U.S. Securities and Exchange Commission
Washington, D.C. 20549
----------
FORM 10Q
[x] QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[ ] TRANSITION REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
----------
Commission File No. 0-24023
TEJAS BANCSHARES, INC.
State of Organization IRS Employer Identification
Texas No. 75-1950688
905 S. Fillmore, Suite 701
Amarillo, Texas 79101
Registrant's telephone number: 806-373-7900
Check whether the issuer (1) has 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. (1) Yes _X_
No ___ (2) Yes _X_ No___
As of March 31, 2000, 13,414,667 shares of the Registrant's common stock were
outstanding.
<PAGE>
TEJAS BANCSHARES, INC.
INDEX
Page
Part I. Financial Information
Item 1: Financial Statements:
Condensed Consolidated Balance Sheets
at March 31, 2000 and December 31, 1999 1
Condensed Consolidated Statements of Operations and Comprehensive
Income for the three-month periods ended
March 31, 2000 and 1999 2
Condensed Consolidated Statements of Cash Flows for the
three-month periods ended March 31, 2000 and 1999 3
Notes to Condensed Consolidated Financial Statements 4
Item 2: Management's Discussion and Analysis of Financial Condition
And Results of Operations 6
Part II. Other Information 13
Signatures 14
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, 2000 and December 31, 1999 (Unaudited)
<CAPTION>
ASSETS
March 31, December 31,
2000 1999*
------------- -------------
<S> <C> <C>
Cash and due from banks $ 18,212,231 $ 20,711,268
Federal funds sold -- 4,350,000
Securities available-for-sale 6,638,993 6,723,147
Loans 275,702,107 262,247,493
Less allowance for loan losses (4,978,462) (4,524,678)
------------- -------------
Loans, net 270,723,645 257,722,815
------------- -------------
Bank premises and equipment, net 5,037,477 4,353,326
Accrued interest receivable 4,008,405 3,234,949
Net deferred tax asset 1,821,647 1,719,300
Other assets 282,263 226,591
------------- -------------
TOTAL ASSETS $ 306,724,661 $ 299,041,396
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Demand - noninterest bearing $ 69,553,934 $ 70,029,027
Demand - interest bearing 90,941,434 89,490,720
Time and savings 97,287,515 92,447,906
------------- -------------
Total deposits 257,782,883 251,967,653
------------- -------------
Accrued interest payable 1,072,925 879,291
Federal income taxes payable 664,626 206,181
Other liabilities 715,610 627,507
------------- -------------
Total liabilities 260,236,044 253,680,632
------------- -------------
STOCKHOLDERS' EQUITY
Common stock 13,414,667 13,418,017
Paid-in capital 26,513,993 26,532,993
Retained earnings 6,839,854 5,743,180
Accumulated other comprehensive income (4,197) (6,426)
Deferred directors' compensation (275,700) (327,000)
------------- -------------
Total stockholders' equity 46,488,617 45,360,764
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 306,724,661 $ 299,041,396
============= =============
</TABLE>
* Condensed from audited financial statements.
These condensed financial statements should be read
only in connection with the accompanying notes to the
condensed financial statements.
