UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
For the period ended March 31, 1996
___ 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 0-23134
PEOPLES BANK CORPORATION OF INDIANAPOLIS
- - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Indiana 35-1681096
(State of other jurisdiction (I.R.S. Employer identification no.)
of incorporation or organization)
130 East Market Street Indianapolis, Indiana 46204
- - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(317) 237-8121
- - --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
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. [X] Yes _ No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date.
Common Shares, without par value
Nonvoting - 1,449,992 shares as of May 8, 1995
Voting - 140,000 shares as of May 8, 1995
<PAGE>
PEOPLES BANK CORPORATION OF INDIANAPOLIS
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at March 31, 1996
and December 31, 1995 ...............................................3
Consolidated Statements of Income for three months ended
March 31, 1996 and 1995 .............................................4
Consolidated Statements of Changes in Shareholders'
Equity ..............................................................5
Consolidated Statements of Cash Flows for three months ended
March 31, 1996 and 1995..............................................6
Notes to Consolidated Financial Statements ..........................7
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition .........................................8-15
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ....................................15
Signatures ..................................................................15
<PAGE>
PEOPLES BANK CORPORATION OF INDIANAPOLIS
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
March 31, December 31,
1996 1995
--------- ------------
Assets
Cash and due from banks $24,324 $23,377
Federal funds sold 0 0
Total cash and equivalents 24,324 23,377
Available-for-sale securities 96,190 107,745
Loans held for sale 3,460 2,557
Total loans 277,487 271,093
Allowance for loan losses (3,418) (3,290)
Loans, net 274,069 267,803
Premises and equipment, net 8,551 8,744
Accrued income and other assets 6,295 6,793
Total assets $412,889 $417,019
Liabilities
Non interest-bearing deposits $62,596 $67,966
Interest-bearing deposits 291,115 283,796
Total deposits 353,711 351,762
Short-term borrowings 13,494 20,056
Accrued expenses and other liabilities 3,106 3,565
Total liabilities 370,311 375,383
Shareholders' equity Common shares, no par value:
Authorized:
Voting - 300,000 shares
Nonvoting - 4,000,000 shares
Issued:
Voting - 140,000 shares 950 950
Nonvoting - 1,449,992 shares (1996)
- 1,449,992 shares (1995) 15,334 15,334
Retained earnings 26,139 25,114
Net unrealized loss on
available-for-sale securities 155 238
Total shareholders' equity 42,578 41,636
Total liabilities and
shareholders' equity $412,889 $417,019
See accompanying notes.
<PAGE>
PEOPLES BANK CORPORATION OF INDIANAPOLIS
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except per share data)
Three months ended
March 31,
---------------------
1996 1995
------ ------
Interest income
Interest and fees on loans $6,185 $4,879
Interest on federal funds sold 98 51
Interest on investments
Taxable 354 1,142
Tax Exempt 463 505
Mortgage-backed investments 552 606
Total interest income 7,652 7,183
Interest expense
Interest on deposits 3,161 2,901
Interest on short-term borrowings 179 534
Total interest expense 3,340 3,435
Net interest income 4,312 3,748
Provision for loan losses 150 176
Net interest income after
provision for loan losses 4,162 3,572
Other operating income
Trust fees 353 349
Service charge income 530 468
Mortgage banking revenue 175 459
Net gain (loss) on
investments (27) (8)
Other operating income 231 178
Total other operating income 1,262 1,446
Other operating expenses
Salaries and employee benefits 1,941 2,154
Occupancy expense (net) 390 362
Equipment expense 261 305
FDIC insurance expense 0 185
Advertising Expense 135 215
Other operating expense 821 755
Total other operating expenses 3,548 3,976
Income before income taxes 1,876 1,042
Income Taxes 565 264
Net income $1,311 $778
Net income per share (Note 2) $0.82 $0.49
See accompanying notes.
