UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1995
COMMISSION FILE NO. 0-11786
VILLAGE BANCORP, INC.
(Exact name of Registrant as specified in its charter)
CONNECTICUT 06-1076844
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
25 PROSPECT STREET RIDGEFIELD, CONNECTICUT 06877
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code (203) 438-9551
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 |_|
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
CLASS OUTSTANDING AT JULY 31, 1995
----------------------------- ----------------------------
COMMON STOCK, $3.33 PAR VALUE 946,949 SHARES
<PAGE>
VILLAGE BANCORP, INC.
TABLE OF CONTENTS
PAGE NO.
--------
PART I. FINANCIAL INFORMATION:
ITEM 1. Financial Statements
Condensed Consolidated Balance Sheets
June 30, 1995 and December 31, 1994 (unaudited) . . . . . . 1
Condensed Consolidated Statements of Income For The
Three Months Ended June 30, 1995 and 1994 (unaudited)
Six Months Ended June 30, 1995 and 1994 (unaudited) . . . . 2
Condensed Consolidated Statements of Cash Flows For The
Six Months Ended June 30, 1995 and 1994 (unaudited) . . . . 3
Notes to Condensed Consolidated Financial Statements
(unaudited) . . . . . . . . . . . . . . . . . . . . . . . . 4
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . 7
PART II. OTHER INFORMATION:
ITEM 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . .11
ITEM 2. Changes in Securities . . . . . . . . . . . . . . . . . . .11
ITEM 3. Defaults Upon Senior Securities . . . . . . . . . . . . . .11
ITEM 4. Results of votes of Security Holders . . . . . . . . . . .11
ITEM 5. Other Information . . . . . . . . . . . . . . . . . . . . .11
ITEM 6. (a). Exhibits . . . . . . . . . . . . . . . . . . . . . .11
(b). Reports on Form 8-K . . . . . . . . . . . . . . . .11
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
<PAGE>
VILLAGE BANCORP, INC.
--------------------------------------------------------------------------------
PART I. - FINANCIAL INFORMATION
<PAGE>
VILLAGE BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
--------------------------------------------------------------------------------
ASSETS June 30, 1995 Dec. 31, 1994
------ ------------- -------------
(In thousands, except share data)
Cash and due from banks $ 9,734 $ 9,643
Federal funds sold 12,400 3,250
--------- ---------
Total cash and cash equivalents 22,134 12,893
Securities:
Available-for-sale (at fair value) 6,697 11,509
Held-to-maturity (market value of
$15,632 at June 30, 1995 and $23,645 at
December 31, 1994) 15,519 24,308
Loans, net of deferred loan fees - Note C 120,226 106,325
Allowance for loan losses (1,527) (1,551)
--------- ---------
Loans - net 118,699 104,774
Bank premises and equipment - net 1,630 1,636
Accrued interest and other assets 2,315 2,121
--------- ---------
TOTAL ASSETS $ 166,994 $ 157,241
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Deposits:
Noninterest bearing $ 17,505 $ 16,023
Interest bearing 134,622 127,398
--------- ---------
Total deposits 152,127 143,421
Accrued interest payable 801 339
Other liabilities 443 427
--------- ---------
Total liabilities 153,371 144,187
--------- ---------
Stockholders' Equity:
Common stock, par value $3.33 per share;
authorized - 2,000,000 shares, issued
and outstanding, 946,949 at June 30,
1995 and December 31, 1994 3,153 3,153
Additional paid-in capital 7,959 7,959
Retained earnings 2,491 2,099
Net unrealized losses on available-
for-sale securities 20 (157)
--------- ---------
Total stockholders' equity 13,623 13,054
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 166,994 $ 157,241
========= =========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
- 1 -
<PAGE>
VILLAGE BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1995 1994 1995 1994
-------- -------- -------- --------
(In thousands, except per share data)
<S> <C> <C> <C> <C>
INTEREST INCOME:
Loans, including fees $ 2,551 $ 1,816 $ 4,847 $ 3,596
Investment securities:
Taxable 370 429 843 884
Tax-exempt 27 24 56 48
Federal funds sold 120 87 160 123
-------- -------- -------- --------
Total interest income 3,068 2,356 5,906 4,651
INTEREST EXPENSE ON DEPOSITS 1,154 707 2,088 1,398
-------- -------- -------- --------
NET INTEREST INCOME 1,914 1,649 3,818 3,253
PROVISION FOR LOAN LOSSES 55 61 105 103
-------- -------- -------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,859 1,588 3,713 3,150
