<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
FORM 10-QSB
Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarterly period ended March 31, 1997
Commission file number 33-37078
FNC BANCORP, INC.
FNC BANCORP, INC.
(Exact name of Small Business Issuer
as specified in its charter)
Georgia 58-1910615
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
420 South Madison Avenue
Douglas, Georgia
(Address of principal executive offices)
(912) 384-1100
(Issuer's telephone number)
Check whether the Issuer (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
----- -----
The number of shares outstanding of the Issuer's class of common stock at March
31, 1997 was 405,710 shares of common stock.
Transitional Small Business Disclosure Format (Check one): Yes No X
----- -----
<PAGE> 2
FNC BANCORP, INC.
FORM 10-QSB
TABLE OF CONTENTS
-----------------
PAGE
----
Part I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1997
(Unaudited) and December 31, 1996 . . . . . . . . . . . . . . . 3
Consolidated Statements of Income (Unaudited) - Three
Month Periods Ended March 31, 1997 and 1996 . . . . . . . . . . 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Three Month Periods Ended March 31, 1997 and 1996 . . . . . . . 5
Consolidated Statements of Cash Flows (Unaudited) - Three
Month Periods Ended March 31, 1997 and 1996 . . . . . . . . . . 6
Notes to Consolidated Financial Statements . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis or Plan of Operation . . . . . 8
Part II - Other Information
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . 13
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . 13
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . 13
Item 4. Submission of Matters to A Vote
of Security Holders . . . . . . . . . . . . . . . . . . 13
Item 5. Other Information . . . . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 13
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
<PAGE> 3
<TABLE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
---------------------------
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
----------- ------------
(UNAUDITED)
<S> <C> <C>
Cash and Cash Equivalents:
Cash and due from banks $ 4,448,564 4,896,285
Interest-bearing deposits in banks 13,094 21,337
Federal funds sold 5,093,000 7,249,000
----------- ------------
Total Cash and Cash Equivalents 9,554,658 12,166,622
Investment securities (Fair value of $7,814,163 in 1997
and $7,829,126 in 1996) 7,814,163 7,829,126
Loans, net of allowance for loan losses and
unearned interest 23,331,743 25,825,258
Bank premises and equipment 1,709,260 1,682,081
Accrued interest receivable 508,408 757,467
Property acquired in settlement of loans 63,000 68,400
Other assets 874,443 790,072
----------- ------------
Total Assets $43,855,675 49,119,026
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Deposits:
Demand $ 7,837,138 9,409,021
NOW accounts 6,011,261 7,253,382
Savings 1,769,785 1,778,551
Time, $100,000 and over 4,951,058 5,381,660
Other time 17,868,969 18,721,987
----------- ------------
Total Deposits 38,438,211 42,544,601
Notes payable to directors 500,000 500,000
Advances from Federal Home Loan Bank 1,485,000 2,485,000
Accrued interest 437,685 546,773
Other liabilities 56,814 109,080
----------- ------------
Total Liabilities 40,917,710 46,185,454
----------- ------------
Stockholders' Equity:
Preferred stock, 10,000,000 shares authorized,
no shares issued -0- -0-
Common stock, $1 par value, 10,000,000
shares authorized, 405,710 shares
issued and outstanding 405,710 405,710
Additional paid in capital 3,610,541 3,610,541
Retained earnings (deficit) (1,052,599) (1,084,329)
Unrealized gains (losses) on available-for-sale
securities, net of applicable deferred income taxes (25,687) 1,650
----------- ------------
Total Stockholders' Equity 2,937,965 2,933,572
----------- ------------
Total Liabilities and Stockholders' Equity $43,855,675 49,119,026
=========== ============
</TABLE>
<PAGE> 4
<TABLE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1997 1996
---------- ----------
<S> <C> <C>
Interest Income:
Interest and fees on loans $ 596,095 820,873
Interest on investment securities:
