<PAGE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1995
------------------
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT
For the transition period from _____________ to_____________
Commission File Number 0-14272
Americorp, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1529300
- ---------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) identification number)
7393 Hodgson Memorial Drive, Savannah, Georgia 31406
----------------------------------------------------
(Address of principal executive offices)
(912) 921-7100
------------------------------------------------
(Issuer's telephone number, including area code)
----------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed
since last report)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Check whether the issuer filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by court.
Yes ___ No ___
APPLICABLE ONLY TO CORPORATE ISSUERS
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past
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
--- ---
State the number of shares outstanding of each of the issuer's
classes of common equity as of September 30, 1995: 5,473,889
shares of Common Stock, $.01 par value per share.
<PAGE>
<PAGE>
AMERICORP, INC.
INDEX
Page No.
---------
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
September 30, 1995, December 31, 1994
and September 30, 1994 3-4
Consolidated Statements of Income
for the Nine Months and Quarters Ended
September 30, 1995 and 1994 5-6
Consolidated Statements of Cash Flows
for the Nine Months and Quarters Ended
September 30, 1995 and 1994 7-8
Notes to Consolidated Financial Statements 9-12
Item 2. Management's Discussion and Analysis
13-18
PART II OTHER INFORMATION 19
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
2
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994
ASSETS
------
SEPTEMBER 30 SEPTEMBER 30,
1995 1994
------------ -------------
<S> <C> <C>
Cash and due from banks $1,965,410 $1,473,986
Federal funds sold 2,273,955 1,574,902
Investment securities: Available for sale 13,508,624 8,788,275
Held to maturity ---- ----
------------ ------------
13,508,624 8,788,275
------------ ------------
Loans: 46,338,275 42,088,683
Less: Allowance for possible loan losses (697,872) (641,369)
----------- ------------
Loans, net 45,640,403 41,447,314
Bank premises and equipment 2,591,244 2,412,084
Accrued interest receivable 536,891 372,820
Other assets 2,964,283 1,235,424
----------- ------------
$69,480,810 $57,304,805
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Deposits:
Demand $8,295,874 $6,219,340
Interest bearing demand 17,673,919 21,699,168
Savings 576,808 519,437
Time 32,216,596 23,488,305
---------- ----------
Total deposits 58,763,197 51,926,250
Accounts payable and accrued expense 964,316 279,435
Accrued preferred stock dividends 72,837 71,409
Borrowed money 2,000,000 ----
---------- ----------
Total liabilities 61,800,350 52,277,094
Stockholders' equity:
Preferred stock 3,863,534 3,570,459
Common stock 54,739 54,739
Capital surplus 8,846,167 8,864,333
Retained earnings (5,083,980) (7,461,820)
---------- ----------
Total stockholders' equity 7,680,460 5,027,711
---------- ----------
$69,480,810 $57,304,805
=========== ===========
</TABLE>
3<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
ASSETS
------
SEPTEMBER 30 DECEMBER 31,
1995 1994
------------ -------------
<S> <C> <C>
Cash and due from banks $1,965,410 $7,522,907
Federal funds sold 2,273,955 ----
Investment securities: Available for sale 13,508,624 11,575,876
Held to maturity ---- ----
----------- ------------
13,508,624 11,575,876
----------- ------------
Loans: 46,338,275 40,180,457
Less: Allowance for possible loan losses (697,872) (667,903)
----------- ------------
Loans, net 45,640,403 39,512,554
Bank premises and equipment 2,591,244 2,370,675
Accrued interest receivable 536,891 418,980
Other assets 2,964,283 2,897,673
----------- ------------
$69,480,810 $64,298,665
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Deposits:
Demand $8,295,874 $7,656,372
Interest bearing demand 17,673,919 21,486,848
Savings 576,808 518,168
Time 32,216,596 27,812,401
---------- ----------
Total deposits 58,763,197 57,473,789
Accounts payable and accrued expense 964,316 401,557
Accrued preferred stock dividends 72,837 72,837
Borrowed money 2,000,000 ----
---------- ----------
Total liabilities 61,800,350 57,948,183
Stockholders' equity:
Common stock 54,739 54,739
Preferred stock 3,863,534 3,641,900
Capital surplus 8,846,167 8,864,333
Retained earnings (5,083,980) (6,210,490)
---------- ----------
Total stockholders' equity 7,680,460 6,350,482
---------- ----------
$69,480,810 $64,298,665
=========== ===========
</TABLE>
4
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC.
