FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-18542
MID-WISCONSIN FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 06-1169935
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
132 West State Street, Medford, WI 54451
(Address of principal executive offices, including zip code)
(715) 748-4364
(Registrant's telephone number, including area code)
(Former name, former address & former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 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
As of March 31, 1997 there were 1,865,369 shares of $.10 par value
common stock outstanding.
<PAGE>
MID-WISCONSIN FINANCIAL SERVICES, INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Consolidated Balance Sheets
March 31, 1997 and December 31, 1996 3
Consolidated Statements of Income
Three Months Ended March 31, 1997 and March 31, 1996 4
Consolidated Statements of Cash Flows
Three months Ended March 31, 1997 and March 31, 1996 5
Notes to Consolidated Financial Statements 6-10
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 11-13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports of Form 8-K 14
Signatures 15
Exhibit Index 16
<PAGE>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
MID-WISCONSIN FINANCIAL SERVICES, INC.
and Subsidiary
CONSOLIDATED BALANCE SHEETS
<CAPTION>
March 31, 1997 December 31, 1996
ASSETS
<C> <S> <S>
Cash & cash equivalents $ 12,338,099 $ 13,734,886
Interest-bearing deposits in other financial institutions 27,227 10,233
Investment securities available for sale -At fair value 57,845,225 57,164,723
Loans held for sale 192,000 120,000
Total loans 171,845,453 174,841,989
Less - Allowance for credit losses (2,030,991) (2,030,878)
Net loans 169,814,462 172,931,111
Premises and equipment 3,936,222 3,906,661
Accrued interest and other assets 4,039,212 3,753,670
TOTAL ASSETS $248,192,447 $251,501,284
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 20,714,060 $ 23,083,585
Interest-bearing deposits 175,729,778 179,328,522
Total Deposits 196,443,838 202,412,107
Short-term borrowings 15,896,197 14,671,264
Long term borrowings 6,400,000 5,400,000
Accrued interest and other liabilities 3,407,805 3,293,282
Total Liabilities 222,147,840 225,776,653
Stockholders' equity:
Common stock-Par value $.10 per share:
Authorized - 6,000,000 shares in 1997 & 1996
Issued & outstanding - 1,865,369 shares in 1997 186,537
- 1,865,369 shares in 1996 186,537
Additional paid-In capital 12,625,551 12,647,615
Retained earnings 13,263,059 12,714,474
Unrealized gain (loss) on securities available for sale (30,540) 176,005
Total Stockholders' Equity 26,044,607 25,724,631
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $248,192,447 $251,501,284
<FN>
The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>
<PAGE>
<TABLE>
MID-WISCONSIN FINANCIAL SERVICES, INC.
and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
Three months ended
March 31, 1997 March 31, 1996
<C> <S> <S>
Interest income
Interest and fees on loans $3,971,213 $4,017,982
Interest on investment securities:
Taxable 824,003 823,910
Tax-exempt 93,243 64,832
Other interest income 35,292 279
Total interest income 4,923,751 4,907,003
Interest expense
Deposits-NOW 100,897 109,019
MMD 367,594 240,521
Savings 112,860 117,372
CDs & IRAs 1,487,041 1,461,507
U.S. Repurchase agreements 180,807 252,387
Long-term borrowings 79,722 49,140
Total interest expense 2,328,921 2,229,946
Net Interest income 2,594,830 2,677,057
Provision for credit losses 30,000 60,000
Net interest income after provision
for credit losses 2,564,830 2,617,057
Other income:
Service fees 149,411 142,975
Insurance commissions 9,683 17,715
Trust Service fees 109,454 92,887
Other fee income 129,078 111,314
Net security gains 0 (24,599)
Other operating income 29,068 18,465
Total other income 426,694 358,757
Operating expenses:
Salaries 690,147 716,384
Employee Benefits 272,008 264,367
Net occupancy expense 328,248 349,825
FDIC expense 5,729 500
Other operating expense 426,401 405,458
Total operating expenses 1,722,533 1,736,534
Income before income taxes 1,268,991 1,239,280
Provision for income taxes 440,323 433,532
Net income $828,668 $805,748
Earnings per share $0.44 $0.43
<FN>
The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>
<PAGE>
<TABLE>
MID-WISCONSIN FINANCIAL SERVICES, INC.