Taxable 121,288 66,608
Interest on federal funds sold 57,746 50,776
Interest on deposits in banks 140 3,972
---------- ----------
Total 775,269 942,229
---------- ----------
Interest Expense:
Interest on deposits 389,719 466,659
Interest on notes payable to Directors 9,375 -0-
Interest on advances from Federal Home Loan Bank 25,317 28,883
---------- ----------
424,411 495,542
---------- ----------
Net Interest Income 350,858 446,687
Provision For Loan Losses 30,450 173,130
---------- ----------
Net Interest Income After Provision For
Loan Losses 320,408 273,557
---------- ----------
Other Income:
Service charges on deposit accounts 81,758 87,511
Insurance commissions 1,165 4,027
Fees on mortgage loans originated for sale 4,234 4,329
Gain (loss) on sale of securities 128 -0-
Other Income 24,395 22,362
---------- ----------
Total 111,680 118,229
---------- ----------
Other Expenses:
Salaries 123,904 152,489
Other personnel expenses 72,347 35,486
Occupancy expense of bank premises 20,875 26,762
Furniture and equipment expense 30,316 23,563
Federal deposit insurance 753 1,000
Advertising 7,931 7,585
Data processing 15,535 17,630
Printing and office supplies 13,713 12,993
Amortization -0- 5,592
Other operating expenses 101,471 78,630
---------- ----------
Total 386,845 361,730
---------- ----------
Income Before Taxes 45,243 30,056
Income Taxes 13,513 9,640
---------- ----------
Net Income $ 31,730 20,416
========== ==========
Earnings Per Common and Common Equivalent Share $ .08 .05
========== ==========
</TABLE>
<PAGE> 5
<TABLE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
------------------------------------------
<CAPTION>
UNREALIZED
GAINS (LOSSES)
ON
AVAILABLE-
FOR-SALE
SECURITIES,
NET OF
APPLICABLE
COMMON STOCK ADDITIONAL RETAINED DEFERRED
NUMBER OF PAR PAID IN EARNINGS INCOME
SHARES VALUE CAPITAL (DEFICIT) TAXES TOTAL
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1995 405,710 $ 405,710 3,610,541 62,003 (867) 4,077,387
Net Income -0- -0- -0- 20,416 -0- 20,416
Change in unrealized
gains/losses on
available-for-sale
securities, net of
applicable deferred
income taxes -0- -0- -0- -0- (3,204) (3,204)
----------- ---------- ---------- ---------- ---------- ----------
Balance, March 31, 1996 (Unaudited) 405,710 $ 405,710 3,610,541 82,419 (4,071) 4,094,599
=========== ========== =========== =========== =========== ==========
Balance, December 31, 1996 405,710 $ 405,710 3,610,541 (1,084,329) 1,650 2,933,572
Net Income -0- -0- -0- 31,730 -0- 31,730
Change in unrealized
gains/losses on
available-for-sale
securities, net of
applicable deferred
income taxes -0- -0- -0- -0- (27,337) (27,337)
----------- ---------- ---------- ---------- ---------- ----------
Balance, March 31, 1997 (Unaudited) 405,710 $ 405,710 3,610,541 (1,052,599) (25,687) 2,937,965
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE> 6
<TABLE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-----------------------
1997 1996
---------- ----------
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income $ 31,730 20,416
Adjustments to reconcile net income or loss to net cash
provided by operating activities:
Depreciation 32,349 26,318
Amortization -0- 5,592
Deferred income taxes (benefit) 13,513 -0-
(Gain) Loss on sale of securities (128) -0-
Provision for loan losses 30,450 173,130
Securities (accretion) amortization (4,215) (22,727)
Change in assets and liabilities:
(Increase) Decrease in accrued interest receivable 249,059 (55,155)
Increase (Decrease) in accrued interest payable (109,088) (60,631)
(Increase) Decrease in other assets (83,802) (54,722)
Increase (Decrease) in other liabilities (52,266) 2,772
Increase (Decrease) in income taxes payable -0- (46,554)
----------- -----------
Net cash provided (used) by operating activities 107,602 (11,561)
----------- -----------
Cash Flows From Investing Activities:
Capital expenditures (59,528) (4,391)
Net (increase) decrease in loans 2,468,465 (1,676,297)
Proceeds from maturity of available-for-sale
securities 1,500,000 2,910,000
Purchase of available-for-sale securities (1,522,113) (2,190,940)
Payments received on mortgage-backed securities -0- 18,903