-------- -------- -------- --------
OTHER INCOME:
Security gains/(losses) - net 8 -- 6 --
Other operating income 129 221 265 422
-------- -------- -------- --------
Total other income 137 221 271 422
-------- -------- -------- --------
OTHER EXPENSES:
Salaries and employee benefits 814 722 1,547 1,466
Net occupancy 130 135 269 263
Furniture and equipment 69 77 142 151
Data processing services 111 110 229 208
Regulatory assessments 80 83 134 166
Printing, stationery and supplies 49 42 101 69
Other operating expenses 288 338 531 623
-------- -------- -------- --------
Total other expenses 1,541 1,507 2,953 2,946
-------- -------- -------- --------
INCOME BEFORE PROVISION FOR INCOME TAXES 455 302 1,031 626
PROVISION FOR INCOME TAXES 190 162 430 293
-------- -------- -------- --------
NET INCOME $ 265 $ 140 $ 601 $ 333
======== ======== ======== ========
PER SHARE DATA - Note E:
Cash dividends declared $ .11 $ .11 $ .22 $ .41
Net income $ .28 $ .15 $ .63 $ .35
Number of shares outstanding 946,949 942,609 946,949 942,609
</TABLE>
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
- 2 -
<PAGE>
VILLAGE BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
--------------------------------------------------------------------------------
Six Months
Ended June 30,
1995 1994
-------- --------
OPERATING ACTIVITIES: (In thousands)
Net income $ 601 $ 333
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 105 103
Provision for depreciation and amortization 128 126
(Accretion)/amortization of investment security
premiums/discounts - net (73) 6
Net (decrease) increase in deferred loan fees (14) 84
Increase in interest payable 462 14
(Increase) decrease in accrued income and other assets (194) 353
Increase in other liabilities 16 46
Origination of loans for sale 625 (6,273)
Proceeds from sales of loans (625) 7,506
-------- --------
Net cash provided/(used) by operating activities 1,031 2,298
-------- --------
INVESTING ACTIVITIES:
Proceeds from sales of available-for-sale securities 4,917 --
Proceeds from maturities of available-for-sale securities 438 4,467
Proceeds from maturities of held-to-maturity securities 8,593 13,060
Purchases of available-for-sale securities -- (3,465)
Purchases of held-to-maturity securities (97) (9,766)
Net increase in loans (14,016) (4,317)
Purchases of premises and equipment (123) (65)
-------- --------
Net cash provided/(used) by investing activities (288) (86)
-------- --------
FINANCING ACTIVITIES:
Net increase (decrease) in deposits 8,706 (442)
Cash dividends (208) (354)
Net proceeds from issuance of common stock -- 11
-------- --------
Net cash (used)/provided by financing activities 8,498 (785)
-------- --------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,241 1,427
-------- --------
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 12,893 13,911
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 22,134 $ 15,338
======== ========
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest paid on deposits $ 1,626 $ 1,384
Income tax payments 490 228
Net unrealized loss on securities held-for-sale 177 80
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
- 3 -
<PAGE>
VILLAGE BANCORP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (UNAUDITED)
--------------------------------------------------------------------------------
NOTE A - BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited condensed consolidated
financial statements reflect all adjustments necessary, consisting only of
normal recurring accruals, to present fairly the financial position, the results
of operations, cash flows and the changes in financial position of Village
Bancorp, Inc. ("Company") for the periods presented.
Prior to November 18, 1994, Village Bancorp was a one bank holding company with
The Village Bank & Trust Company ("Village") being it's sole subsidiary. On
November 18, 1994, the Company acquired Liberty National Bank ("Liberty"). The
transaction was accounted for using the pooling-of-interests method and
accordingly, all historical financial data was restated to include both entities
for the appropriate periods presented. On June 20, 1995, the Company merged
Liberty into Village and now operates Liberty's former office as a branch office
of Village. As of June 30, 1995, the Company is once again a one bank holding
company.
