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 quarterly period ended March 31, 1997
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 (I.R.S. Employer Identification No.)
of 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.
April 30, 1997: 9,491,333 shares of common stock, no par value
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 - March 31, 1997 and December 31,
1996
Consolidated statements of income - three months ended March
31, 1997 and 1996
Consolidated statements of changes in shareholders' equity -
three months ended March 31, 1997 and 1996
Consolidated statements of cash flows - three months ended
March 31, 1997 and 1996
Notes to consolidated financial statements
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data) (Unaudited)
<TABLE>
<CAPTION>
March 31 December 31
----------- ------------
1997 1996
ASSETS ----------- ------------
<S> <C> <C>
Cash and due from banks $25,939 $30,884
Federal funds sold 32,000 20,200
Securities purchased under agreements to resell 135,000 110,000
Securities available for sale, amortized cost of $338,738 (1997)
and $333,681 (1996) (Note 3) 337,954 336,118
Securities held to maturity, market value of $15,715 (1997)
and $75,751 (1996) (Note 3) 15,611 75,555
Loans, net of unearned income of $14,978 (1997) and $15,916 (1996) 782,772 804,182
Allowance for loan losses (Note 4) (9,097) (9,167)
----------- ------------
Loans, net 773,675 795,015
Premises and equipment 20,945 21,451
Other assets 37,564 31,710
----------- ------------
TOTAL ASSETS $1,378,688 $1,420,933
=========== ============
LIABILITIES
Deposits:
Non-interest bearing $119,505 $127,703
Interest bearing 704,963 697,554
----------- ------------
Total deposits 824,468 825,257
Securities sold under agreements to repurchase 272,952 285,948
Federal funds purchased 1,000 4,000
Advances from the Federal Home Loan Bank 68,073 69,042
Money orders and similar payment instruments outstanding 54,249 76,533
Accrued expenses and other liabilities 15,803 19,515
----------- ------------
TOTAL LIABILITIES 1,236,545 1,280,295
SHAREHOLDERS' EQUITY
Preferred stock, no par value;
authorized - 750,000 shares; none issued -- --
Common stock, no par value, stated value $2.77 per
share; authorized - 12,000,000 shares; issued and outstanding -
9,475,902 shares (1997) and 9,425,803 shares (1996) 26,283 26,144
Additional paid-in capital 105,596 104,932
Retained earnings 10,813 8,093
Unrealized appreciation (depreciation) on
securities available for sale, net of taxes (510) 1,585
Pension liability adjustment, net of taxes (39) (116)
----------- ------------
TOTAL SHAREHOLDERS' EQUITY 142,143 140,638
----------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,378,688 $1,420,933
=========== ============
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
March 31
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
INTEREST INCOME:
Interest and fees on loans $18,838 $17,915
Interest and dividends on:
Taxable securities 4,817 4,390
Tax-exempt securities 595 208
Interest on federal funds sold 290 446
Interest on securities purchased under
agreements to resell 1,851 1,600
----------- -----------
Total interest income 26,391 24,559
----------- -----------
INTEREST EXPENSE:
Interest on deposits 7,900 7,475
Interest on federal funds purchased and
securities sold under agreements to repurchase 3,544 3,112
Interest on Federal Home Loan Bank advances 1,053 1,141
----------- -----------
Total interest expense 12,497 11,728
----------- -----------
Net interest income before provision for loan losses 13,894 12,831
Provision for loan losses (Note 4) -- --
----------- -----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 13,894 12,831
----------- -----------
NON-INTEREST INCOME:
Income from trust department 285 268
Service charges on deposit accounts 1,209 1,076
Money order fees 674 956
Securities gains 76 1,168
Other 1,104 753
----------- -----------
Total non-interest income 3,348 4,221
----------- -----------
OTHER OPERATING EXPENSES:
Salaries and employee benefits 6,156 6,219
Occupancy expense 771 756
Furniture and equipment expenses 1,176 1,220
Other (Note 5) 2,589 2,489
----------- -----------
Total other operating expenses 10,692 10,684
----------- -----------
Income before income taxes 6,550 6,368
Income tax expense 2,033 2,051
----------- -----------
NET INCOME $4,517 $4,317
=========== ===========
NET INCOME PER COMMON SHARE (Note 2) $0.47 $0.45
=========== ===========
Weighted Average Number of Shares Outstanding 9,633 9,492
=========== ===========
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands except per share data) (Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31
------------------------
1997 1996
----------- ----------
<S> <C> <C>
Balance, January 1 $140,638 $132,950
Net income 4,517 4,317
Cash dividends declared - $.19 (1997) and $.145 (1996) per share (1,797) (1,365)
Stock options exercised, including related tax benefits 803 356
Unrealized depreciation on securities available for sale, net of taxes (2,095) (3,329)
Pension liability adjustment, net of taxes 77 --
----------- ----------
