SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1996
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file Number 0-12709
LIBERTY BANCORP, INC.
(Exact Name of Registrant as specified in its charter)
Oklahoma 73-1218204
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
100 North Broadway
Oklahoma City, OK 73102
(Address of principal executive offices)
(Zip Code)
(405) 231-6000
(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 (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 CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of August 13, 1996
----- -----------------------------------
Common Stock 9,461,931
FORM 10-Q
For the The Quarterly Period Ended June 30, 1996
CROSS-REFERENCE INDEX
Reference Page(s)
Quarterly Report on
Form 10-Q
PART I FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
PART II OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
ITEM 2 CHANGES IN SECURITIES
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS
ITEM 5 OTHER INFORMATION
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS Liberty Bancorp, Inc.
- -------------------------------------------------------------------------------
June 30
(In thousands, Six Months Ended Three Months Ended
except share data) 1996 1995 1996 1995
- -------------------------------------------------------------------------------
For the Second Quarter
Total revenues $ 121,891 $ 119,341 $ 61,795 $ 60,008
Net interest income 45,021 40,650 22,946 21,612
Provision for loan losses 2,890 _ 1,715 _
Trust fees 8,254 7,768 4,120 3,824
Mortgage banking income 3,280 3,004 1,565 1,486
Other noninterest income 18,850 22,314 10,056 10,114
Noninterest expense 54,314 56,154 27,426 28,068
Income before provision
for income taxes 18,201 17,582 9,546 8,968
Provision for income taxes 5,501 5,578 2,897 2,869
Net income 12,700 12,004 6,649 6,099
Per share data _ primary
and fully-diluted
Net income 1.28 1.22 .67 .62
Cash dividends declared .50 .40 .25 .20
- -------------------------------------------------------------------------------
At June 30
Loans $1,424,596 $1,279,336 $1,424,596 $1,279,336
Earning assets 2,478,829 2,237,376 2,478,829 2,237,376
Assets 2,962,718 2,702,864 2,962,718 2,702,864
Deposits 2,350,363 2,089,971 2,350,363 2,089,971
Total shareholders'
investment 265,878 252,956 265,878 252,956
Book value per common share 28.10 26.68 28.10 26.68
- -------------------------------------------------------------------------------
Average Balances
Loans $1,407,846 $1,206,587 $1,414,577 $1,240,910
Earning assets 2,415,334 2,320,676 2,408,777 2,317,935
Assets 2,817,945 2,726,040 2,804,289 2,718,312
Deposits 2,311,735 2,211,397 2,308,182 2,205,824
Total shareholders'
investment 269,139 244,681 267,805 249,725
- -------------------------------------------------------------------------------
Ratios
Capital ratios
Leverage 9.15% 8.49% 9.15% 8.49%
Risk-based 14.26 14.38 14.26 14.38
Average shareholders'
investment as a % of
average total assets 9.55 8.98 9.55 9.19
Average earning assets as
a % of average total
assets 85.71 85.13 85.90 85.27
Rate of return on
Average earning assets 1.06 1.04 1.11 1.06
Average total assets .91 .89 .95 .90
Average total share-
holders' investment 9.49 9.89 9.99 9.80
Dividend payout ratio 39.06 32.79 37.31 32.26
Operating efficiency ratio 72.50 81.51 72.21 78.34
Provision for loan losses
as a % of average loans .41 _ .49 _
FINANCIAL REVIEW
Liberty Bancorp, Inc. and its subsidiaries ("Liberty") provide a broad
range of banking and financial services to meet the diverse needs of
individual and corporate customers in the Oklahoma City and Tulsa metropolitan
areas, Oklahoma and the Mid-America region. Liberty Bank and Trust Company of
Oklahoma City, N.A. ("Liberty Oklahoma City") and Liberty Bank and Trust
Company of Tulsa, N.A. ("Liberty Tulsa") are Liberty's principal subsidiaries.
Liberty Mortgage Company, a subsidiary of Liberty Oklahoma City, engages in
mortgage banking activities.
Liberty has twenty nine full-service banking locations in Oklahoma from
which it provides its financial services. These locations are in Oklahoma
City, Tulsa, Edmond, Norman, Choctaw, Jenks, Harrah and Midwest City. In
addition, it has three limited service detached drive-in facilities in Oklahoma
City, Tulsa and Norman. Liberty Mortgage Company ("LMC") conducts residential
mortgage operations from the main Liberty Oklahoma City location, three
branches and a correspondent network with community banks within the state.
The LMC branch locations are in Oklahoma City, Tulsa and Enid, Oklahoma.
Commercial mortgage operations are available at the main bank location of
Liberty Oklahoma City and the LMC branch in Tulsa.
The banking industry, both locally and nationally, is experiencing an
expansion and consolidation trend which most likely will continue to present
acquisition opportunities. Liberty will systematically evaluate these
possibilities for the acquisition of smaller institutions as well as potential
combinations with larger institutions to determine whether they may offer the
potential for further enhancing shareholder value and otherwise meeting
Liberty's corporate objectives..
This Financial Review should be read in conjunction with the consolidated
financial statements, notes to the consolidated financial statements and the
supplemental statistical and financial data presented elsewhere in this report.
Performance Summary: First Six Months of 1996
Compared to First Six Months of 1995
For the first six months of 1996, Liberty reported net income of $12.7
million or $1.28 per common share. This compares to net income of $12.0
million or $1.22 per common share for the first six months of 1995. The
increase in net income for the first six months of 1996 is primarily due to an
increase in net interest income and reduced deposit insurance assessments.
These increases to income have been partially offset by lower net securities
gains and a $2.9 million provision for loan losses.
Net Interest Income
On a tax-equivalent basis, net interest income increased $4.5 million or
10.8% in the first six months of 1996 to $46.3 million compared to $41.8
million for the first six months of 1995. The increase is primarily due to the
continued increase in higher yielding loan levels as well as a decrease in
lower-yielding taxable securities. The net interest margin for the first six
months of 1996 increased to 3.86% from 3.64% in the first six months of 1995.
