<PAGE> 1
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 September 30, 1995.
/ / Transition report pursuant to Section 13 or 15(d) of the Exchange Act
of 1934
For the transition period from __________ to ___________
Commission file number 0- 13307
-------------
The New Iberia Bancorp, Inc.
----------------------------
(Exact name of registrant as specified in its charter)
Louisiana 72-0969631
------------------------------------------ ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 South Lewis, New Iberia, Louisiana 70560
----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (318) 365-6761
----------------
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
----- -----
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
2,000,000 shares common stock
<PAGE> 2
PART I FINANCIAL INFORMATION
Item 1 - Financial Statements
(a) Financial Highlights
(b) Balance Sheet
(c) Income Statement
(d) Changes in Stockholder's Equity
(e) Cash Flow
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations
(a) Capital Resources
(b) Results of Operations
(c) Liquidity
PART II OTHER INFORMATION
Item 1 - Legal Proceedings
Item 6 - Exhibits and Reports on Form 8-K
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its own behalf by the
undersigned thereunto duly authorized.
THE NEW IBERIA BANCORP, INC.
----------------------------
DATE: November 9, 1995 BY: /s/ Ernest Freyou
-------------------------------------
Ernest Freyou
President and Chief Executive Officer
DATE: November 9, 1995 BY: /s/ Leonard J. Freyou
-------------------------------------
Leonard J. Freyou
Senior Vice-President and Cashier
<PAGE> 3
10-Q INDEX
PART I
FINANCIAL INFORMATION
<TABLE>
<S> <C> <C>
Item 1 Financial Highlights............................... 1
Consolidated Comparative Balance Sheet............. 2-4
Consolidated Comparative Income Statement.......... 5-6
Consolidated Statement of Changes in
Stockholder's Equity............................... 7
Consolidated Statement of Cash Flow................ 8-9
Item 2 Management's Discussion & Analysis of Financial
Condition and Results of Operations
Overview........................................... 10
Capital Resources.................................. 11
Results of Operations:
Net Interest Income.......................... 11
Earning Assets............................... 11
Investment Securities........................ 12
Interest-Bearing Liabilities................. 13
Interest Expense............................. 13
Reserve and Provision for Possible Loan
Losses.......................................13-14
Other Income................................. 15
Other Expenses............................... 15
Income Taxes................................. 15
Nonperforming Assets and Past Due Loans......15-16
Liquidity and Interest Rate Sensitivity............17-18
PART II
OTHER INFORMATION
Item 1 Legal Proceedings..................................19-21
Item 6 Exhibits and Reports on Form 8-K................... 22
</TABLE>
<PAGE> 4
ITEM 1 (A) FINANCIAL HIGHLIGHTS
(ALL DOLLAR AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
1995 1994 PERCENT
---- ---- CHANGE
------
<S> <C> <C> <C>
FOR 9 MOS. Net Income 1,909 2,309 (17%)
ENDED 9/30/95 Cash dividends declared 450 150 200%
Average Common Shares
Outstanding (in thousands) 1,995.2 1,991.8
- --------------------------------------------------------------------------------------
PER SHARE Net Income .96 1.16 (17%)
FOR 9 MOS. Cash dividends declared .225 .075 200%
ENDED 9/30/95 Shareholder's Equity
(Book Value) 11.23 10.24 10%
Market Value 16.75 N/A N/A
- --------------------------------------------------------------------------------------
FOR 3 MOS Net Income 647 747 13%
ENDED 9/30/95 Cash dividends declared 150 -0- N/A
Average Common Shares
Outstanding (in thousands) 2,000.0 1,991.6
- --------------------------------------------------------------------------------------
PER SHARE Net Income .32 .37 (13%)
FOR 3 MOS Cash dividends declared .075 -0- N/A
ENDED 9/30/95
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AS OF 09/30/95 12/31/94 PERCENT
----- -------- -------- CHANGE
-------
<S> <C> <C> <C>
Total Assets 247,168 233,268 06%
Total Earning Assets 231,878 211,969 09%
Total Loans Gross 140,060 112,781 24%
Total Deposits 221,352 210,594 05%
Total Shareholder's
Equity 22,466 20,027 12%
Total Trust Assets 2,685 2,440 10%
</TABLE>
1
<PAGE> 5
REPRESENTATION OF MANAGEMENT:
All adjustments have been made which, in the opinion of Management, are
necessary to fairly present the financial results for the interim periods
presented.
Operating results for the nine months ended September 30, 1995 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1995.
For all periods, the share amount, per share data and par value throughout the
Financial Statements have been adjusted to give effect to the 40-to-1 stock
split and change in par value as reported in the Form 10-Q filed with the
Commission by the Corporation on May 12, 1995.
