<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 10-Q
/X/ Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1995, or
/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
------------------------
COMMISSION FILE NUMBER 2-71332
-------------------------
TWENTIETH BANCORP, INC.
(Exact name of registrant as specified in its charter)
WEST VIRGINIA
(State or other jurisdiction of
incorporation or organization)
1900 THIRD AVENUE
HUNTINGTON, WEST VIRGINIA
(Address of principal executive offices)
55-0634729
(IRS Employer Identification Number)
25703-0527
(Zip code)
(304) 526-6200
(Registrant's telephone number, including area code)
NOT APPLICABLE
(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, and
(2) has been subject to such filing requirements for the past 90
days.
Yes X No
The number of shares outstanding of each of the issuer's classes
of common stock was 600,000 shares of common stock, par value
$2.50, outstanding as of March 31, 1995.
<PAGE>
FINANCIAL STATEMENTS
TWENTIETH BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994 1994
<S> <C> <C> <C>
ASSETS
Cash and Due from Banks $ 12,792,140 $ 11,578,808 $ 15,323,903
Federal Funds Sold and Securities
Purchased under Reverse Repurchase
Agreements 750,000 3,800,000 --
Investment Securities
Held to Maturity - Fair Value of
$40,336,423 at March 31, 1995,
$52,524,083 at March 31, 1994, and
$41,195,96 at December 31, 1994 40,204,775 51,654,671 41,522,115
Available for Sale 40,370,283 43,610,773 40,593,569
----------- ----------- -----------
Total Investment Securities 80,575,058 95,265,444 82,115,684
----------- ----------- -----------
Loans, net of unearned discount 200,239,305 181,598,119 205,296,460
Less: Allowance for loan losses 2,000,000 1,675,000 1,825,000
----------- ----------- -----------
Net Loans 198,239,305 179,923,119 203,471,460
----------- ----------- -----------
Bank Premises and Equipment 6,811,257 6,938,121 6,860,818
Other Assets 4,802,202 4,125,226 4,899,081
----------- ----------- -----------
Total $303,969,962 $301,630,718 $312,670,946
============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-Bearing 39,979,372 34,680,975 45,481,873
Interest-Bearing Demand 47,377,233 50,967,582 51,613,982
Savings 88,902,882 112,572,420 97,042,562
Time 91,789,804 72,499,532 84,925,338
----------- ----------- -----------
Total Deposits 268,049,291 270,720,509 279,063,755
Federal Funds Purchased and Securities
Sold under Repurchase Agreements 3,045,000 520,000 3,225,000
Long Term Debt 145,879 158,042 148,988
Other Liabilities 1,831,974 1,303,800 923,634
----------- ----------- -----------
Total Liabilities 273,072,144 272,702,351 283,361,377
----------- ----------- -----------
SHAREHOLDERS' EQUITY
Common Stock, $2.50 par value;
600,000 shares authorized,
issued, and outstanding 1,500,000 1,500,000 1,500,000
Surplus 7,500,000 7,500,000 7,500,000
Retained Earnings 22,462,008 20,141,318 21,559,410
Net Unrealized Gains (Losses) on
Investment Securities -
Available for Sale (564,190) (212,951) (1,249,841)
----------- ----------- -----------
Total Shareholders' Equity 30,897,818 28,928,367 29,309,569
----------- ----------- -----------
TOTAL $303,969,962 $301,630,718 $312,670,946
============ ============ ============
</TABLE>
<PAGE>
TWENTIETH BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
MARCH 31,
1995 1994
<S> <C> <C>
INTEREST INCOME
Interest and Fees on Loans $4,456,539 $3,366,460
Interest on Securities:
Taxable 1,149,320 1,263,748
Tax Exempt 78,976 137,532