----------- -----------
Net cash provided (used) by investing activities 2,386,824 (942,725)
----------- -----------
Cash Flows From Financing Activities:
Increase (Decrease) in time deposits (1,283,620) 676,655
Increase (Decrease) in other deposits (2,822,770) (4,151,988)
Proceeds of advances from Federal Home Loan Bank -0- 2,000,000
Repayment of advances from Federal Home Loan Bank (1,000,000) -0-
----------- -----------
Net cash provided (used) by financing activities (5,106,390) (1,475,333)
----------- -----------
Net increase (decrease) in cash and cash equivalents (2,611,964) (2,429,619)
Cash and Cash Equivalents at Beginning of Year 12,166,622 11,254,011
----------- -----------
Cash and Cash Equivalents at End of Year $ 9,554,658 8,824,392
=========== ===========
Supplemental Disclosures of Cash Flow Information
- -------------------------------------------------
Cash paid during the year for:
Interest $ 533,499 556,173
=========== ===========
Income taxes $ -0- 55,195
=========== ===========
Schedule of Non-Cash Investing and Financing Activities
- -------------------------------------------------------
Total increase (decrease) in unrealized losses on
securities available-for-sale $ 41,419 4,855
=========== ===========
<PAGE> 7
FNC BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
Basis of Presentation
- ---------------------
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB. Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three months ended March 31, 1997 are not necessarily indicative
of the results that may be expected for the year ending December 31, 1997. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's annual report to stockholders for
the year ended December 31, 1996.
<PAGE> 8
Item 2. Management's Discussion and Analysis or Plan of Operation
- ------------------------------------------------------------------
Results of Operations
- ---------------------
The Company, including the operations of its subsidiary, reported a consolidated
net income of $31,730 for the three months ended March 31, 1997 compared to
$20,416 for the three months ended March 31, 1996. Net interest income after
provision for loan losses was $320,408 and $273,557 for the three months ended
March 31, 1997 and 1996, respectively. The provision for loan losses was
$30,450 and $173,130 for the three months ended March 31, 1997 and 1996,
respectively. Non-interest income totalled $111,680 and $118,229 for the three
months ended March 31, 1997 and 1996, respectively. Noninterest expenses
totalled $386,845 and $361,730 for the three months ended March 31, 1997 and
1996, respectively.
The following table summarizes the results of operations of the Company for the
three month periods ended March 31, 1997 and 1996.
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1997 1996
---------- ----------
(IN THOUSANDS)
<S> <C> <C>
Interest income $ 775 942
Interest expense (424) (495)
---------- ----------
Net interest income 351 447
Provision for loan losses (30) (173)
Noninterest income 112 118
Noninterest expense (387) (362)
---------- ----------
Income before taxes 46 30
Income taxes (14) (10)
---------- ----------
Net income $ 32 20
========== ==========
</TABLE>
Interest Income
- ---------------
Total interest income decreased approximately $167,000 for the three months
ended March 31, 1997 compared to the three months ended March 31, 1996.
This decrease was the combined effect of a decrease in the average loan
portfolio balance from approximately $32.7 million for the three months ended
March 31, 1996 to approximately $25.9 million for the three months ended March
31, 1997 and a decrease in the average rate earned on the loan portfolio from
10.05% for the three months ended March 31, 1996 to 9.21% for the three months
ended March 31, 1997. The effect of these two changes decreased the interest
income earned on the loan portfolio from approximately $821,000 for the three
months ended March 31, 1996 to approximately $596,000 for the three months ended
March 31, 1997, a decrease of $225,000. The rate reduction is reflective of
approximately $1.7 million of loans being on non-accrual.