While management believes that the disclosures presented are adequate so as not
to make the information misleading, it is suggested that these financial
statements be read in conjunction with the consolidated financial statements and
notes included in the Company's 1994 annual report.
Statement of Financial Accounting Standards (SFAS) No. 114, "Accounting for
Impairment of a Loan," as amended by SFAS No. 118 "Accounting by Creditors for
Impairment of a Loan - Income Recognition and Disclosures," was adopted by the
Company as of January 1, 1995 and requires recognition of an impairment of a
loan when it is probable that either the principal and/or interest are not
collectible in accordance with the terms of the loan agreement. Measurement of
the impairment is based on the present value of expected cash flows discounted
at the loan's effective rate or, as a practical expedient, at the loan's
observable market price or the fair value of the collateral if the loan is
collateral-dependent. The impact on the Company's books as a result of the
implementation of SFAS No. 114 was not material. Prior to 1995, the allowance
for credit losses related to impaired loans was based on undiscounted cash flows
or the fair value of the collateral for collateral-dependent loans. Prior to
adoption, the bank generally has applied payments on impaired loans as a
reduction of principal and will continue to do so.
At June 30, 1995, the recorded investment in loans considered impaired under
SFAS No. 114 was approximately $332,000. Each impaired loan has a related
allowance for credit losses determined in accordance with this statement. The
total allowance for credit losses related to impaired loans was $83,000 as June
30, 1995. For the period ending June 30, 1995, the interest income recognized by
the Company on impaired loans was not material.
- 4 -
<PAGE>
VILLAGE BANCORP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (UNAUDITED)
--------------------------------------------------------------------------------
NOTE B - SECURITIES
The amortized cost and the approximate fair values of securities were as follows
(in thousands):
June 30, 1995
----------------------------------
Amortized Unrealized Fair
Cost Gain/(Loss) Value
--------- ----------- -------
SECURITIES HELD-TO-MATURITY
U.S. Treasury Securities $ 7,466 $ 114 $ 7,580
U.S. Government Agency 5,908 (13) 5,895
Mortgage-backed securities of
U.S. Government agencies 76 2 78
Obligations of states and
political subdivision 2,069 10 2,079
------- ------- -------
TOTAL $15,519 $ 113 $15,632
======= ======= =======
SECURITIES AVAILABLE-FOR-SALE
U.S. Treasury Securities $ 1,986 $ 1 $ 1,987
U.S. Government Agency 3,025 43 3,068
Mortgage-backed securities of
U.S. Government agencies 1,536 (8) 1,528
Corporate securities 50 1 51
Other 64 (1) 63
------- ------- -------
TOTAL $ 6,661 $ 36 $ 6,697
======= ======= =======
December 31, 1994
----------------------------------
Amortized Unrealized Fair
Cost Gain/(Loss) Value
--------- ----------- -------
SECURITIES HELD-TO-MATURITY
U.S. Treasury Securities $15,340 $ (176) $15,164
U.S. Government Agency 249 -- 249
Mortgage-backed securities of
U.S. Government agencies 6,396 (391) 6,005
Obligations of states and
political subdivision 2,323 (96) 2,227
------- ------- -------
TOTAL $24,308 $ (663) $23,645
======= ======= =======
SECURITIES AVAILABLE-FOR-SALE
U.S. Treasury Securities $ 6,749 $ (17) $ 6,732
Mortgage-backed securities of
U.S. Government agencies 4,641 (136) 4,505
Corporate securities 176 -- 176
Other 100 (4) 96
------- ------- -------
TOTAL $11,666 $ (157) $11,509
======= ======= =======
- 5 -
<PAGE>
VILLAGE BANCORP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (UNAUDITED)
(Continued)
--------------------------------------------------------------------------------
At both June 30, 1995 and December 31, 1994 securities with a book value of
$351,000 were pledged to secure public deposits and for other purposes as
required or permitted by law and banking regulation.
