UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarterly period ended June 30, 1999.
Commission File Number 33-37078
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 June
30, 1998 was 411,173 shares of common stock.
Transitional Small Business Disclosure Format (Check one): Yes No X
PAGE 1
<PAGE>
FNC BANCORP, INC.
FOR 10-QSB
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
Part I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets - June 30, 1999
(Unaudited) and December 31, 1998 ........................................... 3
Consolidated Statements of Income (Unaudited) - Six
Month Periods Ended June 30, 1999 and 1998 .................................. 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Six Month Periods Ended June 30, 1999 and 1998 .............................. 5
Consolidated Statements of Cash Flows (Unaudited) - Six
Month Periods Ended June 30, 1999 and 1998 .................................. 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 2
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
JUNE 30, DECEMBER 31,
1999 1998
------------- -------------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks ............................................. $ 3,549,776 $ 5,617,359
Federal funds sold .................................................. 2,097,000 5,966,000
Securities available-for-sale ....................................... 5,491,041 4,753,962
Securities held-to-maturity ......................................... 2,533,378 0
Loans ............................................................... 48,375,644 41,989,950
Less allowance for loan losses ...................................... 1,388,224 1,274,285
------------- -------------
Loans, net ................................................. 46,987,420 40,715,665
Premises and equipment .............................................. 1,618,482 1,613,025
Other assets ........................................................ 1,093,948 914,391
------------- -------------
Total assets ............................................... $ 63,371,045 $ 59,580,402
============= =============
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ..................................... $ 10,851,182 $ 12,695,085
Interest-bearing demand ........................................ 9,728,438 11,707,125
Savings ........................................................ 2,896,274 1,973,434
Time, $100,000 and over ........................................ 11,378,519 9,252,893
Other time ..................................................... 22,601,130 18,671,816
------------- -------------
Total deposits ............................................. 57,455,543 54,300,353
Notes payable to directors .......................................... 500,000 500,000
Advances from Federal Home Loan Bank ................................ 60,000 65,000
Other ............................................................... 1,021,646 771,509
------------- ------------
Total liabilities .......................................... 59,037,189 55,636,862
------------- ------------
Commitments and contingent liabilities
Stockholders' equity
Preferred stock, 10,000,000 shares authorized,
no shares issued
Common stock, par value $1; 10,000,000 shares
Authorized, 411,173 shares issued and
Outstanding ................................................ 411,173 411,173
Capital surplus ................................................ 3,659,708 3,659,708
Retained earnings (deficit) .................................... 298,975 (141,341)
Unrealized gains on available-for-sale securities,
Net of applicable deferred income taxes .................... (36,000) 14,000
------------- ------------
Total stockholders' equity ................................. 4,333,856 3,943,540
------------- ------------
Total liabilities and stockholders equity .................. $ 63,371,045 $ 59,580,402
============= ============
PAGE 3
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Interest income
Loans ........................... $1,133,931 $ 869,774 $2,218,360 $1,702,350
Taxable securities .............. 84,499 70,852 152,672 158,564
Federal funds sold .............. 72,553 44,419 123,789 66,255
---------- ---------- ---------- ----------
Total interest income ....... 1,290,983 985,045 2,494,821 1,927,169
Interest expense
Deposits ........................ 542,885 406,351 1,027,121 786,690
Federal funds purchased ......... 0 0 0 2,282
Advances from FHLB .............. 1,090 2,528 2,210 17,776
Stockholder loan ................ 7,594 9,375 16,969 18,750
---------- ---------- ---------- ----------
Total interest expense ...... 551,569 418,254 1,046,300 825,498
Net interest income ......... 739,414 566,791 1,448,521 1,101,671
