FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1996
Commission file number 2-87246
THE FARMERS BANCORP, FRANKFORT, INDIANA
(Exact name of registrant as specified in its charter)
INDIANA 35-1565713
(State of incorporation) (I.R.S. Employer
(Identification No.)
P.O. Box 129, Frankfort, Indiana
(Address of principal executive offices)
46041-0129
(Zip Code)
317-654-8731
(Registrant's telephone number, including area code)
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
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 MARCH 31, 1996
common stock, no par value 577,058
Page 1 of 15
FORM 10-Q
INDEX
Part I. Financial Information: Page
Item 1. Financial Statements:
Consolidated Statements of Condition 3
Consolidated Statements of Income 4
Consolidated Statements of Changes in
Stockholders' Equity 5
Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-13
Part II. Other Information:
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Defaults upon Senior Securities 14
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
Page 2 of 15<PAGE>
PART I, FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENT
THE FARMERS BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
ASSETS
March 31 June 30
1996 1995
-----------------------
Cash and due from banks 6293 8585
Federal funds sold 3900 6800
Money market investments 6100 3700
-----------------------
Total cash and cash equivalents 16293 19085
Available-for-sale securities 20040 12181
Investment securities 20131 28833
Loans held for sale 472 863
Total loans 163065 155777
Allowance for loan losses -2632 -2348
-----------------------
Net loans 160433 153429
Premises and equipment 4676 4326
Accrued income and other assets 7415 7315
-----------------------
Total Assets 229460 226032
=======================
LIABILITIES
Deposits
Demand 21490 22038
Savings 67871 58343
Time, $100,000 and over 17044 14593
Other time 82431 80580
-----------------------
188836 175554
Short-term borrowings 8866 20691
Other borrowings 5633 5174
Accrued interest payable 1017 831
Other liabilities 1311 961
-----------------------
Total Liabilities 205663 203211
SHAREHOLDERS' EQUITY
Common stock, (no par value- 600,000 shares authorized
and 577,058 shares issued and outstanding) 2885 2885
Additional paid-in capital 5101 5101
Retained earnings 15802 14753
Net unrealized gain on available-for-sale
securities (net of tax) 9 82
-----------------------
Total Shareholders' Equity 23797 22821
-----------------------
Total Liabilities & Shareholders' Equity 229460 226032
=======================
See accompanying notes to consolidated financial statements
Page 3 of 15
PART I, FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENT
THE FARMERS BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands except Per Share Amounts)
Three Months Nine Months
Ended March 31 Ended March 31
1996 1995 1996 1995
---------------- --------------
Interest Income:
Interest and fees on loans 3650 3299 10957 9810
Interest on securities:
Taxable 502 608 1520 1897
Tax exempt 130 148 403 409
Interest on short-term investments 154 58 613 242
---------------- --------------
Total Interest Income 4436 4113 13493 12358
Interest Expense: ---------------- --------------
Interest on deposits 1860 1672 5570 4808
Interest on short-term borrowings 102 77 418 274
Interest on other borrowings 74 52 217 137
---------------- --------------
Total Interest Expense 2036 1801 6205 5219
---------------- --------------
Net Interest Income 2400 2312 7288 7139
Provision for loan losses 120 50 360 169
---------------- --------------
2280 2262 6928 6970
Other income: ---------------- --------------
Trust fees 61 173 182 220
Service charge income 176 163 534 494
Security gains (losses) 0 8 5 8
Other 176 124 435 368
---------------- --------------
Total Other Income 413 468 1156 1090
Other expenses: ---------------- --------------
Salaries and employee benefits 978 872 2894 2674
Occupancy expense 153 151 443 409
Equipment expense 144 142 427 402
Other operating expenses 706 560 1674 1834
---------------- --------------
Total Other Expense 1981 1725 5438 5319
---------------- --------------
Income Before Income Tax 712 1005 2646 2741
Less: Income taxes 239 337 905 913
---------------- --------------