and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
<CAPTION>
1997 1996
<C> <S> <S>
Increase (decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income $ 828,668 $ 805,748
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for depreciation amort & accretion 194,500 182,912
Provision for loan losses 30,000 60,000
(Gain) Loss on sale of investment securities 24,610
(Gain) Loss on equipment disposals (976)
Changes in operating assets and liabilities:
Other assets (202,477) (198,772)
Other liabilities 115,792 323,860
Net cash provided by operating activities 966,483 1,197,382
Cash flows from investing activities:
Proceeds from sale:
Available for Sale Investment Securities 1,000,500
Proceeds from Maturities:
Available for sale Investment Securities 1,100,744 5,579,493
Payment for purchases:
Available for sale Investment Securities (2,115,170) (11,483,107)
Proceeds from sale of loans 1,309,600 1,419,200
Net (increase) decrease in loans 1,558,030 4,117,391
Net (increase) decrease in interest-bearing deposits -
in other institutions (16,994) 8,338
Capital expenditures (169,999) (60,793)
Proceeds from sale of equipment 1,700
Proceeds from sale of other real estate 16,000
Net cash used in investing activities 1,682,212 582,722
Cash flows from financing activities:
Net increase (decrease) in deposits (5,968,269) (2,832,800)
Proceeds from exercise of stock options 25,086
Net increase (decrease) in short-term borrowing 1,224,933 (693,818)
Proceeds from issuance of long-term borrowings 1,000,000
Payment for repurchase of common stock (47,150)
Dividends paid (280,083) (241,448)
Net cash provided by financing activities (4,045,483) (3,768,066)
Net increase (decrease) in cash and cash equivalents (1,396,787) (1,987,962)
Cash and cash equivalents at beginning 13,734,886 10,683,544
Cash and cash equivalents at end $12,338,099 $8,695,582
Supplemental cash flow information: 1997 1996
Cash paid during the year for:
Interest $2,368,909 $2,298,405
Income taxes $60,025 $65,025
Supplemental schedule of non-cash investing and financing activities:
Loans transferred to other real estate $26,072
Loans charged off $46,087 $80,280
Loans made in connection with the disposition of other real
estate 0 0
<FN>
The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>
<PAGE>
MID-WISCONSIN FINANCIAL SERVICES, INC.
and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1 - GENERAL
The consolidated balance sheet as of March 31, 1997,
and the consolidated statements of income for the three
month period ended March 31, 1997 and 1996, and the
consolidated statements of cash flows for the three month
period ended March 31, 1997 and 1996, have been prepared
by the company without audit. In the opinion of
management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the
financial position, results of operations and changes in
financial position for the unaudited interim period have
been made.
Mid-Wisconsin is not aware of any known trends,
events, or uncertainties that will have or that are
reasonably likely to have a material effect on the
Company's liquidity, capital resources, or operations.
Certain information and footnote disclosures
normally included in financial statements prepared in
accordance with generally accepted accounting principles
have been condensed or omitted. These condensed
consolidated financial statements should be read in
conjunction with the financial statements and notes
included in the Company's December 31, 1996, annual
report to the Shareholders. The results of operations for
the interim period are not necessarily indicative of the
results to be expected for the entire year.
NOTE 2 - INVESTMENT SECURITIES
All investment securities are held as available for
sale. The book value and market value of investment
securities are summarized as follows:
<TABLE>
BOOK VALUE and MARKET VALUE
<CAPTION>
Mar, 31, 1997 Dec. 31, 1996
<C> <S> <S>
U.S. Treasury securities and obligations
of other U.S. Govt agencies & corp $22,961,913 $23,095,170
Mortgage Backed Securities 23,876,342 23,838,501
Oblig. to states & political subdivisions 7,789,146 6,893,312
Corporate Securities 1,609,260 1,620,370
Equity Securities 1,608,564 1,717,370
Totals $57,845,225 $57,164,723
Included in the totals of Investment Securities at
March 31, 1997, are unrealized losses of $75,266 on debt
securities classified as available for sale. The net of
tax unrealized holding loss of $30,540 on securities
classified as available-for-sale is reflected in
stockholders' equity.
