<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 March 31, 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 registrant 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 March 31, 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
March 31, 1995, December 31, 1994
and March 31, 1994 3-4
Consolidated Statements of Operations
for the Quarters Ended
March 31, 1995 and 1994 5
Consolidated Statements of Cash Flows
for the Quarters Ended
March 31, 1995 and 1994 6
Notes to Consolidated Financial Statements 7-11
Item 2. Management's Discussion and Analysis
or Plan of Operation 12-17
PART II Other Information 18
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>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
ASSETS
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
--------- ------------
<S> <C> <C>
Cash and due from banks, including reserve
requirements of $228,000 and $153,000 $ 2,111,278 $ 7,522,907
Federal funds sold -- --
Investment securities:
Available for sale (at market value) 15,258,854 11,575,876
Held to maturity ------------- ------------
15,258,854 11,575,876
------------ ------------
Loans: 41,973,990 40,180,457
Less: Allowance for loan losses (664,521) (667,903)
----------- ------------
Net loans 41,309,469 39,512,554
----------- ------------
Premises and equipment 2,357,555 2,370,675
Accrued interest receivable 460,263 418,980
Other assets 3,040,807 2,897,673
----------- ------------
$64,538,226 $ 64,298,665
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 7,535,468 $ 7,656,372
NOW and money market 16,717,727 21,486,848
Savings 503,115 518,168
Time 31,138,382 27,812,401
---------- ----------
Total deposits 55,894,692 57,473,789
---------- ----------
Accounts payable and other liabilities 364,553 401,557
Accrued preferred stock dividend 72,837 72,837
Borrowed money 1,350,000 --
---------- ----------
Total liabilities 57,682,082 57,948,183
---------- ----------
Shareholders' equity:
Preferred stock 3,714,705 3,641,900
Common stock 54,739 54,739
Surplus 8,864,333 8,864,333
Accumulated deficit (5,777,633) (6,210,490)
---------- ----------
Total shareholders' equity 6,856,144 6,350,482
---------- ----------
$ 64,538,226 $ 64,298,665
============ ============
</TABLE>
See notes to Consolidated Financial Statements.
3
<PAGE>
<TABLE>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1995 AND MARCH 31, 1994
ASSETS
<CAPTION>
MARCH 31, MARCH 31,
1995 1994
--------- ----------
<S> <C> <C>
Cash and due from banks, including reserve
requirements of $228,000 and $188,000 $ 2,111,278 $ 3,506,396
Federal funds sold -- --
Investment securities:
Available for sale (at market value) 15,258,854 10,926,964
Held to maturity -- 313,100
------------ -------------
15,258,854 11,240,064
------------ -------------
Loans: 41,973,990 38,470,272
Less: Allowance for loan losses (664,521) (734,038)
------------ ------------
Net loans 41,309,469 37,736,234
------------ ------------
Premises and equipment 2,357,555 2,477,170
Accrued interest receivable 460,263 357,328
Other assets 3,040,807 1,395,105
------------ ------------
$ 64,538,226 $ 56,712,297
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 7,535,468 $ 5,112,984
NOW and money market 16,717,727 24,348,410
Savings 503,115 494,053
Time 31,138,382 21,946,058
------------ -------------
Total deposits 55,894,692 51,901,505
------------ -------------
Accounts payable and other liabilities 364,553 313,465
Accrued preferred stock dividend 72,837 67,126
Borrowed money 1,350,000
Total liabilities ------------ -------------
57,682,082 52,282,096
------------ -------------
Shareholders' equity:
Preferred stock 3,714,705 3,431,813
Common stock 54,739 54,739
Surplus 8,864,333 8,864,333
Accumulated deficit (5,777,633) (7,920,684)
------------ ------------
Total shareholders' equity 6,856,144 4,430,201
------------ ------------
$ 64,538,226 $ 56,712,297
============ =============
</TABLE>
See notes to Consolidated Financial Statements.
