<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 September 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 November 11, 1997: 425,814
---------
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 (Unaudited) - September 30, 1997.................................3
Consolidated Statements of Income (Unaudited) - Three and Nine Months
Ended September 30, 1997 and 1996........................................................4
Consolidated Statements of Cash Flows (Unaudited) - Nine Months
Ended September 30, 1997 and 1996......................................................5-6
Notes to Consolidated Financial Statements................................................7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...................................................9-15
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...........................................................16
Signatures
</TABLE>
2
<PAGE>
ITEM 1. FINANCIAL STATEMENTS
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Assets
------
<S> <C>
Cash and due from banks $ 2,862,942
Interest-bearing deposits in banks 2,810,286
Securities available for sale, at fair value 11,860,765
Securities held to maturity, at cost (fair value of $4,577,677) 4,602,140
Loans 62,432,760
Less allowance for loan losses (1,071,888)
-------------------
Loans, net 61,360,872
Premises and equipment, net 1,920,763
Other assets 2,465,515
-------------------
Total Assets $ 87,883,283
===================
Liabilities, Redeemable Common Stock and Stockholders' Equity
-------------------------------------------------------------
Deposits
Noninterest-bearing demand $ 12,517,664
Interest-bearing demand 16,257,779
Savings 5,029,499
Time 41,006,877
-------------------
Total deposits 74,811,819
Other liabilities 1,867,200
Other borrowings 3,295,900
-------------------
Total liabilities 79,974,919
-------------------
Commitments and contingent liabilities
Redeemable common stock held by KSOP, 12,341 shares outstanding
at September 30, 1997, at fair value 311,610
-------------------
Stockholders' equity
Common stock, par value $1; 10,000,000 shares authorized;
427,745 shares issued 427,745
Capital surplus 3,862,126
Treasury Stock (1,931 shares) (48,758)
Retained earnings 3,315,513
Unrealized gains on securities available for sale, net of taxes 40,128
-------------------
Total stockholders' equity 7,596,754
-------------------
Total Liabilities and Stockholders' Equity $ 87,883,283
===================
</TABLE>
See Notes to Consolidated Financial Statements.
3
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
----------------------------------- -----------------------------------
1997 1996 1997 1996
---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans 5,126,589 4,273,553 1,805,499 1,567,868
Interest on taxable securities 503,092 519,346 152,749 177,585
Interest on nontaxable securities 113,652 50,587 52,529 17,093
Interest on deposits in banks 96,375 139,442 14,551 19,471
---------------- ---------------- ---------------- ---------------
5,839,708 4,982,928 2,025,328 1,782,017
---------------- ---------------- ---------------- ---------------
Interest expense
Interest on deposits 2,144,249 1,890,975 788,151 641,381
Interest on other borrowings 175,849 86,068 24,028 41,422
---------------- ---------------- ---------------- ---------------
2,320,098 1,977,043 812,179 682,803
---------------- ---------------- ---------------- ---------------
Net interest income 3,519,610 3,005,885 1,213,149 1,099,214
Provision for loan losses 224,893 162,000 75,000 54,000
---------------- ---------------- ---------------- ---------------
Net interest income after provision
for loan losses 3,294,717 2,843,885 1,138,149 1,045,214
---------------- ---------------- ---------------- ---------------
Other income
Service charges on deposit accounts 366,599 342,679 127,344 112,170
Gain on sale of loans 38,822
Other 147,948 123,034 51,947 42,981
---------------- ---------------- ---------------- ---------------
553,369 465,713 179,291 155,151
---------------- ---------------- ---------------- ---------------
Other expense
Salaries and employee benefits 1,318,882 1,123,363 463,086 410,250
Equipment and occupancy expense 354,350 301,126 141,022 99,529
Other operating expenses 619,505 567,538 182,962 183,518
---------------- ---------------- ---------------- ---------------
2,292,737 1,992,027 787,070 693,297
---------------- ---------------- ---------------- ---------------
(Loss) on Sale of Available for Sale Securities (9,229)
---------------- ---------------- ---------------- ---------------
Income before income taxes 1,546,120 1,317,571 530,370 507,068
Applicable income taxes 558,596 479,482 190,931 186,824
---------------- ---------------- ---------------- ---------------
Net income 987,524 838,089 339,439 320,244
================ ================ ================ ===============
Per share of common stock
Net income (Weighted Ave Shares 421,771)
2.34 1.99 0.80 0.76
================ ================ ================ ===============
Dividends --- 0.30 --- ---
================ ================ ================ ===============
</TABLE>
See Notes to Consolidated Financial Statements.
