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, 2000.
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, 2000 was 416,636 shares of common stock.
Transitional Small Business Disclosure Format (Check one): Yes No X
----- -----
PAGE 1
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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, 2000
(Unaudited) and December 31, 1999 ........................................... 3
Consolidated Statements of Income (Unaudited) - Three and Six
Month Periods Ended June 30, 2000 and 1999 .................................. 4
Consolidated Statements of Stockholders' Equity (Unaudited) -
Six Month Periods Ended June 30, 2000 and 1999 .............................. 6
Consolidated Statements of Cash Flows (Unaudited) - Six
Month Periods Ended June 30, 2000 and 1999 .................................. 7
Notes to Consolidated Financial Statements ..................................... 8
Item 2. Management's Discussion and Analysis or Plan of Operation ................... 9
Part II - Other Information
Item 1. Legal Proceedings ........................................................... 14
Item 2. Changes in Securities ....................................................... 14
Item 3. Defaults Upon Senior Securities ............................................. 14
Item 4. Submission of Matters to a Vote
of Security Holders ....................................................... 14
Item 5. Other Information ........................................................... 14
Item 6. Exhibits and Reports on Form 8-K ............................................ 14
Signatures .............................................................................. 14
PAGE 2
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FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
--------- -----------
Assets (UNAUDITED)
<S> <C> <C>
Cash and due from banks ................................................ $4,020,975 $ 3,394,212
Federal funds sold ..................................................... - 1,528,000
Securities available-for-sale, at fair value ........................... 3,465,836 3,479,190
Securities held-to-maturity, at cost ................................... 4,780,363 4,777,413
Loans .................................................................. 59,617,851 54,168,453
Less allowance for loan losses ......................................... 1,505,327 1,422,689
---------- -----------
Loans, net ............................................................. 58,112,524 52,745,764
Premises and equipment, net ............................................ 2,172,173 1,849,122
Other assets ........................................................... 1,246,998 1,079,603
---------- -----------
$73,798,869 $68,853,304
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand ....................................... $ 9,204,413 $11,090,409
Interest-bearing demand .......................................... 11,506,883 13,136,785
Savings .......................................................... 1,937,488 1,999,607
Time, $100,000 and over .......................................... 14,430,642 10,724,505
Other time ....................................................... 26,916,444 23,923,115
----------- -----------
Total deposits ............................................... 63,995,870 60,874,421
Federal funds purchased ............................................... 650,000 1,250,000
Notes payable to directors ............................................ 500,000 500,000
Advances from Federal Home Loan Bank .................................. 2,050,000 55,000
Other ................................................................. 1,167,840 1,322,291
----------- -----------
Total liabilities ............................................ 68,363,710 64,001,712
----------- -----------
Stockholders' equity
Preferred stock, 10,000,000 shares authorized,
no shares issued
Common stock, par value $1; 10,000,000 shares
Authorized, 416,636 shares issued and
Outstanding .................................................. 416,636 416,636
Capital surplus .................................................. 3,708,875 3,708,875
Retained earnings ................................................ 1,377,648 784,081
Accumulated other comprehensive income (loss) .................... (59,000) (49,000)
----------- ----------
5,444,159 4,860,592
Less cost of treasury stock, 500 shares .......................... 9,000 9,000
----------- ----------
Total stockholders' equity ................................... 5,435,159 4,851,592