Balance, March 31 $142,143 $132,929
=========== ==========
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
<TABLE>
<CAPTION> Three months
ended March 31
--------------------------
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES: ----------- -----------
<S> <C> <C>
Net income $4,517 $4,317
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization and accretion, net 884 800
Provision for loan losses -- --
Federal Home Loan Bank stock dividend (248) (233)
Gain on sales of securities (76) (1,168)
Loss (gain) on sales of other real estate (10) 19
Deferred taxes (163) (91)
Decrease (increase) in interest receivable (805) 122
Decrease (increase) in other assets (5,130) 2,720
Decrease in money orders and similar payment instruments outstanding (22,284) (26,449)
Increase in other liabilities 1,723 1,803
----------- -----------
Net cash used in operating activities (21,592) (18,160)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of securities available for sale (37,945) (44,517)
Proceeds from maturities of securities available for sale 20,419 22,184
Proceeds from sales of securities available for sale 12,998 28,786
Purchases of securities held to maturity (4,358) (1,013)
Proceeds from maturities of securities held to maturity 60,000 53,725
Proceeds from sales of other real estate 15 549
Decrease (increase) in customer loans 21,340 (10,204)
Proceeds from sales of premises and equipment 11 82
Payments for purchases of premises and equipment (196) (1,777)
----------- -----------
Net cash provided by investing activities 72,284 47,815
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits (789) (29,531)
Net increase (decrease) in securities sold under agreements to repurchase (12,996) 46,623
Net increase (decrease) in federal funds purchased (3,000) 1,250
Repayment of advances from the Federal Home Loan Bank (969) (1,003)
Stock options exercised 714 338
Dividends paid (1,797) (1,365)
----------- -----------
Net cash provided by (used in) financing activities (18,837) 16,312
----------- -----------
Net increase in cash and cash equivalents 31,855 45,967
Cash and cash equivalents at January 1 161,084 164,162
----------- -----------
Cash and cash equivalents at March 31 $192,939 $210,129
=========== ===========
See notes to consolidated financial statements.
/TABLE
<PAGE>
MID-AMERICA BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(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 unaudited consolidated financial statements
should be read in conjunction with the Summary of Significant Accounting
Policies footnote which appears in the Company's 1996 Annual Report and
Form 10-K filed with the Securities and Exchange Commission.
2. Appropriate share information in the consolidated financial statements
has been adjusted for the 3% stock dividend of November 1996.
3. The amortized cost and market value of securities available for
sale are summarized as follows:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
---------------------- ------------------------
In thousands Amortized Market Amortized Market
Cost Value Cost Value
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
U.S. Treasury and U.S. government agencies $120,157 $120,040 $147,230 $148,300
Collateralized mortgage obligations 130,299 129,524 100,308 100,754
States and political subdivisions 46,269 46,385 40,697 41,604
Corporate obligations 25,280 25,272 28,811 28,825
Equity securities 16,733 16,733 16,635 16,635
---------- ---------- ----------- -----------
$338,738 $337,954 $333,681 $336,118
========== ========== =========== ===========
</TABLE>
The amortized cost and market value of securities held to maturity are
summarized as follows:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
---------------------- ------------------------
In thousands Book Market Book Market
Value Value Value Value
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
U.S. Treasury and U.S. government agencies $15,511 $15,615 $75,455 $75,651
Corporate obligations 100 100 100 100
---------- ---------- ----------- -----------
$15,611 $15,715 $75,555 $75,751
========== ========== =========== ===========
</TABLE>
4. Allowance for Loan Losses - Changes in the allowance for loan losses
are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
In thousands 1997 1996
---------- -----------
<S> <C> <C>
Balance, January 1 $9,167 $9,318
Provision for Loan Losses -- 414
Recoveries 60 460
Loans charged-off (130) (1,025)
---------- -----------
Balance, end of period $9,097 $9,167
========== ===========
</TABLE>
5. Other operating expenses consist of the following:
<TABLE>
<CAPTION>
Three Months Ended
In thousands March 31, 1997
------------------------
1997 1996
----------- -----------
<S> <C> <C>
Advertising and marketing $361 $224
Operating supplies 655 359
Professional fees 201 239
Taxes - Bank shares, property and other 427 364
Other 945 1,303
----------- -----------
$2,589 $2,489
=========== ===========
</TABLE>
6. On January 1, 1997, the Company implemented Statement of Financial
Accounting Standard ("SFAS") No. 125, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities."
