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Previous: PRUDENTIAL BACHE OPTIMAX FUTURES FUND LP, 10-Q, 1996-05-15 |
Next: ICON CASH FLOW PARTNERS L P SERIES C, 10-Q, 1996-05-15 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Quarterly Period Ended March 31, 1996, 1991 Commission File No.
33-36148
Jeff Davis Bancshares, Incorporated
(Exact name of registrant as specified in its charter)
Louisiana 72-1171649
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification)
507 North Main Street, Jennings, Louisiana 70546
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code: (318) 824-1422
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $12.50 par value; 768,000 shares
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_____.
<PAGE>
Part I
Item 1. Financial Statements
Statements are attached as follows:
Consolidated Statement of Condition
Consolidated Statement of Earnings
Consolidated Statement of Cash Flows
Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations.
Jeff Davis Bancshares purchased two branch offices from
Lakeside National Bank in Lake Charles, La as part of the
purchase of Lakeside National Bank by First National Bank of
Lake Charles. This purchase was dated August 3, 1995.
Bancshares acquired total deposits of $33,927,702.99, total
loans of $25,317,181.43 and paid a premium of $2,825,995.19
on core deposits. Bancshares also opened a new branch office
in Lake Charles, La. on August 16, 1995 in conjuction with our
move into that market area.
This acquisition and the related changes in deposits, loans
and the change in Bancshares' relationship between loans and
investment securities explain the changes from quarter ended
3/31/95 compared to quarter ended 3/31/96.
The changes from 12/31/95 to 3/31/96 are insignificant and
only reflect steady growth in deposits and loans.
Part II
Item 1. Legal Proceedings
Bancshares is not engaged in any legal actions. The Bank is
not involved in any material litigation.
Item 2. Changes in Securities
Bancshares has had no changes in the rights of the Company's
security holders.
Item 3. Defaults Upon Senior Securities
Bancshares has no senior securities.
Item 4. Matters Submitted to a Vote of Security Holders.
No matters were submitted to a vote of security holders of
Bancshares during the first quarter of 1996.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8K
No reports on Form 8K were filed by Bancshares during the
quarter ended March 31, 1996
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.
Jeff Davis Bancshares, Inc.
Date May 13, 1996 /s/ Dan L. Donald
Dan L. Donald
President and Chief
Executive Officer
Date May 13, 1996 /s/ Frank A. Gallaugher
Frank A. Gallaugher
Chairman
<PAGE>
Jeff Davis Bancshares, Inc.
CONDOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
___________ ___________
3-31-96 12-31-95
___________ ___________
<S> <C> <C>
Assets:
Cash and Due From Banks $9,558,655 $11,812,378
Interest-bearing deposits in
other banks 1,071,387 996,838
Federal Funds Sold/Sec
Sold under Repurchase
Agreements 6,950,000 10,950,000
Investment Securities <FN1> 71,165,562 66,879,678
Loans:
Commercial, financial and
agricultural 13,544,632 13,133,062
Real estate - construction 0 0
Real estate - mortgage 58,909,786 54,096,532
Installment loans to
individuals 32,418,270 30,454,449
___________ ___________
Total Gross Loans 104,872,688 97,684,043
Less: Allowance for
Loans Losses 1,329,207 1,287,417
Less: Unearned income 1,012,420 1,121,016
___________ ___________
Total Net Loans 102,531,061 95,275,610
Bank Premises and
Equipment, net 6,131,965 5,980,046
Other Real Estate Owned 269,100 264,862
Accrued Interest Receivable 1,860,445 1,799,614
Other Intangible Assets 2,742,586 2,790,276
Prepaid Expenses and
Other Assets 573,220 570,181
___________ ___________
Total Assets $202,853,981 $197,319,483
=========== ===========
Liabilities:
Noninterest-Bearing Deposits $30,103,470 $36,045,843
Interest-Bearing Deposits 136,564,732 128,333,235
___________ ___________
Total Deposits 166,668,202 164,379,078
Federal Funds Purchased/Sec
Sold under Repurchase
Agreements 16,394,001 13,165,339
Accrued Interest Payable 475,799 499,603
Accounts Payable & Other
Liabilities 559,202 1,093,314
___________ ___________
Total Liabilities 184,097,203 179,137,334
___________ ___________
Stockholders' Equity:
Common Stock, $12.50 par value,
768,000 shares issued 9,600,000 9,600,000
Surplus 3,400,000 3,400,000
Net Unrealized gain(loss) on
AFS Securities 282,602 373,882
Retained Earnings 5,474,176 4,808,267
Treasury Stock 0 0
___________ ___________
18,756,778 18,182,149
___________ ___________
Total Liabilities and Equity $202,853,981 $197,319,483
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Jeff Davis Bancshares, Inc.
Notes to Balance Sheet Data
March 31, 1996 December 31, 1995
__________________________ __________________________
Amortized Market Amortized Market
Cost Value Cost Value
__________ __________ __________ __________
<S> <C> <C> <C> <C>
<FN1>Investment Securities:
U S Treasury and other
Government Agencies (AFS) 65,885,363 66,313,548 61,742,244 62,308,739
States of the U.S. and
other political subd. (HTM) 4,852,014 5,002,479 4,570,939 4,734,567
__________ __________ __________ __________
Total Investment
Securities 70,737,377 71,316,027 66,313,183 67,043,306
** Book Value Reported $71,165,562 $66,879,678
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Jeff Davis Bancshares, Inc.