<PAGE>
PEOPLES BANK CORPORATION OF INDIANAPOLIS
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Dollar amounts in thousands)
1996 1995
------- -------
Balance at January 1 $41,636 $38,477
Net Income 1,311 778
Cash dividends (286) (270)
Repurchase of common stock 0 (835)
Change in net unrealized loss on
available-for-sale securities (83) 497
Balance at March 31 $42,578 $38,647
<PAGE>
PEOPLES BANK CORPORATION OF INDIANAPOLIS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
Three Months ended
-------------------
1996 1995
------ ------
Cash flows from operating activities
Net Income $1,311 $778
Adjustments to reconcile net income to net cash
from operating activities
Depreciation and amortization 261 324
Provision for loan losses 150 176
Net loss on investment securities 26 8
Net amortization/(accretion) on investments 62 143
Net gain on the sale of loans (128) (26)
Change in interest payable and other liabilities (513) 1,164
Change in interest receivable and other assets 368 (308)
Loans originated for sale, net of sales proceeds (1,035) (2,118)
Net cash from operating activities 502 141
Cash flows from investing activities
Proceeds from maturities and principal
reductions of investment securities 0 12,626
Proceeds from sales of available-for-sale securities 2,971 885
Proceeds from maturities
of available-for-sale securities 18,343 968
Purchase of available-for-sale securities (9,910) 0
Purchase of investment securities 0 (1,000)
Loans made to customers, net of principal
collection thereon (6,119) (5,232)
Property and equipment expenditures 60 (627)
Net cash from investing activities 5,345 7,620
Cash flows from financing activities
Net change in deposits 1,948 (5,653)
Net change in short-term borrowings (6,562) (1,956)
Dividends paid (286) (270)
Purchase of common stock 0 (835)
Net change in cash and cash equivalents 947 (953)
Cash and cash equivalents at beginning of year 23,377 27,725
Cash and cash equivalents at end of period $24,324 $26,772
<PAGE>
Peoples Bank Corporation of Indianapolis
Notes to Consolidated Financial Statements
March 31, 1996
1. Accounting Policies
Except as noted in Note 3, the significant accounting policies followed by
Peoples Bank Corporation of Indianapolis ("the Corporation") for interim
financial reporting are consistent with the accounting policies followed for
annual financial reporting. The consolidated interim financial statements have
been prepared in accordance with instructions to Form 10-Q and may not include
all information and footnotes normally shown for full annual financial
statements. All adjustments which are, in the opinion of management, necessary
for a fair presentation of the results for the periods reported have been
included in the accompanying unaudited consolidated financial statements and all
such adjustments are of a normal recurring nature.
2. Earnings Per Share
Earnings per share is computed based upon the weighted average number of
shares outstanding during the period which were 1,589,992 for the three month
period ending March 31, 1996, and 1,593,593 for the three months ending March
31, 1995.
3. Accounting Changes
Effective January 1, 1995, Peoples adopted Financial Accounting Standard
No. 114, "Accounting by Creditors for the Impairment of a Loan" as amended by
FAS No. 118. Pursuant to this standard, loans considered to be impaired are
reduced to the present value of expected future cash flows or to the fair value
of collateral, by allocating a portion of the allowance for loan losses to such
loans. Loans are deemed impaired when management concludes that it is probable
that the customer will be unable to comply with the contractual terms of their
loan, with respect to the timing and amount of required payments. Management
evaluates loans for impairment in conjunction with the quarterly evaluation of
the allowance for loan losses. Generally, such evaluation is limited to large
commercial and commercial real estate loans. Consumer loans and mortgage loans
secured by 1 to 4 family residential property are generally not evaluated for
impairment. Application of this Standard on January 1, 1995 did not have
significant effect on Peoples financial condition or results of operations.
Effective January 1, 1996 Peoples adopted Financial Accounting Standard No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed of." Management does not believe Peoples has any material assets
subject to this new Standard.
Effective January 1, 1996 Peoples adopted Financial Accounting Standard No. 122,
"Accounting for Mortgage Servicing Rights." This Standard requires the basis of
mortgage loans originated and sold, with servicing retained, to be allocated
between the mortgage loan and the mortgage servicing right, based upon the
relative fair value of such assets. The effect of this Standard will be to
increase the gain, or reduce the loss, recognized upon the sale of the mortgage
loan and will reduce future servicing fee income. During the first quarter of
1996, application of this Standard resulted in approximately $57 of additional
income upon the sale of approximately $6 million of mortgage loans.
Effective January 1, 1996, Peoples adopted Financial Accounting Standard No.