2
<PAGE> 6
ITEM I (B)- CONSOLIDATED COMPARATIVE BALANCE SHEET
<TABLE>
<CAPTION>
ASSETS CURRENT QUARTER PREVIOUS YEAR
AS OF 9/30/95 AS OF 12/31/94
--------------- --------------
<S> <C> <C> <C> <C>
CASH AND DUE FROM BANKS $10,124,488.52 $10,234,599.53
FEDERAL FUNDS SOLD $8,884,822.72 $3,809,395.02
-------------- --------------
TOTAL CASH, DUE FROM BANKS, FEDERAL FUNDS SOLD 19,009,311.24 14,043,994.55
INVESTMENT SECURITIES: (SEE NOTE)
1. HELD TO MATURITY: Fair Value of $57,851,070 at
9/30/95 and $61,882,000 at
12/31/94, respectively
(A) U.S. TREASURY SECURITIES $7,986,130.18 $9,899,023.37
(B) U.S. GOVERNMENT:
AGENCY NOTES 5,972,000.00 8,493,240.00
MORTGAGE BACKED SECURITIES 19,071,053.08 21,031,951.65
(C) OBLIGATIONS OF STATES & POLITICAL
SUBDIVISIONS 22,877,486.58 23,702,082.07
(D) DOMESTIC DEBT SECURITIES 497,460.00 497,140.00
(E) CORPORATE STOCKS IN OTHER BANKS 0.00 0.00
-------------- --------------
TOTAL INVESTMENT HELD TO MATURITY $56,404,129.84 $63,623,437.09
2. AVAILABLE FOR SALE, at Fair value
(A) U.S. TREASURY SECURITIES $10,043,680.00 $15,827,103.28
(B) U.S. GOVERNMENT:
AGENCY NOTES 2,597,271.40 1,442,800.00
MORTGAGE BACKED SECURITIES 11,247,034.63 15,322,445.85
(C) OBLIGATIONS OF STATES & POLITICAL 0.00 0.00
SUBDIVISIONS
(D) DOMESTIC DEBT SECURITIES 2,393,142.14 3,069,110.00
(E) CORPORATE STOCKS IN OTHER BANKS 150,083.75 150,083.75
-------------- --------------
TOTAL INVESTMENT AVAILABLE FOR SALE $26,431,211.92 $35,811,542.88
TOTAL INVESTMENT SECURITIES $82,835,341.76 $99,434,979.97
LOANS HELD FOR SALE $133,128.06 $439,974.00
LOANS: GROSS 140,024,958.04 112,940,223.02
LESS:
(A) UNEARNED INCOME ON LOANS (97,541.10) (9,739.14)
(B) RESERVE FOR POSSIBLE LOAN LOSSES (3,324,432.78) (3,114,213.10)
-------------- --------------
LOANS: NET $136,736,112.22 $110,256,244.78
BANK PREMISES, EQUIPMENT, FURNITURE & FIXTURES $5,452,234.01 $5,695,083.68
REAL ESTATE OWNED OTHER THAN BANK PREMISES 106,815.89 181,815.89
INTANGIBLE ASSETS 257,223.62 347,471.96
OTHER ASSETS 2,770,472.91 3,308,504.20
TOTAL OTHER ASSETS $8,586,746.43 $9,532,875.73
--------------- ---------------
TOTAL ASSETS $247,167,511.65 $233,268,095.03
=============== ===============
</TABLE>
3
<PAGE> 7
ITEM I (B)- CONSOLIDATED COMPARATIVE BALANCE SHEET
(CONTINUED)
<TABLE>
<CAPTION>
CURRENT QUARTER PREVIOUS YEAR
LIABILITIES AND CAPITAL AS OF 9/30/95 AS OF 12/31/94
--------------- --------------
<S> <C> <C> <C> <C>
DEPOSITS IN DOMESTIC OFFICES
(A) DEMAND $33,854,065.52 $31,257,072.14
(B) NOW, SUPER NOW & MONEY MARKET ACCOUNTS 59,337,843.23 60,939,619.91
(C) SAVINGS & CHRISTMAS CLUB 17,975,122.03 18,204,428.35
(D) TIME CD'S - $100,000 AND OVER 43,058,993.94 36,709,013.46
(E) TIME CD'S - OTHER 51,178,746.58 47,358,501.35
(F) IRA CD'S 15,947,170.97 16,125,525.70
-------------- --------------
TOTAL DEPOSITS $221,351,942.27 $210,594,160.91
FEDERAL FUNDS PURCHASED AND SECURITIES SOLD $1,778,025.56 $1,603,571.41
OTHER LIABILITIES $1,571,468.05 $1,043,828.01
TOTAL LIABILITIES $224,701,435.88 $213,241,560.33
COMMON STOCK:
(1) SHARES AUTHORIZED 10,000,000
(2) COMMON STOCK, NO PAR 2,000,000 $9,500,500.00 $9,497,410.00
(3) UNDIVIDED PROFITS 13,203,858.46 11,716,358.08
(4) TREASURY STOCK- 8,240 SHARES AT 12/31/94 0.00 (2,060.00)
(5) UNREALIZED GAIN(LOSS) ON AFS INVESTMENTS (238,282.69) (1,185,173.38)
-------------- --------------
NET OF INCOME TAX EFFECT
TOTAL EQUITY CAPITAL $22,466,075.77 $20,026,534.70
--------------- ---------------
TOTAL LIABILITIES AND EQUITY CAPITAL $247,167,511.65 $233,268,095.03
=============== ===============
</TABLE>
4
<PAGE> 8
ITEM I - (C) CONSOLIDATED COMPARATIVE STATEMENT OF INCOME
<TABLE>
<CAPTION>
QUARTER QUARTER YEAR TO DATE YEAR TO DATE
ENDING ENDING ENDED ENDED
9/30/95 9/30/94 9/30/95 9/30/94
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
INTEREST & FEES ON LOANS $3,110,564.19 $2,291,651.85 $8,671,282.16 $6,376,985.80
U.S. TREASURY NOTES 296,153.39 335,602.58 1,020,264.58 1,157,800.48
U.S. GOVERNMENT: 0.00 0.00 0.00 0.00
AGENCY NOTES 155,232.71 94,932.78 531,650.05 156,408.33
MORTGAGE BACKED SECURITIES 592,802.24 746,160.30 1,871,178.91 2,367,287.16
OBLIGATIONS OF STATE & POLITICAL SUB. 293,668.40 317,414.45 914,482.24 874,836.46
DOMESTIC DEBT SECURITIES 42,584.90 36,245.24 156,261.01 155,878.43
OTHER INTEREST INCOME 152,732.24 34,774.45 338,431.39 131,055.64
------------- ------------- -------------- --------------
TOTAL INTEREST INCOME $4,643,738.07 $3,856,781.65 $13,503,550.34 $11,220,252.30
INTEREST EXPENSE:
INTEREST ON DEPOSITS $2,014,082.63 $1,362,355.84 $5,739,203.12 $3,961,997.34
INTEREST ON SHORT TERM BORROWING 23,105.29 21,741.73 72,920.79 54,000.86
------------- ------------- -------------- --------------
TOTAL INTEREST EXPENSE $2,037,187.92 $1,384,097.57 $5,812,123.91 $4,015,998.20
------------- ------------- -------------- --------------
NET INTEREST INCOME $2,606,550.15 $2,472,684.08 $7,691,426.43 $7,204,254.10
PROVISION FOR LOAN LOSSES 150,110.00 41,175.00 275,000.00 41,175.00
------------- ------------- -------------- --------------
NET INTEREST INCOME AFTER PROVISION $2,456,440.15 $2,431,509.08 $7,416,426.43 $7,163,079.10
FOR LOAN LOSSES
COMMISSION & FEES FROM FIDUCIARY ACTIVITIES $1,169.59 $1,127.96 $4,661.39 $3,037.53
INSURANCE COMMISSIONS, FEES & PREMIUMS $31,625.53 $28,087.13 $74,851.53 $59,329.16