Interest earned on taxable investment securities increased from approximately
$67,000 for the three months ended March 31, 1996 to approximately $121,000 for
the three months ended March 31, 1997, an increase of $54,000. This increase
was the combined effect of an increase in the average taxable investment
portfolio balance from approximately $4.8 million for the three months ended
March 31, 1996 to approximately $7.8 million for the three months ended March
31, 1997 and an increase in the average rate earned on the taxable investment
securities portfolio from 5.51% for the three months ended March 31, 1996 to
6.2% for the three months ended March 31, 1997.
<PAGE> 9
Interest earned on interest-bearing deposits in banks decreased from
approximately $4,000 for the three months ended March 31, 1996 to approximately
$140 for the three months ended March 31, 1997, a decrease of $3,860. The
average balance of interest bearing deposits during the period was approximately
$17,000 at an average rate of 3.25%.
Interest earned on federal funds sold increased from approximately $51,000 for
the three months ended March 31, 1996 to approximately $58,000 for the three
months ended March 31, 1997, an increase of $7,000. This increase was the net
effect of an increase in the average federal funds sold balance from
approximately $3.9 million for the three months ended March 31, 1996 to
approximately $6.2 million for the three months ended March 31, 1997 and a
decrease in the rate earned on the federal funds sold from 5.25% for the three
months ended March 31, 1996 to 3.74% for the three months ended March 31, 1997.
Interest Expense
- ----------------
Total interest expense decreased approximately $71,000 for the three months
ended March 31, 1997 compared to the three months ended March 31, 1996.
This decrease was the combined effect of a decrease in the average balance of
interest-bearing deposits from approximately $35.2 million for the three months
ended March 31, 1996 to approximately $31.9 million for the three months ended
March 31, 1997 and a decrease in the average rate paid on interest-bearing
deposits from 5.29% for the three months ended March 31, 1996 to 4.89% for the
three months ended March 31, 1997. The effect of these two changes decreased
the interest expense on interest-bearing deposits from approximately $467,000
for the three months ended March 31, 1996 to approximately $390,000 for the
three months ended March 31, 1997, a decrease of $77,000.
Interest expense on advances from the Federal Home Loan Bank decreased from
approximately $29,000 for the three months ended March 31, 1996 to approximately
$25,000 for the three months ended March 31, 1997, a decrease of $4,000. This
decrease was the effect of a decrease in the rate paid on advances from 5.69%
for the three months ended March 31, 1996 to 5.10% for the three months ended
March 31, 1997. The average balance was unchanged at approximately $2.0
million.
The Company also had interest expense during the three months ended March 31,
1997 of approximately $9,000 on notes payable to directors in the amount of
$500,000. The rate of interest is prime less 1% which resulted in a rate during
the period of approximately 7.5%. During 1996, the Company made a capital
contribution to the Bank in the amount of $1 million and the loans from
directors were to partially fund this additional capital contribution.
<PAGE> 10
Noninterest Income
- ------------------
The following table presents the principal components of noninterest income for
the three month periods ended March 31, 1997 and 1996.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------------
1997 1996
---------- ----------
(IN THOUSANDS)
<S> <C> <C>
Service charges on deposit accounts $ 82 88
Insurance commissions 1 4
Fees on mortgage loans originated for sale 4 4
Other income 25 22
---------- ----------
Total noninterest income $ 112 118
========== ==========
</TABLE>
Service charges on deposit accounts for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996, decreased approximately
$6,000. This decrease was related primarily to a decrease in NSF fees and
transaction deposit account activity due to a reduction in deposits. Insurance
commissions for the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996, decreased approximately $3,000. All other income
totalled approximately $29,000 and $26,000 for the three months ended March 31,
1997 and 1996, respectively
Noninterest Expenses
- --------------------
The following table presents the principal components of noninterest expenses
for the three month periods ended March 31, 1997 and 1996.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------------
1997 1996
---------- ----------
(IN THOUSANDS)
<S> <C> <C>
Salaries $ 124 152
Other personnel expenses 72 35
Occupancy expense of bank premises 21 27
Furniture and equipment expense 30 24
Federal deposit insurance 1 1
Advertising 8 8
Data processing 16 18
Printing and office supplies 14 13
Amortization -0- 6
Other operating expenses 101 78
---------- ----------
Total noninterest expenses $ 387 362
========== ==========
</TABLE>
Noninterest expenses for the three months ended March 31, 1997 as compared to
the three months ended March 31, 1996, increased approximately $25,000 or 6.9%.