123, "Accounting for Stock Based Compensation." This Standard encourages, but
does not require, entities to use a fair value based method to account for
stock-based compensation plans. If fair value accounting is not adopted,
entities must disclose the pro-forma effect on net income and earnings per
share, had fair value accounting been adopted. Stock options issued by Peoples
in 1996 are subject to the requirements of this Standard. Peoples did not
account for those options using a fair value based method and intends to
disclose the pro-forma effect on net income and earnings per share in its 1996
annual report.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis
(Dollar amounts in thousands, except per share data)
General
The business of Peoples Bank Corporation of Indianapolis ("the Company")
consists of holding and administering its interest in Peoples Bank & Trust
Company ("Peoples"). The principal business of Peoples consists of attracting
deposits from consumer and commercial customers and making loans to individuals
and businesses. Peoples offers various products for depositors including
checking and savings accounts, certificates of deposit and safe deposit boxes.
Loans consist principally of loans to individuals secured by mortgage liens on
residential properties, consumer loans generally secured by personal property
and loans to businesses generally secured by liens on business assets. Peoples
also offers trust services to individuals, businesses and institutions.
The Company operates 12 branch locations, a twelve story office in downtown
Indianapolis, an operations center (which includes one of the 12 branches) and
two mortgage origination facilities. Peoples occupies five floors of the
downtown office building and leases six floors to tenants. The top floor houses
the board room and a training area. Leased tenant space at the downtown office
remains at near capacity.
The book value per share of Peoples nonvoting common shares at March 31, 1996
was $26.78 for the third quarter, the low trading price per share was $24 1/4
and the high trading price per share was $29 1/2.
<PAGE>
Selected ratios and summary data.
Three Months Ended
-------------------------
March 31,
1996 1995
--------- --------
Assets $412,889 $418,800
Loans (includes loans held for 280,947 222,569
sale)
Deposits 353,711 340,924
Shareholders' Equity 42,578 38,647
Book value per share 26.78 24.31
Earnings per share $0.82 $0.49
Return on Average Assets 1.27% 0.74%
Return on Average Equity 12.49% 8.01%
Average Shares Outstanding 1,589,992 1,593,593
Total Shares Outstanding 1,589,992 1,589,992
Net Income
Net income for the first quarter of 1996 was $1,311 compared to $778 for the
first quarter of 1995, an increase of $533 or 68.5%. Net income per share for
the first quarter of 1996 increased $0.33 or 67.3% to $0.82 from $0.49 for the
first quarter of 1995.
Net Interest Income
Net interest income is the principal component of net income for the Company and
represents the difference between interest earned on loans and investments and
the interest cost of deposits and other borrowed funds. For the three months
ended March 31, net interest income was $4,312 and $3,748 for 1996 and 1995,
respectively. This reflects an increase of $564 or 15.05%.
Interest income for the three months ended March 31, was $7,652 and $7,183 for
1996 and 1995, respectively. Total interest expense was $3,340 and $3,435 for
the same periods, respectively. The increase in interest income is attributable
to increased loan growth during the year, off-set by a modest decline in
short-term market interest rates.
The Company's net interest margin, or margin on earning assets, increased .41%
from 3.90%for the first three months of 1995 to 4.31% for the first three months
of 1996. On a tax equivalent basis, the Company's net interest margin was 4.84%
and 4.20% for the three months ending 1996 and 1995, respectively.
<PAGE>
Interest and fees on loans increased from $4,879 for the first three months of
1995 to $6,185 for that period in 1996, an increase of $1,306 or 26.77%. The
increase is attributable to an increase in loan outstandings. Total loans were
$222,569 at March 31, 1995, compared to $280,947 at March 31, 1996.
Provision & Allowance for Loan Losses
The provision for loan losses was $150 for the first three months of 1996 as
compared to $176 for the first three months of 1995, a decrease of $26 or
14.77%. The allowance for loan losses at March 31, 1996 was $3,418 or 1.22% of
total loans compared to $3,290 or 1.20% of total loans at December 31, 1995.
Gross charge-offs during the first three months of 1996 were $63 and recoveries
were $40.