Other Interest Income:
Federal Funds Sold and Repurchase Agreements 40,890 55,282
--------- ---------
TOTAL INTEREST INCOME 5,725,725 4,823,022
--------- ---------
INTEREST EXPENSE
Interest on Deposits 1,956,863 1,694,687
Interest on Federal Funds Purchased and
Securities Sold under Repurchase Agreements 52,183 3,277
Interest on Funds Borrowed 2,204 1,595
--------- ---------
TOTAL INTEREST EXPENSE 2,011,250 1,699,559
--------- ---------
Net Interest Income 3,714,475 3,123,463
Provision for Loan Losses 290,003 69,346
--------- ---------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,424,472 3,054,117
OTHER INCOME
Trust Department Fees 129,077 101,297
Service Charges 191,065 180,456
Securities Gains (Losses) xx xx
Other 118,925 127,732
--------- ---------
TOTAL OTHER INCOME 439,067 409,485
--------- ---------
OTHER EXPENSE
Salaries and Employee Benefits 1,105,804 1,024,951
Occupancy and Equipment Expense 265,153 237,868
Other Operating Expense 957,953 905,011
--------- ---------
TOTAL OTHER EXPENSE 2,328,910 2,167,830
--------- ---------
Income Before Income Taxes 1,534,629 1,295,772
Applicable Income Taxes 632,031 459,885
--------- ---------
NET INCOME $ 902,598 $ 835,887
========= =========
Net Income Per Share 1.50 1.39
==== ====
</TABLE>
<PAGE>
TWENTIETH BANCORP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
COMMON STOCK Shares outstanding were 600,000 March 1994 and March 1995
Net
Retained Unrealized
Amount Surplus Earnings Gain (Loss) Total
<S> <C> <C> <C> <C> <C>
Balance, December
31, 1993 $1,500,000 $7,500,000 $19,305,431 xx $28,305,431
Net Income 835,887 835,887
Dividends paid xx xx
Net Unrealized Gains
(Losses) on Invest-
ment Securities -
Available for Sale (212,951) (212,951)
Treasury shares:
Acquired (4,750) (4,750)
Sold 4,750 4,750
--------- --------- ---------- ---------- ----------
Balance, March
31, 1994 $1,500,000 $7,500,000 $20,141,318 $( 212,951) $28,928,367
========== ========== =========== ============ ===========
Balance, December
31, 1994 $1,500,000 $7,500,000 $21,559,410 $(1,249,841) $29,309,569
Net Income 902,598 902,598
Dividends paid xx xx
Net Unrealized Gains
(Losses) on Invest-
ment Securities -
Available for Sale 685,651 685,651
Treasury shares:
Acquired (31,080) (31,080)
Sold 31,080 31,080
--------- --------- ---------- ---------- ----------
Balance, March
31, 1995 $1,500,000 $7,500,000 $22,462,008 $( 564,190) $30,897,818
========== ========== =========== =========== ===========
</TABLE>
<PAGE>
TWENTIETH BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Interest received $ 5,831,833 $ 5,228,859
Fees, commissions and other income 404,563 390,156
Bad debt recoveries 59,985 60,896
Interest paid (1,827,720) (1,700,233)
Cash paid for operating expenses (2,309,511) (2,195,976)
Income tax paid xx xx
---------- ----------
Net cash provided by operating activities $ 2,159,150 $ 1,783,702
Cash flows from investing activities:
Purchase of securities to be held to maturity -- (3,066,563)
Proceeds from maturities and early call of
securities to be held to maturity 1,200,000 5,100,000
Purchase of securities available for sale -- --
Proceeds from sales of securities
available for sale -- --
Proceeds from maturities and early call of
securities to be held to maturity 1,244,090 1,745,225
Purchases of term federal funds and banker's
acceptances held -- --
Proceeds from term federal funds and banker's
acceptances matured -- --
Net decrease (increase) in loans 4,874,180 122,941
Capital expenditures ( 73,860) (263,422)
