<PAGE>
THIS IS A CONFIRMING COPY OF FORM 10-Q
WHICH WAS MANUALLY FILED MAY 12, 1995,
FOR THE QUARTER ENDED MARCH 31, 1995.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1995 Commission File No. 0-4515
FIRSTIER FINANCIAL, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nebraska 47-0523055
- ---------------------------- ------------------------------------
(state or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or
organization)
1700 Farnam Street Omaha, Nebraska 68102-2183
------------------------------------------------
(address of principal executive offices)
402-348-6000
------------------
(Telephone Number)
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 such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for at least the past 90 days.
YES X NO
----- -----
Number of common shares outstanding as of May 10, 1995:
Common Stock, $5.00 par value: 18,465,278 shares outstanding.
<PAGE>
FIRSTIER FINANCIAL, INC.
INDEX
PART I. FINANCIAL INFORMATION Page No.
--------
Item 1. Financial Statements
Consolidated Condensed Balance Sheets -
March 31, 1995 and December 31, 1994......................... 1
Consolidated Statements of Income - Three months ended
March 31, 1995 and 1994...................................... *
Consolidated Statements of Retained Earnings - Three
months ended March 31, 1995 and 1994......................... *
Consolidated Statements of Cash Flows - Three
months ended March 31, 1995 and 1994......................... 2
Notes to Consolidated Financial Statements..................... 3-4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations........... 5-10
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...................... 11
Signatures..................................................... 11
* Incorporated in this quarterly report by reference to FirsTier Financial,
Inc.'s March 31, 1995 Quarterly Report to Stockholders (pages 4 and 6)
which is attached as an Exhibit to this quarterly report.
<PAGE>
FIRSTIER FINANCIAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
<S> <C> <C>
ASSETS ----------- -----------
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $239,830 251,756
Federal funds sold & securities purchased under resale agreements . . . . . . . . . . . . . 126,810 119,845
Securities available for sale (amortized cost $251,630 in 1995 and $250,811 in 1994). . . . 251,725 245,267
Investment securities (market value $732,147 in 1995 and $660,068 in 1994). . . . . . . . . 738,159 692,457
Loans and leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,211,228 2,149,268
Less allowance for loan & lease losses . . . . . . . . . . . . . . . . . . . . . . . . . . 52,989 53,250
----------- -----------
Loans and leases, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,158,239 2,096,018
----------- -----------
Premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,314 49,381
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,023 29,700
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,067 55,563
----------- -----------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,652,167 3,539,987
----------- -----------
----------- -----------
LIABILITIES
Demand, non-interest bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $478,632 560,025
Savings and interest checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 839,701 874,647
Time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,396,829 1,380,154
----------- ------------
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715,162 2,814,826
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,567 170,090
Federal Home Loan Bank borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,500 150,000
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,288 50,646
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,054 12,193
----------- -----------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300,571 3,197,755
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock-$30 par value; authorized 2,000,000 shares. . . . . . . . . . . . . . . . . - -
Common stock-$5 par value; authorized 40,000,000 shares; issued and outstanding:
18,814,695 shares in 1995 and 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,073 94,073
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,679 10,338
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,441 255,861
Net unrealized securities gains (losses). . . . . . . . . . . . . . . . . . . . . . . . . . -3 -3,583
----------- -----------
365,190 356,689
Less treasury stock, at cost 422,352 shares in 1995 and 455,050 shares in 1994. . . . . . . 13,594 14,457
----------- -----------
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,596 342,232
----------- -----------
Total liabilities & stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . $3,652,167 3,539,987
----------- -----------
----------- -----------
</TABLE>
See accompanying notes to consolidated financial statements.
- 1 -
<PAGE>
FIRSTIER FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
($ in thousands)
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
-------- --------
<S> <C> <C>
Net cash provided by operating activities
Income from operations.............................................. $13,367 13,705
Adjustments to reconcile net income to
net cash provided by operations
Provision for loan and lease losses............................. 269 -1,767
Depreciation and amortization................................... 1,837 2,495
Net (increase) decrease in interest receivable.................. -3,323 -5,214
Proceeds from sales of loans.................................... 4,645 17,323
Net increase in other assets.................................... -1,829 2,462
Net increase in other liabilities............................... 1,855 4,006
Net gain on sale of securities available for sale............... - -212
Other, net...................................................... 5 -1
-------- --------
Net cash provided by operations............................. 16,826 32,797
Cash flows from investing activities
Proceeds from sales of securities available for sale............ 30 21,049
Proceeds from maturities of investment securities............... 6,566 23,871
Proceeds from maturities of securities available for sale....... 16,032 10,704
Purchases of investment securities.............................. -28,759 -39,430
Purchases of securities available for sale...................... -40,579 -41,218
Net increase in loans and leases................................ -66,928 -61,156
Proceeds from sale of premises and equipment.................... 7 14
Purchases of premises and equipment............................. -1,328 -1,451
Purchases of mortgage servicing rights.......................... -73 -104
Other, net...................................................... 61 20
-------- --------
Net cash used by investing activities....................... -114,971 -87,701
Cash flows from financing activities
Net increase (decrease) in time deposits........................ 16,675 52,470
Net decrease in demand deposits and savings accounts............ -116,339 -72,673
Net (decrease) increase in short-term borrowings................ 196,477 9,414
Net increase in Federal Home Loan Bank borrowings............... 4,500 5,475
Principal payments on long-term debt............................ -139 -127
Payment of cash dividends....................................... -4,782 -4,482
Repurchases of common stock..................................... -2,953 -1,592
Proceeds from exercises of stock options........................ 157 48
Other, net...................................................... -412 -
-------- --------
Net cash provided (used) by financing activities............ 93,184 -11,467
Net increase (decrease) in cash and cash equivalents.................. -4,961 -66,371
Cash and cash equivalents at beginning of period...................... 371,601 331,848
-------- --------
Cash and cash equivalents at end of period............................ $366,640 265,477
-------- --------
-------- --------
</TABLE>
See accompanying notes to consolidated financial statements.