1
<PAGE>
<TABLE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three-month periods ended March 31, 2000 and 1999
<CAPTION>
Three-month periods ended
March 31,
----------------------------
2000 1999
----------- -----------
<S> <C> <C>
INTEREST INCOME AND FEES
Interest and fees on loans $ 5,644,604 $ 3,911,959
Interest and dividends on
investment securities 93,980 100,335
Interest on federal funds sold 78,092 344,226
----------- -----------
Total interest income 5,816,676 4,356,520
INTEREST EXPENSE 1,927,229 1,308,353
----------- -----------
Net interest income 3,889,447 3,048,167
PROVISION FOR LOAN LOSSES 450,000 330,000
----------- -----------
Net interest income after provision
for loan losses 3,439,447 2,718,167
OTHER OPERATING INCOME
Service charges 398,631 247,358
Other 170,930 116,795
----------- -----------
Total other operating income 569,561 364,153
OTHER OPERATING EXPENSES
Salaries and employee benefits 1,195,972 930,794
Depreciation 125,879 96,057
Advertising 100,826 80,771
Occupancy expense 94,421 104,663
Federal Deposit Insurance Corporation
premiums, net 11,975 5,346
Professional fees 52,410 42,790
Supplies, stationary and office expenses 138,685 85,002
Taxes other than on income and salaries 75,468 22,500
Data processing 256,032 203,841
Postage 55,125 43,512
Other 240,590 202,548
----------- -----------
Total other operating expenses 2,347,383 1,817,824
----------- -----------
Earnings before income taxes 1,661,625 1,264,496
INCOME TAXES 564,951 429,929
----------- -----------
NET EARNINGS 1,096,674 834,567
OTHER COMPREHENSIVE INCOME
Change in unrealized gains (losses)
on securities, net of tax 2,229 (8,977)
----------- -----------
COMPREHENSIVE INCOME $ 1,098,903 $ 825,590
=========== ===========
NET EARNINGS PER SHARE-Basic $ 0.08 $ 0.06
=========== ===========
NET EARNINGS PER SHARE-Diluted $ 0.08 $ 0.06
=========== ===========
</TABLE>
These condensed financial statements should be read
only in connection with the accompanying notes to the
condensed financial statements.
2
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three-month periods ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
Three-month periods
ended March 31,
------------ ------------
2000 1999
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 1,096,674 $ 834,567
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation 125,879 96,057
Deferred income taxes (103,495) (112,200)
Amortization of deferred directors' compensation 26,700 26,400
Provision for loan losses 450,000 330,000
Amortization of premium or (accretion) of
discount relating to investment securities, net 3,302 6,533
Changes in:
Accrued interest receivable (773,456) (231,385)
Other assets (55,672) 55,175
Accrued interest payable 193,634 23,885
Federal income taxes payable 458,445 457,129
Other liabilities 88,103 110,985
------------ ------------
Net cash provided by operating activities 1,510,114 1,597,146
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and pay-downs on
securities available-for-sale 2,255,010 1,309,664
Purchases of securities available-for-sale (2,170,781) (1,107,391)
Change in loans to customers (13,450,830) (4,517,834)
Expenditures for bank premises and equipment (810,030) (292,179)
------------ ------------
Net cash used by investing activities (14,176,631) (4,607,740)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 5,815,230 3,349,629
Proceeds from the exercise of stock options 2,250 2,550
------------ ------------
Net cash provided by financing activities 5,817,480 3,352,179
------------ ------------
Net increase (decrease) in cash and cash equivalents (6,849,037) 341,585
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 25,061,268 50,113,175
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 18,212,231 $ 50,454,760
============ ============
</TABLE>
SUPPLEMENTAL DISCLOSURE OF CASH-FLOW INFORMATION
During the three-months ended March 31, 2000, pursuant to the Company's
Directors' Stock Compensation Plan, 4,100 shares of common stock (total value of
$24,600) were forfeited by directors for missed meetings.
These condensed financial statements should be read
only in connection with the accompanying notes to the
condensed financial statements.
3
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
(1) General
See the Summary of Significant Accounting Policies included in the
consolidated financial statements in the Company's report on Form 10K.
The unaudited condensed consolidated financial statements included herein
were prepared from the books of the Company in accordance with generally
accepted accounting principles and reflect all adjustments (consisting of
normal recurring accruals) which are, in the opinion of management,
necessary to a fair statement of the results of operations and financial
position for the interim periods. Such financial statements generally
conform to the presentation reflected in the Company's Annual Report to
Stockholders. The current interim period reported herein is included in the
fiscal year subject to independent audit at the end of that year and is not
necessarily an indication of the expected results for the fiscal year.
(2) Net Earnings Per Share
The following is a reconciliation of the numerators and the denominators
of the basic and diluted earnings per share computations for net income
for the three-month periods ended March 31.