Tax-equivalent interest income increased $5.4 million to $92.8 million for
the first six months of 1996 compared to $87.4 million in the same period of
1995 due primarily to a $201 million increase in average loan volumes and a
$136.6 million increase in average federal funds sold. While the national
average prime rate for the first six months of 1996 was 60 basis points lower
than the same period in 1995, Liberty's yield on loans only declined 18 basis
points due to the significant increase in fixed-rate retail-based loans and the
upward repricing of loans as the fixed-rate portion of the portfolio turned
over. Funding for the increased loan and federal funds sold levels was
provided by taxable investment securities sales and maturities not reinvested
and by increased deposit levels. Taxable securities averaged $267.9 million
below the first six months of 1995 but the yield improved 41 basis points from
6.1% to 6.5% as maturities not used to fund the increased loan demand were
invested in higher yielding securities. These yield and volume mix changes
resulted in the yield on average earning assets increasing from 7.6% in 1995 to
7.7% in 1996.
Total interest expense increased $881 thousand to $46.5 million for the
first six months of 1996 compared to $45.6 million for the same period in 1995.
This slight increase was primarily attributable to an increase of $94.7 million
in average interest-bearing deposits. This increase occurred primarily in
money market account deposits and also in large time deposits. Liberty's cost
of funds remained at 4.9% for the first six months of 1996 and 1995.
Noninterest Income
Noninterest income for the first six months of 1996 decreased $2.7 million
or 8.2% from the first six months of 1995. The largest factor of this decrease
was in net securities gains which decreased $4.2 million due to sales of equity
and available for sale securities in the first half of 1995. Net securities
gains for the first six months of 1996 totaled $1.8 million compared to $6.0
million for the same period of 1995. Other changes from the first six months
of 1995 included service charges on deposits which increased $544 thousand,
trust fees which increased $486 thousand and mortgage banking income which
increased $276 thousand.
Noninterest Expense
Noninterest expense decreased $1.8 million or 3.3% to $54.3 million for
the first six months of 1996 compared to $56.2 million for the same period one
year ago. The largest decrease was in the deposit insurance assessment which
decreased $2.3 million or 97.0% in 1996, due to insurance rate reductions in
the last half of 1995. The insurance rates on highly capitalized commercial
banks of $.23 per hundred dollars of deposits in the Bank Insurance Fund were
reduced to zero at the beginning of 1996 but remained at the same rate on a
small amount of Savings Association Insurance Fund deposit accounts.
Salaries and employee benefits increased $1.7 million, partially as a
result of increased expenses relating to management incentive and bonus plans.
Data processing expense increased $360 thousand due to additional contractual
expenses with Liberty's facilities manager. Other noninterest expense
decreased $1.3 million or 19.4%. Liberty made a provision in the first half of
1995 for $1.8 million to cover expenses related to anticipated payments,
settlements and costs of various matters, including legal proceedings which
occurred in the ordinary course of business. A similar provision was made in
the first quarter of 1996 for $102 thousand. Liberty also increased its
charitable contributions in the first half of 1996 by $411 thousand.
Net income from the operation of other real estate and assets owned
("OREO") amounted to $1.3 million and $679 thousand for the first six months of
1996 and 1995, respectively. The results of the operation of OREO include
operating income generated and gains from the sale of OREO properties, reduced
by expenses related to the operation of OREO. Included in income from the
operation of OREO for the six months ended June 30, 1996 are $1.1 million in
gains from the sale of OREO and $161 thousand of other gross income on OREO
properties. This compares with gains of $729 thousand and other gross income
of $76 thousand for the first six months of 1995.
Liberty's operating efficiency ratio for the first six months of 1996
improved to 72.5% compared to 81.5% in 1995. The operating efficiency ratio is
defined as noninterest expense as a percent of net interest income on a tax
equivalent basis plus noninterest income less security gains or losses.
Income Taxes
Liberty recorded $5.5 million in income tax expense (30% effective tax
rate) for the first six months of 1996. This compares to an income tax expense
of $5.6 million for the first six months of 1995. It is anticipated that
future effective income tax rates will approximate the statutory rate less the
effects of permanent differences, primarily tax-exempt interest income.
At December 31, 1995, Liberty had net operating loss carryforwards
available to offset future state taxable income of approximately $80 million.
Given a long history of generating operating losses for state income tax
purposes, it was previously determined that it was more likely than not that
Liberty would not be able to utilize a substantial portion of these net
operating loss carryforwards prior to their expiration.
Beginning in 1996, Liberty undertook an analysis to determine ways it may
be able to generate sufficient state taxable income in order to utilize these
net operating loss carryforwards. Although the analysis has not been
completed, it appears, given the level of income Liberty has generated in 1996
as well as the ability to employ selected tax planning strategies, that the
generation of state taxable income sufficient to utilize all or a substantial
portion of the net operating losses is a strong possibility. Liberty plans to
complete its analysis in the third quarter of 1996 and make appropriate
adjustments to the valuation allowance established previously for state net
operating loss carryforwards at that time.
Performance Summary: Second Quarter of 1996
Compared to Second Quarter 1995
During the second quarter of 1996 the Company reported net income of $6.6
million or $.67 per common share compared to net income of $6.1 million or $.62
per share for the second quarter of 1995. The primary changes between periods
were in net interest income, the provision for loan losses, the deposit
insurance assessment and employee salaries and benefits.
Net Interest Income
On a tax-equivalent basis, net interest income for the second quarter of
1996 increased $1.4 million or 6.3% to $23.6 million from $22.2 million in the
second quarter of 1995. The tax-equivalent net interest margin was 3.94% for
the second quarter of 1996 compared to 3.84% for the same period one year ago.
Tax-equivalent interest income increased $1.5 million to $46.7 million for
the second quarter of 1996 compared to $45.2 million in the same period of
1995. The increase is due primarily to increased levels of earning assets,
primarily loans and federal funds sold which were partially funded through
sales and maturities of taxable securities. While the national average prime
rate for the second quarter of 1996 was 75 basis points lower than the same
period in 1995, Liberty's yield on loans only declined 35 basis points due to
the significant increase in fixed-rate retail-based loans and the upward
repricing of loans as the fixed-rate portion of the portfolio turned over.