Provision for loan losses ............ 0 0 0 0
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 739,414 566,791 1,448,521 1,101,671
Other income
Service charges on
deposit accounts ............. 117,306 108,468 239,898 199,796
Insurance commissions ........... 10,682 8,051 21,844 11,319
Mortgage origination income ..... 8,531 13,973 28,025 26,980
Other operating income .......... 13,615 20,650 38,848 35,267
---------- ---------- ---------- ----------
Total other income .......... 150,134 151,142 328,615 273,362
Other expenses
Salaries and employee benefits .. 312,681 254,047 635,643 491,644
Equipment expenses .............. 40,153 40,546 81,167 71,194
Occupancy expenses .............. 26,890 22,655 54,996 44,802
Advertising ..................... 15,423 7,484 23,606 13,817
Audit and Accounting ............ 17,239 17,000 32,239 51,012
Data Processing ................. 21,741 21,946 43,481 45,440
Printing and office supplies .... 9,587 18,543 25,568 37,912
Other operating income .......... 93,896 104,837 183,320 185,888
--------- ---------- ---------- ----------
Total other expenses ........ 537,610 487,058 1,080,020 941,709
Income before income taxes ... 351,938 230,875 697,116 433,324
Income tax expense ................... 124,450 78,399 256,800 147,100
---------- ---------- ---------- ----------
Net income .................. $ 227,488 $ 152,476 $ 440,316 $ 286,224
========== ========== ========== ==========
Earnings per common and common
equivalent share ............ $0.55 $0.37 $1.07 $0.70
===== ===== ===== =====
PAGE 4
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<CAPTION>
UNREALIZED
GAINS ON
SECURITIES
COMMON STOCK ADDITIONAL RETAINED AVAILABLE-
NUMBER OF PAR PAID IN EARNINGS FOR-SALE
SHARES VALUE CAPITAL (DEFICIT) NET OF TAX TOTAL
-------- -------- ---------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance,
December 31, 1997 ... 405,710 $405,710 $3,610,541 $ (743,019) $ 9,966 $3,283,198
Net income (loss) ... 0 0 0 286,224 0 286,224
Stock options exercised 5,463 5,463 49,167 0 0 54,630
Net change in unrealized
losses on securities
available-for-sale,
net of tax ....... 0 0 0 0 (2,766) (2,766)
-------- -------- ---------- ---------- -------- ----------
Balance,
June 30, 1998
(unaudited) ......... 411,173 $411,173 $3,659,708 $(456,795) $ 7,200 $3,621,286
======== ======== ========== ========== ======== ==========
Balance,
December 31, 1998 ... 411,173 $411,173 $3,659,708 $(141,341) $14,000 $3,943,540
Net income (loss) ... 0 0 0 440,316 0 440,316
Net change in unrealized
losses on securities
available-for-sale,
net of tax ....... 0 0 0 0 (50,000) (50,000)
-------- -------- ---------- ---------- -------- ----------
Balance,
June 30, 1999
(unaudited) ......... 411,173 $411,173 $3,659,708 $298,975 $(36,000) $4,333,856
======== ======== ========== ======== ======== ==========
PAGE 5
<PAGE>
FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1999 1998
------------ ------------
<S> <C> <C>
Operating Activities:
Net Income (Loss) ................................................ $ 440,316 $ 286,224
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation ................................................... 71,602 66,659
Provision for loan losses ...................................... 0 0
Provision for deferred income taxes ............................ 0 157,400
Change in assets and liabilities:
(Increase) Decrease in accrued interest receivable ............. (17,684) 41,091
Increase (Decrease) in accrued interest payable ............... 50,965 (12,871)
Increase (Decrease) in income taxes payable ................... 173,120 0
Other prepaids, deferrals and accruals, net ................... (114,171) 118,379
------------ ------------
Net cash provided (used) by operating activities ................. 604,148 656,882
------------ ------------
Investing Activities:
Capital expenditures ........................................... (77,059) (47,234)
Net (increase) decrease in loans ............................... (6,271,755) (3,127,825)
Proceeds from maturity of available-for-sale securities ........ 2,159,700 2,251,334
Purchase of available-for-sale securities ...................... (2,968,429) (500,000)
Purchase of held-to-maturity securities ........................ (2,533,378) 0
(Increase) decrease in Federal funds sold ...................... 3,869,000 (2,931,000)
Increase (decrease) in Federal funds purchased ................. 0 (430,000)
------------ ------------
Net cash provided (used) by investing activities .................... (5,821,921) (4,784,725)
------------ ------------
Financing Activities:
Increase (Decrease) in time deposits ........................... 6,054,940 1,238,669