<TABLE>
<CAPTION>
2000 1999
-------------------------------------------- ------------------------------------------
Income Shares Per share Income Shares Per share
numerator denominator amount numerator denominator amount
------------ ---------- ---------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Year Ended:
Basic EPS $ 1,096,674 13,415,104 $ 0.08 $834,567 13,398,182 $ 0.06
Effect of dilutive
stock options -- 213,284 -- 220,050
------------ ---------- -------- ----------
Diluted EPS $ 1,096,674 13,628,388 $ 0.08 $834,567 13,618,232 $ 0.06
============ ========== ======== ==========
</TABLE>
(3) Incentive Stock Plan
On May 19, 1998, the Company's stockholders approved the Tejas Bancshares,
Inc. 1998 Incentive Stock Plan (the Plan). The Plan's objectives are to
attract, retain and provide incentive to employees, officers and directors
and to increase overall shareholder value. The number of shares reserved
for issuance under the plan is 1,333,333. The Plan provides for the grant
of both incentive stock options and non-qualified stock options as well as
the grant of restricted stock, stock appreciation rights, dividend
equivalent rights, stock awards and other stock-based awards. During the
three months ended March 31, 2000 the Company granted 5,000 in shares under
incentive stock options to certain employees and officers at the option
price of $6.00, which is the fair market value of the common stock of the
Company as determined by a majority of the disinterested directors of the
Company.
4
<PAGE>
(4) New Banking Center
During the first quarter of 2000, the Company opened a new banking center
at 45th and Coulter in Amarillo.
This information is an integral part of the accompanying
condensed consolidated financial statements.
5
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations - Three-Month Periods Ended March 31, 2000 as Compared to
the Three-Month Periods Ended March 31, 1999:
Earnings
Tejas Bancshares, Inc. and subsidiaries (the Company) incurred net earnings for
the three-month period ended March 31, 2000 of $1,096,674 as compared to
earnings of $834,567 for the three-month period ended March 31, 1999. The
increase in earnings for 2000 was primarily the result of improved net interest
income as a result of growth in earning assets. The return on average assets for
the three-month period ended March 31, 2000 and 1999 was 1.45% and 1.36%,
respectively, and return on average equity was 9.56% and 8.10%, respectively.
Net Interest Income
The largest component of operating income is net interest income, which is the
difference between the income earned on assets and interest paid on deposits.
Net interest income is determined by the rates earned on the Company's
interest-earning assets and the rates paid on its interest-bearing liabilities,
the relative amounts of interest-earning assets and interest-bearing
liabilities, and the degree of mismatch and the maturity and repricing
characteristics of its interest-earning assets and interest-bearing liabilities.
During the three-month periods ended March 31, 2000 and 1999 net interest income
was $3,889,447, and $3,048,167, respectively. The increase in net interest
income from 1999 to 2000 of $841,280 (27.60%) is primarily due to an increase in
average interest-earning assets of approximately $48,958,500, net of an increase
in average interest-bearing liabilities of approximately $33,585,800.
The following table sets forth the average consolidated balance sheets of the
Company and subsidiary for the three-month periods ended March 31, 2000 and 1999
along with an analysis of net interest earnings for each major category of
interest-earning assets and interest-bearing liabilities, the average yield or
rate paid on each category and net yield on interest-earning assets:
6
<PAGE>
<TABLE>
<CAPTION>
2000 1999
------------------------------------------ -------------------------------------------
Average Total Average Average Total Average
Balance(1) Interest Rate Balance(1) Interest Rate
------------- ------------- ------- ------------- ------------- -------
<S> <C> <C> <C> <C> <C> <C>
INTEREST-EARNING ASSETS
Loans
Commercial and agricultural $ 133,914,437 $ 2,812,282 8.45% $ 108,007,689 $ 2,287,204 8.59%
Real estate - mortgage 104,675,179 2,239,406 8.60% 70,079,445 1,328,939 7.69%
Installment loans to individuals 25,297,091 592,916 9.43% 12,695,833 295,816 9.45%
------------- ------------- ---- ------------- ------------- ----
Total loans 263,886,707 5,644,604 8.60% 190,782,967 3,911,959 8.32%
Securities taxable 6,686,243 93,980 5.65% 7,191,684 100,335 5.66%
Federal funds sold and other