Taxable securities averaged $238.2 million below the second quarter of 1995 but
the yield improved 35 basis points from 6.2% to 6.6% as maturities not used to
fund the increased loan demand were invested in higher yielding securities.
The yield on average earning assets decreased slightly from 7.82% to 7.80%.
Total interest expense amounted to $23.1 million for the second quarter of
1996 compared to $23.0 million in the same period of 1995. While interest-
bearing liabilities increased for the second quarter of 1996, primarily in the
time deposit area, the impact was generally offset by decreased interest rates.
The cost of funds decreased to 4.84% in the second quarter of 1996 from 4.99%
the previous year.
Noninterest Income
Noninterest income increased $317 thousand or 2.1% in the second quarter
of 1996 compared to the second quarter of 1995, primarily due to higher trust
fees and service charges on deposits. These increases were partially offset by
lower net securities gains which decreased from $1.8 million in the second
quarter of 1995 to $1.3 million in the same period of 1996.
Noninterest Expense
Noninterest expense decreased $642 thousand or 2.3% during the second
quarter 1996 as compared to the same period in 1995. The largest factor was a
$1.1 million reduction in the deposit insurance assessment as explained in the
year-to-date analysis. Other noninterest expense also decreased $591 thousand,
largely as a result of a $940 provision in 1995 to cover expenses as explained
in the year-to-date analysis. These savings were partially offset by increases
in salaries and employee benefits due to increased expenses relating to
management incentive and bonus plans and the employee medical plan.
Credit Risk Management
Nonperforming assets include nonperforming loans and other real estate and
assets owned net of reserves. Total nonperforming assets have decreased $5.1
million or 29.6% since year-end 1995 as shown in the following table.
- -------------------------------------------------------------------------------
Nonperforming Assets
- -------------------------------------------------------------------------------
6/30/96 12/31/95 6/30/95
- -------------------------------------------------------------------------------
Nonperforming loans
Nonaccrual $ 6,419 $ 9,878 $ 5,646
Restructured 646 690 _
Past due 90 days or more 2,683 2,975 1,845
- -------------------------------------------------------------------------------
Total nonperforming loans 9,748 13,543 7,491
Other real estate and assets owned 2,421 3,731 3,286
- -------------------------------------------------------------------------------
Total nonperforming assets $12,169 $17,274 $10,777
===============================================================================
At June 30, 1996, total nonperforming loans and gross OREO were .9% of
total loans and other real estate and assets owned and .4% of total assets.
Nonperforming loans at June 30, 1996 represented .7% of total loans. Of the
nonperforming loans at June 30, 1996, 26.7% were real estate-related.
Reserve for Loan Losses
The reserve for loan losses at June 30, 1996 was 171.2% of total
nonperforming loans and 1.17% of total loans. A $2.9 million provision was
made in the first half of 1996. As loans continue to increase, Liberty expects
to continue to provide additional reserves for the foreseeable future. No
provisions for loan losses were made during the first six months of 1995. Loan
charge-offs, presented in the following table, have increased $1.7 million due
to increases in charge-offs associated with loans in the retail sector. As
national trends in financial institutions are indicating and Liberty has also
experienced in recent months, charge-offs of loans-to-individuals have
increased compared to the same period in 1995. Accordingly, Liberty continues
to evaluate the need for additional reserves in this sector. The following
table summarizes the reserve for loan loss activity for the first six months of
1996 and 1995:
- -------------------------------------------------------------------------------
Reserve for Loan Losses
- -------------------------------------------------------------------------------
(In thousands) 1996 1995
- -------------------------------------------------------------------------------
Balance at January 1 $16,483 $19,081
Additions
Recoveries 437 528
Provisions 2,890 _
Less _ Charge-offs (3,120) (1,443)
- -------------------------------------------------------------------------------
Balance at June 30 $16,690 $18,166
===============================================================================
Liberty classifies certain loans as "impaired" and measures these loans
based on the present value of expected future cash flows discounted at the
loan's original effective interest rate. As a practical expedient, impairment
may be measured based on the loan's observable market price or the fair value
of the collateral if the loan is collateral dependent. When the measure of the
impaired loan is less than the recorded investment in the loan, the impairment
is recorded through a valuation allowance.
At June 30, 1996, Liberty had a recorded investment of $7.1 million in
loans classified as impaired, of which $3.1 million required a valuation
allowance of $457 thousand which is included as a component of the reserve for
loan losses. Interest income on impaired loans has been recorded by Liberty in
a manner consistent with its income recognition policies for other loans.
The reserve for loan losses, theoretically, adjusts the value of the loan
portfolio to its realizable value by covering the inherent losses in the
portfolio. In practice, this valuation can never be precise. Changing or
uncertain economic conditions can lead to reevaluations of the adequacy of the
reserve. Current economic conditions are uncertain and Liberty plans to
evaluate the adequacy of its reserve, as always, in light of current conditions
and anticipated trends. Liberty has used a range method for many years in
determining reserve adequacy. This method allows adjustments to the reserve to
reflect loan review's and management's assessment of the loss inherent in the
loan portfolio as economic conditions change and historic loss data is
evaluated.
Other Real Estate and Assets Owned
Net OREO decreased $1.3 million or 35.1% since year-end 1995 and $865
thousand or 26.3% from June 30, 1995. These reductions have primarily been the
result of sales. Net OREO at June 30, 1996 was $2.4 million.