- 2 -
<PAGE>
FIRSTIER FINANCIAL, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included.
2. Operating results for the three month period ended March 31, 1995, are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1995. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's annual report on Form
10-K for the year ended December 31, 1994.
3. Income per share computations are based on average shares of common stock
outstanding, including common stock equivalents, which total 18,624,357 and
19,059,840, respectively, for the three months ended March 31, 1995 and 1994.
4. See notes to consolidated financial statements included on page 6 of
FirsTier Financial, Inc.'s March 31, 1995 Quarterly Report to Stockholders which
is attached as an Exhibit to this quarterly report.
5. For purposes of the Statement of Cash Flows, FirsTier defines "Cash and due
from banks" and "Federal funds sold and securities purchased under resale
agreements" as its cash and cash equivalents. FirsTier paid $28.21 million and
$22.00 million in interest on deposits and other borrowings, and $1.12 million
and $1.39 million for income taxes for the three months ended March 31, 1995,
and March 31, 1994, respectively.
6. On January 1, 1994, FirsTier adopted Financial Accounting Standards Board
("FASB") Number 115, "Accounting for Certain Investments in Debt and Equity
Securities". This Statement ("SFAS"), which is effective for fiscal years
beginning after December 15, 1993, addresses the accounting and reporting for
investments in equity securities that have readily determinable fair values and
for all investments in debt securities.
7. On May 20, 1994, the Board of Directors authorized a three-for-two stock
split of the outstanding common stock of the Company by declaring a 50 percent
stock dividend. The stock split became effective on June 30, 1994. All
- 3 -
<PAGE>
FIRSTIER FINANCIAL, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
references in the consolidated financial statements to the number of
shares of common stock, prices per share, earnings and dividends per share, and
other per share amounts have been restated to reflect the stock split.
8. Effective January 1, 1995, FirsTier adopted SFAS Number 114, "Accounting by
Creditors for Impairment of a Loan" and SFAS Number 118, "Accounting by
Creditors for Impairment of a Loan-Income Recognition and Disclosures." These
Statements, effective for fiscal years beginning after December 15, 1994,
address the accounting for a loan when it is probable that all principal and
interest amounts due will not be collected in accordance with its contractual
terms. FirsTier generally identifies nonaccrual loans as "impaired loans."
Certain loans, such as loans carried at the lower of cost or market or smaller
balance homogeneous loans (e.g., credit card, installment loans) are exempt from
SFAS Number 114 and 118 provisions.
FirsTier continually identifies impaired loans and measures quarterly the extent
to which such loans are impaired. Loans having a significant recorded
investment are measured on an individual basis while loans not having a
significant recorded investment are grouped and measured on a pool basis.
Generally, FirsTier's "impaired loans" are measured based on the loans'
observable market price, the fair value of the collateral (if the loan is
collateral dependent) less estimated costs to sell, or the present value of
expected future cash flows discounted at the loans' effective interest rate, if
the cash flows can be reasonably projected.
The allocated reserve associated with impaired loans is considered in
management's determination of FirsTier's allowance for credit losses. The
adoption of this accounting standard did not have a significant effect on
FirsTier's net income or its allowance for credit losses.
As of March 31, 1995, the recorded investment in loans considered impaired under
SFAS Number 114 was $9.5 million, with a related allowance for credit losses of
$2.4 million.
FirsTier retained its prior method of recognizing interest and applying cash
payments received with respect to impaired loans. The average recorded
investment in impaired loans for the quarter ended March 31, 1995, was
approximately $9.8 million. During the first quarter of 1995, FirsTier
recognized interest income of $30,000 associated with impaired loans.
- 4 -
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
factors which have affected the Registrant's financial condition and results of
operations during the periods included in the consolidated financial statements
presented with this filing.
RESULTS OF OPERATIONS
Net income for the first quarter of 1995 was $13,367,000 or $.72 per share,
compared to net income of $13,705,000 or $.72 per share for the same period in
1994. Per share amounts have been adjusted for the three-for-two stock split
effected as a 50% stock dividend distributed on June 30, 1994.
The annualized return on average assets for the three months ended March 31 was
1.54% in 1995 compared to 1.65% in 1994. The annualized return on average equity
for the three months ended March 31 was 15.66% in 1995 compared to 16.63% in
1994.
The schedule on page 6, Average Balances/Yields and Rates, shows that FirsTier's
net interest income, on a fully taxable equivalent basis for the first quarter
of 1995, is $35,997,000, a 1% decrease from the $36,378,000 recorded for the
same period in 1994. This decrease is mainly attributable to a lower net
interest margin which decreased to 4.54% in the first quarter of 1995 from 4.83%
in the first quarter of 1994. The effect of interest rate swaps for the quarter
ended March 31, 1995 was a decrease in net interest income of $559,000 which
reduced net interest margin 7 basis points for the quarter. The effect of the
interest rate swaps for the quarter ended March 31, 1994 was a $485,000 increase
in net interest income which contributed 7 basis points to the net interest
margin for the quarter.