Under this standard, accounting for transfers and servicing of
financial assets and extinguishments of liabilities is based on
control. After a transfer of financial assets, an entity recognizes
the financial and servicing assets it controls and the liabilities it
has incurred, derecognizes financial assets when control has been
surrendered and derecognizes liabilities when extinguished. The
implementation of SFAS No. 125 did not have a material effect on the
Company's financial statements.
<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 the three months ended March 31,
1997, and compares this period with the same period 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 three months of 1997 compared to December
31, 1996. This discussion should be read in conjunction with the
consolidated financial statements and accompanying notes presented
in Part I, Item 1 of this report.
A. RESULTS OF OPERATIONS
Net income for the quarter ended March 31, 1997 was $4,517,000
or $0.47 per share compared to $4,317,000 or $0.45 per share for
the same period last year. Net income for the quarter ended March
31, 1997, when compared to the same period in 1996, increased 4.6%.
Excluding the effect of securities gains, net income for the
quarter ended March 31, 1997, increased 25.6% compared to the first
quarter last year.
The results for the first three months of 1997 compared to the
comparable period in 1996 reflected the following:
*Increased net interest income, as a result of increases
in earning assets
*Securities gains of $76,000 in 1997 and $1,168,000, in
1996
*An increase in non-interest income, excluding securities
gains
*An insignificant increase in other operating expenses
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 of 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 months ending March 31, 1997 and 1996.
Dollars in thousands Three Months Ended
March 31
------------------------
1997 1996
---------- -----------
Total interest income $26,391 $24,559
Tax equivalent adjustment 426 335
-------- --------
Tax equivalent interest income 26,817 24,894
Total interest expense 12,497 11,728
-------- --------
Tax equivalent net interest income $14,320 $13,166
======== ========
Average rate on earning assets 8.23% 8.26%
Average rate on interest bearing liabilities 4.80% 4.84%
Net interest spread, annualized 3.43% 3.42%
Net interest margin, annualized 4.39% 4.37%
Average earning assets $1,323,890 $1,212,346
Average interest bearing liabilities $1,056,681 $972,635
Tax equivalent net interest income increased $1.154 million or
approximately 8.8% for the three months ended March 31, 1997,
compared to the first quarter in 1996. This increase results
primarily from an increase in average earning assets of $112
million or 9.2%. The net interest spread and net interest margin
both increased slightly during the first quarter of 1997 compared
to the first quarter in 1996. The average rate on earning assets
and the costs of interest bearing liabilities were relatively
unchanged. Market interest rates were relatively stable since the
first quarter of 1996.
Allowance for Loan Losses and Provision for Loan Losses
The allowance for loan losses is maintained at a level
adequate to absorb estimated probable credit 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 judgment,
deserve current recognition. Based on this process, the allowance
for loan losses was considered adequate and no provision for loan
losses was considered necessary for the three months ended March
31, 1997 and 1996. See "Non-Performing Loans and Assets". The
allowance for loan losses is established by charges to operating
earnings and reduced by charge-offs, net of recoveries.
