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Previous: IDS MANAGED RETIREMENT FUND INC, 497, 1996-06-19 |
Next: WINTHROP FINANCIAL ASSOCIATES, SC 13E3, 1996-06-19 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) OCTOBER 31, 1995
CORPUS CHRISTI BANCSHARES, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
TEXAS 0-13668 74-2351663
- -------------- ----------- -------------------
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
2402 LEOPARD STREET, CORPUS CHRISTI, TEXAS 78408
------------------------------------------ ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (512) 887-3000
<PAGE> 2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
CORPUS CHRISTI BANCSHARES, INC.
FORM 8-K/A
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Form 8-K dated October
31, 1995 and previously filed with the Commission on November 15, 1995, as set
forth in the pages attached hereto:
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
-2-
<PAGE> 3
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
As a small business issuer, the Registrant is providing herein the
information required by Item 310(c) and (d) of Regulation S-B in lieu of the
financial information required by Item 7 of Form 8-K.
Item 310(c). Financial Statements of Business Acquired or to be
Acquired.
The historical financial statements of Taft filed as Exhibit 99.1
hereto are incorporated herein by this reference.
Item 310(d). Pro Forma Financial Information.
The pro forma financial statements of the Registrant filed as Exhibit
99.2 hereto are incorporated herein by this reference.
-3-
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
CORPUS CHRISTI BANCSHARES, INC.
By /s/ R. JAY PHILLIPS
-------------------------------------
R. Jay Phillips
President and Chief Executive Officer
Date: June 19, 1996
-4-
<PAGE> 5
Exhibits.
The following exhibits are filed herewith:
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
2.1 Agreement and Plan of Merger, dated as of July 5, --
1995, by and between Citizens State Bank of
Corpus Christi and The First National Bank of Taft
(incorporated by reference to Exhibit 10.5 to
Registrant's Quarterly Report on Form 10-QSB for the
quarter ended June 30, 1995).
99.1 (i) Audited financial statements of Taft as of --
December 31, 1994 and December 31, 1993 and
for each of the two fiscal years ended December 31,
1994 and December 31, 1993 and (ii) Unaudited
financial statements of Taft as of September 30, 1995
and for each of the nine-month periods ended
September 30, 1995 and September 30, 1994
(incorporated by reference to Exhibit 99.1 to
Registrant's Form 8-K dated October 31, 1995).
99.2 (i) Proforma Consolidated Statements of Income --
of the Registrant for the nine month period ended
September 30, 1995 and the fiscal year ended December
31, 1994 and (ii) Proforma Consolidated Balance Sheet
of the Registrant as of
September 30, 1995.
</TABLE>
-5-
<PAGE> 1
EXHIBIT 99.2
PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following unaudited Pro Forma Consolidated Balance Sheets as of September
30, 1995, and the unaudited Pro Forma Consolidated Statements of Income for the
nine months ended September 30, 1995, and the year ended December 31, 1994
present the pro forma combined financial position and the results of operations
of Corpus Christi Bancshares, Inc.("CCBI") and The First National Bank of Taft
("Taft") and assumes the payment of $8,562,037 in cash for all the outstanding
Taft Common Stock (the "Merger"). The pro forma information is based on
historical financial statements of CCBI and Taft giving effect to the Merger
under the purchase method of accounting, and the assumptions and adjustments in
the accompanying notes to the pro forma financial statements. Pro forma
adjustments relating to the Pro Forma Consolidated Balance Sheets were computed
assuming the Merger was consummated on September 30, 1995. Pro forma
adjustments relating to the Pro Forma Consolidated Statements of Income were
computed assuming the Merger was consummated as of the beginning of the
reporting period.
The pro forma statements are provided for informational purposes only. The Pro
Forma Consolidated Statements of Income are not necessarily indicative of
actual results that would have been achieved had the acquisition been
consummated at the beginning of the periods presented, and is not indicative of
future conjunction with the audited financial statements of CCBI and Taft, and
the notes thereto.
