<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Mark One
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 1997
-------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ______ to ______
Commission File Number: 0-18527
First Community Bancorp, Inc.
---------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Georgia 58-1869700
- - ------------------------------- ------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
827 Joe Frank Harris Parkway, S.E. Cartersville, GA 30120
---------------------------------------------------------------------
(Address of principal executive offices)
(770) 382-1495
-----------------------------
(Issuer's telephone number)
N/A
----------------------------------------------------------------
(Former name, former address and former fiscal year, if
changed since last report)
Check whether the issuer (1) 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.
Yes X No
----- -----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of August 11, 1997: 427,745
-------
Transitional Small Business Disclosure Format (Check One) Yes No X
----- -----
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
================================================================================
INDEX
-----
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Balance Sheet - June 30, 1997...................... 3
Consolidated Statements of Income - Three and Six Months
Ended June 30, 1997 and 1996................................... 4
Consolidated Statements of Cash Flows - Six Months
Ended June 30, 1997 and 1996................................... 5-6
Notes to Consolidated Financial Statements...................... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations............................ 8-14
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders............. 13
Item 6. Exhibits and Reports on Form 8-K................................ 14
Signatures
</TABLE>
2
<PAGE>
ITEM 1. FINANCIAL STATEMENTS
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
JUNE 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Assets
- - ------
<S> <C>
Cash and due from banks $ 3,592,421
Interest-bearing deposits in banks 892,482
Securities available for sale, at fair value 11,362,101
Securities held to maturity, at cost (fair value of $4,142,493) 4,202,455
Loans 60,615,830
Less allowance for loan losses (1,029,992)
--------------
Loans, net 59,585,838
Premises and equipment, net 1,876,817
Other assets 2,492,312
--------------
Total Assets $ 84,004,426
==============
Liabilities and Stockholders' Equity
- - ------------------------------------
Deposits
Noninterest-bearing demand $ 12,321,657
Interest-bearing demand 13,987,334
Savings 4,598,585
Time 39,792,792
--------------
Total deposits 70,700,368
Other liabilities 1,886,418
Other borrowings 3,820,050
--------------
Total liabilities 76,406,836
--------------
Commitments and contingent liabilities
Stockholders' equity
Common stock, par value $1; 10,000,000 shares authorized;
427,595 shares issued and outstanding 427,595
Capital surplus 3,860,183
Retained earnings 3,287,684
Unrealized gains on securities available for sale, net of taxes 22,128
--------------
Total stockholders' equity 7,597,590
--------------
Total Liabilities and Stockholders' Equity $ 84,004,426
==============
</TABLE>
See Notes to Consolidated Financial Statements.
FIRST COMMUNITY BANCORP, INC.
3
<PAGE>
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
------------------------- --------------------------
1997 1996 1997 1996
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans 3,321,090 2,705,685 1,737,070 1,415,454
Interest on taxable securities 350,343 341,761 172,324 174,638
Interest on nontaxable securities 61,123 33,494 36,124 16,780
Interest on deposits in banks 81,824 119,971 40,353 48,519
------------ ----------- ------------ ------------
3,814,380 3,200,911 1,985,871 1,655,391
------------ ----------- ------------ ------------
Interest expense
Interest on deposits 1,356,099 1,249,594 706,142 637,674
Interest on other borrowings 151,821 44,646 76,177 27,218
------------ ----------- ------------ ------------
1,507,920 1,294,240 782,319 664,892
------------ ----------- ------------ ------------
Net interest income 2,306,460 1,906,671 1,203,552 990,499
Provision for loan losses 149,893 108,000 74,893 54,000
------------ ----------- ------------ ------------
Net interest income after provision for loan losses 2,156,567 1,798,671 1,128,659 936,499
------------ ----------- ------------ ------------
Other income
Service charges on deposit accounts 239,255 220,035 120,921 115,873
Gain on sale of loans 38,822
Other 96,002 90,527 28,293 33,586
------------ ----------- ------------ ------------
374,079 310,562 149,214 149,459
------------ ----------- ------------ ------------
Other expense
Salaries and employee benefits 855,796 713,113 412,176 346,692
Equipment and occupancy expense 213,328 201,597 111,564 115,697
Other operating expenses 436,543 384,020 215,985 184,146
------------ ----------- ------------ ------------
1,505,667 1,298,730 739,725 646,535
------------ ----------- ------------ ------------