FEES ON OTHER CUSTOMER SERVICES 302,923.98 319,063.39 873,684.71 1,007,478.58
INVESTMENT SECURITIES GAIN OR LOSS 1,010.00 (17,104.20) (22,176.30) (33,366.89)
ALL OTHER INCOME 205,409.58 94,830.30 589,902.41 511,949.55
------------- ------------- -------------- --------------
TOTAL INCOME BEFORE OVERHEAD COST $2,998,578.83 $2,857,513.66 $8,937,350.17 $8,711,507.03
</TABLE>
5
<PAGE> 9
ITEM I - (C) CONSOLIDATED COMPARATIVE STATEMENT OF INCOME (CONTINUED)
<TABLE>
<CAPTION>
QUARTER QUARTER YEAR TO DATE YEAR TO DATE
ENDING ENDING ENDED ENDED
9/30/95 9/30/94 9/30/95 9/30/94
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
OTHER EXPENSES:
SALARIES $1,030,851.62 $877,178.17 $2,928,808.77 $2,473,464.24
NET OCCUPANCY EXPENSE OF PREMISES 141,717.95 113,731.70 377,795.19 327,392.10
FURNITURE & EQUIPMENT 115,068.20 159,338.15 453,912.48 478,736.17
OTHER EXPENSES 752,592.77 691,829.05 2,489,654.89 2,212,676.78
------------- ------------- ------------- -------------
TOTAL OTHER EXPENSES $2,040,230.54 $1,842,077.07 $6,250,171.33 $5,492,269.29
------------- ------------- ------------- -------------
NET INCOME OR (LOSS) BEFORE INCOME TAX $958,348.29 $1,015,436.59 $2,687,178.84 $3,219,237.74
INCOME TAX EXPENSE $310,965.07 $268,250.00 $778,171.46 $910,093.00
------------- ------------- ------------- -------------
INCOME OR LOSS BEFORE EXTRAORDINARY ITEMS $647,383.22 $747,186.59 $1,909,007.38 $2,309,144.74
------------- ------------- ------------- -------------
EARNINGS PER SHARE DATA $0.32 $0.37 $0.96 $1.16
DIVIDENDS PER SHARES OUTSTANDING $0.075 $0.075 $0.225 $0.075
</TABLE>
6
<PAGE> 10
ITEM I - (D) CONSOLIDATED CHANGES IN STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED 9/30/95 ENDED 9/30/94
-------------- --------------
<S> <C> <C>
STATEMENT OF CHANGES IN CAPITAL ACCOUNTS
BALANCE AT BEGINNING OF YEAR $20,026,534.70 $19,076,569.15
NET INCOME $1,909,007.38 $2,309,144.74
SALE OF TREASURY STOCK 33,025.00 1,950.00
NET CHANGE IN UNREALIZED GAIN/LOSS
ON AVAILABLE FOR SALE SECURITIES 946,890.69 (849,517.45)
-------------- --------------
(NET OF TAX EFFECT)
TOTAL ADDITIONS $2,888,923.07 $1,461,577.29
DEDUCTIONS:
CASH DIVIDENDS DECLARED $449,382.00 $149,382.00
-------------- --------------
TOTAL DEDUCTIONS $449,382.00 $149,382.00
BALANCE AT END OF PERIOD $22,466,075.77 $20,388,764.44
============== ==============
</TABLE>
7
<PAGE> 11
THE NEW IBERIA BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $1,909,007 $2,309,145
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION & AMORTIZATION 478,310 473,576
DISCOUNT ACCRETION & PREMIUM AMORTIZATION (91,917) (767,597)
PROVISION FOR LOAN LOSSES 275,000 41,175
NET GAIN ON SALE OF REAL ESTATE OWNED (5,000) 912
LOSS SALE OR CALL OF INVESTMENT SECURITIES 22,176 33,367
INCREASE IN OTHER LIABILITIES 527,640 218,255
DECREASE (INCREASE) IN OTHER ASSETS 1,127,582 (674,322)
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,242,798 1,634,511
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALE OF INVESTMENT SECURITIES (AFS) 4,880,935 23,209,572
PROCEEDS FROM MATURITIES & CALL OF INVESTMENT SEC.(HTM) 12,202,556 8,063,066
PROCEEDS FROM MATURITIES & CALL OF INVESTMENT SEC.(AFS) 9,879,108 17,832,980
PURCHASE OF INVESTMENT SECURITIES(HTM) (7,072,000) (21,045,642)
PURCHASE OF INVESTMENT SECURITIES(AFS) (3,077,656) (11,992,050)
NET (INCREASE) DECREASE IN LOANS (26,557,015) (14,653,154)
PURCHASE OF BANK PREMISES & EQUIPMENT (132,288) (569,608)
PROCEEDS FROM SALE OF:
OTHER REAL ESTATE OWNED 80000.00 0.00
BANK VEHICLES 3000.00
----------- -----------
NET CASH PROVIDED BY (USED IN)
INVESTMENT ACTIVITIES ($9,793,360) $845,164
</TABLE>
8
<PAGE> 12
CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
<TABLE>
<CAPTION>
1995 1994
------------ -------------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
SALE OF TREASURY STOCK $33,025.00 $1,950.00
NET INCREASE (DECREASE) IN REPURCHASE AGREEMENTS 174,454.00 (638,564.00)
NET INCREASE (DECREASE) IN DEMAND, NOW &
SAVINGS DEPOSITS 765,910.00 (6,275,248.00)
NET INCREASE (DECREASE) IN CERTIFICATES OF DEPOSITS 9,991,871.00 (308,483.00)
DIVIDENDS PAID (449,382.00) (433,134.00)
------------ -------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $10,515,878 ($7,653,479)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS $4,965,316 ($5,173,804)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD $14,043,995 $16,544,049
CASH AND CASH EQUIVALENTS AT END OF PERIOD $19,009,311 $11,370,245
SUPPLEMENTAL DISCLOSURE:
INTEREST PAID ON BORROWINGS AND DEPOSITS $5,705,593 $4,011,503
FEDERAL INCOME TAX PAID $803,432 $845,000
</TABLE>
9
<PAGE> 13
PART I -- FINANCIAL INFORMATION
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
In the third quarter of 1995, The New Iberia Bancorp, Inc. (the "Corporation")
recorded net income of $647,383 ($.32 per share). This compares to the same
period in 1994 when net income was $747,187 ($.37 per share). The change in
net income is explained by the following changes: (i) net interest income
increased by $133,866, mainly due to greater loan demand; (ii) other income
decreased by $110,579, due to a reduction in collection on loans which were
previously acquired with no basis; (iii) provision for loan losses increased by
$108,935, due to greater loan demand; (iv) and salary costs have increased as a
result of opening new locations in Lafayette and Abbeville.