<PAGE> 2
Proforma Consolidated Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
September 30, 1995
------------------------------------------------------------------
Corpus Christi First National Pro Forma
Assets Bancshares, Inc. Bank of Taft Adjustments Total
------ ---------------- -------------- ------------------- -----------
<S> <C> <C> <C> <C>
Cash and due from banks $12,516,932 1,935,702 (8,761,886) A 5,690,748
Interest bearing deposits with Federal
Home Loan Bank 291,455 - 291,455
Federal funds sold 7,400,000 9,750,000 17,150,000
Securities available for sale:
U.S. Treasury securities 29,386,094 15,214,219 44,600,313
Mortgage pass-through and related
securities 20,682,843 8,348,693 29,031,536
Other securities 568,700 59,750 628,450
---------------- -------------- -----------
Total securities available
for sale 50,637,637 23,622,662 74,260,299
Securities held to maturity:
U.S. Government agencies 1,003,685 - 1,003,685
Obligations of states and political
subdivisions 2,721,135 2,045,708 106,222 B 4,873,065
---------------- -------------- -----------
Total securities held to
maturity 3,724,820 2,045,708 5,876,750
Loans 106,633,714 4,051,916 110,685,630
Less: Unearned discount (4,633,653) (16,776) (4,650,429)
Less: Allowance for loan losses (2,018,728) (258,114) (2,276,842)
---------------- -------------- -----------
Loans, net 99,981,333 3,777,026 103,758,359
Bank premises and equipment, net 4,670,097 172,594 510,047 B 5,352,738
Accrued interest receivable 1,326,115 448,561 1,774,676
Other real estate 644,411 19,450 663,861
Goodwill - - 1,825,799 B 1,825,799
Other assets 581,745 66,711 648,456
---------------- -------------- ----------- -----------
Total assets 181,774,545 41,838,414 (6,319,818) 217,293,141
================ ============== =========== ===========
</TABLE>
See accompanying notes to Pro Forma Consolidated Financial Statements.
<PAGE> 3
Proforma Consolidated Balance Sheets, Continued
(Unaudited)
<TABLE>
<CAPTION>
September 30, 1995
--------------------------------------------------------------
Corpus Christi First National Pro Forma
Bancshares, Inc. Bank of Taft Adjustments Total
---------------- -------------- ----------- ---------
<S> <C> <C> <C> <C>
Liabilities
-----------
Deposits:
Demand $ 46,039,362 8,477,660 54,517,022
Interest bearing transaction accounts 52,509,669 15,640,887 68,150,556
Savings 14,373,972 1,015,131 15,389,103
Certificates of deposit 45,740,314 9,756,950 55,497,264
------------ ---------- -----------
Total deposits 158,663,317 34,890,628 193,553,945
Securities sold under agreements to
repurchase 6,604,000 - 6,604,000
Accrued interest payable 231,440 81,857 313,297
Dividends payable 100,000 - 100,000
Other liabilities 824,934 347,959 198,152 B 1,371,045
------------ ---------- ----------- -----------
Total liabilities 166,423,691 35,320,444 198,152 201,942,287
------------ ---------- ----------- -----------
Stockholders' Equity
--------------------
Common stock 8,000,000 450,000 (450,000) B 8,000,000
Additional capital - 450,000 (450,000) B -
Retained earnings 7,492,970 5,362,037 (5,362,037) B 7,492,970
Unrealized gains (losses) on securities
available for sale (142,116) 255,933 (255,933) B (142,116)
------------ ---------- ----------- -----------
Total stockholders' equity 15,350,854 6,517,970 (6,517,970) 15,350,854
------------ ---------- ----------- -----------
Total liabilities and
stockholders' equity $181,774,545 41,838,414 (6,319,818) 217,293,141
============ ========== =========== ===========
</TABLE>
See accompanying notes to Pro Forma Consolidated Financial Statements.
<PAGE> 4
Proforma Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1995
---------------------------------------------------------------
Corpus Christi First National Pro Forma
Bancshares, Inc. Bank of Taft Adjustments Total
--------------- -------------- ------------------- ----------
<S> <C> <C> <C> <C>
Interest income:
Interest on loans $6,421,031 530,543 6,951,574
Interest on deposits with other banks 3,050 - 3,050
Interest on federal funds sold 554,763 89,808 644,571
Interest on investment securities 2,037,760 1,333,620 (121,284) C 3,250,096
-------------- -------------- ----------
Total interest income 9,016,604 1,953,971 10,849,291
Interest expense on deposits 3,415,360 702,171 4,117,531
-------------- -------------- ----------
Net interest income 5,601,244 1,251,800 6,731,760
Provision for loan losses (400,000) - (400,000)
-------------- -------------- ----------
Net interest income after
provision for loan
losses 6,001,244 1,251,800 7,131,760
-------------- -------------- ----------
Other income:
Trust department income 881,519 - 881,519
Service charges 755,165 95,312 850,477
Credit card fees 140,327 - 140,327
Brokerage fees 172,544 - 172,544
Other income 310,274 48,892 359,166
-------------- -------------- ----------
Total other income 2,259,829 144,204 2,404,033
-------------- -------------- ----------
Other expenses:
Salaries and employee benefits 2,981,158 309,211 3,290,369
Net occupancy and equipment
expense 1,217,948 100,345 19,127 C 1,337,420
Other operating expenses 2,083,201 326,034 91,290 C 2,500,525
-------------- -------------- ----------
Total other expense 6,282,307 735,590 7,128,314
-------------- -------------- ----------
Income before income
taxes 1,978,766 660,414 2,407,479
Applicable income taxes 683,000 184,111 (47,739) C 819,372
-------------- -------------- --------- ----------
Net income $1,295,766 476,303 (183,962) 1,588,107
============== ============== ========= ==========
Weighted average of common stock
and common stock equivalents
outstanding 1,685,271 90,000 1,685,271
Net income per common share $ 0.77 5.29 0.94
</TABLE>
See accompanying notes to Pro Forma Consolidated Financial Statements.