Net Income 473 668 1741 1828
Per share data: ================ ==============
Net income per share .82 1.16 3.02 3.17
================ ==============
Dividends per share .40 .38 1.20 1.14
================ ==============
See accompanying notes to consolidated financial statements
Page 4 of 15
PART I, FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENT
THE FARMERS BANCORP
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS' EQUITY
(Dollars in Thousands)
1995 1994
-------------------
Balance - June 30 22821 21191
Net Income 1741 1828
Dividends (692) (658)
Change in net unrealized gain on
available-for-sale securities (73) 2
-------------------
Balance - March 31 23797 22363
===================
See accompanying notes to consolidated financial statements
Page 5 of 15
PART I, FINANCIAL INFORMATION
ITEM I: FINANCIAL STATEMENT
THE FARMERS BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Nine Months Ended
March 31
CASH FLOWS FROM OPERATING ACTIVITIES 1996 1995
Net income 1741 1828
Adjustments to reconcile net income to net cash
from operating activities 1687 133
---------------
Net cash from operating activities 3428 1961
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and principal repayments on
available-for-sale securities 3208 5481
Purchases of available-for-sale securities -6192 -2763
Proceeds from maturities and principal repayments
on investment securities 10718 5773
Purchase of investment securities -7069 -3108
Loans made to customers, net of principal
collections thereon -7364 -5820
Net change in interest-bearing balances with
financial institutions 0 900
Purchase of life insurance policies -26 0
Property and equipment expenditures -719 -827
---------------
Net cash from investing activities -7444 -364
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase/(decrease) in deposits 13282 3003
Net increase/(decrease) in short term borrowings -11825 -5383
Proceeds from other borrowings 1650 2282
Repayment of other borrowings -1191 -208
Dividends paid -692 -658
---------------
Net cash from financing activities 1224 -964
---------------
NET CHANGE IN CASH AND CASH EQUIVALENTS -2792 633
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 19085 8158
---------------
CASH AND CASH EQUIVALENTS AT END OF YEAR 16293 8791
===============
See accompanying notes to consolidated financial statements
Page 6 of 15
PART I FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
THE FARMERS BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1996
NOTE 1- ACCOUNTING POLICIES
Except for required accounting changes (see Note 2), the significant
accounting policies followed by The Farmers Bancorp, Frankfort, Indiana
("Bancorp") and its consolidated subsidiary, The Farmers Bank,
Frankfort, Indiana ("Bank") for interim financial reporting are
consistent with the accounting policies followed for annual financial
reporting. All adjustments which are, in the opinion of management,
necessary for a fair presentation of the results for the periods
reported have been included in the accompanying unaudited consolidated
financial statements and all such adjustments are of a normal recurring
nature.
NOTE 2 - ACCOUNTING CHANGE
In May, 1993, the Financial Accounting Standards Board issued Financial
Accounting Standard (FAS) No. 114, "Accounting By Creditors For
Impairment of a Loan". FAS No. 114 as amended by FAS No. 118 requires
that allowances for loan losses on impaired loans be determined using
the present value of estimated future cash flows of the loan, discounted
at the loans's effective interest rate. A loan is considered to be
impaired when it is probable that all principal and interest amounts
will not be collected according to the loan contract. FAS No. 114 and
No. 118 are effective for fiscal year beginning after December 15,
1994. The Bancorp adopted FAS No. 114 and No. 118, as required, on July
1, 1995. Accordingly, on July 1, 1995, management identified $1,234,000
of loans as impaired and allocated $215,000 of the Bank's $2.3 million
reserve for loan losses for those loans. At March 31, 1996 management
has identified $1,152,000 of loans as impaired and allocated $125,000 of
the Bank's $2.6 million reserve for loans losses for those loans.