Increase (Decrease) in other deposits .......................... (2,899,750) 3,072,822
Repayment of advances from Federal Home Loan Bank .............. (5,000) (1,005,000)
Proceeds from issuance of common stock ......................... 0 54,630
----------- ------------
Net cash provided (used) by financing activities ................. 3,150,190 3,361,121
----------- ------------
Net increase (decrease) in cash and cash equivalents ................ (2,067,583) (766,722)
Cash and Cash Equivalents at Beginning of Period .................... 5,617,359 4,924,600
------------ ------------
Cash and Cash Equivalents at End of Period .......................... $3,549,776 $4,157,878
============ ============
Supplemental Disclosures of Cash Flow Information Cash paid (received)during the
year for:
Interest ......................................................... $995,335 $838,369
Income taxes ..................................................... $96,770 $0
Schedule of Non-Cash Investing and Financing Activities
Total increase (decrease) in unrealized (losses) gains on
Securities available-for-sale .................................... $(76,000) $(2,766)
PAGE 6
<PAGE>
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 six months ended June 30, 1999 are not necessarily indicative of
the results that may be expected for the year ending December 31, 1999. For
further information, refer to the consolidated financial statements and
footnotes there to included in the Company's annual report to stockholders for
the year ended December 31, 1998.
PAGE 7
<PAGE>
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 $440,316 for the six months ended June 30, 1999 compared to
$286,224 for the six months ended June 30, 1998. Net interest income after
provision for loan losses was $1,448,521 and $1,101,671 for the six months ended
June 30, 1999 and 1998, respectively. The provision for loan losses was $0 for
the six months ended June 30, 1999 and 1998. Non-interest income totaled
$328,615 and $273,362 for the six months ended June 30, 1999 and 1998,
respectively. Non-interest expenses totaled $1,080,020 and $941,709 for the six
months ended June 30, 1999 and 1998, respectively.
The following table summarizes the results of operations of the Company for the
six month period ended June 30, 1999 and 1998.
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1999 1998
-------- --------
(IN THOUSANDS)
<S> <C> <C>
Interest income ................................................... $ 2,495 $ 1,927
Interest expense .................................................. (1,046) ( 825)
-------- --------
Net interest income ............................................... 1,449 1,102
Provision for loan losses ......................................... (0) (0)
Noninterest income ................................................ 328 273
Noninterest expense ............................................... (1,080) (942)
-------- --------
Income before taxes ............................................... 697 433
Income taxes ...................................................... (257) (147)
-------- --------
Net income (loss) ................................................. $ 440 $ 286
======== ========
Interest Income
Total interest income increased approximately $568,000 for the six months ended
June 30, 1999 compared to the six months ended June 30, 1998.
This increase was from the effect of a increase in the average loan portfolio
balance from approximately $33.1 million for the six months ended June 30, 1998
to approximately $44.8 million for the six months ended June 30, 1999. The
effect of this change increased interest income earned on the loan portfolio
from approximately $1,702,000 for the six months ended June 30, 1998 to
approximately $2,218,000 for the six months ended June 30, 1999, an increase of
$516,000.
Interest earned on taxable investment securities decreased from approximately
$159,000 for the six months ended June 30, 1998 to approximately $153,000 for
the six months ended June 30, 1999, a decrease of $6,000. This decrease was from
the effect of a decrease in the average taxable investment portfolio balance
from approximately $5.2 million for the six months ended June 30, 1998 to
approximately $5 million for the six months ended June 30, 1999.
PAGE 8
<PAGE>
Interest earned on federal funds sold increased from approximately $66,000 for
the six months ended June 30, 1998 to approximately $124,000 for the six months
ended June 30, 1999, an increase of $58,000. This increase was from the effect
of an increase in the average federal funds sold balance from approximately $2.5
million for the six months ended June 30, 1998 to approximately $5.5 million for
the six months ended June 30, 1999.