CONSOLIDATED STATEMENT OF EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
------------ -------------
<S> <C> <C>
Interest income:
Interest and fees on loans $3,402,295 $2,618,620
Interest on investment securities 764,852 316,993
Interest on federal funds 105,983 58,622
----------- -----------
Total interest income 4,273,130 2,994,235
----------- -----------
Interest expense:
Interest on NOW and money market accounts 507,613 538,681
Interest on savings and time deposits 1,358,312 735,647
Other borrowings 13,064 ----
----------- ----------
Total interest expense 1,878,989 1,274,328
----------- ----------
Net interest income 2,394,141 1,719,907
Provision for possible loan losses 45,000 4,000
----------- -----------
Net interest income after provision
for possible loan losses 2,349,141 1,715,907
----------- -----------
Other operating income:
Service charge on deposit accounts 172,181 182,789
Gain on sale of SBA loans 100 56,741
Other 271,065 272,489
----------- -----------
Total other operating income 443,346 512,019
----------- -----------
Other operating expense:
Salaries and employee benefits 865,056 726,600
Occupancy 123,322 169,555
Equipment 160,886 136,676
Other operating expense 630,312 628,057
----------- -----------
Total other operating expense 1,779,576 1,660,888
----------- -----------
Earnings before income taxes 1,012,911 567,038
Income tax expense (benefit) ---- (300,000)
----------- -----------
Net income 1,012,911 867,038
Preferred dividend requirements 221,666 210,054
----------- -----------
Net income after preferred stock requirements $791,245 $656,984
=========== ===========
</TABLE>
5
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC.
CONSOLIDATED STATEMENT OF EARNINGS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
------------ --------------
<S> <C> <C>
Interest income:
Interest and fees on loans $1,210,374 $936,766
Interest on investment securities: 255,598 105,852
Interest on federal funds 32,811 24,332
----------- -----------
Total interest income 1,498,783 1,066,950
----------- -----------
Interest expense:
Interest on NOW and money market accounts 176,622 181,215
Interest on savings and time deposits 481,365 264,626
Other borrowings 16,785 6
----------- -----------
Total interest expense 674,772 445,847
----------- -----------
Net interest income 824,011 621,103
Provision for possible loan losses 15,000 15,000
----------- -----------
Net interest income after provision
for possible loan losses 809,011 606,103
----------- -----------
Other operating income:
Service charge on deposit accounts 60,316 60,316
Gain on sale of SBA loans 100 7,564
Other 82,527 91,045
----------- -----------
Total other operating income 142,943 158,925
----------- -----------
Other operating expense:
Salaries and employee benefits 284,877 250,165
Occupancy 44,512 55,854
Equipment 59,592 45,340
Other operating expense 175,970 196,140
----------- -----------
Total other operating expense 564,951 547,499
----------- -----------
Earnings before income taxes 387,003 217,529
Income tax expense (benefit) ---- 100,000
----------- -----------
Net income 387,003 317,529
Preferred dividend requirements 72,838 71,409
----------- -----------
Net income after preferred stock requirements $314,165 $246,120
=========== ===========
</TABLE>
6
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $1,012,911 $867,038
Adjustments to reconcile net earnings to net cash
provided from operating activities:
Depreciation, amortization and accretion 120,499 158,888
Provision for loan losses 45,000 4,000
Loss on sale of investment securities 523 645
Change in:
Other assets (347,873) (266,108)
Other liabilities 562,727 (5,366)
-------------- ------------
Net cash provided by operating activities 1,393,787 759,097
-------------- ------------
Cash flows from investing activities:
Proceeds from maturities of investment securities 4,000,000 1,228,734
Proceeds from sales of investment securities 1,944,318 2,999,941
Purchase of investment securities (7,379,343) (3,644,919)
Net change in loans (6,172,849) (5,679,546)
Purchases of premises and equipment (358,863) (33,751)
--------------- ------------
