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Previous: MEMRY CORP, NT 10-K, 1996-10-01 |
Next: DAIRY MART CONVENIENCE STORES INC, DEF 14A, 1996-10-01 |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
ENDED JUNE 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________
TO __________
Commission file number - 33-54566
EXCHANGE BANCSHARES, INC.
(Exact name of small business issuer as specified in its charter)
OHIO 34-1721453
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
235 Main Street, P.O. Box 129, Luckey, Ohio 43443
(Address of principal executive offices) (Zip Code)
(419) 833-3401
(Issuer's telephone number)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No . . .
Applicable only to issuers involved in bankruptcy proceedings during the
preceding five years
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes . . No . .
Applicable only to corporate issuers
As of July 31, 1996, 471,852 shares of Common Stock of the Registrant were
outstanding. There were no preferred shares outstanding.
Transitional Small Business Disclosure Format (Check one): Yes . . No X
<PAGE>
<TABLE>
EXCHANGE BANCSHARES, INC.
LUCKEY, OHIO
FORM 10-QSB
INDEX
<CAPTION>
Page Number
<S> <C>
PART I FINANCIAL INFORMATION
Item. 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets -- N/A
June 30, 1996 and December 31, 1995
Condensed consolidated statements of income -- N/A
Three months ended June 30, 1996 and 1995
Six months ended June 30, 1996 and 1995
Condensed consolidated statements of changes N/A
in shareholders' equity --
Six months ended June 30, 1996 and 1995
Notes to condensed consolidated financial N/A
statements -- June 30, 1996
Item 2. Management's Discussion and Analysis of Financial N/A
Condition and Results of Operations
PART II OTHER INFORMATION
Item 1. Legal Proceedings N/A
Item 2. Changes in Securities N/A
Item 3. Defaults upon Senior Securities N/A
Item 4. Submission of Matters to a Vote of Security Holders N/A
Item 5. Other Information N/A
Item 6. Exhibits and Reports on Form 8-K N/A
Financial Data Schedule (EX-27) Exhibit
Signatures
</TABLE>
<PAGE>
SIGNATURES
In accordance with 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
EXCHANGE BANCSHARES, INC.
Date: October 1, 1996 s/Marion Layman
Marion Layman
Chairman and President
Date: October 1, 1996 s/Joseph R. Hirzel
Joseph R. Hirzel
Secretary and Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30,
AND MARCH 31, 1996 & 1995, AND DECEMBER 31, 1995, CONSOLIDATED STATEMENTS OF
CONDITION AND CONSOLIDATED STATEMENTS OF INCOME AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000720912
<NAME> EXCHANGE BANCSHARES INC
<MULTIPLIER> 1000
<CURRENCY> U S DOLLARS
<S> <C> <C> <C> <C>
<C>
<PERIOD-TYPE> 3-MOS 3-MOS 6-MOS 6-MOS
YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995 DEC-31-1996 DEC-31-1995
DEC-31-1995
<PERIOD-START> APR-01-1996 APR-01-1995 JAN-01-1996 JAN-01-1995
JAN-01-1995
<PERIOD-END> JUN-30-1996 JUN-30-1995 JUN-30-1996 JUN-01-1995
DEC-31-1995
<EXCHANGE-RATE> 1 1 1 1
1
<CASH> 2221 2527 2221 2527
2197
<INT-BEARING-DEPOSITS> 0 0 0 0
0
<FED-FUNDS-SOLD> 1990 2326 1990 2326
3895
<TRADING-ASSETS> 0 0 0 0
0
<INVESTMENTS-HELD-FOR-SALE> 18310 16326 18310 16326
16876
<INVESTMENTS-CARRYING> 3358 5868 3358 5868
3703
<INVESTMENTS-MARKET> 3311 5840 3331 5840
3619
<LOANS> 39108 37208 39108 37208
38339
<ALLOWANCE> 508 433 508 433
483
<TOTAL-ASSETS> 66371 65703 66371 65703
66201
<DEPOSITS> 58598 58389 58598 58389
58511
<SHORT-TERM> 0 0 0 0
0
<LIABILITIES-OTHER> 189 204 189 204
261
<LONG-TERM> 0 0 0 0
0
0 0 0 0
0
0 0 0 0
0
<COMMON> 2379 2265 2379 2265
2265
<OTHER-SE> 5205 4845 5205 4845
5164
<TOTAL-LIABILITIES-AND-EQUITY> 66371 65703 66371 65703
66201
<INTEREST-LOAN> 933 830 1856 1698
3505
<INTEREST-INVEST> 326 312 622 626
1258
<INTEREST-OTHER> 41 40 93 81
192
<INTEREST-TOTAL> 1300 1182 2571 2405
4955
<INTEREST-DEPOSIT> 541 509 1072 976
2038
<INTEREST-EXPENSE> 541 509 1072 976
2038
<INTEREST-INCOME-NET> 759 673 1499 1429
2917
<LOAN-LOSSES> 22 30 45 60
120
<SECURITIES-GAINS> 0 0 0 (38)
(38)
<EXPENSE-OTHER> 583 558 1099 1098
2155
<INCOME-PRETAX> 236 145 516 355
881
<INCOME-PRE-EXTRAORDINARY> 146 102 356 250
612
<EXTRAORDINARY> 0 0 0 0
0
<CHANGES> 0 0 0 0
0
<NET-INCOME> 146 102 356 250
612
<EPS-PRIMARY> 0.34 0.21 0.75 0.53
1.29
<EPS-DILUTED> 0.34 0.21 0.75 0.53
1.29
<YIELD-ACTUAL> 4.51 4.42 4.48 4.51
4.68
<LOANS-NON> 237 336 237 336
336
<LOANS-PAST> 89 19 89 19
57
<LOANS-TROUBLED> 0 0 0 0
0
<LOANS-PROBLEM> 0 0 0 0
0
<ALLOWANCE-OPEN> 483 517 483 465
469
<CHARGE-OFFS> 1 117 29 120
136
<RECOVERIES> 3 3 8 28
34
<ALLOWANCE-CLOSE> 507 433 507 433
465
<ALLOWANCE-DOMESTIC> 507 433 507 433
465
<ALLOWANCE-FOREIGN> 0 0 0 0
0
<ALLOWANCE-UNALLOCATED> 325 208 325 208
280
</TABLE>
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