A provision of $269,000 for loan and lease losses was recorded in the first
quarter of 1995 compared to a negative provision of $1,767,000 for the same
period in 1994. The provision recorded was based on FirsTier's ongoing analysis
of the adequacy of the allowance for loan and lease losses with the negative
provision recorded in 1994 resulting from an improvement in two significant
credits for which loan loss reserves had been previously allocated. The allow-
ance for loan and lease losses as a percentage of loans and leases as of March
31, 1995 was 2.40% compared to 2.63% as of March 31,
- 5 -
<PAGE>
FIRSTIER FINANCIAL, INC.
AVERAGE BALANCES/YIELDS AND RATES
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1995 MARCH 31, 1994
INTEREST AVERAGE INTEREST AVERAGE
AVERAGE INCOME/ YIELDS/ AVERAGE INCOME/ YIELDS/
BALANCES EXPENSE RATES BALANCES EXPENSE RATES
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Securities................................ $960,287 17,822 7.53% $1,054,350 18,893 7.27%
Federal funds sold and securities
purchased under resale agreements....... 120,194 1,758 5.93% 64,898 506 3.16%
Loans and leases, gross................... 2,138,324 45,998 8.72% 1,937,198 38,235 8.00%
--------- ------- --------- -------
Total earning assets.................... 3,218,805 65,578 8.26% 3,056,446 57,634 7.65%
Other nonearning assets................... 302,673 - - 308,670 - -
--------- ------- --------- -------
Total assets.......................... $3,521,478 65,578 - $3,365,116 57,634 -
---------- ------- ---------- -------
---------- ----------
LIABILITIES & STOCKHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest checking........... $854,102 5,008 2.38% $931,996 4,735 2.06%
Time deposits........................... 1,400,509 19,098 5.53% 1,255,316 14,092 4.55%
--------- ------- --------- -------
Total interest-bearing deposits........ 2,254,611 24,106 4.34% 2,187,312 18,827 3.49%
Short-term borrowings..................... 222,823 2,912 5.30% 214,697 1,507 2.85%
Federal Home Loan Bank borrowings............. 147,193 2,267 6.25% 61,480 614 4.05%
Long-term debt............................ 2,169 59 10.95% 2,439 65 10.74%
Capitalized leases........................ 9,967 237 9.64% 10,223 243 9.64%
--------- ------- --------- -------
Total interest-bearing funds............ 2,636,763 29,581 4.55% 2,476,151 21,256 3.48%
Demand deposits........................... 488,550 - - 508,135 - -
Other noninterest-bearing funds........... 50,085 - - 46,508 - -
Stockholders' equity...................... 346,080 - - 334,322 - -
--------- ------- --------- -------
Total liabilities and equity.......... $3,521,478 29,581 - $3,365,116 21,256 -
---------- ------- ---------- -------
---------- ----------
Net interest margin on a tax
equivalent basis.................... $35,997 4.54% $36,378 4.83%
------- ----- ------- -----
------- ----- ------- -----
</TABLE>
Note: Income and rates are stated on a tax-equivalent basis assuming a marginal
tax rate of 35%.
- 6 -
<PAGE>
1994. Loans and leases charged off, net of recoveries, for the first quarter
were $530,000 compared to net charge-offs of $114,000 for the same period in
1994.
Under-performing assets as a percent of total loans, leases, other real estate
owned and repossessed assets was .58% at March 31, 1995 compared to .83% at
March 31, 1994. Non-accrual loans as of March 31, 1995 totalled $9,477,000,
down 22.8% from the first quarter of 1994. Under-performing assets at March 31,
1995 total $12,888,000, which represents a $3,623,000 or 21.9% decrease from
March 31, 1994. Additional information regarding the balance of non-accrual
loans at March 31, 1995, and related interest payment information is provided on
page 8.
Total non-interest income for the first quarter of 1995 was $13,414,000 which is
down $559,000, or 4%, from the same period in 1994. The decrease in non-interest
income from the previous year is attributable to Securities Brokerage com-
missions and Municipal Bond Underwriting fees (included in Other non-interest
income) which decreased $322,000 or 24.4%. Increased interest rates from the
previous year have slowed bond issue refinancings by municipalities and a
general decline in retail brokerage activity accounts for the decline in fee
income. In addition, Net Securities Gains decreased $212,000 from the previous
year and Insurance Commissions decreased $170,100. These decreases are
partially offset by increased Trust Services income of $147,000.
Total non-interest expense of $28,288,000 for the quarter is down $2,575,000, or
8.3%, from the same period in 1994. Contributing to the decrease from 1994 is
a $2,850,000 charge recorded in the previous year for settlement of a lawsuit
filed in 1991 against FirsTier Bank, N.A., Omaha, by the Federal Credit Union
Administration in its capacity as liquidating agent of Franklin Credit Union
which failed in 1988. The settlement, which by agreement of the parties is to
remain confidential and under which FirsTier makes no admission of liability or
wrongdoing, was finalized with no additional charges incurred. Salaries and
Benefits expense of $14,059,000 for the quarter increased only $25,000 from the
same period in 1994.
As of March 31, 1995, FirsTier employed a staff of 1,715 FTE which is up 223
FTE, or 14.9%, from the March 31, 1994 employment level. This increase is
primarily due to the acquisition of Cornerstone Bank Group in Iowa on January 3,
1995.