Securities with an approximate carrying value of
$38,716,076 and $37,993,443 at March 31, 1997 and
December 31, 1996, respectively, were pledged primarily
to secure public deposits and for other purposes required
by law. There are no securities of any one issuer that
exceed ten percent of stockholder's equity.
<PAGE>
Note 3 - LOANS
Loans outstanding decreased 1.714% for the three
months ended March 31, 1997; decreasing from $174,841,989
at December 31, 1996, to $171,845,453 at March 31, 1997.
</TABLE>
<TABLE>
The composition of loans at March 31, 1997, and
December 31, 1996, follows:
<CAPTION>
Mar. 31 % of Dec. 31 % of
(Dollars in Thousands) 1997 total 1996 total
<C> <S> <S> <S> <S>
Commercial and financial $27,431 15.96% $26,923 15.40%
Construction Loans 512 0.30% 891 0.51%
Agricultural 30,150 17.54% 30,869 17.66%
Real estate 101,844 59.27% 104,002 59.48%
Installment 11,324 6.59% 11,499 6.58%
Lease financing 584 0.34% 658 0.38%
Total loans $171,845 100.00% $174,842 100.01%
</TABLE>
The composition of loans in the loan portfolio shows
an increase in commercial and financial and a decrease in
all other categories at March 31, 1997. The bank is
making increased efforts to sell loans in the secondary
market which will provide funds for liquidity needs and
continue to provide service to customers in its market
area.
Mid-Wisconsin's process for monitoring loan quality
includes monthly analysis of delinquencies, non-
performing assets, and potential problem loans. Loans
are placed on a nonaccrual status when they become
contractually past due 90 days or more as to interest or
principal payments. All interest accrued but not
collected for loans (including applicable impaired loans)
that are placed on nonaccrual or charged off is reversed
to interest income. The interest on these loans is
accounted for on the cash basis until qualifying for
return to accrual status. Loans are returned to accrual
status when all the principal and interest amounts
contractually due have been collected and there is
reasonable assurance that repayment will continue within
a reasonable time frame.
A loan is considered impaired when, based on current
information, it is probable that the bank will not
collect all amounts due in accordance with the
contractual terms of the loan agreement. Impairment is
based on discounted cash flows of expected future
payments using the loan's initial effective interest rate
or the fair value of the collateral if the loan is
collateral dependent. Smaller balance homogeneous loans
that are collectively evaluated for impairment include
certain smaller balance commercial and agricultural
loans, residential real estate loans, and credit card
loans.
<PAGE>
The company maintains generally high quality loans.
The following table shows the amount of non-performing
assets and other real estate owned as of the dates
indicated.
<TABLE>
<CAPTION>
Non-performing loans Mar. 31 % of total Dec. 31 % of total
(Dollars in Thousands) 1997 loans 1996 loans
<C> <S> <S> <S> <S>
Non-accrual loans $1,396 0.81% $847 0.49%
Loans past due 90 days 113 0.07% 36 0.02%
or more
Restructured loans 256 0.15% 189 0.11%
Total Non-performing
loans $1,765 1.03% $1,072 0.62%
Other real estate owned 145 0.08% 135 0.08%
Total non-performing
assets $1,910 1.11% $1,207 0.70%
</TABLE>
Included above are $636,672 of impaired loans
(.370%) in non-accrual status at March 31, 1997. In
addition, there are impaired loans of $267,879 (.156%)
which management has considered in the allowance for
credit losses. The average balance of impaired loans
during the first three months of 1997 was $860,028. The
impaired loans with an aggregate outstanding balance of
$904,552 are based on fair value of the collateral of the
loans as these loans are collateral dependent.
Total non-performing assets (loans and other real
estate) increased during the three months ended March 31,
1997. As a percentage of total outstanding loans, the
non-performing assets increased .42% to 1.11% at March
31, 1997, from .69% at December 31, 1996.