An analysis of the changes in the allowance for loan losses
and selected ratios follows:
Dollars in thousands Three Months Ended
March 31
------------------
1997 1996
------- -------
Balance at January 1 $9,167 $9,318
Provision for loan losses -- --
Loan (charge-offs) recoveries, net (70) 2
------- -------
Balance March 31 $9,097 $9,320
======= =======
Average loans, net of unearned income $800,478 $752,833
Provision for loan losses to average loans -- --
Allowance for loan losses to average loans 1.14% 1.24%
Allowance for loan losses to period-end loans 1.16% 1.23%
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 months ending March 31,
1997 and 1996:
Dollars in thousands Three months ended
March 31
------------------
1997 1996
------- -------
Non-Interest Income:
Income from trust department $285 $268
Service charges on deposit accounts 1,209 1,076
Money order fees 674 956
Securities gains 76 1,168
Other 1,104 753
------- -------
Total non-interest income $3,348 $4,221
======= =======
Other Operating Expenses:
Salaries and employee benefits $6,156 $6,219
Occupancy expenses 771 756
Furniture and equipment expenses 1,176 1,220
Advertising and marketing 361 224
Operating supplies 655 359
Professional fees 201 239
Taxes-Bank, property and other 427 364
Other 945 1,303
------- -------
Total other operating expenses $10,692 $10,684
======= =======
In the first quarter of 1997 non-interest income included
$76,000 of securities gains compared to $1,168,000 of securities
gains in the first quarter of 1996. Excluding these securities
gains, non-interest income increased $219,000 or 7.2%. This
increase was achieved despite the 30% decline in money order fees
resulting from the reduced agent base subsequent to the Western
Union program agent base sale in the third quarter of 1996. An
increasing retail customer base, new products and product pricing
adjustments, contributed to increases in fees on deposits, ATMs and
debit cards. Other non-interest income in 1997 includes a $117,000
gain on the sale of a closed branch facility.
Other operating expense increased by merely $8,000 with each
major category of other operating expense reflecting expense
controls. The most significant portion of other operating
expenses, salaries and benefits, decreased $63,000 or 1%. This
decrease was achieved despite the impact of merit increases
effective in April 1996, as the Company reduced the level of full-time
equivalent employees from 660 in March 1996 to 618 in March
1997. Most of this decrease was achieved through attrition.
Components of other operating expenses that increased in 1997
compared to 1996 included advertising and marketing, and supply
costs. These increases are attributed primarily to the Company's
efforts to increase market share. Also, impacting other operating
expenses was a $155,000 decline in uncollectible money order fees.
Income Taxes
The Company had income tax expense of $2,033,000 for the first
quarter of 1997 compared to $2,051,000 for the same period in 1996
which yielded effective tax rates of 31.0% for 1997 and 32.2% for
1996.
B. FINANCIAL CONDITION
Total Assets
Average assets increased $43,208,000 or 3.2% to $1,387,420,000
for the first quarter of 1997 compared to the last quarter of 1996.
Actual total assets decreased approximately $42 million from
December 31, 1996 to March 31, 1997. Included in the increase in
average earning assets are increases in retail loans of $9 million,
an increase in securities of $3 million and an increase short-term
liquid assets of $33 million. The earning asset growth was funded
by a $8 million increase in checking and savings account balances,
a $1 million increase in time deposits and a $22 million increase
in customer repurchase agreements.
Nonperforming Loans and Assets
A summary of non-performing loans and assets follows:
Dollars in thousands March 31, December 31,
1997 1996
Loans accounted for on a non-
accrual basis $3,011 $3,424
Loans contractually past due
ninety days or more as to
interest or principal payments 876 925
-------- --------
Total non-performing loans 3,887 4,349
Other real estate held for sale 9,573 9,577
-------- --------
Total non-performing assets $13,460 $13,926
======== ========
Non-performing loans to total loans .50% .54%
Non-performing assets to total assets .98% .98%
Allowance for loan losses to non-
performing loans 234% 211%
Loans classified as impaired at March 31, 1997 aggregated
$3,011,000 and included all non-accrual loans. At December 31,
1996, impaired loans aggregated $3,424,000.
Other real estate aggregated $9.6 million at March 31, 1997
and was principally comprised of properties acquired in settlement
of problem real estate development loans in April 1996. The real
estate associated with the above mentioned problem loan situation
which aggregated $15.2 million originally, has been reduced by
property sales and has a carrying value of $9.4 million at March
31, 1997. The Company has a contract for additional property sales
expected to close in May 1997 that will further reduce the carrying
value by approximately $500,000. Also, the Company has a sales
contract for a portion of these properties with a carrying value of
approximately $1.5 million, that is contingent on zoning changes
which are not expected to be resolved until late 1997. These
properties had previously been adjusted to fair value in late 1995
and subsequent sales and current contracts support carrying values.
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 (3.51%) at March 31, 1997 compared to (.24%) at
December 31, 1996. The cumulative interest sensitivity gap through
90 days was (1.34%) at March 31, 1997 compared to 3.41% at December
31, 1996. Interest rate swap contracts with notional amounts
aggregating $150 million, that pay the floating prime rate for the
right to receive a weighted average fixed rate of 8.56%, have been
utilized to supplement on-balance sheet strategies to reduce the
Company's sensitivity to interest rate changes. At March 31, 1997
and December 31, 1996, the aggregate fair value of interest rate
swap contracts was approximately ($2,587,000) and $1,019,000,
respectively. The Company expects that the 25 basis point increase
in prime on March 25, 1997 will not have a significant impact on
net interest income for the remainder of 1997.