The following table illustrates the changes in the reserve for OREO for
the first six months of 1996 and 1995:
- -------------------------------------------------------------------------------
Reserve for Losses on Other Real Estate and Assets Owned
- -------------------------------------------------------------------------------
(In thousands) 1996 1995
- -------------------------------------------------------------------------------
Balance at January 1 $856 $1,042
Provisions for losses _ _
Charge-offs (55) (50)
- -------------------------------------------------------------------------------
Balance at June 30 $801 $992
===============================================================================
Asset and Liability Management
Liberty's overall liquidity is more than adequate to meet its foreseeable
funding needs. Sufficient sources of asset based liquidity, such as marketable
securities and federal funds sold, are available to meet the planned loan
growth and other short-term needs of the Company. Retail deposits are also a
major source of funds, but wholesale funding sources such as federal funds
purchased and other borrowings are also used to provide liquidity. While funds
are readily available, the competition for deposits is significant from other
banks and nonbanking investment products causing an upward pressure on cost of
funds. However, Liberty's costs of funds are commensurate with local
competition.
As a result of lower levels of investment securities and increased deposit
levels, Liberty was a net seller of federal funds and securities under
repurchase agreements averaging $77.0 million for the first six months of 1996
compared to being a net purchaser of $80.7 million for the same period in 1995.
Net loans as a percentage of deposits average 60.2% during the first six months
of 1996 compared to 53.7% for the same period in 1995. These amounts and
percentages are within the Company's liquidity and interest rate risk policies.
Due to the increase in loan volume, restructuring of the available for sale
portfolio into higher yields and more stable cost of funds, Liberty's net
interest margin has improved significantly in 1996 compared to the first six
months of 1995.
Capital Funds
Shareholders' investment of $265.8 million as a percentage of total assets
was 9.0% at June 30, 1996 compared to $268.9 million or 9.2% at December 31,
1995 and $253.0 million or 9.4% at June 30, 1995. The valuation of available
for sale securities included in shareholders' investment, net of tax, at June
30, 1996 declined $10.6 million from year-end 1995. Net earnings retained for
the first six months of 1996 amounted to $8.0 million.
Liberty's capital base remains more than adequate with a leverage ratio of
9.15% on Tier 1 capital of $255.5 million at June 30, 1996 compared to 9.02% on
$245.0 million at December 31, 1995 and 8.49% on $228.7 million at June 30,
1995. Liberty had a risk-based capital ratio at June 30, 1996 of 14.26%. This
compares to 13.97% at December 31, 1995 and 14.38% at June 30, 1995. Liberty
Oklahoma City and Liberty Tulsa had risk-based capital ratios at June 30, 1996
of 14.36% and 12.11%, respectively. The Federal Deposit Insurance Corporation
assesses insurance premiums based in part on the level of capital with banks
which are "well capitalized" paying assessments at lower rates. Liberty's and
its subsidiary banks' capital ratios are significantly higher than the current
guidelines and the subsidiary banks are "well capitalized" for deposit
insurance assessment purposes.
Parent Company Funding Sources and Dividends
At June 30, 1996, the parent company had cash and interest-bearing
deposits of $10.3 million compared to $1.1 million at year-end 1995 and $9.2
million at June 30, 1995. The primary changes in the funding position of the
parent company since year end 1995 were the intercompany tax settlement, net of
estimated tax payments, totaling $6.1 million and intercompany dividends
totaling $5.0 million.
The parent company's ability to fund various operating expenses and
dividends is generally dependent on parent-only earning power, cash reserves
and funds derived from its subsidiaries, principally Liberty Oklahoma City and
Liberty Tulsa. These funds historically have been provided primarily by in-
tercompany dividends and management fees. Management fees are generally
limited to reimbursement of actual expenses. It is anticipated that the parent
company's recurring cash sources will continue to include management fees from
subsidiaries, proceeds from the sale of other assets (principally other real
estate and assets owned) and retained rights to any gains from the sales of
mortgage servicing and other assets. Dividends are paid by the subsidiary
banks from time to time to support the parent company's activities. Liberty
Oklahoma City and Liberty Tulsa are limited in their ability to pay dividends
based on applicable provisions of the National Bank Act pertaining to earnings
and undivided profits. As of June 30, 1996 the ability of Liberty Oklahoma
City and Liberty Tulsa to pay dividends without regulatory approval was limited
to $31.8 million and $5.7 million, respectively.
Liberty paid cash dividends of $4.7 million or $.50 per share in the first
six months of 1996. This compares to cash dividends in the first six months of
1995 of $3.8 million or $.40 per share. It is expected that such cash
dividends will continue if justified by Liberty's earnings, capital adequacy
and financial condition.
In management's opinion, the parent company's current liquidity and cash
sources are anticipated to be adequate to meet its obligations in the near
term.
- -------------------------------------------------------------------------------
SELECTED STATISTICAL INFORMATION Liberty Bancorp, Inc.