CONSOLIDATED STATEMENT OF EARNINGS
Quarter ended:
__________ __________
3-31-96 3-31-95
__________ __________
<S> <C> <C>
INTEREST INCOME:
Interest on Loans $2,524,183 $1,339,810
Interest on Investment
Securities 969,298 1,160,047
Interest on Federal
Funds Sold 141,934 110,377
__________ __________
Total Interest
Income 3,635,415 2,610,234
__________ __________
INTEREST EXPENSE:
Interest on Deposits 1,230,895 968,056
Interest on Federal Funds
Purchased/Sec. Sold under
Repurchase Agreements 190,982 157,658
__________ __________
Total Interest
Expense 1,421,877 1,125,714
__________ __________
Net Interest Income before
Provision for Losses on Loans 2,213,538 1,484,520
Provision for Losses on Loans 101,700 10,500
__________ __________
Net Interest Income after
Provision for Losses on Loans 2,111,838 1,474,020
OTHER INCOME:
Service charges on deposit
accounts 462,957 228,043
Trust department income 42,513 30,654
Other income 69,185 91,753
__________ __________
Total non-interest
income 574,655 350,450
__________ __________
OTHER EXPENSES:
Salaries and employee
benefits 899,196 605,430
Net occupancy expenses 163,760 89,451
Other Expenses 698,293 507,406
__________ __________
Total Non-interest
expense 1,761,249 1,202,287
__________ __________
Earnings (Loss) Before Income
taxes 925,244 622,183
Income Taxes - Current 291,451 201,319
__________ __________
NET EARNINGS 633,793 420,864
========== ==========
Eanings Per Share $0.83 $0.55
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
JEFF DAVIS BANCSHARES
CONSOLIDATED STATEMENT OF CASH FLOWS
For For
Quarter Ended Quarter Ended
Cash Flow from Operations: 03/31/96 03/31/96
<S> <C> <C>
NET INCOME $633,793 $420,864
Gain on the sale of investments 0 0
Net accretion on investments (6,304) 11,279
Provisions for Loan Losses 101,700 10,500
Provision for Losses on OREO 0 0
Provisions for deferred income taxes 81,900 271,786
(Gain) loss on sale of OREO 0 0
Depreciation 193,334 123,538
Amortization of Goodwill 47,690 4,714
Change in operating assets and liabilities:
Accrued interest receivable (+)- (60,832) (153,508)
Other assets 12,483 (1,944,149)
Accrued interest payable +(-) (23,806) (45,319)
Other liabilities +(-) 397,763 (554,193)
1,377,721 (1,854,487)
Net Cash provided by operations:
Cash flow from investing:
Proceeds from sale of AFS securities 0 0
Investment Maturities 4,296,160 6,481,940
Investment Pruchases (8,764,492) (8,087,033)
Loan Originations, net of repayments (+) (7,313,843) (2,240,306)
Proceeds from sale of OREO 0 0
Purchases of Premises & Equipment ( ) (358,350) (92,971)
Decrease (increase) in federal funds sold 4,000,000 1,800,000
(8,140,525) (2,138,370)
Net Cash Provided by (used in) investing activities:
Net Cash provided from Financing activities:
Net increase (decrease) in deposits 2,254,197 2,718,167
Net increase (decrease) in federal funds purchased
and securities sold under repurchase agreements 3,228,661 2,198,445
Dividends paid (844,800) (841,917)
Sale (purchase) purchase of treasury stock 0 0
Net cash (used in) provided by financing activities 4,638,058 4,074,695
NET (DECREASE) INCREASE IN CASH
AND DUE FROM BANKS (2,124,746) 81,838
CASH AND DUE FROM BANKS,
BEGINNING OF QUARTER 12,754,789 5,026,767
CASH AND DUE FROM BANKS,
END OF QUARTER 10,630,042 5,108,606
</TABLE>
JEFF DAVIS BANCSHARES, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
QUARTERS ENDING MARCH 31, 1996 AND 1995
(UNAUDITED)
A. These financial statements, except for the condensed
statement of condition as of December 31, 1995 have been
prepared without audit in compliance with the rules and
regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally
included in the financial statements have been condensed or
omitted pursuant to such rules and regulations. The bank
believes that this information is fairly presented.
B. In the opinion of management, the accompanying
unaudited condensed financial statements contain all
adjustments, consisting only of normal, recurring
adjustments, necessary to fairly represent the financial
results for the interim periods presented. Operating
results for interim periods are not necessarily indicative
of the operating results that may be expected for the full
fiscal year.
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 9,558,655
<INT-BEARING-DEPOSITS> 1,071,387
<FED-FUNDS-SOLD> 6,950,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 66,313,548
<INVESTMENTS-CARRYING> 4,852,014
<INVESTMENTS-MARKET> 5,002,479
<LOANS> 103,860,268
<ALLOWANCE> 1,329,207
<TOTAL-ASSETS> 202,853,981
<DEPOSITS> 166,668,202
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,035,001
<LONG-TERM> 0
<COMMON> 9,600,000
0
0
<OTHER-SE> 9,156,778
<TOTAL-LIABILITIES-AND-EQUITY> 18,756,778
<INTEREST-LOAN> 2,524,183
<INTEREST-INVEST> 969,298
<INTEREST-OTHER> 141,934
<INTEREST-TOTAL> 3,635,415
<INTEREST-DEPOSIT> 1,230,895
<INTEREST-EXPENSE> 1,421,877
<INTEREST-INCOME-NET> 2,213,538
<LOAN-LOSSES> 101,700
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,761,249
<INCOME-PRETAX> 925,244
<INCOME-PRE-EXTRAORDINARY> 925,244
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 633,793
<EPS-PRIMARY> .83
<EPS-DILUTED> 0
<YIELD-ACTUAL> 7.81
<LOANS-NON> 505,076
<LOANS-PAST> 330,750
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,287,416
<CHARGE-OFFS> 81,240
<RECOVERIES> 21,331
<ALLOWANCE-CLOSE> 1,329,207
<ALLOWANCE-DOMESTIC> 1,329,207
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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