Interest Expense
Total interest expense increased approximately $221,000 for the six months ended
June 30, 1999 compared to the six months ended June 30, 1998. This increase is
attributed to the factors explained in the following information.
Interest expense on interest-bearing deposits increased from approximately
$789,000 for the six months ended June 30, 1998 to approximately $1,027,000 for
the six months ended June 30, 1999, an increase of $238,000. This increase was
from the effect of an increase in the average balance of interest-bearing
deposits from approximately $32.3 million for the six months ended June 30, 1998
to approximately $42.9 million for the six months ended June 30, 1999.
At June 30, 1998, the Bank had advances from the Federal Home Loan Bank of
$70,000 at an average rate of 6.99%. Interest expense incurred for the six
months ended June 30, 1998 totaled approximately $18,000 and approximately
$2,000 for the six months ended June 30, 1999.
The Company also had interest expense during the six months ended June 30, 1999
of approximately $17,000 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 6.75%. 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.
Noninterest Income
The following table presents the principal components of noninterest income for
the six month periods ended June 30, 1999 and 1998.
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1999 1998
------ ------
<S> <C> <C>
Service charges on deposit accounts ............................................ $ 240 $ 200
Insurance Commissions .......................................................... 22 11
Mortgage origination income .................................................... 28 27
Gain (loss) on sale of securities .............................................. 0 0
Other operating income ......................................................... 39 35
------ ------
Total noninterest income .............................................. $ 329 $ 273
====== ======
Service charges on deposit accounts for the six months ended June 30, 1999 as
compared to the six months ended June 30, 1998, increased approximately $40,000.
This increase was related primarily to a increase in NSF fees and transaction
deposit account activity. All other income totaled approximately $89,000 and
$73,000 for the six months ended June 30, 1999 and 1998, respectively.
PAGE 9
<PAGE>
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the six month periods ended June 30, 1999 and 1998.
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1999 1998
------ ------
<S> <C> <C>
Salaries and employee benefits ................................................. $ 636 $ 492
Equipment expenses ............................................................. 81 71
Occupancy expenses ............................................................. 55 45
Advertising .................................................................... 24 14
Audit and accounting ........................................................... 32 51
Data processing ................................................................ 43 45
Printing and office supplies ................................................... 26 38
Other operating expenses ....................................................... 183 186
------ ------
Total noninterest expense ............................................. $1,080 $ 942
====== ======
Noninterest expenses for the six months ended June 30, 1999 as compared to the
six months ended June 30, 1998, increased approximately $138,000. Salaries and
employee benefits increased approximately $144,000 for the six months ended June
30, 1999 as compared to the six months ended June 30,1998. This increase
reflects increases in the number of employees, in wage levels, and in the cost
of employee benefits. All other expenses actually decreased approximately $6,000
for the six months ended June 30, 1999 compared to the six months ended June 30,
1998. This decrease is primarily attributable to a decrease in audit and
accounting fees as well as a decrease in the costs of printing and office
supplies.
Provision for Loan Losses
The provision for loan losses for the six months ended June 30, 1999 and 1998
was $0. The balance of the allowance for loan losses was approximately
$1,388,000 (approximately 3.20% of outstanding loans) at June 30, 1999 and
approximately $1,257,000 (approximately 3.6% of outstanding loans) at June 30,
1998. Actual net of recoveries of charged off loans were approximately $114,000
for the six months ended June 30, 1999 and approximately $98,000 for the six
months ended June 30, 1998. Non-accrual loans were approximately $322,000 at
June 30, 1999, compared to $578,000 at June 30, 1998. In determining an adequate
level of loan loss reserve, 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, 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 34% for the six
months ended June 30, 1999.
PAGE 10
<PAGE>
Financial Condition
The company including its subsidiary bank, reported consolidated total assets of
approximately $63.3 million at June 30, 1999 and approximately $59.6 million at
December 31, 1998. Representing an increase of approximately $3.7 million.
During the six months ended June 30, 1999, cash and due from banks decreased $2
million, operations generated $.6 million, deposits increased by $3.1 million,
and Federal funds decreased by $3.9 million, providing $9.6 million of funds
available which were used to increase available-for-sale securities by $.8
million, increase held-to-maturity securities by $2.5 million, and increase
loans by $6.3 million.