- -------------------------------------------------------------------------------
Consolidated Summary of Quarterly Financial Information
- -------------------------------------------------------------------------------
(In thousands, except per share data)
- -------------------------------------------------------------------------------
For quarter ended 6/30/96 3/31/96 12/31/95 9/30/95 6/30/95
- -------------------------------------------------------------------------------
Interest income $46,054 $45,453 $45,298 $44,513 $44,584
Interest income (tax equivalent) 46,696 46,115 45,972 45,143 45,165
Interest expense 23,108 23,378 23,254 22,956 22,972
Net interest income 22,946 22,075 22,044 21,557 21,612
Provision for loan losses 1,715 1,175 1,150 200 _
Trust fees 4,120 4,134 4,021 4,127 3,824
Mortgage banking income 1,565 1,715 1,489 1,645 1,486
Other noninterest income 10,056 8,794 10,115 9,534 10,114
Noninterest expense 27,426 26,888 26,718 25,571 28,068
Net income 6,649 6,051 6,678 7,511 6,099
Net income per share .67 .61 .68 .76 .62
Common stock price range
High 37.25 38.75 38.88 37.25 35.75
Low 35.25 35.75 36.25 32.25 29.75
Close 35.50 37.00 37.25 36.75 32.50
At Quarter End
Shares of common stock,
net of treasury stock
Outstanding 9,462 9,468 9,467 9,468 9,482
Fully-diluted 9,902 9,933 9,875 9,871 9,866
<TABLE>
Average Balances/Net Interest Margin/Rates (1)
<CAPTION>
- ------------------------------------------------------------------------------------------------
For the year-to-date 1996 1995
- ------------------------------------------------------------------------------------------------
Average Average Average Average
(In thousands) Balance Interest Rate Balance Interest Rate
- ----------------------------------- ----------- --------- -------- ----------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Assets
Loans (2) $1,407,846 $60,710 8.67% $1,206,587 $52,937 8.85%
Investment securities (3)
Taxable 723,705 23,521 6.54 991,642 30,160 6.13
Nontaxable 79,647 3,142 7.93 63,020 2,506 8.02
Trading account securities 11,593 332 5.76 3,466 127 7.39
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total securities 814,945 26,995 6.66 1,058,128 32,793 6.25
Federal funds sold and securities
purchased under agreements to
resell and other 192,543 5,106 5.33 55,961 1,685 6.07
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total earning assets 2,415,334 92,811 7.73 2,320,676 87,415 7.60
Cash and due from banks-
noninterest-bearing 264,720 258,079
Reserve for loan losses (16,496) (18,802)
Other assets 154,387 166,087
---------- ----------
Total assets $2,817,945 $2,726,040
========== ==========
Liabilities and Shareholders'
Investment
Interest-bearing deposits
Savings and money market
accounts $ 807,358 $14,269 3.55% $ 781,689 $14,360 3.70%
Other time deposits 911,673 26,748 5.90 842,659 24,337 5.82
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total interest-bearing deposits 1,719,031 41,017 4.80 1,624,348 38,697 4.80
Federal funds purchased and
securities sold under agreements
to repurchase 114,930 2,911 5.09 135,898 3,862 5.73
Other borrowings 89,910 2,558 5.72 105,854 3,046 5.80
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total interest-bearing
liabilities 1,923,871 46,486 4.86 1,866,100 45,605 4.93
Demand deposits 592,704 587,049
Other liabilities 32,231 28,210
Shareholders' investment 269,139 244,681
---------- ----------
Total liabilities and
shareholders' investment $2,817,945 $2,726,040
========== ==========
Interest income/earning assets $92,811 7.73% $87,415 7.60%
Interest expense/earning assets 46,486 3.87 45,605 3.96
------- ----- ------- -----
Net interest margin $46,325 3.86% $41,810 3.64%
======= ===== ======= =====
<FN>
(1) Income and rates shown on a tax-equivalent basis have been computed based on the statutory rate of 35% for 1995, 1994 and 1993
and 34% for the years 1992 and 1991.
(2) Includes nonaccrual loans.
(3) Includes available for sale securities at amortized cost for all years presented.
</TABLE>
<TABLE>
Average Balances/Net Interest Margin/Rates (1)
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Three months ended June 30, 1996 March 31, 1996 December 31, 1995
- --------------------------------------------------------------------------------------------------------------------------------
Average Average Average Average Average Average
(In thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
- ----------------------------------- ----------- --------- -------- ----------- ---------- --------- ----------- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Loans (2) $1,414,577 $30,774 8.75% $1,401,115 $29,936 8.59% $1,381,156 $30,565 8.78%
Investment securities (3)
Taxable 718,576 11,779 6.59 728,833 11,742 6.48 750,365 12,041 6.37
Nontaxable 78,519 1,557 7.98 80,776 1,585 7.89 78,866 1,572 7.91
Trading account securities 18,280 255 5.61 4,906 77 6.31 5,391 89 6.55
- ----------------------------------- ---------- ------- ----- ---------- ------- ----- ----------- ------- -----
Total securities 815,375 13,591 6.70 814,515 13,404 6.62 834,622 13,702 6.51
Federal funds sold and securities
purchased under agreements to
resell and other 178,825 2,331 5.24 206,261 2,775 5.41 118,116 1,705 5.73
- ----------------------------------- ---------- ------- ----- ---------- ------- ----- ----------- ------- -----
Total earning assets 2,408,777 46,696 7.80 2,421,891 46,115 7.66 2,333,894 45,972 7.81
Cash and due from banks-
noninterest-bearing 253,630 275,813 274,582
Reserve for loan losses (16,433) (16,559) (16,333)
Other assets 158,315 150,458 146,823
----------- ----------- -----------
Total assets $2,804,289 $2,831,603 $2,738,966
=========== =========== ===========
Liabilities and Shareholders'
Investment
Interest-bearing deposits
Savings and money market
accounts $ 801,890 $ 7,114 3.57% $ 812,827 $ 7,155 3.54% $ 789,463 $ 7,373 3.71%
Other time deposits 924,342 13,413 5.84 899,003 13,335 5.97 818,085 12,349 5.99
- ----------------------------------- ---------- ------- ----- ---------- ------- ----- ----------- ------- -----
Total interest-bearing deposits 1,726,232 20,527 4.78 1,711,830 20,490 4.81 1,607,548 19,722 4.87
Federal funds purchased and
securities sold under agreements
to repurchase 113,469 1,420 5.03 116,391 1,491 5.15 131,932 1,846 5.55
Other borrowings 80,836 1,161 5.78 98,983 1,397 5.68 114,146 1,686 5.86
- ----------------------------------- ---------- ------- ----- ---------- ------- ----- ----------- ------- -----
Total interest-bearing
liabilities 1,920,537 23,108 4.84 1,927,204 23,378 4.88 1,853,626 23,254 4.98
Demand deposits 581,950 603,461 592,442
Other liabilities 33,997 30,465 30,862
Shareholders' investment 267,805 270,473 262,036
---------- ---------- ----------
Total liabilities and
shareholders' investment $2,804,289 $2,831,603 $2,738,966
========== ========== ==========
Interest income/earning assets $46,696 7.80% $46,115 7.66% $45,972 7.81%
Interest expense/earning assets 23,108 3.86 23,378 3.88 23,254 3.95
--------- ----- ------- ----- ------- -----
Net interest margin $23,588 3.94% $22,737 3.78% $22,718 3.86%
========= ===== ======= ===== ======= =====
<FN>
(1) Income and rates shown on a tax-equivalent basis have been computed based on the statutory rate of 35%.
(2) Includes nonaccrual loans.
(3) Includes available for sale securities at amortized cost for all years presented.
