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 September 30, 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 October 31, 1999.
<PAGE>
Part I. - Financial Information
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION
(Unaudited)
<TABLE>
<CAPTION>
Sept 30 Dec. 31, Sept 30
(Amounts in Thousands) 1999 1998 1998
<S> <C> <C> <C>
ASSETS
Cash and Due from Banks
Non-Interest Bearing Balances and Cash $7,546 $6,693 $7,119
Interest Bearing Balances - - -
Investment Securities
Securities Held to Maturity (Fair Values at
9/30/99, 12/31/98, & 9/30/98 respectively 3,009 4,498 4,996
were $3,004,000, $4,514,000, and $5,019,000)
Securities Available for Sale 374 291 90
Federal Funds Sold 29,926 26,950 18,725
Loans, net of Unearned Discount 57,249 61,542 59,243
Allowance for Loan Losses (1,800) (1,800) (1,800)
Property, Equipment and Leasehold Improvements
(Net of Depreciation and Amortization) 2,674 2,506 2,549
Other Real Estate 1,337 1,357 1,357
Deferred Taxes 426 454 618
Letters of Credit 76 84 84
Other Assets 965 1,311 2,298
TOTAL ASSETS $101,782 $103,886 $95,279
See accompanying notes to Financial Statements
</TABLE>
<PAGE>
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION (Continued)
<TABLE>
<CAPTION>
Sept 30 Dec. 31, Sept 30
(Amounts in Thousands) 1999 1998 1998
<S> <C> <C> <C>
LIABILITIES
Deposits:
Non-Interest Bearing $34,459 $36,826 $32,383
Interest Bearing 58,795 57,757 54,097
TOTAL DEPOSITS 93,254 94,583 86,480
Notes Payable 2,234 2,272 2,274
Letters of Credit Outstanding 76 84 84
Accrued Litigation Settlement 150 200 150
Accrued Interest 463 526 492
Other Liabilities 1,021 1,035 428
TOTAL LIABILITIES 97,198 98,700 89,908
STOCKHOLDERS' EQUITY
Preferred Stock - Par Value $1
2,302,811 Shares Issued and Outstanding at
9/30/99, 12/31/98, and 9/30/98 2,303 2,303 2,303
Common Stock - Par Value $1
179,145 Shares Issued and Outstanding at
9/30/99, 12/31/98, and 9/30/98 179 179 179
Accumulated Other Comprehensive Income 188 133 -
Capital in Excess of Par - Retired Stock 15 15 15
Undivided Profits 2,556 2,784 2,783
Current Earnings (657) (228) 91
TOTAL STOCKHOLDERS' EQUITY 4,584 5,186 5,371
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $101,782 $103,886 $95,279
See accompanying notes to Financial Statements
</TABLE>
<PAGE>
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
Sept 30 Sept 30
(Amounts in Thousands) 1999 1998 1999 1998
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and Fees on Loans $2,014 $2,091 $5,837 $6,212
Interest on Time Deposits - - - -
Interest on Securities Held to 44 105 155 381
Maturity
Interest & Dividends on Securities - - 2 6
Available for Sale
Interest on Federal Funds Sold 419 275 1,143 846
Other Interest Income - - - -
Total Interest Income 2,477 2,471 7,137 7,445
INTEREST EXPENSE
Interest on Deposits 418 437 1,266 1,345
Interest on Federal Funds Purchased - - - -
Other Interest Expense 10 12 31 33
Interest Expense on Notes Payable 2 3 7 8
Interest Expense on Debentures 39 41 118 119
Total Interest Expense 469 493 1,422 1,505
NET INTEREST INCOME 2,008 1,978 5,715 5,940
Provision for Loan Losses 237 308 662 798
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,771 1,670 5,053 5,142
OTHER INCOME
Service Charges on Deposit Accounts 308 319 886 963
Cardholder & Other Credit Card Income 168 174 497 498
ORE Income 4 22 19 30
Other Operating Income 48 54 190 204
Gain on Sale of Securities - - - -
Total Other Income 528 569 1,592 1,695
OTHER EXPENSE
Salaries and Employee Benefits 959 941 2,952 2,708
Occupancy Expense 481 466 1,473 1,413
Loan & Credit Card Expense 231 241 761 728
ORE Expense 2 43 57 123
Other Operating Expense 741 616 2,059 1,774
Total Other Expenses 2,414 2,307 7,302 6,746
Income Before Tax Provision (115) (68) (657) 91
Provision (Benefit) For Income Taxes - - - -
NET INCOME ($115) ($68) ($657) $91
Earnings Per Share of Common Stock ($0.64) ($0.38) ($3.67) $0.51