On September 30, 1995 total assets of the Corporation were $247,167,512, which
is an increase of $13,899,417 (5.96%) from the $233,268,095 reported for
December 31, 1994 and an increase of $28,171,304 (12.86%) from the balance at
September 30, 1994 of $218,996,218. Gross loans on September 30, 1995 were
$140,060,545, a $26,690,087 (23.54%) increase from the December 31, 1994
balance of $113,370,458 and an increase of $31,932,159 (29.53%) from the
balance on September 30, 1994 of $108,128,385. Loans held for sale on
September 30, 1995, December 31, 1994, and September 30, 1994 were $133,128,
$439,974, and $169,800, respectively. The increase in loans is attributable to
the continuing activity in mortgage lending, good retail consumer activity, and
a steadily improving commercial loan market throughout 1994 and into 1995.
Total deposits were $221,351,942 on September 30, 1995, a $10,757,781 (5.11%)
increase from the balance of $210,594,161 on December 31, 1994 and an increase
of $24,985,070 (12.72%) from the balance on September 30, 1994 of $196,366,872.
The increase in deposits from December 1994 is primarily attributable to an
increase in longer-term certificates of deposit and an increase in public
funds held in checking accounts pursuant to existing fiscal agent agreements.
Management monitors its position in public funds on a monthly basis and
considers those funds to be as stable as they have been in the past. The
addition of longer-term certificates of deposit was used to aid in
asset/liability management given the current loan demand.
CAPITAL RESOURCES
Capital ratios for the quarter ending September 30:
<TABLE>
<CAPTION>
Regulatory
1995 1994 1993 Minimum
---- ---- ---- ----------
<S> <C> <C> <C> <C>
Primary Capital 10.29% 10.77% 9.53% 5.5%
Leverage 8.99% 9.52% 8.44% 5%*
Risk-based capital
Tier I 15.78% 18.23% 18.59% 6%*
Total 17.03% 19.73% 19.84% 10%*
</TABLE>
*Current levels for a well capitalized institution in accordance with the
Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). The
unrealized loss on Available for Sale securities reflected in the equity
section of the balance sheet was excluded as required by regulatory agencies in
the computation of these ratios.
10
<PAGE> 14
RESULTS OF OPERATIONS
NET INTEREST INCOME - Net interest income is the difference between interest
earned on assets and interest paid for the funds supporting those assets. As
of September 30, 1995, net interest income was $7,691,426, an increase of
$487,172 (6.76%) over the same period in 1994. The increase in net interest
income is the result of an increase in loan activity over the last year.
Interest rates rose substantially during 1994, but loan demand was relatively
unaffected during that period. Activity in mortgage and commercial lending has
continued to increase while retail consumer lending has remained strong
throughout the same period. Interest costs have slowly but steadily increased
throughout 1994 and 1995. This trend should continue as deposits reprice
during the rest of 1995.
EARNING ASSETS - Earning assets on September 30, 1995 were $231,628,606, an
increase of $15,111,055 (6.98%) from the December 31, 1994 balance of
$216,517,551. The change is the result of an increase in loans outstanding of
$26,690,087 and $5,075,428 in federal funds sold, offset by a net decrease of
$16,599,638 in investment securities.
The average yield on earning assets for first nine months of 1995 was 7.97%.
In 1994, the average yield on earning assets was 7.17%. The yield on loans has
increased to an average of 9.14% from an average of 8.77% in 1994. The yield
on investments has increased to an average of 6.50% from an average of 5.86% in
1994. The yield on investments is up due to overall higher interest rates.
The Corporation has continued to diversify the investment portfolio to maintain
a good yield by investing in municipal bonds where spreads are better than
other investment alternatives, short term treasury notes, and short average
life mortgage backed securities. The average rate on Fed Funds Sold has
increased to an average of 5.84% from an average of 3.59% in 1994. (All yields
are year to date through September of the respective year.)
11
<PAGE> 15
INVESTMENT SECURITIES - The Corporation's goals with respect to investment
portfolio management is to ensure (i) quality of securities, (ii) the
maintenance of attractive rates of return on the funds invested and (iii)
adequate liquidity to the Corporation. The portfolio consists primarily of
U.S. Treasury Notes, Municipal Bonds, and Mortgage-Backed Securities. U.S.
Treasury Notes and Municipal Bonds maturities are laddered to provide a
constant liquidity source. Mortgage-Backed Securities provide liquidity,
monthly cash flow and higher yields. The mix of the investment portfolio
continues to change, primarily due to prepayments on mortgage-backed
securities. The Corporation has primarily reinvested maturities and pay downs
in 1995 into loans, where demand has been good.
The breakdown of the investment portfolio as of September 30, 1995 is listed
below:
<TABLE>
<CAPTION>
(In Thousands of Dollars)
Held to Maturity Available for Sale
---------------- -------------------
Amortized Fair Amortized Fair
Cost Value Cost Value
--------- ------- ------ -----
<S> <C> <C> <C> <C>
U.S. Treasury Notes $ 7,986 $ 8,053 $ 9,985 $10,044
U.S. Government
Agency Notes 5,972 6,011 2,600 2,597
Mortgage-Backed 19,071 19,705 11,410 11,247
Obligation State
& Political 22,878 23,588 0 0
Domestic Debt 497 494 2,442 2,393
Corporate Stock 0 0 150 150
Total 56,404 57,851 26,587 26,431
</TABLE>
Gross unrealized gains and losses on "Held to Maturity" securities were as
follows:
<TABLE>
<CAPTION>
(In Thousands of Dollars)
BOOK UNREALIZED UNREALIZED MARKET
VALUE GAINS LOSSES VALUE
-----------------------------------------------
<S> <C> <C> <C> <C>
U. S. Treasury Notes $ 7,986 $ 67 $ 0 $8,053
U. S. Agency Notes 5,972 39 0 6,011
Mortgage-Backed Sec. 19,071 672 (38) 19,705
Obligation State 22,878 764 (54) 23,588
& Political
Domestic Debt 497 0 (3) 494
Total $56,404 $1,542 $ (95) $57,851
</TABLE>
Under current regulatory capital rules, the unrealized loss as of September 30,
1995 in the "Available for Sale" securities totaling $238,283, net of tax, is
excluded from capital when calculating leverage, primary capital and risk-
based capital ratios.