</TABLE>
<TABLE>
Average Balances/Net Interest Margin/Rates (1)
<CAPTION>
- ------------------------------------------------------------------------------------------------
Three months ended September 30, 1995 June 30, 1995
- ------------------------------------------------------------------------------------------------
Average Average Average Average
(In thousands) Balance Interest Rate Balance Interest Rate
- ----------------------------------- ----------- --------- -------- ----------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Assets
Loans (2) $1,334,004 $29,648 8.82% $1,240,910 $28,154 9.10%
Investment securities (3)
Taxable 821,480 13,174 6.36 956,804 14,875 6.24
Nontaxable 71,262 1,418 7.89 62,384 1,241 7.98
Trading account securities 3,661 64 6.94 3,766 70 7.46
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total securities 896,403 14,656 6.49 1,022,954 16,186 6.35
Federal funds sold and securities
purchased under agreements to
resell and other 55,824 839 5.96 54,071 825 6.12
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total earning assets 2,286,231 45,143 7.83 2,317,935 45,165 7.82
Cash and due from banks-
noninterest-bearing 255,621 252,626
Reserve for loan losses (18,545) (18,625)
Other assets 157,210 166,376
---------- ----------
Total assets $2,680,517 $2,718,312
========== ==========
Liabilities and Shareholders'
Investment
Interest-bearing deposits
Savings and money market
accounts $ 782,762 $ 7,303 3.70% $ 787,954 $ 7,318 3.73%
Other time deposits 780,445 11,805 6.00 824,703 12,248 5.96
Total interest-bearing deposits 1,563,207 19,108 4.85 1,612,657 19,566 4.87
Federal funds purchased and
securities sold under agreements
to repurchase 121,319 1,705 5.58 129,446 1,859 5.76
Other borrowings 146,610 2,143 5.80 103,734 1,547 5.98
- ----------------------------------- ---------- ------- ----- ---------- ------- -----
Total interest-bearing
liabilities 1,831,136 22,956 4.97 1,845,837 22,972 4.99
Demand deposits 563,629 593,167
Other liabilities 30,393 29,583
Shareholders' investment 255,359 249,725
---------- ----------
Total liabilities and
shareholders' investment $2,680,517 $2,718,312
========== ==========
Interest income/earning assets $45,143 7.83% $45,165 7.82%
Interest expense/earning assets 22,956 3.98 22,972 3.98
------- ----- ------- -----
Net interest margin $22,187 3.85% $22,193 3.84%
======= ===== ======= =====
<FN>
(1) Income and rates shown on a tax-equivalent basis have been computed based on the statutory rate of 35%.
(2) Includes nonaccrual loans.
(3) Includes available for sale securities at amortized cost for all years presented.
</TABLE>
- -------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET Liberty Bancorp, Inc.
- -------------------------------------------------------------------------------
June 30, December 31, June 30,
(In thousands, except share data) 1996 1995 1995
- -------------------------------------------------------------------------------
Assets
Cash and due from banks
Noninterest-bearing $ 291,832 $ 299,473 $ 292,890
Interest-bearing 517 623 431
Federal funds sold and securities
purchased under agreements to resell 128,985 260,740 14,590
- -------------------------------------------------------------------------------
Total cash and cash equivalents 421,334 560,836 307,911
- -------------------------------------------------------------------------------
Trading securities 85,888 8,689 3,047
Investment securities
Available for sale 656,329 594,979 489,822
Held to maturity 162,541 192,687 431,906
Equity 19,973 19,757 18,244
- -------------------------------------------------------------------------------
Total investment securities 838,843 807,423 939,972
- -------------------------------------------------------------------------------
Loans 1,424,596 1,404,214 1,279,336
Less: Reserve for loan losses (16,690) (16,483) (18,166)
- -------------------------------------------------------------------------------
Loans, net 1,407,906 1,387,731 1,261,170
- -------------------------------------------------------------------------------
Property and equipment, net 63,719 65,733 67,639
Accounts receivable 57,896 10,969 33,107
Accrued income receivable 28,169 27,165 26,221
Deferred tax asset, net 10,582 7,740 14,417
Other real estate and assets owned, net 2,421 3,731 3,286
Other assets 45,960 42,527 46,094
- -------------------------------------------------------------------------------
Total assets $2,962,718 $2,922,544 $2,702,864
===============================================================================
Liabilities and Shareholders' Investment
Deposits
Noninterest-bearing $ 645,117 $ 590,056 $ 550,319
Interest-bearing 1,705,246 1,732,522 1,539,652
- -------------------------------------------------------------------------------
Total deposits 2,350,363 2,322,578 2,089,971
- -------------------------------------------------------------------------------
Other borrowings
Federal funds purchased and securities
sold under agreements to repurchase 161,491 171,739 125,041
Other 147,226 128,267 183,178
- -------------------------------------------------------------------------------
Total other borrowings 308,717 300,006 308,219
- -------------------------------------------------------------------------------
Accrued interest, expenses and taxes 22,643 23,275 21,130
Accounts payable 14,214 6,888 29,469
Other liabilities 903 903 1,119
- -------------------------------------------------------------------------------
Total liabilities 2,696,840 2,653,650 2,449,908
- -------------------------------------------------------------------------------
Shareholders' Investment
Common stock ($.01 par value; 50,000,000
shares authorized) 95 95 95
- ------------------------------------------
June 30, Dec. 31, June 30,
1996 1995 1995
- ------------------------------------------
Shares
issued 9,488,428 9,488,428 9,488,428
Shares
out-
standing 9,461,931 9,467,012 9,481,741
Capital surplus 210,184 210,597 211,406
Retained earnings 58,540 50,578 40,182
Treasury stock, at cost _ 26,497 shares
at June 30, 1996, 21,416 shares at
December 31, 1995 and 6,687 shares at
June 30, 1995 (970) (768) (216)
Unrealized security gains (losses), net
of tax (604) 10,025 3,376
Deferred compensation (1,367) (1,633) (1,887
- -------------------------------------------------------------------------------
Total shareholders' investment 265,878 268,894 252,956
- -------------------------------------------------------------------------------
Total liabilities and shareholders'
investment $2,962,718 $2,922,544 $2,702,864
===============================================================================
The accompanying notes are an integral part of these consolidated financial
statements.