Approximately mid-year 1996, an internal loan review was performed by a then 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. The Bank had a
reduction in assets partly 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. The Company continues its on-going loan review
procedures, continues to operate under more stringent underwriting standards and
has a bank president who has been at the bank for more than two years now.
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 June
30, 1999, a comparison of the minimum required, and actual capital ratios are as
follows:
<CAPTION>
To Be Well
For Capital Capitalized Under
Adequacy Prompt Corrective
Actual Purposes Action Provisions
----------------- ----------------- -------------------
Amount Ratio Amount Ratio Amount Ratio
------ ------ ------ ------ ------ ------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
As of June 30, 1999
Total Capital
(to Risk Weighted Assets) ... $5,375 12.47% $3,449 8% $4,311 10%
Tier 1 Capital
(to Risk Weighted Assets) ... $4,826 11.19% $1,724 4% $2,587 6%
Tier 1 Capital
(to Average Assets) ......... $4,826 7.62% $2,534 4% $3,168 5%
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.
PAGE 11
<PAGE>
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 June 30, 1999, the Company's cash
and due from banks were approximately $3.6 million and its federal funds sold
were approximately $2.1 million. All of the above can be converted to cash on
short notice. The sale of investments, which had a market value of approximately
$5.5 million at June 30, 1999, can also be used to meet liquidity requirements,
to the extent the investments are not pledged. At June 30, 1999, the market
value of pledged securities was $3.3 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 $60,000 at June 30, 1999, at an average rate of
6.99%.
Impact of the Year 2000
Based on past assessments, the Bank determined that it was required to modify,
upgrade, and or replace some portions of its internal software and hardware, so
that its computer systems will properly utilize dates beyond December 31, 1999.
The Bank's main core software is a Kirchman Dimension 3000 product and has been
externally and internally tested and certified to be year 2000 compliant. As of
June 30, 1999, the Bank has substantially completed its year 2000 remediation
program, has secured substantially all required resources and is substantially
complete in its internal year 2000 efforts.
In addition, the Bank has contacted its critical suppliers and other entities to
determine the extent to which the Bank's interface systems, power systems, and
communications are vulnerable to those third parties' failure to remediate their
own year 2000 issues. While the Bank has not been informed of any material risks
associated with these entities, there is no guarantee that the systems of these
critical suppliers or other entities will be timely converted and will not have
an adverse effect on the Bank's systems or operations. The Bank has expensed
$28,000 of costs incurred to date related to the year 2000 issue. The total
remaining cost of the year 2000 project is presently estimated at less than
$5,000, which will be expensed as incurred.
PAGE 12
<PAGE>
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
June 30, 1999.
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 August 13, 1999 By/s/ Jeffrey W. Johnson
---------------------- ----------------------
Jeffrey W. Johnson
President and CEO
PAGE 13
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 3,549,776
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,097,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 5,491,041
<INVESTMENTS-CARRYING> 2,533,378
<INVESTMENTS-MARKET> 2,525,799
<LOANS> 48,375,644
<ALLOWANCE> 1,388,224
<TOTAL-ASSETS> 63,371,045
<DEPOSITS> 57,455,543
<SHORT-TERM> 60,000
<LIABILITIES-OTHER> 1,021,646
<LONG-TERM> 500,000
<COMMON> 411,173
0
0
<OTHER-SE> 3,922,683
<TOTAL-LIABILITIES-AND-EQUITY> 63,371,045
<INTEREST-LOAN> 2,218,360
<INTEREST-INVEST> 152,672
<INTEREST-OTHER> 123,789
<INTEREST-TOTAL> 2,494,821
<INTEREST-DEPOSIT> 1,027,121
<INTEREST-EXPENSE> 1,046,300
<INTEREST-INCOME-NET> 1,448,521
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,080,020
<INCOME-PRETAX> 697,116
<INCOME-PRE-EXTRAORDINARY> 440,316
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 440,316
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</TABLE>