The Corporation had no sales of securities during the third quarter of 1995.
Year to date sales of available for sale securities total $4,880,935. These
sales were made due to the need to restructure the investment portfolio to
accommodate the increase in loan demand. Securities sold were used to fund
loan activities and to provide for short term liquidity. Gains on sales of
securities totaled $27,561 while losses incurred totaled $50,747, resulting in
a net loss of $23,186. A gain of $1,010 resulted for the call of a security
during the
12
<PAGE> 16
third quarter of 1995. The Corporation sold securities during the third
quarter of 1994 which yielded proceeds of $15,312,719. Gains on the sale of
these securities totaled $174,472 while losses incurred totaled $191,576,
resulting in a net loss of $17,104. All of the securities sold during the
third quarter of 1994 were classified as available for sale and were sold as a
result of changes in market conditions and to fund loan growth.
INTEREST-BEARING LIABILITIES - Interest-bearing liabilities on September 30,
1995 were $189,275,902, reflecting an increase of $8,335,242 (4.61%) from the
December 31, 1994 balance of $180,940,660 and an increase of $22,222,345
(13.30%) from the September 30, 1994 balance, which totaled $167,053,557. As
noted previously, the increase in this category is due to an increase in public
funds and certificates of deposit.
INTEREST EXPENSE - Interest Expense as of September 30, 1995 totaled
$5,812,124, which represents an increase of $1,796,126 (44.72%) from the 1994
amount of $4,015,998. The reason for the increase is the rapid rise in
interest rates due to changes in Federal Reserve policy, which led to higher
interest rates. Market interest rates have stabilized, but interest costs are
expected to continue to rise in 1995 as customers reinvest their money over the
next year in higher yielding deposits. The average rates paid year to date for
all interest-bearing liabilities were 4.12% through September 1995 as compared
to 3.20% for the same period in 1994. All yields are year to date through
September of the respective year.
RESERVE AND PROVISION FOR POSSIBLE LOAN LOSSES
An adequate level of the Allowance for Possible Loan Losses is determined by
reviewing the quality of the loan portfolio, actual loan loss experience and
the current and anticipated economic conditions and their effect on the market
served by the Corporation. The Provision for Possible Loan Losses is the
amount charged to earnings in order to maintain an adequate level of reserves.
Other significant factors considered in determining the levels of the provision
and the reserve are the growth or decline in the loan portfolio, the
composition of the portfolio, industry concentrations, differing risks
associated with each category of loans, the current and prospective financial
condition of borrowers, the level of past due and nonperforming loans and the
relationship of the reserve to the total loan portfolio. Management regularly
reviews the loan portfolio in an effort to identify potential losses and to
determine that the level of reserves adequately reflects the potential loss
exposure. Loans identified as problem credits are reviewed more frequently to
determine potential changes in the reserve.
Since actual losses may vary from current assessments, any necessary
adjustments to the reserve are recorded in the period in which they become
known. The loan review department of the Corporation monitors adherence to
lending policies and procedures as well as asset quality.
The Provision for Possible Loan Losses was $275,000 for the nine months ending
September 30, 1995 compared to $41,175 for the same period the previous year.
The balance in the reserve over the last year reflects levels of charge-offs
and management's estimates of collateral values when evaluating exposure in the
loan portfolio. The reserve as a percentage of loans and leases was 2.37% at
quarter end (September 30, 1995) compared to 2.76% at year end (December 1994).
Management projects loan growth to continue throughout the remainder of the
year. This growth is a factor in Management's periodic determination of the
reserve. Management plans to make adjustments to the reserve based on
recoveries received and charge-offs made to ensure that an adequate loan loss
reserve is maintained.
The diversification of the loan portfolio is an important factor in the
13
<PAGE> 17
assessment of loan quality and loss potential. Although the Corporation has
extended a significant amount of loans to energy services and agricultural
customers due to the prevalence of those industries in the local economy, the
Corporation attempts to lend to a variety of industries to minimize its
exposure to possible losses occurring from concentration of loans in any single
sector. Broadening the Corporation's base of loan activity into the Lafayette,
Louisiana market, along with the steadily improving local economy over the last
few years, has had a positive effect on the performance of the loan portfolio.
During 1993, the U.S. Congress passed the North American Free Trade Agreement
(NAFTA). The Corporation believes that the increase in competition from
Mexican producers as a result of the passage of NAFTA could have a direct
adverse effect on the agricultural sugar and textile industries. Because the
Corporation has customers in these industries, NAFTA may also adversely affect
the Corporation. Also, NAFTA may have an indirect adverse effect on the
Corporation's operating market. Management has considered these factors in
establishing the Corporation's loan loss reserve.
Another factor considered by management when assessing loan quality, loss
potential and the consumer loan portfolio is the opening of new gaming
establishments in the Corporation's marketing area. A recent review of past
due loans does not indicate a significant negative effect as a result of gaming
activities at this time.
Charge-offs year to date for 1995 were $244,085 compared to $126,952 in 1994.
Recoveries year to date for 1995 were $179,304 compared to $309,205 in 1994.
The relatively small levels of charge-offs are attributable to management's
continued efforts to identify and work out problem loans.
Year to date Loan Recoveries compared to prior year charge-offs was 103.37% and
301.60% for September 1995 and September 1994, respectively.
OTHER INCOME
For the third quarter of 1995, Other Income was $541,129, an increase of
$98,020 (20.38%) over the $443,109 earned for the same period in 1994. The
increase is primarily due to the recognition of cash recoveries on zero based
loans which were previously acquired with no basis. The earnings in 1995
reflect more normal levels than those of the same period in 1994. Year to date
other income as of September 30, 1995 totaled $1,543,100, a decrease of $38,695
(2.45%) over the same period in 1994.
OTHER EXPENSES
Total Other Expenses for the third quarter of 1995 was $2,040,231 compared to
$1,842,077 for the same period in 1994. This reflects an increase of $198,154.
Salary and benefits costs have increased from last year because of an increase
in staff due to expansion into the Lafayette market.