NOTE C - LOANS
June 30, 1995 Dec. 31, 1994
------------- -------------
(In thousands)
Real estate $ 99,279 $ 89,910
Commercial and financial 11,562 8,657
Installment and consumer credit 9,752 8,139
Deferred loan fees (367) (381)
--------- ---------
TOTAL $ 120,226 $ 106,325
========= =========
NOTE D - STANDBY LETTERS OF CREDIT
On June 30, 1995, standby letters of credit totaled $2,154,000.
NOTE E - STOCKHOLDERS' EQUITY
A $.11 per share cash dividend was distributed on February 4, 1994 to
stockholders of record on January 19, 1994. A $.19 per share cash dividend was
distributed February 28, 1994 to stockholders of record on February 15, 1994. A
$.11 per share cash dividend was distributed May 6, 1994 to stockholders of
record on April 22, 1994.
A $.11 per share cash dividend was distributed February 3, 1995 to stockholders
of record on January 23, 1995. A $.11 per share cash dividend was distributed
May 5, 1995 to stockholders of record on April 26, 1995.
NOTE F - MERGER
On February 24, 1995, Village Bancorp, Inc. announced plans to merge its wholly
owned subsidiary Liberty National Bank into The Village Bank & Trust Company.
This merger received the necessary regulatory approvals and occured on June 20,
1995. The Village Bank & Trust Company now operates the former Liberty office as
a branch office of Village.
- 6 -
<PAGE>
VILLAGE BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
--------------------------------------------------------------------------------
GENERAL
Village Bancorp, Inc. ("Company"), prior to November 18, 1994 was a one bank
holding company, with The Village Bank & Trust Company ("Village") being its
sole subsidiary. On November 18, 1994, the Company acquired Liberty National
Bank ("Liberty"). The transaction was accounted for using the
pooling-of-interests method and accordingly, all historical financial data was
restated to include both entities for the appropriate periods presented. On June
20, 1995, the Company merged LNB into Village and now operates Liberty's former
office as a branch office of Village. As of June 30, 1995, the Company is once
again a one bank holding company.
Village Bancorp, Inc. had total assets of $166,994,000 on June 30, 1995 in
comparison to total assets of $157,241,000 on December 31, 1994. This is an
increase of $9,753,000 or 6.2%.
For the three month periods ended June 30, 1994 and 1995, the Company's net
income increased from $140,000 for the 1994 period to $265,000 for the 1995
period. Net interest income increased $265,000 (16.1%) from $1,649,000 for the
1994 period to $1,914,000 for the 1995 period.
For the six month periods ended June 30, 1994 and 1995, the Company's net income
increased from $333,000 for the 1994 period to $601,000 for the 1995 period. Net
interest income increased $565,000 (17.4%) from $3,253,000 for the 1994 period
to $3,818,000 for the 1995 period.
The increase in net interest income is primarily due to an increase in loan
income, which increased from $3,596,000 during the 1994 period to $4,847,000 for
the 1995 period.
ASSETS AND RELATED INCOME ANALYSIS (Six Month Comparison)
Loans outstanding on June 30, 1995 totaled $120,226,000 which is an increase of
$13,901,000 (13.1%) from the $106,325,000 outstanding at December 31, 1994. The
majority of the increase in the loan portfolio is in the area of real estate
loans and is primarily due to the Bank originating mostly adjustable rate
mortgage loans. The Bank normally holds adjustable rate loans it originates in
portfolio while normally selling fixed rate loans in the secondary market. Loan
income increased $1,251,000 (34.8%) from $3,596,000 at June 30, 1994 to
$4,847,000 at June 30, 1995. This increase is due to an increase
- 7 -
<PAGE>
VILLAGE BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (Continued)
--------------------------------------------------------------------------------
in the average rate earned from 7.52% in the 1994 period to 8.54% in the 1995
period, coupled with an increase in average outstanding loans from $95,637,000
in the 1994 period to $113,578,000 in the 1995 period.