4
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
---------------------------- ----------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $987,524 $838,089
---------------------------- ----------------------------
Adjustments to reconcile net income to
net cash provided by operating activities:
Provision for loan losses 224,893 162,000
Depreciation 165,018 163,544
Amortization and (accretion), net 16,580 --
Gain on sale of loans (38,822) --
Loss on sale of securities 9,229
Increase (decrease) in other assets (591,295) (122,370)
Increase (decrease) in other liabilities 256,736 (43,260)
---------------------------- ----------------------------
Total adjustments 42,339 159,914
---------------------------- ----------------------------
Net cash provided by operating activities 1,029,863 998,003
---------------------------- ----------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in interest-bearing deposits in bank, net 928,877 3,300,588
Proceeds from maturities of securities available
for sale 1,969,814 2,072,582
Proceeds from the sale of securities available
for sale 2,507,923 --
Purchases of securities available for sale (5,971,989) (6,376,377)
Proceeds from maturities of securities held to
maturity 100,000 2,199,615
Purchases of securities held to maturity (499,688) --
Proceeds from sale of loans 509,642 --
Increase in loans, net (8,534,422) (12,467,444)
Purchase of premises and equipment (237,580) (110,928)
---------------------------- ----------------------------
Net cash used in investing activities (9,227,423) (1 1,381,964)
---------------------------- ----------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in deposits, net 9,438,273 8,832,330
Proceeds from borrowings, net (2,052,550) 2,947,450
Proceeds from stock options exercised 39,148 --
Purchase of 1,931 shares of Treasury Stock (48,758) --
Cash dividends paid (841) ($124,531)
---------------------------- ----------------------------
Net cash provided by financing activities 7,375,272 11,655,249
---------------------------- ----------------------------
</TABLE>
5
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
----------------------------- ----------------------------
<S> <C> <C>
Net increase (decrease) in cash and due from banks (822,288) 1,271,288
Cash and due from banks at beginning of period 3,685,230 2,513,995
----------------------------- ----------------------------
Cash and due from banks at end of period $2,862,942 $3,785,283
============================= ============================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid during the period for:
Interest $2,240,711 $1,889,854
============================ ============================
Income taxes $629,577 $822,361
============================ ============================
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
Unrealized gains on securities available for sale $65,964 $51,758
============================ ============================
</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 nine month periods ended
September 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.
The Financial Accounting Standards Board (FASB) has issued Statement of
Financial Accounting Standards (SFAS) No. 125, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities". SFAS No.125 was amended by SFAS No.127 which defers the
effective date of certain provisions of SFAS No. 25 until January 1,
1998. This statement provides accounting and reporting standards for
transfers and servicing of financial assets and extinguishments of
liabilities based on consistent application of a financial-components
approach that focuses on control. It distinguishes transfers of
financial assets that are sales from transfers that are secured
borrowings. The adoption of this statement is not expected to have a
material effect on the Company's financial statements.
7
<PAGE>
The FASB has issued SFAS No. 130, "Reporting Comprehensive Income".
This statement establishes standards for reporting and display of
comprehensive income and its components in a full set of general
purpose financial statements. SFAS No. 130 requires all items that are
required to be recognized under accounting standards as components of
comprehensive income to be reported in a financial statement that is
displayed in equal prominence with the other financial statements. The
term "comprehensive income" is used in the SFAS to describe the total
of all components of comprehensive income including net income. "Other
comprehensive income" refer to revenues, expenses, gains and losses
that are included in comprehensive income but excluded from earnings
under current accounting standards. Currently, "other comprehensive
income" for the Company consists of items previously recorded directly
in equity under SFAS No.115, "Accounting for Certain Investments in
Debt and Equity Securities". SFAS No. 130 is effective for financial
statements beginning after December 15, 1997.
