirements
and are as follows:
<TABLE>
<CAPTION>
Corporation Corporation Minimum
September 30 December 31 Required
1994 1993
<S> <C> <C> <C>
Leverage Ratio 11.18% 10.20% 3.00%
Tier 1 risk based capital ratio 18.31% 18.24% 4.00%
Total risk based capital ratio 19.30% 19.25% 8.00%
</TABLE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) 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.
Mid-America Bancorp
(Registrant)
Date: November 10, 1994 By: /s/ Steven Small
Steven Small
Executive Vice President and
Chief Financial Officer
Date: November 10, 1994 By: /s/ Orson Oliver
Orson Oliver
President
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-01-1994
<PERIOD-END> SEP-30-1994
<PERIOD-TYPE> 3-MOS
<CASH> 53,701
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 133,679
<INVESTMENTS-CARRYING> 181,148
<INVESTMENTS-MARKET> 177,420
<LOANS> 690,123
<ALLOWANCE> 6,722
<TOTAL-ASSETS> 1,113,016
<DEPOSITS> 702,503
<SHORT-TERM> 168,968
<LIABILITIES-OTHER> 35,277
<LONG-TERM> 83,076
0
0
<COMMON> 23,699
<OTHER-SE> 99,493
<TOTAL-LIABILITIES-AND-EQUITY> 1,113,016
<INTEREST-LOAN> 15,863
<INTEREST-INVEST> 3,574
<INTEREST-OTHER> 888
<INTEREST-TOTAL> 20,325
<INTEREST-DEPOSIT> 5,900
<INTEREST-EXPENSE> 8,931
<INTEREST-INCOME-NET> 11,394
<LOAN-LOSSES> 150
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 9,624
<INCOME-PRETAX> 4,449
<INCOME-PRE-EXTRAORDINARY> 4,449
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,078
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.36
<YIELD-ACTUAL> 4.36
<LOANS-NON> 3,991
<LOANS-PAST> 1,126
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 11,494
<ALLOWANCE-OPEN> 6,578
<CHARGE-OFFS> 387
<RECOVERIES> 179
<ALLOWANCE-CLOSE> 6,722
<ALLOWANCE-DOMESTIC> 6,722
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