INCOME TAXES
The effective tax rate as of September 30, 1995 is approximately 29%, which is
the same as the tax rate as of September 30, 1994. The Corporation has
invested more in tax-advantaged municipal securities in recent years. This
provided a better overall yield compared to other investment securities
options.
NONPERFORMING ASSETS AND PAST DUE LOANS
Crucial to earnings performance is the monitoring of asset quality, chiefly in
the evaluation of credit risk, and the minimization of the Corporation's
exposure to losses. Management views these two critical functions as essential
to sound
14
<PAGE> 18
banking practice. Therefore, management regularly obtains appraisals for the
collateral supporting nonperforming assets and specifically establishes
reserves for them based on the current market value of the collateral if
necessary.
Nonperforming assets are those loans carried on a non-accrual basis, those
classified as troubled debt restructuring, real estate acquired through
foreclosure and repossessed movable property. The following schedule reflects
the balance of each category:
<TABLE>
<CAPTION>
(In Thousands of Dollars)
September 30, 1995 December 31, 1994
------------------ -----------------
<S> <C> <C>
Non-accrual Loans $152 $ 97
Troubled Debt Restructuring 597 606
Other Real Estate Owned 107 182
Repossessed Movable Prop. 26 6
Total $882 $891
</TABLE>
RISK ELEMENT INFORMATION
<TABLE>
<CAPTION>
(In Thousands of Dollars)
September 30, 1995 December 31, 1994
------------------ -----------------
<S> <C> <C>
Past due loans 90 days $133 $168
and still accruing
</TABLE>
<TABLE>
<CAPTION>
September 30, 1995 September 30, 1994
------------------ -------------------
<S> <C> <C>
Amount of income on non-accrual $ 6 $ 6
loans that would have been
in income if still accruing
Interest income on restructured $ 58 $ 39
loans included in net income
</TABLE>
Typically, the Corporation's restructured loans are based on the ability to
provide principal and interest repayment instead of providing a rate less than
the market. As a result, any rate adjustment would have resulted in an
immaterial change in earnings during the quarter.
Management is not aware of any loans classified for regulatory purposes as
loss, doubtful, substandard, or special mention and excluded from the
non-accrual, past due 90 days and still accruing, or restructured loans which:
(1) represent or result from trends or uncertainties that will materially
impact future operating results, liquidity, or capital resources, or (2)
represent material credits about which Management is aware of any information
which causes doubts as to the ability of such borrowers to comply with the loan
repayment terms.
On September 30, 1995, impaired loans totaled $152,101. Of the total impaired
loans, $116,980 required a total reserve of $84,104. There was no reserve for
impairment on the remaining $35,121 of impaired loans. During the nine month
period ended September 30, 1995, impaired loans averaged $103,547. All
impaired loans are on nonaccrual status and therefore no interest income was
recognized on impaired loans.
NON-ACCRUAL OF INTEREST ON LOANS
It is the policy of the Corporation to discontinue the accrual of interest on
15
<PAGE> 19
loans when principal or interest is in default for ninety days or more, unless,
in the best judgment of the Officer Loan Committee, the loan is well secured
and is in the process of collection. Interest previously accrued is reversed
and the accrual of interest is discontinued.
LIQUIDITY AND INTEREST RATE SENSITIVITY
Built into the Corporation's financial structure is the goal of maintenance of
adequate liquidity; i.e., the ability to meet customers' requirements on a
timely basis. The Corporation has in place an Asset/Liability computer
software program to aid it in maintaining a reasonable balance between interest
earning assets and interest bearing liabilities. The information is updated
and analyzed by management on a monthly basis in order to allow management to
diversify investments as needed to keep a proper balance of maturities.
Management also regularly evaluates and manages interest rate sensitivity of
assets and liabilities. This is critical to protect net income against wide
fluctuations in interest rates and to maintain consistent growth of net
interest income.
The Corporation's liquidity ratio on September 30, 1995 was 37.40% with a
dependency ratio of 5.21%; the liquidity ratio on December 31, 1994 was 45.64%
with a dependency ratio of 9.50%. Management believes that liquidity is
enhanced by its ability to manage the interest rate sensitivity of assets and
liabilities. The dependency ratio has decreased from December 1994 due to an
increase in short term federal funds. Management actively monitors and
controls the relationship between interest sensitive assets and liabilities by
means of an interest rate simulation model. The off balance sheet commitments,
if funded, would have a limited impact on the liquidity of the Corporation,
primarily due to the maturity structure of the investment portfolio.
16
<PAGE> 20
<TABLE>
<CAPTION>
CUMULATIVE MATURITY/RATE SENSITIVITY (All Dollar Amounts in Thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
EARNING ASSETS
1-30 1-60 1-90 1-365 YEAR & OVER TOTAL
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LOANS* 20,575 22,639 29,517 55,967 83,849 139,816
SHORT TERM INVESTMENTS 8,885 8,885 8,885 8,885 0.00 8,885
INVESTMENTS*** 2,023 5,018 10,015 21,186 61,499 82,685
--------------------------------------------------------------------------------------------------------------
TOTAL EARNING ASSETS 31,483 36,542 48,417 86,038 145,348 231,386
FUNDING SOURCES
PUBLIC FUNDS DDA 12227.00 12227.00 12227.00 12227.00 0.00 12227.00
NOW ACCOUNTS** 0.00 0.00 0.00 0.00 26,543 26543.00
MONEY MARKET (IMFA) 20,118 20,118 20,118 20,118 0.00 20118.00
CERT. OF DEPOSIT >100M 5,141 8,304 14,488 34,628 8,881 43509.00
OTHER TIME DEPOSITS 8,971 12,885 18,140 45,955 21,171 67126.00
SAVINGS** 0.00 0.00 0.00 0.00 17,975 17975.00
REPURCHASE AGREEMENTS 1,778 1,778 1,778 1,778 0.00 1778.00
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDING 48,235 55,312 66,751 114,706 74,570 189,276
--------------------------------------------------------------------------------------------------------------
CUMULATIVE MATURITY/ (16,752) (18,770) (18,334) (28,668) 70,778 42,110
RATE SENSITIVITY (GAP)--------------------------------------------------------------------------------------------------------------
AS A % OF EARNING ASSETS -7.24% -8.11% -7.92% -12.39%
AS A % OF TOTAL ASSETS -6.78% -7.59% -7.42% -11.60%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* LOAN FIGURES REPRESENT RATE SENSITIVITY ONLY, WHILE THE BALANCE SHEET
REPRESENTS TOTAL GROSS LOANS INCLUDING NON-ACCRUALS AND OVERDRAFTS
** HISTORICALLY, RATES ON THESE TYPES OF ACCOUNTS HAVE CHANGED LITTLE AS
COMPARED TO OTHER TYPES OF DEPOSITS, THEREFORE, THESE ACCOUNTS ARE NOT
CONSIDERED RATE SENSITIVE.