The adequacy of the allowance for loan loss is evaluated at least quarterly by
management based upon the review of identified loans with more than a normal
degree of risk, historical loan loss percentages, and present and forecast
economic conditions. Management's analysis indicates that the allowance for loan
losses at March 31, 1996 is adequate to cover potential losses on identified
loans with credit problems and potential losses on the remaining loan portfolio
based on historical loss experience.
Other Operating Income
Non-interest income totaled $1,262 for the first three months of 1996, compared
to $1,446 for that period of 1995, a decrease of $184 or 12.72%. Trust fees
continue to be a consistent source of income for the Company.
Service charges on deposit accounts comprise the largest component of
non-interest income and were up for the first three months of 1996 when compared
with the same periods of 1995. Service charge income was $530 for the three
months ended March 31, 1996, an increase of $62 or 13.25%, from $468 for the
same period in 1995. Peoples' Product and Pricing Committee continually monitors
service charge fees and makes necessary adjustments to ensure that Peoples
remains competitively priced with other local banking institutions.
Mortgage banking revenue includes net gains and losses realized when mortgage
loans are sold into the secondary market and service fee revenue earned from
servicing those loans after they are sold. Mortgage banking revenue for the
first three months of 1996 was $175, down $284, compared to $459 for the same
period in 1995. A gain of $380 was recognized during the first quarter of 1995
on the sale of $34 million in mortgage servicing rights.
<PAGE>
Other Operating Expenses
Non-interest expense was $3,548 for the three months ended March 31, 1996
compared with $3,976 for that period in 1995. This represents a decrease of $428
or 10.76%. During the third quarter of 1995 the bank examined its expense
structure and recommended steps to lower overall non-interest expense. As a
result of these recommendations, salary and employee benefit expenses decreased
from $2,154 in the first three months of 1995 to $1,941 during the first three
months of 1996, a decrease of $213 or 9.88%. Salary and employee benefit
expenses comprise more than half of the total non-interest expenses. The Company
continues to evaluate operating processes and procedures to reduce operating
expenses, and will continue to evaluate the need for personnel in all areas of
the Company in relation to increases in non-interest income, peer group
comparisons, and interest income generated.
Occupancy expense was $390 for the first three months of 1996, an increase of
$28 or 7.73% from $362 for the first three months of 1995. Management will
monitor these costs on an ongoing basis in an attempt to effect long term
efficiencies in occupancy expense. Equipment expenses were $261 and $305, for
the first three months of 1996 and 1995, respectively, a decrease of $44 or
14.43%.
FDIC insurance expense was $0 and $185 for the first three months of 1996 and
1995. The FDIC determined that the Bank Insurance Fund was adequately
capitalized as of May 31, 1995. As a result, insurance premiums were reduced
from $0.23 per $100 of insured deposits on an annual basis to a flat fee of five
hundred dollars per quarter.
Advertising expenses were $135 and $215, for the first three months of 1996 and
1995, respectively, a decrease of $80 or 37.21%. Advertising expenditures during
1995 were heavily weighted toward the first quarter, following an image campaign
by the Company. Other operating expenses were $821 for the first three months
of 1996, an increase of $66 or 8.74%, over $755 for the first three months of
1995.
Income Taxes
Income taxes were $565 for the first three months of 1996 and $264 for the first
three months of 1995. The increase in taxes can be primarily attributed to
increased profitability.
Balance sheet
Total assets were $412,889 at March 31, 1996, and $417,019 at December 31, 1995,
a decrease of $4,130. The investment portfolio decreased from $107,745 at
December 31, 1995, to $96,190 at March 31, 1996, a decrease of $11,555 or
10.72%. The decline in the investment portfolio was attributable to the return
of principal in the form of amortization, calls, maturities and sales. Total
loans, excluding loans held for sale, increased during the first three months of
1996 from $271,093 at December 31, 1995, to $277,487 at March 31, 1996. This
reflects an increase of $6,394 or 2.36%. Commercial loans increased $7,120 or
7.27% from $97,914 at December 31, 1995, to $105,034 at March 31, 1996. Real
estate loans, which consist of construction loans and permanent mortgages,
increased $596 or 0.57% from $104,817 at December 31, 1995, to $105,413 at March
31, 1996. Loans held for sale consist of conforming fixed rate mortgage loans
that Peoples has sold in the secondary market (having retained servicing rights
with respect to such loans) and that are pending funding. Loans held for sale
are not included in the Real Estate Loan totals. Loans held for sale were $2,557
at December 31, 1995, compared to $3,460 at March 31, 1996. Consumer loans
decreased $1,292 or 1.95% from $66,132 at December 31, 1995 to $64,840 at March
31, 1996. The amount of loans outstanding (excluding loans held for sale) are
reflected in the following table.