4
<PAGE>
<PAGE>
<TABLE>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1995 MARCH 31, 1994
------------------------------------
<S> <C> <C>
Interest and fees on loans $ 1,091,268 $ 868,095
Interest on investment securities 253,275 91,174
Interest on federal funds sold 51,622 22,422
----------- ---------
Total interest income 1,396,165 981,691
----------- ---------
Interest expense:
Interest on NOW and money market accounts 166,555 180,464
Interest on savings and time deposits 422,560 226,529
Other borrowings 651
----------- ---------
Total interest expense 589,766 406,993
----------- ---------
Net interest income 806,399 574,698
Provision for loan losses 15,000 (26,000)
----------- ---------
Net interest income after provision for loan 791,399 600,698
----------- ---------
Other income:
Service charge on deposit accounts 50,600 52,334
Fee income
Other 45,359 53,499
----------- ---------
Total other income 95,959 105,833
----------- ---------
Other expenses:
Salaries and employee benefits 270,727 233,257
Occupancy 37,398 51,920
Equipment 49,798 45,181
Other operating expenses 207,051 205,807
----------- ---------
Total other expenses 564,974 536,165
----------- ---------
Earnings before income taxes 322,384 170,366
Income tax benefit (expense) 0 100,000
---------- ---------
Net income 322,384 270,366
Preferred dividend requirements 72,837 67,126
---------- ---------
Net income (loss) after preferred stock $ 249,547 $ 203,240
========== =========
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
<PAGE>
<TABLE>
AMERICORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1995 MARCH 31,1994
-------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 249,547 $ 270,366
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation, amortization and accretion 41,255 66,139
Provision for loan losses 15,000 (26,000)
Loss on sales of investment securities
Change in:
Other assets (184,417) (407,650)
Other liabilities 35,801 28,660
----------- ----------
Net cash provided by operating 157,186 (68,485)
=========== ===========
Cash flows from investing activities:
Proceeds from maturities of investment 4,000,000 98,589
Proceeds from sales of investment securities
Purchase of investment securities (7,493,304) (1,969,414)
Net change in loans (1,811,915) (1,938,466)
Purchases of premises and equipment (34,499) (10,415)
Proceeds from sale of other real estate owned
----------- -----------
Net cash used by investing (5,339,718) (3,819,706)
----------- -----------
Cash flows from financing activities:
Net change in deposits (1,579,097) 2,058,791
Net change in federal funds purchased 1,350,000
----------- ----------
Net cash provided by financing (229,097) 2,058,791
----------- ----------
Increase (decrease) in cash and cash equivalents (5,411,629) (1,829,400)
Cash and cash equivalents at beginning of period 7,522,907 5,335,796
----------- ----------
Cash and cash equivalents at end of period $ 2,111,278 $3,506,396
=========== ==========
</TABLE>
See notes to Consolidated Financial Statements.
6
<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
7
<PAGE>
<PAGE>
AMERICORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
the parent company and its subsidiaries. All significant intercompany
accounts and transactions have been eliminated in consolidation.
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.
8
<PAGE>
<PAGE>
AMERICORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
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 three months ended March 31, 1995 the Company's investment
policy classified all securities, except Federal Reserve Bank Stock, as
available-for-sale.
Interest income on loans and leases is recognized in a manner that
results 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
9
<PAGE>
<PAGE>
AMERICORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
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, 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 quarter of 1995.
The Company's provision for loan losses is based upon management's
continuing review and evaluation of the loan portfolio and is intended
to create an allowance adequate to absorb losses on loans and leases
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 computed principally on the
straight-line method over the estimated useful lives of the assets.
10
<PAGE>
AMERICORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Earnings per share are based upon outstanding shares of common stock of
5,473,889 for the first three months of 1995, the same number of shares
outstanding as of December 31, 1994 and March 31, 1994.
The Company has no declared policy of regular dividends. No cash
dividends were declared during the three month period ended March 31,
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.