Proceeds from sale of premises and equipment -- --
Proceeds from sale of other real estate 12,250 xx
---------- ----------
Net cash provided by investing activities 7,256,660 3,638,181
---------- ----------
Cash flows from financing activities:
Net increase (decrease) in demand deposits,
interest bearing demand deposits and savings (17,878,928) (6,912,266)
Net increase (decrease) in certificates of
deposit, individual retirement accounts,
and other time deposits 6,864,465 1,249,547
Net increase (decrease) in federal funds
purchased and securities sold under
repurchase agreements ( 180,000) (2,125,000)
Proceeds from borrowed funds -- 160,000
Repayment of borrowed funds ( 3,110) ( 1,958)
Payment of dividends xx xx
Purchase of treasury stock ( 31,080) ( 4,750)
Proceeds from sale of treasury stock 31,080 4,750
---------- ----------
Net cash provided by (used in)
financing activities (11,197,573) (7,629,677)
---------- ----------
Net increase (decrease) in cash and cash
equivalents (1,781,763) (2,207,794)
Cash and cash equivalents at beginning of year 15,323,903 17,586,602
---------- ----------
Cash and cash equivalents at end of quarter $13,542,140 $15,378,808
=========== ===========
</TABLE>
<PAGE>
Consolidated Statements of Cash Flows (continued)
Reconciliation of net income to net cash provided by operating activities:
<TABLE>
<S> <C> <C>
Net Income $ 902,598 $ 835,887
--------- ---------
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 123,421 106,921
Amortization and accretions 170,234 319,879
Provision for bad debts 349,988 130,242
Provision for deferred income taxes 1,125 8,175
Gain on maturities of securities held to maturity -- --
Loss on sale of securities available for sale -- --
Loss on sale of other real estate
and fixed assets-net -- --
Decrease (increase) in other assets (237,633) ( 95,851)
Decrease (increase) in accrued income ( 71,784) 93,474
Increase (decrease) in accrued expenses 106,765 ( 67,062)
Increase (decrease) in income taxes payable 630,906 451,710
Increase (decrease) in reserve for interest 183,530 ( 673)
--------- --------
1,256,552 946,815
--------- --------
$ 2,159,150 $ 1,782,702
=========== ===========
<FN>
<F1>
Disclosure of accounting policy:
For purposes of reporting cash flows, cash and cash equivalents include cash on
hand, amounts due from banks, food coupons and federal funds sold. Generally,
federal funds are purchased and sold for one-day periods.
</FN>
</TABLE>
<PAGE>
TWENTIETH BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION
The condensed consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for the interim
financial information and with the instructions to Form 10Q and rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and notes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included.
Operating results for the three months ended March 31, 1995 are not necessarily
indicative of the results that may be expected for the year ended December 31,
1995. For further information, refer to the consolidated financial statements
and notes thereto included in the Company's 1994 Annual Report.
NOTE 2. INVESTMENT SECURITIES
On January 1, 1994, Twentieth Bancorp adopted SFAS 115, "Accounting for
Certain Investments in Debt and Equity Securities," which requires Investment
Securities to be classified as either Held to Maturity or Available for Sale.
SFAS 115 changed the accounting for investment securities available for sale
from the lower of cost or market to fair value.