interest-earning assets 5,630,220 78,092 5.58% 29,270,000 344,226 4.77%
------------- ------------- ---- ------------- ------------- ----
Total interest-earning assets 276,203,170 5,816,676 8.47% 227,244,651 4,356,520 7.77%
NONINTEREST-EARNING ASSETS
Cash and due from banks 21,757,628 18,599,022
Other assets 10,279,812 6,639,188
Less: allowance for loan losses (4,688,125) (3,769,122)
------------- --------------
Total $ 303,552,485 $ 248,713,739
============= ==============
INTEREST-BEARING
LIABILITIES
Interest-bearing demand $ 35,844,103 $ 182,548 2.05% $ 33,030,921 $ 130,982 1.61%
Money market deposits 55,905,203 527,653 3.80% 44,338,545 313,597 2.87%
Other savings deposits 5,682,407 31,478 2.23% 4,678,243 23,155 2.01%
Time deposits 85,683,422 1,152,195 5.41% 69,745,328 840,619 4.89%
Federal funds purchased 2,263,736 33,355 5.93% -- -- --
------------- ------------- ---- ------------- ------------- ----
Total interest-bearing
liabilities 185,378,871 1,927,229 4.18% 151,793,037 1,308,353 3.50%
NONINTEREST-BEARING
LIABILITIES AND STOCK-
HOLDERS' EQUITY
Demand deposits 70,039,979 53,872,746
Other 1,998,216 1,263,189
Stockholders' equity 46,135,419 41,784,767
------------- -------------
Total $ 303,552,485 $ 248,713,739
============= =============
Net interest income $ 3,889,447 $ 3,048,167
============= =============
Net yield on earning assets 5.66% 5.44%
==== ====
</TABLE>
- ----------
(1) For purposes of these computations, nonaccruing loans are included in the
daily average loan amounts outstanding.
7
<PAGE>
Other Operating Income and Expenses
Other operating income for the three-month periods for 2000 increased by
$205,408 (56%), due to increased activity on deposit accounts. Other operating
expenses increased during the three-month periods for 2000 by $529,559 (29%).
The increase was attributable to the overall growth of the Company, including a
significant increase in employees from 1999 to 2000 and increases in costs to
conduct banking operations, primarily data processing and depreciation.
Securities Portfolio
The objective of the Company in its management of the investment portfolio is to
maintain a portfolio of high quality, relatively liquid investments with
competitive returns. During the first three-month period of 2000, the weighted
average yield on taxable securities was 5.65% as compared to 5.66% during 1999.
The Company primarily invests in U.S. Treasury securities and other U.S.
government agency obligations and mortgage-backed securities.
The amortized cost and estimated fair values of the major classifications of
available-for-sale securities at March 31, 2000 and December 31, 1999 were as
follows:
<TABLE>
<CAPTION>
March 31, 2000 December 31, 1999
----------------------- -----------------------
Amortized Amortized
Cost Market Cost Market
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Treasury securities $2,170,782 $2,170,782 $2,203,191 $2,199,312
Government agencies 1,825,281 1,815,415 1,826,368 1,817,992
Mortgage-backed securities 1,433,615 1,437,121 1,487,649 1,490,168
Other securities 1,215,675 1,215,675 1,215,675 1,215,675
---------- ---------- ---------- ----------
Total securities $6,645,353 $6,638,993 $6,732,883 $6,723,147
========== ========== ========== ==========
</TABLE>
Loan Portfolio
At March 31, 2000 and December 31, 1999 net loans accounted for 88.3% and 86.2%,
respectively, of total assets.
The amount of loans outstanding at March 31, 2000 and December 31, 1999 are
shown in the following table according to type of loans:
8
<PAGE>
March 31, December 31,
2000 1999
------------ ------------
Commercial $108,254,122 $ 94,893,660
Agricultural 37,095,686 39,265,713
Real estate
Commercial 73,594,875 80,150,036
1-4 single family 27,834,664 25,750,839
Installment loans to individuals 26,986,625 20,580,564
Student Loans 1,936,135 1,606,681
------------ ------------
Total $275,702,107 $262,247,493
============ ============
Provision and Allowance for Loan Losses
The following table summarizes the loan loss experience for the three-month
periods ended March 31, 2000 and 1999:
2000 1999
----------- -----------
Balance of allowance for loan
losses at the beginning of period $ 4,524,678 $ 3,625,435
Provision charged to operations 450,000 330,000
Charge-offs (507) (4,760)
Recoveries 4,291 23,260
----------- -----------
Balance at end of period $ 4,978,462 $ 3,973,935
=========== ===========
The Bank had no significant nonaccrual, past due or restructured loans at March
31, 2000. Management is not aware of any other loans in which it has serious
doubts as to the ability of the borrower to comply with present loan repayment
terms.
