UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q/A
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1999
Commission file Number 01-16934
BOL BANCSHARES, INC.
(Exact name of registrant as specified in its charter.)
Louisiana 72-1121561
(State of incorporation) (I. R. S. Employee Identification No.)
300 St. Charles Avenue, New Orleans, La. 70130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 889-9400
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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:
Common Stock, $1 Par Value - 179,145 shares as of April 30, 1999.
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BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION
(Unaudited)
March 31, Dec. 31, March 31,
(Amounts in thousands) 1999 1998 1998
<S> <C> <C> <C>
ASSETS
Cash and Due from Banks
Non-Interest Bearing Balances and Cash 7,489 6,693 7,632
Interest Bearing Balances - - -
Investment Securities
Securities Held to Maturity (Fair Values at
3/31/99, 12/31/98, & 3/31/98 respectively 4,019 4,498 9,486
were
$4,021,000, $4,514,000, and $9,514,000)
Securities Available for Sale 291 291 90
Federal Funds Sold 32,325 26,950 21,245
Loans, net of Unearned Discount 57,019 61,542 59,129
Allowance for Loan Losses (1,800) (1,800) (1,800)
Property, Equipment and Leasehold
Improvements
(Net of Depreciation and Amortization) 2,641 2,506 2,605
Other Real Estate 1,415 1,357 1,473
Deferred Taxes 454 454 618
Letters of Credit 84 84 113
Other Assets 1,164 1,311 1,767
TOTAL ASSETS $105,101 $103,886 $102,358
See accompanying notes to Financial Statements
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BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION (Continued)
March 31, Dec. 31, March 31,
(Amounts in thousands) 1999 1998 1998
<S> <C> <C> <C>
LIABILITIES
Deposits:
Non-Interest Bearing 36,659 36,826 34,389
Interest Bearing 59,014 57,757 59,277
TOTAL DEPOSITS 95,673 94,583 93,666
Notes Payable 2,271 2,272 2,282
Letters of Credit Outstanding 84 84 113
Accrued Litigation Settlement 200 200 150
Accrued Interest 446 526 498
Other Liabilities 1,342 1,035 290
TOTAL LIABILITIES 100,016 98,701 96,999
STOCKHOLDERS' EQUITY
Preferred Stock - Par Value $1
2,302,811 Shares Issued and Outstanding at
3/31/99, 12/31/98, and 3/31/98 2,303 2,303 2,303
Common Stock - Par Value $1
179,145 Shares Issued and Outstanding at
3/31/99, 12/31/98, and 3/31/98 179 179 179
Accumulated Other Comprehensive Income 133 133 -
Capital in Excess of Par - Retired Stock 15 15 15
Undivided Profits 2,556 2,784 2,783
Current Earnings (101) (228) 79
TOTAL STOCKHOLDERS' EQUITY 5,085 5,185 5,359
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $105,101 $103,886 $102,358
See accompanying notes to Financial Statements
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BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
March 31, March 31,
(Amounts in thousands) 1999 1998
<S> <C> <C>
INTEREST INCOME
Interest and Fees on Loans 1,938 2,015
Interest on Time Deposits - -
Interest on Securities Held to Maturity 60 140
Interest and Dividends on Securities 2 6
Available for Sale
Interest on Federal Funds Sold 340 275
Other Interest Income - -
Total Interest Income 2,340 2,436
INTEREST EXPENSE
Interest on Deposits 418 458
Interest on Federal Funds Purchased - -
Other Interest Expense 9 10
Interest Expense on Notes Payable 3 3
Interest Expense on Debentures 40 39
Total Interest Expense 470 510
NET INTEREST INCOME 1,870 1,926
Provision for Loan Losses 98 300
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,772 1,626
OTHER INCOME
Service Charges on Deposit Accounts 283 331
Cardholder & other credit card income 155 149
ORE Income 2 3
Other Operating Income 94 92
Gain on Sale of Securities - -
Total Other Income 534 575
OTHER EXPENSE
Salaries and Employee Benefits 995 827
Occupancy Expense 485 480
Loan & Credit Card Expense 253 230
ORE Expense 33 41
Other Operating Expense 641 544
Total Other Expenses 2,407
2,122
Income Before Tax Provision (101) 79