March 31, December 31, March 31,
1995 1995 1995
--------- ----------- -----------
Real Estate $105,413 $104,817 $74,009
Commercial 105,034 97,914 77,713
Consumer 64,840 66,132 65,357
Tax exempt 2,200 2,230 2,585
--------- --------- ---------
Total Loans 277,487 271,093 219,664
Less: Allowance for Loan Losses (3,418) (3,290) (2,922)
--------- --------- ---------
Net Loans $274,069 $267,803 $216,742
========= ========= =========
<PAGE>
Deposits represent the primary source of funds for the Company. Total deposits
increased $1,949 or 0.55%, from $351,762 at December 31,1995 to $353,711 at
March 31, 1996. Non-interest-bearing deposits decreased $5,370, or 7.90%, from
$67,966 at December 31, 1995 to $62,596 at March 31, 1996. The decrease is
primarily attributable to normal flucuation in government and internally held
deposits. Interest-bearing deposits were $283,796 and $291,115 at December 31,
1995 and March 31, 1996, respectively.
The Company's deposit balances are reflected in the following table.
March 31, December 31, March 31,
1996 1995 1995
--------- ------------ ---------
Deposits:
Non-interest-bearing $62,596 $67,966 $68,522
Interest-bearing 291,115 283,796 272,402
-------- -------- --------
Total deposits $353,711 $351,762 $340,924
======== ======== ========
Total deposits/total assets 85.67% 84.35% 81.41%
Short-term borrowings in the form of Federal funds and repurchase agreements are
acquired, as needed, to satisfy temporary liquidity needs. Though short-term in
nature, repurchase agreements have been and continue to be a stable source of
funds for Peoples. Many of the funds are from businesses with large cash
balances. Other repurchase agreements come from public entities. Short-term
borrowings were $13,494 at March 31, 1996 as compared to $20,056 at December 31,
1995. This represents a $6,562 or 32.72% decline.
Total shareholders' equity increased $942 or 2.26% for the three months ended
March 31, 1996 to $42,578, from $41,636 at December 31, 1995. The increase in
shareholders' equity was the result of net income of $1,311, less dividends paid
of $286. The impact of FAS No. 115 resulted in a $83 decrease in equity between
December 31, 1995 and March 31, 1996, as longer term interest rates rose and the
net unrealized gain on available-for-sale securities declined.
Credit Quality
Nonaccrual loans are loans on which the Company no longer accrues interest.
Management places a loan on nonaccrual status when the collection of additional
interest is unlikely and the loan is not considered to be well secured and in
the process of collection. Nonperforming loans are those loans that are on
nonaccrual status, are 90 days or more past due as to principal or interest or
those that are restructured. A nonperforming loan is one that the borrower is no
longer paying as agreed and has become 90 days or more past due or where
management, as a result of delinquent status or significant concern about the
ultimate collectibility of the loan, has ceased to recognize interest income
(nonaccrual status). At March 31, 1996, management has designated $942 in loans
as "impaired" for the purposes of FAS No. 114. Management has further determined
that all commercial non-accrual loans will be considered as impaired.
<PAGE>
The following table shows the composition of nonperforming loans.
March 31, December 31, March 31,
1996 1995 1995
--------- ------------ ---------
Nonperforming loans:
Total nonaccrual loans $438 $838 $780
Loans past due more than
90 days and still accruing 185 445 433
------ ------ ------
Total $623 $1,283 $1,213
====== ====== ======
Historically, commercial loans have constituted the majority of total
nonperforming loans at Peoples. At March 31, 1996, nonperforming loans were
comprised of $121 of commercial loans, $475 of real estate loans and $27 of
consumer loans. Nonperforming loans were comprised of $533 of commercial loans,
$749 of real estate loans and $0 consumer loans at December 31, 1995. At March
31, 1995, nonperforming loans consisted of $751of commercial loans, $346 of real
estate loans and $116 of consumer loans.