----------- -----------
$73,798,869 $68,853,304
=========== ===========
PAGE 3
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FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Interest Income
Interest and fees on loans ........... $ 1,507,408 $ 1,133,931 $ 2,878,096 $ 2,218,360
Interest on taxable securities ....... 121,512 84,499 241,945 152,672
Interest on nontaxable securities .... 3,190 - 6,393 -
Interest on Federal funds sold ....... 21,984 72,553 52,475 123,789
----------- ------------ ----------- -----------
1,654,094 1,290,983 3,178,909 2,494,821
----------- ------------ ----------- -----------
Interest expense
Interest on deposits ................. 676,526 542,885 1,303,199 1,027,121
Interest on other borrowings ......... 38,908 8,684 51,441 19,179
----------- ------------ ----------- -----------
715,434 551,569 1,354,640 1,046,300
----------- ------------ ----------- -----------
Net interest income .............. 938,660 739,414 1,824,269 1,448,521
Provision for loan losses ................. - - - -
----------- ------------ ----------- ------------
Net interest income
after provision for loan losses .. 938,660 739,414 1,824,269 1,448,521
Other income
Service charges on deposit accounts .. 152,812 117,306 272,552 239,898
Insurance commissions ................ 7,857 10,682 25,984 21,844
Origination fees on mortgage loans ... 1,624 8,531 2,400 28,025
Other ................................ 21,755 13,615 46,829 38,848
------------ ------------ ----------- ------------
184,048 150,134 347,765 328,615
------------ ------------ ----------- ------------
Other expenses
Salaries and employee benefits ....... 368,364 312,681 729,020 635,643
Equipment expense .................... 51,849 40,153 99,947 81,167
Occupancy expense .................... 35,963 26,890 63,943 54,996
Advertising expense .................. 4,464 15,423 16,805 23,606
Audit and accounting ................. 20,004 15,000 36,004 30,000
Consulting fees ...................... 6,000 - 13,000 -
Data Processing expenses ............. 33,073 21,741 60,635 43,481
Printing and office supplies ......... 17,613 9,587 32,149 25,568
Other operating expenses ............. 117,384 96,135 221,964 185,559
----------- ------------ ----------- -----------
654,714 537,610 1,273,467 1,080,020
----------- ------------ ----------- -----------
Income before income taxes ........ 467,994 351,938 898,567 697,116
Applicable income taxes ................... 161,500 124,450 305,000 256,800
----------- ------------- ----------- -----------
Net income ....................... $ 306,494 $ 227,488 $ 593,567 $ 440,316
=========== ============= =========== ===========
Basic earnings per common share ........... $ .74 $ .55 $ 1.42 $ 1.07
=========== ============= =========== ===========
Diluted earnings per common share ......... $ .68 $ .52 $ 1.31 $ 1.02
=========== ============= =========== ===========
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FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net income ................................................ $ 306,494 $ 227,488 $ 593,567 $ 440,316
Other comprehensive income (loss):
Net unrealized holding gains (losses) arising
during the period, net of tax (benefit) of $2,000
and ($19,000) for the three months; ($5,000)
and ($26,000) for the six months
ended June 30: ....................................... 4,000 (31,000) (10,000) (50,000)
--------- --------- ---------- ----------
Comprehensive income ...................................... $ 310,494 $ 196,488 $ 583,567 $ 390,316
========= ========= ========== ==========
PAGE 5
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FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
<CAPTION>
Accumulated
Common stock Additional Retained Other
Number of Par Paid-in Earnings Comprehensive Treasury
Shares Value Capital (Deficit) Income (loss) Stock Total
------- -------- ---------- --------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance,
December 31, 1998 ... 411,173 $411,173 $3,659,708 $(141,341) $14,000 $ - $3,943,540
Net income (loss) ... - - - 440,316 - - 440,316
Other comprehensive
income (loss) .... - - - - (50,000) - (50,000)
------- -------- ---------- --------- ------- ------- ----------
Balance,
June 30, 1999
(unaudited) ......... 411,173 $411,173 $3,659,708 $ 298,975 $36,000) $ - $4,333,856
======= ======== ========== ========= ======= ======= ==========
Balance,
December 31, 1999 ... 416,636 $416,636 $3,708,875 $ 784,081 $(49,000) $(9,000) $4,851,592
Net income .......... - - - 593,567 - - 593,567