Securities, which consist of securities held-to-maturity and securities
available-for-sale, decreased $13,601,000 (38.0%) from $35,817,000 at December
31, 1994 to $22,216,000 at June 30, 1995. Security income decreased $33,000
(3.5%) from $932,000 in the period ending June 30, 1994 to $899,000 in the 1995
period. This decrease was due to a decrease in the average dollar amount of
securities held, from $35,965,000 in the 1994 period to $28,953,000 in the 1995
period, offset by an increase in the average rate earned from 5.18% in the 1994
period to 6.21% in the 1995 period. The Company holds securities
held-to-maturity until maturity and does not trade them. Securities classified
as available-for-sale are used to compensate for liquidity forecasting
deviations.
Federal funds sold increased $9,150,000 (281.5%) from $3,250,000 at December 31,
1994 to $12,400,000 at June 30, 1995. Federal funds sold income increased
$37,000 (30.1%) from $123,000 for the 1994 period to $160,000 for the 1995
period, primarily due to an increase in the average rate earned from 3.69% in
the 1994 period to 6.07% for the 1995 period, offset by a decrease in the
average dollar amount outstanding from $6,667,000 in the 1994 period to
$5,276,000 in the 1995 period.
LIABILITIES AND RELATED EXPENSE ANALYSIS (Six Month Comparison)
Deposits increased $8,706,000 (6.1%) from $143,421,000 at December 31, 1994 to
$152,127,000 at June 30, 1995. Interest on deposits increased $690,000 (49.4%)
from $1,398,000 for the 1994 period to $2,088,000 for the 1995 period. This
increase was primarily attributable to an increase in the average rate paid from
2.08% in the 1994 period to 2.96% in the 1995 period, coupled with an increase
in the average outstandings from $134,427,000 for the 1994 period to
$141,190,000 for the 1995 period.
Salary and employee benefits expense increased $81,000 (5.5%) primarily as a
result of general salary level increases and certain merger related expenses.
Printing, stationery and supplies expense increased $32,000 (46.4%) from $69,000
in the 1994 period to $101,000 in the 1995 period mainly as a result of one-time
charges associated with the merger.
- 8 -
<PAGE>
VILLAGE BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (Continued)
--------------------------------------------------------------------------------
ASSETS AND RELATED INCOME ANALYSIS (Three Month Comparison)
Loans outstanding increased $6,954,000 (6.1%) during the three month period
ended June 30, 1995. This compares to the $3,005,000 (3.2%) increase in the 1994
period. Loan income increased $735,000 (40.5%) from $1,816,000 for the 1994
period to $2,551,000 for the 1995 period. This increase is due to an increase in
the average rate earned from 7.59% for the 1994 period to 8.68% for the 1995
period and an increase in average outstanding loans from $95,697,000 for the
1994 period to $117,533,000 for the 1995 period.
Securities, which consist of securities held-to-maturity and securities
available-for-sale, decreased $6,875,000 (23.6%) during the 1995 period as
compared to an increase of $4,272,000 (13.0%) for the 1994 period. Security
income decreased from $453,000 for the 1994 period to $397,000 for the 1995
period, primarily as a result of a decrease in the average dollar amount of
securities held from $35,145,000 for the 1994 period to $22,946,000 for the 1995
period, offset by an increase in the average rate earned from 5.16% for the 1994
period to 6.92% for the 1995 period.
Federal funds sold increased $9,200,000 (287.5%) during the 1995 period as
compared to a decrease of $2,300,000 (24.9%) for the 1994 period. Federal funds
sold income increased $33,000 (37.9%) from $87,000 in the 1994 period to
$120,000 in the 1995 period primarily as a result of an increase in the average
rate earned of 3.83% for the 1994 period as compared to 6.13% for the 1995
period offset by a decrease in the average dollar amount outstanding from
$9,092,000 for the 1994 period as compared to $7,826,000 for the 1995 period.
LIABILITIES AND RELATED EXPENSE ANALYSIS (Three Month Comparison)
Deposits increased $10,719,000 (7.6%) during the 1995 period as compared to an
increase of $1,308,000 (1.0%) for the 1994 period. Interest on deposits
increased $447,000 (63.2%) from $707,000 for the 1994 period to $1,154,000 for
the 1995 period. This increase is mainly attributable to an increase in the
average rate paid from 2.08% in the 1994 period to 3.22% in the 1995 period
along with an increase in the average dollar amount outstanding from
$136,161,000 for the 1994 period to $143,246,000 for the 1995 period.