SECURITIES - HELD TO MATURITY
March 31, 1995
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
U. S. Treasury Securities 36,278,629 -- 171,229 36,107,400
State and Political
Subdivision Securities 3,826,146 302,877 -- 4,129,023
Other Securities - Debt 100,000 -- -- 100,000
---------- ------- ------- ----------
Total $40,204,775 $302,877 $171,229 $40,336,423
=========== ======== ======== ===========
March 31, 1994
U. S. Treasury Securities 44,942,971 363,049 -- 45,306,020
States and Political
Subdivision Securities 6,611,700 506,363 -- 7,118,063
Other Securities - Debt 100,000 -- -- 100,000
---------- ------- ------- ----------
Total $51,654,671 $869,412 $ -- $52,524,083
=========== ======== ======== ===========
SECURITIES - AVAILABLE FOR SALE
March 31, 1995
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
U. S. Treasury Securities 16,521,256 -- 240,816 16,280,440
Federal Agency Securities 24,634,550 -- 614,017 24,020,533
Other Securities - Equity 69,310 -- -- 69,310
---------- ------- ------- ----------
Total $41,225,116 $ -- $854,833 $40,370,283
=========== ======== ======== ===========
March 31, 1994
U. S. Treasury Securities 15,722,175 -- 347,795 15,374,380
Federal Agency Securities 28,186,251 25,142 -- 28,211,393
Other Securities - Equity 25,000 -- -- 25,000
---------- ------- ------- ----------
Total $43,933,426 $25,142 $347,795 $43,610,773
=========== ======= ======== ===========
<PAGE>
NOTE 3. LOANS
On January 1, 1995, Twentieth Bancorp adopted SFAS No. 114, "Accounting by
Creditors for Impairment of a Loan", which was amended in October 1994 through
the issuance of SFAS No. 118. SFAS No. 114, as amended requires that impaired
loans within the scope of the statements be measured and reported on the basis
of the present value of expected cash flows discounted at the loan's, or
aggregate loans, effective interest rate or at the fair value of the loan's
collateral if the loan is deemed "collateral dependent". The Twentieth Bancorp
has elected to aggregate their impaired loans with common risk characteristics
into three categories: commercial; real estate; and installment/consumer.
The Bancorp will utilize historical statistics such as average amount, charge
off amount and period of collection along with a composit effective interest
rate as a means of measuring those loans impaired. Impaired loans are loans
which, based on current information and events, it is probable that a
creditor will be unable to collect all amounts due according to the
contractual terms of the loan agreement.
A summary of the major classifications of impaired loans at March 31, 1995
are as follows:
Investment Present Allowance
In Loans Value For Credit
Losses
Commercial $1,768,000 $1,115,000 $ 653,000
Real Estate 135,000 91,000 44,000
Installment and Consumer 1,404,000 973,000 431,000
--------- --------- --------
Total $3,307,000 $2,179,000 $1,128,000
========== ========== ==========
Change in the allowance for credit losses is as follows:
Balance, January 1, 1995 $ --
Effect of adoption of
SFAS 114 808,000
Charge offs (175,000)
Recoveries 60,000
Provision to operations 435,000
--------
Balance, March 31, 1995 $1,128,000
==========
* The provision for credit losses is included in the allowance for
loan losses at March 31, 1995.
<PAGE>
TWENTIETH BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
PERFORMANCE SUMMARY
Twentieth Bancorp, Inc. net income for the three months ended March 31, 1995
was $902,598 or $1.50 per share, based on 599,964 average shares outstanding
at the end of the period. This compares to $835,887 or $1.39 per share for
the same period of 1994 based on 600,000 average shares outstanding.
First quarter comparisons of total assets and net income were positive.
Net income increased $66,711 or 7.98% for three months ended March 31, 1995.
Total interest income increased $902,703 or 18.72%, and interest expense
increased $311,691 or 18.34% from the same period last year.
Total assets increased $2,339,244 or .78% for the comparative quarterly
periods. Total deposits were down $2,671,218 or .99% for the comparative
quarterly periods and down $11,014,464 or 3.95% for March 31, 1995 compared
to December 31, 1994.
The average quarterly volume of time deposits increased $18,399,586 from
March 1994 while the average quarterly volume of savings deposits decreased
$23,933,880 for the same period. The decrease in the amortized cost of
investment securities of $14,158,914 was primarily the result of reinvesting
in the loan protfolio. Although a quarter to quarter comparison indicates
that loan volume is up $18,641,186, loans in the first quarter reflected the
effects of the Federal Reserve's tightening efforts as loans declined
$5,057,155 since year end 1994. For the balance of 1995, deposits and loans
should stabilize.