Other comprehensive
income (loss) .... - - - - (10,000) - (10,000)
------- --------- ---------- --------- -------- ------- ----------
Balance,
June 30, 2000
(unaudited) ......... 416,636 $ 416,636 $3,708,875 $1,377,648 $(59,000) $(9,000) $5,435,159
======= ========= ========== ========== ======== ======= ==========
PAGE 6
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FNC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
2000 1999
--------------- --------------
<S> <C> <C>
Operating Activities:
Net Income ....................................................... $ 593,567 $ 440,316
--------------- ---------------
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation ................................................... 83,410 71,602
Provision for loan losses ...................................... - -
(Increase) decrease in interest receivable ..................... (137,056) (17,684)
Increase (decrease) in interest payable ........................ (60,700) 50,965
Increase (decrease) in income taxes payable .................... (268,019) 173,120
Other prepaids, deferrals and accruals, net .................... 144,333 (114,171)
--------------- --------------
Total adjustments .......................................... (238,032) 163,832
--------------- --------------
Net cash provided by operating activities ........................... 355,535 604,148
-------------- --------------
Investing Activities:
(Increase) decrease in Federal funds sold ...................... 1,528,000 3,869,000
Increase (decrease) in Federal funds purchased ................. (600,000) -
Proceeds from maturities of securities available for sale ...... - 2,159,700
Purchases of securities available for sale ..................... - (2,968,429)
Purchase of securities held to maturity ........................ - (2,533,378)
Net (increase) decrease in loans ............................... (5,366,760) (6,271,755)
Purchase of premises and equipment ............................. (406,461) (77,059)
--------------- -------------
Net cash used in investing activities ............................ (4,845,221) (5,821,921)
--------------- -------------
Financing Activities:
Increase in time deposits ...................................... 6,699,466 6,054,940
Increase (decrease) in other deposits .......................... (3,578,017) (2,899,750)
Advances (Repayment) of Federal Home Loan Bank, net ............ 1,995,000 (5,000)
--------------- -------------
Net cash provided by financing activities ........................ 5,116,449 3,150,190
-------------- -------------
Net increase (decrease) in cash and due from bands .................. $ 626,763 $ (2,067,583)
Cash and due from banks at beginning of year ........................ 3,394,212 5,617,359
--------------- -------------
Cash and due from banks at end of quarter ........................... $ 4,020,975 $ 3,549,776
=============== =============
Supplemental Disclosures Cash paid during the year for:
Interest ......................................................... $ 1,415,340 $ 995,335
Income taxes ..................................................... $ 524,819 $ 96,770
Non-Cash Transaction
Net change in unrealized gains (losses) on securities
available for sale ............................................... $ (15,000) $ (76,000)
PAGE 7
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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 and recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the six months ended June 30, 2000 are not necessarily indicative of
the results that may be expected for the year ending December 31, 2000. For
further information, refer to the consolidated financial statements and
footnotes included in the Company's annual report to stockholders for the year
ended December 31, 1999, and in the Company's annual 10-KSB.
PAGE 8
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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 $593,567 for the six months ended June 30, 2000 compared to
$440,316 for the six months ended June 30, 1999. Net interest income after
provision for loan losses was $1,824,269 and $1,448,521 for the six months ended
June 30, 2000 and 1999, respectively. There was no provision for loan losses for
the six months ended June 30, 2000 and 1999, respectively. Non-interest income
totaled $347,765 and $328,615 for the six months ended June 30, 2000 and 1999,
respectively. Non-interest expenses totaled $1,273,467 and $1,080,020 for the
six months ended June 30, 2000 and 1999, respectively.