*** $150,084 - FIRST NATIONAL BANKERS BANK AND FNMA STOCK NOT RATE SENSITIVE
AND IS NOT INCLUDED IN THE ONE YEAR AND OVER.
THE AMOUNT OF PAYDOWNS RECEIVED ON A MONTHLY BASIS ON MORTGAGE BACKED
SECURITIES IS NOT REFLECTED IN THIS SCHEDULE. PAY DOWNS AVERAGED ABOUT
$325,000 A MONTH OVER THE FIRST NINE MONTHS OF 1995, AND WOULD NOT HAVE
CREATED A SIGNIFICANT DIFFERENCE IN THE PERCENTAGES ABOVE.
THE GAP PERCENTAGES NOTED ABOVE ARE A REFLECTION OF A NEGATIVE POSITION.
THIS MEASUREMENT SIMPLE SHOWS AT WHAT REPRICING INTERVAL ASSETS AND
LIABILITIES WILL REPRICE. IT DOES NOT TAKE INTO ACCOUNT AT WHAT LEVEL OF
RATE CHANGE THE ASSET OR LIABILITY WILL REPRICE. IN GENERAL TERMS, IF
RATES FALL, NET INTEREST INCOME SHOULD INCREASE AND IF RATES RISE, NET
INTEREST INCOME SHOULD DECREASE. IN LOOKING AT THE ONE YEAR HORIZON, AND
GIVEN THAT IN GENERAL, INTEREST RATES SHOULD REMAIN FLAT OR SLIGHTLY LOWER
IN THE FUTURE, THE CORPORATION SHOULD NOT ADJUST ITS CURRENT POSITION.
THE CORPORATION SHOULD CLOSELY MONITOR FUTURE CHANGES IN INTEREST RATES
AND ACCORDINGLY ADJUST ITS INTEREST RATE POSITION AS NEEDED. THE USE OF
THE ASSET/LIABILITY MODEL ON A MONTHLY BASIS PROVIDES A GOOD REVIEW AND
GIVES REALISTIC EXPECTATIONS OF THE AFFECT THAT CHANGES IN INTEREST RATES
WILL HAVE ON THE INTEREST RATE RISK OF THE CORPORATION.
17
<PAGE> 21
PART II OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS:
Litigation which was concluded during the third quarter
Sammy Broussard International, Inc. vs. City Bank, N.A., Texas Independent
Bank, The New Iberia Bank, and Visa U.S.A., Inc., 16th Judicial District Court,
Suite Docket No. 75706-A, filed on June 30, 1992 in the amount of $4,300.00.
On October 4, 1995, the matter was concluded by a joint motion of dismissal
filed in the 16th Judical District Court.
PENDING LITIGATION IN WHICH THE CORPORATION IS INVOLVED, AS OF OCTOBER 26,
1995.
STATE COURT LITIGATION
On October 7, 1994, the Corporation filed a Petition for Declaratory Relief in
the Civil District Court for the 16th Judicial District, Iberia Parish, State
of Louisiana (the "state court proceeding"). Named as a defendant in this suit
was Jules A. Schwing ("Schwing"), individually and in his capacity as the
executor of the Estates of Jules B. Schwing and Marie Louise Landry Schwing.
(Schwing has since been replaced as executor of his parents' successions.)
The Petition for Declaratory Relief was filed in response to a request by
Schwing that the Corporation call a special meeting of its shareholders to
consider and vote upon various issues (the "shareholder proposals"). Section
2.3 of the Corporation's Bylaws provided that such a meeting could be called
only upon the request of a shareholder owning, in the aggregate, two-thirds of
the Corporation's issued and outstanding shares, which number of shares was not
owned by Schwing. Because Schwing asserted that Section 2.3 of the
Corporation's Bylaws was invalid, the Corporation sought a declaratory judgment
that Section 2.3 of the Corporation's Bylaws was valid and enforceable.
On November 8, 1994, the Corporation filed its First Amended and Restated
Petition for Declaratory Relief (the "First Amended Petition") in the state
court proceeding. In the First Amended Petition, the Corporation sought a
declaratory judgment that the shareholder proposals were inappropriate for
shareholder consideration under Louisiana law. After a hearing on December 19,
1994, the court ruled that Section 2.3 of the Corporation's Bylaws was invalid.
On December 28, 1995, Schwing presented to the Corporation written consents
purporting to adopt the shareholder proposals. As Schwing had already
solicited written consents with respect to his proposals, he did not resubmit
his request for a special shareholders meeting.
On January 3, 1995, the Corporation filed a Second Amended and Restated
Petition for Declaratory and Injunctive Relief (the "Second Amended Petition")
in the state court proceeding relating to the validity and authority of the
shareholders committee allegedly empowered pursuant to the shareholder
proposals and sought injunctive relief in relation to those claims. On that
date, the court granted a temporary restraining order enjoining the
shareholders committee from conducting any activity until a preliminary
injunction hearing could be held.
The preliminary injunction hearing was held on Monday, January 9, 1995. At
that hearing, the Corporation's request for an order restraining the activities
of Schwing and the shareholders committee during the pendency of the
proceedings was orally granted in part and denied in part. A written
Preliminary Injunction Order memorializing (with some modifications) the
court's oral ruling was entered on March 29, 1995. On April 12, 1995, the
Corporation filed a Petition for Devolutive Appeal from the March 29, 1995
Preliminary Injunction Order. On that
18
<PAGE> 22
day, the Court granted the appeal upon the posting of a bond and the
Corporation posted the necessary bond. In connection with its appeal, the
Corporation sought from the Louisiana Third Circuit Court of Appeal a request
for stay pending the appeal.
Also on March 29, 1995, a hearing was held in the state court proceeding on
cross Motions for Summary Judgment filed by the Corporation and Schwing
relating to the validity and propriety of the shareholder proposals. On that
date, the court orally granted Schwing's Motion for Summary Judgment and denied
the Corporation's Motion for Partial Summary Judgment. A written judgment to
that effect and making the March 29, 1995 Preliminary Injunction Order
permanent was signed on May 22, 1995 (the "Judgment").