Asset quality continues to be an important focus for the Company. Nonperforming
loans as a percent of assets were 0.15% at March 31, 1996, and 0.31% at December
31, 1995. The Company maintains asset quality through well defined policies as
well as functioning underwriting and review processes. The Company is focused on
increasing loans in relation to deposits but wants the growth to be profitable
now and in future years.
<PAGE>
Capital
The Company and Peoples are required to comply with capital requirements
promulgated by their primary regulators that affect their ability to pay
dividends and that can affect their operations. Those regulations require the
maintenance of specified levels of capital to total assets (leverage ratio) and
to risk weighted assets (the risk-based capital ratios). These regulations
require the maintenance of a leverage ratio of at least 3.00% and a total
risk-based capital ratio of at least 8.00%. A financial institution's deposit
insurance assessment and, in certain circumstances, operations will be affected
by its capital level. Institutions with leverage ratios of 5.00% or more and
total risk-based capital ratios of 10.00% or more are deemed to be "well
capitalized," and accordingly, pay the lowest deposit insurance assessment and
are not subject to operational restrictions as outlined within the regulation.
As of March 31, 1996, the Company's Tier I and total risk-based capital ratios
were 14.97% and 16.17%, respectively. The Company's leverage ratio was 10.27% at
March 31, 1996. As of March 31, 1996, Peoples was in excess of the minimum
capital and leverage requirements necessary to be considered a "well
capitalized" banking company as defined by Federal regulators. The Company and
Peoples were in full compliance with all regulatory capital requirements at
March 31, 1996.
The following table provides the capital ratios for the entities.
At March 31, 1996
------------------------------
Consolidated
Bank Only Company
--------- ------------
Total assets $406,218 $412,889
Risked-based assets 282,045 283,342
Tier I capital 34,922 42,423
Total capital 38,340 45,841
Leverage ratio 8.60% 10.27%
Tier I risk-based capital ratio 12.38 14.97
Total risk-based capital ratio 13.59 16.17
<PAGE>
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits - Exhibit Index Appears on page E-1.
B. Form 8-K - None to be reported.
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.
PEOPLES BANK CORPORATION
OF INDIANAPOLIS
By: /s/ William E. McWhirter
-------------------------------------
William E. McWhirter
President and Chief Executive Officer
By: /s/ Charles R. Hageboeck
-------------------------------------
Charles R. Hageboeck
Senior Vice President and Chief
Financial Officer
DATE: May 14, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- - ----------- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS
ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000796322
<NAME> PEOPLES BANK CORP. OF INDIANAPOLIS
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-1-1996
<PERIOD-END> Mar-31-1996
<EXCHANGE-RATE> 1.000
<CASH> 24,324
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 96,190
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 280,947
<ALLOWANCE> 3,418
<TOTAL-ASSETS> 412,889
<DEPOSITS> 353,711
<SHORT-TERM> 13,494
<LIABILITIES-OTHER> 3,106
<LONG-TERM> 0
<COMMON> 16,284
0
0
<OTHER-SE> 26,294
<TOTAL-LIABILITIES-AND-EQUITY> 412,889
<INTEREST-LOAN> 6,185
<INTEREST-INVEST> 1,369
<INTEREST-OTHER> 98
<INTEREST-TOTAL> 7,652
<INTEREST-DEPOSIT> 3,161
<INTEREST-EXPENSE> 3,340
<INTEREST-INCOME-NET> 4,312
<LOAN-LOSSES> 150
<SECURITIES-GAINS> (27)
<EXPENSE-OTHER> 3,548
<INCOME-PRETAX> 1,876
<INCOME-PRE-EXTRAORDINARY> 1,311
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,311
<EPS-PRIMARY> .82
<EPS-DILUTED> .82
<YIELD-ACTUAL> 7.99
<LOANS-NON> 438
<LOANS-PAST> 185
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 4,139
<ALLOWANCE-OPEN> 3,291
<CHARGE-OFFS> 63
<RECOVERIES> 40
<ALLOWANCE-CLOSE> 3,418
<ALLOWANCE-DOMESTIC> 1,610
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,808
</TABLE>