The following table summarizes the results of operations of the Company for the
three and six month periods ended June 30, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
(IN THOUSANDS) (IN THOUSANDS)
<S> <C> <C> <C> <C>
Interest income ................... $ 1,654 $ 1,291 $ 3,179 $ 2,495
Interest expense .................. (715) (552) (1,355) (1,046)
---------- ---------- ---------- ----------
Net interest income ............... 939 739 1,824 1,449
Provision for loan losses ......... (0) (0) (0) (0)
Noninterest income ................ 184 150 348 328
Noninterest expense ............... (655) (537) (1,273) (1,080)
---------- ---------- ---------- ----------
Income (loss) before taxes ........ 468 352 899 697
Income (taxes) benefit ............ (162) (125) (305) (257)
---------- ---------- ---------- ----------
Net income (loss) ................. $ 306 $ 227 $ 594 $ 440
========== ========== ========== ==========
Interest Income
Total interest income increased approximately $684,000 for the six months ended
June 30, 2000 compared to the six months ended June 30, 1999.
This increase was from the effect of an increase in the average loan portfolio
balance from approximately $44.8 million for the six months ended June 30, 1999
to approximately $56.7 million for the six months ended June 30, 2000. The
effect of this change increased interest income earned on the loan portfolio
from approximately $2,218,000 for the six months ended June 30, 1999 to
approximately $2,878,000 for the six months ended June 30, 2000, an increase of
$660,000.
Interest earned on investment securities increased from approximately $153,000
for the six months ended June 30, 1999 to approximately $248,000 for the six
months ended June 30, 2000, an increase of $95,000. This increase was from the
effect of an increase in the average taxable investment portfolio balance from
approximately $5 million for the six months ended June 30, 1999 to approximately
$8.2 million for the six months ended June 30, 2000.
PAGE 9
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Interest earned on federal funds sold decreased from approximately $124,000 for
the six months ended June 30, 1999 to approximately $52,000 for the six months
ended June 30, 2000, a decrease of $72,000. This decrease was from the effect of
a decrease in the average federal funds sold balance from approximately $5.5
million for the six months ended June 30, 1999 to approximately $1.7 million for
the six months ended June 30, 2000.
Interest Expense
Total interest expense increased approximately $308,000 for the six months ended
June 30, 2000 compared to the six months ended June 30, 1999. This increase was
the effect of an increase in the average amount of deposits and an increase in
the borrowings from the Federal Home Loan Bank.
Deposits increased from $54.4 million for the six months ended June 30, 1999 to
$64.4 million for the six months ended June 30, 2000. Interest expense on
interest-bearing deposits increased from approximately $1,027,000 for the six
months ended June 30, 1999 to approximately $1,303,000 for the six months ended
June 30, 2000, an increase of $276,000. These increased deposits were generated
primarily in interest-bearing deposits, thus increasing the average costs of
funds from 3.79% at June 30, 1999, to 4.10% at June 30, 2000.
At June 30, 2000, the Bank had advances from the Federal Home Loan Bank of
$2,050,000 at an average rate of 7.02%. Interest expense incurred for the six
months ended June 30, 2000 totaled approximately $25,000 and approximately
$2,200 for the six months ended June 30, 1999.
The Company also had interest expense during the six months ended June 30, 2000
of approximately $20,000 and approximately $17,000 for the six months ended June
30, 1999, on notes payable to directors in the amount of $500,000. The rate of
interest is prime less 1% which resulted in an average rate during the period of
8.00%. 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 three and six month periods ended June 30, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Service charges on deposit accounts ........... $153 $117 $273 $240
Insurance Commissions ......................... 8 11 26 22
Mortgage origination income ................... 2 8 2 28
Other operating income ........................ 21 14 47 39
---- ---- ---- ----
Total noninterest income ............. $184 $150 $348 $329
==== ==== ==== ====
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Service charges on deposit accounts for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999, increased approximately $33,000.
This increase was related to an increase in NSF fees of approximately $13,000
and other service charges increasing approximately $17,000. All other income
totaled approximately $75,000 and $89,000 for the six months ended June 30, 2000
and 1999, respectively. The decrease of $14,000 is primarily attributable to a
decrease in Mortgage origination income.
Noninterest Expenses
The following table presents the principal components of noninterest expenses
for the six and three month periods ended June 30, 2000 and 1999.