On May 24, 1995, the Corporation filed a Petition for Devolutive Appeal from
the Judgment. Also on May 24, 1995, the Corporation requested that the motion
it had previously filed with the appellate court for a stay pending appeal be
reformed to reflect that it related to the appeal filed by the Corporation on
that date instead. The stay request was denied on or about August 23, 1995.
Oral argument on the appeal is scheduled for November 9, 1995.
On or about June 29, 1995, Schwing filed in the state court proceeding a Rule
for Writ of Distringas to compel the Corporation to provide certain documents
to Schwing. The filing requested a writ distraining the property of the
Corporation, an order adjudging the Corporation in contempt and a judgment for
damages in an unspecified amount. After a hearing on this matter on August 24,
1995, the Court ordered the Corporation to provide certain documents to
Schwing. It did not hold the Corporation in contempt or assess damages. The
Corporation provided the documents as required.
FEDERAL COURT LITIGATION
On January 6, 1995, Schwing filed a Complaint for injunctive relief in the
United States District Court for the Western District of Louisiana. The
Complaint sought to enjoin, among other things, the enforcement of various
amendments to the Corporation's Bylaws which were adopted by the board of
directors at a meeting on January 3, 1995.
On January 9, 1995, the Court refused to grant a temporary restraining order in
connection with Schwing's Complaint for injunctive relief. A status conference
on this matter was held on January 18, 1995, at which time Schwing's counsel
reurged his request for a temporary restraining order or a preliminary
injunction. Both at the status conference and at a hearing held February 13,
1995, the Court refused to grant a temporary restraining order or schedule a
preliminary injunction hearing, and dismissed Schwing's Complaint for
injunctive relief. Schwing appealed that dismissal to the U.S. Fifth Circuit
Court of Appeals. On or about March 29, 1995, Schwing filed a Motion for
Injunction During Pendency of Appeal in the United States District Court for
the Western District of Louisiana, which was denied by the Court on April 6,
1995. On or about August 11, 1995, Schwing filed a motion in the Fifth Circuit
Court of Appeals seeking an injunction pending appeal to prohibit the
Corporation from, among other things, pursuing efforts to acquire a bank
located in Lafayette, Louisiana. The Corporation filed in the Fifth Circuit
Court of Appeals on or about August 18, 1995 a motion to dismiss the appeal and
for sanctions for frivolous appeal and, shortly thereafter, the Corporation
filed another motion requesting sanctions for failure of Schwing to comply with
the Federal Rules of Appellate Procedure in his request for an injunction
pending appeal.
On or about September 8, 1995, the Court denied Schwing's motion for injunction
pending appeal and ordered that the Corporation's motion to dismiss the appeal
and for sanctions for frivolous appeal be carried forward for resolution by the
oral argument panel. On October 24, 1995, an Order was entered denying the
19
<PAGE> 23
Corporation's motion for sanctions for failure to comply with the Federal
Rules. Oral argument on unresolved issues and on the merits of the appeal is
scheduled for early December, 1995.
20
<PAGE> 24
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
The Corporation filed a Form 8-K with the Commission on September 1, 1995. The
Form 8-K reported that the Original Listing Application of the Corporation for
listing of the Corporation's common stock on the American Stock Exchange, Inc.
(the "AMEX") had been approved and that trading of the Corporation's common
stock on the AMEX had commenced on August 31, 1995.
EXHIBITS
3(i) First Restated Articles of Incorporation of Bancorp (filed with
the Commission on July 19, 1995 as Exhibit 3 (i) to Bancorp's
Form 8-A/A-1 (File No. 0-13307) and incorporated herein by
reference).
3(ii) Amended and Restated Bylaws of Bancorp (filed with the Commission
on July 19, 1995 as Exhibit 3(ii) to Bancorp's Form 8-A/A-1 (File
No. 0-13307) and incorporated herein by reference).
27 Financial Data Schedule
21
<PAGE> 25
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------- -----------
<S> <C>
3(i) First Restated Articles of Incorporation of Bancorp (filed with
the Commission on July 19, 1995 as Exhibit 3 (i) to Bancorp's
Form 8-A/A-1 (File No. 0-13307) and incorporated herein by
reference).
3(ii) Amended and Restated Bylaws of Bancorp (filed with the Commission
on July 19, 1995 as Exhibit 3(ii) to Bancorp's Form 8-A/A-1 (File
No. 0-13307) and incorporated herein by reference).
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000731940
<NAME> THE NEW IBERIA BANCORP, INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 10,124,489
<INT-BEARING-DEPOSITS> 187,497,877
<FED-FUNDS-SOLD> 8,884,823
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 26,431,213
<INVESTMENTS-CARRYING> 56,404,130
<INVESTMENTS-MARKET> 57,851,070
<LOANS> 140,060,545
<ALLOWANCE> 3,324,433
<TOTAL-ASSETS> 247,167,512
<DEPOSITS> 221,351,942
<SHORT-TERM> 1,778,026
<LIABILITIES-OTHER> 1,571,468
<LONG-TERM> 0
<COMMON> 9,500,500
0
0
<OTHER-SE> 12,965,576
<TOTAL-LIABILITIES-AND-EQUITY> 247,167,512
<INTEREST-LOAN> 3,110,564
<INTEREST-INVEST> 1,380,442
<INTEREST-OTHER> 152,732
<INTEREST-TOTAL> 4,643,738
<INTEREST-DEPOSIT> 2,014,083
<INTEREST-EXPENSE> 2,037,188
<INTEREST-INCOME-NET> 2,606,550
<LOAN-LOSSES> 150,110
<SECURITIES-GAINS> 1,010
<EXPENSE-OTHER> 2,040,231
<INCOME-PRETAX> 958,348
<INCOME-PRE-EXTRAORDINARY> 958,348
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 647,383
<EPS-PRIMARY> .32
<EPS-DILUTED> .32
<YIELD-ACTUAL> 4.54
<LOANS-NON> 152,655
<LOANS-PAST> 132,334
<LOANS-TROUBLED> 596,865
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,302,770
<CHARGE-OFFS> 148,498
<RECOVERIES> 20,051
<ALLOWANCE-CLOSE> 3,324,433
<ALLOWANCE-DOMESTIC> 3,324,433
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