Page 7 of 15
PART I FINANCIAL INFORMATION
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE FARMERS BANCORP
March 31, 1996
FINANCIAL CONDITION:
Total assets increased 1.52 percent from June 30, 1995 to March 31, 1996
and totaled $229,460,000 at period end. During the nine months ended
March 31, 1996 $13,011,000 was used to purchase investments. However,
during the same period, $13,642,000 of investments matured, were repaid
or were called prior to their maturity. As a result, total investments
decreased $843,000 or 2.06 percent. The security gain of $5,000 was due
to an investment being called. The following table presents, in
thousands, the amortized cost and fair value of investments:
MARCH 31, 1996 Amortized Gross Gross Fair
Cost Unrealized Gains Unrealized Losses Value
Investment Securities $20,131 $295 ($119) $20,307
Available-for-sale
Securities 20,025 111 (96) 20,040
JUNE 30, 1995
Investment Securities 28,833 416 (205) 29,044
Available-for-sale
Securities 12,047 161 (27) 12,181
In December 1995, pursuant of new accounting guidance, the Bancorp
transferred $5,010,000 of investment securities to the available-for-
sale category. These investments were primarily corporate notes. Other
assets totaled $7,415,000 at March 31, 1996, and include insurance
policies with a current cash surrender value of $4,285,000 that were
purchased in conjunction with the formation of deferred compensation and
death benefit programs.
Other borrowings increased to $5,633,000 and consist primarily of
Federal Home Loan Bank advances which were $5,070,000 at March 31, 1996.
The Bank utilized this source to fund certain commercial real estate
loans. These advances require annual principal payments, and have a
final maturity of September, 2000. The Bank may occasionally utilize
this source of credit to maintain liquidity, as well as to fund specific
loans. In addition, the Bank entered into a lease purchase arrangement
during 1994. For financial reporting purposes, the lease is considered
to be a capital lease and other borrowings include the remaining present
value of future lease payments of $563,000.
Page 8 of 15
RESULTS OF OPERATIONS:
The Bancorp reported net income, for the first nine months of the fiscal
year ending June 30, 1996 of $1,741,000, as compared to $1,828,000 for
the prior year. Earnings per share were $3.02 and $3.17, respectively,
based on an average of 577,058 shares outstanding for the nine months
ended March 31, 1996 and March 31, 1995. The factors that most affected
1996's performance, as compared to 1995 are: increasing loan demand, a
shift in mix of earning assets from investments at lower yields to loans
at higher yields, decreased FDIC expense, and lower expenses resulting
from the conversion to an in-house computer system.
Total interest income was $13,493,000 for the nine months ended March
31, 1996, compared to $12,358,000 for the nine months ended March 31,
1995, an increase of 9.18 percent. Loans, including those held for
sale, increased $10,363,000, or 6.77 percent, from March 31, 1995 to
March 31, 1996. Interest and fees on loans totaled $10,957,000 for the
nine months ended March 31, 1996, compared to $9,810,000 for the nine
months ended March 31, 1995, an increase of $1,147,000, or 11.69
percent. Investments decreased $5,284,000, or 11.62 percent, from March
31, 1995 to March 31, 1996, and interest income on investments decreased
by $383,000 as a result of decreased volume and yield on investments.
Total interest expense was $6,205,000 for the nine months ended March
31, 1996, compared to $5,219,000 for the same period in 1995, an
increase of $986,000, or 18.89 percent. Total interest bearing deposits
and repurchase agreements increased $10,358,000, or 6.25 percent from
March 31, 1995 to March 31, 1996. Interest bearing transaction account
balances increased $7,207,000 from March 31, 1995 to March 31, 1996, and
time deposits outstanding increased $10,092,000 for the same period.
Repurchase agreements decreased approximately $6,941,000 or 43.91
percent, from March 31, 1995 to March 31, 1996, as not as many corporate
customers utilized the Bank's Sweep Agreement.