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Salaries and employee benefits ............... $368 $313 $729 $636
Equipment expenses ........................... 52 40 100 81
Occupancy expenses ........................... 36 27 64 55
Advertising .................................. 4 15 17 24
Audit and accounting ......................... 20 15 36 30
Consulting fees .............................. 6 - 13 -
Data processing .............................. 33 22 60 43
Printing and office supplies ................. 18 10 32 26
Other operating expenses ..................... 117 96 222 185
---- ---- ---- ----
Total noninterest expense ........... $654 $538 $1,273 $1,080
==== ==== ====== ======
Noninterest expenses for the six months ended June 30, 2000 as compared to the
six months ended June 30, 1999, increased approximately $193,000. Salaries and
employee benefits increased approximately $93,000 for the six months ended June
30, 2000 as compared to the six months ended June 30,1999. This increase
reflects increases in the number of employees, in wage levels, and in the cost
of employee benefits. All other expenses increased approximately $100,000 for
the six months ended June 30, 2000 compared to the six months ended June 30,
1999. This increase was due to several factors, including a new building annex
that was completed in the first quarter, costing a total in capitalized costs of
approximately $498,000 for the building and $102,000, for the new equipment.
Also, data processing costs increased approximately $17,000 and Consulting fees
increased approximately $13,000.
Provision for Loan Losses
The provision for loan losses for the six months ended June 30, 2000 and June
30, 1999 was $0. The balance of the allowance for loan losses was approximately
$1,505,000 (approximately 2.52% of outstanding loans) at June 30, 2000 and
approximately $1,423,000 (approximately 2.63% of outstanding loans) at December
31, 1999. Actual loan recoveries net of charge-offs were approximately $83,000
for the six months ended June 30, 2000 and approximately $149,000 for the twelve
months ended December 31, 1999. Non-accrual loans were approximately $1,053,000
at June 30, 2000 compared to $380,000 at December 31, 1999. In determining an
adequate level of loan loss reserve, such loans were included in such
consideration.
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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 reflects an effective rate of 34% for the six
months ended June 30, 1999 and June 30, 2000.
Financial Condition
The company including its subsidiary bank, reported consolidated total assets of
approximately $73.8 million at June 30, 2000 and approximately $68.9 million at
December 31, 1999. Representing an increase of approximately $4.9 million.
During the six months ended June 30, 2000, operations generated $.3 million,
deposits increased by $3.1 million, advances from the Federal Home Loan Bank
increased by $2 million, and Federal funds sold decreased by $1.5 million,
providing $6.9 million of funds available which were used to increase cash and
due from banks by $.6 million, decrease Federal funds purchased by $.6 million,
increase the banks' investment in fixed assets by $.3 million and increase loans
by $5.4 million.
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, 2000, 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, 2000
Total Capital
(to Risk Weighted Assets) ... $6,593 12.54% $4,207 8% $5,258 10%
Tier 1 Capital
(to Risk Weighted Assets) ... $5,925 11.27% $2,103 4% $3,155 6%
Tier 1 Capital
(to Average Assets) ......... $5,925 8.03% $2,952 4% $3,690 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 12
<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, 2000, the Company's cash
and due from banks was approximately $4 million and its unused line at the
Federal Home Loan Bank was approximately $7 million. All of the above can be
converted to cash on short notice. The sale of investments, which had a market
value of approximately $7.9 million at June 30, 1999, can also be used to meet
liquidity requirements, to the extent the investments are not pledged. At June
30, 2000, the market value of pledged securities was approximately $5.5 million.
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 $2,050,000 at June 30, 2000, at an average rate
of about 7.02%.
The Bank also has the ability, on a short-term basis, to borrow and purchase
Federal funds from other financial institutions.
PAGE 13
<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, 2000.
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 10, 2000 By/s/ Jeffrey W. Johnson
--------------- --------------------------
Jeffrey W. Johnson
President & CEO
PAGE 14
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