(Loss) on Sale of Available for Sale Securities (9,229) (9,229)
------------ ----------- ------------ ------------
Income before income taxes 1,015,750 810,503 528,919 439,423
Applicable income taxes 367,665 292,658 190,377 157,728
------------ ----------- ------------ ------------
Net income 648,085 517,845 338,542 281,695
============ =========== ============ ============
Per share of common stock
Net income 1.52 1.21 0.79 0.66
============ =========== ============ ============
Dividends --- 0.30 --- ---
============ =========== ============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
4
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $648,085 $517,845
------------ ------------
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for loan losses 149,893 108,000
Depreciation 111,204 113,703
Amortization and (accretion), net 12,175 15,129
Gain on sale of loans (38,822) --
Loss on sale of securities 9,229
Increase (decrease) in other assets (524,682) 115,687
Increase (decrease) in other liabilities 275,954 (160,333)
------------ ------------
Total adjustments (5,049) 192,186
------------ ------------
Net cash provided by operating activities 643,036 710,031
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in interest-bearing deposits in bank, net 2,846,681 4,160,886
Proceeds from maturities of securities available for sale 958,584 891,554
Proceeds from the sale of securities available for sale 2,507,923
Purchases of securities available for sale (4,499,108) (4,766,745)
Proceeds from maturities of securities held to maturity -- 1,000,000
Proceeds from sale of loans 509,642 --
Increase in loans, net (6,684,387) (8,914,103)
Purchase of premises and equipment (209,818) (162,664)
------------ ------------
Net cash used in investing activities (4,570,483) (7,791,072)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in deposits, net 5,326,822 5,188,791
Proceeds from borrowings, net (1,528,400) 1,971,600
Proceeds from stock options exercised 37,057 --
Cash dividends paid (841) --
------------ ------------
Net cash provided by financing activities 3,834,638 7,160,391
------------ ------------
</TABLE>
5
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
----------- ------------
<S> <C> <C>
Net increase (decrease) in cash and due from banks (92,809) 79,350
Cash and due from banks at beginning of period 3,685,230 2,513,996
----------- ------------
Cash and due from banks at end of period $3,592,421 $2,593,346
=========== ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $1,352,267 $1,201,847
=========== ============
Income taxes $512,254 $635,061
=========== ============
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
Unrealized gains on securities available for sale $22,129 $64,134
=========== ============
</TABLE>
See Notes to Consolidated Financial Statements.
6
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The consolidated financial information included herein is unaudited;
however, such information reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for interim
periods.
The results of operations for the three and six month periods ended
June 30, 1997 are not necessarily indicative of the results to be
expected for the full year.
NOTE 2. CURRENT ACCOUNTING DEVELOPMENTS
The Financial Accounting Standards Board has issued SFAS No.128,
"Earnings Per Share". SFAS No.128 establishes standards for computing
and presenting earnings per share (EPS) and applies to entities with
publicly held common stock or potential common stock. This Statement
simplifies the standards for computing earnings per share previously
found in APB Opinion No.15, Earnings per Share, and makes them
comparable to international EPS standards. It replaces the
presentation of primary EPS with a presentation of basic EPS. It also
requires dual presentation of basic and diluted EPS on the face of the
income statement for all entities with complex capital structures and
requires a reconciliation of the numerator and denominator of the
basic EPS computation to the numerator and denominator of the diluted
EPS computation. The effective date of this statement is for financial
statements issued for periods ending after December 15, 1997. The
adoption of this Statement is not expected to have a material effect
on earnings per share.
NOTE 3 DECLARATION OF STOCK DIVIDEND
The Board of Directors declared a 2% stock dividend on February 18,
1997 for shareholders of record as of March 1, 1997 to be paid on May
1, 1997. Common stock outstanding on the balance sheet to reflect this
declaration and earnings and dividends per share have been
retroactively restated.
7
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Introduction
- - ------------
The following is a discussion of the Company's financial condition at June 30,
1997 compared to December 31, 1996 and the results of its operations for the
three and six months ended June 30, 1997 compared to the three and six month
periods ended June 30, 1996. These comments should be read in conjunction with
the financial statements and related notes appearing elsewhere in this report.