- 7 -
<PAGE>
FIRSTIER FINANCIAL, INC.
NONACCRUAL LOAN SUMMARY
March 31, 1995
Generally, the accrual of income is discontinued when the full collection of
principal or interest is in doubt, or when the payment of principal or interest
has become contractually 90 days past due unless the obligation is both well
secured and in the process of collection. Nonaccrual loans and the application
of cash interest payments on those loans as of March 31, 1995 are as follows ($
in thousands):
<TABLE>
<CAPTION>
Cash interest payments applied as
Contractual ---------------------------------------
Book balance balance at Recovery of Reduction
at Mar. 31, Mar. 31, Interest partial prior of
1995 1995 income charge-offs principal
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Contractually past due with:
- substantial performance 252 327 0 0 74
- limited performance 1,774 1,958 3 0 25
- no performance 623 641 0 0 3
Contractually current, however,:
- payment in full of principal
or interest in doubt 3,910 4,493 1 0 100
- other 2,918 7,191 26 0 226
------------ ------------ ------------ ------------ ------------
Total $9,477 $14,610 $30 $0 $428
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
</TABLE>
- 8 -
<PAGE>
MATERIAL CHANGES IN FINANCIAL CONDITION
All companies included in the consolidated financial statements are "financial"
companies. Accordingly, average balances of assets and liabilities are more
representative of financial condition than balances as of period-end. The
schedule of Average Balances/Yields and Rates on page 6 shows average balances
of earning assets and interest bearing liabilities for the periods being
reported. Because these average balances are an integral part of the financial
statements, all comments as to significant volume changes refer to average
balances unless otherwise indicated.
Total average assets of $3.52 billion for the first quarter of 1995 were up 4.6%
from the same period in 1994. Loans increased $201.1 million, or 10.4%. Aver-
age securities of $960.3 million, which included securities available for sale
as of March 31, 1995 of $239 million, decreased $94.1 million or 8.9% from
1994.
Total deposits for the first quarter averaged $2.25 billion which was up $67.3
million, or 3.1%, from the same period in 1994. Time deposits increased $145.2
million or 11.6% from the first quarter of 1994 while demand deposits decreased
$19.6 million or 3.9% and savings and interest checking deposits decreased $77.9
million or 8.4%.
Net funds purchased of $102.6 million (the difference between "short-term
borrowings" and "federal funds sold and securities purchased under resale
agreements") decreased $47.2 million from the average net purchased position in
the first quarter of 1994. Average borrowings from the Federal Home Loan Bank
increased $85.7 million from the same period in 1994.
Long-term debt as of March 31, 1995 of $12.1 million, consisting of a mortgage
loan by the Lincoln Bank and capitalized leases by the Omaha Bank, decreased
$526,000 from March 31, 1994. The Parent Company had no borrowings as of March
31, 1995.
LIQUIDITY AND CAPITAL RESOURCES
The maintenance of an adequate level of liquidity is necessary to ensure that
sufficient funds are available to meet
- 9 -
<PAGE>
customers' loan demand and deposit withdrawals. Sources of liquidity consist of
maturities of securities recorded at amortized cost, liquidation of securities
available for sale, maturing loans, federal funds sold and borrowings from the
Federal Home Loan Bank. Management also considers customer-related core
deposits and funds borrowed to be stable and reliable sources of funding.
Liquidity is also important for the Parent Company. The Parent Company's
primary source of liquidity is dividends and management fees from subsidiary
banks. The Parent Company's primary liquidity requirements are the payment of
dividends and expenses associated with management and consolidated services
provided to subsidiaries. Management believes the Parent Company has adequate
liquidity to meet its funding needs.
At March 31, 1995, stockholders' equity was $346.1 million compared to $334.3
million at March 31, 1994, an increase of $11.8 million or 3.5%. The Tier 1
Leverage ratios (tangible equity capital divided by adjusted average assets) as
of March 31, 1995 and March 31, 1994 were 9.70% and 9.58%, respectively.
FirsTier's risk based capital ratios as of March 31, 1995 were 13.78% for Tier I
Capital and 15.04% for Total Capital.
- 10 -
<PAGE>
FIRSTIER FINANCIAL, INC.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits -
(20) Quarterly Report to Stockholders for the period ended March 31,
1995 - Part I Exhibit.
(b) Reports on Form 8-K
On January 3, 1995, FirsTier filed a Report on Form 8-K which disclosed
the consummation of the Cornerstone Bank Group, Inc. acquisition which
was accounted for as a pooling of interests. All required restated
financial information available at such date was submitted as
attachments.
On January 5, 1995, FirsTier filed a Report on Form 8-K which included a
letter to shareholders which described the shareholder rights plan
adopted by the FirsTier Board of Directors on December 19, 1994. A full
description of the plan was filed under cover of a Form 8-A Registration
Statements on January 6, 1995.
On January 19, 1995, FirsTier filed a Report on Form 8-K which disclosed
the announcement of plans to repurchased up to 107,000 shares of
FirsTier's common stock. This planned repurchase is in addition to the
Common Stock Repurchase Program currently in effect which authorized the
repurchase of up to 600,000 shares of FirsTier common stock.
On February 17, 1995, FirsTier filed a Form 8 Report which amended the
Report on Form 8-K filed on January 3, 1995 related to the Cornerstone
Bank Group, Inc. acquisition.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.
FIRSTIER FINANCIAL, INC.