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.
8
<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 September
30, 1997 compared to December 31, 1996 and the results of its operations for the
three and nine months ended September 30, 1997 compared to the three and nine
month periods ended September 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)
September 30, December 31, ------------- -------------
1997 1996 Amount Percent
------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Total Assets $87,883,284 $79,221,198 $8,662,086 10.93%
Loans $62,432,760 $54,436,430 $7,996,330 14.69%
Securities $16,462,905 $14,528,809 $1,934,096 13.31%
Interest-bearing
bank balances $ 2,810,286 $ 3,739,163 $ (928,877) -24.84%
</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, Government Agency Mortgage
Backed 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 and security purchases.
The majority of the loans originated in the three and nine month periods ending
September 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 September
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 $ 26,483 $ 4,347 $ $ 30,830
Fixed interest rates 9,383 21,912 308 31,603
------------- ------------ ----------- -------------
Total $ 35,866 $ 26,259 $ 308 $ 62,433
============= ============= =========== =============
</TABLE>
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
<TABLE>
<CAPTION>
Increase (Decrease)
September 30, December 31, ------------- --------------
1997 1996 Amount Percent
------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
Total deposits $74,811,820 $65,373,546 $9,438,274 14.44%
Other borrowings $3,295,900 $5,348,450 ($2,052,550) -38.38%
Certificates of deposit
over $100,000 (included
in total deposits above) $7,831,424 $8,952,875 ($1,121,451) -12.53%
</TABLE>
The $9,438,274 increase in deposits included a $1,121,451 decrease 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 September 30, 1997 was 83.45% as
compared to 83.27% at December 31, 1996 and the slight 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 24.90% at September 30, 1997, and is
considered adequate. The Company has an $8,500,000 line of credit with the
Federal Home Loan Bank of which $3,295,900 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 September 30, there was approximately $10,763,860 available using this
repurchase agreement. These lines are available should liquidity needs increase.
10
<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 September 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 $ 35,117 $ 44,095 $ 77,516 $ 80,540
Interest sensitive liabilities 30,106 48,221 65,590 65,590
------------- ----------- ----------- -----------
Assets less liabilities $ 5,011 $ -4,126 $ 11,926 $ 14,950
============= =========== ============ ============
Ratio:
Interest sensitive assets to
interest sensitive liabilities 1.17 0.91 1.18 1.23
============= =========== ============ ============
</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 September 30, 1997 is as follows:
<TABLE>
<CAPTION>
Percent
-----------------
<S> <C>
Leverage capital ratio 9.03%
Core capital ratio 12.23%
Risk-based capital ratio 13.47%
</TABLE>
11
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations For The Three Months Ended September 30, 1997 and 1996
- - ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended
September 30 Increase (Decrease)
-------------------------
1997 1996 Amount Percent
------------- ------------- ------------ -----------
<S> <C> <C> <C> <C>
Total interest income $ 2,025,328 $ 1,782,017 $ 243,311 13.65%
Total interest expense 812,178 682,803 129,375 18.95%
Net interest income 1,213,150 1,099,214 113,936 10.37%
Provision for loan losses 75,000 54,000 21,000 38.89%
Other operating income 179,291 155,151 24,140 15.56%
Other operating expenses 787,071 693,297 93,774 13.53%
Loss on sale of AFS Securities 0
Provision for income taxes 190,931 186,824 4,107 2.20%
Net income 339,439 320,244 19,195 5.99%
</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. 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 $21,000 for the three month period ended September
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 1.72% and
1.61% at September 30, 1997 and September 30, 1996, respectively. There were one
non performing loan totaling $107,400 and other real estate owned was $70,000 as
of September 30, 1997 and management believes that the allowance for loan losses
is adequate to absorb anticipated loan losses.
The $24,140 or 15.56% increase in other operating income is due primarily to the
stated growth in deposit accounts and fee increases during the third quarter of
1997.