The parent Company's liquidity depends primarily on the
dividends paid to it as the sole shareholder of the Mid-America
Bank of Louisville and Trust Company.
D. CAPITAL RESOURCES
At March 31, 1997 shareholders' equity totaled $142,143,000,
an increase of $1.5 million since December 31, 1996. Since
December 31, 1996, the Company's available for sale securities
portfolio had unrealized losses, net of taxes, that reduced
shareholders' equity $2,095,000.
The Company's capital ratios exceed minimum regulatory
requirements and are as follows:
Company Company
March December Minimum
31, 1997 31, 1996 Required
--------- --------- ---------
Leverage Ratio 10.3% 10.6% 4.0%
Tier I risk based capital 15.2% 14.6% 4.0%
Total risk based capital 16.2% 15.6% 8.0%
E. RECENTLY ISSUED ACCOUNTING STANDARDS
In February 1997, the Financial Accounting Standards Board
("FASB") issued SFAS No. 128 "Earnings Per Share" and SFAS No. 129
"Disclosure of Information About Capital Structure." SFAS No. 128
simplifies the computation of earnings per share ("EPS") by
replacing the presentation of primary EPS with a presentation of
basis EPS. The Statement requires dual presentation of basic and
diluted EPS by entities with complex capital structures. Basic EPS
includes no dilution and is computed by dividing income available
to common shareholders by the weighted average number of common
shares outstanding for the period. Diluted EPS reflects the
potential dilution of securities that could share in the earnings
of an entity, similar to fully diluted EPS.
This Statement is effective for financial statements issued
for periods ending after December 15, 1997, including interim
periods, and requires restatement of all prior period EPS data
presented. The Company does not expect the implementation of this
Statement to have a material effect on the consolidated financial
statement.
SFAS No. 129 establishes standards for disclosing information
about an entity's capital structure. This Statement contains no
change in disclosure requirements for companies that were subject
to previously existing requirements. This Statement was issued to
eliminate the exemption of nonpublic entities from certain
previously issued disclosure requirements.
This Statement is effective for financial statements for
periods ending after December 15, 1997. The implementation of this
Statement will not have a material effect on the Company's
consolidated financial statements.
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
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: May 9, 1997 By: /s/ Steven Small
Steven Small
Executive Vice President and
Chief Financial Officer
Date: May 9, 1997 By: /s/ R.K. Guillaume
R.K. Guillaume
Chief Executive Officer
INDEX EXHIBITS
Exhibits
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<PERIOD-TYPE> 3-MOS
<CASH> 25,939
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 167,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 337,954
<INVESTMENTS-CARRYING> 15,611
<INVESTMENTS-MARKET> 15,715
<LOANS> 782,772
<ALLOWANCE> (9,097)
<TOTAL-ASSETS> 1,378,688
<DEPOSITS> 824,468
<SHORT-TERM> 273,952
<LIABILITIES-OTHER> 70,052
<LONG-TERM> 68,073
0
0
<COMMON> 26,283
<OTHER-SE> 115,860
<TOTAL-LIABILITIES-AND-EQUITY> 1,378,688
<INTEREST-LOAN> 18,838
<INTEREST-INVEST> 5,412
<INTEREST-OTHER> 2,141
<INTEREST-TOTAL> 26,391
<INTEREST-DEPOSIT> 7,900
<INTEREST-EXPENSE> 12,497
<INTEREST-INCOME-NET> 13,894
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 76
<EXPENSE-OTHER> 10,692
<INCOME-PRETAX> 6,550
<INCOME-PRE-EXTRAORDINARY> 6,550
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,517
<EPS-PRIMARY> 0.47
<EPS-DILUTED> 0.47
<YIELD-ACTUAL> 4.39
<LOANS-NON> 3,011
<LOANS-PAST> 876
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 13,140
<ALLOWANCE-OPEN> 9,167
<CHARGE-OFFS> 130
<RECOVERIES> 60
<ALLOWANCE-CLOSE> 9,097
<ALLOWANCE-DOMESTIC> 9,097
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