Average earning assets increased to $213,865,000 during the nine months
ended March 31, 1996. This represents an approximate increase of 5.13
percent compared to $203,422,000 for the nine months ended March 31,
1995. The tax-equivalent yield on average earning assets was 8.52
percent for the nine months ended March 31, 1996, compared to 8.21
percent for the nine months ended March 31, 1995. Total interest
expense to average interest bearing liabilities was 4.53 percent for the
nine months ended March 31, 1996, compared to 4.00 percent for the nine
months ended March 31, 1995. This results in a tax-equivalent net
interest margin (net tax-equivalent interest income divided by average
earning assets) of 4.66 percent and 4.68 percent for the nine months
ended March 31, 1996 and 1995, respectively. The increase in average
earning assets offset the decline in margin, and resulted in net
interest income increasing by $149,000, or 2.09 percent. The decrease
in interest margin is a trend that management anticipates will slowly
continue.
Page 9 of 15
RESULTS OF OPERATIONS (cont.)
The provision for loan losses increased $191,000 or 113.02 percent to
$360,000 for the nine months ended March 31, 1996, compared to $169,000
for the nine months ended March 31, 1995. Net chargeoffs (recoveries)
for the nine months ended March 31, 1996 totaled $76,000. Net
chargeoffs (recoveries) by loan type aggregated $(23,000) for commercial
and agricultural loans, $78,000 for consumer loans, $0 for real estate
loans, and $21,000 for credit card loans. On March 31, 1996, the
allowance for loan losses totaled $2,632,000 or 1.61 percent of loans,
compared to $2,348,000 or 1.50 percent of loans on June 30, 1995, and
$2,269,000 or 1.49 percent of loans at March 31, 1995. The provision is
determined by management based upon a detailed review of the risk
factors affecting the loan portfolio, including changes in the
portfolio's size and mix, past loan loss experience, and the financial
condition of borrowers in the prevailing economic environment. Reserves
are allocated based upon the Bank's historical loss experience, adjusted
for recent loss trends, the economic environment, current levels of
non-performing loans, and management's expectations for the future.
The Bancorp's Loan Review function develops a quarterly "watch list"
report representing loans with more than a normal degree of risk. These
credits are reviewed and, as needed, specific allocations of the reserve
are made for specific loans to provide for potential loss exposure.
Effective July 1, 1995, the Bank adopted FAS 114. This new accounting
standard requires reserves for loans designated as "impaired" to be
determined based upon the present value of estimated future cash flows
or the present value of collateral securing the loans as opposed to
undiscounted values. Accordingly, management has designated $1,152,000
of loans as impaired at March 31, 1996 and allocated $125,000 of the
allowance for loan losses to such loans, as compared to $1,234,000 and
$225,000 respectively as of July 1, 1995. Management has historically
reviewed individual problem credits and allocated reserves based on
discounted collateral values, when appropriate. Accordingly, the
adoption of FAS 114 did not significantly affect management's analysis
of the adequacy of the reserve for loan losses or materially increase
the amount of the allowance allocated to specific problem credits. A
summary of management's calculation of the adequacy of the Bank's loan
loss reserve is presented below for both March 31, 1996 and March 31,
1995.
March 31,
1996 1995
Specific Allocations:
Allocated to impaired loans $ 125,000 $ -0-
Allocated to other loans 407,000 1,221,000
Allocated to types of loans 552,000 741,000
---------- ----------
1,084,000 1,962,000
Unallocated 1,548,000 307,000
---------- ----------
ACTUAL BALANCE OF RESERVE $2,632,000 $2,269,000
========== ==========
Page 10 of 15
RESULTS OF OPERATIONS (cont.)
The Bancorp received lower levels of paybacks from most of its
agricultural customers from the 1995 crop season. This was due to
unfavorable weather conditions during the summer. Management continues
to monitor and evaluate individual credits to forecast expected levels
of loan repayment, collateral values and attendant loss exposure.
Non-performing loans, consisting of non-accrual loans, restructured
loans and those over 90 days past due, decreased to $2,441,000 at March
31, 1996, compared to $2,491,000 at June 30, 1995. Non-performing loans
at March 31, 1996 represented 1.49 percent of total loans and 92.74
percent of the Reserve for Loan Losses. The following table shows the
composition of non-performing loans at both period ends.