The increase of other operating expenses for the three month period ending
September 30, 1997 as compared to the comparable period in 1996 as shown in the
preceding table resulted primarily
12
<PAGE>
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 three month period ended
September 30, 1997 as compared to the similar period in 1996. The effective tax
rate was 35.99% and 36.84%, respectively, for the three month periods ended
September 30, 1997 and 1996.
Net income for the three month period ended September 30, 1997 as compared to
the same period in 1996 increased $19,195 or 5.99%.
13
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations For The Nine Months Ended September 30,1997 and 1996
- - --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Nine Months Ended Increase (Decrease)
September 30 -------------------------
1997 1996 Amount Percent
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
Total interest income $ 5,839,707 $ 4,982,928 $ 856,779 17.19%
Total interest expense 2,320,098 1,977,043 343,055 17.35%
Net interest income 3,519,609 3,005,885 513,724 17.09%
Provision for loan losses 224,893 162,000 62,893 38.82%
Other operating income 553,370 465,713 87,657 18.82%
Other operating expenses 2,292,737 1,992,027 300,710 15.10%
Loss on Sale of AFS Securities (9,229) (9,229)
Provision for income taxes 558,596 479,482 79,114 16.50%
Net income 987,523 838,089 149,434 17.83%
</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. 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 $62,893 or 38.82% for the nine month
period ended September 30, 1997 as compared to the same period in 1996 due to
the growth in the loan portfolio.
The $87,657 or 18.82% 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 nine month period ending
September 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 in 1997 as compared to the similar period
in 1996. The effective tax rate
14
<PAGE>
was 36.13% and 36.39%, respectively, for the nine month periods ended September
30, 1997 and 1996.
Net income for the nine month period ended September 30, 1997 as compared to the
same period in 1996 increased $149,434 or 17.83%. 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.
15
<PAGE>
FIRST COMMUNITY BANCORP, INC.
AND SUBSIDIARY
PART II. OTHER INFORMATION
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
September 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> 9-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JUL-01-1997
<PERIOD-END> SEP-30-1997 SEP-30-1997
<CASH> 2,862,942 0
<INT-BEARING-DEPOSITS> 2,810,286 0
<FED-FUNDS-SOLD> 0 0
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 11,860,765 0
<INVESTMENTS-CARRYING> 4,602,140 0
<INVESTMENTS-MARKET> 4,577,677 0
<LOANS> 62,432,760 0
<ALLOWANCE> 1,071,888 0
<TOTAL-ASSETS> 87,883,283 0
<DEPOSITS> 74,811,819 0
<SHORT-TERM> 1,295,900 0
<LIABILITIES-OTHER> 2,178,810 0
<LONG-TERM> 2,000,000 0
0 0
0 0
<COMMON> 427,745 0
<OTHER-SE> 7,169,009 0
<TOTAL-LIABILITIES-AND-EQUITY> 87,883,283 0
<INTEREST-LOAN> 5,126,589 1,805,499
<INTEREST-INVEST> 616,744 205,278
<INTEREST-OTHER> 96,375 14,551
<INTEREST-TOTAL> 5,839,708 2,025,328
<INTEREST-DEPOSIT> 2,144,249 788,151
<INTEREST-EXPENSE> 2,320,098 812,179
<INTEREST-INCOME-NET> 3,519,610 1,213,149
<LOAN-LOSSES> 224,893 75,000
<SECURITIES-GAINS> (9,229) 0
<EXPENSE-OTHER> 2,292,737 787,070
<INCOME-PRETAX> 1,546,120 530,370
<INCOME-PRE-EXTRAORDINARY> 987,524 339,439
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 987,524 339,439
<EPS-PRIMARY> 2.34 .80
<EPS-DILUTED> 0 0
<YIELD-ACTUAL> 6.25 0
<LOANS-NON> 107,400 0
<LOANS-PAST> 1,027,156 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 914,266 0
<CHARGE-OFFS> 103,708 0
<RECOVERIES> 18,140 0
<ALLOWANCE-CLOSE> 1,071,888 0
<ALLOWANCE-DOMESTIC> 1,071,888 0
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
