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SEC FILE NUMBER
0-15982
CUSIP NUMBER
636912107
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
/ / Form 10-K / / Form 20-F / / Form 11-K /x/ Form 10-Q / / Form N-SAR
For Period Ended: June 30, 1995
/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
For the Transition Period Ended:
---------------------------------------
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
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Full Name of Registrant
National Mercantile Bancorp
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Former Name if Applicable
N/A
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Address of Principal Executive Office (Street and Number)
1840 Century Park East
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City, State and Zip Code
Los Angeles, California 90067
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
/x/ (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Please see Exhibit attached
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (6/94)
<PAGE> 2
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Howard P. Ladd 310 282-6793
------------------------------ ------------ ------------------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If answer is no, identify report(s).
/ x / Yes / / No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
/ x / Yes / / No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
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National Mercantile Bancorp
--------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date August 17, 1995 By /s/ Howard P. Ladd
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Howard P. Ladd
INSTRUCTION: This form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities
and Exchange Commission, Washington, D.C. 20549, in accordance with
Rule 0-3 of the General Rules and Regulations under the Act. The
information contained in or filed with the form will be made a matter
of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class or securities
of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule 201
or Rule 202 of Regulation S-T (Section 232.201 or Section 232.202 of
this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Section 232.13(b) of this chapter).
<PAGE> 3
NATIONAL MERCANTILE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
June 30, 1995 and December 31, 1994
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
(Unaudited)
----------- -----------
(dollars in thousands)
ASSETS
<S> <C> <C>
Cash and due from banks-demand............................ $ 13,923 $ 22,210
Federal funds sold and securities purchased
under agreements to resell.............................. 24,010 24,500
--------- ----------
Cash and cash equivalents......................... 37,933 46,710
Interest-bearing deposits with other
financial institutions.................................. 198 195
Securities available-for-sale, at fair value;
aggregate amortized cost of $20,788 at June 30, 1995
and $65,113 at December 31, 1994........................ 20,477 62,056
Loans receivable held for sale, at fair value............. -- 6,599
Loans receivable.......................................... 97,579 115,284
Allowance for credit losses............................. (3,370) (3,063)
--------- ----------
Net loans receivable.............................. 94,209 112,221
Premises and equipment, net............................... 1,569 1,684
Other real estate owned................................... 1,369 1,529
Accrued interest receivable and other assets.............. 1,681 1,985
--------- ----------
$ 157,436 $ 232,979
========= ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand.............................. $ 63,300 $ 87,430
Interest-bearing demand................................. 9,868 13,844
Money market accounts................................... 24,003 28,823
Savings................................................. 2,810 1,696
Time certificates of deposit:
$100,000 and over..................................... 9,347 12,261
Under $100,000........................................ 32,286 63,761
--------- ----------
Total deposits.................................... 141,614 207,815
Securities sold under agreements to repurchase............ 4,382 12,572
Accrued interest payable and other liabilities............ 1,839 2,284
--------- ----------
Total liabilities................................. 147,835 222,671
Shareholders' equity:
Preferred stock, no par value; authorized 1,000,000
shares................................................ -- --
Common stock, no par value; authorized 10,000,000
shares; issued and outstanding 3,078,146 at
June 30, 1995 and December 31, 1994.................. 24,614 24,614
Accumulated deficit.................................... (14,702) (11,249)
Net unrealized loss on securities available-
for-sale............................................. (311) (3,057)
--------- ----------
Total shareholders' equity....................... 9,601 10,308
--------- ----------
$ 157,436 $ 232,979
========= ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE> 4
NATIONAL MERCANTILE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three- and six-month periods ended June 30, 1995 and 1994
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
------- ------- ------- -------
(dollars in thousands, except per share data)
<S> <C> <C> <C> <C>
Interest income:
Loans receivable............................................. $ 2,422 $ 4,576 $ 5,037 $ 9,176
Investment securities........................................ 369 1,113 989 2,225
Federal funds sold and securities purchased
under agreements to resell................................. 273 85 496 131
------- ------- ------- -------
Total interest income................................. 3,064 5,774 6,522 11,532
Interest expense:
Deposits..................................................... 964 1,176 2,119 2,413
Borrowings................................................... 24 89 59 150
------- ------- ------- -------
Total interest expense ............................... 988 1,265 2,178 2,563
------- ------- ------- -------
Net interest income................................... 2,076 4,509 4,344 8,969
Provision for credit losses ................................... 381 1,567 527 3,185
------- ------- ------- -------
Net interest income after provision for
credit losses....................................... 1,695 2,942 3,817 5,784
Other operating income:
Gain (loss) on sale of trading securities................... -- (39) -- (123)
Gain (loss) on sale of securities available-
for-sale.................................................. (1,341) (30) (2,495) (61)
Fee income.................................................. 421 467 790 913
Loss on other real estate owned............................. (169) (133) (178) (192)
Other income - shareholders' insurance claims............... 730 -- 730 --
------- ------- ------- -------
Total other operating income.......................... (359) 265 (1,153) 537
Other operating expenses:
Compensation................................................ 955 1,289 1,948 2,616
Office occupancy............................................ 540 601 1,072 1,217
Other general and administrative............................ 1,594 1,404 3,097 2,733
------- ------- ------- -------
Total other operating expenses........................ 3,089 3,294 6,117 6,566
------- ------- ------- -------
Income (loss) before income taxes..................... (1,753) (87) (3,453) (245)
Provision for income taxes..................................... -- -- -- --
------- ------- ------- -------
Net income (loss)..................................... $(1,753) $ (87) $(3,453) $ (245)
======= ======= ======= =======
Net income (loss) per share........................... $ (0.57) $ (0.03) $ (1.12) $ (0.08)
======= ======= ======= =======
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE> 5
EXHIBIT I
PART III - NARRATIVE
1. The Company's data processing is done by an independent third party
service bureau. Due to problems at the service bureau, the Company did not
receive accounting information on a timely basis which delayed the closing
of the books nearly four weeks.
2. Due to an internal restructuring in response to changing business
conditions, the Company has experienced significant personnel changes
including the resignations of its President, its Acting Chief Financial
Officer, and the downsizing of its support staff. This has affected the
ability of the Company to complete the Form 10-Q.
3. The Company is required for the first time to file using the EDGAR system.
The Company intends to use an outside third party to do the filing, but
must provide financial data to the outside third party several days in
advance. Additionally, it is anticipated that data format or other
conversion problems may occur, further delaying the filing.