Net cash provided (used) by investing activities (7,966,737) (5,129,541)
---------------- ------------
Cash flows from financing activities:
Net change in deposits 1,289,408 2,083,536
Net change in federal funds purchased 2,000,000 ----
---------------- ------------
Net cash provided by financing activities 3,289,408 2,083,536
----------------- ------------
Net (decrease) in cash and cash equivalents (3,283,542) (2,286,908)
Cash and cash equivalents at beginning of period 7,522,907 5,335,796
------------------ ------------
Cash and cash equivalents at end of period $4,239,365 $3,048,888
================== ============
</TABLE>
7
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
------------ --------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $387,003 $317,529
Adjustments to reconcile net earnings to net cash
provided from operating activities:
Depreciation, amortization and accretion 39,991 47,237
Provision for loan and real estate owned losses 15,000 15,000
Loss on sale of investment securities ---- 100
Change in:
Other assets (394,761) (162,343)
Other liabilities 355,222 33,749
------------ ------------
Net cash provided by operating activities 402,455 251,272
------------ ------------
Cash flows from investing activities:
Proceeds from maturities of investment securities ---- 1,064,809
Proceeds from sales of investment securities ---- 999,472
Purchase of investment securities ---- ----
Net change in loans (2,577,730) (3,067,864)
Purchases of premises and equipment 32,955 (5,116)
------------ -----------
Net cash (used) by investing activities (2,544,775) (1,008,699)
------------ -----------
Cash flows from financing activities:
Net change in deposits 2,311,708 522,660
Net change in federal funds purchased 1,457,192 ----
------------ -----------
Net cash provided by financing activities 3,768,900 522,660
------------ -----------
Net increase (decrease) in cash and cash equivalents 1,626,580 (234,767)
Cash and cash equivalents at beginning of period 2,612,785 3,283,655
----------- -----------
Cash and cash equivalents at end of period $4,239,365 $3,048,888
============ ===========
</TABLE>
8
<PAGE>
<PAGE>
AMERICORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The financial statements included herein have been prepared by
Americorp, Inc. (the "Company"), without audit, 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, although the Company
believes that the disclosures contained herein are adequate to
make the information presented not misleading. In the opinion of
management, the information furnished in the condensed
consolidated financial statements reflects all adjustments which
are ordinary in nature and necessary to present fairly the
Company's financial position, results of operations and changes
in financial position for such interim period. These financial
statements should be read in conjunction with the Company's
financial statements and the notes thereto as of December 31,
1994, included in the Company's annual report on Form 10-KSB for
the year ended December 31, 1994.
Americorp, Inc. is a one-bank holding company whose business is
primarily conducted by its wholly-owned subsidiary, Ameribank,
National Association (the "Bank"). The accounting principles
followed by Americorp, Inc. and its subsidiary, and the methods
of applying those principles conform with generally accepted
accounting principles and with general practices within the
banking industry, where applicable.
The Company's consolidated financial statements include the
accounts of the parent company and its subsidiary. All
significant intercompany accounts and transactions have been
eliminated in consolidation.
9
<PAGE>
Investment securities are classified and accounted for according
to Statement of Financial Accounting Standards ("SFAS") No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities," adopted by the Company January 1, 1994.
Pursuant to SFAS 115 investments are classified and accounted for
as follows:
Debt securities that the Company has the positive
intent and ability to hold to maturity are classified
as held-to-maturity and reported at amortized cost.