Date: May 12, 1995 By: /s/ Aaron C. Hilkemann
------------------------
Aaron C. Hilkemann
Director of Financial Operations
Date: May 12, 1995 By: /s/ Thomas B. Fischer
------------------------
Thomas B. Fischer
Vice President & Secretary
- 11 -
<PAGE>
[LOGO]FIRSTIER FINANCIAL, INC. [LOGO]FIRSTIER FINANCIAL, INC.
- ------------------------------- ------------------------------
1700 FARNAM STREET FIRST QUARTER REPORT
P.O. BOX 3443
OMAHA, NEBRASKA
68103-0443
[LOGO]
-----------------------------------
MARCH 31, 1995
<PAGE>
TO OUR STOCKHOLDERS, CUSTOMERS AND FRIENDS
FirsTier Financial, Inc., reported earnings of $.72 per share for the first
quarter of 1995, compared to $.72 per share for the first quarter of 1994. Net
income of $13,367,000 for the first quarter of 1995 was a decrease of 2.47
percent from net income of $13,705,000 reported in the same period of 1994.
[LOGO] The acquisition of the Cornerstone Bank Group on January 3, 1995, has
been accounted for as a pooling of interests, and as a result, all financial
results for 1994 and prior periods have been restated. First quarter 1994
earnings were $12,669,000 prior to the restatement. [LOGO] First quarter
results in 1995 were impacted by the net interest margin compression caused by
increased funding costs, offset by an increase in earning assets. Net interest
income was $33.2 million for the first quarter of 1995, compared to $33.7
million for the same period last year. Net interest margin was 4.54 percent in
the first quarter, compared to 4.83 percent for the first quarter of 1994. In
addition, FirsTier reported $543,000 in after-tax income in the first quarter
of 1994 from the recovery of interest on a loan which had been previously
charged to the loan loss reserve. [LOGO] Non-interest income decreased
$559,000 or 4.00 percent, from the first quarter of 1994. The decrease
resulted from lower brokerage services fees and municipal bond underwriting
income due to the rate environment. [LOGO] Non-interest expense decreased
$2.6 million, or 8.34 percent, compared with the same period in 1994. In the
first quarter of 1994, FirsTier charged $2.85 million to non-interest expense
in connection with the settlement of a lawsuit filed against FirsTier Bank,
N.A., Omaha, by the Federal Credit Union Administration in its capacity as
liquidating agent of Franklin Credit Union which failed in 1988. [LOGO]
Excluding the expense related to the settlement of the Federal Credit Union
Administration lawsuit in the first quarter of last year, non-interest expense
was essentially flat from the first quarter of 1994 to the first quarter of
1995. We believe this was a significant accomplishment considering added
expenses related to FirsTier Banks' branch expansions in the past year. [LOGO]
Under-performing assets on March 31, 1995 totaled $12.9 million, or .58 percent
of total loans and other real estate, compared to $16.5 million, or .83 percent
of total loans and other real estate on March 31, 1994. Under-performing
assets consist of non-accrual loans and leases, loans 90 days past due and
still accruing interest, restructured loans, other real estate owned and
repossessed loans. [LOGO] The provision for loan losses was $269,000 in
the first quarter of 1995, compared with a negative provision of $1.8 million
for the same period of 1994. On March 31, 1995, the amount reserved for
possible loan losses was $53.0 million, which represents 2.40 percent of total
loans and leases. [LOGO] FirsTier Financial, Inc., acquired the $356 million
asset Cornerstone Bank Group, headquartered in Council Bluffs, Iowa, on
January 3, 1995. Cornerstone was the holding company for four Iowa banks:
First National Bank of Council Bluffs; Nevada National Bank in Nevada; Valley
State Bank based in Rock Valley; and Security Savings Bank headquartered in
Williamsburg. First National Bank of Council Bluffs was renamed FirsTier
Bank, N.A., Council Bluffs on January 20, 1995. [LOGO] First Continental
Financial, Inc., holding company for the $41 million asset River City National
Bank in Omaha was acquired by FirsTier Financial on April 1, 1995. With the
acquisition of River City National Bank, FirsTier has 60 full-service branches
and more than 100 automatic teller machines in 12 Nebraska communities and 7
Iowa communities. [LOGO] In the March 16 edition of Keefe, Bruyette & Wood's
quarterly publication, BANKSCAN, FirsTier Financial ranked second in the
nation in their rating of bank holding companies. This prestigious New York
investment banking firm monitors balance sheet strength and profitability of
135 publicly traded major U.S. banking organizations. [LOGO] We are pleased
with this national recognition and believe FirsTier's solid capital position
and exceptionally strong asset quality will be important strengths in the year
ahead. FirsTier Banks have an excellent franchise in their respective markets.
Our banks are aggressive competitors but do not seek growth at the expense of
asset quality. We expect 1995 to be a challenging year for FirsTier but remain
cautiously optimistic about your company's performance prospects in 1995.
Sincerely,
/s/ David A. Rismiller
David A. Rismiller
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
[LOGO]
<PAGE>
FIRSTIER FINANCIAL, INC. 2
- -------------------------------------------------------------------------------
BOARD OF DIRECTORS
JAMES P. ABEL
PRESIDENT
NEBCO, Inc.
DUANE W. ACKLIE**
CHAIRMAN
Crete Carrier Corporation
LAWRENCE J. ARTH
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
Ameritas Life Insurance Corporation
RICHARD K. DAVIDSON
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Union Pacific Railroad Co.