NET INTEREST INCOME AND INTEREST MARGIN
The schedule, Comparative Operation Data, shows that Twentieth Bancorp's net
interest income on a fully tax-equivalent basis increased by $568,468 to
$3,762,759 for the first quarter of 1995 as compared to $3,194,291 earned
during the same period in 1994. The net interest margin increased to 5.34%
for the first quarter of 1995 as compared to 4.52% for the first quarter
of 1994. Gross earning assets yield increased to 8.20% from 6.96% for the
first quarter of 1995 over the comparable period for 1994. Yields paid on
interest bearing liabilities increased to 3.49% for the first quarter of 1995
as compared to 2.91% for the same period in 1994.
Average total earning assets decreased to a balance of $285,843,908 for the
first quarter of 1995 as compared to a balance of $286,353,644 for the same
period in 1994. Average total interest bearing liabilities decreased to a
balance of $234,458,465 for the first quarter of 1995 as compared to
$238,866,144 for the same period in 1994.
PROVISION FOR LOAN LOSSES
Twentieth Bancorp provides as an expense an amount which reflects expected
credit losses and is called the provision for loan losses, and is based on
management's evaluation of the loan portfolio. The provision for loan losses
was $290,003 for the three months ended March 31, 1995. This amount included
a $175,000 increase to Allowance for Loan Losses on the Consolidated Balance
Sheets. For the same period of 1994 the provision was $69,346.
NON-PERFORMING ASSETS
Total non-performing assets on March 31, 1995 were $2.393 million compared to
$978 thousand on March 31, 1994. Total non-performing loans were $2.145
million on March 31, 1995 compared to $945 thousand on March 31, 1994. Total
non-performing assets as a percent of total loans was 1.19% compared to .54%
for the three months ended March 1995 and 1994, respectively. Other real
estate owned increased to $248 thousand as of March 31, 1995 from $33
thousand on March 31, 1994. The closing of the Alum Creek Branch in 1994
accounts for $200 thousand placed in Other real estate owned.
<PAGE>
OTHER INCOME AND EXPENSES
Total other income, excluding securities transactions, increased 7.22% from the
first quarter of 1994 to the first quarter of 1995. Trust Department income
increased $27,780. Service charges increased $10,608 in the first quarter of
1995. Other operating expense increased $52,942. Control of other expense
accounts and attention to market driven deposit rates portend positive results
for 1995.
APPLICABLE INCOME TAXES
The applicable income tax for the three months ended March 31, 1995 represents
$630,906 in current and $1,125 in deferred taxes as compared to $451,710 in
current and $8,175 in deferred for the same period in 1994. The effective tax
rate on income before taxes increased 5.69% to 41.18% in 1995 from 35.49% in
1994. This increase is attributable primarily to the decrease in tax exempt
income on investment securities.
LIQUIDITY
As of March 31, 1995, the Bancorp's cash and cash equivalents totaled
$13,542,140 compared to $15,323,903 on December 31, 1994. Bancorp's securities
portfolio includes $67,268,562 in unencumbered value that could have been
converted to cash at March 31, 1995. The Financial Accounting Standards Board
has issued Statement No. 115, "Accounting for Certain Investments in Debt and
Equity Securities." This Statement, which is effective for fiscal years
beginning after December 15, 1993, addresses the accounting and reporting for
investments in debt and equity securities that have readily determinable fair
values. Held to maturity securities which Bancorp has the positive intent and
ability to hold to maturity continue to be accounted for at amortized cost.
Available for sale securities held by Bancorp are reported as fair value with
unrealized gains and losses excluded from earnings but reported in a separate
component of shareholders' equity, net of related tax effect. The Twentieth
Bancorp's adoption of SFAS 115 effected the March 31, 1995 and 1994
consolidated balance sheets by the recording of net unrealized losses
totalling $854,833 and $322,653 against their respective carrying value of
investment securities Available for Sale. Also, total shareholders' equity
was reduced by $564,190 and $212,951 for March 31, 1995 and 1994 after
recording the resulting tax benefits of $290,643 and $109,702.