Additions to the allowance for loan losses, which are recorded as the provision
for loan losses on the Company's statements of operations, are made periodically
to maintain the allowance at an appropriate level based on management's analysis
of the potential risk in the loan portfolio. The amount of the provision is a
function of the level of loans outstanding, the level of nonperforming loans,
historical loan-loss experience, the amount of loan losses actually charged-off
or recovered during a given period, and current and anticipated economic
conditions. The Company believes that it is conservative in the identification
and charge-off of problems and, in certain instances, the Company has received
recoveries on loans that were previously charged-off.
At March 31, 2000 and December 31, 1999, the allowance for loan losses was
$4,978,462 and $4,524,678 respectively, which represented 1.81% and 1.73% of
outstanding loans at those respective dates.
9
<PAGE>
During the three-month periods ended March 31, 2000 and 1999, the Company
recorded provisions for loan losses of $450,000 and $330,000, respectively. The
allowance is subjective in nature and may be adjusted in the near term because
of changes in economic conditions or review by regulatory examiners. Management
expects that appropriate, additional future provisions will be made as the loan
portfolio grows.
Capital
The Company and The First National Bank of Amarillo (the Bank) are subject to
various regulatory capital requirements administered by banking agencies.
Failure to meet minimum capital requirements can initiate certain mandatory and
possibly additional discretionary actions by regulators that, if undertaken,
could have a direct material effect on the Company's financial statements. Under
capital adequacy guidelines and the regulatory framework for prompt corrective
action, the Company and Bank must meet specific capital guidelines that involve
quantitative measures of the assets, liabilities, and certain off-balance-sheet
items as calculated under regulatory accounting practices. The Company's and
Bank's capital amounts and classification are also subject to qualitative
judgments by the regulators about components, risk weightings and other factors.
Quantitative measures established by regulation to ensure capital adequacy
require the Company and Bank to maintain minimum amounts and ratios (set forth
in the table below) of Total and Tier I Capital (as defined in the regulations)
to risk-weighted assets (as defined), and of Tier I Capital (as defined) to
average assets (as defined). Management believes, as of March 31, 2000, that the
Company and Bank meet all capital adequacy requirements to which they are
subject.
The Company and the Bank exceeded their regulatory capital ratio at March 31,
2000, as set forth in the following table.
<TABLE>
<CAPTION>
To Be Well
Capitalized Under
For Capital Prompt Corrective
Actual Adequacy Purposes Action Provisions
-------------------- --------------------- ----------------------
Amount Ratio Amount Ratio Amount Ratio
----------- ------- -------- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
To Risk Weighted Assets:
Total Capital:
Tejas Bancshares, Inc. $49,854,297 18.66% $21,370,000 >/= 8.0 N/A
The Bank 49,042,188 18.36% 21,369,000 >/= 8.0 26,711,000 >/= 10.0
Tier I Capital:
Tejas Bancshares, Inc. $46,494,976 17.41% $10,685,000 >/= 4.0 N/A
The Bank 45,683,056 17.10% 10,684,000 >/= 4.0 16,027,000 >/= 6.0
To Average Assets
Tier I Capital:
Tejas Bancshares, Inc. $46,494,976 15.32% $12,141,000 >/= 4.0 N/A
The Bank 45,683,056 15.05% 12,140,000 >/= 4.0 15,176,000 >/= 5.0
</TABLE>
10
<PAGE>
Liquidity Management
Liquidity management involves monitoring the Company's sources and uses of funds
in order to meet its day-to-day cash flow requirements while maximizing profits.
Liquidity represents the ability of a Company to convert assets into cash or
cash equivalents without significant loss and to raise additional funds by
increasing liabilities. Liquidity management is made more complicated because
different balance sheet components are subject to varying degrees of management
control. For example, the timing of maturities of the investment portfolio is
very predictable and subject to a high degree of control at the time investment
decisions are made. However, net deposit inflows and outflows are far less
predictable and are not subject to nearly the same degree of control.