11
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Earnings Summary
----------------
The income for the first three months of 1995 was $249,547, a decrease
of $46,307 over the same period in 1994. The income per share for these
two periods was $.05 and $.04, respectively. Before payment of
preferred stock dividends, the Company had net earnings of $322,384 and
$170,366 for the first three months of 1995 and 1994, respectively.
Net interest income for the three months ended March 31, 1995 increased
$136,778 or 23.8 percent over the same period in 1994. The increase is
primarily due to an increased net interest margin caused by 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
4.97 percent for the first three months of 1995 as
opposed to 3.89 percent for the same period in 1994. This increase can
be explained by the same factors mentioned above.
Non-interest income for the three month period decreased $9,874 or 9.3
percent from 1994 to 1995.
Non-interest expense increased by $28,809 in the first three months of
1995 from the same period in 1994, a increase of 5.1 percent. This was
primarily due to an increase in salaries and employee benefits.
12
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
For the quarter ended March 31, 1995, return on equity was 15.71 percent
on an annualized basis versus 18.72 percent for the first quarter of
1994. The decline was due primarily to a decrease of $100,000 for the
tax benefit associated with the utilization of net operating loss
carryforwards. Earnings before taxes actually increased by $152,018
over the year earlier period.
Risk Elements
-------------
The allowance for loan losses at March 31, 1995 was $664,521 or .51
percent lower and 9.5 percent lower than at December 31, 1994 and March
31, 1994 respectively. At March 31, 1995 the allowance represented 1.58
percent of total loans as compared with 1.66 percent at December 31,
1994 and 1.91 percent at March 31, 1994. The increase in the loss
reserve as a percentage of loans was due to a large loan loss recovery
in the first quarter. At March 31, 1995 non-performing loans
represented .10 percent of total loans as compared with .18 percent at
December 31, 1994 and .26 percent at March 31, 1994. The allowance for
loan losses as a percentage of non-performing loans was 1602 percent at
March 31, 1995 as compared with 941 percent at December 31, 1994 and 734
percent at March 31, 1994. The increase is due to a decline in non-
performing loans with a relatively static loan loss reserve amount.
Capital Resources
-----------------
Shareholders' equity of $6,856,144 at March 31, 1995 increased 54.8
percent over the same period in 1994 resulting in an increase in book
value (exclusive of preferred stock equity) per common share from $.18
13
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
at March 31, 1994 to $.57 at March 31, 1995. The increase is the result of
earnings retained over this period. Capital for the Company is above
minimum regulatory requirements, with GAAP equity of 8.13 percent of
total assets at March 31, 1995.
Set forth below are pertinent capital ratios for the Bank as of March
31, 1995:
<TABLE>
<CAPTION>
Minimum Capital Requirement Bank
- --------------------------- ----
<S> <C>
Tier 1 Capital to Risk-based 10.28% <F1>
Assets: 4.00%
Total Capital to Risk-based 11.62% <F2>
Assets: 8.00%
Leverage Ratio (Tier 1 Capital 8.13% <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>
</TABLE>
The Company's capital is regulated on a tiered holding company basis
with Bank Corporation of Georgia ("BCG"), which owns 66.7 percent of the
Company's outstanding common stock. The consolidated Tier 1 capital to
risk-based assets, total capital to risk-based assets and leverage ratio
for BCG at March 31, 1995 was 11.39%, 12.97%, and 8.82%.
14
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
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. Interest-bearing deposits with
banks which averaged approximately $3,602,000 and $2,958,000 for the
first quarter of 1995 and 1994, respectively and $2,713,000 for the year
ended December 31, 1994 represent the Company's primary source of
immediate liquidity and were maintained at a level adequate to meet
immediate needs. 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.
As discussed in the Company's 1994 Annual Report on Form 10-KSB
(incorporated by reference herein), the Company repaid $500,000 plus
accrued interest due to BCG. Repayment of the note was accomplished
December 10, 1993 as part of a restructuring of the Company's capital.