SHAREHOLDERS' EQUITY
On March 31, 1995, total shareholders' equity was $30,897,818 compared to
$28,928,367 on March 31, 1994. This increase of $1,969,451 or 6.81% was
primarily due to an increase in profits retained. With the adoption of SFAS
115 a reduction of shareholders' equity resulted with Net Unrealized Losses
on Investment Securities of $564,190 and $212,951, respectively, which
represents the net unrealized loss (after tax effect) of the available for
sale securities for the quarters ended March 31, 1995 and 1994. On March 31,
1995 and 1994 there were no shares being held in treasury.
<PAGE>
<TABLE>
TWENTIETH BANCORP, INC.
CONSOLIDATED AVERAGE BALANCE SHEET
AND INTEREST MARGIN ANALYSIS
Three Months Ended March 31, 1995
<CAPTION>
Interest Average
Average Income/ Yields/
ASSETS Balances Expense Rates
<S> <C> <C> <C>
Earning Assets:
Loans:
Commercial * $ 76,102,975 $1,788,748 9.53%
Real Estate 47,473,892 965,735 8.25%
Installment 78,332,602 1,714,655 8.88%
----------- ---------
Total Loans 201,909,469 4,469,138 8.98%
----------- ---------
Taxable 77,137,471 1,149,320 6.04%
Tax Exempt * 3,941,969 119,661 12.31%
----------- ---------
Total Securities 81,079,440 1,268,981 6.35%
----------- ---------
Federal Funds Sold and
Securities Purchased under
Agreements to Resell 2,854,999 40,890 5.81%
----------- ---------
Total Earning Assets 285,843,908 5,779,009 8.20%
----------- ---------
Non-Earning Assets:
Cash and Due From Banks 10,254,357
Premises & Equipment, net 6,839,639
Other Assets 4,669,716
Reserve for Loan Losses (1,917,357)
-----------
Total Non-earning Assets 19,846,355
-----------
TOTAL ASSETS 305,690,263
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest Bearing Liabilities:
Savings Deposits 104,569,888 752,659 2.92%
Demand Deposits 36,179,083 211,701 2.37%
Time Deposits 89,758,725 997,368 4.51%
Purchased Funds 3,803,827 52,312 5.58%
Long-Term debt 146,942 2,210 6.10%
----------- --------- ----
Total Interest Bearing* 234,458,465 2,016,250 3.49%
----------- ---------
Non-Interest Bearing
Liabilities & Capital:
Demand Deposits 39,485,592
Accrued Expenses & Other 1,673,545
Capital 30,072,661
-----------
Total Non-Interest Bearing 71,231,798
-----------
TOTAL LIABILITIES & CAPITAL 305,690,263
===========
NET INTEREST INCOME/MARGIN 3,762,759 5.34%
========= ====
<FN>
<F1>
*Computed on a Fully Tax-Equivalent Basis Assuming a Tax Rate of 34%
</FN>
</TABLE>
<PAGE>
Consolidated Average Balance Sheet and Interest Margin Analysis (continued)
<TABLE>
Three Months Ended March 31, 1994
<CAPTION>
Interest Average
Average Income/ Yields/
ASSETS Balances Expense Rates
<S> <C> <C> <C>
Earning Assets:
Loans:
Commercial * $ 70,783,149 $1,301,561 7.46%
Real Estate 58,409,608 963,416 6.69%
Installment 51,800,993 1,118,412 8.76%
----------- ---------
180,993,750 3,383,389 7.58%
----------- ---------
Taxable 91,296,385 1,263,748 5.61%
Tax Exempt * 6,674,343 208,381 12.66%
---------- ---------
Total Securities 97,970,728 1,472,129 6.09%
---------- ---------
Fed funds sold
and securities
Purchased under
agreements
to Resell 7,389,166 55,282 3.03%
----------- ---------
Total Earning Assets 286,353,644 4,910,800 6.96%
----------- ---------
Non-Earning Assets:
Cash and Due From Banks 9,413,972
Premises & Equipment, net 6,928,954
Other Assets 3,942,688
Reserve for Loan Losses (1,656,396)
-----------
Total Non-earning Assets 18,629,218
-----------
TOTAL ASSETS 304,982,862