J. ROBERT DUNCAN
CHAIRMAN
Duncan Aviation, Inc.
STEVEN H. DURHAM
CHAIRMAN
Global Resources, Ltd. L.L.C.
CHARLES F. HEIDER**
GENERAL PARTNER
Heider-Weitz Partnership
JACK R. MCDONNELL**
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
FirsTier Financial, Inc.
DAVID A. RISMILLER**
CHAIRMAN OF THE BOARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER
FirsTier Financial, Inc.
WALTER SCOTT, JR.*
PRESIDENT AND CHAIRMAN OF THE BOARD
Peter Kiewit Sons', Inc.
THOMAS J. SKUTT
CHAIRMAN OF THE BOARDS AND CHIEF EXECUTIVE OFFICER
Mutual of Omaha Insurance Companies
DR. L. DENNIS SMITH
PRESIDENT
University of Nebraska
* Chairman of the Executive Committee, Board of Directors
** Member of the Executive Committee, Board of Directors
PRINCIPAL CORPORATE OFFICERS
DAVID A. RISMILLER**
CHAIRMAN OF THE BOARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER
JACK R. MCDONNELL**
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
DWAIN C. CARLSON
VICE PRESIDENT AND DIRECTOR OF CORPORATE ASSET LIABILITY MANAGEMENT
THOMAS B. FISCHER
VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
DAVID F. GRIEBEL
VICE PRESIDENT AND DIRECTOR OF MARKETING
AARON C. HILKEMANN
VICE PRESIDENT AND DIRECTOR OF FINANCIAL OPERATIONS
MARK J. MATTHES
VICE PRESIDENT AND DIRECTOR OF OPERATIONS
JOHN F. MOCK
VICE PRESIDENT AND DIRECTOR OF HUMAN RESOURCES
THE CORPORATION
FirsTier Financial, Inc., is a regional multi-bank holding company. Primary
subsidiaries of the corporation in Nebraska are: FirsTier Bank, N.A., Omaha;
FirsTier Bank, N.A., Lincoln; FirsTier Bank, N.A., Norfolk; and FirsTier Bank,
N.A. Scottsbluff-Gering. Primary subsidiaries in Iowa are: FirsTier Bank, N.A.,
Council Bluffs; Nevada National Bank in Nevada; Valley State Bank based in Rock
Valley; and Security Savings Bank headquartered in Williamsburg. On April 1,
1995, FirsTier Financial acquired First Continental Financial, Inc., holding
company for the $41 million asset River City National Bank of Omaha.
On March 31, 1995, FirsTier had 58 full services branches in a 700 mile region
stretching from eastern Iowa to the western border of Nebraska and a loan
production office in Garden City, Kansas. FirsTier provides a full range of
financial services to corporate, retail and trust customers in Nebraska, Iowa
and contiguous states.
[LOGO]
<PAGE>
FINANCIAL HIGHLIGHTS 3
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE
1995 1994 CHANGE
---- ---- ----------
<S> <C> <C> <C>
FOR THE THREE MONTHS ENDED MARCH 31,
($ IN THOUSANDS)
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . $ 13,367 13,705 (2.5)
Cash Dividends Declared . . . . . . . . . . . . . . . . . . 4,782 4,482 6.7
PER SHARE
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . .72 .72 0.0
Cash Dividends Declared . . . . . . . . . . . . . . . . . . .26 .26 0.0
FINANCIAL INFORMATION
($ IN THOUSANDS)
Average Assets. . . . . . . . . . . . . . . . . . . . . . . 3,521,478 3,365,116 4.6
Average Loans and Leases. . . . . . . . . . . . . . . . . . 2,138,324 1,937,198 10.4
Average Deposits. . . . . . . . . . . . . . . . . . . . . . 2,743,161 2,695,447 1.8
Average Stockholders' Equity. . . . . . . . . . . . . . . . 346,080 334,322 3.5
Book Value Per Share (At March 31). . . . . . . . . . . . . 19.12 17.85 7.1
Market Value Per Share (At March 31). . . . . . . . . . . . 33.50 29.83 12.3
RATIOS
Return on Average Assets. . . . . . . . . . . . . . . . . . 1.54% 1.65 (6.7)
Return on Average Equity. . . . . . . . . . . . . . . . . . 15.66 16.63 (5.8)
Average Equity to Assets. . . . . . . . . . . . . . . . . . 9.83 9.93 (1.0)
Tier 1 Leverage . . . . . . . . . . . . . . . . . . . . . . 9.70 9.58 1.3
Net Interest Margin . . . . . . . . . . . . . . . . . . . . 4.54 4.83 (6.0)
OTHER INFORMATION
Number of Shares. . . . . . . . . . . . . . . . . . . . . . 18,392,343 18,793,078 (2.1)
Number of Stockholders. . . . . . . . . . . . . . . . . . . 2,048 2,054 (0.3)
</TABLE>
Note: Number of shares and per share amounts have been adjusted for the
three-for-two stock split effected as a 50% stock dividend distributed
June 30, 1994.