Compensation and other personnel expenses increased approximately $9,000 for the
three months ended March 31, 1997 as compared to the three months ended March
31, 1996. This increase reflects increases in the number of employees, in wage
levels and in the cost of employee benefits. All other expenses increased
approximately $16,000 or 9.1% for the three months ended March 31, 1997 compared
to the three months ended March 31, 1996.
<PAGE> 11
Provision for Loan Losses
- -------------------------
The provision for loan losses for the three months ended March 31, 1997 was
approximately $30,000 compared to approximately $173,000 for the three months
ended March 31, 1996. The balance of the allowance for loan losses was
approximately $1,089,000 (approximately 4.5% of outstanding loans) at March 31,
1997 and approximately $395,000 (approximately 1.2% of outstanding loans) at
March 31, 1996. Actual loan charge-offs net of recoveries were approximately
$461,000 for the three months ended March 31, 1997 and approximately $164,000
for the three months ended March 31, 1996. Non-accrual loans were approximately
$1,650,000 at March 31, 1997 and $228,000 at March 31, 1996. Loans ninety days
or more past due and still accruing amounted to approximately $5,000 at March
31, 1997 and $-0- at March 31, 1996. In determining an adequate level of loan
loss reserves, such loans were included in such consideration.
The amount of the provision for loan losses is a result of the amount of loans
charged off, the amount of loans recovered and management's conclusion
concerning the level of the allowance for loan losses. The level of the
allowance for loan losses is based upon a number of factors including the Bank's
past loan loss experience, management's evaluation of the collectibility of
loans including specific impaired loans, the general state of the economy and
other relevant factors.
For a further discussion concerning loans and the allowance for loan losses,
refer to "financial condition".
Income Taxes
- ------------
The provision for income taxes reflected an effective rate of 30.0% for the
three months ended March 31, 1997 and 32.1% for the three months ended March 31,
1996.
Financial Condition
- -------------------
The Company, including its subsidiary bank, reported consolidated total assets
of approximately $43.9 million at March 31, 1997 and approximately $49.1 million
at December 31, 1996 representing a decrease of approximately $5.2 million.
During the three months ended March 31, 1997, cash and due from banks decreased
approximately $.5 million, federal funds sold decreased approximately $2.2
million, loans decreased approximately $2.5 million providing $5.2 million of
funds available which were used to reduce deposits by approximately $4.1
million, reduce advances from Federal Home Loan Bank by $1.0 million and fund
capital expenditures of approximately $.1 million.
The reduction in total assets of approximately $5.2 million during the three
months ended March 31, 1997, included the reduction in loans of approximately
$2.5 million. The reduction in loans was due to the charge-off of approximately
$.5 million during the three months ended March 31, 1997 and the overall
reduction in the loan portfolio resulting from payments and the strengthening of
underwriting standards and procedures commenced in 1996. Approximately mid-year
1996, an internal loan review was performed by the new senior lending officer
which concluded that the underwriting procedures were inadequate. For the year
ended December 31, 1996, the Bank had loan charge-off's of approximately $1.4
million, many due to bankruptcies. Additionally, the reduction in assets was
for the purpose of managing the capital requirements of the Bank for which the
Company increased the capital by $1 million during the year ended December 31,
1996.
<PAGE> 12
The Company continues its on-going loan review procedures, continues to operate
under its more stringent underwriting standards and has hired a new bank
President.