Financial Condition
- - -------------------
<TABLE>
<CAPTION>
Increase (Decrease)
June 30, December 31, ----------------------------
1997 1996 Amount Percent
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Total Assets $84,004,426 $79,221,198 $4,783,228 6.04%
Loans $60,615,830 $54,436,430 $6,179,400 11.35%
Securities $15,564,556 $14,528,809 $1,035,747 7.13%
Interest-bearing bank balances $892,482 $3,739,163 ($2,846,681) -76.13%
</TABLE>
Changes in total assets and the major categories of assets are shown in the
table above. The increase in loans is due to a continuing increase in loan
demand throughout the year, and principally in residential construction and
development loans. The increase in the securities portfolio is due to the
purchase of U. S. Government, Government Agency, and School, County and
Municipal Securities. The decrease in interest-bearing bank balances is also
directly related to the utilization of funds to finance the growing loan
portfolio.
The majority of the loans originated in the three and six month periods ending
June 30, 1997 are primarily short-term maturities of six months to one year or
contain variable interest rates with terms from 1 to 3 years or less. The
following table presents scheduled repricing of the Company's loans at June 30,
1997.
<TABLE>
<CAPTION>
Within 1 to 5 After
1 Year Years 5 Years Total
---------- ---------- ----------
(Dollars in Thousands)
-----------------------------------------------------
<S> <C> <C> <C> <C>
Variable interest rates $ 25,417 $ 4,410 $ $ 29,827
Fixed interest rates 8,888 21,129 772 30,789
---------- ---------- ---------- ----------
Total $ 34,305 $ 25,539 $ 772 $ 60,616
========== ========== ========== ==========
</TABLE>
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
<TABLE>
<CAPTION>
Increase (Decrease)
June 30, December 31, ---------------------------
1997 1996 Amount Percent
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Total deposits $70,700,368 $65,373,546 $5,326,822 8.15%
Other borrowings $3,820,050 $5,348,450 ($1,528,400) -28.58%
Certificates of deposit over
$100,000 (included in total
deposits above) $9,639,084 $8,952,875 $686,209 7.66%
</TABLE>
The $5,326,822 increase in deposits included a $686,209 increase in certificates
of deposit over $100,000. The deposit growth has resulted from continuing
growth in the Bartow County and Cartersville areas accompanied by the location
of new retail and other businesses to the area. Competitive rates are paid on
deposits but not above the local market.
The decrease in other borrowings was due entirely to pay down of advances from
The Federal Home Loan Bank of Atlanta. The increase in deposits, primarily
certificates of deposit less than $100,000, was used to fund the continued
strong loan demand.
The Company's ratio of loans to deposits at June 30, 1997 was 85.74% as compared
to 83.27% at December 31, 1996 and the increase is primarily due to a strong
increase during 1997 in residential development and construction loan demand.
Liquidity and Interest Rate Sensitivity
- - ---------------------------------------
Liquidity, as defined by net cash, short-term investments and other marketable
investments as a percent of deposits, was 22.69% at June 30, 1997, and is
considered adequate. The Company has an $8,500,000 line of credit with the
Federal Home Loan Bank of which $3,820,050 has been advanced, a $3,750,000
unsecured line of credit with correspondent banks and a security repurchase
agreement available with a correspondent bank. This repurchase agreement line
must be collateralized at 110% with available, unpledged investment securities.
At June 30, there was approximately $9,697,210 available using this repurchase
agreement. These lines are available should liquidity needs increase.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
The following summarizes the cumulative interest sensitivity position of the
Company at June 30, 1997.
<TABLE>
<CAPTION>
Time Horizon
---------------------------------------
Months
---------------------------------------
0 to 3 0 to 12 0 to 60 Total
---------- ----------- ----------- ---------
(Dollars in Thousands)
---------------------------------------------------
<S> <C> <C> <C> <C>
Interest sensitive assets $ 31,894 $ 39,810 $ 72,477 $ 75,907
Interest sensitive liabilities 32,368 50,026 62,199 62,199
---------- ----------- ----------- ---------
Assets less liabilities $ -474 $ -10,216 $ 10,278 $ 13,708
========== =========== =========== =========
Ratio:
Interest sensitive assets to
interest sensitive liabilities 0.99 0.8 1.17 1.22
========== =========== =========== =========
</TABLE>
The current interest sensitivity position indicates a close match of interest-
sensitive assets and interest-sensitive liabilities, particularly in the one
year time horizon. Increases or decreases in interest rates should have little
effect on the Company's net interest margin.