- -------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF INCOME Liberty Bancorp, Inc.
- -------------------------------------------------------------------------------
(In thousands, except share data) Six Months Ended Three Months Ended
June 30 1996 1995 1996 1995
- -------------------------------------------------------------------------------
Interest Income
Loans $60,533 $52,662 $30,698 $28,015
Investments
Taxable 23,521 30,160 11,779 14,875
Nontaxable 2,035 1,640 1,003 811
Trading 312 108 243 58
Federal funds sold and other 5,106 1,685 2,331 825
- -------------------------------------------------------------------------------
Total interest income 91,507 86,255 46,054 44,584
- -------------------------------------------------------------------------------
Interest Expense
Deposits 41,017 38,697 20,527 19,566
Other borrowings 5,469 6,908 2,581 3,406
- -------------------------------------------------------------------------------
Total interest expense 46,486 45,605 23,108 22,972
- -------------------------------------------------------------------------------
Net Interest Income 45,021 40,650 22,946 21,612
Provision for loan losses 2,890 _ 1,715 _
- -------------------------------------------------------------------------------
Net Interest Income After Provision
for Loan Losses 42,131 40,650 21,231 21,612
- -------------------------------------------------------------------------------
Noninterest Income
Trust fees 8,254 7,768 4,120 3,824
Service charges on deposits 7,864 7,320 4,015 3,727
Mortgage banking income 3,280 3,004 1,565 1,486
Trading account profits
and commissions 2,047 1,922 1,036 934
Net securities gains 1,796 6,003 1,348 1,789
Credit card fees 1,306 1,187 631 570
Loan fees 767 802 416 444
Other 5,070 5,080 2,610 2,650
- -------------------------------------------------------------------------------
Total noninterest income 30,384 33,086 15,741 15,424
- -------------------------------------------------------------------------------
Noninterest Expense
Salaries 21,768 21,013 10,871 10,349
Employee benefits 5,445 4,522 2,815 2,172
Equipment 5,209 4,963 2,619 2,461
Occupancy, net 4,233 4,455 2,160 2,255
Data processing 3,795 3,435 1,916 1,844
Professional and other services 3,778 3,547 1,948 1,856
Printing, postage and supplies 2,646 2,835 1,373 1,441
Advertising and business development 2,126 1,891 1,135 957
Amortization of intangibles,including
purchased mortgage servicing rights 1,138 1,182 554 592
Deposit insurance assessments 70 2,329 33 1,175
Net income from operation of other
real estate and assets owned (1,261) (679) (799) (426)
Other 5,367 6,661 2,801 3,392
- -------------------------------------------------------------------------------
Total noninterest expense 54,314 56,154 27,426 28,068
- -------------------------------------------------------------------------------
Income Before Provision
for Income Taxes 18,201 17,582 9,546 8,968
Provision for income taxes 5,501 5,578 2,897 2,869
- -------------------------------------------------------------------------------
Net Income $12,700 $12,004 $ 6,649 $ 6,099
===============================================================================
Net Income Per Share -
Primary and Fully-Diluted $ 1.28 $ 1.22 $ .67 $ .62
===============================================================================
The accompanying notes are an integral part of these consolidated financial
statements.
<TABLE>
CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT Liberty Bancorp, Inc.
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Unrealized
Security Total
Common Capital Retained Treasury Gains Deferred Shareholders'
(Dollars in thousands) Stock Surplus Earnings Stock (Losses) Compensation Investment
- ----------------------------------------------- ------ ---------- --------- ----------- ------------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance January 1, 1995 $95 $211,733 $31,972 $ (435) $ (6,854) $(2,131) $234,380
Net income _ _ 12,004 _ _ _ 12,004
Dividends paid ($.40 per share) _ _ (3,794) _ _ _ (3,794)
Amortization of deferred compensation _ _ _ _ _ 244 244
Change in unrealized gains (losses) on
available for sale securities, net of tax _ _ _ _ 10,230 _ 10,230
Purchase of treasury stock (38,900 shares) _ _ _ (1,198) _ _ (1,198)
Treasury stock issued (46,228 shares) _ (327) _ 1,417 _ _ 1,090
- ----------------------------------------------- ------ ---------- --------- ----------- ------------- -------------- -----------
Balance June 30, 1995 $95 $211,406 $40,182 $ (216) $ 3,376 $(1,887) $252,956
=============================================== ====== ========== ========= =========== ============= ============== ===========
Balance January 1, 1996 $95 $210,597 $50,578 $ (768) $10,025 $(1,633) $268,894
Net income _ _ 12,700 _ _ _ 12,700
Dividends paid ($.50 per share) _ _ (4,738) _ _ _ (4,738)
Amortization of deferred compensation _ _ _ _ _ 266 266
Change in unrealized gains (losses) on
available for sale securities, net of tax _ _ _ _ (10,629) _ (10,629)
Purchase of treasury stock (46,759 shares) _ _ _ (1,716) _ _ (1,716)
Treasury stock issued (41,678 shares) _ (413) _ 1,514 _ _ 1,101
- ----------------------------------------------- ------ ---------- ---------- ---------- ------------- -------------- ---------
Balance June 30, 1996 $95 $210,184 $58,540 $ (970) $ (604) $(1,367) $265,878
=============================================== ====== ========== ========== ========== ============= ============== =========
<FN>
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
- -------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS Liberty Bancorp, Inc.