LIQUIDITY
Liquidity is the ability to provide funds for loan requests,
- 9 -
<PAGE>
VILLAGE BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (Continued)
--------------------------------------------------------------------------------
unexpected deposit outflows and meeting other recurring financial obligations.
Cash and cash equivalents at June 30, 1995 were $22,134,000 or 13.3% of total
assets as compared to $12,893,000 or 8.2% of total assets at December 31, 1994.
The Bank also maintains excess stored liquidity reserves to compensate for
liquidity forecasting deviations. These reserves are comprised of investment
grade securities that are highly marketable and liquid. The primary source of
liquidity, cash and due from banks and federal funds sold, have historically
surpassed the liquidity needs of the Company. Management closely monitors the
Bank's liquidity/cash flow position and does not anticipate any liquidity
problems in the future.
PROVISION FOR LOAN LOSSES
The provision for loan losses is closely monitored by management to maintain a
provision and an allowance that is considered adequate. There is no assurance
that the Bank will not be required to make future adjustments to the allowance
in response to changing economic conditions or regulatory examinations.
CAPITAL RESOURCES
The table below lists the minimum capital requirements along with the Bank's
capital position at June 30, 1995:
Minimum Capital Bank's Capital Capital
Standard Requirement Position at
---------------- -------------- -----------
Total capital to risk
weighted assets 8.00% 13.78%
Stockholders' equity to
risk weighted assets 4.00% 12.97%
Leverage ratio 3.0 - 5.0% 8.68%
- 10 -
<PAGE>
VILLAGE BANCORP, INC.
--------------------------------------------------------------------------------
PART II. - OTHER INFORMATION
<PAGE>
VILLAGE BANCORP, INC.
--------------------------------------------------------------------------------
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings Not Applicable
Item 2. Changes in Securities Not Applicable
Item 3. Defaults Upon Senior Securities Not Applicable
Item 4. Results of Votes of Security Holders Not Applicable
Item 5. Other Information Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - There were no reports on Form 8-K filed for the
three months ended June 30, 1995.
- 11 -
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Village Bancorp, Inc.
---------------------
(Registrant)
Date: /s/ Robert V. Macklin
----------- --------------------------------------
Robert V. Macklin, President and Chief
Executive Officer
Date: /s/ Gerard P. Shpunt
----------- ----------------------------------------
Gerard P. Shpunt - Senior Vice President
and Controller
- 12 -
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 9,734
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 12,400
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,697
<INVESTMENTS-CARRYING> 15,519
<INVESTMENTS-MARKET> 15,632
<LOANS> 120,226
<ALLOWANCE> (1,527)
<TOTAL-ASSETS> 166,994
<DEPOSITS> 152,127
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,244
<LONG-TERM> 0
<COMMON> 3,153
0
0
<OTHER-SE> 10,470
<TOTAL-LIABILITIES-AND-EQUITY> 166,994
<INTEREST-LOAN> 4,847
<INTEREST-INVEST> 899
<INTEREST-OTHER> 160
<INTEREST-TOTAL> 5,906
<INTEREST-DEPOSIT> 2,088
<INTEREST-EXPENSE> 2,088
<INTEREST-INCOME-NET> 3,818
<LOAN-LOSSES> 105
<SECURITIES-GAINS> 6
<EXPENSE-OTHER> 2,953
<INCOME-PRETAX> 1,031
<INCOME-PRE-EXTRAORDINARY> 1,031
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 601
<EPS-PRIMARY> .63
<EPS-DILUTED> .63
<YIELD-ACTUAL> 5.16
<LOANS-NON> 702
<LOANS-PAST> 297
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,551
<CHARGE-OFFS> 136
<RECOVERIES> 7
<ALLOWANCE-CLOSE> 1,527
<ALLOWANCE-DOMESTIC> 680
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 847
</TABLE>