March 31, June 30,
1996 1995
Real Estate Loans $ 80,000 (2) $ 47,000
Consumer Loans 165,000 22,000
Commercial and Agricultural 2,196,000 (3) 2,422,000(1)
---------- ----------
$2,441,000 $2,491,000
========== ==========
Notes:
1. Includes five agricultural loans totaling $1,173,000 on non-
accrual, two agricultural credits past due more than 90 days in
the amount of $341,000, two commercial loans past due more than
90 days totaling $200,000, four restructured agricultural loans
totaling $658,000, and one restructured commercial loan in the
amount of $50,000.
2. Includes one residential mortgage totaling $20,000 on non-accrual,
two residential mortgages totaling $41,000 past due more than 90
days, and one farm mortgage loan totaling $19,000 past due more
than 90 days.
3. Includes five agricultural loans totaling $791,000 on non-accrual,
two commercial real estate loans totaling $361,000 on non-accrual,
one agricultural loans past due more than 90 days in the amount of
$355,000, one commercial loan past due more than 90 days in the
amount of $49,000, three restructured agricultural loans totaling
$353,000, one commercial restructured loan in the amount of
$41,000, and one restructured agricultural loan past due more than
90 days in the amount of $246,000. The nonaccrual loans are
deemed to be impaired, as defined by FAS No. 114.
Page 11 of 15
RESULTS OF OPERATIONS (cont.)
Non-interest income increased 6.06 percent or $66,000 to $1,156,000 for
the nine months ended March 31, 1996, compared to $1,090,000 for the
nine months ended March 31, 1995. Other income consists of gains on the
sale of mortgage loans, commissions on credit life insurance sales, and
safe deposit box rent.
Non-interest expense increased 2.24 percent or $119,000 and totaled
$5,438,000 for the nine months ended March 31, 1996, compared to
$5,319,000 for the nine months ended March 31, 1995. Salaries and
employee benefits increased 8.23 percent or $220,000, to $2,894,000.
Occupancy expense increased $34,000 or 8.31 percent and totaled $443,000
for the nine months ended March 31, 1996. One-time real estate and
property tax refunds were received in the quarter ended September 30,
1994 which explains why the total expenses were lower during that time
period. Other operating expenses decreased by 8.72 percent or $160,000
for the nine months ended March 31, 1996 as compared to March 31, 1995.
This decrease is attributable to lower expenses resulting from the
conversion to an in-house computer system and a reduction in FDIC
expense. Other operating expenses increased $256,000 for the quarter
ended March 31, 1996 as compared to the quarter ended March 31, 1995.
The Bank built a new facility in Sheridan, Indiana and razed the old
facility. The remaining book value of the old facility was
approximately $175,000 and was expensed in March 1996. Tax expense for
the nine months ended March 31, 1996 was $905,000, compared to $913,000
for the prior year, a decrease of $8,000 or .88 percent.
LIQUIDITY:
Bancorp's liquidity is a measurement of its ability to raise cash when
needed without an adverse impact on profits. Primary sources of asset
liquidity are securities maturing or having a call feature within one
year, time deposits in other banks, federal funds sold, term funds sold,
and banker's acceptances. All of these sources combined totaled
$17,986,000 at March 31, 1996. In addition, the Bancorp has $31,000 in
student loans which are committed to be sold when their deferment period
ends and $441,000 in mortgage loans being held for sale into the
secondary market. The factors which have and will continue to affect
the general liquidity of the Bancorp are increasing loan demand and the
continued offering of a deposit instrument based primarily on money
market rates. All of these factors have contributed to the liquidity
ratio (net cash, short term investments and other marketable assets to
volatile liabilities) of 22.07 percent on March 31, 1996. At March 31,
1996 Bancorp had unfunded loan commitments of $38,773,000, primarily
available balance on customer lines of credit, and outstanding letters
of credit of $480,000. However, management expects many of these will
expire without being used. In addition, the Bancorp intends to continue
the sale of newly originated fixed rate residential mortgages into the
secondary market for the foreseeable future.
Page 12 of 15
LIQUIDITY: (cont.)