[LOGO]
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) ($ in thousands, except per share amounts) 4
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31
1995 1994
---- ----
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans and leases
Taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,355 36,604
Nontaxable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437 1,123
Interest on securities
Taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,479 11,808
Nontaxable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,799 4,930
Interest on federal funds sold and resale agreements . . . . . . . . . . . . . 1,758 506
------- -------
Total interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,828 54,971
------- -------
INTEREST EXPENSE
Interest on deposits
Savings and interest checking . . . . . . . . . . . . . . . . . . . . . . . 5,008 4,735
Time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,098 14,092
Interest on short-term and FHLB borrowings . . . . . . . . . . . . . . . . . . 5,180 2,121
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . 295 307
------- -------
Total interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . 29,581 21,255
------- -------
NET INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,247 33,716
Provision for loan and lease losses. . . . . . . . . . . . . . . . . . . . . . . 269 (1,767)
------- -------
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES . . . . . . . 32,978 35,483
------- -------
NON-INTEREST INCOME
Trust services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,188 4,041
Service charges on deposit accounts. . . . . . . . . . . . . . . . . . . . . . 3,999 3,998
Credit card fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,210 2,122
Securities gains, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 212
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,017 3,600
------- -------
Total non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . 13,414 13,973
------- -------
NON-INTEREST EXPENSE
Salaries and benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,059 14,034
Premises and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,533 3,790
Data processing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,243 1,339
Credit card processing expense . . . . . . . . . . . . . . . . . . . . . . . . 1,280 1,404
Amortization of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . 401 404
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,772 9,892
------- -------
Total non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . 28,288 30,863
------- -------
Income before income tax expense. . . . . . . . . . . . . . . . . . . . . . 18,104 18,593
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,737 4,888
------- -------
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,367 13,705
------- -------
------- -------
Net income per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .72 .72
------- -------
------- -------
</TABLE>
See accompanying notes to consolidated financial statements
[LOGO]
<PAGE>
CONSOLIDATED BALANCE SHEETS
March 31, (Unaudited) ($ in thousands) 5
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
---- ----
ASSETS
<S> <C> <C>
Cash and due from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 239,830 213,562
Federal funds sold and securities purchased under resale agreements. . . . . . . . . . . . . . 126,810 51,915
Securities available for sale (amortized cost $251,630 in 1995 and $273,279 in 1994) . . . . . 251,725 276,197
Investment securities (market value $732,147 in 1995 and $798,179 in 1994) . . . . . . . . . . 738,160 786,616
Loans and leases, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,158,239 1,945,888
Premises and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,314 50,509
Accrued interest receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,023 31,285
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,066 51,940
---------- ---------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,652,167 3,407,912
---------- ---------
---------- ---------
LIABILITIES
Deposits
Demand, non-interest bearing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $478,632 489,197
Savings and interest checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 839,701 898,283
Time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,396,829 1,313,152
---------- ---------
TOTAL DEPOSITS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715,162 2,700,632
Short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,567 244,489
Federal Home Loan Bank borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,500 64,500
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,288 50,180
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,054 12,580
---------- ---------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300,571 3,072,381
---------- ---------
STOCKHOLDERS' EQUITY
Preferred stock - $30 par value; authorized 2,000,000 shares . . . . . . . . . . . . . . . . . -- --
Common stock - $5 par value; authorized 40,000,000; issued and outstanding
18,814,695 shares in 1995 and 12,543,160 in 1994*. . . . . . . . . . . . . . . . . . . . . . . 94,073 62,716
Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,679 13,254
Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,441 261,316
Net unrealized securities gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) 1,927
---------- ---------
365,190 339,213
Less treasury stock, at cost 422,352 shares in 1995 and 89,411 shares in 1994* . . . . . . . . 13,594 3,682
---------- ---------
TOTAL STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,596 335,531
---------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . . . . . . . . . . $3,652,167 3,407,912
---------- ---------
---------- ---------
See accompanying notes to consolidated financial statements
<FN>
* The number of shares at March 31, 1995 reflects the three-for-two stock
split effected as a 50% stock dividend distributed June 30, 1994.
</TABLE>
[LOGO]
<PAGE>
OTHER FINANCIAL INFORMATION 6
- -------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF
RETAINED EARNINGS
Three Months Ended March 31 (Unaudited)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
BALANCE AT JANUARY 1 . . . . . . . . . . . $255,856 252,093
Net Income . . . . . . . . . . . . . . . . 13,367 13,705
Cash dividends declared . . . . . . . . . (4,782) (4,482)
($.26 per share in
1995 and 1994) -------- --------
BALANCE AT MARCH 31 . . . . . . . . . . . $264,441 $261,316
-------- --------
-------- --------
</TABLE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) On January 3, 1995, FirsTier acquired Cornerstone Bank Group, Inc. in a
transaction accounted for as a pooling of interests. In connection with
this acquisition, FirsTier issued 1,555,075 shares in exchange for 100% of
the outstanding shares of Cornerstone Bank Group, Inc. All prior period
financial information has been restated to reflect this acquisition.
(2) On April 1, 1995, FirsTier acquired all of the outstanding shares of First
Continental Financial, Inc., the holding company of River City National
Bank, which had assets of approximately $41 million. River City National
Bank operated in three locations in west Omaha, Nebraska, and are now
branches of FirsTier Bank, N.A., Omaha. This acquisition will be accounted
for as a purchase transaction.
(3) Certain accounts in the financial statements of the prior year have been
reclassified to conform with current year presentation. Such
reclassifications had no effect on net income.