Capital Resources
- - -----------------
The minimum capital requirements for banks and bank holding companies require a
leverage capital to total assets ratio of at least 3%, core capital to total
assets ratio of at least 4% and total risk-based capital to total adjusted
assets ratio of 8%.
Selected financial information relating to the Company's minimum capital
requirements at June 30, 1997 is as follows:
<TABLE>
<CAPTION>
Percent
---------
<S> <C>
Leverage capital ratio 9.12%
Core capital ratio 12.11%
Risk-based capital ratio 13.35%
</TABLE>
10
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations For The Three Months Ended June 30,1997 and 1996
- - ----------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Increase (Decrease)
June 30 ------------------------
1997 1996 Amount Percent
--------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Total interest income $ 1,985,871 $ 1,655,391 $ 330,480 19.96%
Total interest expense 782,319 664,892 117,427 17.66%
Net interest income 1,203,552 990,499 213,053 21.51%
Provision for loan losses 74,893 54,000 20,893 38.69%
Other operating income 149,214 149,459 (245) -0.16%
Other operating expenses 739,725 646,535 93,190 14.41%
Loss on sale of AFS Securities (9,229) (9,229) 0
Provision for income taxes 190,377 157,728 32,649 20.70%
Net income 338,542 281,695 56,847 20.18%
</TABLE>
The increase in total interest income was due to the increased volume of
interest-earning assets, principally loans. Total interest expense for the same
period increased as indicated in the above table primarily due to the increase
in deposits and borrowings from the Federal Home Loan Bank. The resulting
increase in net interest margin is due primarily to the stated growth in loan
portfolio and an increase in the spread between yields on earning assets and the
cost of interest-bearing liabilities.
The provision for loan losses is the charge to operating earnings that
management feels is necessary to maintain an adequate allowance for loan losses.
It is based on the growth of the loan portfolio, the amount of net loan losses
incurred and management's estimate of potential future loan losses based on an
evaluation of loan portfolio risks and certain economic factors. The provision
for loan losses increased by $20,893 for the three month period ended June 30,
1997 as compared to the same period in 1996 due to the growth in the loan
portfolio. The loan loss reserve as a percentage of total loans was 1.70% and
1.63% at June 30, 1997 and June 30, 1996, respectively. There were no non
performing loans as June 30, 1997 and management believes that the allowance for
loan losses is adequate to absorb anticipated loan losses.
The $245 or 0.16% decrease in other operating income is considered an
insignificant decline.
The increase of other operating expenses for the three month period ending June
30, 1997 as compared to the comparable period in 1996 as shown in the preceding
table resulted primarily from the increase in personnel and other expenses
necessary to service an increasing deposit and
11
<PAGE>
loan customer base including additional staffing in the mortgage origination and
accounts receivable factoring and servicing areas.
The $9,229 loss on sale of available for sale (AFS) securities resulted from a
management strategy to sell lower yielding taxable securities maturing prior to
1999, and reinvest the proceeds into nontaxable and taxable securities with tax
equivalent yields of 7.0% or greater. It is estimated that the loss will be
negated in less than 6 months.
The increase in income taxes shown in the preceding table resulted primarily
from increased net income before taxes for the three month period ended June 30,
1997 as compared to the similar period in 1996. The effective tax rate was
35.99% and 35.89%, respectively, for the three month periods ended June 30, 1997
and 1996.
Net income for the three month period ended June 30, 1997 as compared to the
same period in 1996 increased $56,847 or 20.18%.
12
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations For The Six Months Ended June 30,1997 and 1996
- - --------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended Increase (Decrease)
June 30 ------------------------
1997 1996 Amount Percent
--------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Total interest income $ 3,814,380 $ 3,200,911 $ 613,469 19.17%
Total interest expense 1,507,920 1,294,240 213,680 16.51%
Net interest income 2,306,460 1,906,671 399,789 20.97%
Provision for loan losses 149,893 108,000 41,893 38.79%
Other operating income 374,079 310,562 63,517 20.45%
Other operating expenses 1,505,667 1,298,730 206,937 15.93%
Loss on Sale of AFS Securities (9,229) (9,229)
Provision for income taxes 367,665 292,658 75,007 25.63%
Net income 648,084 517,845 130,239 25.15%
</TABLE>
The increase in total interest income was due to the increased volume of
interest-earning assets, principally loans. Total interest expense for the same
period increased as indicated in the above table primarily due to the increase
in deposits and borrowings from the Federal Home Loan Bank. The resulting
increase in net interest margin is due primarily to the stated growth in loan
portfolio and an increase in the spread between yields on earning assets and the
cost of interest-bearing liabilities.