The aggregate amount of non-performing assets was
approximately $1,910,000 and $1,207,000 at March 31,
1997, and December 31, 1996, respectively. Non-
performing assets are those which are either
contractually past due 90 days or more as to interest or
principal payments, on a nonaccrual status, or the terms
of which have been renegotiated to provide a reduction or
deferral of interest or principal. If nonaccrual and
renegotiated loans had been current or not troubled,
$27,629 of interest income would have been recorded for
the three months ended March 31, 1997. Interest income
actually collected and recorded was $10,563.
Management is not aware of any additional loans that
represent material credits or of any information which
causes management to have serious doubts as to the
ability of such borrowers to comply with the loan
repayment terms.
On January 1, 1996, Mid-Wisconsin adopted Statement
of Financial Accounting Standards No. 122 (SFAS122),
"Accounting for Mortgage Servicing Rights". The adoption
of SFAS No. 122 did not have a significant impact on the
Company's financial condition or results of operations.
<PAGE>
An analysis of the allowance for credit losses for
the period ended March 31, 1997, and December 31, 1996
follows:
<TABLE>
<CAPTION>
(Dollars in Thousands)
Mar. 31, 1997 Dec. 31, 1996
<C> <S> <S>
Allowance for credit losses at
beginning of period $2,031 $1,836
Provision Charged to Operating Expense 30 400
Recoveries on Loans 16 107
Loans Charged off (46) (312)
Allowance for losses at end of period $2,031 $2,031
</TABLE>
NOTE 4 - EARNINGS PER SHARE
Earnings per common share are based upon the
weighted average number of common shares outstanding
which includes the common stock equivalents applicable to
shares issuable under the stock options granted. The
weighted number of shares outstanding were 1,872,694 for
the three months ended March 31, 1997, and 1,867,383 for
the three months ended March 31, 1996.
<PAGE>
SELECTED FINANCIAL DATA
The following table presents consolidated financial
data of Mid-Wisconsin Financial Services, Inc. and
subsidiary. This information and the following
discussion and analysis should be read in conjunction
with other financial information presented elsewhere in
this report.
<TABLE>
<CAPTION>
1997 1996
(Dollars in thousands, except per share amounts) First Fourth Third Second First
<C> <S> <S> <S> <S> <S>
FINANCIAL HIGHLIGHTS:
Earnings and Dividends:
Net interest revenue $2,595 $2,656 $2,684 $2,740 $2,677
Provision for credit losses 30 230 50 60 60
Other operating revenue 427 824 358 333 359
Other operating expense 1,723 1,975 1,749 1,714 1,737
Net income 829 835 809 827 806
Per common share: (1)
Net income 0.44 0.45 0.43 0.44 0.43
Dividends declared 0.15 0.28 0.13 0.13 0.13
Stockholders' equity 13.96 13.79 13.50 13.15 12.99
Average common shares (000's) 1,873 1,873 1,869 1,868 1,861
Dividend payout ratio 34.05% 62.57% 29.87% 29.22% 29.97%
Balance Sheet Summary:
At quarter end:
Loans net of unearned income $172,037 $174,842 $175,052 $171,067 $167,088
Assets 248,172 251,501 249,732 242,302 241,778
Deposits 196,444 202,412 192,636 186,124 189,312
Shareholders equity 26,039 25,725 25,087 24,442 24,126
Average balances:
Loans net of unearned income 172,746 173,910 172,682 169,624 169,277
Assets 248,951 248,374 246,663 242,561 241,591
Deposits 199,176 196,792 197,447 188,347 189,713
Shareholders equity 25,862 25,347 24,658 24,183 23,970
Performance Ratios:
Return on average assets 1.34% 1.34% 1.31% 1.36% 1.34%
Return on average common equity 13.18% 13.18% 13.12% 13.68% 13.45%
Equity to assets 10.24% 9.94% 9.77% 9.80% 9.68%
Total risk-based capital 16.33% 15.66% 15.28% 14.83% 14.52%
Net loan charge-offs as a percentage
of average loans 0.02% 0.12% -0.01% 0.02% 0.03%
Nonperforming assets as a percentage
of loans and other real estate 1.11% 0.69% 0.45% 0.51% 0.61%
Net interest margin 4.46% 4.67% 4.74% 4.89% 4.81%
Efficiency ratio 56.29% 56.12% 56.77% 55.06% 56.49%
Fee revenue as a percentage of
average assets 0.11% 0.11% 0.11% 0.11% 0.11%
Stock Price Information:
High $25.50 $24.00 $23.00 $22.63 $22.50
Low 24.00 23.00 22.63 22.50 19.50
Market value at quarter end (2) 25.50 24.00 23.00 22.63 21.50
<FN>
(1) All per share amounts (income and dividends) have
been restated to reflect the stock split in the form of a
100 percent stock dividend issued May 8, 1995.