<TABLE>
<CAPTION>
ALLOWANCE FOR LOAN AND LEASE LOSSES
($ IN THOUSANDS)
1995 1994
---- ----
<S> <C> <C>
BALANCE AT JANUARY 1 . . . . . . . . . . . . . . . $53,250 54,345
Provision for credit losses. . . . . . . . . . . . 269 (1,767)
Losses charged off . . . . . . . . . . . . . . . . (1,274) (1,049)
Recoveries on amounts
charged off . . . . . . . . . . . . . . . . . . 744 935
------- -------
BALANCE AT MARCH 31. . . . . . . . . . . . . . . . $52,989 52,464
------- -------
------- -------
Allowance as a percentage
of loans and leases. . . . . . . . . . . . . . . . 2.40% 2.63
Net charge-offs as a
percentage of average
loans and leases . . . . . . . . . . . . . . . . . .02% .01
</TABLE>
<TABLE>
<CAPTION>
UNDER-PERFORMING ASSETS
($ IN THOUSANDS)
MARCH 31 1995 1994
---- ----
<S> <C> <C>
Non-accrual loans and leases . . . . . . . . . . . $9,477 12,270
Loans ninety days past due
and accruing . . . . . . . . . . . . . . . . . . 1,969 1,666
Restructured loans . . . . . . . . . . . . . . . . 25 552
Other real estated owned . . . . . . . . . . . . . 1,362 1,881
Repossessed assets . . . . . . . . . . . . . . . . 55 142
------- -------
TOTAL UNDER-PERFORMING ASSETS. . . . . . . . . . . $12,888 16,511
------- -------
------- -------
Under-performing assets as
a percent of loans, leases,
other real estate owned and
repossessed assets . . . . . . . . . . . . . . . . .58% .83
------- -------
------- -------
</TABLE>
<PAGE>
ANALYSIS OF NET INTEREST INCOME
(Tax Equivalent Basis) ($ in thousands) 7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31
1995 1994
---- ----
<S> <C> <C>
Net interest income. . . . . . . . . . . . . . . . $35,997 36,379
Average earnings assets. . . . . . . . . . . . . . 3,218,805 3,056,446
Average interest bearing liabilities . . . . . . . 2,636,763 2,476,151
Yield on earning assets. . . . . . . . . . . . . . 8.26% 7.65
Cost of interest bearing liabilities . . . . . . . 4.55 3.48
Net interest margin. . . . . . . . . . . . . . . . 4.54 4.83
Net interest rate spread . . . . . . . . . . . . . 3.71 4.17
Interest bearing liabilities to interest-earning assets 81.92 81.01
</TABLE>
STOCKHOLDERS' INFORMATION
STOCK DATA
<TABLE>
<CAPTION>
Dividends
Declared
Year Period High Low Per Share
- ---- ---------------- ---- --- ---------
<S> <C> <C> <C> <C>
1994 First quarter 33.17 28.00 .26
Second Quarter 31.83 29.33 .26
Third Quarter 35.00 31.00 .26
Fourth Quarter 33.00 30.00 .26
1995 First Quarter 33.50 29.50 .26
</TABLE>
The common stock of FirsTier Financial, Inc. (FRST) is traded on the Over-the-
Counter Market and is quoted on the NASDAQ National Market System.
CORPORATE OFFICE
The Corporate Office is located at 1700 Farnam Street, P.O. Box 3443, Omaha,
Nebraska 68103-0443. The telephone number is (402) 348-6000.
FORM 10Q
A copy of the first quarter report to the Securities and Exchange Commission
(Form 10Q) may be obtained without charge by written request to the Director of
Marketing at the Corporate Office.
INDEPENDENT PUBLIC ACCOUNTANTS
The independent public accountants of FirsTier Financial, Inc. are Arthur
Andersen LLP, Omaha, Nebraska.
TRANSFER AGENT
Stockholder inquiries may be directed to:
State Street Bank and Trust Company
Securities Transfer Services Department
P.O. Box 8204
Boston, MA 02266
Telephone: (800) 257-1770 8:00 a.m. to 6:00 p.m.
(Eastern Time)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 239,830
<INT-BEARING-DEPOSITS> 2,236,530
<FED-FUNDS-SOLD> 126,810
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 251,725
<INVESTMENTS-CARRYING> 738,160
<INVESTMENTS-MARKET> 732,147
<LOANS> 2,211,228
<ALLOWANCE> 52,989
<TOTAL-ASSETS> 3,652,167
<DEPOSITS> 2,715,162
<SHORT-TERM> 366,567
<LIABILITIES-OTHER> 206,788
<LONG-TERM> 12,054
<COMMON> 94,073
0
0
<OTHER-SE> 257,523
<TOTAL-LIABILITIES-AND-EQUITY> 3,652,167
<INTEREST-LOAN> 45,792
<INTEREST-INVEST> 15,278
<INTEREST-OTHER> 1,758
<INTEREST-TOTAL> 62,828
<INTEREST-DEPOSIT> 24,106
<INTEREST-EXPENSE> 29,581
<INTEREST-INCOME-NET> 33,247
<LOAN-LOSSES> 269
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 28,288
<INCOME-PRETAX> 18,104
<INCOME-PRE-EXTRAORDINARY> 18,104
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,367
<EPS-PRIMARY> .72
<EPS-DILUTED> .72
<YIELD-ACTUAL> 8.26
<LOANS-NON> 9,477
<LOANS-PAST> 1,969
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 53,250
<CHARGE-OFFS> 1,274
<RECOVERIES> 744
<ALLOWANCE-CLOSE> 52,989
<ALLOWANCE-DOMESTIC> 34,020
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 18,969
</TABLE>