Debt and equity securities that are bought and held
principally for the purpose of selling them in the near
term are classified as trading securities and reported
at fair value, with unrealized gains and losses
included in earnings.
Debt and equity securities not classified as either
held-to-maturity securities or trading securities are
classified as available-for-sale securities and
reported at fair value, with unrealized gains and
losses excluded from earnings and reported in a
separate component of shareholders' equity.
Prior to adoption of SFAS 115 all securities were carried at cost
adjusted for amortization of premiums and accretions of
discounts, as required by SFAS 12, "Accounting for Certain
Marketable Securities." For the nine months ended September 30,
1995 the Company's investment policy classified all securities,
except Federal Reserve Bank Stock, as available - for - sale.
Interest income on loans is recognized in a manner that results
10
<PAGE>
in a level yield on the principal amount outstanding.
Statement of Financial Accounting Standards ("SFAS") No. 91
"Accounting for Non-refundable Fees and Cost Associated with
Originating and Acquiring Loans and Initial Direct Costs of
Leases," issued in December, 1986, generally requires deferral
and amortization of loan fees and direct costs over the life of
the related loan.
Since January 1, 1987, the Company has been in compliance with
SFAS No. 91. This statement has not had a material impact on the
Company's results of operations.
Effective January 1, 1993, the Company adopted Statement of
Financial Accounting Standards("SFAS") No. 109 in accounting for
financial income tax expense. Previously, the Company accounted
for financial income tax expense under the provisions of SFAS 96.
Upon application of SFAS 109, the future tax consequences of the
differences between the financial reporting and tax bases of the
Company's assets and liabilities resulted in a net deferred tax
asset. A valuation allowance was established for all of the net
deferred tax asset as of January 1, 1993, and accordingly, the
initial adoption of SFAS 109 had no effect on the 1993 financial
statements. At December 31, 1994, after considering the
operating results for 1994 and other matters, the Company reduced
the valuation allowance in order to adjust the net deferred tax
asset to an amount which management believes will more likely
than not be realized. The valuation allowance was reduced at
March 31, June 30, and September 30, 1995 by the tax expense that
would have been recorded on pretax income times the statutory
rate. Therefore, no tax was recorded for the first three
quarters of 1995.
The Company's provision for loan losses is based upon
11
<PAGE>
management's continuing review and evaluation of the loan
portfolio and is intended to create an allowance adequate to
absorb losses on loans outstanding as of the end of each
reporting period. For individually significant amounts,
management's review consists of evaluations of the financial
strength of the borrowers and the related collateral. The review
of groups of loans, which are individually insignificant, is
based upon the delinquency status of the group, lending policies
and previous collections experience by each category.
Premises and equipment are stated at cost less accumulated
depreciation and amortization. Depreciation is principally
computed on the straight-line method over the estimated useful
lives of the assets.
Earnings per share are based upon outstanding shares of common
stock of 5,473,889 for the first nine months of 1995, the number
of shares outstanding as of December 31, 1994 and June 30, 1994.
The Company has no declared policy of regular dividends. No cash
dividends were declared during the nine month period ended
September 30, 1995.
Statement of Financial Accounting Standards ("SFAS") No. 95
"Statement of Cash Flows," issued in November, 1987, generally
requires a statement of cash flows as part of a full set of
financial statements for all business enterprises in place of a
statement of changes in financial position. The Company adopted
SFAS No. 95 prospectively effective January 1, 1988. For
purposes of the Statement of Cash Flows, the Company considers
cash and cash equivalents to include cash on hand and amounts due
from banks and federal funds sold.
