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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 16, 1997
(Date of earliest event reported)
NATIONAL CITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 0-13585 35-1632155
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
227 Main Street, P.O. Box 868, Evansville, Indiana 47705-0868
(Address of principal executive offices)
Registrant's telephone number, including area code: 812-464-9800
Former name or former address, if changed since last report: N/A
Date of Report: October 21, 1997
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Pursuant to Section 13 or Section 15(b) of the Securities and
Exchange Act of 1934, Registrant hereby makes current report
regarding the following event:
Item 5. Other Events
On October 16, 1997, the Registrant issued a news
release announcing earnings for the quarter ended September
30, 1997. A copy of the news release is filed as an
exhibit to this report and is hereby incorporated by
reference herein.
Item 7. Financial Statements and Exhibits
Financial Statements
None
Exhibits
Exhibit No. Description
----------- -----------
99 News release dated October 16, 1997
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
NATIONAL CITY BANCSHARES, INC.
Date: October 21, 1997 /s/ HAROLD A. MANN
Harold A. Mann
Secretary/Treasurer
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EXHIBIT 99
[NCBE logo] [NATIONAL CITY BANCSHARES, INC. letterhead]
NEWS RELEASE
Date: Release: THE NASDAQ STOCK MARKET(SM)
October 16, 1997 For Immediate Release NASDAQ(R)
Symbol: NCBE
Contact:
John Lippert, Chairman and CEO (812) 464-9601
NATIONAL CITY BANCSHARES, INC. REPORTS RECORD THIRD QUARTER EARNINGS, UP
15% FOR QUARTER, 17% FOR NINE MONTHS ON A PER SHARE BASIS
EVANSVILLE, INDIANA -- National City Bancshares, Inc. (NCBE), a multi-
bank holding company headquartered in Evansville, Indiana, concluded the
quarter with its highest third quarter earnings, the completion of their
eighteenth bank acquisition, and the announcement of two affiliate branch
acquisitions. This follows the completion of the company's most profitable
first and second quarters in its twelve-year history.
NCBE, with total assets of $1,177,493,000, reported third quarter net
income of $4,425,000, or $.46 per share, compared to $3,813,000, or $.40
per share, for the three months ended September 30, 1997 and 1996,
respectively. This is an increase of $612,000, or 16.05%. Nine-month
earnings were equally impressive with net income per share increasing to
$1.40, compared to $1.20 for the same period in 1996.
Two important benchmark measurements increased during the second
quarter. Return on average assets (ROA) was 1.59% for year-to-date, up
from 1.55% for the same period in 1996. Return on average equity (ROE)
also improved to 14.99% for year-to-date, compared to 13.25% for the same
period last year.
Loans increased to $819 million from $729 million, or 12.35%, during
the past twelve months. Deposits increased to $879 million from $824
million, or 6.67%, from one year ago.
During the third quarter, NCBE announced the completion of the
acquisition of Bridgeport Bancorp, Inc., a one-bank holding company for the
First National Bank of Bridgeport, Illinois. The acquisition, which was
completed on July 31, 1997, increased assets by $41 million.
Two subsidiary banks of NCBE announced branch acquisitions during the
quarter. The National City Bank of Evansville completed the purchase of
First Federal Savings Bank's Mount Vernon banking center. National City
Bank serves Evansville, Newburgh, Fort Branch, Princeton, and Mount Vernon,
Indiana, with 11 full-service banking centers. First Kentucky Bank reached
an agreement with Republic Bank and Trust Company to purchase the ownership
of their Mayfield, Kentucky, banking center and its deposits of
approximately $65 million. Pending regulatory approval, the completion of
this acquisition is expected during the fourth quarter of this year.
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NCBE serves the tri-state with ten commercial banks and one savings
bank in twenty-eight communities and thirty-six locations. National City
Bancshares, Inc. is the parent company of The National City Bank of
Evansville, Indiana; The Peoples National Bank of Grayville, Illinois;
First Kentucky Bank, Sturgis, Kentucky; Lincolnland Bank, Dale, Indiana;
Alliance Bank, Vincennes, Indiana; The Bank of Mitchell, Indiana; Pike
County Bank, Petersburg, Indiana; White County Bank, Carmi, Illinois; The
First National Bank of Wayne City, Illinois; First Federal Savings Bank of
Leitchfield, Kentucky; First National Bank of Bridgeport, Indiana; and NCBE
Leasing Corp., Evansville, Indiana. NCBE announced in June its intent to
acquire Fourth First Bancorp, a one-bank holding company for the First Bank
of Huntingburg, Indiana. First Bank has two offices in Huntingburg and one
office in Ferdinand, Indiana.
(See the reverse side for financial highlights)
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[NCBE logo]
NATIONAL CITY BANCSHARES, INC.
FINANCIAL HIGHLIGHTS
(Dollar Amounts Other Than Share Data in Thousands)
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<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 (1) 1997 1996 (1)
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<S> <C> <C> <C> <C>
PER SHARE:
Net Income - Primary
and Fully Diluted $0.46 $0.40 $1.40 $1.20
Dividends Declared (2) 0.16 0.15 0.48 0.42
Book Value 13.04 12.32 13.04 12.32
Closing Stock Price 42.50 26.67 42.50 26.67
FOR THE PERIOD:
Net Interest Income $12,032 $11,213 $35,207 $32,691
Provision for Loan Losses 641 280 1,145 801
Noninterest Income 2,458 2,082 7,192 5,742
Noninterest Expense 7,550 7,299 22,127 20,147
Net Income 4,425 3,813 13,375 11,552
Dividends Declared (2) 1,522 1,447 4,505 4,042
END OF PERIOD BALANCES:
Total Assets $1,177,493 $1,068,711 $1,177,493 $1,068,711
Total Loans 819,491 728,888 819,491 728,888
Allowance for Loan Losses 6,995 5,527 6,995 5,527
Deposits 878,517 823,827 878,517 823,827
Shareholders' Equity 124,016 117,034 124,016 117,034
AVERAGES:
Total Assets $1,160,221 $1,011,247 $1,122,916 $995,139
Loans, Net 795,904 706,973 760,990 682,201
Deposits 880,458 800,053 860,390 790,130
Shareholders' Equity 121,039 116,028 119,269 116,432
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Primary 9,603,165 9,512,031 9,526,749 9,601,860
Fully Diluted 9,606,389 9,512,031 9,535,520 9,601,860
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SELECTED RATIOS:
Return on Average Assets 1.51% 1.50% 1.59% 1.55%
Return on Average Equity 14.51 13.08 14.99 13.25
Net Interest Margin 4.82 4.92 4.89 4.91
Tangible Equity to
Tangible Assets 9.75 10.27 9.75 10.27
Equity Capital to Total Assets 10.53 10.95 10.53 10.95
Allowance for loan losses as
a percent of underperforming
loans (3) 155.49 120.83 155.49 120.83
Ratio of Market-to-Book Value 325.92 216.48 325.92 216.48
Price Earnings Multiple 23.10 16.67 22.77 16.67
Cash Dividend Yield 1.51 2.25 1.51 2.10
(1) The per share and weighted average shares outstanding has been restated to
reflect a 5% stock dividend paid in December 1996.
(2) As paid by National City Bancshares, Inc.
(3) Underperforming loans consist of nonaccrual loans, restructured loans, and
loans 90 days past due.
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Nasdaq Symbol: NCBE
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