The provision for loan losses increased by $41,893 or 38.79% for the six month
period ended June 30, 1997 as compared to the same period in 1996 due to the
growth in the loan portfolio.
The $63,517 or 20.45% increase in other operating income is the net result of a
general increase service charge income on deposit accounts and a $38,822 gain on
the sale of loans.
The increase of other operating expenses for the six month period ending June
30, 1997 as compared to the comparable period in 1996 as shown in the preceding
table resulted primarily from the increase in personnel and other expenses
necessary to service an increasing deposit and loan customer base including
additional staffing in the mortgage origination and accounts receivable
factoring and servicing areas.
The increase in income taxes shown in the preceding table resulted primarily
from increased net income before taxes for the six month period ended June 30,
1997 as compared to the similar
13
<PAGE>
period in 1996. The effective tax rate was 36.20% and 36.11%, respectively, for
the six month periods ended June 30, 1997 and 1996.
Net income for the six month period ended June 30, 1997 as compared to the same
period in 1996 increased $130,239 or 25.15%. The primary reasons are increased
interest margins, increased loan to deposit ratio, gain on sale of loans,
increased service charges on deposit accounts and the lower effective tax rate.
14
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
PART II. OTHER INFORMATION
ITEM 4.
Submission of Matters to a Vote of Security Holders
- - ---------------------------------------------------
The Company's annual meeting was held on May 21, 1997. Notice of the annual
meeting was mailed April 16, 1997 to each stockholder of record as of April 7,
1996. At the 1997 annual meeting, the shareholders voted to approve the
following proposals.
Proposal I
- - ----------
The Company's annual meeting was held on May 21, 1997. Notice of the annual
meeting was mailed April 16,1997 to each stockholder of record as of April
7,1996. The shareholders approved, by the vote indicates a motion to elect the
Class II Board of Directors for 1997 consisting of Sammy L. Neal, H. Boyd Petit,
III, and Arnold Tillman, Jr., MD.
<TABLE>
<CAPTION>
SHAREHOLDER VOTES
-----------------
DIRECTOR FOR AGAINST
-------- --- -------
<S> <C> <C>
Sammy L. Neal 236,131 2,150
H. Boyd Petit, III 236,131 2,150
Arnold Tillman, Jr., MD 236,131 2,150
</TABLE>
Other directors whose terms of office as directors continue after the meeting
are C. Gregory Culverhouse, Jack Foumier, Fareed Z. Kadum, M.D., Michael L.
McPherson, Terry N. Tumlin, J. Steven Walraven, L. Ross Watley, III, Earl
Williamson, Jr.
Proposal II
- - -----------
The shareholders also approved a proposal to adopt the 1997 First Community
Bancorp, Inc. Stock Option Plan with 204,437 votes in favor and 4,445 against.
The 1997 First Community Bancorp, Inc. Stock Option Plan authorizes the granting
of up to 70,000 shares of common stock of the company through incentive stock
options and non-qualified stock options to one or more directors and full time,
salaried officers and other key employees of the company as the Board may from
time to time in its discretion determine. The 1997 Plan defines incentive stock
options as "an option that is an incentive stock option within the meaning of
Section 422 of the Internal Revenue Code." A "non-qualified stock option" is
defined by the 1997 Plan as an option that is not an incentive stock option.
Directors are only eligible to receive non-qualified stock options under the
terms of the 1997 Plan. The Board of Directors would administer the 1997 Plan,
determine which employees and directors would receive options, and subject to
the terms of the 1997 Plan determine the form and terms of the stock option
agreements pursuant to which options would be granted. A copy of the "1997
Plan" was made available to attendees for their review and questions.
15
<PAGE>
ITEM 6.
(a) Exhibits filed in accordance with Item 601 of Regulation S-K.