12
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
Earnings Summary
----------------
Net income for the first nine months of 1995 was $791,245, an
increase of $134,261 over the same period in 1994. The net
income per share for these two periods was $.14 and $.12,
respectively. Before payment of preferred stock dividends, the
Company had net earnings of $1,012,911 and $867,038 for the first
nine months of 1995 and 1994, respectively. Net income for the
quarter ended September 30, 1995 was $314,165 an increase of
$68,045 over the same period in 1994. The net income per share
for these two periods was $.06 and $.05, respectively.
Net interest income for the nine months ended September 30, 1995
increased $674,234 or 39.2 percent over the same period in 1994.
Net interest income for the quarter ended September 30, 1995
increased $202,908 or 32.7 percent over the quarter ended
September 30, 1994. These increases are primarily due to an
increase in net earning assets over the same period in 1994, and
asset yields increasing at a faster pace than the increase in
funding costs.
The net interest margin, as a percentage of earning assets,
increased to 5.47 percent for the first nine months of 1995 as
compared to 4.43 percent for the same period in 1994. For the
quarter ended September 30, 1995, the net interest margin as a
percent of interest earning assets was 5.58 percent versus 4.80
13
<PAGE>
percent for the same period in 1994. This rise can be explained
by the same factors mentioned above.
Non-interest income for the nine month period decreased $68,673
or 13.4 percent from 1994 to 1995. Non-interest income for the
quarter ended September 30, 1995 decreased $15,982 or 10.1
percent over the same period in 1994. These decreases were
primarily the result of decreases in the gain on the sale of SBA
loans.
Non-interest expense increased by $118,688 in the first nine
months of 1995 from the same period in 1994, an increase of 7.1
percent. Non-interest expense for the quarter ended September
30, 1995 increased by $17,452 or 3.2 percent over the same period
in 1994. The increase was primarily due to an increase in
salaries and employee benefits over the same period in 1994.
For the first nine months of 1995, return on equity was 14.96
percent on an annualized basis versus 20.09 percent for the same
period a year earlier. For the quarter ended September 30, 1995,
return on equity was 17.25 percent on an annualized basis versus
18.38 percent for the third quarter of 1994. The decline was
primarily the result of a decrease in the tax benefits associated
with the utilization of net operating loss carry-forwards.
Earnings before taxes actually increased by $445,873 over the
nine month period a year earlier primarily as a result of the
increase in net interest income. Preferred stock requirements
14
<PAGE>
were $221,666 for the nine month period ended September 30, 1995
and $210,054 for the same period in 1994.
Risk Elements
-------------
The allowance for loan losses at September 30, 1995 was $697,872
or 4.5 percent and 8.8 percent higher than at December 31, 1994
and September 30, 1994, respectively. At September 30, 1995 the
allowance represented 1.51 percent of total loans as compared
with 1.66 percent at December 31, 1994 and 1.52 percent at
September 30, 1994. The decrease in the loss reserve as a
percentage of loans was due to a decrease in non-performing loans
(nonaccrual loans and loans past due 90 days or more and still
accruing) in the amount of $71,000 during the nine months ended
September 30, 1995. At September 30, 1995 non-performing loans
represented .00 percent of total loans as compared with .18
percent at December 31, 1994 and .17 percent at September 30,
1994.
Capital Resources
-----------------
Shareholders' equity of $7,680,460 at September 30, 1995
increased 52.8 percent over the same period in 1994 resulting in
book value (exclusive of preferred stock equity) per common share
of $.70 compared to $.27 at September 30, 1994. The increase is
the result of earnings retained over this period. Earnings over
this period included recognition of deferred tax assets of
$1,648,118. Capital for the Company is above regulatory
requirements, with GAAP equity of 11.05 percent of total assets
at September 30, 1995.