15
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
The Company actively manages its interest rate sensitive assets and
liabilities to reduce the impact of interest rate fluctuations. At
March 31, 1995, the Company's rate sensitive liabilities exceeded rate
sensitive assets due within one year by $7,873,000 or 13.7 percent of
earning assets.
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 uses a special balance sheet that
measures the Company's liquidity position as a percentage of total
assets. The minimum ratio is 3 percent of assets. At March 31, 1995
the ratio was 3.40 percent of assets.
The Company experienced a net decrease in cash and cash equivalents, its
primary source of liquidity, of $5,412,000 during the first three months
of 1995. Operating activities provided $157,000 of funds. Adjustments
to net income for non-cash expenses of depreciation, amortization, and
provision for loan losses of $56,000 are included in this amount as a
net provision of funds. Investing activities used $5,340,000 of funds,
primarily due to an increase in loans and net purchases of investment
securities during the three month period. Financing activities used
cash of $229,000 during the three months ended March 31, 1995.
Agreement with the Comptroller
------------------------------
As a result of a regular examination by the Office of the Comptroller of
16
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
the Currency which began in July of 1988, the Bank was required to enter
into an Agreement with the Office of the Comptroller of the Currency.
This agreement, dated 4/20/89, required the Bank to change certain
operating procedures, engage an outside consultant, maintain a ratio of
primary capital to assets greater than 7%, improve the overall quality
of the loan portfolio and provide for adequate sources of liquidity to
improve the Bank's financial condition. As a part of this compliance,
the Company submitted a strategic plan to the OCC, for the years 1992
through 1994. The plan calls for a continued emphasis on asset quality
and minimization of asset growth, aggressive reduction in the Bank's
level of non-performing assets and maintenance of adequate levels of
capital.
In their Report of Examination dated November 2, 1993, the Comptroller
of the Currency terminated the Bank's troubled condition status and the
Bank was released from the agreement. This decision was based on the
improved condition of the Bank.
17
<PAGE>
<PAGE>
AMERICORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
(Continued)
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.
--------------------------------
(A) Exhibits
The following exhibit is filed as a part of this Report on
Form 10-QSB:
Exhibit 27 Financial Data Schedule
(B) No reports were filed on Form 8-K.
18
<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: May 15, 1995
--------------------
AMERICORP, INC.
/s/ James R. McLemore, Jr.
-----------------------------
James R. McLemore, Jr.
Controller
(Principal Financial Officer)
15
<PAGE>
<PAGE>
Exhibit Index
--------------
Exhibit 27 Financial Data Schedule
16
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000757765
<NAME> AMERICORP, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 1,117
<INT-BEARING-DEPOSITS> 994
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 15,259
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 41,974
<ALLOWANCE> 665
<TOTAL-ASSETS> 64,538
<DEPOSITS> 55,895
<SHORT-TERM> 1,350
<LIABILITIES-OTHER> 437
<LONG-TERM> 0
<COMMON> 55
0
3,715
<OTHER-SE> 3,086
<TOTAL-LIABILITIES-AND-EQUITY> 64,538
<INTEREST-LOAN> 1,091
<INTEREST-INVEST> 253
<INTEREST-OTHER> 52
<INTEREST-TOTAL> 1,396
<INTEREST-DEPOSIT> 589
<INTEREST-EXPENSE> 590
<INTEREST-INCOME-NET> 806
<LOAN-LOSSES> 15
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 565
<INCOME-PRETAX> 322
<INCOME-PRE-EXTRAORDINARY> 322
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 250
<EPS-PRIMARY> .05
<EPS-DILUTED> .05
<YIELD-ACTUAL> 4.97
<LOANS-NON> 42
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 668
<CHARGE-OFFS> 32
<RECOVERIES> 14
<ALLOWANCE-CLOSE> 665
<ALLOWANCE-DOMESTIC> 665
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