See accompanying notes to Financial Statements
</TABLE>
<PAGE>
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
<TABLE>
<CAPTION>
Sept 30 Sept 30
(Amounts in thousands) 1999 1998
<S> <C> <C>
NET INCOME (LOSS) (657) 91
OTHER COMPREHENSIVE INCOME, NET OF TAX
Unrealized Holding Gains (Losses) on
Investment Securities Available-for-Sale,
Arising During the Period 55 1
Less: Reclassification Adjustment for Gains
Included in Net Income
OTHER COMPREHENSIVE INCOME
COMPREHENSIVE INCOME (LOSS) ($602) $92
See accompanying notes to Financial Statements
</TABLE>
<PAGE>
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands) ACCUMULATED CAPITAL IN
OTHER EXCESS OF
COMPREHEN- PAR
PREFERRED COMMON SIVE RETIRED RETAINED
STOCK STOCK INCOME STOCK EARNING TOTAL
<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 (Loss) 91 91
Balance - Sept 30, 2,303 179 - 15 2,874 $5,371
1998
Balance December 31, 2,303 179 133 15 2,556 5,186
1998
Other Comprehensive
Income, net of
applicable deferred
income taxes 55 55
Net Income (Loss) (657) (657)
Balance - Sept 30, 2,303 179 188 15 1,899 $4,584
1999
</TABLE>
<PAGE>
QUARTERLY CONSOLIDATED SUMMARY OF INCOME AND SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
Three Nine Months Ended
Months
Ended
(Amounts in Thousands, Sept 30 June 30 Sept 30 Sept 30 Sept 30
Except Per Share Data) 1999 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C>
Interest Income $2,477 $2,320 $2,471 $7,137 $7,445
Interest Expense 469 483 493 1,422 1,505
Net Interest Income 2,008 1,837 1,978 5,715 5,940
Provision for Loan 237 327 308 662 798
Losses
Net Interest Income 1,771 1,510 1,670 5,053 5,142
after Provision
Noninterest Income:
Noninterest Income 528 530 569 1,592 1,695
Securities Gains - - - - -
Noninterest Income 528 530 569 1,592 1,695
Noninterest Expense 2,414 2,481 2,307 7,302 6,746
Income before Taxes (115) (441) (68) (657) 91
Income Tax Expense - - - - -
(Benefit)
Net Income (Loss) ($115) ($441) ($68) ($657) $91
Income per Common Share ($0.64) ($2.38) ($0.38) ($3.67) $0.51
Average Common Shares 179 179 179 179 179
Outstanding
Selected Quarter-End Balances
Loans $57,249 $56,529 $59,243
Deposits 93,254 95,880 86,480
Long-Term Debt 2,234 2,246 2,274
Stockholders' Equity 4,584 4,682 5,371
Total Assets 101,782 104,704 95,279
Selected Average Balances
Loans $56,128 $56,855 $59,732 $55,988 $58,899
Deposits 93,341 94,694 88,042 93,664 90,101
Long-Term Debt 2,235 2,255 2,277 2,254 2,282
Stockholders' Equity 5,389 5,531 5,378 5,623 5,161
Total Assets 102,146 103,591 96,968 102,657 98,907
Selected Ratios
Return on Average Assets -0.09% -0.41% -0.07% -0.60% 0.09%
Return on Average Equity -1.70% -7.68% -1.26% -10.94% 1.76%
Tier 1 Risk-Based 10.19% 10.22% 11.02%
Capital
Risk-Based Capital 11.46% 11.48% 12.29%
Tier 1 Leverage 6.27% 6.23% 7.21%
</TABLE>
<PAGE>
TABLE 1. MAJOR CLASSIFICATION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
Sept 30, 1999 June 30, 1999 Sept 30, 1998
(Amounts in Loans % Loans % Loans %
Thousands)
<S> <C> <C> <C> <C> <C> <C>
Commercial, $4,763 8.28% $4,073 7.18% $4,609 7.78%
Financial, &
Agricultural
Real Estate Mortgage 28,494 49.99% 27,486 48.83% 26,367 44.51%
Mortgage Loan Held - 0.00% - 0.00% - 0.00%
for Resale
Personal Loans 3,293 5.73% 3,179 5.60% 3,144 5.31%
Credit Cards-Visa, 18,713 32.54% 19,331 34.06% 21,518 36.32%
MasterCard
Credit Cards- 1,837 3.19% 2,363 4.16% 3,432 5.79%
Proprietary
Overdrafts 149 0.26% 97 0.17% 173 0.29%
Loans $57,249 100.00% $56,529 100.00% $59,243 100.00%
</TABLE>
TABLE 7. QUARTERLY SELECTED CAPITAL RATIOS
<TABLE>
<CAPTION>
Sept 30, June 30, March 31, Dec. 31, Sept. 30,
1999 1999 1999 1998 1998
<S> <C> <C> <C> <C> <C>
Risk-Based Capital
Tier 1 Risk Based 10.19% 10.22% 10.73% 10.27% 11.02%
Capital Ratio
Risk Based Capital 11.46% 11.49% 12.00% 11.54% 12.29%
Ratio
Tier 1 Leverage Ratio 6.27% 6.23% 6.70% 6.89% 7.21%
</TABLE>