27. Financial Data Schedule.
(b) The Company has not filed any reports on Form 8-K with the
Securities and Exchange Commission during the three months ended
June 30,1997.
16
<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.
FIRST COMMUNITY BANCORP, INC.
BY:
----------------------------------
J. Steven Walraven
President and Chief Executive Officer
(Principal Executive Officer)
DATE:
--------------------------------
BY:
----------------------------------
Danny F. Dukes
Vice President, Chief Financial and
Operations Officer
DATE:
--------------------------------
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1997 JAN-01-1997
<PERIOD-END> JUN-30-1997 JUN-30-1997
<CASH> 3,592,421 0
<INT-BEARING-DEPOSITS> 892,482 0
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 11,362,101 0
<INVESTMENTS-CARRYING> 4,202,455 0
<INVESTMENTS-MARKET> 4,142,493 0
<LOANS> 60,615,830 0
<ALLOWANCE> 1,029,992 0
<TOTAL-ASSETS> 84,004,426 0
<DEPOSITS> 70,700,368 0
<SHORT-TERM> 3,820,050 0
<LIABILITIES-OTHER> 1,886,418 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 427,595<F2> 0
<OTHER-SE> 7,169,995 0
<TOTAL-LIABILITIES-AND-EQUITY> 84,004,426 0
<INTEREST-LOAN> 3,321,090 1,737,070
<INTEREST-INVEST> 411,466 208,448
<INTEREST-OTHER> 81,824 40,353
<INTEREST-TOTAL> 3,814,380 1,985,871
<INTEREST-DEPOSIT> 1,356,099 706,142
<INTEREST-EXPENSE> 1,507,920 782,319
<INTEREST-INCOME-NET> 2,306,460 1,203,552
<LOAN-LOSSES> 149,893 74,893
<SECURITIES-GAINS> (9,229) (9,229)
<EXPENSE-OTHER> 1,505,667 739,725
<INCOME-PRETAX> 1,015,750 528,919
<INCOME-PRE-EXTRAORDINARY> 648,085 338,542
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 648,085 338,542
<EPS-PRIMARY> 1.52<F1> .79<F1>
<EPS-DILUTED> 0 0
<YIELD-ACTUAL> 6.31 0
<LOANS-NON> 0 0
<LOANS-PAST> 826 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 914,266 0
<CHARGE-OFFS> 52,966 0
<RECOVERIES> 18,799 0
<ALLOWANCE-CLOSE> 1,029,922 0
<ALLOWANCE-DOMESTIC> 0 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
<FN>
<F2>DECLARATION OF STOCK DIVIDEND
THE BOARD OF DIRECTORS DECLARED A 2% STOCK DIVIDEND ON FEBRUARY 18, 1997 FOR
SHAREHOLDERS OF RECORD AS OF MARCH 1, 1997 TO BE PAID ON MAY 1, 1997. COMMON
STOCK OUTSTANDING ON THE BALANCE SHEET TO REFLECT THIS DECLARATION AND EARNINGS
AND DIVIDENDS PER SHARE HAVE BEEN RETROACTIVELY RESTATED.
<F1>CURRENT ACCOUNTING DEVELOPMENTS
THE FINANCIAL ACCOUNTING STANDARDS BOARD HAS ISSUED SFAS NO. 128, "EARNINGS PER
SHARE". SFAS NO. 128 ESTABLISHES STANDARDS FOR COMPUTING AND PRESENTING EARNINGS
PER SHARE (EPS) AND APPLIES TO ENTITIES WITH PUBLICLY HELD COMMON STOCK OR
POTENTIAL COMMON STOCK. THIS STATEMENT SIMPLIFIES THE STANDARDS FOR COMPUTING
EARNINGS PER SHARE PREVIOUSLY FOUND IN APB OPINION NO. 15, EARNINGS PER SHARE,
AND MAKES THEM COMPARABLE TO INTERNATIONAL EPS STANDARDS. IT REPLACES THE
PRESENTATION OF BASIC EPS. THE EFFECTIVE DATE OF THIS STATEMENT IF FOR
FINANCIAL STATEMENTS ISSUED FOR PERIODS ENDING AFTER DECEMBER 15, 1997. THE
ADOPTION OF THIS STATEMENT IS NOT EXPECTED TO HAVE MATERIAL EFFECT ON EARNINGS
PER SHARE.
</FN>
</TABLE>