- -------------------------------------------------------------------------------
First six months (In thousands) 1996 1995
- -------------------------------------------------------------------------------
Cash provided (absorbed) by operating activities
Net income $ 12,700 $ 12,004
Adjustments to reconcile net income to net cash
provided (absorbed) by operating activities:
Provisions for losses 2,992 1,790
Provision for income taxes 5,501 5,578
Depreciation and amortization 5,706 5,330
Capitalization of originated mortgage
servicing rights (150) _
Net amortization of investment securities 1,911 2,648
Gain on sale of assets (5,239) (8,572)
Change in trading account securities (75,009) 18,462
Loans made for purposes of resale (60,053) (41,390)
Proceeds from sale of loans held for resale 43,546 20,705
Change in accrued interest, expenses and taxes,
accounts payable and other liabilities (2,274) (1,741)
Change in accrued income receivable,
accounts receivable and other assets (47,732) (3,269)
- -------------------------------------------------------------------------------
Net cash provided by operating activities (118,101) 11,545
===============================================================================
Cash provided (absorbed) by investing activities
Proceeds from maturities and paydowns on
Available for sale securities 224,795 99,313
Held to maturity securities 44,239 43,047
Proceeds from sales of
Available for sale securities 129,626 469,737
Equity securities - 5,152
Purchases of
Available for sale securities (431,966) (385,114)
Held to maturity securities (14,366) (61,579)
Equity securities (216) (765)
Change in net loans made by bank subsidiaries (7,115) (78,065)
Principal payments received on loans made by
parent company and nonbank subsidiaries 2,793 2,093
Loans made to customers by nonbank subsidiaries (2,050) (3,112)
Expenditures for property and equipment (1,409) (3,061)
Proceeds from sale of property and equipment 21 22
Sale proceeds and collections from other real estate
and assets acquired in settlement of loans 3,135 2,951
Purchases of mortgage servicing contracts (31) (158)
- -------------------------------------------------------------------------------
Net cash provided (absorbed) by investing
activities (52,544) 90,461
===============================================================================
Cash provided (absorbed) by financing activities
Change in savings and demand deposits 12,948 (198,219)
Change in time deposits 14,837 (85,997)
Change in short-term borrowings 8,711 78,067
Proceeds from issuance of common and treasury stock 1,101 1,090
Purchase of treasury stock (1,716) (1,198)
Dividends paid on common stock (4,738) (3,794)
-----------------------------------------------------------------------------
Net cash provided (absorbed) by
financing activities 31,143 (210,051)
=============================================================================
Net change in cash and cash equivalents (139,502) (108,045)
Cash and cash equivalents at beginning of year 560,836 415,956
------------------------------------------------------------------------------
Cash and cash equivalents at June 30 $ 421,334 $ 307,911
==============================================================================
Additional cash flow information
Interest paid $ 46,420 $ 46,524
Income tax paid 3,113 1,107
Noncash items included in investing activities
Net loans transferred to (from) other real estate
and assets owned 734 110
Loans made to finance the sale of other
real estate and assets owned 12 _
The accompanying notes are an integral part of these consolidated financial
statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Accounting Policies
The condensed financial statements included herein have been prepared by
Liberty Bancorp, Inc. ("Liberty") without audit, and include all adjustments
which, in the opinion of management, are of a normal recurring nature and are
necessary to present fairly the results of the interim periods, pursuant to the
rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures, normally included in financial statements
prepared in accordance with generally accepted accounting principles, have been
condensed or omitted pursuant to such rules and regulations. Certain
reclassifications have been made to provide consistent financial statement
classifications in the periods presented herein. Such reclassifications had no
effect on net income or total assets.
It is suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto included in
Liberty's 1995 annual report on Form 10-K.
Note 2 Earnings Per Share
Earnings per share are calculated using Liberty's weighted average common
and common-equivalent shares (primarily stock options) outstanding during the
periods. The weighted average number of shares used to compute primary and
fully-diluted earnings per share are presented below.
- -------------------------------------------------------------------------------
June 30 (In thousands) Six Months Ended Three Months Ended
- -------------------------------------------------------------------------------
1996 1995 1996 1995
- -------------------------------------------------------------------------------
Weighted average shares outstanding
Primary 9,924 9,828 9,916 9,839
Fully-diluted 9,924 9,837 9,916 9,845
Liberty 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.
LIBERTY BANCORP, INC.
/s/Mischa Gorkuscha
-------------------------------
Mischa Gorkuscha
Senior Vice-President and
Chief Financial Officer
(Principal Financial Officer)
Dated: August 14, 1996
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 291,832,000
<INT-BEARING-DEPOSITS> 517,000
<FED-FUNDS-SOLD> 128,985,000
<TRADING-ASSETS> 85,888,000
<INVESTMENTS-HELD-FOR-SALE> 656,329,000
<INVESTMENTS-CARRYING> 838,843,000
<INVESTMENTS-MARKET> 840,007,000
<LOANS> 1,424,596,000
<ALLOWANCE> 16,690,000
<TOTAL-ASSETS> 2,962,718,000
<DEPOSITS> 2,350,363,000
<SHORT-TERM> 308,717,000
<LIABILITIES-OTHER> 37,760,000
<LONG-TERM> 0
0
0
<COMMON> 95,000
<OTHER-SE> 265,783,000
<TOTAL-LIABILITIES-AND-EQUITY> 2,962,718,000
<INTEREST-LOAN> 60,533,000
<INTEREST-INVEST> 25,556,000
<INTEREST-OTHER> 5,418,000
<INTEREST-TOTAL> 91,507,000
<INTEREST-DEPOSIT> 41,017,000
<INTEREST-EXPENSE> 46,486,000
<INTEREST-INCOME-NET> 45,021,000
<LOAN-LOSSES> 2,890,000
<SECURITIES-GAINS> 1,796,000
<EXPENSE-OTHER> 54,314,000
<INCOME-PRETAX> 18,201,000
<INCOME-PRE-EXTRAORDINARY> 12,700,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,700,000
<EPS-PRIMARY> 1.28
<EPS-DILUTED> 1.28
<YIELD-ACTUAL> 3.86
<LOANS-NON> 6,419,000
<LOANS-PAST> 2,683,000
<LOANS-TROUBLED> 646,000
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 16,483,000
<CHARGE-OFFS> 3,120,000
<RECOVERIES> 437,000
<ALLOWANCE-CLOSE> 16,690,000
<ALLOWANCE-DOMESTIC> 16,690,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