The asset/liability committee continues to review the matching of loan
demand with deposits, and maturities of assets and liabilities to help
ensure the level of liquidity remains satisfactory. The asset/liability
committee has managed the rate sensitive assets and liabilities during
the first nine months of fiscal 1996, and at March 31, 1996, the
Bancorp's one year gap position was slightly negative.
CAPITAL RESOURCES:
The Bank and Bancorp are subject to regulations established by their
respective regulators, which require the maintenance of established
levels of capital and, as a result, limit the amount of dividends which
may be paid by the companies. The ability of the Bancorp to pay
dividends depends primarily upon the ability of the Bank to pay
dividends to the Bancorp. The Bank is regulated by the Indiana
Department of Financial Institutions and the FDIC, while the Bancorp is
subject to the regulations issued by the Federal Reserve Board. These
regulations establish minimum levels of Tier I (as defined) capital to
total assets (the leverage ratio) and minimum levels of Tier I and Total
Capital (as defined) to risk-based assets. Also, FDIC regulations
establish various levels of capital compliance. Under these
regulations, a "well capitalized" financial institution must maintain a
leverage ratio of at least 5 percent, a Tier I risk-based capital ratio
of at least 6 percent and a total risk-based capital ratio of at least
10 percent. Institutions which do not meet these guidelines are subject
to higher deposit insurance assessments and, in certain cases,
operational restrictions. Presented below are the Bancorp's actual
capital ratios as of March 31, 1996:
Tier I Capital $23,754,000
Total Capital $25,958,000
Risk Weighted Assets $175,912,000
Leverage Ratio 10.35%
Risk-based Capital; Tier I 13.50%
Total Risk-based Capital 14.76%
On October 9, 1995, the Bancorp declared a $.40 per share quarterly
dividend, totaling $231,000, payable November 15, 1995 to shareholders
of record as of October 9, 1995. In addition, on January 8, 1996 the
Bancorp declared a $.40 per share quarterly dividend totaling $231,000,
payable February 15, 1996 to shareholders of record as of January 8,
1996. Also, on April 8, 1996, the Bancorp declared a $.42 per share
quarterly dividend totaling $242,000, payable May 15, 1996 to
shareholders of record as of April 8, 1996. The book value of common
stock on March 31, 1996 was $41.24 per share, based on 577,058 shares
outstanding.
Page 13 of 15<PAGE>
PART II OTHER INFORMATION
THE FARMERS BANCORP
March 31, 1996
Item 1. LEGAL PROCEEDINGS
The Bancorp is not a party to any material pending legal proceedings
before any court, regulatory authority, administrative agency or other
tribunal. Further, the Bancorp is not aware of the threat of any such
proceeding.
As a part of its ordinary course of business, the Bank is a party to
several lawsuits involving a variety of claims and in the collection of
delinquent accounts. All such litigation is incidental to the Bank's
business. No litigation is pending or, to the Bank's knowledge,
threatened in which the Bank faces potential loss or exposure which
would have a material adverse effect upon the financial condition of the
Bank. The Bancorp and the Bank are not involved in any administrative
or judicial proceedings arising under any Federal, State or Local
provisions which have been enacted or adopted to regulate the discharge
of materials into the environment or otherwise relating to the
protection of the environment.
Item 2. CHANGES IN SECURITIES
None to be reported.
Item 3. DEFAULTS UPON SENIOR SECURITIES
None to be reported.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None to be reported.
Item 5. OTHER INFORMATION
None to be reported.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits #27 - Financial data statement as of March 31, 1996
B. Form 8-K - None to be reported.
Page 14 of 15
PART II OTHER INFORMATION
THE FARMERS BANCORP
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.
THE FARMERS BANCORP
(Registrant)
Date: May 13, 1996 -------------------------------
Tom Rohrabaugh, President
(Principal Executive Officer)
Date: May 13, 1996 --------------------------------
Karen I. Miller
Vice President and Treasurer
(Principal Financial and
Accounting Officer)
Page 15 of 15