The Company has maintained a level of liquidity that is adequate to provide the
necessary cash requirements. The Company's funds-sold position, its primary
source of liquidity, averaged approximately $5,630,000 during the three-month
period ended March 31, 2000. Additionally, the Company has $40,000,000 in funds
purchased lines available from correspondent banks. During 2000, amounts
outstanding on such lines averaged approximately $2,264,000. Management also has
lined out potential purchasers of loans as a tool to maintain liquidity. The
Company has numerous loan participations with other parties, primarily financial
institutions. Loan participations are a common commercial banking arrangement
whereby the Company sells, on a nonrecourse basis, a portion of a loan to
another party or parties. These arrangements spread the risk between or among
the parties and provide liquidity to the Company while reducing risk. Although
no formal agreements or commitments exist, management believes that additional
loan participations in the range of $75 million to $80 million could readily be
sold for liquidity purposes, if necessary. Management regularly reviews the
liquidity position of the Company and has implemented internal policies which
establish guidelines for sources of asset-based liquidity. Management believes
that the continued growth in the deposit base will enable the Company to meet
its long-term liquidity needs.
11
<PAGE>
Deposits and Other Interest-Bearing Liabilities
Average total deposits and other interest-bearing liabilities were $255,418,850
and $205,665,783 during the three-month periods for 2000 and 1999, respectively.
Average interest-bearing deposits were $185,378,871 in 2000 as compared to
$151,793,037 in 1999.
The average daily amount of deposits and rates paid on savings deposits are
summarized for the three-months ended March 31, 2000 and 1999 as indicated in
the following table:
<TABLE>
<CAPTION>
2000 1999
--------------------------- ---------------------------
Amount Rate Amount Rate
------------------ ------- --------------- --------
<S> <C> <C> <C> <C>
Deposits
Noninterest-bearing demand $ 70,039,979 0.00% $ 53,872,746 0.00%
Interest-bearing demand 35,844,103 2.05% 33,030,921 1.61%
Money market deposits 55,905,203 3.80% 44,338,545 2.87%
Other savings deposits 5,682,407 2.23% 4,678,243 2.01%
Time deposits 85,683,422 5.41% 69,745,328 4.89%
Total Deposits 253,155,114 205,665,783
Other Interest bearing Liabilities
Federal funds purchased 2,263,736 5.93% -- --
------------ --------------
Total $255,418,850 $ 205,665,783
============ ==============
</TABLE>
12
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
1. Election of directors
The annual meeting of stockholders of the Company was held on March 7, 2000. At
this meeting, the individuals named below were elected to the Board of Directors
of the Company to serve until the next annual meeting of the stockholders of the
Company:
Number of Shares
For Withhold
Don Powell 8,837,453 12,729
William H. Attebury 8,837,453 12,729
Danny H. Conklin 8,837,453 12,729
Wales H. Madden, Jr. 8,837,453 12,729
Jay O'Brien 8,837,453 12,729
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule for March 31, 2000
(b) Reports on Form 8-K
No Form 8-K was filed with the SEC during the quarter ended March 31,
2000.
13
<PAGE>
TEJAS BANCSHARES, INC. AND SUBSIDIARIES
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
TEJAS BANCSHARES, INC.
DATE: May 11, 2000 BY: /s/ Donald E. Powell
-------------------------------------
Donald E. Powell, Chief Executive
Officer
DATE: May 11, 2000 BY: /s/ Jack Hall
------------------------------------
Jack Hall, Chief Financial Officer
14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCH
31, 2000 FORM 10-Q OF TEJAS BANCSHARES, INC. AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 18,212
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,639
<INVESTMENTS-CARRYING> 0
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0
0
<COMMON> 13,415
<OTHER-SE> 33,074
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<INTEREST-LOAN> 5,644
<INTEREST-INVEST> 94
<INTEREST-OTHER> 78
<INTEREST-TOTAL> 5,816
<INTEREST-DEPOSIT> 1,894
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<INCOME-PRE-EXTRAORDINARY> 1,662
<EXTRAORDINARY> 0
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<YIELD-ACTUAL> 5.66
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<ALLOWANCE-CLOSE> 4,978
<ALLOWANCE-DOMESTIC> 4,978
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 4,978
</TABLE>