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest Bearing Liabilities:
Savings Deposits 128,503,768 863,148 2.72%
Demand Deposits 37,414,370 231,594 2.51%
Time Deposits 71,359,140 616,846 3.51%
Purchased Funds 1,430,333 3,310 .94%
Long Term Debt 158,533 1,611 4.12%
----------- ---------
Total Interest Bearing * 238,866,144 1,716,509 2.91%
----------- ---------
Non-Interest Bearing
Liabilities & Capital:
Demand Deposits 35,511,147
Accrued expenses & Other 1,578,410
Capital 29,027,161
-----------
Total Non-Interest Bearing 66,116,718
-----------
TOTAL LIABILITIES & CAPITAL 304,982,862
===========
Net Interest Income/Margin 3,194,291 4.52%
========= ====
<FN>
<F1>
*Computed on a Fully Tax-equivalent Basis Assuming a Tax Rate of 34%
</FN>
</TABLE>
<PAGE>
<TABLE>
TWENTIETH BANCORP, INC.
COMPARATIVE OPERATING DATA
(Fully Taxable Equivalent Basis)
For Three Months Ended March 31, 1995 and 1994
<CAPTION>
Increase
Three Months Ended (Decrease)
1995 1994 Amount Percent
<S> <C> <C> <C> <C>
Interest Income $5,779,009 $4,910,800 $868,209 17.68%
Interest Expense 2,016,250 1,716,509 299,741 17.46
--------- --------- -------
Net Interest Income 3,762,759 3,194,291 568,468 17.80
Provision for Loan Losses 290,003 69,346 220,657 318.20
--------- --------- -------
Net Interest Income After
Provision for Loan Losses 3,472,756 3,124,945 347,811 11.13
Other Income 439,067 409,485 29,582 7.22
Other Expenses 2,328,910 2,167,830 161,080 7.43
--------- --------- -------
Income Before Income Tax 1,582,913 1,366,600 216,313 15.83
--------- --------- -------
Income Taxes:
Current and Deferred Taxes 632,031 459,885 172,146 37.43
Tax Equivalent Adjustment 48,284 70,828 (22,544) (31,83)
--------- --------- -------
Net Income $ 902,598 $ 835,887 $66,711 7.98
========= ========= =======
Per Share Net Income 1.50 1.39 0.11 7.91
==== ==== ====
</TABLE>
<PAGE>
<TABLE>
TWENTIETH BANCORP, INC.
FINANCIAL RATIOS AND ANALYSIS
FOR THREE MONTHS ENDED MARCH 31, 1995
<CAPTION>
MARCH 31, MARCH 31,
1995 1994
FINANCIAL RATIOS
<S> <C> <C>
Return on Average Assets 1.20% 1.11%
Return on Average Equity 12.17% 11.68%
Dividend Payout Ratio 0.00% :1 0.00% :1
Equity to Assets 10.16% 9.59%
Capital Adequacy Ratio 10.46% 9.76%
Primary Capital Ratio 10.75% 10.09%
Total Risk Based Capital Ratio 16.26% 16.40%
Tier I Risk Based Capital Ratio 15.26% 15.47%
Leverage Ratio 9.96% 9.19%
Loans (in thousands)
Commercial, Financial and Other 75,956 71,146
Real Estate - Construction 1,080 xx
Real Estate - Mortgage 46,290 51,246
Consumer 76,913 59,206
------- -------
Total Loans $200,239 $181,598
======== ========
ALLOWANCE FOR LOAN LOSSES
(in thousands)
Balance at Beginning of Period $ 1,825 $ 1,650
Amounts charged off (175) (105)
Recoveries on amounts charged off 60 61
----- -----
Net charge-offs (115) (44)
Provision for Loan and
Lease Losses 290 69
----- -----
Balance at End of Period $ 2,000 $ 1,675
======= ========
Non-Performing Assets
(in thousands)
Non-accrual Loans $ 471 $ 677
Loans 90 Days Past Due
and Still Accruing 1,674 268
----- ----
Total Non-Performing Loans 2,145 945
Other Real Estate Owned 248 33
----- ----
Total Non-Performing Assets $ 2,393 $ 978
======= ========
Non-Performing Loans % Total Loans 1.07% 0.52%
Non-Performing Assets % Total
Loans and Other Real Estate Owned 1.19% 0.54%
</TABLE>
<PAGE>
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. Submission of matters to a vote of Security Holders -
Date and type of meeting - Twentieth Bancorp, Inc.