(2) Market value at quarter end represents the average of
bid and asked prices.
</TABLE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITIONS AND RESULTS OF OPERATIONS
Management is not aware of any known trends, events,
or uncertainties that will have or that are reasonably
likely to have a material effect on the Company's
liquidity, capital resources, or operations.
Deposits decreased $5,968,269 during the three month
period ended March 31, 1997. Non-interest bearing
deposits decreased $2,369,525 and interest bearing
deposits decreased $3,958,744. The decrease in non-
interest bearing deposits follows normal trends for the
first quarter of each year. The company's market area
continues to be highly rate competitive.
Loans decreased $2,996,536 during the three month
period ended March 31, 1997. The company did not
aggressively market new loans, due to the need for
liquidity and high funding cost.
Investments increased $680,502 during the three
month period ended March 31, 1997. The increase in
investments was used primarily to satisfy pledging
requirements for municipal deposits.
LIQUIDITY
Mid-Wisconsin manages its liquidity to provide
adequate funds to support borrowing requirements and
deposit flow of its customers. Management views
liquidity as the ability to raise cash at a reasonable
cost or with a minimum of loss and as a measure of
balance sheet flexibility to react to marketplace,
regulatory and competitive changes. The primary sources
of Mid-Wisconsin's liquidity are marketable assets
maturing within one year. At March 31, 1997, the
carrying value of debt securities maturing within one
year amounted to $6,989,055 or 12.42% of the total debt
securities portfolio. Mid-Wisconsin also holds
$1,609,000 in marketable equity securities. Mid-Wisconsin
attempts, when possible, to match relative maturities of
assets and liabilities, while maintaining the desired net
interest margin.
CAPITAL RESOURCES
As of March 31, 1997, shareholders' equity increased
$319,976 to $26,044,607 from $25,724,631 at December 31,
1996. This net increase is due to retention of current
year earnings and adjustments for unrealized gains or
losses. Net unrealized gains were $176,005 at December
31, 1996, and net unrealized losses were $30,540 at March
31, 1997.
The primary capital to asset ratio was 10.24% as of
March 31, 1997, compared to 9.97% at December 31, 1996.
The company's risk-based capital ratio for Tier 1 (core)
amounted to 15.12% and total risk-based capital amounted
to 16.33%. This compares to Tier 1 (core) capital of
14.47% and total risk-based capital of 15.66% at December
31, 1996.
<PAGE>
RESULTS OF OPERATIONS
The company's consolidated net income for the three
months ended March 31, 1997, increased $22,920 or 2.845%
to $828,668 from $805,748 for the three months ended
March 31, 1996. Net interest income decreased $82,227
during the three months ended March 31, 1997, over the
three months ended March 31, 1996. Pricing of loans and
deposits remains competitive in the market area.
Return on average common stockholders' equity
amounted to 13.18% for the three months ended March 31,
1997; compared to 13.91% for the three months ended March
31, 1996.
Return on average assets for the three months ended
March 31, 1997, amounted to 1.34%; compared to 1.34% for
the three months ended March 31, 1996.
Net earnings per share amounted to $ .44 per share
for the three months ended March 31, 1997, compared to
$ .43 for the three months ended March 31, 1996. Cash
dividends paid were .15 per share in March 1997 and .13
per share in March 1996.