<PAGE> 5
Proforma Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Year Ended December 31, 1994
------------------------------------------------------------
Corpus Christi First National Pro Forma
Bancshares, Inc. Bank of Taft Adjustments Total
---------------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
Interest income:
Interest on loans 6,751,281 586,418 7,337,699
Interest on deposits with other banks 3,788 - 3,788
Interest on federal funds sold 355,959 143,520 499,479
Interest on investment securities 3,062,722 1,687,978 (161,712) C 4,588,988
----------- -------------- ----------
Total interest income 10,173,750 2,417,916 12,429,954
Interest expense on deposits 3,309,850 810,252 4,120,102
----------- -------------- ----------
Net interest income 6,863,900 1,607,664 8,309,852
Provision for loan losses (300,000) (50,000) (350,000)
----------- -------------- ----------
Net interest income
after provision for
loan losses 7,163,900 1,657,664 8,659,852
----------- -------------- ----------
Other income:
Trust department income 1,096,156 - 1,096,156
Service charges 1,001,279 139,974 1,141,253
Credit card fees 141,911 - 141,911
Net gain (loss) on sales of
securities 165,081 (10,259) 154,822
Other income 484,102 37,891 521,993
----------- -------------- ----------
Total other income 2,888,529 167,606 3,056,135
----------- -------------- ----------
Other expenses:
Salaries and employee benefits 3,571,093 413,903 3,984,996
Net occupancy and equipment
expense 1,395,916 134,526 25,502 C 1,555,944
Other operating expenses 2,889,518 454,786 121,720 C 3,466,024
----------- -------------- ----------
Total other expense 7,856,527 1,003,215 9,006,964
----------- -------------- ----------
Income before income
taxes 2,195,902 822,055 2,709,023
Applicable income taxes 379,727 231,165 (63,653) C 547,239
----------- -------------- ---------- ----------
Net income $ 1,816,175 590,890 (245,281) 2,161,784
=========== ============== ========== ==========
Weighted average of common stock
and common stock equivalents
outstanding 1,680,960 90,000 1,680,960
Net income per common share $ 1.08 6.57 1.29
</TABLE>
See accompanying notes to Pro Forma Consolidated Financial Statements.
<PAGE> 6
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
The unaudited Pro Forma Conolidated Financial Statements are based on the
following adjustments and related assumptions; the actual purchase adjustments
will be made on the basis of evaluations as of the date of consummation of the
Merger and, therefore, will differ from those reflected in the Pro Forma
Consolidated Financial Statements.
Adjustment A: Represents the total acquisition cost for all the outstanding
Taft Common Stock.
<TABLE>
<S> <C>
Purchase price calculation:
Payment for Taft Common Stock $8,085,734
Plus:Taft's net income recorded from
December 31, 1994 through
September 30, 1995 476,303
Less:Dividends or other distribtution declared
or paid after December 31, 1994 -
----------
Purchase Price 8,562,037
Acquisition costs 199,849
----------
Total cost to acquire Taft $8,761,886
==========
</TABLE>
Adjustment B: Represents the elimination of Taft's equity, the recording of
purchase accounting adjustments and the recording of estimated
fair value adjustments to Taft assets and liabilities acquired:
<TABLE>
<S> <C> <C>
Taft equity:
Common stock $ 450,000
Additional capital 450,000
Retained earnings 5,362,037
Unrealized gains on securities
available for sale 255,933
----------
6,517,970
Estimated fair value adjustments to
assets and liabilities acquired:
Investments held to maturity 106,222
Bank building 510,047
----------
616,269
Estimated tax effect of the above adjustments
at an effective tax rate of 34% (198,152)
Goodwill 1,825,799
----------
Total $8,761,886
==========
</TABLE>
<PAGE> 7
Adjustment C: Based on the above adjustments to fair value, the Pro Forma
Consolidated Statements of Income are affected by the following
adjustments:
<TABLE>
<CAPTION>
Nine months ended Year ended
September 30, 1995 December 31, 1994
------------------ -----------------
<S> <C> <C>
Amortization of premiums on
investments $ (121,284) (161,712)
Depreciation expense on building $ 19,127 25,502
Goodwill amortization (15 year
period) $ 91,290 121,720
Tax benefit as a result of above
adjustments at an effective tax
rate of 34% $ (47,739) (63,653)
</TABLE>
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