Provision (Benefit) For Income Taxes - -
NET INCOME ($101) $79
Earnings Per Share of Common Stock ($0.56) $0.44
See accompanying notes to Financial Statements
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BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS) (Unaudited)
March 31, March 31,
(Amounts in thousands) 1999 1998
<S> <C> <C>
NET INCOME (LOSS) ($101) $79
OTHER COMPREHENSIVE INCOME, NET OF
TAX
Unrealized Holding Gains (Losses) on
Investment Securities Available-for-
Sale,
Arising During the Period
1
Less: Reclassification Adjustment
for Gains
Included in Net Income
OTHER COMPREHENSIVE INCOME
COMPREHENSIVE INCOME (LOSS) ($101) $80
See accompanying notes to Financial Statements
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BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS
EQUITY (Unaudited)
(Amounts in ACCUMULATE CAPITAL IN
thousands) D
OTHER EXCESS OF
COMPREHEN- PAR
PREFERRED COMMON SIVE RETIRED RETAINED
STOCK STOCK INCOME STOCK EARNING TOTALS
<S> <C> <C> <C> <C> <C> <C>
Balance December 31, 2,303 179 (1) 15 2,783 5,279
1997
Other Comprehensive
Income, net of
applicable deferred
income
taxes 1 1
Net Income 79 79
Balance - March 31, 2,303 179 - 15 2,862 $5,359
1998
Balance December 31, 2,303 179 133 15 2,556 5,186
1998
Other Comprehensive
Income, net of
applicable deferred
income
taxes -
Net Income (Loss) (101) (101)
Balance - March 31, 2,303 179 133 15 2,455 $5,085
1999
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QUARTERLY CONSOLIDATED SUMMARY OF INCOME AND SELECTED FINANCIAL DATA
For Three Months Ended
(Amounts in thousands, except March 31, Dec. 31, March 31,
per share data) 1999 1998 1998
<S> <C> <C> <C>
Interest Income $2,340 $2,370 $2,436
Interest Expense 470 482 510
Net Interest Income 1,870 1,888 1,926
Provision for Loan Losses 98 288 300
Net Interest Income after 1,772 1,600 1,626
Provision
Noninterest Income:
Noninterest Income 534 554 575
Securities Gains - - -
Noninterest Income 534 554 575
Noninterest Expense 2,407 2,376 2,122
Income before Taxes (101) (222) 79
Income Tax Expense (Benefit) - 96 -
Net Income (Loss) ($101) ($318) $79
Income per Common Share ($0.56) ($1.78) $0.44
Average Common Shares 179 179 179
Outstanding
Selected Quarter-End Balances
Loans $57,019 $61,757 $59,129
Deposits 95,673 94,583 93,666
Long-Term Debt 2,271 2,272 2,282
Shareholders' Equity 5,085 5,185 5,359
Total Assets 105,101 103,886 102,358
Selected Average Balances
Loans $58,592 $60,630 $58,561
Deposits $92,366 90,039 91,281
Long-Term Debt 2,271 2,273 2,283
Shareholders' Equity 5,965 6,146 4,944
Total Assets 102,249 99,610 99,907
Selected Ratios
Return on Average Assets -0.10% 0.42% 0.08%
Return on Average Equity -1.64% 6.75% 1.59%
Tier 1 Risk-Based Capital 10.73% 10.27% 10.99%
Risk-Based Capital 12.00% 11.54% 12.26%
Tier 1 Leverage 6.70% 6.89% 6.95%
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TABLE 1. MAJOR CLASSIFICATION OF LOAN PORTFOLIO
March 31, 1999 Dec. 31, 1998 March 31,1998
(Amounts in Loans % Loans % Loans %
Thousands)
<S> <C> <C> <C> <C> <C> <C>
Commercial, 4,834 8.45% 4,441 7.19% 5,679 9.60%
Financial, &
Agricultural
Real Estate Mortgage 26,276 46.29% 28,646 46.73% 25,109 42.47%
Mortgage Loan Held - 0.00% - 0.00% - 0.00%
for Resale
Personal Loans 2,904 5.07% 3,006 4.87% 3,454 5.84%
Credit Cards-Visa, 20,278 35.43% 21,785 35.28% 20,891 35.33%
Mastercard
Credit Cards- 2,592 4.53% 3,510 5.68% 3,826 6.47%
Proprietary
Overdrafts 135 0.24% 154 0.25% 170 0.29%
Loans $57,019 100.00% $61,542 100.00% $59,129 100.00%
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TABLE 7. QUARTERLY SELECTED CAPITAL RATIOS
March 31, Dec. 31, Sept. 30, June 30, March 31,
1999 1998 1998 1998 1998
<S> <C> <C> <C> <C> <C>
Risk-Based Capital
Tier 1 Risk Based 10.73% 10.27% 11.02% 11.18% 10.99%
Capital Ratio
Risk Based Capital 12.00% 11.54% 12.29% 12.46% 12.26%
Ratio
Tier 1 Leverage Ratio 6.70% 6.89% 7.21% 7.06% 6.95%
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