"Notice of Annual Meeting of Shareholders".
The regular annual meeting of the shareholders of Twentieth Bancorp, Inc.,
Huntington, West Virginia, located at 1900 Third Avenue, on Thursday,
March 30, 1995, at 2:00 p.m., E.S.T. for the purpose of considering and
voting upon the following matters:
1. Number of Directors - Fixing the number of directors at eight.
2. Election of Directors - Electing eight directors for the ensuing year.
3. To reduce the stock par value from $2.50 to $1.00, and to increase
total authorized capital to $3,600,000.00 both of which will be
effective June 1, 1995.
4. Reappoint Diamond, Leftwich, Goheen & Dunn, Certified Public Accountants,
the independent auditors of the corporation and its subsidiary for the
ensuing year.
5. Other Business - any other business that may come before the meeting
or any adjournment thereof.
<TABLE>
<CAPTION>
For Against Abstaining
<S> <C> <C> <C>
1. Number of Directors 341,503 0 0
2. Election of Directors 341,493 10 0
3. Reduction of Stock 340,711 792 0
4. Appointment of Auditors 341,503 0 0
5. Other Business 341,503 0 0
Item 5. Other Information - not applicable.
Item 6. Exhibits and reports for 8-K - not applicable.
<PAGE>
TWENTIETH BANCORP, INC.
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.
TWENTIETH BANCORP, INC.
Date: May 12, 1995 B. C. McGINNIS, III
B. C. McGINNIS, III
PRESIDENT
Date: May 12, 1995 THOMAS L. McGINNIS
THOMAS L. McGINNIS
VICE PRESIDENT
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 12,792,140
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 750,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 40,370,283
<INVESTMENTS-CARRYING> 40,204,775
<INVESTMENTS-MARKET> 40,336,423
<LOANS> 200,239,305
<ALLOWANCE> 2,000,000
<TOTAL-ASSETS> 303,969,962
<DEPOSITS> 268,049,291
<SHORT-TERM> 3,045,000
<LIABILITIES-OTHER> 1,831,974
<LONG-TERM> 145,879
<COMMON> 1,500,000
0
0
<OTHER-SE> 29,397,818
<TOTAL-LIABILITIES-AND-EQUITY> 303,969,962
<INTEREST-LOAN> 4,456,539
<INTEREST-INVEST> 1,228,296
<INTEREST-OTHER> 40,890
<INTEREST-TOTAL> 5,725,725
<INTEREST-DEPOSIT> 1,956,863
<INTEREST-EXPENSE> 54,387
<INTEREST-INCOME-NET> 3,714,475
<LOAN-LOSSES> 290,003
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,328,910
<INCOME-PRETAX> 1,534,629
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 902,598
<EPS-PRIMARY> 1.50
<EPS-DILUTED> 1.50
<YIELD-ACTUAL> 11.85
<LOANS-NON> 471,000
<LOANS-PAST> 1,674,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,825,000
<CHARGE-OFFS> 175,000
<RECOVERIES> 60,000
<ALLOWANCE-CLOSE> 2,000,000
<ALLOWANCE-DOMESTIC> 2,000,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