PROVISION FOR CREDIT LOSSES
Management determines the adequacy of the allowance
for credit losses based on past loan experience, current
economic conditions, composition of the loan portfolio,
and the potential for future loss. Accordingly, the
amount charged to expense is based on management's
evaluation of the loan portfolio. It is the Company's
policy that when available information confirms that
specific loans and leases, or portions thereof, including
impaired loans, are uncollectible, these amounts are
promptly charged off against the allowance. The
provision for credit losses was $30,000 for the three
months ended March 31, 1997, and $60,000 for the three
months ended March 31, 1996. The allowance for credit
losses as a percentage of gross loans outstanding was
$2,030,991 or 1.18% of total loans on March 31, 1997,
compared to $1,835,591 or 1.10% of total loans on March
31, 1996. Net charge-offs as a percentage of average
loans outstanding were .02% during the three months ended
March 31, 1997 compared to .03% for the three months
ended March 31, 1996.
Non-performing loans are reviewed to determine
exposure for potential loss within each loan category.
The adequacy of the allowance for credit losses is
assessed based on credit quality and other pertinent loan
portfolio information. The reserve for credit losses
provided strong non-performing loan coverage, decreasing
to 115% at March 31, 1997 from 189% at December 31, 1996.
The adequacy of the reserve and the provision for credit
losses is consistent with the composition of the loan
portfolio and recent credit quality history.
NET INTEREST INCOME
Net interest income is the most significant
component in earnings. For analysis purposes, interest
earned on tax exempt assets is adjusted to a fully
taxable equivalent basis.
The net yield on interest earning assets shows the
yield for the three months ended March 31, 1997, to be
4.46%; compared to 4.82% for the three months ended March
31, 1996. Decreases in the average rate on earning assets
contributed to the decrease in net interest margin. The
company is making an effort to increase net interest
margin through the strategic pricing of loans and
deposits.
<PAGE>
The average rate on earning assets decreased .23%
and the average rate on interest bearing liabilities
increased .19%. Interest spread decreased .42%.
NON-INTEREST INCOME
Non-interest income other than net security
transactions increased 11.26% to $426,525 during the
three months ended March 31, 1997, from $383,356 during
the three months ended March 31, 1996. There were no
security gains or losses during the three months ended
March 31, 1997, compared to net security losses of
$24,999 during the three months ended March 31, 1996.
Fee income on deposit accounts has increased $6,436 to
$149,411 during the three months ended March 31, 1997,
from $142,975 during the three months ended March 31,
1996. Other fee income increased $17,764, trust service
fees increased $16,567, insurance commissions decreased
$8,032, and other operating income increased $10,603.
NON-INTEREST EXPENSE
Non-interest expenses decreased .81% to $1,722,533
for the three months ended March 31, 1997, from
$1,736,534 for the three months ended March 31, 1996.
There are no expenses included in other expenses that
exceed 1% of total interest and other income for either
1997 or 1996. The Company is expanding the use of
technology throughout its banks in order to provide
increased customer service and allow for more efficient
consolidation of its operational areas. Mid-Wisconsin
has placed emphasis on increased productivity and
standardization of programs and procedures throughout all
of its locations.
RETIREMENT PLANS
The Company has terminated the defined benefit
pension plan effective January 1, 1997 and has
established a new defined contribution pension plan
effective January 1, 1997.
<PAGE>
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(27) Financial Data Schedule
(b) No reports on Form 8-k have been filed during the
quarter for which this Form 10-Q is filed.
<PAGE>
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.
MID-WISCONSIN FINANCIAL SERVICES, INC.
Date May 9, 1997 GENE C. KNOLL
Gene C. Knoll, President
(Principal Executive Officer)
Date May 9, 1997 LUCILLE BRANDNER
Lucille Brandner, Controller
(Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
PURSUANT TO SECTION 232.102(D), REGULATION S-T
EXHIBIT 27. Financial Data Schedule
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<C> <S>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Mar-31-1997
<CASH> 12,338
<INT-BEARING-DEPOSITS> 175,730
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0
0
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</TABLE>