The Company's subsidiary Bank is required to maintain minimum amounts of capital
to total "risk-weighted" assets, as defined by the banking regulators. At March
31, 1997, a comparison of the minimum required and actual capital ratios are as
follows:
<TABLE>
<CAPTION>
TO BE WELL
CAPITALIZED
UNDER
PROMPT
CORRECTIVE
FOR CAPITAL ACTION
ACTUAL ADEQUACY PURPOSES PROVISIONS
---------------- ---------------- ----------------
AMOUNT RATIO AMOUNT RATIO AMOUNT RATIO
---------- ----- ---------- ----- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
As of March 31, 1997
Total Capital
(to Risk Weighted
Assets) $3,516 13.3% 2,115 8.0% 2,644 10.0%
Tier I Capital
(to Risk Weighted
Assets) 3,117 12.0% 1,059 4.0% 1,589 6.0%
Tier I Capital
(to Average Assets) 3,117 7.3% 1,741 4.0% 2,176 5.0%
</TABLE>
Liquidity and Capital Resources
- -------------------------------
Liquidity management involves the matching of the cash flow requirements of
customers, either depositors withdrawing funds or funding additional loans, and
the ability of the Bank to meet those requirements. Management monitors and
maintains appropriate levels of assets and liabilities so that maturities of
assets are such that adequate funds are provided to meet estimated customer
withdrawals and loan requests.
The Bank's liquidity position depends primarily upon the liquidity of its assets
relative to its need to respond to short-term demand for funds caused by
withdrawals from deposit accounts and loan funding commitments. Primary sources
of liquidity are scheduled payments on its loans and interest on the Bank's
investments. The Bank may also utilize its cash and due from banks, short-term
deposits with financial institutions, federal funds sold and investment
securities to meet liquidity requirements. At March 31, 1997, the Company's
cash and due from banks were approximately $4.3 million in excess of its reserve
requirement and its federal funds sold were approximately $5.1 million. All of
the above can be converted to cash on short notice. The sale of investments
which had a market value of approximately $7.8 million at March 31, 1997 can
also be used to meet liquidity requirements to the extent the investments are
not pledged. At March 31, 1997, the market value of pledged securities was $3.8
million.
The Bank also has the ability, on a short-term basis, to borrow and purchase
federal funds from other financial institutions.
The Bank is a member of the Federal Home Loan Bank of Atlanta and as such has
the ability to secure advances therefrom, although the cost of such advances
exceed lower cost alternatives such as deposits from the local community. The
Bank had advances outstanding of $1,485,000 at March 31, 1997, at an average
rate of 5.55%.
<PAGE> 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
- --------------------------
None.
Item 2. Changes in Securities
- ------------------------------
None.
Item 3. Defaults Upon Senior Securities
- ----------------------------------------
None.
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
None.
Item 5. Other Information
- --------------------------
None.
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
(A) Exhibits:
Exhibit No.
-----------
27.1 Financial Data Schedule
(B) Reports on Form 8-K:
The Company did not file any reports on Form 8-K during the
quarter ended March 31, 1997.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FNC BANCORP, INC.
--------------------------------------
(Registrant)
Date: May 15, 1997 By: BOB CATION
- --------------------------------- ------------------------------------
Bob Cation
Chairman
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 4,448,564
<INT-BEARING-DEPOSITS> 13,094
<FED-FUNDS-SOLD> 5,093,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,814,163
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 24,421,082
<ALLOWANCE> 1,089,339
<TOTAL-ASSETS> 43,855,675
<DEPOSITS> 38,438,211
<SHORT-TERM> 0
<LIABILITIES-OTHER> 494,499
<LONG-TERM> 1,985,000
<COMMON> 405,710
0
0
<OTHER-SE> 2,532,255
<TOTAL-LIABILITIES-AND-EQUITY> 43,855,675
<INTEREST-LOAN> 596,095
<INTEREST-INVEST> 121,288
<INTEREST-OTHER> 57,886
<INTEREST-TOTAL> 775,269
<INTEREST-DEPOSIT> 389,719
<INTEREST-EXPENSE> 424,411
<INTEREST-INCOME-NET> 350,858
<LOAN-LOSSES> 30,450
<SECURITIES-GAINS> 128
<EXPENSE-OTHER> 386,845
<INCOME-PRETAX> 45,243
<INCOME-PRE-EXTRAORDINARY> 31,730
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,730
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