15
<PAGE>
Set forth below are pertinent capital ratios for the Bank as of
September 30, 1995:
<TABLE>
<CAPTION>
Minimum Capital Requirement Bank
- --------------------------- ----
<S> <C>
Tier 1 Capital to Risk-based 11.42% <F1>
Assets: 4.00%
Total Capital to Risk-based 12.67% <F2>
Assets: 8.00%
Leverage Ratio (Tier 1 Capital 9.01% <F3>
to Total Assets): 3.00%
___________________________________
<FN>
<F1> Minimum for "Well Capitalized" Banks = 6%
<F2> Minimum for "Well Capitalized" Banks = 10%
<F3> Minimum for "Well Capitalized" Banks = 5%
</FN>
The Company's capital is regulated on a tiered holding company
basis with Bank Corporation of Georgia ("BCG"), which owns 66.67
percent of the Company's outstanding common stock. BCG's
consolidated Tier 1 capital to risk-based assets, total capital
to risk-based assets and leverage ratio for BCG at September 30,
1995 was 10.58%, 11.78%, and 7.94%.
Liquidity and Interest Rate Sensitivity
---------------------------------------
Liquidity management involves the ability to meet cash flow
requirements of customers who may be depositors making
withdrawals or borrowers needing credit funding. The Company's
cash flows are generated from interest and fee income, as well as
from loan repayments, deposit acquisition, and maturities or
sales of investments. The Company's liquidity needs are provided
for primarily through short-term securities, and the maturing of
loans. Federal funds sold represent the Company's primary source
of immediate liquidity and were maintained at a level adequate to
meet immediate needs. Federal funds averaged approximately
16
<PAGE>
$2,418,000 and $2,126,680 for the nine months ended September 30,
1995 and 1994, respectively. The average balances for the
quarters ended September 30, 1995 and 1994 were approximately
$2,281,000 and $2,106,570, respectively. Maturities in the
Company's loan and investment portfolios are monitored regularly
to avoid matching short-term deposits with long-term loans and
investments. Other assets and liabilities are also monitored to
provide the proper balance between liquidity, safety, and
profitability. This monitoring process must be continuous due to
the constant flow of cash which is inherent in a financial
institution.
The Company actively manages its interest rate sensitive assets
and liabilities to reduce the impact of interest rate
fluctuations. At September 30, 1995, the Company's rate
sensitive liabilities exceeded rate sensitive assets due within
one year by $8,191,000.
The Company manages its liquidity through the volatility of its
deposits and patterns in loan demand, its current liquidity
position, its ability to control funding needs and potential
sources of funds. As part of managing liquidity, the Company
monitors its loan to deposit ratio on a daily basis. The target
ratio is 80 percent. At September 30, 1995 the ratio was 78.9
percent.
The Company experienced a net decrease in cash and cash
equivalents, its primary source of liquidity, of $3,283,542
during the first nine months of 1995. Operating activities
provided $1,393,787 of funds. Adjustments to net income for non-
cash expenses of depreciation, amortization, and provision for
loan losses of $165,499 are included in this amount as a net
provision of funds. Investing activities used $7,966,737 of
17
<PAGE>
funds, primarily due to an increase in loans and purchases of
investment securities during the nine month period. Financing
activities provided net cash of $3,289,408 due to an increase in
deposit accounts and an increase in federal funds purchased
during the nine months ended September 30, 1995.
18
<PAGE>
<PAGE>
AMERICORP, INC.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Neither the Company nor its subsidiary is a
party to any pending legal proceedings which
Management believes would have a material
effect upon the operations or financial
condition of the Company.
Item 2. Changes in Securities - Not applicable.
--------------------
Item 3. Defaults Upon Senior Securities - Not applicable.
------------------------------
Item 4. Submission of Matters to a Vote of Security Holders - Not applicable.
---------------------------------------------------
Item 5. Other Information - Not applicable.
-----------------
Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
Exhibits
--------
Exhibit 27 - Financial Data Schedule
Form 8-K
---------
Not applicable.
19
<PAGE>
<PAGE>
AMERICORP, 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.
Date: November 10, 1995
AMERICORP, INC.
/s/ James R. McLemore, Jr.
James R. McLemore, Jr.
Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000757765
<NAME> AMERICORP, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,965
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0
0
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</TABLE>
